|
Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOUTHERN MAGNETICS PRIVATE LIMITED |
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Registered
Office : |
2/3, Dr. V S I, Estate, Tiruvanmiyur, Chennai – 600041, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.06.1976 |
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Com. Reg. No.: |
007157 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.966 Million |
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CIN No.: [Company Identification
No.] |
U33111TN1976PTC007157 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES01295A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of External Rotor Motor, Fans and Blowers,
Ventilation Systems, Roof Extractors. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 92000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Its scale of
activities are finite. It is having moderate track. Profitability of the company
appears to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings
with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.09.2011) |
Current Rating (31.12.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Arul Murugan |
|
Designation : |
Director |
|
Contact No.: |
91-9840050125 |
|
Date : |
09.07.2012 |
LOCATIONS
|
Registered Office/ Factory : |
2/3, Dr. V S I, Estate, Tiruvanmiyur, Chennai – 600041, Tamil |
|
Tel. No.: |
91-44-22542359/ 65161543/ 22541407 |
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Mobile No.: |
91-9840050125 (Mr. Arul) |
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Fax No.: |
91-44-22541407 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Dr. Suja Baskaran |
|
Designation : |
Director |
|
Address : |
New No. 19, (Old No. 4) |
|
Date of Appointment : |
01.04.1986 |
|
DIN No.: |
00439442 |
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|
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Name : |
Mr. Karumbur Ramakrishna Baskaran |
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Designation : |
Director |
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Address : |
New No. 19, (Old No. 4) |
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Date of Appointment : |
18.06.1976 |
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DIN No.: |
01743957 |
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Name : |
Mrs. Vaishnavi Baskaran |
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Designation : |
Whole-time director |
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Address : |
New No. 19, (Old No. 4) |
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Date of Appointment : |
01.05.1997 |
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DIN No.: |
01744150 |
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|
|
|
Name : |
Mr. Ramkumar Arul Murugan |
|
Designation : |
Director |
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Address : |
New No. 19, (Old No. 4) |
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Date of Appointment : |
01.06.1999 |
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DIN No.: |
01744167 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Suja Baskaran |
|
31050 |
|
Karumbur Ramakrishna Baskaran |
|
33300 |
|
Vaishnavi Baskaran |
|
15750 |
|
Ramkumar Arul Murugan |
|
15750 |
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Others |
|
750 |
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Total |
|
96600 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of External Rotor Motor, Fans and Blowers,
Ventilation Systems, Roof Extractors. |
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|
|
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Products : |
v
External Rotor Motor v
Fans and Blowers v
Ventilation Systems v
Roof Extractors etc. |
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Exports : |
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Products : |
v
External Rotor Motor v
Fans and Blowers v
Ventilation Systems v
Roof Extractors etc. |
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Countries : |
v
v
US v
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Imports : |
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Products : |
Raw Material |
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Countries : |
v
v
US v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
Indian Bank, Corporation Bank, Indranagar |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Dhinakar and Sreekanth Chartered Accountants |
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Address : |
Old No.7, New No.13, Fifth |
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Tel. No.: |
91-44-24413006 |
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Income-tax
PAN of auditor or auditor's firm : |
AADFD0187E |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.400 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96,600 |
Equity Shares |
Rs. 10/- each |
Rs. 0.966
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.966 |
0.966 |
1.050 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.120 |
21.914 |
25.246 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.086 |
22.880 |
26.296 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
0.019 |
0.211 |
0.450 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.019 |
0.211 |
0.450 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
23.105 |
23.091 |
26.746 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.841 |
15.459 |
15.837 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.023 |
2.023 |
6.321 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
2.293
|
1.183 |
0.777 |
|
|
Sundry Debtors |
1.782
|
1.413 |
1.391 |
|
|
Cash & Bank Balances |
5.583
|
4.391 |
4.487 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
0.796
|
1.168 |
1.524 |
|
Total
Current Assets |
10.454
|
8.155 |
8.179 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
1.576
|
1.832 |
1.980 |
|
|
Other Current Liabilities |
0.631
|
0.304 |
0.720 |
|
|
Provisions |
0.006
|
0.410 |
0.891 |
|
Total
Current Liabilities |
2.213
|
2.546 |
3.591 |
|
|
Net Current Assets |
8.241
|
5.609 |
4.588 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.105 |
23.091 |
26.746 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
TURNOVER |
13.377 |
13.581 |
21.150 |
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Less |
EXPENSES |
12.986 |
12.795 |
19.064 |
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PROFIT BEFORE
TAX |
0.391 |
0.786 |
2.086 |
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Less |
TAX |
0.185 |
0.299 |
0.770 |
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PROFIT AFTER TAX |
0.206 |
0.487 |
1.316 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.483 |
1.259 |
0.274 |
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APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
0.097 |
0.105 |
|
|
|
Tax on Dividend |
0.000 |
0.015 |
0.016 |
|
|
BALANCE CARRIED
TO THE B/S |
0.206 |
0.236 |
1.259 |
|
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|
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|
|
|
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|
|
Earnings Per
Share (Rs.) |
2.13 |
5.04 |
N.A. |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
14.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 20.000 Millions
The above information has been parted by Mr. Arul Murugan (Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.55 |
3.33 |
8.69 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.03 |
0.08 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.10 |
0.12 |
0.19 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.72 |
3.20 |
2.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
BUSINESS OUTLOOK:
During the year there has not been any
increase in sales due to completion and delays in order finalization. There has
been overall increase in costs and resultant pressure on margins. The company
is working on new product development for the Railways and hopes to get trial
orders for the same.
FIXED ASSETS:
v Land
v Building
v Plant and Machinery
v Tools
v Furniture
v Electrical Fittings
v Electronic Equipment
v Office Equipment
v Vehicle
v Other Asset
v Air Conditioner
v Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 55.81 |
|
|
1 |
Rs. 86.53 |
|
Euro |
1 |
Rs. 68.58 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.