MIRA
INFORM REPORT
|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
FERROMATIK MILACRON INDIA PRIVATE LIMITED (w.e.f. 16.12.2010) |
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Formerly Known
As : |
FERROMATIK MILACRON INDIA LIMITED CINCINNATI MILACRON PRIVATE LIMITED |
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Registered
Office : |
53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge,
Ahmedabad – 380006, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.05.1995 |
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Com. Reg. No.: |
04-025783 |
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Capital
Investment / Paid-up Capital : |
Rs. 268.983 Millions |
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CIN No.: [Company Identification
No.] |
U74999GJ1995PLC025783 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMF00035A |
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PAN No.: [Permanent Account No.] |
AABCC0881D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Injection Moulding Machines and Plastic
Process Machines |
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an well established and reputed company having good track
record. Financially company is performing well leverage of the company is
good. Trade relation are reported to be fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Samir |
|
Designation : |
D.G. Finance |
|
Contact No.: |
91-9879014640 |
|
Date : |
12.07.2012 |
LOCATIONS
|
Registered Office : |
53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge,
Ahmedabad – 380006, |
|
Tel. No.: |
91-79-26440331/ 25890081 |
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Mobile No.: |
91-9879014640 (Mr. Samir Parekh) |
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Fax No.: |
91-79-26421324 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office / Factory : |
92, Phase – I, G. I. D. C., Vatva, Ahmedabad --382 445, |
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Tel. No.: |
91-79-25830063 / 25890133 / 25890081 |
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Fax No.: |
91-79-25830125 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 19.08.2011
|
Name : |
Mr. Mahendra Narsinhbhai Patel |
|
Designation : |
Director |
|
Address : |
15, Kairavi Bungalow, Near Sarthi Hotel, |
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Date of Birth/Age : |
17.01.1949 |
|
Date of Appointment : |
31.05.1995 |
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DIN No.: |
00104997 |
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|
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Name : |
Mr. Narasinh Krishna Balgi |
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Designation : |
Director |
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Address : |
B – 401, Sumadhur – II, Near Azad Society, Ambawadi, Ahmedabad – 380015,
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Date of Birth/Age : |
01.06.1943 |
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Qualification : |
B.E.( Mech.) |
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Experience : |
45 Years |
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Date of Appointment : |
05.06.2004 |
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DIN No.: |
00163468 |
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Name : |
Mr. Jonathan Jay Woerner |
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Designation : |
Nominee director |
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Address : |
10596, Mountain Laurelway, Union KY41091, |
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Date of Birth/Age : |
11.11.1949 |
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Date of Appointment : |
25.09.2003 |
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DIN No.: |
00717063 |
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Name : |
Mr. David Edward Lawrence |
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Designation : |
Nominee Director |
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Address : |
22243, |
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Date of Birth/Age : |
15.01.1950 |
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Date of Appointment : |
29.12.2009 |
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DIN No.: |
02426697 |
KEY EXECUTIVES
|
Name : |
Mr. Pradip Gajendrabhai Mistry |
|
Designation : |
Secretary |
|
Address : |
Bungalow 16, Sector 1, Kalhaar Bungalows Shilaj, Ahmedabad – 380058, |
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Date of Birth/Age : |
15.12.1957 |
|
Date of Appointment : |
01.06.1998 |
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PAN No.: |
AGAPM1318H |
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|
|
Name : |
Mr. Samir |
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Designation : |
D.G. Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.08.2011
|
Names of Shareholders |
No. of Shares |
|
Milacron Marketing Company LLC, |
2689730 |
|
Milacron Marketing Company LLC jointly with Milacron Plastics
Technologies Group LLC |
100 |
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Total |
2689830 |
AS ON 19.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Injection Moulding Machines and Plastic
Process Machines |
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Exports : |
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Products : |
Injection Moulding Machines |
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Countries : |
v
v
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Imports : |
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Products : |
Raw Material |
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Countries : |
v
v
v
v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Plastic Processing Machinery |
Nos. |
700 |
674 |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
v
CIN No.:
L65190MH2004GOI148838 v
IDBI Bank Limited, IDBI Complex, Opposite
Municipal Quarters, Off v
HDFC Bank, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, v
Bank of |
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Facilities : |
Total CC – Rs. 440.000 Millions (Bank of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. V. Ghatalia and Associates Chartered Accountants |
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Address : |
2nd Floor, Shivalik Ishaan, Near CN Vidyalaya, Ambawadi, Ahmedabad
– 380015, |
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Income-tax
PAN of auditor or auditor's firm : |
AACFS6921Q |
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Parent of Holding Company: |
Milacron Inc. |
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Holdings Company : |
Milacron Marketing Company LLC, |
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Fellow Subsidiaries : |
v
Milacron Plastic Technologies Group Inc. v
Ferromatik Milacron Maschinebau GmbH v
Milacron Marketing ( v
Ferromatik Milacron v
Milacron International Marketing Company, v Uniloy Milacron S.R.L. v Milacron Plastic Machinery (Jiangyin) Company Limited v Ferromatik Milacron CA v Milacron Equipamentos Plasticos Ltda |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 300.000 Millions |
|
1,000,000 |
Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,689,830 |
Equity Shares |
Rs. 100/- each |
Rs. 268.983
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 |
268.983 |
300.000 |
300.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
642.928 |
465.200 |
285.339 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
911.911 |
765.200 |
585.339 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
105.192 |
69.303 |
51.003 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
105.192 |
69.303 |
51.003 |
|
|
DEFERRED TAX LIABILITIES |
33.491 |
23.511 |
24.459 |
|
|
|
|
|
|
|
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TOTAL |
1050.594 |
858.014 |
660.801 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
617.556 |
387.406 |
352.466 |
|
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Capital work-in-progress |
38.034 |
14.761 |
1.034 |
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
828.931
|
548.383
|
420.771
|
|
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Sundry Debtors |
191.616
|
242.243
|
163.459
|
|
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Cash & Bank Balances |
282.402
|
412.296
|
90.877
|
|
|
Other Current Assets |
16.193
|
21.619
|
14.819
|
|
|
Loans & Advances |
288.721
|
53.726
|
29.524
|
|
Total
Current Assets |
1607.863
|
1278.267
|
719.450 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
483.920
|
428.945
|
214.155 |
|
|
Other Current Liabilities |
466.330
|
330.523
|
148.156
|
|
|
Provisions |
262.609
|
62.952
|
49.838
|
|
Total
Current Liabilities |
1212.859
|
822.420
|
412.149 |
|
|
Net Current Assets |
395.004
|
455.847
|
307.301
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1050.594 |
858.014 |
660.801 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Service Income |
3574.020 |
2360.685 |
1768.960 |
|
|
|
Other Income |
N.A. |
29.279 |
41.498 |
|
|
|
TOTAL (A) |
N.A. |
2389.964 |
1810.458 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
1623.667 |
1160.924 |
|
|
|
Employee Remuneration and Benefits |
|
189.180 |
154.799 |
|
|
|
Operating and Other Expenses |
|
268.690 |
230.256 |
|
|
|
(Increased) / Decrease in Inventory |
|
(14.429) |
(7.565) |
|
|
|
TOTAL (B) |
N.A. |
2067.108 |
1538.414 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
664.770 |
322.856 |
272.044 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.610 |
10.275 |
10.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
638.160 |
312.581 |
262.034 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.180 |
39.837 |
37.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
571.980 |
272.744 |
224.753 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
191.870 |
92.884 |
80.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
380.110 |
179.860 |
144.526 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
446.200 |
266.340 |
143.363 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
202.380 |
0.000 |
2.549 |
|
|
|
Interim Dividend on Equity Shares |
0.000 |
0.000 |
15.000 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
4.000 |
|
|
BALANCE CARRIED
TO THE B/S |
623.930 |
446.200 |
266.340 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
|
572.712 |
618.832 |
|
|
|
Commission Earnings |
|
3.163 |
10.178 |
|
|
|
Service Charge |
|
0.866 |
2.340 |
|
|
|
Freight Recoveries |
|
31.952 |
37.279 |
|
|
|
Others |
|
1.502 |
1.492 |
|
|
TOTAL EARNINGS |
826.319 |
610.195 |
670.121 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
508.977 |
361.142 |
|
|
|
Capital Goods |
|
0.893 |
4.295 |
|
|
TOTAL IMPORTS |
N.A. |
509.870 |
365.437 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
141.31 |
59.95 |
48.18 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
4000.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 4500.000 Millions
The above information has been parted by Mr. Samir ( D.G. Finance)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
N.A. |
7.53
|
7.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.00 |
11.55
|
12.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.70 |
16.37
|
20.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.63 |
0.36
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.45 |
1.17
|
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.55
|
1.75 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Dues of Micro, Small and Medium Enterprises |
15.881 |
13.854 |
3.734 |
|
Due of other Creditors |
468.039 |
415.091 |
210.421 |
|
Total |
483.920 |
428.945 |
214.155 |
|
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 |
No |
|
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 |
Yes |
|
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 |
PERFORMANCE OF THE
COMPANY:
During the year, company registered 51.40% (Rs. 3,574 million over Rs. 2,360 million) growth in sales after having registered sales growth of 33.45% (Rs. 2,360 million over Rs. 1,768 million) in the previous year. Growth in sales volumes was driven by demand growth in Automotive, Houseware, furniture, packaging and construction segments. Company expanded the customer base 1042 nos. domestic and 186 nos. exports, having added new customers 141 nos. domestic and 19 nos. export customers.
Company also earned recognition as large IMM builder having delivered 1800 Ton Maxima, the largest machine built in the country so far, to leading multinational auto component molder in July 2010.
Machines belonging to Energy Efficient series using servo drive technology and All Electrics found good acceptance at market for price performance. The share of these machines stands at 19.12% of total machines sold.
The directors are pleased to report that during the year company has made profit before tax of ` 571.98 million as compared to Rs. 272.74 million of previous year.
OPERATIONS:
During the year under review company produced 914 machines as compared to 674 machines in previous year i.e.35.6% growth.
Progressing further on production capacity increase program, company added second bay to the machine shop and installed seven machine tools.
Under implementation Capex plan is creation of new painting bay inclusive of two additional painting booths to the existing equipment, expansion of nitriding facility and two additional bays for Assembly.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74999GJ1995FTC025783 |
|
Name of the
company |
FERROMATIK
MILACRON INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge,
Ahmedabad – 380006, |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10116743 |
|
Type of charge |
Book Debts Movable Property Others (Stocks,
Raw Materials, Sip, Spares and Finished Goods) |
|
Particular of
charge holder |
IDBI Bank Limited, IDBI Complex, Opposite Municipal Quarters, Off CIN No.:
L65190MH2004GOI148838 |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation and loan agreement both the documents creating a single charge |
|
Date of
instrument Creating the charge |
08.10.2011 |
|
Amount secured by
the charge |
Rs. 350.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Bank Base Rate (BBR)
+ 2.05 % p.a. (presently BBR is 10.75%) Terms of Repayment Each disbursement
shall be repayable in 20 quarterly installments commencing 2 months after the
disbursement. Margin 45% Extent and Operation of the charge Primary: First
Charge on the fixed assets of the company. Collateral:
Second Charge on all the current assets of the company on pari-passu basis
with existing lenders. |
|
Date of latest
modification prior to the present modification |
23.02.2011 |
|
Particulars of the
present modification |
The Charge is
modified to further secure the term loan of Rs. 350.000 Millions (previously
Rs. 310.000 Millions) |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Disputed Income
Tax matters (including interest and penalty) |
33.837 |
32.980 |
|
Disputed Excise
Duty matters (including penalty) |
1.385 |
2.668 |
|
Disputed Service
Tax matters |
0.167 |
0.844 |
|
Guarantee given
by the bankers on behalf of the Company |
15.861 |
35.203 |
|
Bill of Exchange
discounted |
496.338 |
58.152 |
FIXED ASSETS:
v
Land leasehold
v
Building
v
Plant and machinery
v
Patterns and jigs
v
Computers
v
Furniture and fixtures
v
Office equipments
v
Air conditioner
v
Vehicles
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 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. 55.70 |
|
|
1 |
Rs. 86.28 |
|
Euro |
1 |
Rs. 68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.