MIRA
INFORM REPORT
|
Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
HIEC TRADING COMPANY PRIVATE LIMITED |
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Registered
Office : |
122, Broadway, Chennai-600108, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.12.1999 |
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Com. Reg. No.: |
18-043650 |
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Capital
Investment / Paid-up Capital : |
Rs.4.902
Millions |
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CIN No.: [Company Identification
No.] |
U51109TN1999PTC043650 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH03610F |
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PAN No.: [Permanent Account No.] |
AAACH8727N |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business
: |
Trader of Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 240000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Lalit |
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Designation : |
Finance Department |
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Contact No.: |
91-44-25380115/116 |
|
Date : |
06.06.20112 |
LOCATIONS
|
Registered Office : |
122, Broadway, Chennai-600108, Tamilnadu |
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Tel. No.: |
91-44-25380115/116 |
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Fax No.: |
91-44-25380745 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Hiralal Goud |
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Designation : |
Director |
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Address : |
160, Mint Street, Sowcarpet, Chennai-600079, Tamilnadu, India |
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Date of Birth/Age : |
25.08.1935 |
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Date of Appointment : |
15.12.1999 |
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Din No.: |
00788735 |
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Other Directorship:
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Name : |
Mr. Kishanchand Daga |
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Designation : |
Director |
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Address : |
19C, N.H. Road, Nungambakkam, Chennai-600034, Tamilnadu, India |
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Date of Birth/Age : |
31.01.1937 |
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Date of Appointment : |
01.12.1999 |
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Din No.: |
01866796 |
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Other Directorship:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Anil Kumar Daga |
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Designation : |
Director |
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Address : |
19C, N.H. Road, Nungambakkam, Chennai-600034, Tamilnadu, India |
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Date of Birth/Age : |
25.08.1960 |
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Date of Appointment : |
20.03.2009 |
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Din No.: |
00887151 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Lalit |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kishanchand Daga |
|
80 |
|
Hiralal Goud |
|
100 |
|
Daga Enterprises Private Limited, India |
|
36000 |
|
Daga Finance Private Limited, India |
|
92000 |
|
Daga Securities Private Limited, India |
|
35000 |
|
Lala Traders Private Limited, India |
|
79695 |
|
Deccan Motors Private Limited, India |
|
90000 |
|
Kinhar Investment Private Limited, India |
|
62000 |
|
Lala Gopikrishna Gokul Doss Agency Private Limited, India |
|
80000 |
|
Supreme Land Developers Private Limited, India |
|
15000 |
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Anil Kumar Daga |
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5 |
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Rajkumar Chandak |
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10 |
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Vimala Kalani |
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5 |
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Madhav Daga |
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305 |
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Total |
|
490200 |
As on 30.09.2011
|
Equity Share Breakup |
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Percentage of Holding |
|
Category |
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|
Bodies
corporate |
|
99.90 |
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Directors
or relatives of directors |
|
0.10 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Chemicals. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank ·
Union Bank of India ·
Canara Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.K. Mundra and Company Chartered Accountants |
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Address : |
No. 10, Luckmodoss Street, II Floor, Chennai-600108, Tamilnadu, India |
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Tel. No.: |
91-44-25359894 |
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Pan No.: |
AAGPD5474M |
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Associates : |
·
Lala Traders Private Limited ·
Lala Gopikrishna Gokuldoss Agencies Private
Limited ·
Hind Process Private Limited ·
Better Trader Private Limited ·
Rainbow Land Developers Private Limited ·
Daga Enterprises Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
490200 |
Equity Shares |
Rs.10/- each |
Rs.4.902
Millions |
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 |
4.902 |
4.902 |
4.902 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
56.226 |
55.085 |
54.429 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
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NETWORTH |
61.128 |
59.987 |
59.331 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
26.427 |
133.712 |
147.168 |
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TOTAL BORROWING |
26.427 |
133.712 |
147.168 |
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DEFERRED TAX LIABILITIES |
0.229 |
0.236 |
0.234 |
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TOTAL |
87.784 |
193.935 |
206.733 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.916 |
1.773 |
1.882 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
21.397 |
16.209 |
13.924 |
|
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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 |
|
|
|
|
|
|
Inventories |
0.136
|
0.680 |
0.415 |
|
|
Sundry Debtors |
2.570
|
3.530 |
5.375 |
|
|
Cash & Bank Balances |
3.178
|
4.820 |
1.712 |
|
|
Other Current Assets |
1.715
|
1.521 |
11.795 |
|
|
Loans & Advances |
193.294
|
166.463 |
172.348 |
|
Total
Current Assets |
200.893
|
177.014 |
191.645 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.170
|
0.673 |
0.333 |
|
|
Other Current Liabilities |
135.947
|
0.000 |
0.000 |
|
|
Provisions |
0.305
|
0.388 |
0.385 |
|
Total
Current Liabilities |
136.422
|
1.061 |
0.718 |
|
|
Net Current Assets |
64.471
|
175.953 |
190.927 |
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
87.784 |
193.935 |
206.733 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SALES |
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
11.726 |
12.894 |
33.907 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
10.290 |
12.017 |
32.710 |
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Advertising Expenses |
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TOTAL |
10.290 |
12.017 |
32.710 |
|
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|
PROFIT / (LOSS)
BEFORE TAX |
1.436 |
0.877 |
1.197 |
|
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|
Less |
TAX |
0.295 |
0.221 |
0.293 |
|
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|
PROFIT / (LOSS)
AFTER TAX |
1.141 |
0.656 |
0.904 |
|
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|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.33 |
1.34 |
1.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.73
|
6.80 |
2.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.71
|
0.49 |
0.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.66
|
2.25 |
2.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
166.84 |
266.92 |
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) Constitutions 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 |
No |
|
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
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:
During the year the company has earned a net
profit of Rs.1.436 Million as against the last year net profit of Rs.0.877
Million.
FIXED ASSETS:
·
Office Flat
·
Weighing Scale
·
Cell Phone
·
Computer
·
Furniture
·
Electrical Fittings
·
Television
·
Scooter
·
Fire Extinguisher
·
Fan
·
Cycle
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.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.