|
Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLINT GROUP INDIA PRIVATE LIMITED |
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Formerly Known
As : |
INCOWAX PRIVATE LIMITED |
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Registered
Office : |
No. 47-D, Bommasandra Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
06.01.1989 |
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Com. Reg. No.: |
08-009759 |
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Capital
Investment / Paid-up Capital : |
Rs. 24.300 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U02422KA1989PTC009759 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI00223G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACI5639L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Printing Ink. |
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|
No. of Employees
: |
100 (In Office 30 and In Factory 70) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The
management of the company has not filed any financials of the company with the
government department after the year 2007. This shows poor corporate
governance record. Also, the management denied to disclose any information of
the company. Payments are unknown. The company can be considered for business dealing on a secured 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office/Factory : |
No. 47-D, Bommasandra Industrial Area, |
|
Tel. No.: |
91-80-27832420 |
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Fax No.: |
91-80-27832419 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Shiv Industrial Infrastructure, District Vadodara-391775, Gujarat,
India |
DIRECTORS
AS ON 29.09.2007
|
Name : |
Mr. Michael Jerome Gannon |
|
Designation : |
Director |
|
Address : |
39, Gunther |
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Date of Birth/Age : |
28.08.1955 |
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Date of Appointment : |
07.12.2005 |
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|
|
|
Name : |
Mr. K Srinivasan |
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Designation : |
Managing Director |
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Address : |
373, I Block, Koramangala, |
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Date of Birth/Age : |
27.11.1955 |
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Date of Appointment : |
01.07.1987 |
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|
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Name : |
Mr. Johnson Damian Terrance |
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Designation : |
Director |
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Address : |
81, |
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Date of Birth/Age : |
05.10.1956 |
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Date of Appointment : |
03.03.2003 |
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|
|
|
Name : |
Mr. R Krishnamoorthy |
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Designation : |
Director |
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Address : |
No. 20, Chandragiri Colony, Trimulgery, Secunderabad – 500 015, |
KEY EXECUTIVES
|
Name : |
Mr. Sridhar J |
|
Designation : |
Secretary |
|
Address : |
402, Manish Residency, 28th Main, J P Nagar, VI, Phase, |
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Date of Birth/Age : |
24.12.1964 |
|
Date of Appointment : |
29.07.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
No. of Shares |
|
Flint Ink Mauritius Limited |
2429990 |
|
Flint Ink Holdings Mauritius Limited
|
10 |
|
TOTAL |
2430000 |
AS ON 29.09.2007
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printing Ink. |
PRODUCTION STATUS
(AS ON 31.03.2007)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Printing Inks |
Kgs |
8392400 |
6525370 |
|
Thinner |
NA |
-- |
66301 |
|
Varnishes |
Kgs |
150000 |
33906 |
|
Others |
NA |
-- |
498371 |
GENERAL INFORMATION
|
No. of Employees : |
100 (In Office 30 and In Factory 70) (Approximately) |
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Bankers : |
Corporation Bank Industrial Finance Branch, |
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Facilities : |
Note Secured by hypothecation of raw materials, stores and spares, finished
goods, and book debts and further secured by first charge on Fixed Assets at
Bangalore Factory. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountant |
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Address : |
‘Mittal Tower’, 10th Floor, ‘C’ Wing, 47/6, M |
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Fellow Subsidiaries : |
·
Flint Ink Australia Pty Limited ·
·
·
·
·
·
Flint Ink’s Gravenzande BV America Flint ·
Schimdt – ·
·
Flint Ink NZ Limited – ·
Flint Ink Corporation – ·
Arrow Head Trading ·
CRR Pigments ·
BASF Industries Private Limited |
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|
|
|
Holding Company : |
·
Flint Ink Mauritius Limited ·
Flint Ink Corporation, |
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|
|
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Ultimate Holding Company : |
CVC Fund |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2430000 |
Equity Shares |
Rs.10/- each |
Rs. 24.300 millions |
|
|
|
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Notes
Of the above
·
2429999 shares held by
the Holding Company Flint Group (
·
647733 Equity Shares
allotted as fully paid-up Bonus Shares by capitalization of General Reserve.
·
CVC Fund, Luxemburg, is
the Ultimate Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.300 |
24.300 |
24.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
381.693 |
337.698 |
297.726 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
405.993 |
361.998 |
322.026 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
34.941 |
10.118 |
20.170 |
|
|
2] Unsecured Loans |
11.483 |
13.331 |
10.853 |
|
|
TOTAL BORROWING |
46.424 |
23.449 |
31.023 |
|
|
DEFERRED TAX LIABILITIES |
16.888 |
11.928 |
9.370 |
|
|
|
|
|
|
|
|
TOTAL |
469.305 |
397.375 |
362.419 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
147.522 |
140.229 |
141.954 |
|
|
Capital work-in-progress |
4.756 |
6.682 |
0.463 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.080 |
0.080 |
0.080 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
185.622 |
149.486 |
154.796 |
|
|
Sundry Debtors |
262.317 |
212.839 |
155.936 |
|
|
Cash & Bank Balances |
3.251 |
6.866 |
23.314 |
|
|
Other Current Assets |
0.022 |
0.004 |
0.442 |
|
|
Loans & Advances |
50.108 |
36.334 |
24.721 |
|
Total
Current Assets |
501.320 |
405.529 |
359.209 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
177.733 |
142.519 |
127.371 |
|
|
Provisions |
6.640 |
12.626 |
11.916 |
|
Total
Current Liabilities |
184.373 |
155.145 |
139.287 |
|
|
Net Current Assets |
316.947 |
250.384 |
219.922 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
469.305 |
397.375 |
362.419 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
959.605 |
715.106 |
472.417 |
|
|
|
Other Income |
16.506 |
11.861 |
6.376 |
|
|
|
TOTAL (A) |
976.111 |
726.967 |
478.793 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
774.948 |
570.232 |
351.057 |
|
|
|
Manufacturing and Other Expenses |
127.337 |
94.967 |
75.029 |
|
|
|
TOTAL (B) |
902.285 |
665.199 |
426.086 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
73.826 |
61.768 |
52.707 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.833 |
4.571 |
2.207 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
66.993 |
57.197 |
50.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.888 |
7.667 |
3.827 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
59.105 |
49.530 |
46.673 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.111 |
9.558 |
5.676 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
43.994 |
39.972 |
40.997 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
EOB value of Exports |
117.627 |
107.107 |
NA |
|
|
|
Freight and Insurance |
2.600 |
2.436 |
NA |
|
|
TOTAL EARNINGS |
120.227 |
109.543 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.10 |
16.45 |
16.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.51 |
5.50 |
8.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.16 |
6.93 |
9.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.11 |
9.08 |
9.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57 |
0.49 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72 |
2.61 |
2.58 |
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 |
No |
|
10. Designation of contact person |
No |
|
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 |
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 |
No |
|
30. Major Shareholders, if available |
Yes |
FINANCIAL RESULTS
The Profit Before tax have increased from Rs.49.53 millions to Rs.59.24
millions during the year, representing a growth of about 20%. The earnings per
share work out Rs.18.16 on a share capital of Rs.24 Millions.
PERFORMANCE REVIEW
The increase in the crude oil prices during the 1st half of
the financial year had a significant impact on the prices of the raw material
that went up substantially. Despite the fact that they could get a marginal
price increase in the finished products, they could not pass on the entire
increase in the raw material cost due to market condition on prices. This has
resulted in reduction of margins. They achieved a growth of 35% in the sale
value, achieving sale of Rs.1087 million as against sale of Rs.808 million in
the last year.
However the company’s effort in reformulation of News Black, continued
efforts in cost savings, manufacturing optimization, and standardization of
inks has ensured in achieving a good profitability.
During the year the company has stabilized its new paste ink facility
set up at Savli for the manufacture of News inks.
PROSPECTS FOR THE
CURRENT YEAR
The packaging industry is growing at over 20%. With a significant foray
by consumer Giants like ITC, Reliance retail and entry of MNC companies in
retailing and consumer products the demand for printing inks is expected to
further increase. With the focus also spreading to towns, semi urban and rural
markets would ensure a good demand for the Company’s products.
With New players coming in, expansion by existing print houses and
consolidation of new print houses the demand for News ink is also increasing.
With the print houses going in for more color prints gives good opportunity for
the company to establish, being one of the biggest player in the world in this
segment. The company with the Brand Value and product strength of its parent
would focus in positioning the products against the competitors.
CONTINGENT LIABILITIES
|
|
(AS ON
31.03.2007) Rs. in millions |
|
Bank Guarantees |
14.752 |
|
Bills / Cheques discounted |
4.246 |
|
Excise Duty matter under dispute and
contested by the Company |
0.933 |
|
Sales-Tax matter under dispute and contested
by the Company |
2.593 |
|
TOTAL |
22.524 |
FIXED ASSETS
·
·
·
Buildings
·
Plant and Machinery
·
Research and Development
Equipment
·
Data Processing Machines
·
Office Equipment
·
Furniture and Fixtures
·
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. 55.36 |
|
|
1 |
Rs. 85.63 |
|
Euro |
1 |
Rs. 69.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
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.