|
Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
RANGSONS ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
347, D 1 and 2, KIADB Electronic City, Hebbal Industrial Area, Mysore
– 570 016, Karnataka |
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Country : |
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|
|
|
Financials (as on) : |
31.03.2011 |
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|
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Date of Incorporation : |
30.06.1993 |
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|
|
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Com. Reg. No.: |
08-14470 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13.670
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31909KA1993PTC014470 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR02027E |
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|
|
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Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer and Exporter of Electronic Products, PCB and Cable
Harness, Printed Circuit Assembly. |
|
|
|
|
No. of Employees
: |
429 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 770000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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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. Latest profit and loss of the company is not available. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory/ Corporate Office: |
Plot No. 347, D 1 and 2, KIADB Electronic City, Hebbal Industrial
Area, Mysore-570016, Karnataka, India |
|
Tel. No.: |
91-821-2404550/554/4280000 |
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Fax No.: |
91-821-2404529/4280060/4000369 |
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E-Mail : |
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Website : |
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|
Area : |
20000 sq. ft. |
|
Location : |
Owned |
|
|
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|
Business Office: |
Parvati Plaza, 1st Floor, 104/105, Richmond Circle,
Bangalore-560025, Karnataka, India |
|
Tel. No.: |
91-80-41254701 |
|
Fax No.: |
91-80-41254704 |
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E-Mail : |
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77, Hope Farm, ITPL Road, White Field, Bangalore-560006, Karnataka,
India |
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Tel. No.: |
91-80-41254701-02-03/ 4152 3820 |
|
Fax No.: |
91-80-41254704 |
|
E-Mail : |
DIRECTORS
As on 26.09.2011
|
Name : |
Mr. Arjun Murthy Ranga |
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|
Designation : |
Director |
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Address : |
2634, II Main, Gokulam, V V Mohalla, |
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Date of Birth/Age : |
30.04.1974 |
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Date of Appointment : |
31.03.2001 |
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Din No.: |
00235226 |
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Name : |
Mr. Kiran Vasu Ranga |
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|
Designation : |
Director |
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Address : |
2980, 5th Main Gokuldham, V.V. Mohalla, |
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Date of Birth/Age : |
29.03.1977 |
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|
Date of Appointment : |
14.07.2007 |
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Din No.: |
00235087 |
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Pavan Guru Ranga |
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|
Designation : |
Director |
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Address : |
3005, Gokulam, V.V. Mohalla, |
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Date of Birth/Age : |
29.09.1975 |
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|
Date of Appointment : |
14.07.2007 |
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|
Din No.: |
00235202 |
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|
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Name : |
Mr. Krsihnamurthy Venugopala Tenneti |
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|
Designation : |
Director |
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|
Address : |
No.79, Adarsh Vista, Basavanagar, Vibhuthipura, Marathahalli, |
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Date of Birth/Age : |
29.06.1945 |
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Date of Appointment : |
08.02.2008 |
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Din No.: |
01338477 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pavan Guru Ranga |
|
561651 |
|
Arjun Murthy Ranga |
|
300151 |
|
Anurudh M Ranga |
|
300151 |
|
Kiran Vasu Ranga |
|
68349 |
|
Vishnu Ranga |
|
68349 |
|
Sridhar Rangarao |
|
68349 |
|
|
|
|
|
Total |
|
1367000 |
As on 26.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electronic Products, PCB and Cable
Harness, Printed Circuit Assembly. |
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Products : |
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PRODUCTION STATUS [AS
ON 31.03.2010]
|
Particulars |
Units |
Actual Production |
|
Manufacturing Income |
Nos. |
1874385 |
|
Populated PCBs |
Nos. |
220442 |
GENERAL INFORMATION
|
No. of Employees : |
429 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
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|
Name : |
B.S.
Ravikumar and Associates Chartered
Accountants |
|
Address : |
73, 2nd
Floor, Sri Madhvesha Complex, |
|
Pan No.: |
AADFB1008N |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4750000 |
Equity Shares |
Rs.10/- each |
Rs.47.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1367000 |
Equity Shares |
Rs.10/- each |
Rs.13.670
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 |
13.670 |
12.070 |
12.070 |
|
|
2] Share Application Money |
0.000 |
0.000 |
5.325 |
|
|
3] Reserves & Surplus |
179.343 |
138.692 |
140.214 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
193.013 |
150.762 |
157.609 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
340.393 |
321.945 |
309.656 |
|
|
2] Unsecured Loans |
43.519 |
43.519 |
43.519 |
|
|
TOTAL BORROWING |
383.912 |
365.464 |
353.175 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
576.925 |
516.226 |
510.808 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
188.303 |
159.495 |
159.904 |
|
|
Capital work-in-progress |
8.339 |
7.695 |
5.693 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
5.624 |
7.784 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
324.117
|
280.971
|
273.581 |
|
|
Sundry Debtors |
212.323
|
91.261
|
100.700 |
|
|
Cash & Bank Balances |
23.994
|
17.713
|
47.485 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
58.819
|
62.883
|
57.813 |
|
Total
Current Assets |
619.253
|
452.828
|
479.579 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
230.659
|
12.798
|
122.578 |
|
|
Other Current Liabilities |
13.935
|
98.778
|
11.790 |
|
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total
Current Liabilities |
244.594
|
111.576
|
134.368 |
|
|
Net Current Assets |
374.659
|
341.252
|
345.211 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
576.925 |
516.226 |
510.808 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
612.251 |
NA
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
596.189 |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
596.189 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
16.062 |
47.938 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
30.717 |
25.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
(14.655) |
22.371 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(7.808) |
13.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
(6.847) |
8.607 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
823.429 |
372.905 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
NA |
(5.67) |
7.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
(1.11)
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(2.39)
|
3.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.09)
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.26
|
3.16
|
3.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
4.05
|
3.56 |
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 |
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 one year |
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 |
No |
|
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 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90198041 |
|
Corporate
identity number of the company |
U31909KA1993PTC014470 |
|
Name of the
company |
RANGSONS ELECTTRONICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 347, D 1 and 2, KIADB Electronic City, Hebbal Industrial
Area, Mysore-570016, Karnataka, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1. FORM C-2 A:
Supplemental Agreement of hypothecation of goods and assets for increase in
the overall limit to Rs.68,37,00,000/- 2. Form C.1-A:
Supplemental Agreement of loan for increase in overall limit. |
|
Date of
instrument Creating the charge |
22.02.2012 |
|
Amount secured by
the charge |
Rs.683.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Adhoc limit LC
Rs. 52.200 Millions at card rate and BG Rs. 67.600 Millions @ 1.50% No change in
terms of existing facilities. Terms of
Repayment No change in
terms of existing facilities. Margin Letter of Credit
- 10% Cash Bank Guarantee -
20% Cash No change in
terms of existing facilities. Extent and
Operation of the charge The Charge is to
operate as security, by way of first exclusive charge, for the due repayment
of the credit facility of Rs. 683.700 Millions together with interest,
additional interests, costs, charges, expenses and all other moneys payable
by the Company to the Bank in terms of sanction. Others Other terms as
stipulated in supplemental agreement of hypothecation and supplemental
agreement of loan dated 22.02.2012 and sanction letter. |
|
Short particulars
of the property charged |
Letter of Credit:
Charge on goods covered under LC and charge on current assets of the company. Bank Guarantee :
Counter guarantee of the company and charge on currents assets of the company Collateral for
all limits: Hypothecation charge on plant and machinery and other
equipments/assets Rs.196.600 Millions (WDV as on 31.03.2011) Charge registered
for existing limits to continue. |
|
Date of latest modification
prior to the present modification |
18.07.2011 |
|
Particulars of
the present modification |
Renewal of
facilities from Rs.590.200 Millions to Rs.683.700 Millions (incl. adhoc limit
of Rs.119.800 Cr): Facility Limits (Rs. in Millions) Existing Revised -------------------------------------------------- Cash Credit 325.000 325.000 Letter of
Credit 120.000 172.200 BG 20.000 87.600 Term Loan 102.700 81.100 Short Term
Loan 22.500 17.800 Total 590.200 683.700 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Electrical Installation
·
Software
·
Office Equipments
·
Computers and Software
·
Tools and Equipments
·
Generator
·
Borewell
·
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 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
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.