MIRA
INFORM REPORT
|
Report Date : |
12.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
DRAFT CARGOWAYS INDIA PRIVATE LIMITED |
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Registered
Office : |
14, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.05.1996 |
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Com. Reg. No.: |
18-035492 |
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Capital
Investment/ Paid-up Capital: |
Rs.5.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
U51109TN1996PTC035492 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHED04044F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Clearing and Forwarding Agents. |
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No. of
Employees: |
120 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 120000 |
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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) |
|
|
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/ Head Office/ Branch Office : |
14, Moore Street, Chennai - 600001, Tamilnadu, India. |
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Tel. No.: |
91-44-25272128 (10 Lines) |
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Fax No.: |
91-44-25227404/ 25226941 |
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E-Mail : |
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Overseas Branch Office : |
Located At: ·
USA ·
Australia |
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Delhi Branch Office : |
921, Devika Tower 6, Nehru Palace, New Delhi – 110019, India |
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Branches Branch : |
Located At: · Chennai · Bangalore · Tuticorin · Cochin · Hyderabad · Coimbatore · Titupur · Mumbai · Kolkata · Delhi · Visakhapatnam · Pune |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Dattatrey Ramakrishna Shete |
|
Designation : |
Director |
|
Address : |
I-63, Anna Nagar (East), Chennai - 600102, Tamilnadu, India. |
|
Date of Birth/Age : |
22.11.1956 |
|
Date of Appointment : |
17.05.1996 |
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DIN No.: |
00381841 |
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Name : |
Mr. Sunil Ramakrishna Shete |
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Designation : |
Director |
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Address : |
3-C Block II Bajaj Apartment, 5th |
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Date of Birth/Age : |
31.10.1963 |
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Date of Appointment : |
17.05.1996 |
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DIN No.: |
00382036 |
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|
Name : |
Mr. Anil Prabhakar Bakle |
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Designation : |
Director |
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Address : |
1201 Raheja Sherwood, C Wing, Western Express Highway, Goregaon,
Mumbai - 400063, Maharashtra, India. |
|
Date of Birth/Age : |
20.06.1959 |
|
Date of Appointment : |
02.02.1999 |
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DIN No.: |
00496784 |
KEY EXECUTIVES
|
Name : |
B. Subramanian |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.1, Prithvi 7/4, Seetha Nagar Second Street, Nungambakkam,
Chennai – 600034, Tamilnadu, India |
|
Tel. No.: |
91-44-42068228 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
D. R. Shete |
|
250000 |
|
Sunil R. Shete |
|
250000 |
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|
|
|
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Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
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|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Clearing and Forwarding Agents. |
GENERAL INFORMATION
|
No. of Employees : |
120 (Approximately) |
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Bankers : |
·
Standard Chartered Bank, No. 8, Haddows Road,
Ground Floor, Jayalakshmi Estates, Nungambakkam, Chennai - 600006, Tamilnadu,
India ·
Standard
Chartered Bank, SME Banking, No. 19, 2nd Floor, Rajaji Salai, Chennai –
600001, Tamilnadu, India ·
HDFC Bank Limited |
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Facilities : |
(Rs.
In Millions)
Note: *Over draft account is secured by way of first charge on hypothecated
book debts. **Hire purchase loans are secured by way of hypothecation of assets
purchased out of those loans |
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Banking Relations
: |
-- |
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Auditors : |
|
|
Name : |
Velu Muthu Associates Chartered Accountants |
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Address : |
1-B Prabha, 17 (Old No. 10), Bishop Wallers Avenue (East), Mylapore,
Chennai -600004, Tamilnadu, India. |
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Tel. No.: |
91-44-24992540 |
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Fax No.: |
91-44-24993912 |
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E-Mail : |
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PAN No.: |
AABPM0782G |
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 |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 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 |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
27.344 |
22.332 |
16.856 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
32.344 |
27.332 |
21.856 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.615 |
20.166 |
20.021 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
30.615 |
20.166 |
20.021 |
|
|
DEFERRED TAX LIABILITIES |
0.117 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
63.076 |
47.498 |
41.877 |
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|
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APPLICATION OF FUNDS |
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|
FIXED ASSETS [Net Block] |
4.413 |
4.558 |
3.404 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.292 |
0.000 |
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|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
89.064
|
68.619
|
43.543
|
|
|
Cash & Bank Balances |
10.598
|
7.307
|
6.152
|
|
|
Other Current Assets |
11.285
|
6.501 |
5.870
|
|
|
Loans & Advances |
0.000
|
0.000 |
0.000
|
|
Total
Current Assets |
110.947
|
82.427 |
55.565 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
50.660
|
39.779 |
16.529 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.624
|
0.000 |
0.563 |
|
Total
Current Liabilities |
52.284
|
39.779 |
17.092 |
|
|
Net Current Assets |
58.663
|
42.648 |
38.473 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
63.076 |
47.498 |
41.877 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
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Income |
|
|
|
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|
Other Income |
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|
|
|
|
TOTAL (A) |
727.015 |
506.258 |
528.811 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
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|
Administrative Expenses |
|
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|
Advertising Expenses |
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|
|
|
|
TOTAL (B) |
720.771 |
498.534 |
520.960 |
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX |
6.244 |
7.724 |
7.851 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.034 |
2.248 |
3.542 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
4.210 |
5.476 |
4.309 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
79.140 |
1.703 |
|
|
TOTAL EARNINGS |
NA |
79.140 |
1.703 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.42 |
10.95 |
8.62 |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.58
|
1.08 |
0.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.41
|
8.88 |
13.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.28 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.56
|
2.19 |
1.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.07 |
3.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U51109TN1996PTC035492 |
|
Name of the
company |
DRAFT CARGOWAYS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
14, Moore Street, Chennai - 600001, Tamilnadu, India E-mail: accounts@fairmacs.com |
|
This form is for |
Creations
of charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Standard
Chartered Bank, SME Banking, No. 19, 2nd Floor, Rajaji Salai, Chennai –
600001, Tamilnadu, India E-mail: leena.gangadharan@sc.com
|
|
Nature of
instrument creating charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
03.12.2010 |
|
Amount secured by
the charge |
Rs.33.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit Facility. Interest / Commission
- As agreed by and with the Bank from time to time. Terms of
Repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and
Operation of the charge The Bank is
having first and exclusive charge on security given by the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First and
exclusive charge on mortgage of a) 52-A, Unit no. 302, 3rd Floor, Chandan Niketan,
Shakespeare Sarani, Kolkata 700 017 (owned by Fairmacs Shipping and Transport
Services Private Limited)) b) Door no.49,
S.no.54/2, 58/1A, 58/1-B3, 58/1-C3,104/2-B3, 105/5c , Gopasanallur Village ,
Sriperambuthur Taluk, Chengalpet,MGR District (owned by Fairmacs Shipping and
Transport Services Private Limited)) c) Shop No. 1, 2,
3, 4, Block No 2, Chowdary Apartments, 5th Cross Street, Nandanam, Chennai -
600 035 (owned by Fairmacs Departmental Store Private Limited) |
Fixed Assets:
·
Furniture and Fixtures
·
Vehicles
·
Containers
·
Office Equipments
·
Computers
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.55.24 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
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 |
5 |
|
--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 |
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 |
|
45 |
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.