|
Report Date : |
12.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
KHANNA DELTA STEEL PRIVATE LIMITED |
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Registered
Office : |
210, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.08.2003 |
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Com. Reg. No.: |
141751 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.204 million |
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CIN No.: [Company Identification
No.] |
U27100MH2003PTC141751 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK13291F |
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PAN No.: [Permanent Account No.] |
AACCK2956L |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Trader of Iron and Steel |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRAs 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 61596 |
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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. Profit and Loss accounts are 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
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Registered Office : |
210, Sant Tukaram Road, Masjid Bunder, Mumbai 400009, Maharashtra,
India |
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Tel. No.: |
91-22-23482101 / 23482102 |
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Fax No.: |
91-22-23482103 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Dhanesh J Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
24.10.1960 |
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Date of Appointment : |
22.04.2004 |
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Name : |
Mr. Akshay R Jain |
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Designation : |
Director |
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Date of Birth/Age : |
04.03.1960 |
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Date of Appointment : |
14.08.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Akshay R Jain |
3300 |
|
Dhanesh J Mehta |
3300 |
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Delta Iron and Steel Company Private Limited, India |
1900 |
|
Mehta D Shruti |
2900 |
|
Jain B Rajendra |
1900 |
|
Fairdeal Polly Tex Private Limited, India |
1900 |
|
Jain Akshay Rajshree |
1900 |
|
Jain Akshay HUF |
3300 |
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Total |
20400 |
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Iron and Steel |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
The Kapole Co Operative Bank Limited, L J Branch, Ground Floor, Steel Centre,
S T Road, Karnac Bunder, Mumbai 400009, Maharashtra, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kalpesh Sunil and Associates Chartered Accountant |
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Address : |
2 Naval Palace, Nariman Road, Vile Parle (East), Mumbai 400057, Maharashtra,
India |
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Name : |
Lakhani and Company Chartered Accountant |
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Address : |
Jeevan Udyog, 278 D N Road, 2nd Floor, Fort, Mumbai 400001,
Maharashtra, India |
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Associates/Subsidiaries : |
·
Delta Iron and Steel Company Limited ·
ARK Industries Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs. 10 each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
20400 |
Equity Shares |
Rs. 10 each |
Rs. 0.204 million |
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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 |
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|
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|
1] Share Capital |
0.204 |
0.204 |
0.204 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.195 |
13.973 |
12.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.399 |
14.177 |
12.389 |
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LOAN FUNDS |
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|
1] Secured Loans |
62.511 |
57.797 |
59.655 |
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2] Unsecured Loans |
11.366 |
6.366 |
5.916 |
|
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TOTAL BORROWING |
73.877 |
64.163 |
65.571 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.276 |
78.340 |
77.960 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.025 |
0.037 |
0.054 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
16.403 |
15.862 |
0.200 |
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DEFERREX TAX ASSETS |
0.001 |
0.040 |
0.046 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
23.211
|
69.007 |
21.682 |
|
|
Sundry Debtors |
51.440
|
95.521 |
55.374 |
|
|
Cash & Bank Balances |
0.298
|
0.103 |
0.473 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
70.995
|
63.128 |
69.697 |
|
Total
Current Assets |
145.944
|
227.759 |
147.226 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
65.520
|
120.943 |
68.351 |
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Other Current Liabilities |
5.662
|
43.070 |
0.524 |
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Provisions |
1.915
|
1.345 |
0.691 |
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Total
Current Liabilities |
73.097
|
165.358 |
69.566 |
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Net Current Assets |
72.847
|
62.401 |
77.660 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.276 |
78.340 |
77.960 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.54
|
16.18 |
10.90 |
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Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.37 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from Ashom House 40 Baroda Street, Mumbai 400009, Maharashtra, India to the present address w.e.f. 16.04.2007
FORM 8
|
Corporate
identity number of the company |
U27100MH2003PTC141751 |
|
Name of the
company |
KHANNA DELTA STEEL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
210, Sant Tukaram Road, Masjid Bunder, Mumbai 400009, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts |
|
Particular of
charge holder |
The Kapole Co Operative Bank Limited, L J Branch, Ground Floor, Steel
Centre, S T Road, Karnac Bunder, Mumbai 400009, Maharashtra, India Email: kapol_cad@rediffmail.com
|
|
Nature of
instrument creating charge |
Agreement of
hypothecation of book debts dated November 28, 2010 and letter of
hypothecation of goods dated November 28, 2010 |
|
Date of
instrument Creating the charge |
28.11.2010 |
|
Amount secured by
the charge |
Rs. 70.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 14% p.a. Terms of repayment On Demand Margin 40% cost/market
price, whichever is lower. 50% of Book Debts
not exceeding 90 days. Extent and operation of the charge Cash Credit
facility granted against Hypothecation of Stocks of H.R.Coil/Sheets/Plates
(Iron and Steel) and Book Debts. To secure the due
repayment of the loan limits and for interest and other charges thereon, the collateral
charge on residential Flat No. 101, 10th floor, Venus Apartment at Cuff
Parade, next to President Hotel, Mumbai - 400 005 having Market value of around Rs.53.680
millions. |
|
Short particulars
of the property charged (Including location of the property) |
Collateral charge
on residential Flat No. 101, 10th floor, Venus Apartment at Cuff Parade, next
to President Hotel, Mumbai - 400 005
having Market value of Rs.53.680 millions (approx). |
|
Particulars of
the present modification |
The Original
Charge dt. 19-5-07 for Rs. 40.000 millions now modified this modification Secured Loan Limits are
enhanced from Rs 40.000 millions to Rs 70.000 millions as stated under : Cash Credit : Hypothecation of
Stock Rs 35.000 millions, Hypothecation of
Book Debts Rs 35.000 millions, The total charge
stands modified to Rs 70.000 millions |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
-- |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
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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 |
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 Intl 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 companys 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 : |
PRL |
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 |
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 |
|
45 |
This score serves as a reference to assess SCs 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.