|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PALVI POWER TECH SALES PRIVATE LIMITED |
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Registered
Office : |
228, Arpan Complex, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.01.2006 |
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|
Com. Reg. No.: |
04-47606 |
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|
Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909GJ2006PTC047606 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP02169G |
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PAN No.: [Permanent Account No.] |
AADCP8242K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Importer of Air Ventilators, Minerals, Ores,
Chemicals, Metals, Engineering Items, Electrical Products, Agro Products, Hot
Dip Galvanizing Plants, Refractory Material, etc |
|
|
|
|
No. of Employees
: |
Not Available |
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 150000 |
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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 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
228, Arpan Complex, |
|
Tel. No.: |
91-265-2785055 / 2750955 |
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Fax No.: |
91-265-2785055 / 2750955 |
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E-Mail : |
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Website : |
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Corporate Office : |
315, Aditviya Complex, Near Delux Char Rasta, Nizampura, Vadodara – 390002, India |
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Factory : |
155/2, GIDC Industrial Estate, Nandesari District, Vadodara 39134,
Gujarat |
|
Tel. No.: |
91-265-2785055 |
DIRECTORS
As on 27.08.2011
|
Name : |
Mr. Govindlal Maganlal Mehta |
|
Designation : |
Director |
|
Address : |
3, Silver Oak Duplex, New Sama Road, Vadodara – 390 002, |
|
Date of Birth/Age : |
11.01.1932 |
|
Date of Appointment : |
27.01.2006 |
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DIN No.: |
01594703 |
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|
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Name : |
Mrs. Vibha Himanshu Mehta |
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Designation : |
Director |
|
Address : |
3, Silver Oak Duplex, New Sama Road, Vadodara – 390 002, |
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Date of Birth/Age : |
09.04.1970 |
|
Date of Appointment : |
27.01.2006 |
|
DIN No.: |
01056802 |
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|
|
|
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|
Name : |
Mrs. Kavita Himanshu Das |
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Designation : |
Director |
|
Address : |
K 7, Vrundavan Estate, |
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Date of Birth/Age : |
20.01.1959 |
|
Date of Appointment : |
27.01.2006 |
|
DIN No.: |
01594753 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Govindlal Maganlal Mehta |
|
350000 |
|
Vibha Himanshu Mehta |
|
350000 |
|
Kavita Himanshu Das |
|
300000 |
|
Total |
|
1000000 |
List of Allottees (As on 15.03.2012)
|
Names of Allottees |
|
No. of Shares |
|
Govindlal Maganlal Mehta |
|
700000 |
|
Vibha Himanshu Mehta |
|
700000 |
|
Kavita Himanshu Das |
|
600000 |
|
Total |
|
2000000 |
As on: 27.08.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of Air Ventilators, Minerals, Ores,
Chemicals, Metals, Engineering Items, Electrical Products, Agro Products, Hot
Dip Galvanizing Plants, Refractory Material, etc |
|
|
|
|
Products : |
·
Chemicals ·
Fly Ash ·
Minerals and Ores ·
Metals ·
Electrical Products ·
Agro Commodities ·
Engineering Products ·
Refractory Materials ·
Air ventilator ·
Hop Dip Galvanizing Plants |
GENERAL INFORMATION
|
Customers : |
· Abacus Pharma (A) Limited · Asian Fabrics Mills Limited · Bex Tex Limited · Chembond Chemicals Limited · Catalystchemicals T Limited · Cma Cgm Agencies India Private Limited · Chemkleen Products Limited · Desa Techno Export Gmbh · Diamond Chemicals Limited · Doshi Stores · Drogaria Moura S.A · Envoy Textile Limited · F M Yam Dyeing Limited, · G D Lubricants · Haseen Knit Composite Limited · Junaco T Limited · K C Appareals Limited · Kwality Chemical Industries Private Limited · Kulu International Limited · Kohtnoor International · Loba Chemie Private Limited · Mascom Composite Limited · Metra trade Limited · Micas organics ltd. · Mohammed enterprise Limited · Mymun textile Limited · Murzah soap and detergents Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
Indian Bank Raopura Branch, Vadodara - 390001,
Gujarat, India ·
Indian Bank 1, Sujata Society, Hari Nagar Char
Rasta, Gotri Road, Vadodara – 390 007, Gujarat, India ·
Oriental Bank of Commerce ·
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S G Kini and Company Chartered Accountant |
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Address : |
206/207, |
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Tel. No.: |
91-265-2785533 / 6452751 |
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Mobile No.: |
91-9898992751 |
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PAN No: |
ADBPK9320K |
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|
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Related Party: |
Palvi Chemicals |
CAPITAL STRUCTURE
After As on
27.08.2011
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 |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 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 |
10.000 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
27.802 |
16.162 |
9.023 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
37.802 |
18.662 |
11.523 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
36.603 |
19.371 |
0.000 |
|
|
2] Unsecured Loans |
0.425 |
0.511 |
0.200 |
|
|
TOTAL BORROWING |
37.028 |
19.882 |
0.200 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
74.830 |
38.544 |
11.723 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.654 |
12.638 |
2.700 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27.500
|
9.171 |
18.996 |
|
|
Sundry Debtors |
47.426
|
52.684 |
10.055 |
|
|
Cash & Bank Balances |
35.026
|
26.750 |
39.034 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.381
|
6.772 |
8.582 |
|
Total
Current Assets |
122.333
|
95.377 |
76.667 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.973
|
50.232 |
48.785 |
|
|
Other Current Liabilities |
7.330
|
10.980 |
12.495 |
|
|
Provisions |
5.854
|
8.259 |
6.364 |
|
Total
Current Liabilities |
60.157
|
69.471 |
67.644 |
|
|
Net Current Assets |
62.176
|
25.906 |
9.023 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
74.830 |
38.544 |
11.723 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
569.327 |
408.652 |
445.611 |
|
|
|
Interest Income |
2.040 |
1.622 |
0.857 |
|
|
|
Other Income |
5.370 |
5.403 |
5.711 |
|
|
|
TOTAL |
576.737 |
415.677 |
452.179 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption |
435.524 |
316.882 |
344.161 |
|
|
|
Direct Expenses |
51.792 |
30.811 |
77.292 |
|
|
|
Indirect Expenses |
63.872 |
54.010 |
15.374 |
|
|
|
Direct Remuneration |
3.600 |
3.600 |
2.520 |
|
|
|
TOTAL |
554.788 |
405.303 |
439.347 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
21.949 |
10.374 |
12.832 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.760 |
0.485 |
0.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
21.189 |
9.889 |
12.593 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.049 |
2.750 |
4.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
19.140 |
7.139 |
7.953 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.14 |
28.56 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.31
|
1.71 |
1.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.72
|
1.94 |
2.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.70
|
9.15 |
15.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.52 |
1.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.57
|
4.79 |
5.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.37 |
1.13 |
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 |
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 |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
CONTINGENT
LIABILITIES
(Rs. in millions)
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Bank Guarantees Against Fixed Deposits
|
1.595 |
1.462 |
FINANCIAL
PERFORMANCE
During the year,
Company recorded total income of Rs.576.737 millions against Rs. 415.677
millions in the previous year. Net Profit for the financial year ended 31st
March, 2011 increased to Rs.19.140 millions from Rs. 7.139 millions in the
previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51909GJ2006PTC047606 |
|
Name of the
company |
PALVI POWERTECH
SALES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
228, Arpan Complex, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10034717 |
|
Type of charge |
· Book debts ·
Movable property (not being pledge) |
|
Particular of
charge holder |
Indian Bank 1, Sujata Society, Hari Nagar Char Rasta, Gotri Road,
Vadodara – 390 007, Gujarat, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Movables |
|
Date of
instrument Creating the charge |
05.04.2012 |
|
Amount secured by
the charge |
Rs.82.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BASE RATE + 2.00%
IN CASE OF EPC AND FBP/FBN LIBOR + 3.50% +
OTHER CHARGES OR AS STIPULATED BY BANK'S INTERNATIONAL DIVISION FROM TIME TO
TIME IN CASE OF FCPC Terms of Repayment On demand Margin EPC-20% on export
order (FOB) FBP/FBN-10%
against the securities hypothecated Import
LC/BG/Money Performance-25% Extent and Operation of the charge The charge is further modified to secure the credit facility of Rs.82.500 millions EPC-Rs.60.000 millions Import LC/DA/DP Rs.22.500 millions SUB LIMIT BG- Money/Performance-Rs.5.000 millions Others The Credit Facility is further secured by the personal guarantee of the Directors of the Company. |
|
Short particulars
of the property charged |
Goods, Produce,
Merchandise, Stocks stored or to be stored from time to time in premises
at 155/2, GIDC, Nandesari, |
|
Date of latest
modification prior to the present modification |
15.02.2012 |
|
Particulars of
the present modification |
Vide this
Agreement of Hypothecation of Movables the credit facility is further
extended to 82.500 millions The Adhoc
Facility of Rs. 5.000 millions
dated 15/02/2012 has been cancelled. |
FIXED ASSETS
·
Furniture and Fixtures
·
Computer
·
Printer
·
Software Tally
·
Car (Honda City and
Logan)
·
Air Conditioner
·
Tele Communication
·
Fax Machine
·
Sealing Machine
·
Scooter (Activa)
·
Cycle
·
Building
·
Office Equipments
·
Two Wheeler
·
Plant and Machinery
·
Electrical
Installation
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.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
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 |
YES |
|
--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.