|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRADEEP POLYFLEX PRIVATE LIMITED |
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|
|
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Registered
Office : |
Gat No. 218, Talegaon Chakan Road, Mahalunge - Ingle, Taluka Khed, Pune – 410501, Maharashtra |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
|
Date of
Incorporation : |
22.06.2010 |
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|
|
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Com. Reg. No.: |
11-136653 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U25209PN2010PTC136653 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP14944G |
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|
|
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PAN No.: [Permanent Account No.] |
AAFCP5339R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Flexible Packaging Materials |
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|
|
No. of Employees
: |
80 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 36000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a new company establishing itself gradually. The commercial
production of the company has commenced recently. The products of the company
have been well received in the market. The company can be considered for business dealings on a safe and
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sachin |
|
Designation : |
Operational Head |
|
Contact No.: |
91-9860094534 |
|
Date : |
22.06.2012 |
LOCATIONS
|
Registered Office / Factory : |
Gat No. 218, Talegaon Chakan Road, Mahalunge - Ingle,
Taluka Khed, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9860094534 (Mr. Sachin) |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 16.12.2011
|
Name : |
Mr. Sandeep Rajkumar Agarwal |
|
Designation : |
Director |
|
Address : |
Plot No.622, Sector No.25, PCNTDA, Nigdi, Pune – 411044, Maharashtra,
India |
|
Date of Birth/Age : |
20.09.1974 |
|
Date of Appointment : |
22.06.2010 |
|
DIN No.: |
02786899 |
|
|
|
|
Name : |
Mr. Surendra Agarwal |
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Designation : |
Director |
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Address : |
Plot No.622, Sector No.25, PCNTDA, Nigdi, Pune – 411044, Maharashtra,
India |
|
Date of Birth/Age : |
22.04.1976 |
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Date of Appointment : |
22.06.2010 |
|
DIN No.: |
02786912 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin |
|
Designation : |
Operational Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sandeep Rajkumar Agarwal |
|
5000 |
|
Surendra Agarwal |
|
5000 |
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Total |
|
10000 |
List of Allottees
As on 31.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ravikumar Devichand Agarwal |
|
155000 |
|
Rajkumar Devichand Agarwal (HUF) |
|
167500 |
|
Sandeep Rajkumar Agarwal |
|
783000 |
|
Surendra Agarwal |
|
6600 |
|
Total |
|
1112100 |
As on 16.12.2011
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 : |
Manufacturer of Flexible Packaging Materials |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
80 (Approximately) (In Office + In Factory) |
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Bankers : |
The Cosmos Co-Operative Bank Limited, (Chinchwad Branch), 269/270,
Shaniwar Peth, Pune - 411030, Maharashtra, India |
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Facilities : |
Cash Credit : Rs.40.000
Millions (From The Cosmos Co-Operative Bank Limited)
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Banking
Relations : |
-- |
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|
|
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Auditors : |
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|
Name : |
L. B. Laddha and Company Chartered Accountants |
|
Address : |
Flat No. 7 and 8 , 2nd Floor ,Sukhwani Chambers, Station Road, Pimpri,
Pune – 411018, Maharashtra, India |
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Tel. No.: |
91-20-27426966 / 27420547 |
|
E-Mail : |
|
|
PAN.: |
AABFL8847M |
CAPITAL STRUCTURE
After 16.12.2011
Authorised Capital : Rs.20.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.20.000 millions
As on 16.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
8.809 |
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|
3] Reserves & Surplus |
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|
0.000 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
|
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NETWORTH |
|
|
8.909 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
22.995 |
|
|
TOTAL BORROWING |
|
|
22.995 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
31.904 |
|
|
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|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
28.425 |
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Capital work-in-progress |
|
|
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
|
|
5.438 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
|
0.000 |
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Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.125 |
|
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Other Current Assets |
|
|
4.345 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
4.470 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
7.382 |
|
|
Other Current Liabilities |
|
|
0.178 |
|
|
Provisions |
|
|
0.010 |
|
Total
Current Liabilities |
|
|
7.570 |
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|
Net Current Assets |
|
|
(3.100) |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
|
|
1.141 |
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|
|
|
|
|
|
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TOTAL |
|
|
31.904 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
3.43 |
|
|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
|
0.59 |
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 |
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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 |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
No |
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12) Profitability for last three years |
No |
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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 |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
FINANCIAL RESULTS:
The company was incorporated on 22nd June 2010. The expenses incurred till 31st March 201 1 have been treated as preoperative expenses. The company has not prepared any Profit and Loss Account in view of the fact that it has not commenced on any commercial activities during the period under review.
The company has set up a project of manufacturing of flexible packaging made up from HDPE, LDPE, LLDPE, aluminium foil etc and accordingly land admeasuring 108 ares has been purchased at Mahalunge. The machinery has been installed and the commercial production commenced in the current month i.e. November 201 1. The products of the company have been well received in the market.
The total project cost is Rs. 182.200 Millions approximately and the same has been met by the equity share capital and credit facilities from the Bankers. The Cosmos Co-operative Bank, Pimpri has sanctioned a term loan of Rs. 130.000 Millions and working capital limits of Rs. 20.000 Millions for the project.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U25209PN2010PTC136653 |
|
Name of the company |
PRADEEP POLYFLEX PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No. 622, Sector No.25, PCNTDA, Nigdi, Pune – 411044, Maharashtra,
India E-Mail : pradeeplaminators@vsnl.net
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
The Cosmos Co-Operative Bank Limited, (Chinchwad Branch), 269/270,
Shaniwar Peth, Pune - 411030, Maharashtra, India E-mail : mandvazecs@vsnl.net |
|
Nature of instrument creating charge |
Deed if hypothecation of stock,
book debts and machinery dated 08.07.2011 |
|
Date of instrument Creating the charge |
08.07.2011 |
|
Amount secured by the charge |
Rs.28.110 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Commission - 1. Letter of Credit (New)- as per bank rules 2. Bank Guarantee (New ) - as per bank rules Terms of Repayment Period - 1. Letter of Credit (New)- as per LC terms 2. Bank Guarantee (New) - as per BG terms / review within 12 months Margin Margin - 1. Letter of Credit (New)- 25% in banks favour 2. Bank Guarantee (New) -25% in banks favour Extent and Operation of the charge The charge shall continue to operate until the full repayment of loan
by the company Others Facility - 1. One time letter of credit (new) of Rs.26.500 Millions 2. Bank guarantee (new ) of Rs. 1.610 Millions |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All its stock in trade, raw materials, goods in process,
semi-manufactured goods, semi-finished goods situated at registered office of
the company or at any other place of business of the company All the present and future book debts, outstanding moneys,
receivables, claims, bills chosen in action, contracts, engagement and
securities All the borrower's movable machinery, plant and machinery, equipment
with their accessories and spares parts situated at registered office of the
company or at any other place of business of the company Machines to be purchased under LC |
FIXED ASSETS:
·
Land at Mahalunge
·
Factory Building
·
Plant and Machinery
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.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.