|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUNIL PAINT AND VARNISHERS COMPANY PRIVATE LIMITED MORSUN COATING SYSTEMS (PROPRIETOR - SUNIL PAINT AND VARNISHERS
COMPANY PRIVATE LIMITED) |
|
|
|
|
Registered
Office : |
322, TV Industrial Estate, Behind Galxo Laboratories Limited, Worli,
Mumbai-400025, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.09.1990 |
|
|
|
|
Com. Reg. No.: |
11-058008 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.850 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24220MH1990PTC058008 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of anti corrosive paints for industries and marine
application |
|
|
|
|
No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 69000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ashok |
|
Designation : |
Director |
|
Contact No.: |
91-22-24934858 |
|
Date : |
06.03.2012 |
LOCATIONS
|
Registered Office : |
322, TV Industrial Estate, Behind Galxo Laboratories Limited, Worli,
Mumbai-400025, Maharashtra, India |
|
Tel. No.: |
91-22-24934855 / 24934878 |
|
Fax No.: |
91-22-66602846 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Palghar, Maharashtra, India |
/DIRECTORS
AS ON 30.09.2011
|
Name : |
Mrs. Radhaben Chootalal Shah |
|
Designation : |
Director |
|
Address : |
A-21, Shubhlaxmi, 8th Road, Santacruz (East),
Mumbai-400055, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1929 |
|
Date of Appointment : |
04.09.1990 |
|
DIN No.: |
00509741 |
|
|
|
|
Name : |
Mrs. Nirupama Bhaskar Shah |
|
Designation : |
Director |
|
Address : |
A-21, Shubhlaxmi, 8th Road, Santacruz (East), Mumbai-400055,
Maharashtra, India |
|
Date of Birth/Age : |
07.12.1950 |
|
Date of Appointment : |
04.09.1990 |
|
DIN No.: |
00507974 |
|
|
|
|
Name : |
Mr. Sunil Chhotalal Shah |
|
Designation : |
Director |
|
Address : |
9, Hira Villa, 6th Road, Santacruz (East), Mumbai-400055,
Maharashtra, India |
|
Date of Birth/Age : |
06.09.1960 |
|
Date of Appointment : |
04.09.1990 |
|
DIN No.: |
00509665 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U27310MH1988PTC049297 |
SUNIL
COATINGS PRIVATE LIMITED |
Director |
19/10/1988 |
19/10/1988 |
Active |
NO |
|
2 |
U24220MH1990PTC058008 |
SUNIL
PAINT AND VARNISHERS COMPANY PRIVATE LIMITED |
Director |
4/9/1990 |
4/9/1990 |
Active |
NO |
|
Name : |
Mr. Ashok Chhotalal Shah |
|
Designation : |
Director |
|
Address : |
9, Hira Villa, 6th Road, Santacruz (East), Mumbai-400055,
Maharashtra, India |
|
Date of Birth/Age : |
29.09.1950 |
|
Date of Appointment : |
04.09.1990 |
|
DIN No.: |
00509767 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U27310MH1988PTC049297 |
SUNIL
COATINGS PRIVATE LIMITED |
Director |
19/10/1988 |
19/10/1988 |
Active |
NO |
|
2 |
U24220MH1990PTC058008 |
SUNIL
PAINT AND VARNISHERS COMPANY PRIVATE LIMITED |
Director |
4/9/1990 |
4/9/1990 |
Active |
NO |
|
3 |
U91110MH1996NPL099079 |
INDIAN
RESING MANUFACTURERS ASSOCIATION |
Director |
25/09/2010 |
25/09/2010 |
Active |
NO |
|
Name : |
Mr. Bhaskar Chhotalal Shah |
|
Designation : |
Additional Director |
|
Address : |
A-21, Shubhlaxmi, 8th Road, Santacruz (East),
Mumbai-400055, Maharashtra, India |
|
Date of Birth/Age : |
08.10.1948 |
|
Date of Appointment : |
18.05.2009 |
|
DIN No.: |
00507909 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U27310MH1988PTC049297 |
SUNIL
COATINGS PRIVATE LIMITED |
Director |
19/10/1988 |
19/10/1988 |
Active |
NO |
|
2 |
U24220MH1990PTC058008 |
SUNIL
PAINT AND VARNISHERS COMPANY PRIVATE LIMITED |
Additional
director |
18/05/2009 |
18/05/2009 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Radhaben Chootalal Shah |
5000 |
|
Nirupama Bhaskar Shah |
7000 |
|
Chhotalal Shah HUF |
6500 |
|
Bhaskar Chhotalal Shah |
4490 |
|
Jyotsna A Shah |
3500 |
|
Ashok C Shah |
8000 |
|
Sunil C Shah |
6000 |
|
Parimal R Mapara |
10 |
|
Mitra S Shah |
5500 |
|
Sunil Coating Private Limited |
2500 |
|
Total |
48500 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of anti corrosive paints for industries and marine
application |
|
|
|
|
Exports : |
|
|
Countries : |
UK |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit (30 Days / 60 Days) |
|
|
|
|
Purchasing : |
L/C, Cash, Credit (30 Days / 60 Days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Production |
|
Paints Primers Varnish |
603342 |
|
LP Based Item |
12805 |
|
Non Skid Paints |
12505 |
|
Thinner |
70422 |
|
Resin |
94196 |
GENERAL INFORMATION
|
Suppliers : |
·
A V Mehta and Company ·
Prasol Chemicals Limited ·
Taj Drum Suppliers ·
Varun Organics Private limited ·
Ceekay Chemicals ·
Venus Petrochemicals Private Limited ·
Associated Road Carriers Limited ·
Vicky Enterprises ·
Dharm Chem Impex ·
Essar Projects India Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
·
A V Mehta and Company ·
Adarsh Industries ·
Can Offshore Private Limited ·
Dinesh Enterprises ·
Electronics Corporation of India Limited ·
Essar Steel Limited ·
Essar Projects (India) Limited ·
Fairmate Chemicals Private Limited ·
Garden Reach Shipbuilders Private Limited ·
Goa Energy Private Limited ·
J S Enterprises ·
Rohini Paints Private Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
80 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Janakalyan Sahakari Bank Limited, 140, Vivek
Darshan, Sindhi Society, Opposite Bhakti Bhavan, Chembur, Mumbai-400071,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H. B. Gandhi and Company Chartered Accountant |
|
Address : |
3A, Alankar, Ground Floor, 208, Samuel Street, Masjid Bander,
Mumbai-400003, Maharashtra, India |
|
Pan No.: |
AABPG0076F |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98000 |
Equity Shares |
Rs.100/- each |
Rs. 9.800 Millions |
|
2000 |
8% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 0.200 Million |
|
|
Total |
|
Rs. 10.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48500 |
Equity Shares |
Rs.100/-
each |
Rs. 4.850
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 |
4.850 |
4.850 |
4.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.452 |
11.744 |
7.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17.302 |
16.594 |
11.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
35.469 |
35.275 |
33.636 |
|
|
2] Unsecured Loans |
1.792 |
1.358 |
0.000 |
|
|
TOTAL BORROWING |
37.261 |
36.633 |
33.636 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
OTHERS |
0.000 |
0.000 |
1.713 |
|
|
|
|
|
|
|
|
TOTAL |
54.563 |
53.227 |
46.949 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.929 |
6.265 |
6.037 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.938 |
1.053 |
1.112 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.522
|
17.766 |
28.942 |
|
|
Sundry Debtors |
48.276
|
41.950 |
27.210 |
|
|
Cash & Bank Balances |
0.486
|
0.958 |
0.459 |
|
|
Other Current Assets |
0.826
|
0.920 |
0.137 |
|
|
Loans & Advances |
3.501
|
2.580 |
3.030 |
|
Total
Current Assets |
72.611
|
64.174 |
59.778 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.379
|
15.845 |
18.543 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.536
|
2.420 |
1.435 |
|
Total
Current Liabilities |
24.915
|
18.265 |
19.978 |
|
|
Net Current Assets |
47.696
|
45.909 |
39.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
54.563 |
53.227 |
46.949 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TURNOVER OF
SALES |
116.842 |
117.655 |
84.715 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.893 |
1.880 |
1.853 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.703 |
0.706 |
0.742 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.190 |
1.174 |
1.111 |
|
|
|
|
|
|
|
Less |
TAX |
0.410 |
0.425 |
0.400 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.780 |
0.749 |
0.711 |
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
16.08 |
-- |
-- |
Expected Sales (2011-2012) : Rs. 150.000 Millions
The above information has been parted by Mr. Ashok.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.02
|
1.00 |
1.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.52
|
1.67 |
1.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.07 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.59
|
3.31 |
4.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
3.51 |
2.99 |
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. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
No |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------- |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
FORM 8
|
Corporate
identity number of the company |
U24220MH1990PTC058008 |
|
Name of the
company |
SUNIL PAINT AND
VARNISHERS COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
322, TV Industrial Estate, Behind Galxo Laboratories Limited, Worli, Mumbai-400025, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Sindhi Society,
Opposite Bhakti Bhavan, Chembur, Mumbai-400071, Maharashtra, India |
|
Nature of
instrument creating charge |
Extension of
Equitable Mortgage in respect of Immovable Properties |
|
Date of
instrument Creating the charge |
22.03.2011 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Together with
Interest and all Cost Charges & Expenses payable to the Bank Terms of repayment Mortgage Term
Loan in Installments and Cash Credit facility on Demand Margin As per sanction
terms Extent and operation of the charge To secure various
Revised facilities aggregating to Rs.40.000 Millions granted by the bank to
the M/s Morsun Coating System (Prop S,P and V Company Private Limited) as
under:- 1. Mortgage Term
Loan Rs.10.000 Millions 2.Cash Credit
Hypothecation Rs. 22.500 Millions 3.Additional Cash
Credit Hypothecation Limit incl.
Sub-limit of Working Capital Demand
Loan of Rs. 5.000 Millions (against
Export Orders/Export LCs) Rs.7.500 Millions Total Aggregating
to Rs. 40.000 Millions |
|
Short particulars
of the property charged (Including location of the property) |
Extension of
Equitable Mortgage by Deposit of Title Deeds in respect of Company's
Immovable Property Viz. Piece & Parcel of Non-Agricultural Land along
with factory Building standing there on at Gut No.205, Survey No.37, Hissa
No.1, Plot No.1, admeasuring 9090 Sq. Mtrs, lying being situated at Village
Dhansar, Shirgaon Road, Tal Palghar, Dist Thane owned by M/s Morsun Coating
Systems (Prop S.P and V Company Private Limited) |
|
Charge
identification number of the charge to be modified |
10061994 |
|
Particulars of
the present modification |
The Original
Charge Dated:13/07/2007 for Rs. 25.000 Millions is hereby modified and enhanced
to Rs. 40.000 Millions by an addition of Rs. 15.000 Millions and secured
against Extension of Equitable Mortgage by Deposit of Title Deeds in respect
of Company's Immovable Property Viz. Piece and Parcel of Non-Agricultural
Land along with factory Building standing there on at Gut No.205, Survey
No.37, Hissa No.1, Plot No.1, admeasuring 9090 Sq. Mtrs, lying being situated
at Village Dhansar, Shirgaon Road |
FIXED ASSETS
·
Land
·
Flats
·
Factory Building
·
Office Equipments
·
Furniture and Fixtures
·
Plant and Machinery
·
Motor Car
·
Truck
·
Computer System
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. 50.02 |
|
|
1 |
Rs. 79.31 |
|
Euro |
1 |
Rs. 66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.