1. Summary Information
|
|
|
Country |
|
|
Company Name |
COATING SPECIALITIES ( |
Principal Name 1 |
Mr. Jalaj Ashwin Dani |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ina Ashwin Dani |
|
|
|
Registration # |
11-020745 |
|
Street Address |
3A, |
||
|
Established Date |
04.11.1978 |
SIC Code |
-- |
|
Telephone# |
91-22-24938687 |
Business Style 1 |
Trader |
|
Fax # |
91-22-24974886 |
Business Style 2 |
Investment |
|
Homepage |
Not Available |
Product Name 1 |
Shares and Securities |
|
# of employees |
Not Available |
Product Name 2 |
Chemicals |
|
Paid up capital |
Rs.500000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate – 99.60%, Directors Relatives Director – 0.40% |
Banking |
Kotak Mahindra
Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
34 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
Geetanjali Trading and Investments Private
Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
137,088,000 |
Current Liabilities |
38,916,000 |
|
Inventories |
77,338,000 |
Long-term Liabilities |
82,727,000 |
|
Fixed Assets |
29,302,000 |
Other Liabilities |
33,539,000 |
|
Deferred Assets |
1,153,000 |
Total Liabilities |
155,182,000 |
|
Invest& other Assets |
54,473,000 |
Retained Earnings |
143,672,000 |
|
|
|
Net Worth |
144,172,000 |
|
Total Assets |
299,354,000 |
Total Liab. & Equity |
299,354,000 |
|
Total Assets (Previous Year) |
205,715,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
287,687,000 |
Net Profit |
3,364,000 |
|
Sales(Previous yr) |
187,844,000 |
Net Profit(Prev.yr) |
15,864,000 |
|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
COATING SPECIALITIES ( |
|
|
|
|
Registered
Office : |
3A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.11.1978 |
|
|
|
|
Com. Reg. No.: |
11-20745 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1978PLC020745 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14817F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC2732N |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business
: |
Investments in Shares and In Securities and also Engaged in Trading of
Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 577000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There
appears a dip in the profitability of the company. However, Networth appears
to be good. 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 : |
3A, |
|
Tel. No.: |
91-22-24938687 |
|
Fax No.: |
91-22-24974886 |
|
E-Mail : |
|
|
|
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|
Corporate Office : |
C-130, Solaris 1, Opposite L and T Gate No. 6, |
|
Tel. No.: |
91-22-40016500 / 56936517 |
|
Fax No.: |
91-22-66936522 |
|
E-Mail : |
DIRECTORS
As on 14.09.2011
|
Name : |
Mr. Jalaj Ashwin Dani |
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Designation : |
Chairman |
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|
Address : |
Home Villa Co-Operative Housing Society, 48, K Sanghi Path, Gamdevi,
Mumbai – 400 007, |
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Date of Birth/Age : |
20.10.1969 |
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Date of Appointment : |
01.06.1993 |
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DIN No.: |
00019080 |
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Other Directorship:
|
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Name : |
Mr. Ina Ashwin Dani |
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Designation : |
Director |
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Address : |
Home Villa Co-Operative Housing Society, 48, K Sanghi Path, Gamdevi,
Mumbai – 400 007, |
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Date of Birth/Age : |
19.03.1942 |
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Date of Appointment : |
31.03.1998 |
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DIN No.: |
00053695 |
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Other Directorship:
|
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Name : |
Mr. Amrish B Parikh |
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Designation : |
Director |
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Address : |
21 Dhiraj Apartment, |
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Date of Birth/Age : |
18.01.1940 |
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Date of Appointment : |
29.06.1995 |
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DIN No.: |
00101289 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Geetanjali Trading and Investments Private Limited, Mumbai |
|
49700 |
|
Ashwin S Dani |
|
50 |
|
Ina A Dani |
|
50 |
|
Jalaj A. Dani |
|
50 |
|
Malav A Dani |
|
50 |
|
Bhupendra P Dusara |
|
50 |
|
Jatin R Shah |
|
50 |
|
TOTAL |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 14.09.2011
|
Category |
Percentage |
|
Bodies corporate |
99.60 |
|
Directors or relatives of Directors |
0.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Investments in Shares and In Securities and also Engaged in Trading of
Chemicals. |
|
|
|
|
Products : |
Chemicals |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Synthetic Polyster Resin |
MT |
NA |
3120 |
94 (In house
4month) |
|
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|
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D Nariman Point,
Mumbai – 400 021, |
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|
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deepak Shah and Company Chartered Accountant |
|
Address : |
401, Maker Bhavan – 3, 21, Marine Lines, Mumbai – 400 020, |
|
Tel. No.: |
91-22-66332641 |
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Fax No.: |
91-22-22090595 |
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E-Mail : |
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PAN.: |
AAGPS7958D |
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Holding Company : |
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Subsidiaries of the Company : |
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Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Share |
Rs.10/- Each |
Rs.0.500 Million |
|
450000 |
Preference Shares |
Rs.10/- each |
Rs.4.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- Each |
Rs.0.500
Million |
Notes – Out of the above 17000 Bonus Shares of Rs.
10/- each fully paid up issued on capitalization of capital redemption reserve.
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
143.672 |
141.153 |
126.043 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
144.172 |
141.653 |
126.543 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
58.694 |
16.212 |
2.314 |
|
|
2] Unsecured Loans |
24.033 |
6.310 |
0.000 |
|
|
TOTAL BORROWING |
82.727 |
22.522 |
2.314 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.166 |
0.425 |
|
|
|
|
|
|
|
|
TOTAL |
226.899 |
164.341 |
129.282 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
29.302 |
29.631 |
29.018 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
54.473 |
55.263 |
48.567 |
|
|
DEFERREX TAX ASSETS |
1.153 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
77.338
|
34.165 |
23.835 |
|
|
Sundry Debtors |
83.711
|
47.143 |
29.699 |
|
|
Cash & Bank Balances |
2.467
|
1.897 |
0.387 |
|
|
Other Current Assets |
6.688
|
9.479 |
0.000 |
|
|
Loans & Advances |
44.222
|
28.137 |
29.350 |
|
Total
Current Assets |
214.426
|
120.821 |
83.271 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.174
|
11.938 |
0.000 |
|
|
Other Current Liabilities |
7.742
|
2.933 |
5.436 |
|
|
Provisions |
33.539
|
26.503 |
26.138 |
|
Total
Current Liabilities |
72.455
|
41.374 |
31.574 |
|
|
Net Current Assets |
141.971
|
79.447 |
51.697 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
226.899 |
164.341 |
129.282 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
287.687 |
187.844 |
132.972 |
|
|
|
Other Income |
27.041 |
22.895 |
27.475 |
|
|
|
Commission Received |
17.039 |
16.161 |
13.225 |
|
|
|
TOTAL (A) |
331.767 |
226.900 |
173.672 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
240.745 |
153.332 |
113.817 |
|
|
|
Manufacturing Expenses |
2.281 |
0.000 |
0.000 |
|
|
|
Employees Remuneration and Benefits |
45.206 |
26.649 |
23.019 |
|
|
|
Administration and selling expenses |
35.058 |
19.900 |
12.611 |
|
|
|
Variation in Stocks |
(4.336) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
318.954 |
199.881 |
149.447 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.813 |
27.019 |
24.225 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.989 |
1.775 |
1.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.824 |
25.244 |
22.628 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.799 |
1.364 |
1.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.025 |
23.880 |
21.410 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.661 |
8.016 |
7.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.364 |
15.864 |
14.281 |
|
|
|
|
|
|
|
|
|
Add |
Prior year adjustments (Net) |
0.000 |
0.157 |
0.000 |
|
|
Add |
Excess /(short) provision for taxes |
0.000 |
(0.024) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
71.059 |
59.820 |
49.823 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.336 |
1.586 |
1.428 |
|
|
|
Special Reserve |
0.673 |
3.172 |
2.856 |
|
|
BALANCE CARRIED
TO THE B/S |
73.414 |
71.059 |
59.820 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
26.991 |
23.565 |
27.475 |
|
|
TOTAL EARNINGS |
26.991 |
23.565 |
27.475 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.501 |
0.000 |
0.000 |
|
|
|
Traded Goods |
162.990 |
125.030 |
87.872 |
|
|
TOTAL IMPORTS |
164.491 |
125.030 |
87.872 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
67.00 |
317.00 |
285.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.01
|
6.99 |
8.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.75
|
12.71 |
16.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.06
|
15.87
|
19.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.16
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.08
|
0.45
|
0.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96
|
2.92
|
2.64
|
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U65990MH1978PLC020745 |
|
Name of the
company |
COATINGS
SPECIALITIES ( |
|
Address of the
registered office or of the principal place of business in |
3A Email: admin@danienterprises.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10013429 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, |
|
Nature of
instrument creating charge |
Memorandum of
Constructive Delivery of Title Deed. |
|
Date of
instrument Creating the charge |
03.06.2011 |
|
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 As per the terms
of Bank's Sanction Letter Terms of
Repayment As per the terms of
Bank's Sanction Letter Margin As per the terms
of Bank's Sanction Letter Extent and
Operation of the charge First and
exclusive charge by way of Mortgage on Immovable properties of the Company,
in favour of Kotak Mahindra Bank Limited, to secure the repayment of
financial facilities granted by the bank to the Company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that Unit
No.34, 35, 130, 131, 132, 134 & 135 on 1st floor, in the Build. Solaris
I, Unit No.30 on
Ground Floor, C wing in the bldg SOLARIS I, Village Tungwa, Industrial Unit
bearing Unit No.32, C wing in the bldg SOLARIS I, Village Tungwa, Saki Vihar
Road, Andheri and Taluka Kurla, more particularly described in 4th SCH
(Prop.2) to the Mortgage Deed. Unit No.311, 312
on 3rd Floor, C wing in the bldg SOLARIS I, Village Tungwa, Saki Vihar Road,
Andheri and Taluka Kurla, more particularly described in 4th SCH (Prop.3 and
4) to the Mortgage Deed. |
|
Date of
instrument modifying the charge |
06.04.2011 |
|
Particulars of
the present modification |
Bank had granted
credit facilities of Rs.5.000 millions to the Company which was secured by
Hypothecation of current and moveable fixed assets of the Company on
02.08.06.Said charge was modified on 27.04.10, 04.06.2010 and 06.04.2011 to
cover additional security by way of mortgage of Co's immovable properties as
also enhancements from time to time. Now by this modification, charge created
by way of mortgage is extended to the total credit facilities of Rs.400 Lacs. |
Fixed Assets:
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.50.22 |
|
|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.