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Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL POWERSOURCE (INDIA) PRIVATE LIMITED (w.e.f.11.09.2008) |
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Formerly Known
As : |
FIAMM GLOBAL (INDIA) PRIVATE LIMITED |
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Registered
Office : |
C-10, Satyam Shopping Centre, M. G. Road, Ghatkopar (East),
Mumbai-400077, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.08.2006 |
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Com. Reg. No.: |
11-163562 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U74140MH2006PTC163562 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF04740B |
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PAN No.: [Permanent Account No.] |
AAACF9963C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
of Light Commercial Vehicles and Energy Conservation Products. |
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No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 470000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But 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 slow
but correct. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Fernandes |
|
Designation : |
Finance Executive |
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Contact No.: |
91-22-40460635 |
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Date : |
26.03.2012 |
LOCATIONS
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Registered Office : |
C-10, Satyam Shopping Centre, M. G. Road, Ghatkopar (East),
Mumbai-400077, Maharashtra, India |
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Tel. No.: |
91-22-25110646 / 40460646 |
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Fax No.: |
91-22-25111042 / 21021042 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Dipak Dhirajlal Gandhi |
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Designation : |
Director |
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Address : |
405, Sahyadri, Neelkanth Valley, Ghatkopar (East), Mumbai-400087,
Maharashtra, India |
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Date of Birth/Age : |
07.08.1955 |
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Date of Appointment : |
04.08.2006 |
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DIN No.: |
00004313 |
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Name : |
Mr. Gopinath Muthukrishnan |
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Designation : |
Director |
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Address : |
Sanskruti, Block 3, TI 27, Santhnalakshmi Street, Rajeshwari Nagar,
Selaiyur, Chennai-600073, Tamilnadu, India |
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Date of Birth/Age : |
15.12.1950 |
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Date of Appointment : |
07.08.2006 |
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DIN No.: |
01272977 |
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Name : |
Mr. Ashwin Kisandas Parekh |
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Designation : |
Director |
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Address : |
Wing A, Flat No.201, 2nd Floor, Nityanand Krupa, M G Raod, Ghatkopar
(East), Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
18.07.1956 |
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Date of Appointment : |
10.11.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Fernandes |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Dipak Dhirajlal Gandhi |
2550000 |
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Dipak Dhirajlal Gandhi HUF |
2437500 |
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Varsha Gandhi |
12500 |
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Total |
5000000 |
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 Light Commercial Vehicles and Energy Conservation Products. |
GENERAL INFORMATION
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No. of Employees : |
Information not given by the management |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nitin Pota and Associates Chartered Accountant |
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Address : |
D-204, Kailas Esplanade, L.B.S. Road, Ghatkopar (West), Mumbai-400086,
Maharashtra, India |
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Pan No.: |
AADPP2784R |
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Related Party : |
Global Tele Tower (India) Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000
Millions |
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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 |
50.000 |
50.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
69.979 |
39.784 |
9.658 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
119.979 |
89.784 |
29.658 |
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LOAN FUNDS |
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|
1] Secured Loans |
194.400 |
34.495 |
0.000 |
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2] Unsecured Loans |
54.364 |
16.124 |
0.000 |
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TOTAL BORROWING |
248.764 |
50.619 |
0.000 |
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DEFERRED TAX LIABILITIES |
1.057 |
0.636 |
0.000 |
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TOTAL |
369.800 |
141.039 |
29.658 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.797 |
10.185 |
6.752 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.691 |
1.691 |
1.691 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
110.554
|
170.533 |
64.978 |
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Sundry Debtors |
529.815
|
394.169 |
155.049 |
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Cash & Bank Balances |
125.157
|
149.392 |
31.435 |
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Other Current Assets |
0.000
|
0.000 |
30.868 |
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Loans & Advances |
69.480
|
48.408 |
1.327 |
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Total
Current Assets |
835.006
|
762.502 |
283.657 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
418.750
|
597.709 |
256.214 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
63.405
|
35.889 |
6.422 |
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Total
Current Liabilities |
482.155
|
633.598 |
262.636 |
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Net Current Assets |
352.851
|
128.904 |
21.021 |
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MISCELLANEOUS EXPENSES |
0.461 |
0.259 |
0.194 |
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TOTAL |
369.800 |
141.039 |
29.658 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
46.816 |
45.178 |
9.497 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.200 |
0.922 |
0.308 |
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PROFIT BEFORE
TAX |
45.616 |
44.256 |
9.189 |
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Less |
TAX |
(15.421) |
(14.130) |
(3.188) |
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PROFIT AFTER TAX
|
30.195 |
30.126 |
6.001 |
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Earnings Per
Share (Rs.) |
6.04 |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.37
|
5.73 |
3.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.49 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.10
|
7.63 |
8.85 |
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Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.20 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due others |
418.750
|
597.709 |
256.214 |
OPERATIONS
During the year the company recorded a net profit after tax of Rs.
30.195 Millions.
FORM 8
|
Corporate
identity number of the company |
U74140MH2006PTC163562 |
|
Name of the
company |
GLOBAL
POWERSOURCE (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-10, Satyam Shopping Centre, M. G. Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
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Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum Recording
Past Transactions of Creation of Mortgage by Delivery of Title Deeds. |
|
Date of
instrument Creating the charge |
05.10.2011 |
|
Amount secured by
the charge |
RS. 20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of repayment On demand Margin As may be
stipulated by the Bank from time to time. Extent and operation of the charge The Company created an equitable mortgage by way of
deposit of title deeds in respect of its immovable properties as stated under
item No.15 as security for the due repayment of Rs. 20.000 Millions by the
Company including principal amount of the Facility, interest, liquidated
damages, costs, charges and expenses etc. |
|
Short particulars
of the property charged (Including location of the property) |
Office No. 703,
7th Floor, Neelkanth Business Park, Nathani Road, Near Vidyavihar Station,
Vidyavihar, Mumbai - 400086. |
FIXED ASSETS
·
Mobile
·
Computer
·
Air Conditioner
·
Battery Racks
·
Battery Testing Equipment
·
Weighting Scales
·
Projector
·
Fax Machine
·
Furniture
·
Camera
·
Cycle
·
Electrical Fittings
·
Office Equipments
·
Car
·
Scooter and Bike
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. 51.30 |
|
|
1 |
Rs. 81.36 |
|
Euro |
1 |
Rs. 67.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.