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Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
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Name : |
CHENNAI AUTOMATION SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No. 17, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.09.2003 |
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Com. Reg. No.: |
18-051674 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U74210TN2003PTC051674 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC05060G |
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PAN No.: [Permanent Account No.] |
AACCC2154Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Deals in CNC Machine Components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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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 23000 |
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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. The company can be considered for small to mediocre 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) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No. 17, |
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Tel. No.: |
91-44-66321688 |
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Fax No.: |
91-44-26241673 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Jinny Salan |
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Designation : |
Director |
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Address : |
Floor No. 57/1, |
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Date of Birth/Age : |
25.08.1970 |
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Date of Appointment : |
29.09.2003 |
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DIN No.: |
00952166 |
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Name : |
Mr. Salan Pariyathakathoot Joseph |
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Designation : |
Managing director |
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Address : |
57/1, |
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Date of Birth/Age : |
25.05.1964 |
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Date of Appointment : |
01.06.2005 |
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DIN No.: |
00811262 |
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Name : |
Mr. Bijosh Francis |
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Designation : |
Director |
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Address : |
Chennai – 600030, |
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Date of Birth/Age : |
18.05.1973 |
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Date of Appointment : |
29.09.2003 |
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DIN No.: |
00811344 |
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Name : |
Mr. Vinoj Thomas |
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Designation : |
Director |
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Address : |
Chennai – 600030, |
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Date of Birth/Age : |
08.05.1973 |
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Date of Appointment : |
29.09.2003 |
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DIN No.: |
00861168 |
KEY EXECUTIVES
|
Name : |
Mr. Padmini R Shankar |
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Designation : |
Secretary |
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Address : |
New No. 14, Old No. 15, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Jinny Salan |
|
25000 |
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Vinoj Thomas |
|
20000 |
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Bijosh Francis |
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15000 |
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Salan Pariyathakathoot Joseph |
|
40000 |
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TOTAL |
|
100000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Deals in CNC Machine Components. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, No. 16, Whannels Road, Egmore, Chennai – 600008,
Tamilnadu, India HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Raghavan and Krishnasamy Chartered Accountant |
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Address : |
No. 5, Flat No. 20A, 6th Cross Street, Traust Puram,
Kodambakkam, Chennai – 600024, Tamilnadu, India |
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Tel. No.: |
91-44-45588548 |
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PAN.: |
AAAFR5128A |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.798 |
3.358 |
2.269 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.798 |
4.358 |
2.469 |
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LOAN FUNDS |
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1] Secured Loans |
3.142 |
0.880 |
0.225 |
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2] Unsecured Loans |
0.962 |
2.559 |
3.931 |
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TOTAL BORROWING |
4.104 |
3.439 |
4.156 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.902 |
7.797 |
6.625 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.855 |
1.000 |
1.174 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.000
|
0.000 |
0.000 |
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Other Current Assets |
10.402
|
8.337 |
7.528 |
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Loans & Advances |
3.402
|
3.281 |
2.696 |
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Total
Current Assets |
13.804
|
11.618 |
10.224 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.123
|
3.459 |
3.374 |
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Other Current Liabilities |
1.190
|
0.473 |
0.862 |
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Provisions |
0.455
|
0.900 |
0.548 |
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Total
Current Liabilities |
4.768
|
4.832 |
4.784 |
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Net Current Assets |
9.036
|
6.786 |
5.440 |
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MISCELLANEOUS EXPENSES |
0.011 |
0.011 |
0.011 |
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TOTAL |
9.902 |
7.797 |
6.625 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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NET PROFIT |
1.444 |
1.540 |
0.917 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.53
|
1.90 |
3.62 |
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Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.40 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
Performance Review
The company has recorded a net profit of Rs.1.444 millions during the year
current financial year. The company looks forward for betterment of its
performance as well as to achieve good profitability for the up coming year.
Form 8
|
Corporate
identity number of the company |
U74210TN2003PTC051674 |
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Name of the
company |
CHENNAI
AUTOMATION SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 17, Email: raghuraman_279_in@yahoo.com |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10198129 |
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Type of charge |
Book Debts Movable Property |
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Particular of charge
holder |
State Bank of India, No. 16, Whannels Road, Egmore, Chennai – 600008,
Tamilnadu, India Email: smecc.zoche@sbi.co.in |
|
Nature of
instrument creating charge |
1. Sanction Letter
from the Bank enhancing the credit facilities dated 28-10-2011 received by
the company on 08-11-11 2. Letter of
Arrangement by the Bank to the company dated 08-11-11 explaining the terms
and conditions of the Loan 3. Supplemental
Agreement of Loan cum Hypothecation dated 08-11-11 |
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Date of
instrument Creating the charge |
08.11.2011 |
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Amount secured by
the charge |
Rs.7.000 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC - Rs.4.000
millions Principal - Base Rate + 6% - (w.e.f 13-08-11 - 10%) Present
effective rate - 16.00% TL - Rs.3.000
millions Principal - Base Rate + 6.75% - (w.e.f 13-08-11 - 10%) Pr.eff.
rate:16.75% Terms of
Repayment Cash Credit -
Repayable on Demand Term Loan -
Repayable in 60 monthly installments of Rs.50,000 plus interest w.e.f. APRIL
2012 Margin Cash Credit 25.00% Term Loan 30.04% Extent and
Operation of the charge 1. Sanction
Letter from the Bank enhancing the credit facilities dated 28-10-2011
received by the company on 08-11-11 2. Letter of
Arrangement by the Bank to the company dated 08-11-11 explaining the terms
and conditions of the Loan 3. Supplemental
Agreement of Loan cum Hypothecation dated 08-11-11 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Stock and Book Debts of the company |
|
Date of
instrument modifying the charge |
25.01.2010 |
|
Particulars of
the present modification |
Term Loan of
Rs.3.000 millions has been sanctioned along with the existing cash credit of
Rs.4.000 millions |
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.50.91 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.