|
Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI POLYPLAST PRIVATE LIMITED |
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|
|
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Registered
Office : |
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|
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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 : |
02.08.2001 |
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|
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|
Com. Reg. No.: |
04-039840 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25201GJ2001PTC039840 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTB00652B RKTB00011E |
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|
PAN No.: [Permanent Account No.] |
AABCB6310Q |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Multilayer Films. |
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|
|
|
No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 32000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
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. The company can be considered for business dealings with some caution.
|
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. Vinod Kumar |
|
Designation : |
Director |
|
Contact No.: |
91-2824-227521 |
LOCATIONS
|
Registered Office : |
Jamnawad Road, Dhoraji–360410, Gujarat, India |
|
Tel. No.: |
91-2824-20966 |
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Fax No.: |
91-2824-227521/227520 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Factory : |
Survey No. 341, |
DIRECTORS
As on 24.09.2011
|
Name : |
Mr. Shamjibhai Gandalal Vaishnav |
|
Designation : |
Managing director |
|
Address : |
Behind Old Bus Stand, Padardi Vadi, Dhoraji, |
|
Date of Birth/Age : |
24.10.1948 |
|
Date of Appointment : |
02.08.2001 |
|
DIN No.: |
01561603 |
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|
|
|
Name : |
Mr. Jayendrabhai Khimjibhai Patel |
|
Designation : |
Director |
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Address : |
Panchshil Society, |
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Date of Birth/Age : |
07.11.1953 |
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Date of Appointment : |
02.08.2001 |
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DIN No.: |
02086465 |
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|
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Name : |
Mr. Vinodkumar Bhagvanjibhai Vasoya |
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Designation : |
Director |
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Address : |
Kalyan Society, Behind Telephone Exchange, Post Dhoraji, |
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Date of Birth/Age : |
01.05.1960 |
|
Date of Appointment : |
02.08.2001 |
|
DIN No.: |
02094150 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2011
|
Names of Shareholders |
No. of Shares |
|
Shamjibhai Gandalal Vaishnav |
12500 |
|
Vinodkumar Bhagwanjibhai Vasoya - HUF |
17500 |
|
Kantaben Shamjibhai Vaishnav |
12500 |
|
Bhagwanjibhai Bhanjibhai Vasoya |
15000 |
|
Prakash Bhagwanjibhai Vaishnav |
10000 |
|
Lataben Prakashbhai Vaishnav |
15000 |
|
Dhirajlal Khimjibhai Dhaduk |
12500 |
|
Kanjibhai Popatbhai Vaghasia |
17500 |
|
Diwaliben Gordhanbhai Pethani |
10000 |
|
Pragnaben Gordhanbhai Pethani |
10000 |
|
Chandrikaben Rajubhai Kothiya |
15000 |
|
Parvatiben Haribhai Vagadia |
15000 |
|
Amitaben Pareshbhai Vagadia |
10000 |
|
Govindbhai Tulshibhai Satodiya |
10000 |
|
Vipul Shantilal Babariya |
15000 |
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Multilayer Films. |
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|
|
|
Products : |
Co-Ex Flaxible Plastic Film |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
|
|
*Licensed Capacity |
N.A being SSI
Unit |
|
Particulars |
Unit |
*Installed
Capacity |
|
Multi layers Printed Plastic Film |
Kgs. |
1200 |
|
Particulars |
Unit |
Actual
Production |
|
Multi layers Printed Plastic Film |
Kgs. |
505007 |
|
Multi layers Plain Plastic Film |
Kgs. |
59647 |
The installed capacity is certified by the management
on which the Auditors have placed reliance without verification being a
technical matter.
GENERAL INFORMATION
|
No. of Employees : |
25 (Approximately) |
||||||||||||||||||||||||
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||||||||||||||||||||||||
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Bankers : |
·
Development Credit Bank Limited, 301, Trade Plaza,
414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
||||||||||||||||||||||||
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Facilities : |
Cash Credit – 10.000 Millions LC – Rs.10.000 Millions
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Dhirubhai Dand and Company Chartered Accountants |
|
Address : |
1st Floor, Gokul Chember, Kalwa Chowk, Junagadh – 362001, |
|
PAN.: |
ABPPD4066M |
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|
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Partnership : |
Gajanan Polymers |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
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 |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.171 |
3.102 |
2.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.171 |
8.102 |
7.560 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.738 |
0.471 |
4.842 |
|
|
2] Unsecured Loans |
30.978 |
27.769 |
25.523 |
|
|
TOTAL BORROWING |
32.716 |
28.240 |
30.365 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.005 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.887 |
36.347 |
37.925 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.069 |
2.853 |
3.244 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.030 |
0.030 |
0.030 |
|
|
DEFERREX TAX ASSETS |
0.075 |
0.000 |
0.192 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.578
|
8.120 |
8.493 |
|
|
Sundry Debtors |
16.784
|
21.122 |
19.005 |
|
|
Cash & Bank Balances |
2.508
|
1.449 |
8.005 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.242
|
6.898 |
2.828 |
|
Total
Current Assets |
45.112
|
37.589 |
38.331 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.244
|
3.989 |
3.872 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.155
|
0.136 |
0.000 |
|
Total
Current Liabilities |
7.399
|
4.125 |
3.872 |
|
|
Net Current Assets |
37.713
|
33.464 |
34.459 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.887 |
36.347 |
37.925 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
68.144 |
68.436 |
77.209 |
|
|
|
Other Income |
2.764 |
1.427 |
1.015 |
|
|
|
TOTAL (A) |
70.908 |
69.863 |
78.224 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase (Decrease) in Stock |
(1.325) |
(1.333) |
4.445 |
|
|
|
Manufacturing and Other Expenses |
60.322 |
60.929 |
58.597 |
|
|
|
Purchase of Trade Goods |
0.000 |
0.000 |
4.278 |
|
|
|
Central Excise and Education Cess |
7.447 |
6.250 |
7.867 |
|
|
|
TOTAL (B) |
66.444 |
65.846 |
75.187 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.464 |
4.017 |
3.037 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.478 |
2.383 |
2.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.986 |
1.634 |
0.547 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.842 |
0.748 |
0.853 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.144 |
0.886 |
(0.306) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.075 |
0.344 |
(0.094) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
0.069 |
0.542 |
(0.212) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.106 |
1.564 |
1.776 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.175 |
2.106 |
1.564 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
31.986 |
11.568 |
15.347 |
|
|
TOTAL IMPORTS |
31.986 |
11.568 |
15.347 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.14 |
1.08 |
-- |
|
Expected Sales (2011-12) : Rs.90.000 Millions
The above information has been parted by Mr. Vinod Kumar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.09
|
0.78 |
0.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.21
|
1.29 |
(0.40) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.30
|
2.19 |
(0.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.11 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.91
|
3.99 |
4.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.09
|
9.11 |
9.90 |
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 |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
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 |
FORM 8
|
Corporate
identity number of the company |
U25201GJ2001PTC039840 |
|
Name of the
company |
BALAJI POLYPLAST
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email Id : CLIENTMCA21@YAHOO.COM |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80031993 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Development Credit Bank Limited, 301, Email Id : rakeshkothiya@dcbl.com
|
|
Nature of
instrument creating charge |
Third
Supplemental Deed of Hypothecation for Additional Limit of Rs.2.500 Millions
of Gajanan Polymers |
|
Date of
instrument Creating the charge |
15.09.2009 |
|
Amount secured by
the charge |
Rs.27.300
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest RATE of interest 13.50%
per annum (BPLR less -1.50%) subject to review from time to time by the bank Terms of
repayment ON demand /annual
review Margin Cash Credit - for
stock-25% book debts 50% L.C. - 20% in TDR Extent and
operation of the charge Existing charge
for aggregate limit of 29.000 Millions (Balaji Polyplast Private Limited Rs.
18.500 Millions + Gajanan Polymers Rs.10.500 Millions) stand modified to
cover aggregate limit of Rs.27.300 Millions (Balaji Polyplast Private Limited
Rs.14.300 Millions + Gajanan Polymers Rs. 13.000 Millions) |
|
Date of
instrument modifying the charge |
11.06.2008 |
|
Particulars of
the present modification |
Existing Charge
for Aggregate Limit of 29.000 Millions (Balaji Polyplast Private Limited Rs.18.500
Millions + Gajanan Polymers Rs.10.500 Millions) stand modified to cover
aggregate limit of Rs.27.300 Millions (Balaji Polyplast Private Limited
Rs.14.300 Millions + Gajanan Polymers Rs. 13.000 Millions) |
FIXED ASSETS
WEBSITE DETAILS
PROFILE
Subject is a flexible packaging film manufacturing company based in Dhoraji-Gujarat.
BALAJI offers high performance exotic five layer co-ex high barrier poly films,
more suitable for enhanced product protection and longer shelf life. They have
state-of-the-art infrastructure facilities with globally film extrusion lines and
in house ultra modern testing facility.
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. 52.51 |
|
|
1 |
Rs. 85.49 |
|
Euro |
1 |
Rs. 69.61 |
INFORMATION DETAILS
|
Information Gathered
by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.