|
Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HARVEL IRRIGATIONS PRIVATE LIMITED |
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|
|
Registered
Office : |
301-304, Meghdoot, 94, |
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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 : |
26.08.1982 |
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|
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Com. Reg. No.: |
55-014250 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.9.637
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1982PTC014250 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH03956B |
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|
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PAN No.: [Permanent Account No.] |
AAACH0695K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of design, supply and installation of Sprinkler Irrigation System to the agriculturists. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 555000 |
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|
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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 a well
established company having satisfactory track. 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 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
301-304, Meghdoot, 94, |
|
Tel. No.: |
91-11-26413370/ 26485365/ 26468367/ 51617675 |
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Fax No.: |
91-11-26464819 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: v Gurgaon v
v Mandi |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Primal Oswal |
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Designation : |
Director |
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Address : |
10, Sadhna Enclave, |
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Date of Birth/Age : |
02.09.1956 |
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Date of Appointment : |
26.08.1982 |
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DIN No.: |
00160745 |
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Other Directorship :
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Name : |
Mr. Kamal Kumar Oswal |
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Designation : |
Director |
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Address : |
D-35, Defence Colony, |
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Date of Birth/Age : |
24.10.1946 |
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Qualification : |
Graduate |
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Date of Appointment : |
26.08.1982 |
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DIN No.: |
00160800 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kamal K. Oswal |
|
18537 |
|
Primal Oswal |
|
12635 |
|
Renuka Oswal |
|
30081 |
|
Indra Oswal |
|
7 |
|
Reetu K. Oswal |
|
10081 |
|
Neha Oswal |
|
1859 |
|
Nupur Oswal |
|
2709 |
|
Rachika Oswal |
|
914 |
|
Ashish Oswal |
|
10045 |
|
Kamal K. Oswal and Sons HUF |
|
8600 |
|
Primal Oswal HUF |
|
900 |
|
Naresh Chandra Raj Pal |
|
1 |
|
Vanita Raj Pal |
|
1 |
|
Total |
|
96370 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of design, supply and installation of Sprinkler Irrigation System to the agriculturists. |
|
|
|
|
Products/ Services : |
v
Golf Course Irrigation v
Turf and Landscape v
Agriculture Irrigation v
Home and Garden v
Water Features and
Fountain |
GENERAL INFORMATION
|
Customers : |
v
v
Bahai’s House of Worship ( v
ITC Classic Golf Resorts – Gurgaon v
DLF Golf Resorts Limited – Gurgaon v
v
Presidential Estate Golf Course – v
Forest Hill Resorts – v
Kensvilli Golf and Country Resorts – Ahemdabad v
American Embassy – v
v
British High Commission – v
Oberoi’s UdaiVilas – v
Oberoi’s Wild Flower Hall – Shimla v
Oberoi’s RajVilas – Jaipur v
Oberoi’s Trident Hilton – Gurgaon v
Park Hyatt – v
Glaxo Smithkline Healthcare Limited – Sonipat v
Xansa Limited – Chennai, Pune and Noida v
Syntel International – Pune v
HT Media Limited – Greater Noida v
Unitech Global Park – Gurgaon v
Unitech’s Amusement Park (Rohini) – v
International Recreation Parks Private Limited –
Noida v
Sports Authority of v
DPS International (Saket) – v
DPS – Rohtak v
v
v
Garden Estate – Gurgaon v
|
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No. of Employees : |
Not Available |
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Bankers : |
v
Syndicate Bank, 59, Shakuntla Apartment, v
ICICI
Bank Limited v Kotak Mahindra Bank |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
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|
Name : |
Sharad Jain Associates Chartered Accountants |
|
Address : |
213, Hans Bhawan, 1, Bahadurshah Zafar Marg, |
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Tel. No.: |
91-11-23379477/ 23379588 |
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Income-tax
PAN of auditor or auditor's firm : |
ABBFS3608L |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
96370 |
Equity Shares |
Rs.100/- each |
Rs.9.637
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 |
9.637 |
9.637 |
9.637 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
129.158 |
127.629 |
125.730 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
138.795 |
137.266 |
135.367 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27.600 |
40.180 |
38.782 |
|
|
2] Unsecured Loans |
44.350 |
41.669 |
57.900 |
|
|
TOTAL BORROWING |
71.950 |
81.849 |
96.682 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
210.745 |
219.115 |
232.049 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
108.975 |
109.746 |
109.791 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.504 |
13.468 |
12.950 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.641
|
27.628 |
31.333 |
|
|
Sundry Debtors |
67.043
|
69.442 |
76.534 |
|
|
Cash & Bank Balances |
11.281
|
8.260 |
12.494 |
|
|
Other Current Assets |
2.782
|
2.088 |
2.082 |
|
|
Loans & Advances |
9.689
|
16.747 |
18.348 |
|
Total
Current Assets |
115.436
|
124.165 |
140.791 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.218
|
19.422 |
21.757 |
|
|
Other Current Liabilities & Provisions |
9.952
|
8.842 |
9.726 |
|
Total
Current Liabilities |
34.170
|
28.264 |
31.483 |
|
|
Net Current Assets |
81.266
|
95.901 |
109.308 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
210.745 |
219.115 |
232.049 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
129.622 |
141.688 |
146.611 |
|
|
|
Other Income |
4.208 |
4.062 |
3.070 |
|
|
|
TOTAL (A) |
133.830 |
145.750 |
149.681 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Accretion / Decrease in Stock |
2.986 |
3.705 |
(0.283) |
|
|
|
Operational Expenses |
117.534 |
129.595 |
137.430 |
|
|
|
TOTAL (B) |
120.520 |
133.300 |
137.147 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.310 |
12.450 |
12.534 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
10.138 |
8.870 |
7.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.172 |
3.580 |
5.035 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.856 |
0.968 |
1.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.316 |
2.612 |
4.026 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.716 |
0.712 |
1.679 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.600 |
1.900 |
2.347 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.60 |
19.71 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.20
|
1.30 |
1.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.79
|
1.84 |
2.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.03
|
1.12 |
1.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.80 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38
|
4.39 |
4.47 |
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 |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of sister
concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
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 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1982PTC014250 |
|
Name of the
company |
HARVEL IRRIGATIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
301-304, Meghdoot, 94, E-Mail: sjassociates@hotmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10172329 |
|
Type of charge |
Immovable
Property Others (Corporate
Guarantee) |
|
Particular of
charge holder |
Syndicate Bank, 59, Shakuntla Apartment, E-Mail: sanjuprofessional@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Confirmation of
creation of second/subsequent equitable mortgage Guarantee
Agreement (ASD-6) |
|
Date of
instrument Creating the charge |
31.03.2012 |
|
Amount secured by
the charge |
Rs.170.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: NA being a
corporate guarantee and mortgage charge Terms of
Repayment: On demand Margin: NA being a
corporate guarantee and mortgage charge Extent and
Operation of the charge: 100% First
exclusive charge |
|
Short particulars
of the property charged |
UREM/Extension of
equitable mortgage of company's immovable properties comprising agricultural land
comprising Kila No.22/21/2/2, 22/21/2/1(1-16), 33/1(8-0), 34/5/2(0-12) and
1/6th share measuring 1 kanal 15 marla in 34/5/1 (7-8), 4/2/2(3-0)
total measuring 16 kanal 7 marla situated at Village Siwana Kherki Daula,
Gurgaon Haryana together with all superstructures thereon both present and
future The above is to
secure the credit facilities of Rs.170.000 millions sanctioned to the Harvel
Agua India Private Limited. Credit facilities
of Rs.170.000 millions sanctioned to the Harvel Agua India Private Limited
also secured by corporate guarantee of the company. The above
property will also secure credit facilities sanctioned to Harvel Irrigations
Private Limited Irrespective of amount. |
|
Particulars of
the present modification |
Credit facilities
sanctioned to Harvel Agua India Private Limited now enhanced to Rs.170.000
millions in which company stand as a corporate guarantor and extended the
charge on immovable property comprising Farm House at 40th
Milestone NH-8 Gurgaon Haryana. |
FIXED ASSETS:
v
Land at Gurgaon
v
Building
v
Equipments and Tools
v
Cars
v
Computers
v
Air Conditioner
v
DD Van
v
Furniture and Fixture
v
EPABX
v
Scanner
v
Generator Set
v
Furniture/ Fixture
v
Fan and Cooler
v
Solar Water Heater
v
Weighing Machine
v
Office Equipments
v
Fax Machine
v
Printer
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.54.68 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
48 |
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.