MIRA
INFORM REPORT
|
Report Date : |
03.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRINCE SWR SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
101/102, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.03.1995 |
|
|
|
|
Com. Reg. No.: |
11-086960 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 66.540
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25206MH1995PTC086960 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP07797G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of PVS Pipes and Fittings |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 990000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+(Cash Credit) |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of financial
obligation. |
|
Date |
December 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40303333 |
|
Date : |
02.11.2012 |
LOCATIONS
|
Registered Office : |
101/102, Sunshine Plaza, 1st Floor, Naigaon Cross Road,
Dadar (East), Mumbai – 400014, Maharashtra, India |
|
Tel. No.: |
91-22-40303333/44/55 |
|
Fax No.: |
91-22-40303322 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Survey No. 100/1/3, Post Box No. 104, Village – Sayli, Silvassa, Dadra
and Nagar Haveli – 396 230, India |
|
Tel No.: |
91-260-263 2655/66/77 |
|
Fax No.: |
91-260-263 2655/66/77 |
|
|
|
|
Factory 2 : |
Survey No. 245/5/1, 3 and 4, Demni Road, Village-Dadra, Silvassa,
Dadra and Nagar Haveli – 396 230, India |
|
Tel No.: |
91-260-266 9266/77 |
|
Fax No.: |
91-260-266 9266/77 |
|
|
|
|
Factory 3 : |
Plot No. 5B, Sector-3, IIE, BHEL, SIDCUL, Ranipur, Haridwar – 249403, |
|
Tel. No.: |
91-1334-314400 / 233811/12 |
|
Fax No.: |
91-1334-233812 |
DIRECTORS
AS ON 30.08.2011
|
Name : |
Mr. Rupal Piyush Chheda |
|
Designation : |
Director |
|
Address : |
Flat No. 601, Plot No. 360, K N Building, Bhandarkar Road, Matunga (C
R ), Mumbai – 400019, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1967 |
|
Date of Appointment : |
15.05.2006 |
|
DIN No.: |
00223907 |
|
|
|
|
Name : |
Mr. Piyush Gangji Chheda |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 601, Plot No. 360, K N Building, Bhandarkar Road, Matunga (C
R ), Mumbai – 400019, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1966 |
|
Date of Appointment : |
17.03.2000 |
|
DIN No.: |
00222900 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2011
|
Names of Shareholders |
No. of Shares |
|
Piyush Gangji Chheda HUF |
1445850 |
|
Piyush Gangji Chheda |
3604150 |
|
Rupal Piyush Chheda |
1554000 |
|
Shivani Piyush Chheda |
50000 |
|
TOTAL
|
6654000 |
AS ON 30.08.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVS Pipes and Fittings |
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Products : |
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Imports : |
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Products : |
·
Raw Materials |
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Countries : |
·
Korea ·
China |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON : 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production [Qty.
PCS] |
|
|
|
|
|
|
Injection and Extruder Moulding Items |
MT |
14200 |
11736537 |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
·
Standard Chartered Bank, SME Credit, Crescenzo,
3A/F, Plot No.C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra, India ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
L. D. Joshi and Company Chartered Accountants |
|
Address : |
2-G, Court Chambers, 2nd Floor, 35, Marine Lines,
Mumbai-400020, |
|
Mobile No.: |
91-9322512023 |
|
PAN No.: |
AACFL7859G |
|
|
|
|
Sister Concern : |
Prince Industries |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11700000 |
Equity Shares |
Rs.10/- each |
Rs. 117.000 Millions |
|
800000 |
Preference Shares |
Rs.10/- each |
Rs. 8.000 Millions |
|
|
TOTAL |
|
Rs. 125.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6654000 |
Equity Shares |
Rs.10/- each |
Rs. 66.540
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 |
66.540 |
66.540 |
66.540 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
181.926 |
146.092 |
128.031 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
248.466 |
212.632 |
194.571 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
472.364 |
274.945 |
198.112 |
|
|
2] Unsecured Loans |
152.699 |
27.839 |
46.156 |
|
|
TOTAL BORROWING |
625.063 |
302.784 |
244.268 |
|
|
DEFERRED TAX LIABILITIES |
10.291 |
4.415 |
2.631 |
|
|
|
|
|
|
|
|
TOTAL |
883.820 |
519.831 |
441.470 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
216.100 |
125.728 |
124.680 |
|
|
Capital work-in-progress |
0.609 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.045 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
435.460
|
220.167
|
245.385 |
|
|
Sundry Debtors |
358.858
|
239.584
|
102.367 |
|
|
Cash & Bank Balances |
1.096
|
10.586
|
1.274 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
47.724
|
11.610
|
13.623 |
|
Total
Current Assets |
843.138
|
481.947 |
362.649 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
109.436
|
44.757
|
23.122 |
|
|
Other Current Liabilities |
54.644
|
37.531
|
20.210 |
|
|
Provisions |
11.947
|
5.556
|
2.572 |
|
Total
Current Liabilities |
176.027
|
87.844 |
45.904 |
|
|
Net Current Assets |
667.111
|
394.103
|
316.745 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
883.820 |
519.831 |
441.470 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1376.039 |
728.043 |
652.329 |
|
|
|
Other Income |
NA |
8.729 |
11.850 |
|
|
|
TOTAL (A) |
NA |
736.772 |
664.179 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
553.952 |
553.991 |
|
|
|
Employees Remuneration and Benefits |
|
34.904 |
27.175 |
|
|
|
Manufacturing and Other Expenses |
|
87.230 |
85.814 |
|
|
|
Increase or Decrease in Stock of Finished Goods |
|
(20.946) |
(84.540) |
|
|
|
TOTAL (B) |
NA |
655.140 |
582.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
81.632 |
81.739 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
28.052 |
28.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.614 |
53.580 |
53.139 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.106 |
11.969 |
12.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
68.508 |
41.611 |
40.665 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
15.766 |
13.422 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
NA |
25.845 |
27.243 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
38.518 |
24.060 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
5.000 |
5.000 |
|
|
|
Dividend |
NA |
6.654 |
6.654 |
|
|
|
Tax on Dividend |
NA |
1.130 |
1.131 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
51.579 |
38.518 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
0.729 |
|
|
TOTAL IMPORTS |
NA |
NA |
0.729 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
3.88 |
4.09 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
2200.000 |
|
|
|
|
|
The above information has been parted by Mr. Deepak.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
3.51
|
4.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.98
|
5.72
|
6.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.47
|
6.85
|
8.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.20
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.27
|
1.86
|
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.79
|
5.49
|
7.90 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
109.436 |
44.757 |
6.643 |
|
Creditors for Trade |
-- |
-- |
16.168 |
|
Creditors for Capital Goods |
-- |
-- |
0.311 |
|
TOTAL |
109.436 |
44.757 |
23.122 |
NOTE
The registered office of the company has been shifted from
Prince Arcade C-10, Central Road, Marol MIDC, Andheri East, Mumbai-400093,
Maharashtra, India to the present address w.e.f. 26.03.2008
YEAR IN RETROSPECT
The Company has purchased
profit making running unit situated at Dadra, manufacturing PVC Pipes and
Fittings from M/s Prince Industries for a total consideration of Rs. 170.000
Millions. Current year’s figures include financials of newly purchased Dadra
Plant also.
The Company has
posted turnover of Rs. 1376.039 Millions as against Rs. 728.043 Millions in the
previous year. The Net Profit before tax was Rs. 68.508 Millions as against Rs.
41.611 Millions in the earlier year.
FORM 8
|
Corporate
identity number of the company |
U25206MH1995PTC086960 |
|
Name of the
company |
PRINCE SWR
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
101/102, Sunshine Plaza, 1st Floor, Naigaon Cross Road, Dadar
(East), Mumbai – 400 014, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No.C-38 and
39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra,
India |
|
Nature of
instrument creating charge |
Hypothecation
Agreement |
|
Date of
instrument Creating the charge |
25.06.2012 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As agreed by and
with the Bank from time to time. Terms of repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and operation of the charge The Bank is
having pari charge with ICICI Band and Axis Bank on the security given by the
Company |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of pari charge with ICICI Band and Axis Bank on: a) all the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise b) all the present
and future book debts, outstanding moneys receivable, claims and bills. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Computer
·
Moulds
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Building (Office
Premises)
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 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. 53.66 |
|
|
1 |
Rs. 86.37 |
|
Euro |
1 |
Rs. 69.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
47 |
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.