|
Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
LE MERITE EXPORTS PRIVATE LIMITED (02.09.2004) |
|
|
|
|
Formerly Known
As : |
DIDWANIYA YARN EXPORT PRIVATE LIMITED |
|
|
|
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Registered
Office : |
104, Marwah Complex, Marwa Estate, Saki Vihar Road, Saki Naka,
Andheri(E), Mumbai - 400072, Maharashtra |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
|
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Date of
Incorporation : |
24.12.2003 |
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|
|
|
Com. Reg. No.: |
11-143645 |
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|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 9.991 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111MH2003PTC143645 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trader and Exporter of all types of Cotton Yarn and Raw Cotton |
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|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 109000 |
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|
|
|
Status : |
Satisfactory |
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|
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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. It has
recorded better growth in its sales turnover and profits during 2011. However, there appears huge external borrowings which may be a threat
to the company’s liquidity. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB – (Long Term Bank Loan Facility) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
27.01.2012 |
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.
LOCATIONS
|
Registered
Office : |
104, Marwah Complex, Marwa Estate, Saki Vihar Road, Saki Naka,
Andheri(E), Mumbai - 400072, Maharashtra, India |
|
Tel. No.: |
91-22-32512144 / 66939206 |
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Fax No.: |
91-22-66939205 |
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E-Mail : |
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Website : |
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|
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Branch Office : |
Lath Complex, Shah Bazar, Burhanpur - 450331, |
|
Tel. No.: |
91-7325-53546 / 51007 |
|
Fax No.: |
91-7325-55711 |
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|
|
|
Overseas Office
: |
Suzhou Chenghao Co. Limited, Room No. 3088, 3rd Floor, |
|
Tel. No.: |
86-512-65857762 / 67071726 |
|
Fax No.: |
86-512-66936205 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Abhishek Umashankar Lath |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
28.03.1981 |
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Date of Appointment : |
07.08.2004 |
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Din No.: |
00331675 |
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Other Directorship:
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|||||||||||||||||||||||||||
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Name : |
Mrs. Asha Umashankar Lath |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.07.1959 |
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Date of Appointment : |
07.08.2004 |
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Din No.: |
02899120 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Abhishek Umashankar Lath |
|
445000 |
|
Narhmal Umashankar Lath |
|
190500 |
|
Punit Umashankar Lath |
|
158500 |
|
Asha Umashankar Lath |
|
205000 |
|
Meghal Jawahar Shah |
|
100 |
|
|
|
|
|
Total |
|
999100 |
AS ON 15.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
Abhishek Umashankar Lath |
|
80000 |
|
Asha Umashankar Lath |
|
150000 |
|
Punit Umashankar Lath |
|
170000 |
|
Umashankar Lath |
|
150000 |
|
Shweta Lath |
|
159000 |
|
|
|
|
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Total |
|
709000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Exporter of all types of Cotton Yarn and Raw Cotton |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Deutsche Bank Ag, Sidrah , Plot No 110, ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
N.B. Jhunjhunwala and Company Chartered Accountant |
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Address : |
306,Corporate Avenue Sonawala Lane, Goregaon(East) Mumbai – 400063, |
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Tel. No.: |
91-22-26852202 |
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E-Mail : |
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Pan No.: |
AACPJ3970A |
CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1708100 |
Equity Shares |
Rs.10/- each |
Rs.17.081
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
999100 |
Equity Shares |
Rs.10/- each |
Rs.9.991
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 |
9.991 |
7.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.209 |
3.744 |
1.304 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27.200 |
11.244 |
3.804 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.142 |
37.109 |
19.874 |
|
|
2] Unsecured Loans |
14.658 |
4.655 |
3.430 |
|
|
TOTAL BORROWING |
51.800 |
41.764 |
23.304 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
79.000 |
53.008 |
27.108 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.198 |
1.361 |
1.483 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.952
|
4.801 |
1.922 |
|
|
Sundry Debtors |
43.457
|
44.899 |
21.592 |
|
|
Cash & Bank Balances |
4.564
|
0.586 |
1.733 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
46.561
|
14.871 |
5.492 |
|
Total
Current Assets |
99.534
|
65.157 |
30.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.971
|
6.826 |
2.079 |
|
|
Other Current Liabilities |
8.361
|
5.521 |
2.676 |
|
|
Provisions |
7.400
|
1.163 |
0.492 |
|
Total
Current Liabilities |
21.732
|
13.510 |
5.247 |
|
|
Net Current Assets |
77.802
|
51.647 |
25.492 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.133 |
|
|
|
|
|
|
|
|
TOTAL |
79.000 |
53.008 |
27.108 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
645.137 |
367.255 |
160.650 |
|
|
|
Other Income |
10.952 |
25.239 |
6.624 |
|
|
|
TOTAL |
656.089 |
392.494 |
167.274 |
|
|
|
|
|
|
|
|
|
EXPENSES |
634.982 |
388.680 |
165.639 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.107 |
3.814 |
1.635 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
0.226 |
0.235 |
0.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
20.882 |
3.579 |
1.456 |
|
|
|
|
|
|
|
|
|
|
TAX |
7.416 |
1.140 |
0.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
13.466 |
2.439 |
0.917 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.744 |
1.305 |
0.388 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
17.210 |
3.744 |
1.308 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
628.657 |
31.326 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.17 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.05 |
0.62 |
0.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.24 |
0.97 |
0.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.07 |
5.38 |
4.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.77 |
0.32 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.70 |
4.91 |
7.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.58 |
4.82 |
5.86 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
FORM 8
|
Corporate
identity number of the company |
U17111MH2003PTC143645 |
|
Name of the
company |
LE
MERITE EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
104, Marwah Complex, Marwa Estate, Saki Vihar Road, Saki Naka, Andheri
(East), Mumbai - 400072, Maharashtra, India Email: abhishek@lemeriteexports.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Deutsche Bank Ag, Sidrah , Plot No 110, Email: kg.narayanan@db.com |
|
Nature of instrument
creating charge |
Agreement
for commercial property loan dated
26th July 2012 |
|
Date of
instrument Creating the charge |
26.07.2012 |
|
Amount secured by
the charge |
Rs. 14.600 Million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Present Base Rate 10% . Rate of Interest Base Rate +2.25%
= 12.25% P.A. Term
of Payment: Repayment By 180 EMI OF RS. 177580/- Margin 30% of the property
value plus stamp duty and registration charges Extent and
operation of the charge The
charge operates as security for repayment of loan |
|
Short particulars
of the property charged (Including location of the property) |
Office
No B1-104,D , 1st Floor, B1- Wing , Boomerang, |
OPERATIONS
During the year the
company has achieved sales Rs.645.137 Millions (Rs. 367.255 Millions). The company
earned profit after depreciation of Rs. 20.882 Millions (Rs. 3.579 Millions).
The directors are hopeful for achieving satisfactory results during the current
financial year.
Fixed Assets:
AS PER WEB SITE DETAILS
PROFILE
Building capabilities to deliver what they promise to their customers.
.
Stick to the principle "Excellent Quality, Good Reputation, Perfect
Service, Sincere Cooperation", they warmly welcome you to establish
long-term business relationship.
Subject is involved in exports of
textile raw materials (Fibers and Yarns) from
Le Merite Group is been formed with the main objective to provide their
customers with high quality products having complete guarantee for each and
every shipment. Quality is their key focus with top packing and prompt
shipment.
Le Merite and its group companies have there own dedicated manufacturing
arrangements, strong and motivated alliance duly backed by strong financial
strength and technical co-operation. Their yarn is exported to
Their raw cotton is mainly exported to HK and
ACHIEVEMENTS
· Le Merite Exports has made a tremendous growth since its inception in 2004, their export sales have increased from merely INR 11 million to INR 500 million in year 2009. They target to achieve more than a billion in year 2010-
· Their organization has achieved a status of "Government Recognized Export House" proving their reliability and creditability. They look forward to achieve Star Export house status very soon.
· Recently their company has engaged in contract/job manufacturing of dyed yarns / gassed / mercerized yarns and has got the "Oeko-Tex Standard 100" certification". This certification helps us to supply yarn to their European customers produced with good and ecological friendly ways of production. They are under process to get the organic certification for production/export also.
· Their organization is been nominated in the "Emerging India Awards-2009" of CNBC-TV18 powered by CRISIL Credit Rating Agency.
· Their company is verified by "Dun and Bradstreet"; one of the worlds leading agency. The information can be viewed by clicking on there logo pasted on their website.
· Subject is gold supplier in one of the world's premium b2b "Alibaba.com"
·
Member of
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.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--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.