MIRA
INFORM REPORT
|
Report Date : |
04.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
CRYOLOR ASIA PACIFIC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.1, GST Road, Chennai-Madurai NH45 |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
19.06.2008 |
|
|
|
|
Com. Reg. No.: |
18-068291 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.195.647 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28121TN2008FTC068291 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC07404F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCC4088L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Storage of Compressed Gases. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 520000 |
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|
|
|
Status : |
Moderate |
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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 a subsidiary of foreign company. Though the company was
incorporate in 2008. They have started their business activity from 2010 may.
There appears huge accumulated loss recorded by the company. However trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. In view of strong holdings, the company can be considered for business
dealing on slight 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 – 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 |
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 : |
No.1, GST Road, Chennai-Madurai NH45 |
|
Tel. No.: |
91-44-37578063 / 37578000 / 37578069 |
|
|
91-9750980569 (Mr. Rajendra) |
|
Fax No.: |
91-44-37578010 |
|
E-Mail : |
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|
Website : |
DIRECTORS
As on 15.09.2011
|
Name : |
Mr. Ravin Ajit Mirchandani |
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Designation : |
Managing director |
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|
Address : |
9, TVS Avenue, Sai
Shruti, East Coast Road, Akkarai Chennai – 600119 Tamil Nadu India |
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Date of Birth/Age : |
13.10.1970 |
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Date of Appointment : |
19.06.2008 |
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DIN No: |
00175501 |
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Other
directorship:
|
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|
Name : |
Mr. Jacques Chan Tak Nam |
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|
Designation : |
Director |
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|
Date of Appointment : |
03.05.2010 |
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DIN No: |
03052250 |
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Other
directorship:
|
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|
Name : |
Mr. Hadi Moussavi Aghdam Dizadji |
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Designation : |
Director |
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Date of Appointment : |
22.03.2011 |
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DIN No: |
03521779 |
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|
Name : |
Mr. Gilles Vernet |
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Designation : |
Additional director |
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Date of Appointment : |
15.09.2011 |
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DIN No. |
03571545 |
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|
Name : |
Mr. Jacques Cutayar Marcel Lucien |
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Designation : |
Additional director |
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Address: |
A-24-9, Mohan Cooperative Industrial Estate, New Delhi - 110044, India |
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Date of Birth/Age : |
29.07.1960 |
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Date of Appointment : |
15.09.2011 |
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DIN No: |
03582287 |
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Other
directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. C Balaji |
|
Designation : |
Secretary |
|
Address : |
Plot No.3, Janaki Nagar, 3rd Cross Street, Rajivn Agarperungudi, Kancheepuram – 600096,Tamilnadu , India |
|
Date of Birth/Age : |
09.10.1976 |
|
Date of Appointment : |
09.03.2010 |
|
PAN No: |
AFBPC8401R |
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|
|
|
Name : |
Mr. Rajendra |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Cryolor SA, France |
|
19564750 |
|
Air Liquide India Holding Private Limited, India |
|
1 |
|
Total |
|
19564751 |
List of Allottees (As on 11.07.2012)
|
Names of Allottees |
|
No. of Shares |
|
CRYOLOR, SA, France |
|
2072100 |
|
|
|
|
|
Total |
|
2072100 |
List of Allottees (As on 31.03.2012)
|
Names of Allottees |
|
No. of Shares |
|
CRYOLOR, SA, France |
|
|
|
|
|
5743465 |
|
Total |
|
5743465 |
As on 15.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.99 |
|
Bodies corporate |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Storage of Compressed Gases. |
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Product: |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial Institution: |
Orix Auto Infrastructure Services Limited, Plot No. 94,
Marol Co. Operative Industrial Estate,
Andheri Kurla Road, Andheri (East), Mumbai- 400059, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S.N.Dhawan and Company Chartered Accountant |
|
Address : |
New Delhi, India |
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PAN No : |
AAQFS0580H |
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Holding Company
/ Ultimate Holding Company: |
· Cryolor, SA, France · Air Liquide India Holding Private Limited, India |
CAPITAL STRUCTURE
After 15.09.2011
Authorised Capital : Rs.480.000
millions
Issued, Subscribed & Paid-up Capital : Rs.459.886 millions
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19564751 |
Equity Shares |
Rs.10/- each |
Rs.195.647
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 |
195.647 |
134.103 |
89.513 |
|
|
2] Share Application Money pending allotment |
0.000 |
25.020 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(63.262) |
(10.187) |
(0.771) |
|
|
NETWORTH |
132.385 |
148.936 |
88.742 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.278 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
309.728 |
136.091 |
0.000 |
|
|
TOTAL BORROWING |
311.006 |
136.091 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
443.391 |
285.027 |
88.742 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
382.808 |
78.808 |
78.809 |
|
|
Capital work-in-progress |
0.000 |
100.771 |
3.367 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.627
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
48.545
|
140.204 |
9.400 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
25.526
|
5.171 |
1.350 |
|
Total
Current Assets |
129.698
|
145.375 |
10.750 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.972
|
39.564 |
|
|
|
Other Current Liabilities |
5.707
|
0.363 |
|
|
|
Provisions |
0.436
|
0.000 |
0.000 |
|
Total
Current Liabilities |
69.115
|
39.927 |
4.184 |
|
|
Net Current Assets |
60.583
|
105.448 |
6.566 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
443.391 |
285.027 |
88.742 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
|
9.412 |
0.767 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
9.412 |
0.767 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
(9.412) |
(0.767) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
0.004 |
0.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
(9.416) |
(0.771) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
(9.416) |
(0.771) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(0.771) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(10.187) |
(0.771) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
(0.48) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(4.20) |
(0.86) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.06) |
(0.87) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.87
|
1.18 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
3.64 |
2.57 |
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 |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation of
contact person |
No |
|
11] |
Turnover of
firm for last two years |
Yes |
|
12] |
Profitability
for last two 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 |
No |
|
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 |
|
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 |
No |
NOTE:
The Registered Office of the company has been shifted from 9, TVS Avenue, Sai Shruti, East Coast Road,
Akkarai Chennai - 600119 Tamil Nadu India to the present address w.e.f.22.03.2011
Nature of Operation:
Cryolor Asia Pacific Private Limited has been incorporated on June19. 2008. The company is setting up its plant for manufacturing and trading of storage tanks and transportation equipment for low temperature liquefied gases. The company has not commenced its commercial operations till March 31. 2010.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U28121TN2008FTC068291
|
|
Name of the
company |
CRYOLOR ASIA
PACIFIC PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.1, GST Road, Chennai-Madurai NH45 Kadamalaiputhur Village, Perumberkandigai Post Maduranthakam Taluk - 603310, Tamil Nadu |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Orix Auto Infrastructure Services Limited, Plot No. 94, Marol Co. Operative Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai- 400059, Maharashtra, India |
|
Nature of
instrument creating charge |
AS PER
HYPOTHECATION DEED DATED 1.12.2010 |
|
Date of
instrument Creating the charge |
01.12.2010 |
|
Amount secured by
the charge |
Rs.0.700 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.47% P.A Terms of Repayment 47 EMI OF RS.
19275 EACH OVERDUE CHARGES
@36% P.A CHEQUE BOUNCING
CHARGES @500 PER CHEQUE Margin 20% |
|
Short particulars
of the property charged |
Traveller mini
bus, Model-2010 9, TVS Avenue,
Sai Shruti, East Coast Road, Akkarai Chennai - 600119 Tamil Nadu India |
FIXED ASSETS:
· Land and Building
· Plant machinery
· Office equipments
· Computer equipments
· Furniture fixtures
· Motor vehicles
· Computer software
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 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.52.33 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.67.45 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.