MIRA
INFORM REPORT
|
Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
PIONEER SYNTEX PRIVATE LIMITED (w.e.f.29.07.1993) MARUTI TEXTILES PRIVATE LIMITED AMALGAMATED
WITH PIONEER SYNTEX PRIVATE LIMITED |
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Formerly Known
As : |
SWEETY PROCSSORS PRIVATE LIMITED (w.e.f.18.03.1993) ECHKEY SYNTHETICS PRIVATE LIMITED |
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Registered
Office : |
Plot No.391, GIDC Industrial Estate Pandesara, Surat – 394 221,
Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.07.1987 |
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Com. Reg. No.: |
04-009851 |
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Capital Investment
/ Paid-up Capital : |
Rs.195.380 Millions |
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CIN No.: [Company Identification
No.] |
U17239GJ1987PTC009851 |
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PAN No.: [Permanent Account No.] |
AABCP3984C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Textile and Processing of Fabric. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Moderate |
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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 moderate track record. Profitability of the company appears to be low. Rating also takes into
consideration intense competition from small unorganized as well as large
organized players. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit = BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
April, 2013 |
|
Rating Agency Name |
ICRA |
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Rating |
Short Term Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
April, 2013 |
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. R. K. Tripathi |
|
Designation : |
Chief Finance Officer |
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Contact No.: |
91-261-2897711 |
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Date : |
03.12.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.391, GIDC Industrial Estate Pandesara, Surat – 394 221,
Gujarat, India |
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Tel. No.: |
91-261-2897711/ 2897731 |
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Fax No.: |
91-261-2897716/ 2897735 |
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E-Mail : |
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Website : |
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Area : |
17000 sq. ft. |
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Location : |
Leased (99 Years) |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Anil Harikishan Chaudhary |
|
Designation : |
Managing Director |
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Address : |
268/270, GIDC, Pandesara, Surat – 394 210, Gujarat, India |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
01.01.2009 |
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DIN No.: |
00897159 |
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Name : |
Mr. Pawan Kumar Dayakishan Kokra |
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Designation : |
Whole-time Director |
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Address : |
1013-E-Tower, Green Avenue, Behind Union Park, Ghod Dod Road, Surat –
395 007, Gujarat, India |
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Date of Birth/Age : |
22.07.1955 |
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Date of Appointment : |
17.07.1993 |
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DIN No.: |
00268007 |
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Name : |
Mr. Bajarang Ram Kumar Lal |
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Designation : |
Whole-time Director |
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Address : |
7-C, Arjav Apartment, Behind
Sarjan Society, Citi Light, Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
30.03.1968 |
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Date of Appointment : |
25.06.2004 |
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DIN No.: |
00268087 |
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Name : |
Mr. Shrinarayan Periwal Jagnath |
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Designation : |
Whole-time Director |
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Address : |
105, Shiv Textile Market, Ring Road, Surat – 395 002, Gujarat, India |
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Date of Birth/Age : |
27.04.1965 |
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Date of Appointment : |
17.07.1993 |
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DIN No.: |
00361312 |
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Name : |
Mr. Vidyut Kumar Vittan Jain |
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Designation : |
Whole-time Director |
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Address : |
J/437, Renuka Bhavan, Behind Bombay Market, Surat – 395 010, Gujarat,
India |
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Date of Birth/Age : |
10.01.1969 |
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Date of Appointment : |
06.03.2009 |
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DIN No.: |
01833162 |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Tripathi |
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Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
SHAREHOLDER DETAILS LIST ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2013
|
Category |
Percentage |
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Bodies corporate |
34.67 |
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Directors or relatives of Directors |
65.33 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Textile and Processing of Fabric. |
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Terms : |
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Selling : |
Cash And Credit |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
·
Bank of Baroda, Pandesara Branch, Pandesara
Industrial Estate, Near Fire Station, Pandasara, Surat – 394 221, Gujarat,
India ·
Canara Bank, GIDC Industrial Estate Pandesara, Surat
– 394 221, Gujarat, India |
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Facilities : |
NOTES: Long Term Borrowings 1.
The Term Loan from Canara Bank are secured by
Equitable Mortgage on Factory Land and building situated at Plot No. 268, 269,
270 and Shed No. 266/4 GIDC, Pandesara, Surat and hypothecation of Plant and
Machinery on the division and personal guarantee of some of the directors of
the company. 2.
Term Loan from Bank of Baroda, Pandesara Branch
and Surat is secured by way of first charge by hypothecation of entire
machineries, electrical installation, furniture and fixture, office equipment
and other movable fixed assets of the company (both present and future). All
the credit facilities is further secured by Equitable Mortgage on Factory
Land and building situated at Plot No. 267, 391 GIDC Pandesara, Surat and
Plot No. 266/5 GIDC Pandesara, Surat. 3.
The Vehicle Loans are secured by Hypothecation of
respective Vehicles. 4.
Repayment Schedule of Term Loan and Vehicle Loans
Short Term
Borrowings Cash Credit
Facility and Demand Loan from Bank of Baroda is secured against the
hypothecation on all present and future current assets including stock and
book debts. The Cash Credit Facility is repayable on demand. The Cash Credit
Facility is further secured by Equitable mortgage on factory land and
building situated at Plot No. 267, 391 GIDC Pandesara, Surat and Plot No.
266/5 GIDC Pandesara, Surat. |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
SK Kabra and Associates Chartered Accountants |
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Address : |
1006, Rathi Palace, Kamela Darwaja, Ring Road, Surat – 395 002,
Gujarat, India |
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PAN No.: |
AAJFS6674D |
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Auditors 2 : |
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Name : |
DSI and Company |
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Address : |
MF/ 14-26, Nariman Point Shopping Centre, Near Raghuvir Bunglows, City
Light Road, Surat – 395 007, Gujarat, India |
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PAN No.: |
AAFFD4002N |
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Enterprises which are owned, or have significant influence of or are partners
with Key management personnel and their relatives : |
·
Maruti Synthcot Private limited CIN No.: U17120GJ2010PTC060844 |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
19538000 |
Equity Shares |
Rs. 10/- each |
Rs.195.380 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
195.380 |
195.380 |
159.380 |
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(b) Reserves & Surplus |
217.147 |
212.942 |
172.407 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
412.527 |
408.322 |
331.787 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
58.096 |
79.215 |
67.532 |
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(b) Deferred tax liabilities (Net) |
29.739 |
28.527 |
27.569 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
87.835 |
107.742 |
95.101 |
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(4) Current Liabilities |
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|
|
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(a) Short term borrowings |
111.620 |
84.730 |
120.395 |
|
(b) Trade payables |
154.831 |
156.819 |
109.953 |
|
(c) Other current
liabilities |
81.674 |
42.184 |
55.548 |
|
(d) Short-term provisions |
1.696 |
1.346 |
0.000 |
|
Total Current Liabilities (4) |
349.821 |
285.079 |
285.896 |
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TOTAL |
850.183 |
801.143 |
712.784 |
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II.
ASSETS |
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|
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(1) Non-current assets |
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
338.476 |
345.118 |
302.820 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.525 |
2.727 |
3.716 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
101.057 |
101.726 |
101.726 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.915 |
18.421 |
60.855 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
63.176 |
|
Total Non-Current Assets |
458.973 |
467.992 |
532.293 |
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
105.272 |
79.994 |
44.700 |
|
(c) Trade receivables |
183.070 |
166.551 |
123.671 |
|
(d) Cash and cash
equivalents |
8.233 |
7.148 |
7.457 |
|
(e) Short-term loans and
advances |
19.853 |
15.501 |
1.899 |
|
(f) Other current assets |
74.782 |
63.957 |
2.764 |
|
Total Current Assets |
391.210 |
333.151 |
180.491 |
|
|
|
|
|
|
TOTAL |
850.183 |
801.143 |
712.784 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
884.685 |
836.897 |
758.962 |
|
|
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Other Income |
1.016 |
2.606 |
1.063 |
|
|
|
TOTAL (A) |
885.701 |
839.503 |
760.025 |
|
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Less |
EXPENSES |
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|
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|
Cost of Materials Consumed |
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|
|
Purchase of Stock-in-trade |
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Employee Benefits Expenses |
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Other Expenses |
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|
|
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TOTAL (B) |
847.206 |
802.722 |
719.985 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
38.495 |
36.781 |
40.040 |
|
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|
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|
|
|
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|
Less |
DEPRECIATION/
AMORTISATION |
31.180 |
29.409 |
29.363 |
|
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|
Less |
EXCEPTIONAL
ITEMS |
0.202 |
0.533 |
1.259 |
|
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|
|
PROFIT/(LOSS)
BEFORE TAX |
7.113 |
6.839 |
9.418 |
|
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|
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|
Less |
TAX |
2.908 |
2.303 |
3.063 |
|
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|
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|
|
|
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|
|
PROFIT/(LOSS)
AFTER TAX |
4.205 |
4.536 |
6.355 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
56.631 |
52.095 |
45.740 |
|
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|
|
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|
BALANCE CARRIED
TO THE B/S |
60.836 |
56.631 |
52.095 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.22 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.47
|
0.54 |
0.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.80
|
0.82 |
1.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.97
|
1.01 |
1.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41
|
0.40 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.17 |
0.63 |
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 |
Yes |
|
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) |
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 |
Yes |
NOTE: Current Maturity of
Long Term Debt is Not Available
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and
Advances from related Parties |
4.643 |
7.222 |
|
|
|
|
|
Total |
4.643 |
7.222 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10456353 |
30/09/2013 |
20,000,000.00 |
BANK OF BARODA |
PANDESARA BRANCH, PANDESARA INDUSTRIAL ESTATE, NEAR FIRE STATION, PANDESARA, SURAT - 394221, GUJARAT, INDIA |
B88072392 |
|
2 |
10386552 |
10/11/2012 |
9,000,000.00 |
BANK OF BARODA |
PANDESARA BRANCH, PANDESARA INDUSTRIAL ESTATE, NEAR FIRE STATION, PANDESARA, SURAT - 394221, GUJARAT, INDIA |
B62092598 |
|
3 |
10167008 |
10/01/2012 * |
122,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH, SURAT VANKAR SANGH BUILDING, RING ROAD, SURAT - 395002, GUJARAT, INDIA |
B30473680 |
|
4 |
10147170 |
21/02/2009 |
137,500,000.00 |
BANK OF BARODA |
PANDESARA BRANCH, PANDESARA INDUSTRIAL ESTATE, NEAR FIRE STATION, PANDESARA, SURAT - 394221, GUJARAT, INDIA |
A58360884 |
|
5 |
90112967 |
01/05/2013 * |
140,900,000.00 |
BANK OF BARODA |
PANDESARA BRANCH, PANDESARA INDUSTRIAL ESTATE, NEAR FIRE STATION, PANDESARA, SURAT - 394221, GUJARAT, INDIA |
B76167741 |
|
6 |
80025555 |
09/01/2012 * |
122,500,000.00 |
CANARA BANK |
OVERSEAS BRANCH, SURAT VANKAR SANGH BUILDING, RING ROAD, SURAT - 395002, GUJARAT, INDIA |
B30472294 |
|
7 |
80012080 |
12/02/2007 * |
114,200,000.00 |
CANARA BANK |
OVERSEAS BRANCH, RING ROAD, SURAT - 395002, GUJARAT, INDIA |
- |
|
8 |
90112783 |
28/05/2003 |
25,800,000.00 |
BANK OF BARODA |
PANDESARA BRANCH, SURAT, GUJARAT, INDIA |
- |
|
9 |
90110544 |
30/03/2003 |
7,200,000.00 |
BANK OF BARODA |
PANDESARA INDUSTRIAL ESTATE, SURAT, GUJARAT, INDIA |
- |
|
10 |
90110340 |
26/02/2005 * |
19,900,000.00 |
BANK OF BARODA |
PANDESARA BRANCH, SURAT, GUJARAT, INDIA |
- |
* Date of charge modification
PERFORMANCE AND
PROSPECTS:
During the year,
subject has recorded turnover of Rs.884.685 Millions as against Rs.836.897
Millions of previous year. Subject has earned net profit after tax of Rs.4.205
Millions during the year. Subject has recorded satisfactory growth, looking to
the depressing global economic scenario and steep downward graph of textile
industry. The strong management bandwidth, sustainable business strategy,
commitment towards quality production, improving operating efficiencies and
cost control were responsible for the satisfactory performance of subject. The
directors are taking all necessary steps to further boost up the performance of
subject.
FUTURE PLANS and PROSPECTIVE:
Subject is
committed to its development and growth and the company has initiated various
plans and ideas for the materialization of the same. The textile industry, being
competitive now days, much more efforts are required to sustain in the market
and the company has made requisite deliberations for maintenance of its
position and market capture in this industry. Further better planning, strategy
making, efficient management directed to proper efforts will result into
prosperousness and progressiveness for subject.
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.62.34 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
31 |
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.