MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
STAHL INDIA PRIVATE LIMITED |
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|
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Registered
Office : |
1/A, Sarguna Salai, Nagalkeni, Chrompet, Chennai - 600044, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.01.1998 |
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Com. Reg. No.: |
18-039811 |
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Capital
Investment / Paid-up Capital : |
Rs. 64.450 Millions |
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CIN No.: [Company Identification
No.] |
U24117TN1998PTC039811 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES05466G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and supplier
of leather processing products such as Filler, Lacquer, Resin Binder, Poly
Urethene top coat and other chemicals used in leather industry and agro
industry. |
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|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track record.
Directors are reported to be an experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered good for normal 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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.
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. Vinod Kumar |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-44-22485102 |
|
Date : |
13.12.2013 |
LOCATIONS
|
Registered Office/ Corporate office : |
1/A, Sarguna Salai, Nagalkeni, Chrompet, Chennai - 600044, |
|
Tel. No.: |
91-44-2362702/ 22362703/ 22485102 |
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Fax No.: |
91-44-2388389/ 22484389 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory : |
84, |
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Warehouse: |
12, BIN WH Corp Poonna Road, Sipcot Complex, Ranipet – 632403,
Tamilnadu, India |
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Corporate Office: |
1-A, Sargunar Salai, Nagalkeni, Chromepet, Chennai – 600044, Tamilnadu, India |
DIRECTORS
As on 16.09.2013
|
Name : |
Tuncay Deriner |
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|
Designation : |
Managing director |
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Address : |
10-1/, Flat NR:6, A, Atlantis, Gokay Sok Street, Yenisehir Mah,
Pendik, Istanbul 34912 |
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Date of Birth/Age : |
29.06.1971 |
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Date of Appointment : |
01.11.2012 |
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DIN No.: |
06372009 |
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Other
Directorship:
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Name : |
Mr. Timothy Amos |
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Designation : |
Managing Director |
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Address : |
3-B, |
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Date of Birth/Age : |
08.04.1853 |
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Date of Appointment : |
01.01.2002 |
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DIN No.: |
00391232 |
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Name : |
Mr. Srinivasan Rajgopalan |
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Designation : |
Director |
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Address : |
5/712, B New Bharthi Nagar, Sipcot, Ranipet, Vellore-632403, |
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Date of Birth/Age : |
22.08.1958 |
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Date of Appointment : |
01.01.2002 |
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DIN No.: |
00382720 |
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||||||||||||||||
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Name : |
Mr. Christiann Johannes Maria Daamen |
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Designation : |
Director |
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Address : |
Molenbeek 26, 5172CG Kaatsheuvel, The |
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Date of Birth/Age : |
20.09.1958 |
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Date of Appointment : |
09.02.2008 |
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DIN No.: |
02256199 |
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KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar |
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Designation : |
Accounts Department |
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|
|
Name : |
S Saravanan |
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Designation : |
Chief Financial Officer and Company Secretary |
|
Address : |
New No.14, Old No.7, Ganpathy Colony, East Tambaram, Chennai – 600059,
Tamilnadu, India |
|
Date of Birth/Age : |
10.08.1969 |
|
Date of Appointment : |
29.08.2012 |
|
PAN No.: |
AASPS5744B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Stahl Holdings BV, Netherlands |
|
1 |
|
Stahl Netherlands BV, Netherlands |
|
6444999 |
|
TOTAL |
|
6445000 |
As on 16.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplier
of leather processing products such as Filler, Lacquer, Resin Binder, Poly Urethene
top coat and other chemicals used in leather industry and agro industry. |
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Exports : |
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|
Products : |
Finished goods |
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Countries : |
· Asian Countries Bangladesh Pakistan |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
European Countries |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End users |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
·
State Bank of Tel. No.: 91-4172-270300 · Royal Bank of Scotland , Chennai, Tamilnadu, India IDBI Bank Limited, Chennai, Tamilnadu,
India State Bank of India , Ranipet, Tamilnadu, India Deutsche Bank, Chennai, Tamilnadu,
India HSBC Bank, Dhaka, Bangladesh |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India |
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Income-tax
PAN of auditor or auditor's firm : |
AADFP9359C |
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Holding company : |
Stahl Netherlands BV, Netherlands |
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Ultimate Holding
Company : |
Stahl Holdings BV, Netherlands |
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Fellow Subsidiary
Company: |
· Stahl International BV Stahl Europe BV Stahl USA Inc Stahl Coatings and Fine Chemicals (Suzhou) Company Limited Stahl Asia Pacific Pte Limited Stahl Pakistan Private Limited Stahl Trading (Shanghai) Company Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,000,000 |
Equity Shares |
Rs.10/- Each |
Rs.90.000 Millions |
|
9,000,000 |
Preference Shares |
Rs. 10/- Each |
Rs. 90.000 Millions |
|
|
|
|
|
|
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TOTAL |
|
Rs. 180.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,445,000 |
Equity Shares |
Rs.10/- each |
Rs. 64.445 Millions |
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|
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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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
64.450 |
81.450 |
81.450 |
|
(b) Reserves & Surplus |
470.375 |
433.560 |
396.844 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
534.825 |
515.010 |
478.294 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
12.900 |
14.400 |
9.200 |
|
(c) Other long term liabilities |
11.082 |
19.891 |
17.110 |
|
(d) long-term provisions |
6.262 |
2.661 |
1.922 |
|
Total Non-current Liabilities (3) |
30.244 |
36.952 |
28.232 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
242.573 |
158.478 |
153.731 |
|
(c) Other current
liabilities |
37.220 |
44.655 |
51.542 |
|
(d) Short-term provisions |
2.201 |
2.821 |
7.897 |
|
Total Current Liabilities (4) |
281.994 |
205.954 |
213.170 |
|
|
|
|
|
|
TOTAL |
847.063 |
757.916 |
719.696 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
166.103 |
159.781 |
154.300 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
3.606 |
1.533 |
7.288 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
31.807 |
4.451 |
5.083 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
201.516 |
165.765 |
166.671 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
225.939 |
205.410 |
188.538 |
|
(c) Trade receivables |
330.427 |
301.577 |
269.303 |
|
(d) Cash and cash
equivalents |
53.665 |
38.767 |
37.758 |
|
(e) Short-term loans and
advances |
35.516 |
46.397 |
57.426 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
645.547 |
592.151 |
553.025 |
|
|
|
|
|
|
TOTAL |
847.063 |
757.916 |
719.696 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
267.012 |
239.828 |
273.193 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.755 |
16.140 |
14.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
249.257 |
223.688 |
258.452 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
78.900 |
75.600 |
84.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
170.357 |
148.088 |
173.852 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
246.413 |
221.997 |
229.932 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
17.036 |
14.809 |
17.385 |
|
|
|
Interim Dividend Paid |
39.959 |
93.668 |
70.047 |
|
|
|
Tax on Interim Dividend Paid |
6.482 |
15.195 |
11.634 |
|
|
|
Premium on Buy Back of Shares |
84.626 |
0.000 |
74.171 |
|
|
|
Amount Transferred to Capital Redemption Reserve |
17.000 |
0.000 |
8.550 |
|
|
BALANCE CARRIED
TO THE B/S |
251.667 |
246.413 |
221.997 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
51.545 |
45.048 |
|
|
TOTAL EARNINGS |
NA |
51.545 |
45.048 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
243.400 |
231.545 |
|
|
|
Spares |
|
0.602 |
0.591 |
|
|
|
Trading Stocks |
|
159.683 |
110.487 |
|
|
|
Capital Goods |
|
1.629 |
1.550 |
|
|
TOTAL IMPORTS |
NA |
405.314 |
344.173 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
22.20 |
18.18 |
20.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.55
|
29.57 |
36.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.43 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.88 |
2.59 |
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 |
No |
|
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 |
No |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
REVIEW OF BUSINESS
The year 2012-13 had been a successful one for Stahl India , despite quite a number of hurdles faced. Sales grew by 11% as compared to previous year and PBT also grew by an equal 11%. More than Sales growth the growth in profitability was a challenge for them considering the fact that Raw Material prices increased, Indian Rupee depreciated, but they negotiated hard on prices and increased selling prices to maintain profitability. The financial numbers of Stahl India has once again proven that Quality and Technical Skills are predominant in this market and customers lap up Quality products when provided with Quality Technical Service. As always competition was tough and customers were more demanding, however, despite all the difficulties they were able to maintain their leadership position in the industry and were able to maintain their sales higher as compared to competition. On tonnage they achieved sales of 9,681 tons during 2012-13 as compared to 8,943 tons in 2011-12.
they have set up a Shoe Finish Competency Centre in India , to supply their global customer base Shoe Finish range of products. The production from this facility will commence in 2013-14 and will help them increase sales and profitability. During the year they have invested Rs.26.6 mio in new machineries and Lab Equipment’s in their Ranipet factory to augment their capacity and also for setting up the Shoe Finish Competency Centre.
Bangladesh had always been a key market for Leather Finish and Wetend business, to augment this market further and provide impetus to sales they have set up a Stahl India Private Limited Branch Office in Bangladesh and employed 3 technicians to tap market potential there. The Directors are confident that this initiative will take effect and will result in higher sales and profitability during the coming years.
Stahl India is undertaking various initiatives to tap business potential with Pakistan especially for Wetend business as it is a big market and the Directors are confident that this will result in higher sales and profitability in the coming years.
As always their technical sales team is well respected in the leather industry circles, for its innovativeness and speed of response. They stand by their objective of being the first choice call for tanners and coaters when they have a problem. As of March 2013 their total technician’s strength stood at 72 with another 6 in business support. Their earnings per share is Rs.22.20 in 2012-13 and Rs.18.18 in 2011-12
LICENSE CAPACITY AT
RANIPET
As there has been a general ban in Ranipet due to pollution issue they have been restricted to produce a maximum of 5,150 tons in their Ranipet factory by Pollution Control Board. During the year, to ensure that they supply the market demand they have outsourced some of their products to third party toll manufacturers. To assure quality of their supplies, they ensure that these third party toll manufacturers adhere to all their production and quality standards. They have made applications to Pollution Control Board both at State and Central Level to increase their production capacity. They hope in 2013-14 they will have approval for increased production beyond 5,150 tons.
FUTURE OUTLOOK
2013-14 will be a challenging year for Leather Industry, with key markets of US and Europe showing slight signs of economic recovery. Another opportunity is that some of their competitors are putting their Leather Business on the Block (ie) looking to sell their Leather business, this will provide them an opportunity to improve their market penetration. But this market penetration will not be easy and it will be filled with challenges which they are confident to negotiate. Their budgets are ambitious and they expect to improve on their profitability in the year 2013-14. They will ensure that all strings are pulled so that they yet again outperform the market growth. They have set ourselves an ambitious growth target both in sales and EBITDA. All their labs in Chennai, Ambur, Kolkata and Kanpur are fully geared and ready to service customers. Technicians are fully trained and equipped to provide customers with innovative products. The new Shoe Finish Competency Centre will help them meet global demand on Shoe Finish products. Also their initiatives in Pakistan and Bangladesh will help them reach higher sales value. They also have ambitious plans to build a new R&D Lab and a new Application Lab at Ranipet which is a nerve centre for Leather Industry in India . Overall a very positive outlook and they are confident of better performance.
FIXED ASSETS
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Leasehold
Improvements
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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
51 |
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.