|
Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRAVANCORE COCOTUFT PRIVATE LIMITED |
|
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|
Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
03.03.2000 |
|
|
|
|
Com. Reg. No.: |
09-013734 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.37.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17214KL2000PTC013734 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
TVDT00626D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of polyvinyl-chloride-tufted
coir rolls and mats, rubber tray mats and polypropylene mats. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 312000 |
|
|
|
|
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 an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment Terms
are slow but correct. The company can be considered for business dealings 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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Short Term Fund Based Limited) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
June 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.
LOCATIONS
|
Registered Office : |
Coir Park, Thiruvizha, Cherthala, Alappuzha – 688539, Kerala, India |
|
Tel. No.: |
91-478-2811034/ 2813966 |
|
Fax No.: |
91-478-2811135/ 2818034/ 2823950 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
|
Flat No.665, Pocket E, Mayur Vihar,
Phase 2, |
|
Tel. No.: |
91-11-22773139 |
|
E-Mail : |
DIRECTORS
As on: 21.06.2013
|
Name : |
Mr. Veliyil Velayudhan Pavithran
|
|
Designation : |
Managing Director |
|
Address : |
Lekshmi Sadanam, Marathorvattom, Cherthala, Alappuzha – 688 545, |
|
Date of Birth/Age : |
16.01.1932 |
|
Date of Appointment : |
03.03.2000 |
|
DIN No.: |
00026418 |
|
|
|
|
Name : |
Mr. Santosh Veliyil Velayudhan |
|
Designation : |
Director |
|
Address : |
Jovial Bunglow, Veloorvattom, Cherthala, Alappuzha – 688 524, |
|
Date of Birth/Age : |
13.09.1956 |
|
Date of Appointment : |
03.03.2000 |
|
DIN No.: |
00465132 |
|
|
|
|
Name : |
Mr. Velayudhan Ravindra Prasad |
|
Designation : |
Director |
|
Address : |
Asha Bhavanam, Veloorvattom, Cherthala, Alappuzha – 688 524, |
|
Date of Birth/Age : |
01.10.1934 |
|
Date of Appointment : |
03.03.2000 |
|
DIN No.: |
00026426 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 21.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
V.V. Pavithran |
|
125000 |
|
V.R. Prasad |
|
125000 |
|
V.V. Santosh |
|
125000 |
|
|
|
|
|
Total |
|
375000 |
Equity Share Break up (Percentage of Total Equity)
As on: 21.06.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of polyvinyl-chloride-tufted
coir rolls and mats, rubber tray mats and polypropylene mats. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Citi Bank N.A, Photofast House, Door No. 38/1581, M.G Road, Padma Junction, Kocji - 682035, Kerala, India · The Catholic Syrian Bank Limited, Cherthala Branch, Cherthala, Alappuzha, Cherthala - 688524, Kerala, India · State Bank of Travancore, Near Chithranjali Theatre, Cherthala, Cherthala - 688524, Kerala, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rangamani and Company Chartered Accountants |
|
Address : |
Post Boc No. 3807, Rajarajeshwari Bhavan, Pazhaveedu P.O., Alleppy –
688 009, Kerala, India |
|
Tel. No.: |
91-477-2251474/ 2251274 |
|
Fax No.: |
91-477-2251274 |
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E-mail: |
|
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Income-tax
PAN of auditor or auditor's firm : |
AAKFR6558G |
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Related Parties
: |
·
Travancore Mats and Mattings Company Limited ·
Extra Waves Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000 |
Equity Shares |
Rs.100/- each |
Rs.37.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000 |
Equity Shares |
Rs.100/- each |
Rs.37.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
37.500 |
37.500 |
37.500 |
|
(b) Reserves & Surplus |
40.500 |
37.061 |
62.772 |
|
(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) |
78.000 |
74.561 |
100.272 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
18.829 |
18.556 |
22.550 |
|
(b) Deferred tax liabilities (Net) |
4.416 |
4.582 |
4.525 |
|
(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) |
23.245 |
23.138 |
27.075 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
105.129 |
155.706 |
209.993 |
|
(b) Trade payables |
28.600 |
24.680 |
14.004 |
|
(c) Other current liabilities |
2.837 |
0.947 |
1.780 |
|
(d) Short-term provisions |
0.816 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
137.382 |
181.333 |
225.777 |
|
|
|
|
|
|
TOTAL |
238.627 |
279.032 |
353.124 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
99.059 |
103.279 |
108.419 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.452 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14.509 |
24.110 |
0.675 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.319 |
0.350 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
113.887 |
127.739 |
109.546 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
73.903 |
87.889 |
112.936 |
|
(c) Trade receivables |
42.869 |
33.555 |
95.787 |
|
(d) Cash and cash equivalents |
3.298 |
3.960 |
11.987 |
|
(e) Short-term loans and advances |
0.000 |
0.000 |
22.166 |
|
(f) Other current assets |
4.670 |
25.889 |
0.702 |
|
Total Current
Assets |
124.740 |
151.293 |
243.578 |
|
|
|
|
|
|
TOTAL |
238.627 |
279.032 |
353.124 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales |
401.034 |
376.614 |
459.571 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
4.534 |
(25.654) |
(5.734) |
|
|
|
|
|
|
|
|
|
|
TAX |
1.096 |
0.056 |
2.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
3.438 |
(25.710) |
(8.460) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
NA |
305.144 |
390.530 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
9.00 |
(69.00) |
(22.56) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.02 |
(10.06) |
(1.63)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
(0.34) |
(0.06)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.59 |
2.34 |
2.32
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.83 |
1.08
|
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 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 |
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 |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties – Directors Others |
12.075 |
13.750 |
|
|
|
|
|
Total |
12.075 |
13.750 |
OPERATIONS AND FUTURE
PROSPECTS
The performance of the Company during the year was very satisfactory. The financial results were negative in profit as well as in sales during the Financial Year 31.03.2013. But 2013 witness a growth in sales by 6% compared to last year, even after losing business with a couple of buyers who had gone bankrupt during the last financial year. The operating profit during the financial year before depreciation was around Rs. 13.934 Millions, and the net profit Rs. 4.534 Millions compared to the loss of reported last year. The limited pricing power due to severe competition, erratic power supply, and frequent fluctuation of cost of raw material lead to thin profit margin for the year.
OUTOOK
The sudden drop in sales due to bankruptcy of a couple of major buyers necessitated vigorous search for strong an meaningful buyers all over the world and the marketing team of the Company seceded in their effort by increasing the sales by 6% over the last Financial year. The Company being 100% EOU will earn a good share of the future market with its internal strength and customer expertise and can blow all potential clouds as soon as possible and continue business with added vigour and strength. The company is planning to set up a new manufacturing facility for rubber based products in 2013-14 targeting European market with an investment of one Crore in Machinery.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10237172 |
05/08/2010 |
11,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
CHERTHALA BRANCH, MUTTOM BAZAR, CHERTHALA P O, ALAPPUZHA, KERALA - 688524, INDIA |
A93978310 |
|
2 |
10122904 |
02/09/2008 |
4,000,000.00 |
The Catholic Syrian Bank Limited |
CHERTHALA BRANCH, CHERTHALA, ALAPPUZHA, CHERTHALA, KERALA - 688524, INDIA |
A46084802 |
|
3 |
10122905 |
02/09/2008 |
5,000,000.00 |
The Catholic Syrian Bank Limited |
CHERTHALA BRANCH, CHERTHALA, ALAPPUZHA, CHERTHALA, KERALA - 688524, INDIA |
A46085338 |
|
4 |
10043361 |
30/08/2007 * |
97,000,000.00 |
State Bank of Travancore |
CHERTHALA BRANCH, CHERTHALA P.O, ALAPPUZHA, CHERTHALA, KERALA - 688524, INDIA |
A33363532 |
|
5 |
90021120 |
02/09/2008 * |
85,000,000.00 |
The Catholic Syrian Bank Limited |
CHERTHALA BRANCH, CHERTHALA, ALAPPUZHA, CHERTHALA, KERALA - 688524, INDIA |
A46085221 |
|
6 |
90021028 |
04/08/2005 |
9,100,000.00 |
THE CATHOLIC SYRIAN BANK LTD. |
CHERIHULA, CHERIHULA, KERALA, INDIA |
- |
|
7 |
90020396 |
24/01/2005 |
4,300,000.00 |
THE CATHOLIC SYRIAN BANK LTD |
CHERTHALA, CHERTHALA, KERALA, INDIA |
- |
|
8 |
90020004 |
30/07/2004 |
13,900,000.00 |
THE CATHOLIC SYRIAN BANK LTD |
CHERTHALA, CHERTHALA, KERALA, INDIA |
- |
|
9 |
90019529 |
18/12/2003 |
9,200,000.00 |
THE CATHOLIC SYRIAN BANK LTD |
CHERTHALA, CHERTHALA, KERALA, INDIA |
- |
|
10 |
90018405 |
04/04/2008 * |
80,000,000.00 |
The Catholic Syrian Bank Ltd |
CHERTHALA BRANCH, CHERTHALA, ALAPPUZHA, CHERTHALA, KERALA - 688524, INDIA |
A41497363 |
|
11 |
90018082 |
04/01/2001 |
2,000,000.00 |
THE CATHOLIC SYRIAN BANK LTD |
CHERTHALA, CHERTHALA, KERALA, INDIA |
11 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
v
v Building
v Plant and Equipment
v Furniture and Fixtures
v Vehicles
v Office Equipment
Intangible Assets
v Brands/ Trademarks
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.62.10 |
|
|
1 |
Rs.101.24 |
|
Euro |
1 |
Rs.85.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
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 |
4 |
|
--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 |
|
29 |
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.