|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEETEE RICE LTD. |
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|
|
|
Registered Office : |
Unit 21 Neptune Industrial
Estate Neptune Close Medway City Estate Rochester, ME2 4LT |
|
|
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|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.04.1986 |
|
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|
Com. Reg. No.: |
02009019 |
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|
|
Legal Form : |
Private Subsidiary |
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|
|
|
Line of Business : |
Manufacture of grain mill products |
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|
|
No. of Employees : |
108 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED KINGDOM - ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).
Source
: CIA
Veetee Rice Ltd.
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Business Description
|
Veetee Rice Ltd. is a supplier of rice to the
grocery trade in the United Kingdom. The company is a supplier of Veetee
brand and a retailer own label products. It is an independent company and
exports its products worldwide. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Financial Summary
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1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.623776
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6434593
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Veetee Rice Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Dammam |
Saudi Arabia |
Miscellaneous Financial Services |
|
3,500 |
|
|
Subsidiary |
Riyadh |
Saudi Arabia |
Miscellaneous Fabricated Products |
446.1 |
1,650 |
|
|
Subsidiary |
Riyadh |
Saudi Arabia |
Miscellaneous Fabricated Products |
|
|
|
|
Saudi Modern Company for Special Electric Wire &
Cables Industry Ltd. |
Subsidiary |
Riyadh |
Saudi Arabia |
Miscellaneous Fabricated Products |
|
|
|
Subsidiary |
Riyadh |
Saudi Arabia |
Miscellaneous Fabricated Products |
|
|
|
|
Saudi Modern Company for Metals, Cables and Plastic
Industry Ltd. |
Subsidiary |
Riyadh |
Saudi Arabia |
Miscellaneous Fabricated Products |
|
|
|
Subsidiary |
Jeddah |
Saudi Arabia |
Food Processing |
|
800 |
|
|
Subsidiary |
Riyadh |
Saudi Arabia |
Construction - Supplies and Fixtures |
|
250 |
|
|
Subsidiary |
Dammam |
Saudi Arabia |
Chemical Manufacturing |
27.6 |
150 |
|
|
Subsidiary |
Rochester |
United Kingdom |
Food Processing |
114.5 |
108 |
|
|
Subsidiary |
Lahore |
Pakistan |
Food Processing |
|
|
|
|
Subsidiary |
Delhi, Pitampura |
India |
Food Processing |
|
|
|
|
Subsidiary |
Riyadh |
Saudi Arabia |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Lahore |
Pakistan |
Food Processing |
|
|
Executives
Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Return
Date: 23 Aug 2012
Total Issued Capital (GBP 000): 5,000
|
Individual Directors |
|||||||
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|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
21 Jan 1949 |
Aston House 23 Russell Road, Northwood, |
23 Aug 1991 |
NA |
Current:3 |
|
|
|
Current |
09 Apr 1959 |
Po Box 30, |
15 Mar 1996 |
NA |
Current:1 |
|
|
|
Previous |
15 Nov 1944 |
Post Kaipamangalam 680 681, |
05 May 1993 |
15 Mar 1996 |
Current:0 |
|
|
|
Previous |
11 Jul 1937 |
16 Cleaver Square, |
01 Oct 1998 |
15 Nov 1999 |
Current:2 |
|
|
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Corporate Directors |
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|
There are no corporate directors for this
company. |
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|
Individual Secretaries |
|||||||
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|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
29 Dec 1965 |
8 Franklin Drive, Weavering, |
01 Jun 2007 |
NA |
Current:4 |
|
|
|
Previous |
NA |
17 Belmont Close, |
14 May 1997 |
08 Aug 2003 |
Current:0 |
|
|
|
Previous |
18 Jul 1968 |
Plot No. A - 3 To A - 5, Gys Global Sector
- 125, |
15 Apr 2005 |
01 Jun 2007 |
Current:4 |
|
|
|
Previous |
NA |
9 Beverley Road, |
08 Aug 2003 |
15 Apr 2005 |
Current:0 |
|
|
|
Previous |
01 Jun 1953 |
3 Downs Valley, Hartley, |
NA |
31 Mar 1997 |
Current:0 |
|
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||||||
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||||||
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|
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|
Corporate Secretaries |
|
|
|
There are no corporate secretaries for this
company. |
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Individual Shareholders |
||||||
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||||||
|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
M C Varma |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
<0.01 |
|
Veetee Investments Corporation |
4999999 Ordinary GBP 1.00 |
Ordinary |
4,999,999 |
1.00 |
4,999,999.00 |
100.00 |
|
|
|
|
|
|
|
|
|
Corporate Shareholders |
|
|
|
There are no corporate shareholders for this
company. |
|
|
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Turnover (UK) |
107.9 |
87.5 |
89.0 |
76.4 |
52.7 |
|
Turnover (Exports) |
6.6 |
5.5 |
7.0 |
7.9 |
3.9 |
|
Total Turnover |
114.5 |
93.1 |
96.0 |
84.2 |
56.6 |
|
Cost of Sales |
98.8 |
74.5 |
79.4 |
66.3 |
44.5 |
|
Gross Profit |
15.7 |
18.6 |
16.6 |
17.9 |
12.0 |
|
Depreciation |
1.2 |
1.1 |
1.1 |
1.4 |
1.5 |
|
Other Expenses |
12.2 |
11.2 |
10.2 |
9.8 |
9.8 |
|
Operating Profit |
3.5 |
7.4 |
- |
8.1 |
- |
|
Other Income |
0.0 |
0.0 |
0.1 |
0.2 |
0.0 |
|
Interest Paid |
1.1 |
0.9 |
1.2 |
2.8 |
2.0 |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit Before Taxes |
2.4 |
6.6 |
5.4 |
5.5 |
0.3 |
|
Tax Payable / Credit |
0.7 |
1.8 |
1.4 |
1.6 |
0.1 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit After Taxes |
1.7 |
4.8 |
4.0 |
4.0 |
0.1 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Non Audit Fees |
0.0 |
0.0 |
0.0 |
- |
- |
|
Number of Employees |
108 |
106 |
105 |
100 |
100 |
|
Wages |
5.9 |
5.1 |
- |
5.1 |
- |
|
Social Security Costs |
0.7 |
0.5 |
- |
0.5 |
- |
|
Pensions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Pension Costs |
0.1 |
0.1 |
- |
0.1 |
- |
|
Employees Remuneration |
6.6 |
5.7 |
5.6 |
5.7 |
6.3 |
|
Directors Emoluments |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Other Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
0.3 |
0.3 |
0.3 |
0.4 |
0.4 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
5.1 |
3.6 |
3.8 |
3.5 |
4.9 |
|
Fixtures & Fittings |
0.5 |
0.3 |
0.4 |
0.5 |
0.8 |
|
Plant & Vehicles |
7.7 |
6.3 |
5.0 |
4.0 |
6.4 |
|
Total Tangible Fixed Assets |
13.3 |
10.3 |
9.2 |
7.9 |
12.0 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.2 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
13.5 |
10.4 |
9.2 |
7.9 |
12.0 |
|
Stocks |
30.8 |
25.2 |
16.0 |
15.8 |
10.8 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
30.8 |
25.2 |
16.0 |
15.8 |
10.8 |
|
Trade Debtors |
19.7 |
16.5 |
14.4 |
18.1 |
20.5 |
|
Inter-Company Debtors |
16.6 |
11.5 |
17.5 |
5.4 |
4.9 |
|
Other Debtors |
1.3 |
0.8 |
1.1 |
0.9 |
1.6 |
|
Total Debtors |
37.6 |
28.9 |
33.0 |
24.4 |
27.0 |
|
Cash and Equivalents |
0.5 |
0.2 |
0.2 |
2.8 |
0.2 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
68.9 |
54.3 |
49.1 |
43.0 |
38.0 |
|
Total Assets |
82.5 |
64.7 |
58.3 |
50.9 |
50.1 |
|
Trade Creditors |
2.6 |
4.3 |
4.0 |
1.9 |
2.3 |
|
Bank Overdraft |
- |
33.7 |
33.0 |
32.8 |
29.8 |
|
Inter-Company Creditors |
1.9 |
0.2 |
0.1 |
0.7 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current
Liability) |
0.4 |
0.2 |
0.2 |
0.2 |
0.5 |
|
Total Short Term Loans |
49.2 |
- |
- |
- |
- |
|
Accruals/Deferred Income (Current
Liability) |
1.4 |
2.0 |
1.7 |
1.7 |
1.0 |
|
Social Security/VAT |
0.3 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Corporation Tax |
0.7 |
1.2 |
1.2 |
0.9 |
0.2 |
|
Other Current Liabilities |
0.3 |
0.5 |
0.5 |
0.6 |
0.0 |
|
Total Current Liabilities |
56.8 |
42.3 |
40.8 |
38.8 |
34.0 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
- |
- |
- |
0.2 |
- |
|
Leasing (Long Term Liability) |
- |
- |
- |
0.0 |
- |
|
Total Hire Purchase Loans (Long Term
Liability) |
1.3 |
0.6 |
0.0 |
0.2 |
0.5 |
|
Other Long Term Loans |
1.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term
Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
2.3 |
0.6 |
0.0 |
0.2 |
0.5 |
|
Deferred Taxation |
1.2 |
1.2 |
1.2 |
1.2 |
1.8 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
1.2 |
1.2 |
1.2 |
1.2 |
1.8 |
|
Issued Capital |
7.8 |
7.8 |
8.1 |
7.2 |
10.0 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
14.3 |
12.8 |
8.2 |
3.6 |
3.8 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
22.1 |
20.6 |
16.3 |
10.8 |
13.7 |
|
Net Worth |
22.1 |
20.6 |
16.3 |
10.8 |
13.7 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
-11.3 |
3.0 |
4.5 |
-3.9 |
-2.1 |
|
Net Cash Flow from ROI and Servicing of
Finance |
0.1 |
-3.5 |
-2.0 |
-5.4 |
-2.0 |
|
Taxation |
-1.2 |
-1.7 |
-1.4 |
-0.9 |
0.0 |
|
Capital Expenditures |
0.0 |
0.0 |
0.0 |
-0.3 |
-0.3 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
-5.6 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Increase in Cash |
-18.0 |
-2.2 |
1.1 |
-10.5 |
-4.3 |
|
|
|
Annual Ratios |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.21 |
1.28 |
1.20 |
1.11 |
1.12 |
|
Liquidity Ratio |
0.67 |
0.69 |
0.81 |
0.70 |
0.80 |
|
Stock Turnover |
3.60 |
3.75 |
6.21 |
4.18 |
5.20 |
|
Credit Period (Days) |
64.65 |
64.02 |
52.79 |
100.04 |
132.81 |
|
Working Capital by Sales |
10.91% |
12.72% |
8.37% |
6.47% |
7.18% |
|
Trade Credit by Debtors |
0.13 |
0.26 |
0.28 |
0.10 |
0.11 |
|
Return on Capital |
9.01% |
29.81% |
31.96% |
35.74% |
1.55% |
|
Return on Assets |
2.80% |
10.32% |
9.59% |
8.54% |
0.50% |
|
Profit Margin |
2.08% |
7.07% |
5.63% |
6.58% |
0.44% |
|
Return on Shareholders Funds |
10.44% |
32.34% |
34.38% |
40.14% |
1.82% |
|
Borrowing Ratio |
243.41% |
167.93% |
204.32% |
312.46% |
224.63% |
|
Equity Gearing |
26.81% |
31.90% |
27.90% |
21.27% |
27.41% |
|
Debt Gearing |
10.28% |
2.68% |
0.23% |
1.61% |
3.95% |
|
Interest Coverage |
2.21 |
7.70 |
4.63 |
1.97 |
0.13 |
|
Sales by Tangible Assets |
8.34 |
9.16 |
10.83 |
8.37 |
4.67 |
|
Average Remuneration per Employee |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Profit per Employee |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Sales per Employee |
1.0 |
0.9 |
0.9 |
0.7 |
0.6 |
|
Capital Employed per Employee |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Tangible Assets per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Assets per Employee |
0.8 |
0.6 |
0.6 |
0.5 |
0.5 |
|
Employee Remuneration by Sales |
5.78% |
6.13% |
5.86% |
6.75% |
11.22% |
|
Creditor Days (Cost of Sales Based) |
9.92 |
20.98 |
17.75 |
13.10 |
18.77 |
|
Creditor Days (Sales Based) |
8.56 |
16.79 |
14.68 |
10.31 |
14.77 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.