|
Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ORGANIC INDIA PRIVATE LIMITED (w.e.f. 2006) |
|
|
|
|
Formerly Known
As : |
IITC ORGANIC INDIA PRIVATE LIMITED (w.e.f.11.01.2002) INDO-ISRAEL TRADING CORPORATION PRIVATE
LIMITED (w.e.f.14.10.1998) INDO |
|
|
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Registered
Office : |
Plot No.266, |
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|
|
|
Country : |
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Financials (as
on) : |
31.03.2011 |
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|
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Date of
Incorporation : |
17.02.1997 |
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|
Com. Reg. No.: |
20-021420 |
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Capital
Investment / Paid-up Capital : |
Rs.515.883 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74130UP1997PTC021420 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5675E |
|
|
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Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacture and
Sale of Herbal Infusions, Ayurvedic Formulations and Agro Products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The latest financial [2012] are not available. As per the of 2011,
there appeared huge accumulated losses in the of the company. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. The company can be considered for business dealings with great
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE.
Contact No.: 91-9956296685
LOCATIONS
|
Registered Office : |
Plot No.266, Faizabad Road, Kamta, P. O. Chinhat, Lucknow – 227105,
Uttar Pradesh, India |
|
Tel. No.: |
91-522-2701579 |
|
Mobile No.: |
91-9956296685 |
|
Fax No.: |
91-522-2701395 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: · Rajasthan · Uttar Pradesh · Madhya Pradesh |
DIRECTORS
(AS ON 28.09.2012)
|
Name : |
Mr. Yoav Lev |
|
Designation : |
Director |
|
Address : |
Khasra No.48, Near Iise, Kalyanpur, Lucknow – 226022, Uttar Pradesh,
India |
|
Date of Birth/Age : |
12.12.1964 |
|
Date of Appointment : |
17.02.1997 |
|
DIN No.: |
00183462 |
|
|
|
|
Name : |
Mr. Krishan Gupta |
|
Designation : |
Managing Director |
|
Address : |
A-Block 197-A, Sushant Lok, Phase – 1, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
20.06.1964 |
|
Date of Appointment : |
21.01.2008 |
|
DIN No.: |
02010933 |
|
|
|
|
Name : |
Mr. Dinesh Kumar |
|
Designation : |
Director |
|
Address : |
Plot No.1, Khasra No.54, Mohannadpur Khatri, Kalyanpur, Lucknow –
226022, Uttar Pradesh, India |
|
Date of Birth/Age : |
10.05.1973 |
|
Date of Appointment : |
01.09.1998 |
|
DIN No.: |
00124932 |
KEY EXECUTIVES
|
Name : |
Mr. Alok Kumar |
|
Designation : |
Company Secretary |
|
Address : |
Plot No.10, Phoolbagh Colony, Gudamba Kursi Road, Lucknow – 226021,
Uttar Pradesh, India |
|
Date of Birth/Age : |
23.05.1983 |
|
Date of Appointment : |
10.03.2011 |
|
PAN No.: |
ARFPK3497H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Holly B. Lev |
|
26310008 |
|
Krishan Gupta |
|
5158825 |
|
Yoav Lev |
|
17540004 |
|
Christopher Dean |
|
1031765 |
|
Steven Bookoff |
|
1031765 |
|
Laurent Chappuis |
|
515883 |
|
|
|
|
|
Total |
|
51588250 |
(AS ON 01.06.2013)
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
Fabindia Overseas Private Limited, India |
|
34392167 |
|
|
|
|
|
Total |
|
34392167 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
90.00 |
|
Directors or relatives of directors |
|
10.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Sale of Herbal Infusions, Ayurvedic Formulations and
Agro Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
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||||||||||||||||||
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Bankers : |
· ICICI Bank Limited Regd. Off- Landmark, Race Cource Circle, Vadodara – 390007, Gujarat, India · HDFC Bank |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
V G Associates, Chartered Accountants |
|
Address : |
Dalippur Tower,
C D Block 1st Floor, R. No. 5B and 6A 6, Sapru Marg, Lucknow – 226001, Uttar
Pradesh, India |
|
PAN No.: |
AAEFV8325M |
CAPITAL STRUCTURE
(AFTER –
28.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89400000 |
Equity Shares |
Rs.10/- each |
Rs.894.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85980417 |
Equity Shares |
Rs.10/- each |
Rs.859.804
Millions |
|
|
|
|
|
(AS ON 28.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51588250 |
Equity Shares |
Rs.10/- each |
Rs.515.883
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
515.883 |
515.883 |
444.895 |
|
|
2] Share Application Money |
0.000 |
0.000 |
7.560 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(220.860) |
(242.459) |
(243.296) |
|
|
NETWORTH |
295.023 |
273.424 |
209.159 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.593 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
53.498 |
|
|
TOTAL BORROWING |
3.593 |
0.000 |
53.498 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
298.616 |
273.424 |
262.657 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
128.246 |
104.808 |
103.239 |
|
|
Capital work-in-progress |
7.231 |
37.391 |
8.961 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.694
|
57.069 |
73.495 |
|
|
Sundry Debtors |
72.624
|
66.971 |
42.291 |
|
|
Cash & Bank Balances |
18.538
|
6.701 |
12.832 |
|
|
Other Current Assets |
1.552
|
1.098 |
1.342 |
|
|
Loans & Advances |
24.074
|
22.922 |
27.838 |
|
Total
Current Assets |
162.482
|
154.761 |
157.798 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
4.841
|
26.050 |
8.768 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.748
|
3.874 |
4.715 |
|
Total
Current Liabilities |
5.589
|
29.924 |
13.483 |
|
|
Net Current Assets |
156.893
|
124.837 |
144.315 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
6.246 |
6.388 |
6.142 |
|
|
|
|
|
|
|
|
TOTAL |
298.616 |
273.424 |
262.657 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
330.457 |
241.765 |
NA |
|
|
|
Other Income |
3.465 |
5.819 |
NA |
|
|
|
TOTAL |
333.922 |
247.584 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
301.777 |
237.657 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
32.145 |
9.927 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ DEPRECIATION/ AMORTISATION |
10.546 |
9.090 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
21.599 |
0.837 |
(10.175) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
21.599 |
0.837 |
(10.175) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.42 |
0.02 |
(0.23) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.47
|
0.34 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.54
|
0.35 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.43
|
032 |
(3.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.00 |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.00 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
29.07
|
5.17 |
11.70 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The Registered office of the company has been shifted from A-306, Indira Nagar, Lucknow – 226016, Uttar Pradesh, India to the present address w.e.f. 22.09.2009
REVIEW OF OPERATIONS
The Company is
engaged in processing, manufacturing and marketing of Certified Organic Tulsi
Teas, Herbal Supplements, Psyllium, Ayurvedic and Medicinal Herbs, and many
other Organic food and Organic Spices. Their products are of the highest
quality and marketed all over the world. They are continually developing and
expanding their range of organic foods and health products.
All Organic
India’s facilities and processing centers have been awarded prestigious
international certifications like HACCP, GMP, ISO-9001 :2008, Kosher, EU regulation,
USDA , SGS and Control Union for organic production. They have also been
accredited with Indian Certification standards for organic production like NPOP
(National Program of Organic Production) and NOP (National Organic Program).
The Company has designed and developed their unique processing methods and
advanced dehydration technologies to ensure maximum retention of potency and
nutritional values, so that they can remain true to their commitment to offer
the highest quality organic products available today.
They have expanded
their Certified Organic area multifold with all types of raw farm produce. The
agro projects are now widely spread over Uttar Pradesh, Rajasthan, Gujarat,
Madhya Pradesh in addition to a large expansion area in UP in Bundelkhand.
Today they are operating in about 12,000 acres of certified organic land. This
is one of the largest and most widely spread Certified Organic cultivation plan
in India and the Company is continuously adding projects across India.
They currently market
their products throughout India and Globally in countries like USA, Europe, UK,
Israel, Australia, Japan, Czech Republic, and they are actively seeking to
expand their distribution networks and pursuing new business relationships
around the world.
They have access
to the largest network in India of Organic agricultural farmland and exclusive
access to millions of acres of Certified Organic forests, which enable Organic
India to continually expand their product range. In addition the Company is
focusing to further develop their retail line of Organic foods and health
products to be marketed under their own label through retail outlets worldwide.
CERTIFICATION
The Company is
among those Companies to receive most prestigious certificates in food sector
viz. Food Quality and Safety Certifications HACCP (Hazards Analysis Critical
Control Points), Codex Alimentarius – GMP (Good Manufacturing Practices),
certification for their range of products from SGS, Netherlands and Control
Union, the world’s leading verification, testing and certification Company.
They are also an ISO 9001:2008 certified company for their Lucknow operations
and thereby working towards continual improvement in quality customer
satisfaction.
They have also
obtained KOSHER Certification for 18 new Tulsi tea blends and flavored Psyllium
from Orthodox Union a leading Kosher certification agency worldwide. The
Directorate of Ayurveda, Uttar Pradesh has awarded the company with the Good
Manufacturing Practices of Ayurveda-Siddha-Unani drugs as laid down in
“Schedule T” of the Drugs and Cosmetic Rules, 1945, which represents
attestation of their model facilities and ambience necessary for manufacture of
quality products.
BRANCHES OF THE COMPANY
The Company’s
production base is being strengthened by bringing under its umbrella more areas
of certified organic cultivation as per EU 834/2007 regulation, USDA, and NPOP,
NOP Indian Organic Production standards, which now aggregates to about 12000
acres in Rajasthan, M.P. and U.P. The certification is conducted by all
renowned third party external agencies like Control Union Certifications, SGS,
etc. Besides, about 2,432,000 hectares of forest land has been certified
organic area by SGS, Netherlands in Chitrakoot and Lalitpur (U.P.) and 16
forest divisions of U.P. and M.P. supporting thousands of tribal’s for their
livelihood through gathering and selling wild forest herbs to the Company.
Additional forest area of more than 600 hectares in U.P. (Bundelkhand region)
has been certified as per organic guidelines for wild crafting.
FIXED ASSETS:
·
Land
·
Building
·
Factory Building
·
Plant and Machinery
·
Office Equipments
·
Computer Equipments
·
Furniture and Fixtures
·
Vehicles
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 records 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 records 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.60.34 |
|
|
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
NO |
|
--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.