MIRA
INFORM REPORT
|
Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
VTM LIMITED |
|
|
|
|
Registered
Office : |
Sulakarai, Virudhunagar, District Ramnad - 626003, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.07.1946 |
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|
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|
Com. Reg. No.: |
18-003270 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 40.228
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TN1946PLC003270 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIV00353D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV3775E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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|
Line of Business
: |
Manufacturer of Fabrics. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4218000 |
|
|
|
|
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 a satisfactory track
record. The company has reported a significant growth in its sales turnover as
well as net profitability during 2013. Financial and liquidity position
appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. The company can be considered for 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 2, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
August 2, 2012 |
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 BY
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
Senior Finance Manager |
|
Contact No.: |
91-452-2482595 |
|
Date : |
20.07.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Sulakarai, Virudhunagar, District Ramnad - 426003, Tamilnadu, India |
|
Tel. No.: |
91-4562-252019/ 252907/ 234801 |
|
Fax No.: |
91-4562-288551 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Chairman Office : |
Thiagarajar Mills Premises, Kappalur, Madurai - 625008, Tamilnadu, India |
|
Tel. No.: |
91-452-2482595 (4 Lines) 91-4549-280620/ 280592/ 280919 |
|
Fax No.: |
91-452-2482590/ 2486085 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. T Kannan |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
59 Years |
|
|
|
|
Name : |
Mr. R M Somasundaram |
|
Designation : |
Director |
|
Date of Birth/Age : |
61 Years |
|
|
|
|
Name : |
Mr. L N V Subramanian |
|
Designation : |
Director |
|
Date of Birth/Age : |
81 Years |
|
|
|
|
Name : |
Mr. A Mariappan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
Senior Finance Manager |
|
|
|
|
Name : |
Mr. S Paramashivan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1613400 |
4.01 |
|
|
5518300 |
13.72 |
|
|
23038000 |
57.27 |
|
|
23038000 |
57.27 |
|
|
30169700 |
75.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
30169700 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
552161 |
1.37 |
|
|
|
|
|
|
6555881 |
16.30 |
|
|
2731162 |
6.79 |
|
|
218696 |
0.54 |
|
|
66000 |
0.16 |
|
|
60000 |
0.15 |
|
|
42900 |
0.11 |
|
|
49796 |
0.12 |
|
|
10057900 |
25.00 |
|
Total Public shareholding (B) |
10057900 |
25.00 |
|
Total (A)+(B) |
40227600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
40227600 |
0.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fabrics. |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Looms |
Nos. |
Not Applicable |
270 |
-- |
|
Cloth (On own account) |
Mtrs. |
-- |
-- |
135.02 |
|
Cloth (on others) |
Mtrs. |
-- |
-- |
9.67 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
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Bankers : |
v State Bank of India v
IDBI Bank Limited v
Standard Chartered Bank |
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||||||||||||||||||
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Facilities : |
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||||||||||||||||||
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Peri Thiagraj and Company Chartered Accountants |
|
Address : |
Madurai, Tamilnadu, India |
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|
|
|
Enterprises in
which Key Management Personnel have significant influence : |
v Thiagarajar Mills (Private) Limited v Colour Yarns Limited v Tamaraiselvi Finance Private Limited v Thiagarajar Telekom Solutions Limited v Sree Devi Karumari Finance Private Limited v Sree Thiagaraja Finance Private Limited v Thirumagal Finance Private Limited v Thiagarajar Leasing Private Limited v Thiagarajar Rubbers Private Limited v Karumuttu Farms Private Limited v Kannappan Traders Private Limited v Sivakami Textile Traders Private Limited v SIMA-Textile Processing Centre Limited v Thiagarajar Knitters v Guruvayoorappan Investments v Avittam Investments v Thirumagal Investments v Karumuttu Investments v Celebrate Madurai Committee |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re.1/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40227600 |
Equity Shares |
Re.1/- each |
Rs. 40.228
Millions |
|
|
|
|
|
Other Information:
1. During the year, the company splitted/ sub-divided Rs. 10/- paid up per
share into Re.1/-paid up per share.
2. The company has issued only one class of shares referred to as equity
shares having paid up value of Re. 1/- per share and each shareholder is entitled
to one vote per share.
3. The company declares dividend on equity shares. In the event of
declaration of interim dividend, the same is as per decision of the Board of
Directors. Final dividend is proposed by Board of Directors and approved by the
shareholders of the company at the Annual General Meeting.
4. In the event of liquidation, shareholder will be entitled to receive
remaining assets of the company after distribution of all preferential amount.
The distribution will be in proportion to the no. of equity share held by the
shareholder.
5. The company has no Holding nor any Subsidiary Company.
6. During the last five year immediately preceding the date of Balance
Sheet, the company has neither issued any shares as Bonus Shares nor for
consideration other than cash and has not bought back any shares.
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 |
40.228 |
40.228 |
40.228 |
|
(b) Reserves & Surplus |
1014.413 |
923.983 |
880.015 |
|
(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) |
1054.641 |
964.211 |
920.243 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17.907 |
10.070 |
10.070 |
|
(b) Deferred tax liabilities (Net) |
57.746 |
66.747 |
84.572 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.978 |
4.272 |
5.261 |
|
Total Non-current
Liabilities (3) |
76.631 |
81.089 |
99.903 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.121 |
0.116 |
52.153 |
|
(b)
Trade payables |
21.937 |
23.927 |
21.516 |
|
(c)
Other current liabilities |
11.165 |
5.902 |
7.073 |
|
(d) Short-term
provisions |
11.056 |
27.737 |
21.282 |
|
Total Current
Liabilities (4) |
44.279 |
57.682 |
102.024 |
|
|
|
|
|
|
TOTAL |
1175.551 |
1102.982 |
1122.170 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
558.249 |
529.701 |
596.039 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
20.034 |
1.813 |
1.813 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.696 |
3.696 |
3.625 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13.028 |
29.234 |
28.639 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
595.007 |
564.444 |
630.116 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
30.000 |
0.000 |
|
(b)
Inventories |
173.708 |
150.819 |
220.570 |
|
(c)
Trade receivables |
206.769 |
145.168 |
228.146 |
|
(d) Cash
and cash equivalents |
159.862 |
185.905 |
16.521 |
|
(e)
Short-term loans and advances |
40.205 |
26.646 |
26.817 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
580.544 |
538.538 |
492.054 |
|
|
|
|
|
|
TOTAL |
1175.551 |
1102.982 |
1122.170 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1431.842 |
1166.495 |
1317.633 |
|
|
|
Other Income |
30.895 |
28.215 |
15.585 |
|
|
|
TOTAL (A) |
1462.737 |
1194.710 |
1333.218 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1001.805 |
|
|
|
|
|
Changes in inventories of finished goods work in progress |
19.415 |
(28.743) |
|
|
|
|
Employee Benefit Expenses |
65.075 |
58.203 |
|
|
|
|
Other Expenses |
128.390 |
126.295 |
|
|
|
|
TOTAL (B) |
1214.685 |
1033.256 |
1050.115 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
248.052 |
161.454 |
283.103 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.838 |
1.182 |
1.059 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
247.214 |
160.272 |
282.044 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
86.570 |
84.560 |
91.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
160.644 |
75.712 |
190.818 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.456 |
13.009 |
72.155 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
123.188 |
62.703 |
118.663 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
18.759 |
23.756 |
11.383 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
81.000 |
49.000 |
81.000 |
|
|
|
Dividend |
32.700 |
0.000 |
12.666 |
|
|
|
Tax on Dividend |
0.000 |
18.700 |
12.624 |
|
|
BALANCE CARRIED
TO THE B/S |
28.247 |
18.759 |
23.756 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
78.684 |
154.300 |
1887.721 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
20.202 |
10.505 |
6.175 |
|
|
|
Capital Goods |
73.769 |
1.437 |
77.432 |
|
|
|
Packing Materials |
0.000 |
0.968 |
1.570 |
|
|
TOTAL IMPORTS |
93.971 |
12.910 |
85.177 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.06 |
15.59 |
29.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.42
|
5.25 |
8.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.22
|
6.49 |
14.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.95
|
6.90 |
17.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.08 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02
|
0.01 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.11
|
9.34 |
4.82 |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS |
|
|
|
Lease Rent Advance |
10.070 |
10.070 |
|
SHORT TERM
BORROWINGS |
|
|
|
Other Loans and Advances |
|
|
|
-
Security Deposit |
0.121 |
0.116 |
|
Total |
10.191 |
10.186 |
PERFORMANCE OF THE
YEAR AND FUTURE PROSPECTS:
There was a perceptible slowdown in India's economic growth during the year. This has set in motion a decelerating trend in demand for various products. However the Company's Sales Turnover for the year 2012-13 increased to Rs.1431.800 Millions as against Rs.1166.500 Millions year-on-year. The Gross Profit before depreciation for 2012-13 grew to Rs.247.200 Millions from Rs.160.300 Millions registering an increase of 54% over the last year. This was possible because of an optimal product mix and installation of additional 30 Airjet looms with ancillary equipments estimated at a cost of Rs.101.400 Millions.
The industry continues to face severe power shortage and the cost of generated power out of H.S. Diesel is very prohibitive. The Company mitigated this high cost with a mix of Wind energy and purchase of power from third parties. As a long term solution we have secured a direct feeder line from TANGEDCO sub station.
The off take of fabric in the domestic market is encouraging and the Directors hope to obtain better working results in the ensuing year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
i) Letters of credit |
0.000 |
0.000 |
|
ii) Tax demands under disputes |
0.161 |
0.161 |
|
|
|
|
FIXED ASSETS:
v
Land
v
Building
v
Plant and Machinery
v
Furniture and Fixtures
v
Vehicles
v
Office Equipment
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. 59.80 |
|
|
1 |
Rs. 91.03 |
|
Euro |
1 |
Rs. 78.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.