|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SELVEL CONVEYORS PRIVATE LIMITED |
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Registered
Office : |
901, Aavishkar, Near |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.11.1999 |
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Com. Reg. No.: |
11-122608 |
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Paid-Up Capital
: |
Rs. 17.443 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U74999MH1999PTC122608 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS39438A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Fabricators of Material Handling Equipment. |
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No. of Employees
: |
55 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 790000 |
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|
|
|
Status : |
Good |
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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 fine track record. The company has achieved a better growth in its sales turnover as well
as net profitability during 2012. Profit margin seems to be good. Whereas
external borrowings appear to be low. Financially the company is strong. Trade relations are fair. Business is active. Payment terms are
regular. The company can be considered good 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.
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. Jigar Shah |
|
Designation : |
Director |
|
Contact No.: |
91-250-2452373 |
|
Date : |
26.07.2013 |
LOCATIONS
|
Registered Office : |
901, Aavishkar, Near |
|
Tel. No.: |
91-22-26251753 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Factory : |
Selvel House, Plot No. 5/6, Gokhiware, Valiv Road, Vasai East, Thane –
401208, Maharashtra, India |
|
Tel. No.: |
91-250-2452373/2453708/2453710/2453712 |
|
Fax No.: |
91-250-2452441 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Niraj Mahendrakumar Shah |
|
Designation : |
Director |
|
Address : |
901, Aavishkar, Near |
|
Date of Birth/Age : |
14.05.1976 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Date of Appointment : |
10.11.1999 |
|
Voter ID No.: |
XXL3115037 |
|
DIN No.: |
00422919 |
|
|
|
|
Name : |
Mr. Mahendrakumar Nathalal Shah |
|
Designation : |
Director |
|
Address : |
901, Aavishkar, Near |
|
Date of Birth/Age : |
03.07.1946 |
|
Qualification : |
B.E. Mechanical and Electrical |
|
Date of Appointment : |
10.11.1999 |
|
DIN No.: |
00422925 |
|
|
|
|
Name : |
Mr. Jigar Mahendrakumar Shah |
|
Designation : |
Director |
|
Address : |
901, Aavishkar, Near |
|
Date of Birth/Age : |
28.11.1974 |
|
Qualification : |
Diploma in Production Engineering |
|
Date of Appointment : |
10.11.1999 |
|
Voter ID no.: |
J2M0220186 |
|
DIN No.: |
01816060 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mahendrakumar Nathalal Shah |
1634000 |
|
Jigar Mahendrakumar Shah |
57850 |
|
Niraj Mahendrakumar Shah |
31000 |
|
Monica Apurva Shah |
15600 |
|
Sheetal Jigar Shah |
3600 |
|
Hansaben Mahendrakumar Shah |
2200 |
|
TOTAL
|
1744250 |
AS ON 31.08.2012
|
Names of Allottees |
No. of Shares |
|
Selvel Machines Private Limited (Formerly known as Selvel Estates Private Limited), India |
300000 |
|
TOTAL |
300000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Fabricators of Material Handling Equipment. |
GENERAL INFORMATION
|
No. of Employees : |
55 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Patel (West), Mumbai – 400 013, Maharashtra, India ·
ICICI Bank Limited, Landmark Race Cource Circle,
Alkapuri, Baroda – 390015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Kashyap Umesh and Associates Chartered Accountant |
|
Address : |
208, Malad Shopping Centre, South Wing, 2nd Floor, S V
Road, Malad (West), Mumbai-400064, Maharashtra, India |
|
Tel. No.: |
91-22-28801203 / 1198 / 1337 |
|
E-Mail : |
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PAN No.: |
AAHFK5100G |
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|
|
|
Related Parties : |
Selvel Machines Private Limited (Formerly known as Selvel Estate
Private Limited) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1744250 |
Equity Shares |
Rs.10/- each |
Rs. 17.443
Millions |
|
|
|
|
|
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2044250 |
Equity Shares |
Rs.10/- each |
Rs. 20.443
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
17.443 |
17.443 |
|
(b) Reserves & Surplus |
|
180.814 |
136.975 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
198.257 |
154.418 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1.064 |
0.474 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
5.535 |
3.255 |
|
(d) long-term provisions |
|
17.327 |
38.297 |
|
Total Non-current Liabilities (3) |
|
23.926 |
42.026 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5.883 |
3.049 |
|
(b) Trade payables |
|
40.589 |
21.762 |
|
(c) Other current
liabilities |
|
29.833 |
35.437 |
|
(d) Short-term provisions |
|
23.967 |
15.903 |
|
Total Current Liabilities (4) |
|
100.272 |
76.151 |
|
|
|
|
|
|
TOTAL |
|
322.455 |
272.595 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
26.472 |
20.599 |
|
(ii) Intangible Assets |
|
0.745 |
0.931 |
|
(iii) Capital
work-in-progress |
|
0.813 |
0.663 |
|
(b) Non-current Investments |
|
67.919 |
54.218 |
|
(c) Deferred tax assets (net) |
|
0.764 |
0.420 |
|
(d) Long-term Loan and Advances |
|
72.791 |
75.738 |
|
(e) Other Non-current assets |
|
3.198 |
3.025 |
|
Total Non-Current Assets |
|
172.702 |
155.594 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
4.786 |
7.495 |
|
(b) Inventories |
|
27.285 |
28.169 |
|
(c) Trade receivables |
|
57.165 |
46.434 |
|
(d) Cash and cash
equivalents |
|
5.025 |
11.502 |
|
(e) Short-term loans and
advances |
|
53.901 |
20.660 |
|
(f) Other current assets |
|
1.591 |
2.741 |
|
Total Current Assets |
|
149.753 |
117.001 |
|
|
|
|
|
|
TOTAL |
|
322.455 |
272.595 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
17.443 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
112.975 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
130.418 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6.608 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
6.608 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
137.026 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
24.049 |
|
|
Capital work-in-progress |
|
|
0.663 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
76.802 |
|
|
DEFERREX TAX ASSETS |
|
|
0.156 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
13.699
|
|
|
Sundry Debtors |
|
|
35.044
|
|
|
Cash & Bank Balances |
|
|
3.455
|
|
|
Other Current Assets |
|
|
0.370
|
|
|
Loans & Advances |
|
|
65.468
|
|
Total
Current Assets |
|
|
118.036 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
18.514 |
|
|
Other Current Liabilities |
|
|
9.323
|
|
|
Provisions |
|
|
54.843
|
|
Total
Current Liabilities |
|
|
82.680 |
|
|
Net Current Assets |
|
|
35.356
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
137.026 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL INCOME
|
285.400 |
232.710 |
186.789 |
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
3.745 |
3.264 |
3.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
46.890 |
27.051 |
30.295 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17.594 |
13.908 |
6.368 |
|
|
TOTAL EARNINGS |
17.594 |
13.908 |
6.368 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
47.096 |
35.230 |
30.465 |
|
|
|
Capital Goods |
3.332 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
50.428 |
35.230 |
30.465 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
26.88 |
15.51 |
15.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
16.43
|
11.62 |
16.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.04
|
0.02 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.54 |
1.43 |
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 |
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) |
Yes |
|
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 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
0.827 |
0.000 |
|
|
|
|
|
TOTAL |
0.827 |
0.000 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current Maturities of Long Term Borrowings
|
|
|
|
|
Loan From Banks |
|
|
|
|
Vehicle Loan |
0.474 |
0.479 |
NA |
|
Loan From NBFC |
|
|
|
|
Vehicle Loan |
0.598 |
0.000 |
NA |
|
|
|
|
|
|
TOTAL |
1.072 |
0.479 |
NA |
|
S.
No. |
Charge
ID |
Date
of Charge Creation /Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10379499
|
01/10/2012
|
13,600,000.00
|
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B59291344
|
|
2 |
10350684
|
26/04/2012
|
51,140,000.00
|
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B37862877
|
|
3 |
90144958
|
04/01/2012
* |
43,500,000.00
|
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B29680592
|
|
* Date of charge modification |
||||||
FINANCIAL RESULTS
During the year the Company has achieved total income of Rs. 285.400
Millions and earned net profit of Rs. 46.890 Millions on the same after
providing provisions for depreciation of Rs. 3.745 Millions, provision for
current years taxation of Rs. 22.427 Millions and adjusting deferred tax credit
of Rs. 0.345 Million and adjusting short provision of taxation of Rs. 0.343
Million.
FIXED ASSETS
·
Land
·
Building
·
Lift
·
Plant and Machineries
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Technical Know-How and Designs
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. 58.91 |
|
|
1 |
Rs. 90.67 |
|
Euro |
1 |
Rs. 78.21 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.