|
Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
EISENMANN SURFACE FINISHING SYSTEMS INDIA PRIVATE LIMITED (w.e.f.
24.09.2010) |
|
|
|
|
Formerly Known
As : |
HADEN INTERNATIONAL GROUP INDIA PRIVATE LIMITED HADEN JOSTS ENGINEERING INDIA LIMITED |
|
|
|
|
Registered
Office : |
Technosoft Knowledge Gateway, 1st Floor, Plot No. B-14,
Road No.1, Wagle Industrial Estate, Thane – 400604, Maharashtra |
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
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|
Date of
Incorporation : |
10.02.1995 |
|
|
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|
Com. Reg. No.: |
11-085467 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.65.418 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29190MH1995PTC085467 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH06222G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1459D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Trader, Importer and Construction of Paint Finishing System. |
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|
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|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 360000 |
|
|
|
|
Status : |
Moderate |
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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 a moderate track record. Company has performed well during 2012 and has been successful in
wiping of its accumulated losses. There appear no external borrowings.
Financial position seems to be improving. However, trade relations are fair. Business is active. Payments terms
are recorded as 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.
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 PARTED BY
|
Name : |
Mr. Santosh Singh |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-25832929 |
|
Date : |
06.06.2013 |
LOCATIONS
|
Registered Office / Corporate Office 1 : |
Technosoft Knowledge Gateway, 1st Floor, Plot No. B-14, Road
No.1, Wagle Industrial Estate, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25832929 |
|
Fax No.: |
91-22-25833800 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office
2: |
Regas Olympia, Olympia Technology Park, Level 2, Altius Building No.1,
SIDCO Industrial Estate, Tamilnadu, India |
|
Tel. No.: |
91-44-42994299 |
DIRECTORS
As on 06.09.2012
|
Name : |
Mr. Sunil Gupta |
|
Designation : |
Director |
|
Address : |
A-8B, Regal Palm Garden Ceedee Yes Apartment Velachery, Tambaram Road,
Velachery, Chennai – 600042, Tamilnadu, India |
|
Date of Birth/Age : |
23.01.1963 |
|
Date of Appointment : |
25.10.2011 |
|
DIN No.: |
00610971 |
|
|
|
|
Name : |
Mr. Vinay Wamanrao Marawar |
|
Designation : |
Managing Director |
|
Address : |
1002,
C1/Freesia Neelkanth Greens Behind Tikuni Wadi Manpada, Thane (West),
Maharashtra, India |
|
Date of Birth/Age : |
10.12.1956 |
|
Date of Appointment : |
24.01.2007 |
|
PAN No.: |
AACPM4281F |
|
DIN No.: |
01299001 |
|
|
|
|
Name : |
Mr. Mathias Krauland |
|
Designation : |
Director |
|
Address : |
Grubenhaus Gstaad – 3780, Switzerland |
|
Date of Birth/Age : |
16.05.1975 |
|
Date of Appointment : |
25.10.2011 |
|
DIN No.: |
05132750 |
|
|
|
|
Name : |
Mr. Frank Jochen Drechsler |
|
Designation : |
Director |
|
Address : |
Kappelesacker 17, Stadtteil Hirschau, Tubingen – 72070, Germany |
|
Date of Birth/Age : |
09.03.1966 |
|
Date of Appointment : |
25.10.2011 |
|
DIN No.: |
05141419 |
KEY EXECUTIVES
|
Name : |
Mr. Dolly Shah |
|
Designation : |
Secretary |
|
Address : |
2 New Devchayya, MG Road, Mulund (West), Mumbai – 400080, Maharashtra,
India |
|
Date of Birth/Age : |
02.06.1987 |
|
Date of Appointment : |
16.07.2012 |
|
PAN No.: |
BMJPS6947Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Eisenmann
Beteiligungen GMBH, Germany |
|
6541821 |
|
Eisenmann
Böblingen Verwaltung GMBH, Germany |
|
10 |
|
Total |
|
6541831 |
Equity Share Break up (Percentage of Total Equity)
As on 06.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Importer and Construction of Paint Finishing System. |
|
|
|
|
Imports : |
|
|
Products : |
Construction of Paint Finishing System |
|
Countries : |
·
Europe ·
Korea ·
China ·
Middle East ·
Gulf Country ·
Pakistan ·
Taiwan ·
Thailand |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
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Bankers : |
Deutsche Bank, Kodak House, Mumbai, Maharashtra, India |
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|
|
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Facilities : |
-- |
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Banking
Relations : |
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|
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Auditors 1: |
|
|
Name : |
Kinjal Shah and Company Chartered Accountants |
|
Address : |
Mumbai |
|
|
|
|
Auditors 2: |
|
|
Name : |
V P Thakur and Company Chartered Accountant |
|
Address : |
1105, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
PAN No.: |
AABFV6588P |
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|
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Ultimate Holding company: |
Eisenmann Aktiengesellschaft, Germany |
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|
|
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Associate: |
Eisenmann Anlagenbau GmbH, Germany |
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|
Fellow Subsidiary company: |
Eisenmann India Private Limited, India (CIN: U74210TN2010FTC076044) MacLellan Integrated Services India Private Limited, India (CIN: U74999TN2006PTC059628) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6541831 |
Equity Shares |
Rs.10/- each |
Rs. 65.418
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
65.418 |
65.418 |
65.418 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.917 |
0.000 |
6.456 |
|
|
4] (Accumulated Losses) |
0.000 |
(35.959) |
0.000 |
|
|
NETWORTH |
89.335 |
29.459 |
71.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
23.095 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROW7ING |
0.000 |
0.000 |
23.095 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.335 |
29.459 |
94.969 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.725 |
5.598 |
6.322 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.025 |
5.352 |
5.042 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
120.001
|
46.909 |
31.607 |
|
|
Cash & Bank Balances |
101.225
|
34.334 |
67.547 |
|
|
Other Current Assets |
58.787
|
1.684 |
0.820 |
|
|
Loans & Advances |
60.563
|
44.896 |
40.155 |
|
Total
Current Assets |
340.576
|
127.823 |
140.129 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
93.855
|
22.971 |
29.604 |
|
|
Other Current Liabilities |
154.692
|
66.153 |
22.394 |
|
|
Provisions |
19.444
|
20.190 |
4.526 |
|
Total
Current Liabilities |
267.991
|
109.314 |
56.524 |
|
|
Net Current Assets |
72.585
|
18.509 |
83.605 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.335 |
29.459 |
94.969 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
631.340 |
149.320 |
227.680 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
NA |
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
66.800 |
(37.980) |
(0.300) |
|
|
|
|
|
|
|
|
|
|
TAX |
6.920 |
4.430 |
0.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
59.880 |
(42.410) |
(1.070) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(42.990) |
(0.570) |
0.500 |
|
|
|
|
16.890 |
(42.990) |
(0.570) |
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
6.856 |
2.675 |
|
|
TOTAL IMPORTS |
NA |
6.856 |
2.675 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
9.15 |
(0.16) |
(6.48) |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
800.000 |
Expected Sales (2013-2014): Rs.1000.000 Millions
The above information has been parted by Mr. Santosh Singh (Accounts
Head)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
10.58
|
(25.44) |
(0.13) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.61
|
(29.71) |
(0.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
(1.29) |
(0.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.67 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
93.855
|
22.971 |
29.604 |
|
|
|
|
|
|
Total |
93.855
|
22.971 |
29.604 |
|
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
five years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
REVIEW OF
OPERATIONS
UNDER EISENMANN
OWNERSHIP
The year 2011-12 was significant for the Indian Company, especially
considering that the Indian Company became a part of the EISENMANN Group.
The Company enhanced the order book, turnover and profitability
substantially during the year.
The Company continued the process of integration with the EISENMANN
Group during this year in the areas of technology, IT, engineering, sales and
other business processes.
OPERATIONS
The change in ownership in 2010 resulted in good inflow of orders worth
Rs.999.00 Millions till the year end.
Some orders are at a drawing stage and some were converted to Revenue.
The Revenue from operations increased by 322.81 % from Rs.149.320
Millions to Rs.631.340 Millions of previous year, the Profit for the year
stands at Rs.66.800 Millions as against Loss of Rs. (37.980 Millions) for the
previous year.
Provision for tax for the year Rs.12.650 Millions out of which MAT Credit
is Rs.4.950 Millions (Previous Year Rs. Nil). Provision for tax for prior year
Rs. Nil (Previous year Rs.5.240 Millions), reversal of provision for tax for
earlier year Rs.2.110 Millions (Previous year Rs.0.500 Millions). Deferred Tax
provision for the year Rs.1.330 Millions (Previous year Rs.NIL). Deferred tax
asset for the year Rs. Nil (Previous Year Rs.0.310 Millions).
Even though the Company had carried forward loss of Rs.42.990 Millions
from the last year, due to support of Parent Company, good order book and
consequently the revenue, the Company has made good profit in the Current
Year. Consequently, we have been
successful in wiping out the carry forward losses.
FUTURE OUTLOOK
Compared to the global situation, the future outlook in is promising
because products as well as markets are available in plenty within the India Country. The expected GDP growth is in the range of 6
to 7%. The growth in the Automotive,
Agriculture and Infrastructure sectors is continuing to be in double digits
even though these have been recently toned down due to adverse global
developments.
FIXED ASSETS
·
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 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.56.87 |
|
|
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
36 |
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.