MIRA INFORM REPORT
|
Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
EDUTECH INDIA
PRIVATE LIMITED (w.e.f. 07.01.2002) |
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|
Formerly Known
As : |
EDUTECH SERVICES PRIVATE LIMITED |
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Registered
Office : |
III Floor,
Crystal Lawn, No.20, 1st Street, Haddows Road, Chennai – 600 006,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
26.04.2000 |
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Com. Reg. No.: |
18-044828 |
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Capital
Investment / Paid-up Capital : |
Rs.64.537
millions |
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|
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CIN No.: [Company Identification
No.] |
U72200TN2000PTC044828 |
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|
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PAN No.: [Permanent Account No.] |
AAACE7545B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
engaged in business of educational product, online information services and
custom content development. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 208000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There appears accumulated loss recorded by the company. However, the company
has performed well and has earned a minimal profit during 2012. Trade relations are fair. Business is active. Payment terms are
reported as slow. 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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.
LOCATIONS
|
Registered Office : |
III Floor,
Crystal Lawn, No.20, 1st Street, Haddows Road, Chennai – 600 006,
Tamilnadu, India |
|
Tel. No.: |
91-44-28330999 |
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Fax No.: |
91-44-28331777 |
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E-Mail : |
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Website : |
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Overseas Office : |
Located at: ·
Dubai ·
USA ·
Bahrain ·
Oman ·
Kuwait ·
Jordan ·
Qatar ·
Saudi Arabia ·
Abu Dhabi |
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Branch Office : |
Located at: ·
Bangalore ·
Mumbai ·
New Delhi ·
Kolkata |
DIRECTORS
As on 29.09.2012
|
Name : |
Mrs. Shameema Parveen |
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Designation : |
Director |
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Address : |
Herford House, Main Road, Tenkasi – 627 817, Tamilnadu, India |
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Date of Birth/Age : |
25.02.1961 |
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Date of Appointment : |
26.04.2000 |
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DIN No.: |
01008462 |
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Other Directorship :
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Name : |
Mr. Samsul Asahab |
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Designation : |
Director |
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Address : |
Herford House, Main Road, Vallam, Tirunelvelli District – 627 817,
Tamilnadu, India |
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Date of Birth/Age : |
03.07.1985 |
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Date of Appointment : |
13.09.2010 |
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DIN No.: |
03051892 |
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Other Directorship :
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Name : |
Mr. Said Faisal |
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Designation : |
Director |
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Address : |
Herford House, Main Road, Vallam, Tirunelvelli District – 627 817,
Tamilnadu, India |
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Date of Birth/Age : |
03.07.1985 |
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Date of Appointment : |
13.09.2010 |
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DIN No.: |
03051919 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shameema Parveen |
|
6453640 |
|
Samsul Asahab |
|
10 |
|
Said Faisal |
|
10 |
|
Total |
|
6453660 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in business of educational product, online information services and custom
content development. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Union Bank of India,
T. Nagar Branch, No.74, G.N. Chetty Road, Chennai – 600 017, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G.M. Kapadia and Company Chartered Accountants |
|
Address : |
7A, P M Tower,
37, Greams Road, Thousand Lights, Chennai – 600 006, Tamilnadu, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFG4113G |
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Enterprises under the significant control\ influence
of Directors\ Shareholders : |
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CAPITAL STRUCTURE
As on 29.09.2012
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 |
|
6453660 |
Equity Shares |
Rs.10/- each |
Rs.64.537
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 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
64.537 |
64.537 |
64.537 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
13.006 |
|
|
4] (Accumulated Losses) |
(12.481) |
(12.558) |
0.000 |
|
|
NETWORTH |
52.056 |
51.979 |
77.543 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.256 |
35.592 |
46.164 |
|
|
2] Unsecured Loans |
0.366 |
0.405 |
0.049 |
|
|
TOTAL BORROWING |
30.622 |
35.997 |
46.213 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.238 |
|
|
|
|
|
|
|
|
TOTAL |
82.678 |
87.976 |
123.994 |
|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
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FIXED ASSETS [Net Block] |
47.231 |
51.207 |
55.808 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
5.800 |
|
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DEFERRED TAX ASSETS |
0.025 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.947
|
0.000 |
0.377 |
|
|
Sundry Debtors |
36.293
|
26.581 |
55.746 |
|
|
Cash & Bank Balances |
7.796
|
1.074 |
15.598 |
|
|
Other Current Assets |
10.886
|
16.179 |
0.000 |
|
|
Loans & Advances |
23.356
|
20.287 |
18.012 |
|
Total
Current Assets |
79.278
|
64.121 |
89.733 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.068
|
15.446 |
20.291 |
|
|
Other Current Liabilities |
11.567
|
10.554 |
6.261 |
|
|
Provisions |
1.221
|
1.352 |
0.795 |
|
Total
Current Liabilities |
43.856
|
27.352 |
27.347 |
|
|
Net Current Assets |
35.422
|
36.769 |
62.386 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.678 |
87.976 |
123.994 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
NA |
NA |
|
|
|
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Other Income |
NA |
NA |
|
|
|
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TOTAL |
NA |
NA |
185.173 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL
|
NA |
NA |
178.785 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
0.862 |
(26.135) |
6.388 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.785 |
(0.571) |
2.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
0.077 |
(25.564) |
4.113 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
8.782 |
23.600 |
56.212 |
|
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|
|
|
|
|
|
|
IMPORT VALUE |
NA |
51.827 |
65.316 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.01 |
(3.96) |
0.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
2.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.68
|
(22.66) |
4.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
(0.50) |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.59
|
0.69 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
2.34 |
3.28 |
LOCAL AGENCY FURTHER INFORMATION
|
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 one year |
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 |
No |
|
Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Borrowing from government semi-government bodies |
0.000 |
0.156 |
|
SHORT-TERM BORROWINGS |
|
|
|
Borrowing from government semi-government bodies |
0.366 |
0.200 |
|
Loans and advances from related parties |
0.000 |
0.049 |
|
Total |
0.366 |
0.405 |
Note:
The registered office of the company has been shifted from V Floor Amble Side, No.8, Khader Nawaz Khan Road, Chennai – 600 006,
Tamilnadu to the present address w.e.f. 14.05.2009.
CORPORATE
INFORMATION
The Company is a
private Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company is engaged in business of educational product,
online information services and custom content development.
FIXED ASSETS:
·
Office Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Computers
·
Office Equipment
·
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
28 |
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.