|
Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIRIL MISCHEFF LTD. |
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Registered Office : |
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Country : |
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|
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
29.08.1930 |
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Com. Reg. No.: |
00250446 |
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Legal Form : |
Private Subsidiary |
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|
Line of Business : |
Subject provider of canned vegetables, fishes and meat products |
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|
No. of Employees : |
57 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
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) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UNITED KINGDOM - ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the
second largest economy in Europe after Germany. Over the past two decades, the
government has greatly reduced public ownership and contained the growth of
social welfare programs. Agriculture is intensive, highly mechanized, and
efficient by European standards, producing about 60% of food needs with less
than 2% of the labor force. The UK has large coal, natural gas, and oil
resources, but its oil and natural gas reserves are declining and the UK became
a net importer of energy in 2005. Services, particularly banking, insurance,
and business services, account by far for the largest proportion of GDP while
industry continues to decline in importance. After emerging from recession in
1992, Britain's economy enjoyed the longest period of expansion on record
during which time growth outpaced most of Western Europe. In 2008, however, the
global financial crisis hit the economy particularly hard, due to the
importance of its financial sector. Sharply declining home prices, high
consumer debt, and the global economic slowdown compounded Britain's economic
problems, pushing the economy into recession in the latter half of 2008 and
prompting the then BROWN (Labour) government to
implement a number of measures to stimulate the economy and stabilize the
financial markets; these include nationalizing parts of the banking system,
temporarily cutting taxes, suspending public sector borrowing rules, and moving
forward public spending on capital projects. Facing burgeoning public deficits
and debt levels, in 2010 the CAMERON-led coalition government (between
Conservatives and Liberal Democrats) initiated a five-year austerity program,
which aimed to lower London's budget deficit from over 10% of GDP in 2010 to
nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE
announced additional austerity measures through 2017 because of
slower-than-expected economic growth and the impact of the euro-zone debt
crisis. The CAMERON government raised the value added tax from 17.5% to 20% in
2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The
Bank of England (BoE) implemented an asset purchase
program of up to £375 billion (approximately $605 billion) as of December 2012.
During times of economic crisis, the BoE coordinates
interest rate moves with the European Central Bank, but Britain remains outside
the European Economic and Monetary Union (EMU). In 2012, weak consumer spending
and subdued business investment weighed on the economy. GDP fell 0.1%, and the
budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued
to increase
Source
: CIA
Kiril Mischeff Ltd.
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Business
Description
|
Founded in 1936, Kiril Mischeff
Ltd. is a provider of canned vegetables, fishes and meat products. The
company offers a variety of fruits, such as plums, blackcurrants, cherries,
figs and apricots. It provides dried beans, seeds and pulses. The company
imports, stocks and delivers a range of frozen food products. It offers
aseptic pack, sun dried, diced and peeled tomatoes. The company provides
pizza ingredients, including pork shoulder, ham, pizza sauce, onions, olives
and capers. It offers oven-roasted lemon, orange and pineapple slices. The
company provides products under the Royal Crown, Oberon, Sou'Wester,
Astra, Rodina and La
Espanola brands. It offers a range of yellow, red and mixed peppers. |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
423990 - Other Miscellaneous Durable Goods Merchant
Wholesalers |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Financial Summary
|
||||||||||||||||||||
1 - Profit & Loss
Item Exchange Rate: USD 1 = GBP 0.6347627
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.616433
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Kiril Mischeff Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
London |
United Kingdom |
Business Services |
185.6 |
75 |
|
|
Subsidiary |
Worksop |
United Kingdom |
Miscellaneous Capital Goods |
164.9 |
57 |
|
|
Subsidiary |
Aylesbury |
United Kingdom |
Miscellaneous Capital Goods |
22.3 |
10 |
|
|
Subsidiary |
Felixstowe |
United Kingdom |
Miscellaneous Transportation |
1.0 |
8 |
|
|
Subsidiary |
Worksop |
United Kingdom |
Business Services |
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Executives Report
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Annual Return Date: 04 May 2012
Total Issued Capital (GBP 000): 1,200
|
Individual Directors |
|||||||
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|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
22 Apr 1950 |
6 Amherst Road, |
01 Oct 1999 |
NA |
Current:11 |
|
|
|
Current |
13 Nov 1954 |
Ashtree Cottage, Coppice Brock, |
21 Jul 2003 |
NA |
Current:3 |
|
|
|
Current |
07 Sep 1959 |
14 Willow Way, |
01 Jan 1996 |
NA |
Current:6 |
|
|
|
Current |
09 May 1956 |
Hillcrest, Markham Road Tuxford, |
01 May 1999 |
NA |
Current:2 |
|
|
|
Current |
13 Nov 1962 |
Dunley Cottage, Church Street, |
06 Nov 2000 |
NA |
Current:2 |
|
|
|
Current |
27 Nov 1970 |
Cottesmore Lodge Farm House, Greetham
Road Cottesmore, |
06 Nov 2000 |
NA |
Current:2 |
|
|
|
Current |
20 Aug 1938 |
8 Calonne Road, |
04 May 1991 |
NA |
Current:5 |
|
|
|
Current |
27 Aug 1971 |
Enterprise House Carlton Road, |
02 Jan 2013 |
NA |
Current:5 |
|
|
|
Current |
07 Aug 1965 |
Enterprise House Carlton Road, |
07 Dec 2007 |
NA |
Current:2 |
|
|
|
Previous |
03 Apr 1942 |
10 Bridge Road, Long Sutton, |
04 May 1991 |
31 Dec 2002 |
Current:0 |
|
|
|
Previous |
16 Jan 1939 |
33 Ormond Drive, |
01 Oct 1991 |
31 Dec 2002 |
Current:0 |
|
|
|
Previous |
08 Oct 1963 |
Westbrook Farm House, Church Street Micheldever,
|
NA |
27 Jun 1997 |
Current:6 |
|
|
|
Previous |
01 Oct 1961 |
Grove Cottage Yopps Green, |
01 Jan 1994 |
18 Dec 1998 |
Current:6 |
|
|
|
Previous |
22 Aug 1915 |
8 Calonne Road, |
04 May 1991 |
27 Feb 2000 |
Current:0 |
|
|
|
Previous |
06 Apr 1938 |
Stradbroke, 122 Park Crescent, |
01 Oct 1991 |
NA |
Current:0 |
|
|
|
Previous |
02 Mar 1938 |
58 Bramley Drive, St Neots,
|
01 Oct 1991 |
30 Jun 1997 |
Current:0 |
|
|
|
Previous |
08 Oct 1950 |
331 Defoe Road, |
01 Jan 1996 |
09 Dec 2002 |
Current:5 |
|
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
22 Apr 1950 |
6 Amherst Road, |
28 Feb 1997 |
NA |
Current:11 |
|
|
|
Previous |
01 Oct 1961 |
Grove Cottage Yopps Green, |
NA |
28 Feb 1997 |
Current:6 |
|
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||||||
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
||||||
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There are no individual shareholders for this company. |
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Corporate Shareholders |
|||||||
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|
Company Name |
Registration Number |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
05486353 |
1200000 Ordinary GBP 1.00 |
Ordinary |
1,200,000 |
1.00 |
1,200,000.00 |
100.00 |
|
|
|
|||||||
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.634763 |
0.622972 |
0.64255 |
0.647882 |
0.507879 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Total Turnover |
164.9 |
153.7 |
135.8 |
132.0 |
157.6 |
|
Cost of Sales |
155.8 |
146.2 |
128.2 |
125.2 |
150.2 |
|
Gross Profit |
9.2 |
7.5 |
7.6 |
6.8 |
7.4 |
|
Depreciation |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Other Expenses |
7.7 |
6.4 |
6.6 |
5.7 |
5.6 |
|
Operating Profit |
- |
- |
- |
1.1 |
- |
|
Other Income |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Interest Paid |
0.2 |
0.3 |
0.1 |
0.1 |
0.7 |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
-0.4 |
-0.8 |
|
Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit Before Taxes |
1.5 |
0.9 |
1.1 |
0.7 |
0.5 |
|
Tax Payable / Credit |
0.5 |
0.2 |
0.3 |
0.2 |
0.1 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Profit After Taxes |
0.9 |
0.6 |
0.8 |
0.5 |
0.3 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Non Audit Fees |
0.0 |
0.0 |
- |
- |
- |
|
Number of Employees |
57 |
58 |
57 |
53 |
57 |
|
Wages |
4.6 |
4.3 |
4.2 |
3.6 |
3.3 |
|
Social Security Costs |
0.6 |
0.5 |
0.5 |
0.4 |
0.4 |
|
Pensions |
0.2 |
0.2 |
0.3 |
- |
- |
|
Other Pension Costs |
0.2 |
0.3 |
0.4 |
0.1 |
0.6 |
|
Employees Remuneration |
5.4 |
5.1 |
5.1 |
4.1 |
4.3 |
|
Directors Emoluments |
2.2 |
2.5 |
2.2 |
- |
- |
|
Other Costs |
0.1 |
0.1 |
0.1 |
- |
- |
|
Directors Remuneration |
2.5 |
2.8 |
2.5 |
1.8 |
1.7 |
|
Highest Paid Director |
0.5 |
0.6 |
0.6 |
0.4 |
0.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.616433 |
0.641931 |
0.634598 |
0.625254 |
0.561026 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
0.3 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Fixtures & Fittings |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Plant & Vehicles |
0.3 |
0.3 |
0.4 |
0.3 |
0.3 |
|
Total Tangible Fixed Assets |
0.7 |
0.6 |
0.7 |
0.7 |
0.5 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
3.6 |
3.6 |
4.0 |
4.0 |
4.5 |
|
Total Fixed Assets |
4.3 |
4.3 |
4.7 |
4.7 |
4.9 |
|
Stocks |
9.8 |
10.9 |
6.9 |
7.0 |
8.9 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
9.8 |
10.9 |
6.9 |
7.0 |
8.9 |
|
Trade Debtors |
24.1 |
26.6 |
21.3 |
20.5 |
22.7 |
|
Inter-Company Debtors |
0.9 |
0.1 |
0.5 |
0.5 |
0.4 |
|
Director Loans |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Debtors |
0.2 |
0.3 |
0.2 |
0.1 |
0.4 |
|
Total Debtors |
25.3 |
27.0 |
22.1 |
21.1 |
23.5 |
|
Cash and Equivalents |
0.8 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
35.8 |
38.2 |
29.3 |
28.1 |
32.4 |
|
Total Assets |
40.1 |
42.4 |
33.9 |
32.8 |
37.4 |
|
Trade Creditors |
19.0 |
19.2 |
13.4 |
15.7 |
15.7 |
|
Bank Overdraft |
- |
7.0 |
1.4 |
4.5 |
7.7 |
|
Inter-Company Creditors |
2.2 |
2.6 |
3.7 |
1.3 |
1.6 |
|
Director Loans (Current Liability) |
- |
- |
- |
0.0 |
0.0 |
|
Hire Purchase (Current Liability) |
- |
- |
- |
0.0 |
0.0 |
|
Finance Lease (Current Liability) |
- |
- |
- |
0.0 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
- |
- |
- |
0.0 |
0.0 |
|
Total Short Term Loans |
0.6 |
- |
- |
0.0 |
0.0 |
|
Accruals/Deferred Income (Current Liability) |
8.2 |
4.9 |
6.8 |
4.6 |
5.6 |
|
Social Security/VAT |
0.3 |
0.5 |
0.6 |
0.4 |
0.6 |
|
Corporation Tax |
0.4 |
0.2 |
0.3 |
0.1 |
0.1 |
|
Dividends (Current Liability) |
- |
- |
- |
0.0 |
0.0 |
|
Other Current Liabilities |
0.5 |
0.3 |
0.4 |
0.0 |
0.0 |
|
Total Current Liabilities |
31.2 |
34.7 |
26.6 |
26.6 |
31.2 |
|
Group Loans (Long Term Liability) |
- |
- |
- |
- |
0.0 |
|
Director Loans (Long Term Liability) |
- |
- |
- |
- |
0.0 |
|
Hire Purchase (Long Term Liability) |
- |
- |
- |
- |
0.0 |
|
Leasing (Long Term Liability) |
- |
- |
- |
- |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
- |
- |
- |
- |
0.0 |
|
Other Long Term Loans |
- |
- |
- |
- |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
- |
- |
- |
- |
0.0 |
|
Other Long Term Liabilities |
1.4 |
1.4 |
1.6 |
1.2 |
1.0 |
|
Total Long Term Liabilities |
1.4 |
1.4 |
1.6 |
1.2 |
1.0 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
1.9 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
5.5 |
4.4 |
3.9 |
3.2 |
3.0 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
7.5 |
6.3 |
5.8 |
5.1 |
5.2 |
|
Net Worth |
7.5 |
6.3 |
5.8 |
5.1 |
5.2 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.634763 |
0.622972 |
0.64255 |
0.647882 |
0.507879 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.616433 |
0.641931 |
0.634598 |
0.625254 |
0.561026 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.15 |
1.10 |
1.10 |
1.06 |
1.04 |
|
Liquidity Ratio |
0.83 |
0.79 |
0.84 |
0.80 |
0.75 |
|
Stock Turnover |
17.42 |
13.68 |
19.79 |
19.65 |
16.01 |
|
Credit Period (Days) |
51.89 |
65.13 |
56.63 |
54.83 |
58.00 |
|
Working Capital by Sales |
2.69% |
2.32% |
1.97% |
1.13% |
0.88% |
|
Trade Credit by Debtors |
0.79 |
0.72 |
0.63 |
0.76 |
0.69 |
|
Return on Capital |
17.08% |
11.84% |
15.30% |
11.94% |
7.86% |
|
Return on Assets |
3.77% |
2.15% |
3.33% |
2.27% |
1.30% |
|
Profit Margin |
0.89% |
0.61% |
0.82% |
0.55% |
0.34% |
|
Return on Shareholders Funds |
20.24% |
14.53% |
19.55% |
14.65% |
9.46% |
|
Borrowing Ratio |
37.64% |
152.23% |
88.22% |
113.98% |
180.25% |
|
Equity Gearing |
18.60% |
14.81% |
17.03% |
15.51% |
13.79% |
|
Interest Coverage |
6.18 |
2.75 |
9.63 |
6.84 |
0.81 |
|
Sales by Tangible Assets |
254.28 |
232.08 |
193.99 |
202.85 |
313.59 |
|
Average Remuneration per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
3.0 |
2.6 |
2.4 |
2.6 |
2.5 |
|
Capital Employed per Employee |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.7 |
0.7 |
0.6 |
0.6 |
0.7 |
|
Employee Remuneration by Sales |
3.27% |
3.35% |
3.79% |
3.10% |
2.74% |
|
Creditor Days (Cost of Sales Based) |
43.24 |
49.50 |
37.59 |
44.07 |
42.08 |
|
Creditor Days (Sales Based) |
40.83 |
47.08 |
35.49 |
41.81 |
40.12 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.