|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SILCARB RECRYSTALLIZED PRIVATE LIMITED (w.e.f. 29.10.2007) |
|
|
|
|
Formerly Known
As : |
SILCARB HEATING ELEMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.38 (Old No.63), 17th Cross,
Malleswaram, |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
25.10.1982 |
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|
|
|
Com. Reg. No.: |
08-005020 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32104KA1982PTC005020 |
|
|
|
|
IEC No.: |
0707025893 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03468D |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCS9826L |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Silicon Carbide Heating Elements. |
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|
|
|
No. of Employees
: |
Approximately 35 (In Office – 10, In Factory – 25) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 71000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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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 satisfactory track record.
There appears some dip in the profitability during 2012. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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 (PARTIAL DETAILS)
|
Name : |
Ms. Anjana |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-9741165652 |
|
Date : |
15.03.2013 |
LOCATIONS
|
Registered Office/ Sales Office/ Administration Office : |
No.38 (Old No.63), 17th Cross, Malleswaram,
|
|
Tel. No.: |
91-80-23347004/ 23462904 |
|
Mobile No.: |
91-9342962040 (Mr. Anand C. Girish) 91-9844024155 (Mr. K.V. Chanedrashekar) 91-9741165652 (Ms. Anjana) |
|
Fax No.: |
91-80-23341563/ 23312458 |
|
E-Mail : |
|
|
Website : |
www.silcarbindia.com
|
|
Area : |
3000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
88, Hanumanthanagar,
Gowdanapalya, Srinivasapura Village, Kasaba Hobli,
Nelamangala
Taluk, Bangalore, Karnataka, India |
|
Tel. No.: |
91-8118-329978 |
|
Area : |
7 Acre |
|
Location : |
Owned |
DIRECTORS
As on 20.09.2012
|
Name : |
Mr. Kramadhati Venkatagiri Chandrasekhar |
|
Designation : |
Managing Director |
|
Address : |
63, 17th Cross, Malleswaram, Bangalore - 560
055, Karnataka, India |
|
Date of Birth/Age : |
17.07.1944 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
01.05.1984 |
|
DIN No.: |
01649307 |
|
|
|
|
Name : |
Mr. Anand Girish Chandrasekhar |
|
Designation : |
Director |
|
Address : |
62, New No.No.38, 17th Cross, Between 4th-6th
Main, Malleswaram, Bangalore – 560 003, Karnataka, India |
|
Date of Birth/Age : |
01.07.1974 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
15.11.2001 |
|
DIN No.: |
02423290 |
KEY EXECUTIVES
|
Name : |
Ms. Anjana |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Iqbal Basith |
|
584 |
|
Kramadhati Venkatagiri Chandrasekhar |
|
13445 |
|
K.V. Chandrashekar |
|
640 |
|
Omar Basith |
|
460 |
|
Arshita Basith |
|
441 |
|
Anand Girish Chandrashekar |
|
19335 |
|
K.V. Chandrashekar (HUF) |
|
15095 |
|
Total
|
|
50000 |
As on 20.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Silicon Carbide Heating Elements. |
|
|
|
|
Products : |
v Three Piece Straight Alpha Rods v Furnaces |
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|
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Exports : |
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Products : |
Finished Goods |
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Countries : |
v
UK v
China |
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Terms : |
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Selling : |
Credit (30 days) / Invoice |
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Purchasing : |
Credit (30 days) / Invoice |
GENERAL INFORMATION
|
Customers : |
OEM’s |
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No. of Employees : |
Approximately 35 (In Office – 10, In Factory – 25) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Rajgopal and Badri Narayanan Chartered Accountants |
|
Address : |
No.25, |
|
Tel. No.: |
91-80-23440987/ 23310811/ 23313911 |
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Fax No.: |
91-80-23313666 |
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E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AACFR5386A |
CAPITAL STRUCTURE
As on 20.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 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 |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.233 |
0.233 |
0.233 |
|
|
3] Reserves & Surplus |
12.593 |
11.309 |
8.686 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17.826 |
16.542 |
13.919 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.519 |
19.957 |
12.617 |
|
|
2] Unsecured Loans |
2.328 |
2.808 |
1.238 |
|
|
TOTAL BORROWING |
24.847 |
22.765 |
13.855 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42.673 |
39.307 |
27.774 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.603 |
17.017 |
8.634 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.795 |
0.313 |
0.431 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.622 |
18.331 |
14.573 |
|
|
Sundry Debtors |
9.082 |
13.246 |
8.374 |
|
|
Cash & Bank Balances |
5.381 |
0.013 |
0.023 |
|
|
Other Current Assets |
3.185 |
3.162 |
0.000 |
|
|
Loans & Advances |
5.906 |
4.933 |
6.242 |
|
Total
Current Assets |
46.176 |
39.685 |
29.212 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.528 |
8.904 |
6.277 |
|
|
Other Current Liabilities |
6.529 |
5.200 |
1.895 |
|
|
Provisions |
2.844 |
3.604 |
2.331 |
|
Total
Current Liabilities |
17.901 |
17.708 |
10.503 |
|
|
Net Current Assets |
28.275 |
21.977 |
18.709 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42.673 |
39.307 |
27.774 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
GROSS INCOME |
83.767 |
82.532 |
40.084 |
|
|
|
|
|
|
|
|
EXPENDITURE
|
81.782 |
80.122 |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.522 |
5.278 |
2.402 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.538 |
1.867 |
1.738 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1.984 |
3.411 |
0.664 |
|
|
|
|
|
|
|
|
TAX |
0.701 |
0.787 |
0.373 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1.284 |
2.623 |
0.291 |
|
|
|
|
|
|
|
|
EXPORT VALUE |
5.918 |
6.446 |
1.458 |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
25.68 |
52.64 |
5.82 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.32 |
6.02 |
1.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.21 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.39 |
1.38 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.58 |
2.24 |
2.78 |
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 |
Yes |
|
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 |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
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 |
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 |
|
|
|
Loan From Directors |
0.725 |
0.708 |
|
Dhanalakshmi Bank -
Car Loan |
1.003 |
1.500 |
|
Inter Corporate Deposit |
0.600 |
0.600 |
|
Total |
2.328 |
2.808 |
FINANCIAL RESULTS:
The Company has posted
an increased turnover of Rs.83.767 millions when compared to Rs.82.532
millions, which means an increase of 01.50%. The expenditure increased from
Rs.80.122 millions to Rs.81.782 millions and the net profit after depreciation
is Rs.1.984 millions when compared to Rs.3.411 millions of previous year. The
profit of the Company has been decreased from Rs.2.623 millions to Rs.1.284
millions.
PRESENT TREND AND FUTURE
OUTLOOK:
The Directors are
trying their level best to add new clients to the business. They are hopeful of
getting new business. The Directors ensure that they do not allow the existing
business to slip back, but add new clients to produce good results in the
coming financial years.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U32104KA1982PTC005020 |
|
Name of the company |
SILCARB
RECRYSTALLIZED PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No.38 (Old No.63), 17th Cross, Malleswaram,
Bangalore - 560 055, Karnataka, India E-Mail: rajgopalbadri@gmail.com |
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
80055207 |
|
Type of charge |
Immovable Property Book Debts Movable Property (not being pledge) Floating Charge |
|
Particular of charge holder |
State Bank of
India, SME Branch Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560
010, Karnataka, India E-Mail: sbi.04230@sbi.co.in |
|
Nature of description of the instrument
creating or modifying the charge |
Supplemental Agreement of
Loan-cum-hypothecation Letter evidencing deposit of title deeds (both the above pertain to the same
charge) |
|
Date of instrument Creating the charge |
29.12.2012 |
|
Amount secured by the charge |
Rs.27.700 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest: WC- Base rate + 3.75% presently 13.50%
p.a. SLC- Base rate +5% i.e. presently 14.50%
p.a. TL- Base rate +3.95% %. i.e.
presently13.70%p.a. BG- As per existing/ Sanction terms. Terms of Repayment: WC- Running account repayable on demand TL- As per existing/sanction terms. SL/BG- As per Bank norms Margin: Fund based limits-25% Non fund based limits-25% Extent and Operation of the charge: The charge shall operate to the extent of entire
loan amount plus interests costs expenses commissions and other charges
thereon. Others: The said amount of Rs.27.700 millions
comprises CC of Rs.20.000 millions , SLC of Rs.3.000 millions, TL of Rs.2.700
millions, BG of Rs.2.000 millions |
|
Short particulars of the property charged |
First charge by way of hypothecation of
stocks including raw materials, semi finished goods and finished goods, book
debts, Plant and machinery, equipments and other movable assets of the
company both present and futurestored or installed at company premises
No.38,(Old No.63), 17th cross, (Between 4th and 6th
main), Malleswaram, Bangalore 560055 or at any other place. First charge by way of Equitable mortgage
on land together with building, structures, fixtures (both existing and to be
constructed) situated at Sy No.88, Srinivasapura Village, Kasaba Hobli,
Nelamangala, Bangalore measuring 16029 sq ft, land with 2A 20G. Boundary of 1A 10 Guntas bounded east by:
property of Mrs. Rekha chandrashekar, west by: property of Mr. Shankarappa,
north by: property of Mr. B.U. Narasimhamurthy, South by: property of Mr.
Girish Anand. Boundary 1A 10 Guntas bounded east by:
property of Mrs. Rekha Chandrashekar, west by: property of Mr. Shankarappa,
north by: Property of Mr. Ramaiah, South by: Property of Silicarb
recrystallized Private Limited |
|
Date of latest modification prior to the
present modification |
24.08.2011 |
|
Particulars of the present
modification |
The amount secured by charge stands enhanced
from Rs.25.700 millions to Rs.27.700 millions. (all other terms and conditions remain
unchanged) |
fixed assets:
v Land
v
v
v plant and Machinery
v DG Set
v Computer
v Office Equipments
v Electrical Installations
v Furniture and Fixtures
v 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.54.26 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.