MIRA INFORM REPORT
|
Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PERFECT CIRCLE INDIA LIMITED |
|
|
|
|
Registered
Office : |
20, MIDC Estate, Satpur, Nasik-422007, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.04.1962 |
|
|
|
|
Com. Reg. No.: |
11-012316 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 33.337 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1962PLC012316 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKP01760D / NSKP00100C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0482E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Piston Rings, Castings, Oil pump cover and Clutch Plates. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. There appears slight dip in the profitability during 2011-2012. However, general financial position is good. Trade relations are reported
to be fair. Business is active. Payment are reported to be usually correct
and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit: BBB- |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
|
Date |
December, 2012 |
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 : |
N Kanchan Datlani |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-253-2365900 / 2202800 91-9595396136 |
|
Date : |
29.04.2013 |
LOCATIONS
|
Registered Office / Factory: |
20 MIDC Estate, Satpur, Nasik-422007, Maharashtra, India |
|
Tel. No.: |
91-253-2365900 / 2202804 / 2202800 |
|
Mobile No.: |
91-9595396136 (N Kanchan
Datlani) |
|
Fax No.: |
91-253-2350584 / 2351138 |
|
E-Mail : |
mayor.bumb@perfectcircle.co.in
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office 1 : |
1, Sri Aurobindo Marg, New Delhi-110016,
India |
|
|
|
|
Corporate Office 2 : |
Magnet House, N M Marg, Ballard Estate,
Mumbai 400 038, Maharashtra, India |
|
|
|
|
Manufacturing Plant : |
Foundry E-34, MIDC Estate, Satpur, Nashik-422007,
Maharashtra, India Centrifugal
Casting Plant 19, MIDC Estate, Satpur, Nashik-422007, Maharashtra,
India Plate Machining
Plant E-34, MIDC Estate, Satpur, Nashik-422007,
Maharashtra, India |
DIRECTORS
As on 10.09.2012
|
Name : |
Mr. Chandrakant Somabhai Patel |
|
Designation : |
Director |
|
Address : |
A1, Sairang Heavens, Katewadi, Pimple Soudagar, Aundh Camp, Pune-411027, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1939 |
|
Qualification : |
MS In Indl. Engg., MBA |
|
Date of Appointment : |
18.07.1995 |
|
DIN No.: |
00028753 |
|
|
|
|
Name : |
Mr. Sunil Prem Nath Kaul |
|
Designation : |
Director |
|
Address : |
House No.8, Atul Excellency, Anmol Residency, Kaspate Basti, Pune-411057, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1959 |
|
Qualification : |
BE Mech., MBA |
|
Date of Appointment : |
06.03.2012 |
|
DIN No.: |
00110549 |
|
|
|
|
Name : |
Mr. Raman Pratapsingh Kaicker |
|
Designation : |
Director |
|
Address : |
Cumballa Crest Housing Society, Flat No.107, Peddar Road, Near HSBC Bank, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
30.03.1955 |
|
Qualification : |
CA |
|
Date of Appointment : |
08.02.2010 |
|
DIN No.: |
02324941 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Goyal |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
A-3, 201, Kunal Icon, Pimpl Saudagar, Pune-411027, Maharashtra, India |
|
Date of Birth/Age : |
01.11.1969 |
|
Qualification : |
CA, CS, Cost Accountant |
|
Date of Appointment : |
29.07.2009 |
|
DIN No.: |
02605616 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2012
Note: Shareholding detail file attached
As on 10.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Public financial
companies |
0.01 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.14 |
|
Bodies corporate |
92.40 |
|
Directors or relatives of Directors |
0.00 |
|
Other top fifty shareholders |
1.50 |
|
Others |
5.95 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Piston Rings, Castings, Oil pump cover and Clutch Plates. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity * * |
Actual
Production |
|
Rings |
Nos. |
|
17,500,000 |
17,521,733 |
|
Semi Finished Products |
Nos. |
|
40,000,000 |
28,367,683 |
|
Ductile Davison |
Kgs. |
|
1,200,000 |
113,794 |
* Licensing requirement for automotive
parts have been dispensed w.e.f. July 25, 1991.
** Installed Capacity has been accepted by
the auditors without verification, this being a technical matter.
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Financial Institution : |
Sicom Limited, Nirmal Building, 1st Floor, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Mutha Towers, 5th Floor, Suite No.8, Airport Road , Yerwada, Pune, Maharashtra, India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Holding Company : |
Asia Investments (India) Private Limited |
|
|
|
|
Ultimate Holding
Company : |
Anand Automotive Limited, India CIN No.: U74999MH1975PLC206199 |
|
|
|
|
Fellow Subsidiary : |
CIN No.: U29117PN2001PLC018092
CIN No.: L34101PN1961PLC015735 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Re. 1 /- each |
Rs. 45.000 millions |
|
50000 |
Preference Shares |
Rs. 100 /- each |
Rs. 5.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 50.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33336568 |
Equity Shares |
Re. 1 /- each |
Rs. 33.337 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 |
33.337 |
33.337 |
33.337 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
335.400 |
341.500 |
321.704 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
368.737 |
374.837 |
355.041 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
386.500 |
194.500 |
233.685 |
|
|
2] Unsecured Loans |
88.200 |
132.900 |
177.283 |
|
|
TOTAL BORROWING |
474.700 |
327.400 |
410.968 |
|
|
DEFERRED TAX LIABILITIES |
37.782 |
42.282 |
27.947 |
|
|
|
|
|
|
|
|
TOTAL |
881.219 |
744.519 |
793.956 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
364.100 |
393.900 |
419.987 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
8.480 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
156.900
|
157.500 |
131.897 |
|
|
Sundry Debtors |
166.600
|
156.900 |
103.134 |
|
|
Cash & Bank Balances |
56.200
|
7.500 |
30.653 |
|
|
Other Current Assets |
25.200
|
17.800 |
0.000 |
|
|
Loans & Advances |
333.300
|
219.500 |
237.083 |
|
Total
Current Assets |
738.200
|
559.200 |
502.767 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
71.400
|
79.900 |
87.572 |
|
|
Other Current Liabilities |
119.800
|
88.400 |
20.311 |
|
|
Provisions |
29.881
|
40.281 |
29.395 |
|
Total
Current Liabilities |
221.081
|
208.581 |
137.278 |
|
|
Net Current Assets |
517.119
|
350.619 |
365.489 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
881.219 |
744.519 |
793.956 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1127.800 |
1052.000 |
782.225 |
|
|
|
Other Income |
19.000 |
9.000 |
11.533 |
|
|
|
TOTAL (A) |
1146.800 |
1061.000 |
793.758 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
313.600 |
|
|
|
|
|
Purchase of stock-in-trade |
41.000 |
49.800 |
631.622 |
|
|
|
Employee Benefit expense |
176.400 |
163.900 |
|
|
|
|
Other expense |
457.600 |
414.600 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
4.700 |
(27.600) |
|
|
|
|
TOTAL (B) |
993.300 |
884.100 |
631.622 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
153.500 |
176.900 |
162.136 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
62.300 |
47.400 |
42.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
91.200 |
129.500 |
119.863 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.400 |
43.800 |
46.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
48.800 |
85.700 |
73.653 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.600 |
26.700 |
1.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-H)
(I) |
23.200 |
59.000 |
71.803 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.800 |
35.600 |
(17.257) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.300 |
5.900 |
7.180 |
|
|
|
Tax on
Interim Dividend |
16.700 |
16.700 |
0.000 |
|
|
|
Proposed
Dividend - Equity |
8.300 |
16.700 |
10.001 |
|
|
|
Tax on Proposed
Dividend |
4.100 |
5.500 |
1.700 |
|
|
BALANCE CARRIED
TO THE B/S |
41.600 |
49.800 |
35.665 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from Foreign Operations |
338.300 |
294.700 |
217.310 |
|
|
|
Recovery of Freight Charges |
32.700 |
33.200 |
18.415 |
|
|
TOTAL EARNINGS |
371.000 |
327.900 |
235.725 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
18.600 |
13.800 |
10.151 |
|
|
|
Components, Stores and Spares |
0.500 |
1.100 |
2.023 |
|
|
|
Finished Goods |
20.300 |
25.200 |
20.638 |
|
|
TOTAL IMPORTS |
39.400 |
40.100 |
32.812 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
0.69 |
1.77 |
2.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.02
|
5.55
|
9.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.33
|
8.15
|
9.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.43
|
8.99
|
7.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.32
|
0.23
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.29
|
0.87
|
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.34
|
2.68
|
3.66 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
71.400
|
79.900 |
87.572 |
|
|
|
|
|
|
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
GENERAL INFORMATION:
Subject is engaged in manufacturing of Piston Rings and Castings which is a critical automotive component business. The Company is also engaged in manufacture of oil pump cover and clutch plates. The Company has manufacturing plants in India and sells primarily in India, Europe and U.S.
PERFORMANCE AND
OPERATIONS
The Indian economic growth story showed signs of slowing down in the year 2011-12. GDP growth reached a record low of
5.3 % in the fourth quarter during the financial year, dragging the overall FY 2012 GDP growth to 6.5%. As the Company operates in the automotive segment this slowdown in growth had an adverse impact on the top line growth. Also, the debt crisis in Europe in the later half of the last financial year led to a slowdown in Exports which plays a major role in the sales of your Company. The market still appears weak.
Sales during the financial year was Rs.1185.200 millions as compared to Rs.1112.700 millions in the previous year. The competitive environment continues to put pressure on domestic and export sales. Profit after interest but before depreciation and taxation was Rs.91.200 millions, as compared to Rs.129.500 millions in previous year.
In order to face the challenges due to the economic downturn, the Company has taken various steps to reduce costs and improve profitability. The steps include tighter inventory management through the implementation of Heijunka program, reduced purchasing costs and a major quality improvement program to reduce rejections.
The Company will pursue new product development activities to increase the sales and reverse the shrinkage in demand of rings in the replacement market due to the longer engine life of new generation vehicles.
The Company continues to focus on new development in original equipment and export markets to enhance capacity utilization to have overall cost competitive position in market.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Deferred payment liabilities |
44.500 |
48.700 |
|
Deposits |
43.300 |
83.700 |
|
Other loans and advances |
0.400 |
0.500 |
|
Total |
88.200 |
132.900 |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- 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.53.74 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
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 |
|
44 |
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.