MIRA INFORM REPORT
|
Report Date : |
14s.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PANCHRATNA JEWELLERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2, Time Square, |
|
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|
Country : |
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|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.02.2008 |
|
|
|
|
Com. Reg. No.: |
04-052858 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U36911GJ2008PTC052858 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
To carry on the
business of manufacturing, import, export, trader, wholesaler, retailer in
the field of gold, diamond, silver, platinum jewellery, designer jewellery, mani,
moti, precious stones, bullion business and to do all relevant acts in
relation thereto. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
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. There are huge external borrowings recorded by the company. However, trade relations are reported as fair. Business iss active.
Payment are reported to be 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit, resulting
in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in
the corresponding quarter of the previous financial year. The government aims
to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 : |
2, Time Square, |
|
Tel. No.: |
91-79-26401177/26424441/42 |
|
Fax No.: |
91-79-26467771 |
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E-Mail : |
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|
Website : |
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|
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Satellite Branch : |
Satya Complex, 132 Ring Road, Shivrajani-Shyamal Road, Satellite,
Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-26750768-68 |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Shantilala Kasturchand Soni |
|
Designation : |
Director |
|
Address : |
11, Ghanshyam Park Society, Behind Paraskunj Society, 132 Feet Ring
Road, Jodhpur, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
28.02.1949 |
|
Date of Appointment : |
08.02.2008 |
|
DIN No.: |
02031287 |
|
|
|
|
Name : |
Mr. Sanjaykumar Shantilala Soni |
|
Designation : |
Director |
|
Address : |
11, Ghanshyam Park Society, Behind Paraskunj Society, 132 Feet Ring
Road, Jodhpur, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
22.04.1971 |
|
Date of Appointment : |
08.02.2008 |
|
DIN No.: |
02031354 |
MAJOR SHAREHOLDERS
As on 28.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Shantilala Kasturchand Soni |
|
250000 |
|
Sanjaykumar Shantilala Soni |
|
249989 |
|
Sanjaykumar Shantilala Soni Hasumatiben Shantilala Soni |
|
1 |
|
Sanjaykumar Shantilala Soni Jollyben Sanjaykumar Soni |
|
1 |
|
Sanjaykumar Shantilala Soni Minor Archit Sanjaykumar Soni |
|
1 |
|
Sanjaykumar Shantilala Soni Minor Vraj Sanjaykumar Soni |
|
1 |
|
Sanjaykumar Shantilala Soni Sanjaykumar Shantilala Soni HUF |
|
1 |
|
Sanjaykumar Shantilala Soni Shantilala Kasturchand Soni HUF |
|
1 |
|
Sanjaykumar Shantilala Soni Riten Vinayakbhai Soni |
|
1 |
|
Sanjaykumar Shantilala Soni Hiren Vinayakbhai Soni |
|
1 |
|
Sanjaykumar Shantilala Soni Rajeshkumar Harshadbahi Soni |
|
1 |
|
Sanjaykumar Shantilala Soni Harshadbhai K. Zinzuwadia |
|
1 |
|
Sanjaykumar Shantilala Soni Bhavin Kishorbhai Soni |
|
1 |
|
Total |
|
500000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Shantilala Kasturchand Soni |
|
250000 |
|
Sanjaykumar Shantilala Soni |
|
250000 |
|
Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
to carry on the business
of manufacturing, import, export, trader, wholesaler, retailer in the field
of gold, diamond, silver, platinum jewellery, designer jewellery, mani, moti,
precious stones, bullion business and to do all relevant acts in relation
thereto. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
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Banking Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Zinzuwadia ad Company Chartered Accountants |
|
Address : |
301. Abhiraj, 68-B, Swatik Co. Operative Society, Navrangpura,
Ahmebadad – 38009, Gujarat, India |
|
Tel. No.: |
91-79-26467874 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs.5.000 Millions |
|
500000 |
Preference Shares |
Rs. 10/- each |
Rs.5.000 Millions |
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs.5.000 Millions |
|
500000 |
Preference Shares |
Rs. 10/- each |
Rs.5.000 Millions |
|
|
Total |
|
Rs.10.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
38.219 |
30.719 |
23.350 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
48.219 |
40.719 |
33.350 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.159 |
0.761 |
1.237 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.159 |
0.761 |
1.237 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
138.822 |
137.429 |
95.022 |
|
(b) Trade payables |
37.608 |
30.118 |
19.676 |
|
(c) Other
current liabilities |
3.358 |
4.650 |
3.711 |
|
(d) Short-term
provisions |
24.309 |
19.455 |
19.154 |
|
Total Current
Liabilities (4) |
204.097 |
191.652 |
137.563 |
|
|
|
|
|
|
TOTAL |
252.475 |
233.132 |
172.150 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6.868 |
7.540 |
3.961 |
|
(ii)
Intangible Assets |
0.949 |
0.949 |
0.949 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.428 |
0.332 |
0.217 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
8.245 |
8.821 |
5.127 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
208.685 |
196.930 |
140.405 |
|
(c) Trade
receivables |
7.047 |
6.024 |
10.295 |
|
(d) Cash
and cash equivalents |
1.177 |
1.778 |
0.629 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
27.321 |
19.579 |
15.694 |
|
Total
Current Assets |
244.230 |
224.311 |
167.023 |
|
|
|
|
|
|
TOTAL |
252.475 |
233.132 |
172.150 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
545.904 |
515.456 |
|
|
|
Other Income |
|
0.000 |
0.120 |
|
|
|
TOTAL (A) |
603.033 |
545.904 |
515.576 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock-in-trade |
|
524.936 |
489.792 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
|
(56.524) |
(38.277) |
|
|
|
Other Expenses |
|
49.987 |
41.259 |
|
|
|
TOTAL (B) |
591.404 |
518.399 |
492.774 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
financial and depreciation expenses) |
27.505 |
22.802 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
14.547 |
10.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
|
12.958 |
12.244 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
|
1.304 |
1.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
11.629 |
11.654 |
11.156 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.129 |
4.285 |
4.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
7.500 |
7.369 |
7.144 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.50 |
15.00 |
14.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.24
|
1.35 |
1.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.13 |
2.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.61
|
5.01 |
6.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.29 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.88
|
3.39 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.17 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10114556 |
18/11/2011 * |
120,000,000.00 |
STANDARD CHARTERED BANK |
GROUND FLOOR, ABHIJIT-II,
MITHAKHALI SIX ROADS, NAVRANGPURA, AHMEDABAD,
Gujarat - 380009, INDIA |
B29334406 |
*Date of modification charges
FIXED ASSETS:
·
Computer and Printer –
Scanner
·
Computer Software
·
Motor Car
·
Plant and Machinery
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.63.59 |
|
|
1 |
Rs.101.56 |
|
Euro |
1 |
Rs.85.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
30 |
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.