MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
L&T VALVES LIMITED (w.e.f. 29.04.2013) |
|
|
|
|
Formerly Known
As : |
AUDCO INDIA LIMITED |
|
|
|
|
Registered Office
: |
L and T House, Ballard Estate, Mumbai – 400001, |
|
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.11.1961 |
|
|
|
|
Com. Reg. No.: |
11-012188 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.156.326 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1961PLC012188 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA9647E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Industrial Valves. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There is dip in the profit of the company during 2013. The overall
financial position of the company appears to be sound and healthy. However, trade relations are fair. Business is active. Payment terms
are regular and as per commitments. In the view of 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
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
Management Non-Cooperative (91-22-67525656)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
976, Mount - Poonamallee Road, Opposite L&T Construction Campus, Manapakkam, Chennai – 600089, Tamilnadu, India |
|
Tel. No.: |
91-44-22498201 |
|
Fax No.: |
91-44-22492794 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at: · Chennai · Coimbatore |
DIRECTORS
As on 30.09.2012
|
Name : |
Mr. Jagdish Pandurang Nayak |
|
Designation : |
Director |
|
Address : |
Gilder House, 2nd Floor 67F, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1943 |
|
Qualification : |
B.E. (Mech), PGD IN PROD ENGG. |
|
Date of Appointment : |
29.07.1999 |
|
DIN No.: |
00001644 |
|
|
|
|
Name : |
Mr. Raghavan Sadagopan |
|
Designation : |
Director |
|
Address : |
Flat No. 302, Emerald ' Green Apartment, 108 6th Main, 8th Cross, Malleshwaram, Bangalore – 560003, Karnataka, India |
|
Date of Birth/Age : |
25.03.1946 |
|
Qualification : |
LME, AMIE, M.A. |
|
Date of Appointment : |
27.05.2008 |
|
DIN No.: |
00002647 |
|
|
|
|
Name : |
Mr. Subramanian Ramakrishnan Subramanian |
|
Designation : |
Director |
|
Address : |
AH-3, 1st Floor, Old No AH-7S, 5th Street, 7th Main, Shanti Colony, Anna Nagar Chennai - 600040, Tamilnadu, India |
|
Date of Birth/Age : |
05.10.1954 |
|
Qualification : |
BE (Mechanical) |
|
Date of Appointment : |
24.08.2012 |
|
DIN No.: |
03278824 |
KEY EXECUTIVES
|
Name : |
Mr. Venkatasubramanian Venkatachalam Nelepally |
|
Designation : |
Manager |
|
Address : |
6D KG Towers 30 and 30A, 100FT, Byepass Road, Velacherry, Chennai – 600042, Tamilnadu, India |
|
Date of Birth/Age : |
24.08.1960 |
|
Date of Appointment : |
01.07.2009 |
|
PAN No.: |
AADPV6183C |
|
|
|
|
Name : |
Mr. Rajavel Sundaresan |
|
Designation : |
Company Secretary |
|
Address : |
No-5 Fourth Cross, Gupta Layout, Ulsoor, Bangalore - 560008, Karnataka, India |
|
Date of Birth/Age : |
27.05.1960 |
|
Date of Appointment : |
09.12.2010 |
|
PAN No.: |
AAPPR3224A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
781626 |
|
Audco Limited, India |
|
781626 |
|
Jagdish Pandurang Nayak Jointly With Larsen and Toubro Limited, India |
|
1 |
|
Gopinath Sivasankar Jointly With Audco Limited, India |
|
1 |
|
Thomas Louis Pajonas Jointly With Audco Limited |
|
1 |
|
Narayanaswamy Hariharan Jointly With Larsen and Toubro Limited, India |
|
1 |
|
John Lenander Jointly With Audco Limited, India |
|
1 |
|
Sadagopan Raghavan Thathachari Jointly With Larsen and Toubro Limited, India |
|
1 |
|
Samuel Barett Jointly With Audco Limited, India |
|
1 |
|
Subramanian Ramakrishnan Subramanian Jointly With Larsen and Toubro Limited, India |
|
1 |
|
Total |
|
1563260 |
As on 30.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Industrial Valves. |
||||
|
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|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Bank of Baroda, Mount Road Branch No.1, Club House Road, Chennai - 600002, Tamilnadu, India · Export-Import Bank of India, Centre One; World Trade Centre, Cuffe Parade, Bombay - 400005, Maharashtra, India · Bank of Baroda Apollo Street, Mumbai - 400001, Maharashtra, India · ABN-Amro Bank N V, 63, Chulia Street, Level 13, Singapore - 049514, Singapore ·
ABN Amro Bank N V, 74, Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai - 400021,
Maharashtra, India ·
State Bank of India, Commercial Branch, Bank Street,
Mumbai - 400023, Maharashtra, India ·
State Industries Promotion Corporration of Tamil
Nadu Limited, No. 51 and 52; Greams Road, Thousand Lights, Madras - 600006,
Tamilnadu, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Loan from banks During the year the Company has availed Buyers credit of EURO 476000 ( Rs 330.80 Lakhs) from Bank of Baroda, repayable on July 14, 2015. This is secured by hypothecation of stocks of raw materials, components, work-in-progress, finished goods and book debts, both present and future. |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Parsn Manere, Block A-4, III Floor,602 Anna Salai, Chennai - 600006, Tamilnadu, India |
|
PAN No.: |
AAAFS2512D |
|
|
|
|
Holding Company |
Larsen and Toubro Limited |
|
|
|
|
Subsidiary |
· L & T Infotech Limited · Toshiba Machine (Chennai) Private Limited (formerly L&T Plastics Machinery Limited) · L&T General Insurance Company Limited · Tractor Engineers Limited |
|
|
|
|
Associate |
· L & T Komatsu Limited · L&T Kobelco Machinery Private Limited |
|
|
|
|
50% shareholder
upto 27 March 2013 |
Audco Limited, UK |
|
|
|
|
Ultimate Holding
Company of Audco Limited,UK |
Flowserve Corporation, USA |
|
|
|
|
Group Company of
Flowserve Corporation, USA |
· Flowserve (GB) Limited, U.K · Flowserve Flow Control (UK) Limited · Flowserve Flow Control GMBH, Germany · Flowserve Sulphur Springs, U.S.A. · Flowserve Flow Control Pty Limited, Australia · Flowserve Inc, Canada · Flowserve SA (Pty) Limited · Flowserve US Inc · Flowserve Limitorque · Flowserve Flow Control Benelux Bv, Netherland · Flowserve (USA) · Flowserve India Controls Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs.100/- each |
Rs.180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1563260 |
Equity Shares |
Rs.10/- each |
Rs.156.326 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 |
156.326 |
156.326 |
156.326 |
|
(b) Reserves & Surplus |
2198.795 |
2963.605 |
2573.493 |
|
(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) |
2355.121 |
3119.931 |
2729.819 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
33.080 |
0.164 |
0.245 |
|
(b) Deferred tax liabilities (Net) |
50.406 |
46.865 |
47.990 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.595 |
20.403 |
34.690 |
|
Total Non-current Liabilities (3) |
100.081 |
67.432 |
82.925 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4.567 |
44.267 |
81.932 |
|
(b) Trade payables |
1448.879 |
1225.702 |
1099.711 |
|
(c) Other current
liabilities |
246.276 |
300.592 |
311.617 |
|
(d) Short-term provisions |
877.543 |
1010.402 |
945.630 |
|
Total Current Liabilities (4) |
2577.265 |
2580.963 |
2438.890 |
|
|
|
|
|
|
TOTAL |
5032.467 |
5768.326 |
5251.634 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
512.830 |
778.181 |
828.048 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
9.276 |
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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.358 |
8.459 |
5.250 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
526.464 |
786.640 |
833.298 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1327.542 |
1345.940 |
954.434 |
|
(c) Trade receivables |
1534.044 |
1538.862 |
2811.339 |
|
(d) Cash and cash
equivalents |
788.608 |
1235.081 |
0.596 |
|
(e) Short-term loans and advances |
855.797 |
861.786 |
651.523 |
|
(f) Other current assets |
0.012 |
0.017 |
0.444 |
|
Total Current Assets |
4506.003 |
4981.686 |
4418.336 |
|
|
|
|
|
|
TOTAL |
5032.467 |
5768.326 |
5251.634 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6507.208 |
5604.712 |
4575.980 |
|
|
|
Other Income |
255.776 |
178.317 |
175.516 |
|
|
|
TOTAL (A) |
6762.984 |
5783.029 |
4751.496 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4582.137 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
2.539 |
(175.692) |
4204.081 |
|
|
|
Employee benefit expense |
642.360 |
594.375 |
|
|
|
|
Other expenses |
848.642 |
696.063 |
|
|
|
|
extraordinary items |
(0.606) |
0.000 |
|
|
|
|
TOTAL (B) |
6075.072 |
4795.108 |
4204.081 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
687.912 |
987.921 |
547.415 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.273 |
3.070 |
2.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
682.639 |
984.851 |
545.032 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.645 |
73.705 |
73.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
608.994 |
911.146 |
471.289 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
211.014 |
303.011 |
145.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
397.980 |
608.135 |
325.780 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1181.827 |
852.529 |
759.846 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
39.798 |
60.814 |
32.578 |
|
|
|
Dividend |
1000.486 |
187.591 |
171.959 |
|
|
|
Tax on Dividend |
162.304 |
30.432 |
28.560 |
|
|
BALANCE CARRIED
TO THE B/S |
377.219 |
1181.827 |
852.529 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1219.955 |
1124.779 |
880.295 |
|
|
TOTAL EARNINGS |
1219.955 |
1124.779 |
880.295 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
254.58 |
389.02 |
208.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.88
|
10.52 |
6.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.36
|
16.26 |
10.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.12
|
15.80 |
8.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.29 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02
|
0.01 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.93 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
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 LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Long term maturities of finance lease obligations |
0.000 |
0.164 |
|
Total |
0.000 |
0.164 |
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
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.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.