MIRA
INFORM REPORT
|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
AKASAKA
ELECTRONICS LIMITED (w.e.f. 04.10.2007) |
|
|
|
|
Formerly Known
As : |
IMERCIUS
TECHNOLOGIES (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
C-107, MIDC, TTC Industrial Area, Pawane, Navi Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.05.2002 |
|
|
|
|
Com. Reg. No.: |
11-136009 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.81.575 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64200MH2002PLC136009 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4420F |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Subject is engaged in manufacturing of printed circuit boards. |
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|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 740000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a
subsidiary of MIRC Electronics Limited. It is an established company having
satisfactory track record. The company has incurred
loss from its operation during financial year 2013. However, the
rating reflects managerial and financial support that company receives from
its parent company. Further it also reflects decent networth
of the company. Trade relations
are fair. Business is active. Payment terms are reported to be slow but
correct. In view of strong
holding support, the company can be considered for 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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 for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were
announced, the government decided to hike interest rates on fixed deposit
schemes offered by post offices up to 0.2 per cent. The new rates will be
effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s
appeal against a ruling over transferring ownership of its local mobile phones
plant which is the subject of a tax dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into
Hindustan Aeronautics Limited’s contracts from
Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau
of Investigation will look into allegations that over $80 million was paid in
kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a
solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based Limits: BBB+ (SO) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
January, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits: A2 (SO) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
January, 2013 |
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
(Tel. No.: 91-22-27617371)
LOCATIONS
|
Registered Office : |
C-107, MIDC, TTC Industrial Area, Pawane, Navi Mumbai – 400705, Maharashtra |
|
Tel. No.: |
91-22-27617371/ 7373/
2322/ 3126/ 27612322 91-22-27615976
(Direct) |
|
Fax No.: |
91-22-27670140 |
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E-Mail : |
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|
Website : |
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|
Factory : |
Located at: ·
Navi Mumbai |
DIRECTORS
AS ON 31.07.2013
|
Name : |
Mr. Sunil Sital Kishinchandani |
|
Designation : |
Whole-time Director |
|
Address : |
301/A, Cancord , Lokhandwala Complex,
Mumbai – 400 058, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1957 |
|
Qualification : |
Engineering from the
University of Mysore and Masters in Financial
Management from Jamnalal Bajaj
Institute of Management Studies, Mumbai |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
01292486 |
|
|
|
|
Name : |
Kaval Gulu Mirchandani |
|
Designation : |
Director |
|
Address : |
Onida House, G-1, MIDC, Mahakali
Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1975 |
|
Qualification : |
M.B.A. in International
Management from Thunderbird, American Graduate School of International Management,
U.S.A |
|
Date of Appointment : |
22.11.2011 |
|
DIN No.: |
01179978 |
|
|
|
|
Name : |
Sasha Gulu Mirchandani |
|
Designation : |
Director |
|
Address : |
Onida House, G-1, MIDC, Mahakali
Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Date of Birth/Age : |
26.02.1972 |
|
Qualification : |
Business Administration
from University in Virginia and MMDP program at IIM, Ahmedabad. |
|
Date of Appointment : |
24.05.2002 |
|
DIN No.: |
01179921 |
KEY EXECUTIVES
|
Name : |
Mr. J. Shankar |
|
Designation : |
Head Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.07.2013
Note:
Shareholding details file attached.
AS ON 31.07.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.88 |
|
Other
top fifty shareholders |
|
0.12 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of printed circuit boards. |
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Products : |
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Brand Names : |
ONIDA |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
State Bank of India, Backbay Reclamation Branch, Raheja
Chambers, Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B.
K. Khare and company Chartered Accountants |
|
Address : |
706/708,
Sharda Chambers, New Marine Lines, Bhayakar Bhavan, Mumbai -
400020, Maharashtra, India |
|
PAN No.: |
AAAFB0265E |
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Holding Company : |
·
MIRC Electronics Limited, India |
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|
|
|
Associates : |
·
Iwai Electronics Private Limited, India |
CAPITAL STRUCTURE
AS ON 31.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8157480 |
Equity Shares |
Rs.10/- each
|
Rs.81.575
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 |
81.575 |
81.575 |
81.575 |
|
(b) Reserves & Surplus |
102.551 |
127.900 |
126.631 |
|
(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) |
184.126 |
209.475 |
208.206 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
1.430 |
1.379 |
1.384 |
|
Total Non-current Liabilities (3) |
1.430 |
1.379 |
1.384 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
42.289 |
19.987 |
6.232 |
|
(b) Trade payables |
2.136 |
28.980 |
56.024 |
|
(c) Other current
liabilities |
13.655 |
14.896 |
17.083 |
|
(d) Short-term provisions |
0.163 |
0.163 |
1.991 |
|
Total Current Liabilities (4) |
58.243 |
64.026 |
81.330 |
|
|
|
|
|
|
TOTAL |
243.799 |
274.880 |
290.920 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
50.919 |
62.282 |
60.705 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
64.705 |
27.280 |
14.575 |
|
(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 |
7.993 |
7.507 |
7.094 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
123.617 |
97.069 |
82.374 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
43.510 |
83.599 |
54.833 |
|
(c) Trade receivables |
36.156 |
54.357 |
71.739 |
|
(d) Cash and cash
equivalents |
27.433 |
20.088 |
66.314 |
|
(e) Short-term loans and
advances |
11.039 |
18.509 |
14.141 |
|
(f) Other current assets |
2.044 |
1.258 |
1.519 |
|
Total Current Assets |
120.182 |
177.811 |
208.546 |
|
|
|
|
|
|
TOTAL |
243.799 |
274.880 |
290.920 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from Operations |
172.622 |
322.031 |
377.498 |
|
|
|
Other Income |
3.072 |
3.008 |
6.906 |
|
|
|
TOTAL (A) |
175.694 |
325.039 |
384.404 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials Consumed |
96.444 |
203.668 |
241.960 |
|
|
|
Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
5.326 |
3.622 |
(4.159) |
|
|
|
Employee
benefit expense |
36.727 |
39.768 |
45.029 |
|
|
|
Other
expenses |
45.851 |
58.435 |
54.571 |
|
|
|
TOTAL (B) |
184.348 |
305.493 |
337.401 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(8.654) |
19.546 |
47.003 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.957 |
3.177 |
2.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(10.611) |
16.369 |
44.106 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.737 |
14.794 |
22.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(25.348) |
1.575 |
21.293 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.306 |
4.926 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(25.348) |
1.269 |
16.867 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
97.222 |
95.953 |
79.086 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
71.874 |
97.222 |
95.953 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(3.11) |
0.16 |
2.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(14.43)
|
0.39 |
4.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.68)
|
0.49 |
5.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.15)
|
0.64 |
7.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14)
|
0.01 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.23
|
0.10 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.78 |
2.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
81.575 |
81.575 |
81.575 |
|
Reserves & Surplus |
126.631 |
127.900 |
102.551 |
|
Net worth |
208.206 |
209.475 |
184.126 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
6.232 |
19.987 |
42.289 |
|
Total borrowings |
6.232 |
19.987 |
42.289 |
|
Debt/Equity ratio |
0.030 |
0.095 |
0.230 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
377.498 |
322.031 |
172.622 |
|
|
|
(14.693) |
(46.396) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
377.498 |
322.031 |
172.622 |
|
Profit |
16.867 |
1.269 |
-25.348 |
|
|
4.47% |
0.39% |
-14.68% |
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 |
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 |
Yes |
OPERATIONS
During
the year, income from operation stood at Rs.172.621 Millions as compared to
Rs.322.031 Millions in the previous year. The Company has incurred a net loss of
Rs.25.348 Millions as against profit after tax of Rs.1.269 Millions during the
previous year.
The
directors are confident of improving the performance in the ensuing year.
CONTINGENT LIABILITIES (AS ON 31.03.2013):
i) Estimated amount of contracts
remaining to be executed on capital account and not provided for (net of
advances) Rs.0.014 million.
ii) Excise duty demand
contested in appeals Rs.2.280 millions. Based on the various legal
pronouncements in favour of the company, management perceives that the
aforesaid liabilities are not probable in nature.
iii) Stamp Duty demand of
Rs.3.940 millions raised by Dy. Superintendent of
Stamps, Mumbai in respect of Plant and Machinery transferred under the Scheme
of Amalgamation. The Company’s contention is that the Plant and Machinery are
of moveable in nature, hence liability for payment of stamp duty does not
attract as per the Bombay Stamp Act.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Computer
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.60.21 |
|
UK Pound |
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN / NIT |
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 |
- |
|
--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 |
|
42 |
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.