MIRA INFORM REPORT
|
Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL HEAVY ENGINEERING CO-OPERATIVE LIMITED |
|
|
|
|
Registered
Office : |
17, |
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Year of
Establishment : |
1976 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 29.125 Millions |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Co-Operative Society |
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|
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|
Line of Business
: |
Manufacturer and Trader of Sugar Machinery. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is a well-established co-operative society having a
satisfactory track record. The financial statements after FY 2010-2011 are not available with us. Mr. Arun Madalkar [Export Manager] has provided general information
and denied to disclose any financial details to us. As per available of 2011, there appears a drastic dip in its net
profitability due to which the profit margin of the company has been
affected. However, financial position appears to be average marked by strong
networth position. The ratings also take into consideration the fact that the subject has
been promoted by National Co-operative Development Corporation [NCDC],
Government of India and supported by the National Federation of co-operative
sugar factories. Trade relations are fair. Business is active. Payment terms are
usually correct. In view of strong support from Government of India, the co-operative
society can be considered for business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report
number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Arun Madalkar |
|
Designation : |
Export Manager |
|
Contact No.: |
91-9011075408 |
|
Date : |
06.12.2014 |
LOCATIONS
|
Registered/ Head Office : |
17, Mahatma Gandhi Road, Pune –
411001, Maharashtra, India |
|
Tel. No.: |
91-20-26131910/ 11/ 12/ 13 |
|
Mobile No.: |
91-9011075408 (Mr. Arun Madalkar) |
|
Fax No.: |
91-20-26134920 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory and
Export Division : |
Pune - Mumbai Highway, Talegaon Dabhade, Pune – 410506, Maharashtra
India |
|
Tel. No.: |
91-2114-222261/ 2/ 3/ 222661/ 2/ 3 |
|
Fax No.: |
91-2114-222762 |
|
E-Mail : |
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|
|
|
|
Regional Office : |
3, Siri Institutional Area, NCUI Building, 5th Floor, Hauz Khas, New
Delhi – 110016, India |
|
Tel. No.: |
91-11-26967136/ 26962989 |
|
Fax No.: |
91-11-26851538 |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Shivajirao G Patil |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jayantibhai U Patel |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Oh. Muralikrishna |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Shavajirao N Nagawade |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Shankarrao G Kolhe |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Anil K Babar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijaysinh Mohite Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Madan V Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K P Valsh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ankushrao R Tope |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Balasahab P Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramesh V Katti |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mansinbhai K Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sattishbhai M Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinay Kumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Chitra |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Arun Madalkar |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Sugar Machinery. |
|
|
|
|
Exports : |
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|
Products : |
Sugar Machinery |
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Imports : |
|
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Products : |
Raw Materials |
|
Countries : |
· Germany · Belgium |
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Terms : |
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|
Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
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|||||||||||||||
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|||||||||||||||
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Customers : |
Others National Clients ·
The Gadhinglaj TSSK Limited, ·
Shetkar SSK. Limited, ·
Shri Sidheshwar SSK Limited, Solapur ·
Kannad SSK Limited, ·
Shri Vridheshwari SSK Limited, Ahmednagar ·
Kisan SCM Limited, Tihar ·
U.P.State Sugar Corporation Limited, Amroha ·
The Bhuna CSM Limited, Hissar ·
Western India Cane Sugar Ind. Limited, Hissar International
Clients ·
SMS Limited, ·
P.G. ·
Paniji Sugar ·
·
Consulting Office for Sugar Industries, ·
Balmac and Company, Thailand ·
Florida Chemicals Limited, ·
Khanh Hoa Cane Sugar ·
Deshbandhu Sugar Mills Limited, |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
·
Punjab National Bank Arora Tower, Pune - 411001, Maharashtra, India ·
State Bank of Travancore 1248/A, Asmani Plaza, Deccan Gymkhana, Pune - 411004, Maharashtra,
India Contact No.: 91-20-25531285 ·
Maharashtra State Co-Operative Bank Limited Sir Vithaldas Thackersey Memorial Building, 9, Maharashtra Chamber of Commerce
Lane, Fort, Mumbai - 400023, Maharashtra, India ·
Export-Import Bank of India Post Box 16100, World Trade Centre, Cuffe Parade, Mumbai - 400005,
Maharashtra, India |
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Facilities : |
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Kirtane and Pandit Chartered Accountants |
|
Address : |
Sangati Bhakti Marg, Off Law College Road, Pune – 411004, Maharashtra,
India |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 29.125 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
29.125 |
29.416 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
787.599 |
60.106 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
816.724 |
89.522 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
164.995 |
93.716 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
164.995 |
93.716 |
|
|
DEFERRED TAX LIABILITIES |
|
5.283 |
5.066 |
|
|
|
|
|
|
|
|
TOTAL |
|
987.002 |
188.304 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1325.782 |
89.575 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
2.405 |
2.085 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.000 |
0.000 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1222.216 |
3219.913 |
|
Total
Current Assets |
|
1222.216 |
3219.913 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
1563.401 |
3123.269 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
1563.401 |
3123.269 |
|
|
Net Current Assets |
|
(341.185) |
96.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
987.002 |
188.304 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
|
2240.543 |
581.507 |
|
|
|
Other Income |
|
13.489 |
12.612 |
|
|
|
TOTAL (A) |
|
2254.032 |
594.119 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
|
2354.637 |
1315.422 |
|
|
|
Employees Remuneration and Benefits |
|
162.636 |
140.903 |
|
|
|
Administrative Expenses |
|
20.500 |
20.395 |
|
|
|
Increase /Decrease in Stock |
|
(307.759) |
(912.154) |
|
|
|
TOTAL (B) |
|
2230.014 |
564.566 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
24.018 |
29.553 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
17.425 |
17.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
6.593 |
11.812 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
6.059 |
6.212 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.534 |
5.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.217 |
1.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.317 |
4.589 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve Fund |
|
0.079 |
1.147 |
|
|
|
Transfer to Co-operative Education Fund |
|
0.003 |
0.046 |
|
|
|
Proposed Dividend |
|
0.000 |
2.184 |
|
|
|
Transfer to General Reserve |
|
0.235 |
1.212 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
81.00 |
1371.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
0.01 |
0.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
|
1.07 |
5.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.02 |
0.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.20 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.78 |
1.03 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
29.416 |
29.125 |
|
Reserves & Surplus |
60.106 |
787.599 |
|
Net
worth |
89.522 |
816.724 |
|
|
|
|
|
Secured Loans |
93.716 |
164.995 |
|
Unsecured Loans |
0.000 |
0.000 |
|
Total
borrowings |
93.716 |
164.995 |
|
Debt/Equity ratio |
1.047 |
0.202 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
581.507 |
2240.543 |
|
|
|
285.299 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
581.507 |
2240.543 |
|
Profit |
4.589 |
0.317 |
|
|
0.79% |
0.01% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
LITIGATION DETAILS:
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 20.06.2013 |
|
Stamp No: ARAST/26157/2013 Filing Date: 20.09.2013 Reg. No.: ARA/49/2013 Reg. Date: 11.11.2013 |
|
Petitioner: RAJASTHAN
STATE CO-OP. OIL SEED GROWERS
Respondent: NATIONAL HEAVY
ENGINEERING CO-OPERATIVE LIMITED Petn. Adv : DUTTMENON
DUNMORRSETT (0) Resp. Adv.: M/S. B. G. SHIRKE
CONSTRUCTION TECHNOLOGY PRIVATE LIMITED (0) District: PUNE |
|
Bench: SINGLE Status: Admitted(Unready) Last Date: 15.09.2014 Stage: FOR DIRECTION [CIVIL SIDE MATTERS] Last Coram: HON'BLE
SHRI JUSTICE S.C. GUPTE |
|
Act: Airport
Economic Regulatory Authority Act |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
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 records 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 records 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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] 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. 61.93 |
|
|
1 |
Rs. 96.37 |
|
Euro |
1 |
Rs. 76.10 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
47 |
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.