MIRA INFORM REPORT
|
Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
CLUES NETWORK PRIVATE LIMITED |
|
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Registered
Office : |
B/1, Pragati Chambers, 15, Dutt Vihar Society, Jetalpur Road, Vadodara – 390007, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.03.2011 |
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Com. Reg. No.: |
04-064297 |
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Capital
Investment / Paid-up Capital : |
Rs.0.525 Million |
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CIN No.: [Company Identification
No.] |
U52590GJ2011PTC064297 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in business providing
online technology, technology services, e-commerce services, online marketing
services and fulfilment services. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. Management has reported consecutive losses, leading to accumulation of
the same which has eroded the networth of the company during FY14. However, Business is active. Payment terms are reported as slow. In view of deterioration in its financial profile, the company can be
considered for business dealings on a safe and secured 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 DENIED
MANAGEMENT NON CO-OPERATIVE
CONTACT NO.: 91-124-4414888
LOCATIONS
|
Registered Office : |
B/1, Pragati Chambers, 15, Dutt Vihar Society, Jetalpur
Road, Vadodara – 390007, Gujarat, India |
|
Tel. No.: |
91-265-2310231 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
40A/5, 2nd Floor, Gurgaon Ho, Chander Nagar, Sector – 15,
Part – II, Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-4414888 |
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|
|
|
US Office : |
Located At : Clues Network Inc., 530 Lytton Avenue |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Sanjay Sethi |
|
Designation : |
Director |
|
Address : |
Flat – C1003, Sector – 30, Uniworld City, Gurgaon – 122001, Haryana,
India |
|
Date of Birth/Age : |
27.06.1972 |
|
Date of Appointment : |
17.05.2013 |
|
DIN No.: |
06582276 |
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|
|
|
Name : |
Radhika Sudhir Ghai |
|
Designation : |
Director |
|
Address : |
H. No. 315, Sector – 7, Panchkula – 134109, Haryana, India |
|
Date of Birth/Age : |
30.10.1974 |
|
Date of Appointment : |
15.07.2013 |
|
DIN No.: |
01092632 |
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|
|
|
Name : |
Mrinal Chatterjee |
|
Designation : |
Director |
|
Address : |
1203, Block – B3, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
17.11.1968 |
|
Date of Appointment : |
15.07.2013 |
|
DIN No.: |
06681645 |
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|
|
|
Name : |
Devesh Rai Gadegawalia |
|
Designation : |
Director |
|
Address : |
E-197, Sushant Lok, Phase – II, Sector – 56, Gurgaon – 122003,
Haryana, India |
|
Date of Birth/Age : |
19.10.1975 |
|
Date of Appointment : |
03.09.2013 |
|
DIN No.: |
06692674 |
KEY EXECUTIVES
|
Name : |
Kanchan Kukreja |
|
Designation : |
Secretary |
|
Address : |
696, B-Block, Sector – 49, Sainik Colony, Faridabad – 121001, Haryana,
India |
|
Date of Birth/Age : |
19.02.1986 |
|
PAN No.: |
BNXPK1741D |
|
Date of Appointment : |
10.06.2013 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Clues Network Inc., California US |
|
70225 |
|
Sandeep Aggarwal |
|
4 |
|
Radhika Sudhir Ghai |
|
1 |
|
|
|
|
|
Total |
|
70230 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
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 |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business providing
online technology, technology services, e-commerce services, online marketing
services and fulfilment services. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S S R and Company Chartered Accountants |
|
Address : |
Building No. 10, 8th Floor, Tower – B, DLF Cyber City, Phase – 2,
Gurgaon – 122002, Haryana, India |
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PAN No.: |
AAKFB4430H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company Including the Ultimate Holding Company : |
Clues Network Inc. |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,230 |
Equity Shares |
Rs.10/- each |
Rs.0.702
Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52472 |
Equity Shares |
Rs.10/- each |
Rs.0.525
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.525 |
0.374 |
0.282 |
|
(b) Reserves &
Surplus |
(26.599) |
43.611 |
59.051 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
83.489 |
64.295 |
93.576 |
|
Total Shareholders’ Funds
(1) + (2) |
57.415 |
108.280 |
152.909 |
|
|
|
|
|
|
(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 |
2.724 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.690 |
0.680 |
0.105 |
|
Total Non-current
Liabilities (3) |
4.414 |
0.680 |
0.105 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
145.811 |
37.454 |
1.704 |
|
(c) Other current
liabilities |
63.374 |
24.280 |
3.523 |
|
(d) Short-term provisions |
12.636 |
3.812 |
0.324 |
|
Total Current Liabilities
(4) |
221.821 |
65.546 |
5.551 |
|
|
|
|
|
|
TOTAL |
283.650 |
174.506 |
158.565 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17.074 |
8.581 |
3.160 |
|
(ii) Intangible Assets |
3.015 |
0.443 |
0.012 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13.127 |
2.349 |
0.276 |
|
(e) Other Non-current
assets |
0.780 |
40.300 |
50.382 |
|
Total Non-Current Assets |
33.996 |
51.673 |
53.830 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
29.336 |
65.500 |
47.500 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
82.254 |
23.217 |
3.496 |
|
(d) Cash and cash
equivalents |
65.204 |
14.497 |
50.472 |
|
(e) Short-term loans and
advances |
31.533 |
9.344 |
0.986 |
|
(f) Other current assets |
41.327 |
10.275 |
2.281 |
|
Total Current Assets |
249.654 |
122.833 |
104.735 |
|
|
|
|
|
|
TOTAL |
283.650 |
174.506 |
158.565 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
305.326 |
77.674 |
3.911 |
|
|
Other Income |
10.601 |
8.788 |
1.923 |
|
|
TOTAL |
315.927 |
86.462 |
5.834 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Service Cost |
|
80.229 |
0.853 |
|
|
Employees benefits
expense |
|
60.832 |
8.716 |
|
|
Other expenses |
|
94.201 |
3.634 |
|
|
TOTAL |
698.305 |
235.262 |
13.203 |
|
|
|
|
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|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(148.800) |
(7.369) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.812 |
0.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(382.378) |
(150.612) |
(7.669) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(382.378) |
(150.612) |
(7.669) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
(158.281) |
(7.669) |
0.000 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE
B/S |
(540.659) |
(158.281) |
(7.669) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
81.187 |
35.507 |
NA |
|
|
TOTAL EARNINGS |
81.187 |
35.507 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(8005.00) |
(4290.00) |
(608.00) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
(125.24) |
(193.90) |
(196.09) |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
NA |
(191.57) |
(188.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(134.81) |
(86.31) |
(4.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(6.66) |
(1.39) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.87 |
18.87 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.282 |
0.374 |
0.525 |
|
Reserves & Surplus |
59.051 |
43.611 |
-26.599 |
|
Share Application money
pending allotment |
93.576 |
64.295 |
83.489 |
|
Net worth |
152.909 |
108.280 |
57.415 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3.911 |
77.674 |
305.326 |
|
|
|
1,886.039 |
293.086 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3.911 |
77.674 |
305.326 |
|
Profit/Loss |
(7.669) |
(150.612) |
(382.378) |
|
|
(196.09%) |
(193.90%) |
(125.24%) |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS : 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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
COMPANY OVERVIEW
The company was incorporated 5 March, 2011, as
a private company under the Indian Companies Act, 1956. The company is engaged in business providing online technology,
technology services, e-commerce services, online marketing services and
fulfilment services.
FIXED ASSETS
- Computers
- Office
Equipment
- Furniture and
Fittings
- Leasehold
Improvement
- Software
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 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] 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.61.87 |
|
|
1 |
Rs.96.90 |
|
Euro |
1 |
Rs.76.29 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.