MIRA INFORM REPORT
|
Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
FRR FOREX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
New Excelsior Building, 3rd Floor, A.K. Nayak Marg, Fort, Mumbai –
400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.08.2009 |
|
|
|
|
Com. Reg. No.: |
11-195111 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 169.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65999MH2009PTC195111 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF05873A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF3963B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Buying and Selling of Foreign Currencies and also sells Travelers Cheques and Travel Currency Cards and also Overseas Medical Policies and handles Inward Money Transfer. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track record. Profitability of the company is under pressure. The company has
recorded huge accumulated losses. However, trade relations are reported as fair. Business is active. Payment
terms are reported to be slow. The company can be considered for business dealings with great
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
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 BY
|
Name : |
Mr. Nilesh Parab |
|
Designation : |
Branch Manager |
|
Contact No.: |
91-9820043962 |
|
Date : |
12.06.2014 |
LOCATIONS
|
Registered Office : |
New Excelsior Building, 3rd Floor, A.K. Nayak Marg, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22833825/ 22051231 |
|
Mobile No.: |
91-9820043962 [Mr. Nilesh Parab] 91-9820325432 [Mr. Sundeep Mody] |
|
Fax No.: |
91-22-22852919/ 22051232 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate/ Head Office : |
205, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22833825/ 22874785/ 86 |
|
Fax No.: |
91-22-22852919 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Amola Chambers, Shop No G 8, 9, 10, 11, Ground and Mezzanine Floor, C.G. Road, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26401404/ 05 |
|
|
|
|
Branch Offices : |
Located at: NORTH ·
New Delhi:
Nehru Place ·
Gurgaon ·
New Delhi:
Connaught Place ·
Jaipur WEST ·
Mumbai: Nariman
Point ·
Navsari ·
Mumbai: Powai ·
Pune: Chinchwad ·
Pune Camp ·
Thane ·
Mumbai: Andheri
East SOUTH ·
Bangalore ·
Coimbatore ·
Chennai |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Mr. Dinesh Chandra Sharma |
|
Designation : |
Director |
|
Address : |
B-103, Lakshchandi Apartments, Gokuldham, Krishna Vatika Marg,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
27.06.1943 |
|
Date of Appointment : |
20.08.2009 |
|
DIN No.: |
00121404 |
|
|
|
|
Name : |
Mr. Janak Chandulal Mehta |
|
Designation : |
Director |
|
Address : |
Flat No. 8, 4th Floor, Sea Glimpse Apartment, 69 Worli Hill
Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
26.10.1963 |
|
Date of Appointment : |
26.10.2010 |
|
PAN No.: |
AAEPM9036G |
|
DIN No.: |
02758787 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Parab |
|
Designation : |
Branch Manager |
|
|
|
|
Name : |
Mr. Sundeep Mody |
|
Designation : |
Branch Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mana Mehta |
5000000 |
29.59 |
|
Nimisha Mehta |
500000 |
2.96 |
|
Janak Mehta |
9900000 |
58.58 |
|
F R Ratnagar and Company Private Limited, India |
1500000 |
8.88 |
|
|
|
|
|
Total |
16900000 |
100.00 |
AS ON 26.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
8.88 |
|
Directors
or relatives of directors |
91.12 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Buying and Selling of Foreign Currencies and also sells Travelers Cheques and Travel Currency Cards and also Overseas Medical Policies and handles Inward Money Transfer. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
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|||||||||||||||||||||
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Bankers : |
· Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai - 400018, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
S. Ramanand Aiyar and Company Chartered Accountants |
|
Address : |
501/502, 5th Floor, Umerji House, Next To Crescent
Plaza Building, Opposite Imperial Palace, Hotel Telli Gully, Andheri [East],
Mumbai – 400069, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ABJFS9507L |
|
|
|
|
Associates : |
· F.R. Ratnagar and Company Private Limited · FRR Capital Limited ·
FRR Shares and Securities Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,900,000 |
Equity Shares |
Rs. 10/- each |
Rs. 169.000
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 |
169.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
(148.034) |
(121.705) |
(58.170) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
30.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
20.966 |
8.295 |
41.830 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
40.263 |
53.328 |
38.259 |
|
(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 |
1.547 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
41.810 |
53.328 |
38.259 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
177.605 |
191.021 |
114.186 |
|
(b)
Trade payables |
7.494 |
4.078 |
3.671 |
|
(c)
Other current liabilities |
60.407 |
66.716 |
70.478 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
245.506 |
261.815 |
188.335 |
|
|
|
|
|
|
TOTAL |
308.282 |
323.438 |
268.424 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
76.461 |
98.912 |
106.896 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.970 |
0.000 |
|
(e)
Other Non-current assets |
0.512 |
0.544 |
0.000 |
|
Total
Non-Current Assets |
76.973 |
100.426 |
106.896 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
15.855 |
24.251 |
64.494 |
|
(c)
Trade receivables |
71.479 |
75.304 |
42.754 |
|
(d)
Cash and cash equivalents |
99.515 |
104.945 |
36.454 |
|
(e)
Short-term loans and advances |
14.323 |
15.924 |
14.797 |
|
(f)
Other current assets |
30.137 |
2.588 |
3.029 |
|
Total
Current Assets |
231.309 |
223.012 |
161.528 |
|
|
|
|
|
|
TOTAL |
308.282 |
323.438 |
268.424 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(17.737) |
(54.930) |
(52.585) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.592 |
8.605 |
5.585 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(26.329) |
(63.535) |
(58.170) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(26.329) |
(63.535) |
(58.170) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(121.705) |
(58.170) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(148.034) |
(121.705) |
(58.170) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Incentive on Travellers Cheques |
0.000 |
0.321 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.46) |
(6.35) |
(5.81) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.54) |
(19.64) |
(21.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.26) |
(7.66) |
(1.39) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
10.39 |
29.46 |
3.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.85 |
0.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
100.000 |
100.000 |
169.000 |
|
Reserves & Surplus |
(58.170) |
(121.705) |
(148.034) |
|
Share Application money pending allotment |
0.000 |
30.000 |
0.000 |
|
Net
worth |
41.830 |
8.295 |
20.966 |
|
|
|
|
|
|
long-term borrowings |
38.259 |
53.328 |
40.263 |
|
Short term borrowings |
114.186 |
191.021 |
177.605 |
|
Total
borrowings |
152.445 |
244.349 |
217.868 |
|
Debt/Equity
ratio |
3.644 |
29.457 |
10.391 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10279037 |
19/03/2011 |
100,000,000.00 |
AXIS BANK LIMITED |
GROUND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PAND |
B10231462 |
|
2 |
10240035 |
23/06/2011 * |
180,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B15126154 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
29.439 |
29.439 |
|
|
|
|
|
Total |
29.439 |
29.439 |
NATURE OF BUSINESS
FRR Forex Private Limited (FRR for short) has obtained Full Fledged Money Changing (FFMC) license from Reserve Bank of India. Under this license FRR is authorised to buy and sell foreign currencies. FRR through its branches buys and sells currencies to walk in clients, corporates, banks, other money-changers etc. FRR also sells Travelers Cheques and Travel Currency Cards.
Besides buying and selling of foreign currencies, FRR also sells Overseas Medical Policies and handles inward money transfer.
During the year the company continued its money changing
operations, in a slow macroeconomic environment; the company had to prune its
operations to 14 branches. The Company has closed down its 17 branches.
OPERATIONS:
During the year the company continued its money changing operations. In a slow macroeconomic environment, the company had to prune its operations to 14 branches. The Company has closed down its 17 branches.
It was one of the toughest year of operations given the rupee depreciation. Markets were volatile throughout the year which to an extent has had an impact on their revenues in spite of the same the growth in revenue is substantial.
The company also has established a significant growth in client base comprising of the retail segment and banks. In order to increase its reach the company has appointed franchisees across the country. As on 31st March 2013 the company had 17 franchisees.
During the year the company continued to have excellent business relations with American Express Travel Related Services Company (Amex) as agents for selling Travellers Cheques, Axis Bank Limited ICICI Bank Limited and American Express Global Travel Card for selling foreign currency prepaid cards, Weizmann Forex Limited as agents for Western Union Money transfer business, UAE exchange as agents for Money Transfer business under the brands, Moneygram and Xpress Money and Karvat Insurance Private Limited for selling of overseas travel insurance products.
The company is empanelled with various banks for dealing in foreign exchange services.
Going forward the Company is very optimistic and is
confident of achieving greater volumes and capturing market share.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
As per the
information and explanation given to us there are no contingent liabilities
except as shown below: |
|
|
|
Guarantees given by Banks on behalf of the Company |
24.460 |
22.896 |
|
Estimated amount of contracts remaining to be executed on capital account not provided for (Net of advances) |
0.000 |
0.891 |
|
|
|
|
|
Total |
24.460 |
23.787 |
FIXED ASSETS:
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other 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. 59.33 |
|
|
1 |
Rs. 99.68 |
|
Euro |
1 |
Rs. 80.30 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.