MIRA INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SODECIA INDIA PRIVATE LIMITED (w.e.f 20.07.2012) |
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Formerly Known
As : |
AUTOMOTIVE ANCILLARY SERVICES PRIVATE LIMITED |
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Registered
Office : |
Tapalmedu, Pukkathurai,Madhuranthakam Taluk, Kancheepuram – 603308,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.05.1995 |
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Com. Reg. No.: |
18-031591 |
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Capital Investment
/ Paid-up Capital : |
Rs.142.250 Millions |
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CIN No.: [Company Identification
No.] |
U28939TN1995PTC031591 |
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PAN No.: [Permanent Account No.] |
AAACA7391P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacture and sale
of automobile components and development of tools. |
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No. of Employees
: |
Not Divulged |
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 |
|
Maximum Credit Limit : |
USD 747000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. A reserve of the company is low. However, the rating takes into consideration company’s healthy operational
risk profile and fair profitability levels of the company. Tarde relations are fair. Business is active. Payments terms are
reported to be usually correct. The company 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-44-27565331)
LOCATIONS
|
Registered Office : |
Tapalmedu, Pukkathurai,Madhuranthakam Taluk, Kancheepuram – 603308,
Tamilnadu, India |
|
Tel. No. : |
91-44-27565331 |
|
Fax No. : |
Not Available |
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E-Mail : |
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Units : |
Located At: v Thoraipakkam, Chennai, Tamilnadu, India v Pukkathurai, Chennai, Tamilnadu, India v Vanagaran, Chennai, Tamilnadu, India v Halol,
Gujarat, India |
DIRECTORS
As on 20.12.2013
|
Name : |
Mr. Ramamurthy Chandrasekar |
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Designation : |
Managing director |
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Address : |
No. 486, 3rd South Main Road, Kapaleeshwar Nagar, Neelangarai, Chennai - 600017, Tamilnadu, India |
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Date of Birth/Age : |
14.01.1951 |
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Date of Appointment : |
04.02.2011 |
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DIN No. : |
01819996 |
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Other Directorship :
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Name : |
Andre Manuel Dias Freitas |
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Designation : |
Director |
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Address : |
Rua General Humberto Delgado, 94 - 4, ESQ, Pedroucos, Maia, 4425653, Portugal |
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Date of Birth/Age : |
14.05.1981 |
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Date of Appointment : |
04.02.2011 |
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DIN No. : |
03395697 |
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Name : |
Joao Carlos Bonucci Pias |
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Designation : |
Director |
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Address : |
Almda Monte Penedo, N. 48, Milheiros, Maia, 4475364, Portugal |
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Date of Birth/Age : |
25.06.1963 |
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Date of Appointment : |
04.02.2011 |
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DIN No. : |
03398347 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.12.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
K.S. Mohan |
42675 |
3.00 |
|
Ramamurthy Chandrasekar |
42675 |
3.00 |
|
Uma Murali Krishna |
42675 |
3.00 |
|
Hemalatha Kumar |
42675 |
3.00 |
|
Sodecia – Participacoes Sociais, SGPS, SA, Portugal |
1251800 |
88.00 |
|
|
|
|
|
Total |
1422500 |
100.00 |
As on 20.12.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
88.00 |
|
Directors or relatives of Directors |
12.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale
of automobile components and development of tools. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Sundaram Finance Limited, No.21, Patullos Road, Chennai – 600002,
Tamilnadu, India |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
6th
Floor, "A" Block, Tidel Park, Module 601, 701 and 702, No.4, Rajiv Gandhi Salai, Taramani, Chennai
- 600 113, Tamilnadu, India |
|
PAN
No. : |
AABCE9188P |
CAPITAL STRUCTURE
AFTER 20.12.2013
Authorised Capital : Rs. 420.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 267.424
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1422500 |
Equity Shares |
Rs.100/- each |
Rs.142.250 Millions |
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|
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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 |
142.250 |
142.250 |
142.250 |
|
(b) Reserves & Surplus |
119.319 |
55.427 |
8.594 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
261.569 |
197.677 |
150.844 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
193.575 |
193.575 |
0.038 |
|
(b) Deferred tax liabilities (Net) |
2.898 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
196.473 |
193.575 |
0.038 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
33.418 |
78.132 |
|
(b) Trade
payables |
247.316 |
239.154 |
217.252 |
|
(c) Other
current liabilities |
46.279 |
72.394 |
137.366 |
|
(d) Short-term
provisions |
22.030 |
33.223 |
5.618 |
|
Total Current
Liabilities (4) |
315.625 |
378.189 |
438.368 |
|
|
|
|
|
|
TOTAL |
773.667 |
769.441 |
589.250 |
|
|
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
253.608 |
178.380 |
172.083 |
|
(ii)
Intangible Assets |
27.460 |
0.674 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
23.102 |
0.325 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
15.885 |
9.358 |
|
(d) Long-term Loan and Advances |
8.479 |
56.423 |
7.730 |
|
(e) Other Non-current
assets |
0.000 |
1.270 |
1.269 |
|
Total Non-Current
Assets |
312.649 |
252.957 |
190.440 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
85.133 |
93.248 |
111.312 |
|
(c) Trade
receivables |
259.480 |
236.646 |
171.644 |
|
(d) Cash
and cash equivalents |
64.748 |
54.958 |
4.495 |
|
(e)
Short-term loans and advances |
25.655 |
21.851 |
22.250 |
|
(f) Other
current assets |
26.002 |
109.781 |
89.109 |
|
Total
Current Assets |
461.018 |
516.484 |
398.810 |
|
|
|
|
|
|
TOTAL |
773.667 |
769.441 |
589.250 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1415.244 |
1405.434 |
1053.543 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1314.378 |
1332.867 |
1072.206 |
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD ITEMS |
0.000 |
0.000 |
17.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
100.866 |
72.567 |
(36.102) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
36.974 |
25.735 |
(15.618) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
63.892 |
46.832 |
(20.484) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
44.91 |
32.92 |
(14.40) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.44 |
9.63 |
-6.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39 |
0.37 |
-0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.74 |
1.15 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46 |
1.37 |
0.91 |
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 |
142.250 |
142.250 |
142.250 |
|
Reserves & Surplus |
8.594 |
55.427 |
119.319 |
|
Net worth |
150.844 |
197.677 |
261.569 |
|
|
|
|
|
|
long-term borrowings |
0.038 |
193.575 |
193.575 |
|
Short term borrowings |
78.132 |
33.418 |
0.000 |
|
Total borrowings |
78.170 |
226.993 |
193.575 |
|
Debt/Equity ratio |
0.518 |
1.148 |
0.740 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
1053.543 |
1405.434 |
1415.244 |
|
|
|
33.401 |
0.698 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
1053.543 |
1405.434 |
1415.244 |
|
Profit |
-20.484 |
46.832 |
63.892 |
|
|
-1.94% |
3.33% |
4.51% |
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 |
|
|
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 LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fully convertible debentures others |
193.575 |
193.575 |
|
|
|
|
|
Total |
193.575 |
193.575 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90292881 |
17/07/2000 |
625,000.00 |
FORD INDIA LIMITED |
REGD OFFICE MAHINDRA TOWERS, WORLI ROAD NO.
23; WORLI, MUMBAI, Maharashtra - 400018, INDIA |
- |
|
2 |
90292822 |
27/01/2001 * |
38,483,750.00 |
FORD INDIA LIMITED |
TNPL BUILDINGS, 35 ANNA SALAI GUINDY,
CHENNAI, Tamil Nadu - 600032, INDIA |
- |
|
3 |
90293632 |
11/07/2005 * |
1,490,000.00 |
STATE BANK OF INDIA |
GUINDY, MADRAS, Tamil Nadu - 600032, INDIA |
- |
* Date of charge modification
BACKGROUND
The Company was incorporated as a Private Company under the Companies Act, 1956 in the state of Tamil Nadu on May 30, 1995. The Company is engaged in the business of manufacture and sale of automobile components and development of tools. The Company has four units. These units are located at Thoraipakkam, Chennai (Unit I), Pukkathurai, Chennai (Unit II), Vanagaran, Chennai (Unit III) and Halol, Gujurat (Unit IV)
Pursuant to the Investment Agreement (IA) between Sodecia-Participacoes Sociais, SGPG, SA (Sodecia), a Portuguese Company and the promoters (erstwhile promoters) dated December 10, 2010; Sodecia owns 88% of the share capital of the Company and the balance share capital is being held by the erstwhile promoters. As per the IA, Sodecia is expected to acquire the entire shareholding of the Company in due course.
BUSINESS OPERATIONS
In July 2012 their Company
name has been changed from Automotive Ancillary Services to Sodecia India
Private Limited. Sodecia India has blazed a special trial in the Indian
automotive precision components sector. They are a precision automotive
stamping industry with three manufacturing plant and a CAD-CAM centre providing
a vast array of precision products to leading automobile manufacturers that
include some of the giants of the global automotive industry.
Sodecia Hong Kong Ltd
purchased 6% shares in November 2013. At present Sodecia India having 88%
shares of Sodecia SGPS, 6% shares of Sodecia Hong Kong and 6% shares of 4
Individual Shareholders.
In the year 2013-14 their
company turnover decreased by 25% due to sluggish demand in the automobile
market has sparked off alarm bells in the auto ancillary industry.
Their company is launching
a new project this year, related to Gear box cover project in their Pukkathurai
plant their sales turnover will be increased 5% in the year 2014-15.
The economic slowdown is
affecting the Indian auto industry, once seen as one of the world’s most
promising by global automakers. International economic impact as well as Indian
market slowdown. Slowing growth has dampened sentiments of buyers, who are
reluctant to engage in new purchases at a time when interest rates and fuel
prices remain high. The result is output cuts across segments and new investment
plans being put off.
Indicating that tough times
are here for long, companies have started cutting on production, which is
alarming considering the ripple effect of the move on industries like auto
components and retail outlets. And, the downturn has also hit other key
segments like medium and heavy commercial (M&HCV) vehicles and
two-wheelers.
The coming months are
expected to be even tougher. The car industry has seen four consecutive months of
decline in production. A severe crunch demand for petrol cars has hit the
segment badly, and petrol capacity is lying idle at factories as inventories
pile up at dealership.
Production has been slashed
by almost every major car manufacturer Maruthi Suzuki, Tata Motors, Toyota,
Ford, General Motors, Volkswagen, Skoda, Nissan and Honda. The Society of
Indian Automobile Manufacturers (Siam) has said the industry will not be able
to meet the governments previously- forecasted target of S145 billion turnover
by2016, and this needs to be extended by a decade.
Uncertainties on fuel
prices and diesel policy apart from the poor economic climate have been cited
as reasons for the slowdown in the Automotive Sector. Economic Slowdown has
atendency to impact the car industry first as here it is more of discretionary
spending though adding that long-term perspective of the Indian auto industry
is still positive.
Their Company plan to
increase additional capital of 17 cores for future development of the company.
In fact, Asia Pacific will surely be one of the Entitities, main driving forces
of SODECIA in 2014.
FIXED ASSETS
œ Land
œ Furniture and Fixtures
œ plant and Equipment
œ Motor Vehicles
œ Computer Equipment’s
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--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.