MIRA INFORM REPORT
|
Report Date : |
10.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
HIRSCHVOGEL COMPONENTS INDIA PRIVATE LIMITED (w.e.f.11.07.2012) |
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Formerly Known
As : |
HIRSCHVOGEL KALYANI INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. E-84, MIDC, Ranjangaon, Taluka Shirur, Pune – 412209,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
30.07.2009 |
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Com. Reg. No.: |
25-134406 |
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Capital Investment
/ Paid-up Capital : |
Rs. 553.600 Millions |
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CIN No.: [Company Identification
No.] |
U28112PN2009FTC134406 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH06509G |
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PAN No.: [Permanent Account No.] |
AACCH2536H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automobile
Parts and Components. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
canton. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 willfully 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-21-38674037]
LOCATIONS
|
Registered Office/ Factory : |
Plot No. E-84, MIDC, Ranjangaon, Taluka Shirur, Pune – 412209,
Maharashtra, India |
|
Tel. No.: |
91-21-38674037/ 32674000 |
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Fax No.: |
91-21-38674001 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 24.04.2014
|
Name : |
Frank Michael Anisits |
|
Designation : |
Director |
|
Address : |
Tulpenstrasse 7,
Denklingen – 86920 Germany |
|
Date of Birth/Age : |
08.08.1973 |
|
Date of Appointment : |
26.06.2012 |
|
DIN No.: |
02464566 |
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|
|
|
Name : |
Allhad Balkrishna Sathe |
|
Designation : |
Director |
|
Address : |
55, Vasant Baug Society,
Krishna Kamal, Bibvewadi, Pune – 411037, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1961 |
|
Date of Appointment : |
26.06.2012 |
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PAN No.: |
ADAPS0320A |
|
DIN No.: |
05267077 |
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|
|
|
Name : |
Alfons Manfred Hatscher |
|
Designation : |
Director |
|
Address : |
Eichholzstrasse
7, Landsberg Am Lech - 86899, Germany |
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Date of Birth/Age : |
08.01.1962 |
|
Date of Appointment : |
26.06.2012 |
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DIN No.: |
05343322 |
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|
|
|
Name : |
Mr. Arun Kumar Thandapani |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 374,
7th Floor, Helios 1, Clover, Acropolis, Viman Nagar, Pune – 411014,
Maharashtra, India |
|
Date of Birth/Age : |
24.09.1980 |
|
Date of Appointment : |
24.04.2014 |
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PAN No.: |
AKOPT2188G |
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DIN No.: |
06721323 |
KEY EXECUTIVES
|
Name : |
Mr. Sagar Diwakar Parab |
|
Designation : |
Secretary |
|
Address : |
D-101, Oakwood Society, Viman Nagar, Pune - 411014,
Maharashtra, India |
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Date of Birth/Age : |
15.11.1986 |
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Date of Appointment : |
01.04.2011 |
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PAN No.: |
ARGPP0509C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.04.2014
|
Names of Shareholders |
|
No. of Shares |
|
Hirschvogel Holding Gmbh, Germany |
|
82560013 |
|
Hirschvogel Unformtecknik Gmbh, Germany |
|
10 |
|
|
|
|
|
Total |
|
82560023 |
AS ON 24.04.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile
Parts and Components. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Bank of Baroda (Corporate Financial Services Branch) Mantri Court, 39, Ramabai Ambedkar Road, Pune - 411001,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rahul Gautam Divan and Associates Chartered Accountants |
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Address : |
C/O Midsnell, 134 Mittal Tower C, Nariman Point, Mumbai,
Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AADFR9025P |
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|
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Holding company : |
Hirschvogel Holding GmbH (HHG) |
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Associates : |
· Hirschvogel Incorporated GmbH (HVI) · Hirschvogel Umformtechnik GmbH (HUG) ·
Hirschvogel Komponenten GmbH (HKG) |
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·
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CAPITAL STRUCTURE
AS ON 24.04.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82,560,023 |
Equity Shares |
Rs. 10/- each |
Rs. 825.600 Millions |
|
|
|
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AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55,360,023 |
Equity Shares |
Rs. 10/- each |
Rs. 553.600 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
553.600 |
253.600 |
253.600 |
|
(b) Reserves & Surplus |
(224.077) |
(178.563) |
(113.032) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
272.000 |
300.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
601.523 |
375.037 |
140.568 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
113.537 |
137.864 |
231.781 |
|
(b) Deferred tax liabilities (Net) |
10.893 |
10.799 |
8.334 |
|
(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) |
124.430 |
148.663 |
240.115 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.500 |
14.143 |
0.500 |
|
(b)
Trade payables |
87.392 |
75.425 |
82.817 |
|
(c)
Other current liabilities |
49.023 |
15.401 |
1.553 |
|
(d)
Short-term provisions |
16.500 |
10.807 |
13.077 |
|
Total
Current Liabilities (4) |
153.415 |
115.776 |
97.947 |
|
|
|
|
|
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TOTAL |
879.368 |
639.476 |
478.630 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
529.152 |
273.788 |
284.436 |
|
(ii)
Intangible Assets |
0.768 |
0.568 |
0.129 |
|
(iii)
Capital work-in-progress |
0.000 |
17.655 |
3.792 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
7.078 |
14.994 |
4.167 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
536.998 |
307.005 |
292.524 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
68.591 |
57.676 |
43.565 |
|
(c)
Trade receivables |
94.359 |
51.275 |
37.295 |
|
(d)
Cash and cash equivalents |
142.978 |
189.244 |
23.169 |
|
(e)
Short-term loans and advances |
36.442 |
34.276 |
82.077 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
342.370 |
332.471 |
186.106 |
|
|
|
|
|
|
TOTAL |
879.368 |
639.476 |
478.630 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
|
|
|
TOTAL SALES
TURNOVER |
463.938 |
314.546 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(45.515) |
(65.530) |
(62.485) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2.560 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.82) |
(2.58) |
(2.46) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.41 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23 |
2.87 |
1.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
253.600 |
253.600 |
553.600 |
|
Reserves & Surplus |
(113.032) |
(178.563) |
(224.077) |
|
Share Application money pending allotment |
0.000 |
300.000 |
272.000 |
|
Net
worth |
140.568 |
375.037 |
601.523 |
|
|
|
|
|
|
Long-term borrowings |
231.781 |
137.864 |
113.537 |
|
Short term borrowings |
0.500 |
14.143 |
0.500 |
|
Total
borrowings |
232.281 |
152.007 |
114.037 |
|
Debt/Equity ratio |
1.652 |
0.405 |
0.190 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Sales Turnover |
314.546 |
463.938 |
|
|
|
47.494 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Sales Turnover |
314.546 |
463.938 |
|
Profit/ (Loss) |
(65.530) |
(45.515) |
|
|
(20.83%) |
(9.81%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
32.439 |
0.000 |
0.435 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
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 |
10322856 |
21/11/2011 |
78,390,000.00 |
HIRSCHVOGEL HOLDING GMBH |
STRASSE 6, 86920, DENKLINGEN, - 86920, GERMANY |
B27758234 |
UNSECURED LOANS
|
UNSECURED LOANS |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
113.537 |
137.864 |
|
SHORT TERM BORROWINGS |
|
|
|
Deposits |
0.500 |
0.500 |
|
|
|
|
|
Total |
114.037 |
138.364 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from S. No. 72/76,
Behind Siporex, Mundhwa, Pune - 411036, Maharashtra, India to the present
address w.e.f.26.05.2010
BUSINESS ACTIVITIES
This year has been quite exciting for the Company on many fronts.
The company achieved a total sales turnover of Rs 463.938 Millions as against Rs 314.546 Millions in the last year, growing almost by 47 %. The Business plan for 2013 was for Rs 458.64 Millions. The year began on an optimistic note and in the first five months of 2013, Hirschvogel Components India (HCI) showed a 28% growth over the plan turnover. From June the recession in the auto Industry affected the HCI turnover with its major customer NTN reducing the schedules significantly. The turnaround has happened only in the last month of year in December with HCI achieving its highest turnover at Rs 52.5 Millions helping it to get past the Business plan target.
The sales of CV Joints grew from 1,131,000 pcs last year to 1,535,000 pcs in 2013.
The transmission shaft business increased significantly with higher volume requirements from Honda and new business from Hyundai reaching 202,000 pcs as against 44,000 pcs in the last year. The company also has posted a positive EBIT for the second consecutive year in spite of cost inflations on many fronts. The cost of fuel (diesel) went up more than 19% with the Indian government reducing the subsidy on the same in a phased manner. This has there by increased the transport costs. Energy cost also saw an increase of Rs 2 per kWh which is more than 25 % increase. The Euro exchange rate also went up to Rs 77.85 on average basis (2012 it was Rs 71 on average) increasing the cost of imports mainly comprising of forging tools imported from HUG
For 2014 the sales plan is Rs 545.387 Millions. The CV
Joints production will be running close to the capacity limit at 145,000 pcs
per month. The Hyundai transmission shaft business which started off in October
2013 will see its full volume in 2014 increasing the volume by 92,000 pcs.
Further new business from Honda for new diesel car will also add 80,000 in cold
forged shafts. The company has also been participating actively in winning new
business for the year 2014, 2015 and 2016. Some businesses are in the prototype
phase and the start of production is planned in 2015 and 2016.
NEW LAND AND PLANT
AT SANASWADI
HCI have entered into a MOU with Mr. Sunil Pote and Mr. Gawde to
transfer its lease rights of the MIDC land at Baramati. This was based on the
strategic business decision to set up HCI’s own manufacturing plant near Pune.
As such the company has already bought an 11 acre industrial plot near
Sanaswadi in March 2013.
HCI plans to start constructing the new factory building by 1st quarter
of 2014 & complete the same by June 2015, considering the expected increase
in volumes in the next years with the new businesses that have been won. In the
new facility HCI would be able to enter into new product categories that are
not currently catered due to lack of space availability.
The Hirschvogel board has already in principle approved the Capital
investment for the new Building and the formal kick off is to happen by
February 2014. HCI has already finalized the Architect M/S Archivista for the
same. Presently the layouts for the building are under final approval stage
with Central engineering at HHG. A cross functional team has been formed to
oversee and supervise the key decisions for the new facility project. A
dedicated project manager has been hired to ensure proper management of
resources, cost and timing of the project.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Computer 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 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. 61.52 |
|
|
1 |
Rs. 97.39 |
|
Euro |
1 |
Rs. 76.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.