MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SRI KANNAPIRAN MILLS LIMITED |
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Registered
Office : |
Post Bag No 1, Sowripalayam, Coimbatore – 641028, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.07.1946 |
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Com. Reg. No.: |
18-000188 |
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Capital
Investment / Paid-up Capital : |
Rs.36.830 Millions |
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|
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CIN No.: [Company Identification
No.] |
L17111TZ1946PLC000188 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS04512E |
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PAN No.: [Permanent Account No.] |
AACCS9186Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Cotton Yarns. |
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No. of Employees
: |
Information Declined By The Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4123000 |
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|
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 thin profitability margins of 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 dealing with some 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan Facilities=BB- |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
September 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based facilities=A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
September 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
Management non co – operative (Tel No.: 91-422-3019111)
LOCATIONS
|
Registered Office : |
Post Bag No 1, Sowripalayam, Coimbatore – 641028, Tamilnadu, India |
|
Tel. No.: |
91-422-3019111 |
|
Fax No.: |
91-422-3019110 |
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E-Mail : |
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Website : |
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Factories : |
Located At : Sowripalayam Kempanaickenpalayam Jadayampalayam Onapalayam Kalapattii |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. K N V Ramani |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. K Govindaswamy
Baalakrishnan |
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Designation : |
Managing Director |
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|
Name : |
Dr Bakthavathsalam |
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Designation : |
Managing Director |
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|
Name : |
Mr. G Ramaswamy |
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Designation : |
Director |
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|
Name : |
Mr. B Sriramulu |
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Designation : |
Director |
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|
Name : |
Mr. B Srihari |
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Designation : |
Director |
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|
Name : |
Mr. A Velusamy |
|
Designation : |
Director |
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|
Name : |
Mr. R Mahadevan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V Arunachalam |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 10.09.2014
SHAREHOLDING LIST ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 10.09.2014
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
14.00 |
|
Directors or relatives of Directors |
70.00 |
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Other top fifty shareholders |
11.00 |
|
Other |
5.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton Yarns. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M S Jagannathan And Visvanathan |
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Designation : |
Chartered Accountants |
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Cost Auditors : |
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|
Name : |
M Nagarajan |
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Designation : |
Cost Accountant |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
300000 |
Preference Shares |
Rs.100/- each |
Rs.30.000 Millions |
|
|
Total |
|
Rs. 90.000
Millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
3709575 |
Equity Shares |
Rs.10/- each |
Rs.37.096
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3682880 |
Equity Shares |
Rs.10/- each |
Rs.36.829
Millions |
|
100 |
Forfeited shares |
Rs.10/- each |
Rs.0.001
Million |
|
|
Total |
|
Rs.36.830 Millions |
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 |
36.830 |
36.830 |
36.830 |
|
(b) Reserves & Surplus |
257.659 |
252.830 |
293.543 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
294.489 |
289.660 |
330.373 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
325.284 |
412.813 |
329.472 |
|
(b) Deferred tax liabilities (Net) |
34.054 |
34.428 |
47.881 |
|
(c) Other long term
liabilities |
0.000 |
1.064 |
30.804 |
|
(d) long-term
provisions |
17.977 |
14.939 |
15.354 |
|
Total Non-current
Liabilities (3) |
377.315 |
463.244 |
423.511 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
267.991 |
207.261 |
223.546 |
|
(b) Trade
payables |
299.708 |
221.893 |
262.288 |
|
(c) Other
current liabilities |
153.541 |
127.055 |
109.872 |
|
(d) Short-term
provisions |
2.496 |
4.355 |
1.824 |
|
Total Current
Liabilities (4) |
723.737 |
560.564 |
597.530 |
|
|
|
|
|
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TOTAL |
1395.540 |
1313.468 |
1351.414 |
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
630.737 |
648.472 |
654.051 |
|
(ii)
Intangible Assets |
0.035 |
0.045 |
0.046 |
|
(iii)
Capital work-in-progress |
6.171 |
0.000 |
15.803 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
74.288 |
76.607 |
105.527 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28.566 |
27.199 |
31.047 |
|
(e) Other
Non-current assets |
6.806 |
1.255 |
6.173 |
|
Total Non-Current
Assets |
746.603 |
753.578 |
812.647 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
204.801 |
208.222 |
186.840 |
|
(c) Trade
receivables |
304.808 |
224.399 |
243.190 |
|
(d) Cash
and cash equivalents |
26.806 |
25.543 |
22.864 |
|
(e)
Short-term loans and advances |
79.259 |
67.565 |
48.834 |
|
(f) Other
current assets |
33.263 |
34.161 |
37.039 |
|
Total
Current Assets |
648.937 |
559.890 |
538.767 |
|
|
|
|
|
|
TOTAL |
1395.540 |
1313.468 |
1351.414 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
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SALES |
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||
|
|
|
Income |
1751.093 |
1556.841 |
1493.823 |
|
|
|
|
Other Income |
14.709 |
13.561 |
21.720 |
|
|
|
|
TOTAL (A) |
1765.802 |
1570.402 |
1515.543 |
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||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
816.221 |
729.077 |
776.447 |
|
|
|
|
Purchase of Stock-in-trade |
60.967 |
51.069 |
34.337 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(23.273) |
(33.724) |
25.542 |
|
|
|
|
Employee Benefits Expenses |
253.086 |
230.811 |
206.111 |
|
|
|
|
Other Expenses |
232.852 |
221.534 |
386.959 |
|
|
|
|
Power and Fuel |
250.966 |
260.026 |
NA |
|
|
|
|
TOTAL (B) |
1590.819 |
1458.793 |
1429.396 |
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|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
174.983 |
111.609 |
86.147 |
||
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|
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||
|
Less |
FINANCIAL
EXPENSES (D) |
107.692 |
104.260 |
100.221 |
||
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|
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||
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
67.291 |
7.349 |
(14.074) |
||
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|
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|
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|
Less |
DEPRECIATION/
AMORTISATION (F) |
62.818 |
61.516 |
60.030 |
||
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||
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
4.473 |
(54.167) |
(74.104) |
||
|
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|
Less |
TAX (H) |
(0.356) |
(13.453) |
(22.419) |
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||
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
4.829 |
(40.714) |
(51.685) |
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EARNINGS IN FOREIGN
CURRENCY |
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||
|
|
|
Export Earnings |
212.954 |
230.618 |
214.808 |
|
|
|
TOTAL EARNINGS |
212.954 |
230.618 |
214.808 |
||
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||
|
|
Earnings Per
Share (Rs.) |
1.31 |
(11.05) |
(14.03) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.27 |
(2.59) |
(3.41) |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.26 |
(3.48) |
(4.96) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.34 |
(4.38) |
(6.02) |
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|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.19) |
(0.22) |
|
|
|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.01 |
2.14 |
1.67 |
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90 |
1.00 |
0.90 |
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 |
36.830 |
36.830 |
36.830 |
|
Reserves & Surplus |
293.543 |
252.830 |
257.659 |
|
Net worth |
330.373 |
289.660 |
294.489 |
|
|
|
|
|
|
long-term borrowings |
329.472 |
412.813 |
325.284 |
|
Short term borrowings |
223.546 |
207.261 |
267.991 |
|
Total borrowings |
553.018 |
620.074 |
593.275 |
|
Debt/Equity ratio |
1.674 |
2.141 |
2.015 |
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 |
1493.823 |
1556.841 |
1751.093 |
|
|
|
4.219 |
12.477 |
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 |
1493.823 |
1556.841 |
1751.093 |
|
Profit |
(51.685) |
(40.714) |
4.829 |
|
|
(3.46%) |
(2.62%) |
0.28% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS:
|
Unsecured Loan |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Trade Deposits |
0.557 |
0.557 |
|
Loans and Advances From Related Parties |
1.225 |
1.225 |
|
Inter Corporate Deposits |
50.000 |
50.000 |
|
Total |
51.782 |
51.782 |
Performance Review,
Management Discussion & Analysis and Outlook for the Current Year
The yarn production for the year was 165 lakhs kgs compared to previous year of 156 lakhs kgs. Cotton prices
Were ruled between Rs.111 to Rs.126 kg during the year with a peak of Rs.147 per Kg in September 2013. The Company has improved its performance by producing more value added ring spun yarns and Open end polyester yarns. However lower demand with low margin for open end yarn resulted in lower profits. The Company has managed power situation by installing EB dedicated feeder lines and sourcing outside firm power during the current year. The Company has achieved Gross profit of Rs.1750 lakhs compared to previous year of Rs.111.600 Millions. The Company has net profit of Rs.4.500 Millions compared to last year net loss of Rs.54.200 Millions.
Opportunities &
Threats
Indian textile industry is highly depending on availability of domestic cotton at a competitive price. Expected increase in overseas yarn demand and apparel segments demand due to improved spending pattern of Indian will help to improve sales and profitability.
Segment wise or
product wise performance
The Company is engaged in the business of manufacture and export of cotton yarn and accordingly this is the only Single Reportable Segment.
Outlook
The Company expects to improve its operational and financial performance during the current year by achieving
increased production on capacity expansion, better productivity, better product mix and improved power situation due to own EB dedicated feeder lines.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10506230 |
06/06/2014 |
32,400,000.00 |
STATE BANK OF TRAVANCORE |
RAMANATHAPURAM BRANCH, 1060 TRICHY ROAD, COIMBATORE - 641045, TAMILNADU, INDIA |
C09369281 |
|
2 |
10505608 |
28/03/2014 |
54,000,000.00 |
INDIAN BANK |
COIMBATORE (MAIN), V H ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA |
C09034372 |
|
3 |
10420372 |
14/05/2014 * |
85,000,000.00 |
INDIAN OVERSEAS BANK |
PARK SQUARE BRANCH, AVINASHI ROAD, COIMBATORE - 641018, TAMIL NADU, INDIA |
C05135819 |
|
4 |
10419283 |
26/03/2013 |
25,000,000.00 |
INDIAN BANK |
COIMBATORE (MAIN), V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA |
B73049934 |
|
5 |
10346340 |
14/05/2014 * |
20,300,000.00 |
STATE BANK OF TRAVANCORE |
RAMANATHAPURAM BRANCH, 1060 TRICHY ROAD, COIMBATORE - 641045, TAMIL NADU, INDIA |
C05392832 |
|
6 |
10336190 |
20/01/2012 |
67,500,000.00 |
INDIAN BANK |
COIMBATORE (MAIN), 31 VARIETY HALL ROAD, COIMBATORE - 641001, TAMILNADU, INDIA |
B32362840 |
|
7 |
10187498 |
31/10/2009 |
22,500,000.00 |
INDIAN BANK |
COIMBATORE (MAIN), 31 V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA |
A74161449 |
|
8 |
10152925 |
28/03/2009 |
10,000,000.00 |
INDIAN BANK |
COIMBATORE (MAIN), 31 VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA |
A60646023 |
|
9 |
10046371 |
28/03/2009 * |
37,500,000.00 |
INDIAN BANK |
COIMBATORE (MAIN), 31 VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA |
A60619608 |
|
10 |
10001647 |
28/03/2009 * |
62,500,000.00 |
INDIAN BANK |
COIMBATORE (MAIN), 31 VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA |
A60619780 |
FIXED ASSETS:
·
Land
·
Building
·
Office Equipment
·
Computer
·
Motor cycles
·
Furniture and Fixture
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 judgment 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.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.