MIRA INFORM REPORT
|
Report No. : |
316451 |
|
Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
NETAFIM IRRIGATION INDIA PRIVATE LIMITED (w.e.f. 14.07.1998) |
|
|
|
|
Formerly Known
As : |
EXCEL DRIP AND AGRISERVICES PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Plot No. 268-270, 271/B, GIDC, Manjusar, Savli, Vadodara-391775,
Gujarat |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
|
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Date of Incorporation
: |
25.09.1997 |
|
|
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Com. Reg. No.: |
04-050144 |
|
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|
|
Capital
Investment / Paid-up Capital : |
Rs.83.098 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01100GJ1997PTC050144 |
|
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
AAACE4738J |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing, supply and installation of drip irrigation system. |
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|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Netafim Limited, Israel”. It is an
established and reputed company having fine track. The company possesses a favorable financial profile marked by decent
networth position whereas, the high sales receivables and deteriorating cash
reserves may act as a threat to the liquidity. Management has reported a significant increase in its net
profitability during 2014. The ratings also take into consideration the working capital intensive
operations which has further increased the reliance on external funding to
meet incremental working capital requirements. Moreover, the subject covers around a market share of 23 percent in
India, further expected to grow as the sector sees a good growth on the back
of increasing government support to popularize micro irrigation systems in
view of water storage problems and yield-improvement measures. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of strong operational technical and financial support from its
parent company and established market position, the subject 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
05.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
05.12.2014 |
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
|
Name : |
Mr. Mahesh Kalmane |
|
Designation : |
Chief financial officer |
|
Contact No.: |
91-2667-264601 |
|
Date : |
07.04.2015 |
LOCATIONS
|
Registered Office : |
Plot No. 268-270, 271/B, GIDC, Manjusar, Savli, Vadodara-391775,
Gujarat, India |
|
Tel. No.: |
91-2667-264601 |
|
Fax No.: |
91-2667-264600 |
|
E-Mail : |
|
|
Website : |
|
|
Head Office / Factory 1 : |
268-270, GIDC, Manjusar, Savli, District Vadodara-391775, Gujarat,
India |
|
Tel. No.: |
91-2667-264601/602 |
|
Fax No.: |
91-2667-264600 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
P 38/1, Central Avenue, Domestic Tariff Area, Mahindra World City,
Natham (Sub. P.O.) Chengalpet (T.K.), Kancheepuram (D.T.), Chennai-603002,
Tamilnadu, India |
|
Tel No.: |
91-44-27460128 |
|
Fax No.: |
91-44-27460217 |
|
|
|
|
Regional Office : |
Located At:
|
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Randhirsinh Abasinh Chauhan |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 12, Second Floor, Vaikunth Society Behind Reliance Petrol
Pump, Gatari Road, Vadodara-390021, Gujarat, India |
|
Date of Birth/Age : |
17.11.1970 |
|
Date of Appointment : |
30.10.2006 |
|
Din No.: |
00987092 |
|
|
|
|
Name : |
Mr. Ran Maidan |
|
Designation : |
Additional director |
|
Address : |
40, Shoham Margalit, Plot
No 23, Israel, NA, Israel |
|
Date of Appointment : |
12.02.2015 |
|
Din No.: |
06418691 |
|
|
|
|
Name : |
Mr. Setumadhav Rangarao Potdar |
|
Designation : |
Director |
|
Address : |
Plot No. D, Flat 8, Wing D, Ram Kutir, Bangur Nagar, Near Link Road,
Goregaon (West), Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1953 |
|
Date of Appointment : |
01.03.2007 |
|
Din No.: |
00228617 |
KEY EXECUTIVES
|
Name : |
Tauseef Nuruddin Shaikh |
|
Designation : |
Secretary |
|
Address : |
3/305, Ganesh Krupa Building, A Wing, Near Canara Bank, Mumbai-400612,
Maharashtra, India |
|
Date of Birth/Age : |
21.12.1984 |
|
Date of Appointment : |
03.09.2012 |
|
Pan No.: |
BOLPS7887H |
|
|
|
|
Name : |
Mr. Mahesh Kalmane |
|
Designation : |
Chief financial officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Netafim Limited, Israel |
8309824 |
|
Fischer Behar Chen and Company, Israel |
1 |
|
|
|
|
Total |
8309825 |
As on 30.09.2014
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing, supply and installation of drip irrigation system. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users, OEM’s
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252 Veer
Savarkar Marg, Next to Mayor's Bungalow, Shivaji Park, Dadar, Mumbai -
400028, Maharashtra, India |
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PAN
No. : |
AABFL5878L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Netafim Limited, Israel |
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Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8309825 |
Equity Shares |
Rs.10/- each |
Rs.83.098 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
83.100 |
83.100 |
83.098 |
|
(b) Reserves & Surplus |
1225.950 |
1152.340 |
1151.226 |
|
(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) |
1309.050 |
1235.440 |
1234.324 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5.210 |
11.480 |
38.116 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4.750 |
4.930 |
8.631 |
|
(d) long-term provisions |
54.010 |
50.050 |
46.322 |
|
Total
Non-current Liabilities (3) |
63.970 |
66.460 |
93.069 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
702.390 |
489.340 |
403.225 |
|
(b) Trade payables |
2598.480 |
2554.810 |
2138.655 |
|
(c) Other current liabilities |
433.490 |
628.560 |
472.218 |
|
(d) Short-term provisions |
10.880 |
10.510 |
5.970 |
|
Total
Current Liabilities (4) |
3745.240 |
3683.220 |
3020.068 |
|
|
|
|
|
|
TOTAL |
5118.260 |
4985.120 |
4347.461 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
732.900 |
760.500 |
488.870 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
13.580 |
0.650 |
242.140 |
|
(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) |
25.020 |
18.940 |
19.260 |
|
(d) Long-term Loan and Advances |
171.260 |
180.870 |
149.901 |
|
(e) Other Non-current assets |
168.090 |
79.500 |
34.745 |
|
Total
Non-Current Assets |
1110.850 |
1040.460 |
934.916 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1419.370 |
1416.470 |
1353.851 |
|
(c) Trade receivables |
2264.350 |
2239.280 |
1705.279 |
|
(d) Cash and cash equivalents |
114.030 |
152.040 |
200.527 |
|
(e) Short-term loans and advances |
208.560 |
132.770 |
144.524 |
|
(f) Other current assets |
1.100 |
4.100 |
8.364 |
|
Total
Current Assets |
4007.410 |
3944.660 |
3412.545 |
|
|
|
|
|
|
TOTAL |
5118.260 |
4985.120 |
4347.461 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
7588.910 |
6860.100 |
5567.620 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
7143.560 |
6481.460 |
5037.000 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
445.350 |
378.640 |
530.620 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
227.240 |
255.420 |
185.650 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
218.110 |
123.220 |
344.970 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
108.450 |
109.920 |
88.560 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
109.660 |
13.300 |
256.410 |
|
|
|
|
|
|
|
Less |
TAX |
36.050 |
12.190 |
85.130 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
73.610 |
1.110 |
171.280 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
137.510 |
46.400 |
55.108 |
|
|
TOTAL
EARNINGS |
137.510 |
46.400 |
55.108 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials, Components and
Stores parts |
1526.840 |
1659.450 |
1632.617 |
|
|
Capital Goods |
67.270 |
23.940 |
80.986 |
|
|
TOTAL
IMPORTS |
1594.110 |
1683.390 |
1713.603 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.85 |
0.13 |
20.61 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.97 |
0.02 |
3.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.87 |
5.52 |
9.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.16 |
0.27 |
6.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.01 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.41 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
1.07 |
1.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
83.098 |
83.100 |
83.100 |
|
Reserves & Surplus |
1151.226 |
1152.340 |
1225.950 |
|
Net
worth |
1234.324 |
1235.440 |
1309.050 |
|
|
|
|
|
|
long-term borrowings |
38.116 |
11.480 |
5.210 |
|
Short term borrowings |
403.225 |
489.340 |
702.390 |
|
Total
borrowings |
441.341 |
500.820 |
707.600 |
|
Debt/Equity
ratio |
0.358 |
0.405 |
0.541 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5567.620 |
6860.100 |
7588.910 |
|
|
|
23.214 |
10.624 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5567.620 |
6860.100 |
7588.910 |
|
Profit |
171.280 |
1.110 |
73.610 |
|
|
3.08% |
0.02% |
0.97% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
Current maturities of long-term deb |
5.920 |
75.494 |
75.377 |
|
|
|
|
|
|
Total |
5.920 |
75.494 |
75.377 |
|
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from bank |
300.000 |
250.000 |
|
|
|
|
|
Total |
300.000 |
250.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10342983 |
09/03/2012 |
575,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013,
Maharashtra, INDIA |
B35113430 |
|
2 |
10443053 |
20/09/2011 |
461,440.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013,
Maharashtra, INDIA |
B30816086 |
|
3 |
10443052 |
20/06/2011 |
692,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013,
Maharashtra, INDIA |
B27318187 |
|
4 |
90149877 |
08/11/2012 * |
2,396,900,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE
CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B62766977 |
|
5 |
90150701 |
23/04/2012 * |
2,396,900,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE
COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B39953831 |
* Date of charge modification
OPERATIONS
During the year, the sales and other income of the Company has increased from Rs. 6860.100 million to Rs. 7588.910 million. The Operating Profit i.e. Profit before Interest, Depreciation and Tax has been Rs. 445.350 million as against Rs. 378.640 million of the previous year. The Company has been in spite of negative external factors such as foreign exchange fluctuation and corresponding increase in the input cost, been able to deliver the improvement in net profit of Rs. 73.610 million against Rs. 1.110 million adopting various efficiency measures including cost control.
EXPORTS
During the year the Company has achieved an Export Turnover
of Rs. 153.680 million as compared to Rs. 48.870 million in the previous year.
FIXED ASSETS
- Plant and
Machinery
- Land
- Office
Equipments
- Building
- Furniture and
Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.