MIRA INFORM REPORT
|
Report No. : |
353218 |
|
Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
U.B. COTTON
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
301-C, A Wing, Ganesh Plaza, 3rd Floor, Navarangapura,
Ahmedabad – 380009, Gujarat |
|
Tel. No.: |
91-22-40322555 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.05.2002 |
|
|
|
|
Com. Reg. No.: |
04-068442 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51311GJ2002PTC068442 |
|
|
|
|
IEC No.: |
0302069372 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACU5526C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
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|
|
Line of Business
: |
Trading of Raw Cotton. (Confirmed by management) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 418000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
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Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company incorporated in the year 2002 having
satisfactory track. The company possesses an above average financial risk profile marked by
healthy networth base and fair liquidity position of the company. The rating also takes into consideration favourable gap between trade
payables and receivables. Trade relations are reported as fair. Business is active. Payment
terms are reported as usually correct and as per commitment. The company can be considered normal 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Bank facilities
Long term = BBB- |
|
Rating Explanation |
Moderate degree of
safety and carry moderate credit risk. |
|
Date |
March 04, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Bank facilities
Short term = A3 |
|
Rating Explanation |
Moderate degree of
safety and carry higher credit risk. |
|
Date |
March 04, 2015 |
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
31-03-2015.
LOCATIONS
|
Registered Office : |
301-C, A Wing, Ganesh Plaza, 3rd Floor, Navarangapura,
Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
7th Floor, Indian Globe Chambers, 142, W.H. Marg, Fort, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-40322555 |
|
Fax No.: |
91-22-40322599 |
|
|
|
|
Branch Offices : |
Located At :
|
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Udayan Budhdhidhan Thakkar |
|
Designation : |
Managing Director |
|
Address : |
97,Madhav Kunj, East Sion Road, Mumbai - 400022, Maharashtra, India |
|
Date of Birth / Age : |
09.11.1957 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
06.05.2002 |
|
PAN No.: |
AAAHU0278C |
|
DIN No.: |
00767215 |
|
|
|
|
Name : |
Mrs. Rupa Udayan Thakkar |
|
Designation : |
Director |
|
Address : |
97, Madhav Kunj, East Sion Road, Mumbai - 400022, Maharashtra, India |
|
Date of Birth / Age : |
15.09.1961 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.04.2003 |
|
DIN No.: |
00255027 |
|
|
|
|
Name : |
Mrs. Janki Budhdhidhan Thakkar |
|
Designation : |
Director |
|
Address : |
97, Madhav Kunj, East Sion Road, Mumbai - 400022, Maharashtra, India |
|
Date of Birth / Age : |
13.04.1939 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
06.05.2002 |
|
DIN No.: |
00255267 |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Udayan B Thakkar |
20000 |
40.00 |
|
Janki B Thakkar |
7500 |
15.00 |
|
Rupa U Thakkar |
7500 |
15.00 |
|
Kunal U Thakkar |
5000 |
10.00 |
|
Ravi U Thakkar |
5000 |
10.00 |
|
Udayan B Thakkar (HUF) |
5000 |
10.00 |
|
Total |
50000 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
90.00 |
|
Other top fifty shareholders |
10.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Raw Cotton. (Confirmed by management) |
|
|
|
|
Products : |
Raw Cotton |
|
|
|
|
Brand Names : |
Not Available |
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|
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
|
|
Name : |
D Ajmera and Company Chartered Accountants |
|
Address : |
112/B, Super Market, First Floor, Monghi Bai Road, Opposite Taskent Stores, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
PAN No.: |
AABPA6705B |
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Memberships : |
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Collaborators : |
Not Available |
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|
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Subsidiaries : |
U. B. Global Pte. Limited |
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|
|
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Associates : |
Mathakia Investments Private Limited |
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|
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|
Other Related Parties : |
Udayan B. Thakkar (HUF) |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 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 |
5.000 |
5.000 |
5.000 |
|
(b) Reserves &
Surplus |
141.325 |
135.312 |
125.975 |
|
(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) |
146.325 |
140.312 |
130.975 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
277.817 |
218.213 |
218.020 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.267 |
1.577 |
1.088 |
|
Total Non-current
Liabilities (3) |
279.084 |
219.790 |
219.108 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
29.670 |
4.874 |
17.712 |
|
(c) Other current
liabilities |
2.883 |
10.101 |
7.241 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
32.553 |
14.975 |
24.953 |
|
|
|
|
|
|
TOTAL |
457.962 |
375.077 |
375.036 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5.115 |
5.891 |
4.553 |
|
(ii) Intangible Assets |
0.006 |
0.010 |
0.010 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6.339 |
6.778 |
2.629 |
|
(c) Deferred tax assets
(net) |
0.241 |
0.180 |
0.000 |
|
(d) Long-term Loan and Advances |
51.340 |
47.154 |
40.156 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
63.041 |
60.013 |
47.348 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
190.139 |
155.423 |
177.909 |
|
(c) Trade receivables |
78.497 |
71.510 |
59.960 |
|
(d) Cash and cash
equivalents |
106.854 |
69.428 |
60.502 |
|
(e) Short-term loans and
advances |
1.198 |
0.803 |
10.261 |
|
(f) Other current assets |
18.233 |
17.900 |
19.056 |
|
Total Current Assets |
394.921 |
315.064 |
327.688 |
|
|
|
|
|
|
TOTAL |
457.962 |
375.077 |
375.036 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1156.219 |
1942.945 |
NA |
|
|
Other Income |
7.264 |
17.891 |
NA |
|
|
TOTAL |
1163.483 |
1960.836 |
NA |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
1153.608 |
1940.538 |
NA |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
9.875 |
20.298 |
36.473 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.124 |
1.081 |
0.976 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
8.751 |
19.217 |
35.497 |
|
|
|
|
|
|
|
Less |
TAX |
2.738 |
9.880 |
9.546 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
6.013 |
9.337 |
25.951 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
329.577 |
720.468 |
1013.606 |
|
|
Commission on Import |
23.062 |
23.722 |
5.961 |
|
|
TOTAL EARNINGS |
352.639 |
744.190 |
1019.567 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
120.26 |
186.74 |
519.02 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(11.301) |
38.651 |
35.496 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.52 |
0.48 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.94 |
5.22 |
9.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.14 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.90 |
1.56 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.13 |
21.04 |
13.13 |
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 |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
125.975 |
135.312 |
141.325 |
|
Net worth |
130.975 |
140.312 |
146.325 |
|
|
|
|
|
|
long-term borrowings |
218.020 |
218.213 |
277.817 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
218.020 |
218.213 |
277.817 |
|
Debt/Equity ratio |
1.665 |
1.555 |
1.899 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1942.945 |
1156.219 |
|
|
(40.491) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1942.945 |
1156.219 |
|
Profit |
9.337 |
6.013 |
|
|
0.48% |
0.52% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The registered address of the company has been shifted from 7th Floor,
Indian Globe Chambers, 142, Walchand Hirachand Marg, CST, Mumbai – 400001,
Maharashtra, India to the present address w.e.f. 26.09.2011.
PERFORMANCE OF THE
COMPANY
There has been a substantial fall in the turnover of about 40% and subsequently in the profits of the Company for the year ending 31/03/2014 as compared to year ending 31/03/2013. However, the bottom line without profit after tax, the fall is about 35%. The main reason is that the Directors thought it prudent to be conservative rather than focusing on the volumes.
The Company focused on commission generated business rather than turnover. Hence, your Company got a good share in imports of raw cotton into India, as a commission agent. However, some of the commissions are reflected in the current financial year, since, as you are aware, the accounting year consists of two cotton season.
The picture for the coming years looks rosy since India would be number one producer of cotton in the world.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
21.785 |
18.297 |
|
Total |
21.785 |
18.297 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90186998 |
04/02/2013 * |
430,000,000.00 |
BANK OF INDIA |
D. N. ROAD BRANCH, SADHANA RAYON BUILDING, D. N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B70278098 |
* Date of charge modification
FIXED ASSETS
- Buildings
- Plant and Equipment
- Factory Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No 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.66.83 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.