MIRA INFORM REPORT
|
Report No. : |
355168 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BELLFLOWER PROPERTIES PRIVATE LIMITED |
|
|
|
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Registered
Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001,
Maharashtra |
|
Tel. No.: |
91-20-66226500 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
26.02.2007 |
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Com. Reg. No.: |
11-129659 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102PN2007PTC129659 |
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IEC No.: |
Not Divulged |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB05376A |
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PAN No.: [Permanent Account No.] |
AADCB1007A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
is primarily engaged in the business of construction and development of
residential and commercial complexes, flats, shopping malls, etc. (Registered Activity) |
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|
|
|
No. of Employees
: |
Information declined by the
management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘KOLTE-PATIL DEVELOPERS LIMITED’. it is engaged in the business of construction and development of residential and commercial complex. For the financial year ended 2015, the company possesses average operational performance and it has reported dip of 42.53% in its net profit during the year under review. Rating takes into consideration company’s established track record of business operations supported by its satisfactory financial profile along with its zero debt balance sheet profile and sound debt coverage indicators. Rating also takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experience management team. However, rating strength is partially offset by exposed to risks and cyclicality inherent in the real estate sector, which could result in fluctuations in cash flows owing to volatility in both saleability and realizations. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-20-66226500)
LOCATIONS
|
Registered Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra, India |
|
Tel. No.: |
91-20-66226500 / 6501 / 66808800 |
|
Fax No.: |
91-20- 662266511 |
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E-Mail : |
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Sales Office : |
Office No. 30, Bizzbay The Mall, Nibm - Kondhwa Khurd, Pune – 411048, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Milind Digambar Kolte |
|
Designation : |
Director |
|
Address : |
118/124 Plot No. 46, Aundh National Society Building Const., Pune -
411007, Maharashtra, India |
|
Date of Birth/Age : |
16.05.1961 |
|
Date of Appointment : |
26.02.2007 |
|
DIN No.: |
00170760 |
|
|
|
|
Name : |
Mr. Rajesh Anirudha Patil |
|
Designation : |
Director |
|
Address : |
Plot No. 53, Koregaon Park, Pune - 411001, Maharashtra, India |
|
Date of Birth/Age : |
05.04.1963 |
|
Date of Appointment : |
26.02.2007 |
|
DIN No.: |
00381866 |
|
|
|
|
Name : |
John Calvin Portman III |
|
Designation : |
Nominee Director |
|
Address : |
765 Peachtree Battle Avenue, Atlanta, 030327, United States Of America |
|
Date of Birth/Age : |
11.03.1948 |
|
Date of Appointment : |
29.12.2009 |
|
DIN No.: |
00395996 |
|
|
|
|
Name : |
Mr. Ambrish Kumar Baisiwala |
|
Designation : |
Nominee Director |
|
Address : |
1188 Indian Hills Parkway, Marietta, 30068, United States Of America |
|
Date of Birth/Age : |
03.08.1968 |
|
Date of Appointment : |
17.05.2013 |
|
DIN No.: |
02119102 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Kolte – Patil Developers Limited, India |
500000 |
50.01 |
|
Portman Holdings (Hyderabad) Limited, Mauritius |
499999 |
49.99 |
|
Total |
999999 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
49.99 |
|
Bodies corporate |
50.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is primarily engaged in the business of construction and development of
residential and commercial complexes, flats, shopping malls, etc. (Registered Activity) |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the
management |
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Bankers : |
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Auditors : |
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Name : |
SPCM and Associates Chartered Accountants |
|
Address : |
1211/B, Shukrawar Peth, Subhash Nagar, Lane No. 4, Pune – 411002, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFB8864C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
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Associate: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
999999 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
225.445 |
295.059 |
184.067 |
|
(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) |
235.445 |
305.059 |
194.067 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
233.263 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.506 |
0.388 |
|
(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) |
0.000 |
0.506 |
233.651 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
23.763 |
6.343 |
33.429 |
|
(c) Other current liabilities |
109.010 |
102.899 |
229.047 |
|
(d) Short-term provisions |
13.980 |
139.330 |
85.284 |
|
Total
Current Liabilities (4) |
146.753 |
248.572 |
347.760 |
|
|
|
|
|
|
TOTAL |
382.198 |
554.137 |
775.478 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3.295 |
5.662 |
5.752 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.115 |
0.000 |
4.234 |
|
(e) Other Non-current assets |
1.822 |
3.885 |
0.000 |
|
Total
Non-Current Assets |
5.232 |
9.547 |
9.986 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
279.197 |
389.034 |
622.199 |
|
(c) Trade receivables |
60.972 |
39.037 |
40.002 |
|
(d) Cash and cash equivalents |
19.060 |
42.959 |
42.794 |
|
(e) Short-term loans and
advances |
17.737 |
11.954 |
10.541 |
|
(f) Other current assets |
0.000 |
61.606 |
49.956 |
|
Total
Current Assets |
376.966 |
544.590 |
765.492 |
|
|
|
|
|
|
TOTAL |
382.198 |
554.137 |
775.478 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
459.372 |
793.870 |
|
|
|
Other Income |
0.620 |
6.071 |
|
|
|
TOTAL
(A) |
459.992 |
799.941 |
856.293 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
261.946 |
502.096 |
|
|
|
Employees benefits expense |
0.793 |
0.665 |
|
|
|
Other expenses |
35.170 |
29.062 |
|
|
|
TOTAL
(B) |
297.909 |
531.823 |
655.060 (Including
financial expenses and Depreciation) |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
162.083 |
268.118 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.061 |
12.299 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
162.022 |
255.819 |
|
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
2.366 |
0.559 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
159.656 |
255.260 |
201.233 |
|
|
|
|
|
|
|
Less |
TAX (H) |
62.721 |
86.567 |
65.246 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
96.935 |
168.693 |
135.987 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
96.94 |
168.69 |
135.99 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
270.029 |
368.085 |
408.413 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
21.10 |
21.25 |
15.88 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
35.28 |
33.77 |
23.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
41.77 |
46.06 |
25.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.68 |
0.84 |
1.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.57 |
2.19 |
2.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
184.067 |
295.059 |
225.445 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
194.067 |
305.059 |
235.445 |
|
|
|
|
|
|
long-term borrowings |
233.263 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
233.263 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
1.202 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
856.293 |
799.941 |
459.992 |
|
|
|
(6.581) |
(42.497) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
856.293 |
799.941 |
459.992 |
|
Profit |
135.987 |
174.764 |
97.555 |
|
|
15.88% |
21.85% |
21.21% |
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 |
No |
|
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 |
No |
|
21 |
Banking facility details |
No |
|
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 three 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 |
No |
|
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 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
INTRODUCTION AND
BACKGROUND
Subject developing the residential project at NIBM Road, Pune. The long standing mission of the company is to dedicate itself to create spaces that blend in with the surroundings and exude vitality and aesthetic appeal, making the spaces present-perfect and future-proof. The core values of the company honesty, innovation, excellence eco-friendliness, technology, sustainability, value and commitment to time schedules are perfectly aligned with the living and working spaces it builds.
BACKGROUND
Subject is a company registered under the Companies Act, 1956. It was incorporated on 26th February 2007. The company is primarily engaged in the business of construction and development of residential and commercial complexes, flats, shopping malls, etc.
FIXED ASSETS
Tangible assets
- Plant and equipment
- Furniture and fixtures
- 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, India Prisons Service,
Interpol, etc.
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.67.04 |
|
UK Pound |
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
50 |
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.