MIRA INFORM REPORT
|
Report No. : |
306291 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
REX SEALING AND PACKING INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
A-207, 2nd Floor, Plot No.711 A, Byculla Services, Industries, D K
Road, Ghodapdeo, Byculla (East), Mumbai-400027, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.08.2005 |
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Com. Reg. No.: |
11-155252 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.200 Millions |
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|
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CIN No.: [Company Identification
No.] |
U28129MH2005PTC155252 |
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|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMR18969G |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Gland Packing and Compressed Jointing Sheets and Gaskets. |
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|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Track company can be reported as 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
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
31-03-2014.
INFORMATION PARTED/ DENIED BY
|
Name : |
Ms. Ujwala |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-23751599 |
|
Date : |
03.02.2015 |
LOCATIONS
|
Registered Office : |
A-207, 2nd Floor, Plot No.711 A, Byculla Services, Industries, D K
Road, Ghodapdeo, Byculla (East), Mumbai-400027, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9930626228 (Mr. Kunal Shah) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Plot No. M-44, MIDC Industrial Area, Taloja, Panvel, Raigad-410 208,
Maharashtra, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Manjunath Venkatpathi Nayak |
|
Designation : |
Director |
|
Address : |
17, Ram |
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Date of Birth/Age : |
13.02.1940 |
|
Date of Appointment : |
10.08.2005 |
|
DIN No.: |
00347731 |
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|
|
|
Name : |
Mr. Naresh Manjunath Nayak |
|
Designation : |
Director |
|
Address : |
17, Ram |
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Date of Birth/Age : |
20.05.1978 |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
00347765 |
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|
|
|
Name : |
Mr. Niranjan Manjunath Nayak |
|
Designation : |
Director |
|
Address : |
17, Ram |
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Date of Birth/Age : |
09.09.1974 |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
02606926 |
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|
|
|
Name : |
Ms. Meeta Manjunath Nayak |
|
Designation : |
Director |
|
Address : |
17, Ram |
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Date of Birth/Age : |
02.05.1942 |
|
Date of Appointment : |
10.08.2005 |
|
DIN No.: |
02606944 |
KEY EXECUTIVES
|
Name : |
Ms. Ujwala |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Niranjan Manjunath Nayak |
80000 |
25.00 |
|
Meeta Manjunath Nayak |
80000 |
25.00 |
|
Naresh Manjunath Nayak |
80000 |
25.00 |
|
Manjunath Venkatpathi Nayak |
80000 |
25.00 |
|
TOTAL
|
320000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Gland Packing and Compressed Jointing Sheets and Gaskets. |
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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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
60 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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|
Auditors : |
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|
Name : |
A. Pai and Associates Chartered Accountant |
|
Address : |
71, Saidham Arcade, First Floor,
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Mobile No.: |
91-9821549722 |
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E-mail : |
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PAN No.: |
AJCPP4832G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
Sushil Trading Company |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800,000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
|
200,000 |
Preference shares |
Rs.10/- each |
Rs.2.000 millions |
|
|
Total |
|
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
320,000 |
Equity Shares |
Rs.10/- each |
Rs.3.200
millions |
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|
|
|
|
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 |
3.200 |
3.200 |
3.200 |
|
(b) Reserves & Surplus |
30.166 |
23.462 |
17.055 |
|
(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) |
33.366 |
26.662 |
20.255 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12.772 |
16.257 |
9.414 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
12.772 |
16.257 |
9.414 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
29.383 |
25.214 |
20.462 |
|
(b) Trade
payables |
19.420 |
6.060 |
8.965 |
|
(c) Other current
liabilities |
5.594 |
4.730 |
3.755 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
54.397 |
36.004 |
33.182 |
|
|
|
|
|
|
TOTAL |
100.535 |
78.923 |
62.851 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
23.927 |
26.696 |
16.664 |
|
(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) |
0.724 |
0.032 |
0.128 |
|
(d) Long-term Loan and Advances |
0.703 |
0.753 |
0.310 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
25.354 |
27.481 |
17.102 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
15.188 |
9.090 |
6.787 |
|
(c) Trade receivables |
53.470 |
34.566 |
33.729 |
|
(d) Cash
and cash equivalents |
1.633 |
1.162 |
0.641 |
|
(e)
Short-term loans and advances |
4.754 |
6.578 |
4.565 |
|
(f) Other
current assets |
0.136 |
0.046 |
0.027 |
|
Total
Current Assets |
75.181 |
51.442 |
45.749 |
|
|
|
|
|
|
TOTAL |
100.535 |
78.923 |
62.851 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
SALES |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
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|
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|
|
|
PROFIT BEFORE
TAX |
10.011 |
9.403 |
7.109 |
|
|
|
|
|
|
|
Less |
TAX |
3.308 |
2.996 |
2.214 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
6.703 |
6.407 |
4.895 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.95 |
20.02 |
15.30 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.03 |
11.92 |
11.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.35 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.26 |
1.56 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.43 |
1.38 |
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 |
3.200 |
3.200 |
3.200 |
|
Reserves & Surplus |
17.055 |
23.462 |
30.166 |
|
Net
worth |
20.255 |
26.662 |
33.366 |
|
|
|
|
|
|
long-term borrowings |
9.414 |
16.257 |
12.772 |
|
Short term borrowings |
20.462 |
25.214 |
29.383 |
|
Total
borrowings |
29.876 |
41.471 |
42.155 |
|
Debt/Equity
ratio |
1.475 |
1.555 |
1.263 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
No |
|
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 |
No |
Note:
Registered office of the company has been shifted from Plot No 44 Taloja Industrialarea Village Pale, Khurd Taluka Panvel, Raigad, Maharashtra India to the present address w.e.f.23.12.2013
(Rs.
In Millions)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Others (From Directors) |
8.000 |
8.000 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Others (From Directors) |
3.411 |
1.935 |
|
Total |
11.411 |
9.935 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10059420 |
13/08/2008 * |
15,153,000.00 |
INDIAN OVERSEAS BANK |
KALBADEVI ROAD BRANCH, CHUNILAL MEHTA CHAMBERS, 15/17, OVAL WADI,
VITHALWADI, KALBADEVI ROAD, MUMBA |
A44837029 |
|
2 |
90241705 |
20/06/2014 * |
46,625,000.00 |
Indian Overseas Bank |
KALBADEVI ROAD BRANCH, CHUNILAL MEHTA CHAMBERS, 15/17, OVAL WADI,
VITHALWADI, KALBADEVI ROAD, MUMBA |
C12325288 |
* Date of charge modification
FIXED ASSETS
- Plant and
Machinery
- Office
equipment
- Motor car
- Air
conditioner
- Computers and
software’s
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.61.73 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.