MIRA INFORM REPORT
|
Report No. : |
304282 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
STEWART PINNED PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
235 "L", Bommasandra Industrial Area, Bangalore –
560099, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.06.2012 |
|
|
|
|
Com. Reg. No.: |
08-064638 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.449 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29253KA2012PTC064638 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS42349G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AARCS6873K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer, Importer and Exporter of Pinned and Spiked Rollers, Lags
and Staves, Pinned Carding Drum Staves, Metering and Carding Drums, Conveyor
Assemblies, Combing Rollers and Rings, Friction Spinning System and Textile
Spares. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth
of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and
secured 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 BY
|
Name : |
Ms. Jyothi |
|
Designation : |
Office Executive |
|
Contact No.: |
91-9739236363 |
|
Date : |
27.01.2015 |
LOCATIONS
|
Registered Office/ Factory : |
235 "L", Bommasandra Industrial Area, Bangalore –
560099, Karnataka, India |
|
Tel. No.: |
91-80-27833191 |
|
Mobile No.: |
91-9739236363 [Ms. Jyothi] |
|
Fax No.: |
91-80-27833191 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
Locality : |
Industrial |
DIRECTORS
AS ON 23.09.2014
|
Name : |
Robert William Low |
|
Designation : |
Director |
|
Address : |
Dunlarach, Gray Den, Liff Scotland, DD25LT, United Kingdom |
|
Date of Birth/Age : |
02.02.1957 |
|
Date of Appointment : |
29.06.2012 |
|
DIN No.: |
05283138 |
|
|
|
|
Name : |
Mohammed Haris |
|
Designation : |
Director |
|
Address : |
24th Main, 23rd Cross, Parangipalya,, HSR Layout Sector 2,
Bangalore – 560102, Karnataka, India |
|
Date of Birth/Age : |
26.07.1982 |
|
Date of Appointment : |
09.07.2013 |
|
DIN No.: |
06620757 |
|
|
|
|
Name : |
Hamish David Rowan |
|
Designation : |
Director |
|
Address : |
Red Braes, Airlie, Kirriemuir, Angus, Scotland, DD85NP,
United Kingdom |
|
Date of Birth/Age : |
15.06.1984 |
|
Date of Appointment : |
09.07.2013 |
|
DIN No.: |
06620785 |
|
|
|
|
Name : |
Michael David White |
|
Designation : |
Director |
|
Address : |
"Kshitij" , Shanti Colony, Saraidhela, Dhanbad -
828127, Jharkhand, India |
|
Date of Birth/Age : |
13.01.1970 |
|
Date of Appointment : |
09.07.2013 |
|
DIN No.: |
06620786 |
KEY EXECUTIVES
|
Name : |
Ms. Jyothi |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Low William Robert |
5000 |
0.59 |
|
Tiwary Kumar Pranav |
5000 |
0.59 |
|
J & D Wilkie Limited, United Kingdom |
834863 |
98.82 |
|
|
|
|
|
Total |
844863 |
100.00 |
AS ON 06.11.2014
|
Names of Allottee |
No. of Shares |
|
J & D Wilkie Limited, United Kingdom |
1912350 |
|
|
|
|
Total |
1912350 |
AS ON 23.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
98.82 |
|
Directors
or relatives of directors |
1.18 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Pinned and Spiked Rollers, Lags
and Staves, Pinned Carding Drum Staves, Metering and Carding Drums, Conveyor
Assemblies, Combing Rollers and Rings, Friction Spinning System and Textile
Spares. |
|
|
|
|
Brand Names : |
-- |
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|
|
|
Agencies Held : |
-- |
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Exports : |
|
|
Products : |
Finished Goods |
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Countries : |
· USA · Europe · Hong Kong · Singapore |
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
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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 : |
Wholesalers and Manufacturer
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Mukunda Shiva and Asssociates Chartered Accountants |
|
Address : |
No 267, 1st Floor, 6th Cross, 1st Block Jayanagar, Bangalore – 560011,
Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAOFM7775J |
|
|
|
|
Associates : |
· Stewart Pinned Products Limited, Kirriemuir Scotland · Stewart Pinned Products (Zhengzhou) Limited, China · J&D Wilkie Limited |
CAPITAL STRUCTURE
AFTER 23.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,350,000 |
Equity Shares |
Rs. 10/- each |
Rs. 33.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,757,213 |
Equity Shares |
Rs. 10/- each |
Rs. 27.572 Millions |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,350,000 |
Equity Shares |
Rs. 10/- each |
Rs. 33.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
844,863 |
Equity Shares |
Rs. 10/- each |
Rs. 8.449 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
8.449 |
8.449 |
|
(b) Reserves & Surplus |
|
(16.952) |
(7.175) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
19.133 |
19.133 |
|
Total Shareholders’
Funds (1) + (2) |
|
10.630 |
20.407 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.161 |
0.183 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
0.161 |
0.183 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2.932 |
0.000 |
|
(b)
Trade payables |
|
20.535 |
9.114 |
|
(c)
Other current liabilities |
|
2.206 |
1.031 |
|
(d)
Short-term provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
|
25.673 |
10.145 |
|
|
|
|
|
|
TOTAL |
|
36.464 |
30.735 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
17.652 |
20.299 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
2.800 |
2.760 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
20.452 |
23.059 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
5.433 |
3.152 |
|
(c)
Trade receivables |
|
6.344 |
0.000 |
|
(d)
Cash and cash equivalents |
|
0.470 |
3.012 |
|
(e)
Short-term loans and advances |
|
2.571 |
0.000 |
|
(f)
Other current assets |
|
1.194 |
1.512 |
|
Total
Current Assets |
|
16.012 |
7.676 |
|
|
|
|
|
|
TOTAL |
|
36.464 |
30.735 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
14.699 |
0.250 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL |
|
14.699 |
0.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
6.452 |
0.187 |
|
|
|
Operting Expenses |
|
10.290 |
5.054 |
|
|
|
Employees benefits expense |
|
4.508 |
0.926 |
|
|
|
Other expenses |
|
0.082 |
0.018 |
|
|
|
TOTAL |
|
21.332 |
6.185 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(6.633) |
(5.935) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
3.166 |
1.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(9.799) |
(6.992) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(0.022) |
0.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(9.777) |
(7.175) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
0.353 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(12) |
(40) |
|
Expected Sales (2014-2015): Rs. 21.000 Millions
The above information has been parted by Ms. Jyothi [Office Executive]
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
(66.51) |
(2870.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(26.87) |
(22.75) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.92) |
(0.34) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.28 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.62 |
0.76 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
8.449 |
8.449 |
|
Reserves & Surplus |
(7.175) |
(16.952) |
|
|
19.133 |
19.133 |
|
Net
worth |
20.407 |
10.630 |
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
2.932 |
|
Total
borrowings |
0.000 |
2.932 |
|
Debt/Equity
ratio |
0.000 |
0.276 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.250 |
14.699 |
|
|
|
5,779.600 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.250 |
14.699 |
|
Profit/ (Loss) |
(7.175) |
(9.777) |
|
|
(2870.00%) |
(66.51%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan from Directors and Relatives |
2.932 |
0.000 |
|
|
|
|
|
Total |
2.932 |
0.000 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 134, 8th Main
Road, 2nd Cross, Chanigappa Layout, Vrishabhavathinagar, Kamakshipalya,
Bangalore - 560079, Karnataka, India to the present address w.e.f.02.07.2012.
CORPORATE
INFORMATION:
The Company is engaged in the business of manufacturing, importing, exporting, buying, selling, distributing, altering, processing or otherwise handling all kinds of pinned products used in manufacture of textile machines.
PERFORMANCE:
The Company recorded total revenue of Rs 14.699 Millions during the current year ending on 31.03.2014. The total expense for the period was Rs 24.476 Millions. The Company could only capitalize its Sales and Productions with the last few months of full operation from Aug 2013 till March 2014. As a result having limited months of operation, the performance of the Company cannot be judged by the working of months from Aug 2013 till March 2014. The year ended on 31st March 2014 has resulted in a loss of Rs. 9.777 Millions after tax.
The increase in Sales and Production are expected to arise 4
times in the next financial year and all measures are taken to increase the
business capacity to capitalize the same.
FIXED ASSETS:
· Furniture & Fixtures
· Computer & Accessories
· Motor Cars
· Imported Machinery
· Air Conditioner
· Electrical Equipments
· Fork Lift & Pallets
· Generator
· Office Equipments
· Radial Drilling Machine
· Plant & Machinery including Tools
· Softwares
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 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. 61.74 |
|
|
1 |
Rs. 94.65 |
|
Euro |
1 |
Rs. 70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.