MIRA INFORM REPORT
|
Report No. : |
306209 |
|
Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SANMAR HOLDINGS LIMITED |
|
|
|
|
Formerly Known
As : |
SANMAR HOLDINGS PRIVATE LIMITED |
|
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Registered
Office : |
No.9, Cathedral Road, Chennai – 600 086, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.02.1979 |
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Com. Reg. No.: |
18-007711 |
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Capital Investment
/ Paid-up Capital : |
Rs.3.989 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65993TN1979PLC007711 |
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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.] |
Not Available |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Subject is
engaged in Investment in shares and securities of group companies. |
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|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 28900000 |
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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 record. As per financials
of year 2013-14 there is drop in revenue and profitability of the company. However, networth
of the company appears to be sound. Trade relations
are fair. Business is active. Payments 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 DECLINED
Management non-cooperative
(Tel. No.: 91-44-28128722)
LOCATIONS
|
Registered Office : |
No.9, Cathedral Road, Chennai – 600 086, Tamilnadu, India |
|
Tel. No.: |
91-44-28128722/ 28128500 |
|
Fax No.: |
91-44-28112627 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 11.09.2014
|
Name : |
Mr. Narayanan Sankar |
|
Designation : |
Director |
|
Address : |
194, T.T.K. Road, Chennai – 600 018, Tamilnadu, |
|
Date of Birth/Age : |
19.11.1945 |
|
Date of Appointment : |
06.10.1980 |
|
DIN No.: |
00007843 |
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|
|
|
Name : |
Mr. Vijay Sankar |
|
Designation : |
Director |
|
Address : |
194, T.T.K. Road, Chennai – 600 018, Tamilnadu, India |
|
Date of Birth/Age : |
26.12.1972 |
|
Date of Appointment : |
11.11.1991 |
|
DIN No. : |
00007875 |
|
|
|
|
Name : |
Mr. Pappakudi Umashankar Arvind |
|
Designation : |
Director |
|
Address : |
C-1, ‘Srinivas’, New No.8, Bazullah Road, T. Nagar, Chennai – 600 017,
Tamilnadu, India |
|
Date of Birth/Age : |
26.06.1958 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No. : |
00009143 |
KEY EXECUTIVES
|
Name : |
Mr. Pappakudi Umashankar Arvind |
|
Designation : |
Secretary |
|
Address : |
C-1, ‘Srinivas’, New No.8, Bazullah Road, T. Nagar, Chennai – 600 017,
Tamilnadu, India |
|
Date of Birth/Age : |
26.06.1958 |
|
Date of Appointment : |
02.06.2003 |
|
PAN No.: |
AAAPA4131E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
SHL Securities (Alpha) Limited, India |
|
19994 |
|
N. Sankar # |
|
1 |
|
P.U. Arvind # |
|
1 |
|
S. Subramanian # |
|
1 |
|
M. Raman # |
|
1 |
|
S. Sankaran # |
|
1 |
|
Vijay Sankar # |
|
1 |
|
Total |
|
20000 |
# Nominees of SHL Securities (Alpha) Limited
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Sanmar Consolidations Limited, India |
|
198915 |
|
Total |
|
198915 |
AS ON 11.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Investment in shares and securities of group companies. |
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|
|
|
Products/ Services : |
Investment |
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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
|
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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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Prasad and Srinath Chartered Accountants |
|
Address : |
New No.7, Old No.5, Ground Floor, Abhiramapuram First Street Abhiramapuram,
Chennai – 600 018, Tamilnadu, India |
|
PAN
No.: |
AAAFP3674M |
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|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
SHL Securities (Alpha) Limited, India (CIN No.: U65991TN1990PLC019237)
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Subsidiary Companies : |
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Associates : |
|
CAPITAL STRUCTURE
AS ON 11.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
|
300000 |
Preference Shares |
Rs.10/- each |
Rs.3.000 millions |
|
423800 |
Unclassified Shares |
Rs.10/- each |
Rs.4.238 millions |
|
|
Total
|
|
Rs.10.238
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
|
198915 |
Preference Shares |
Rs.10/- each |
Rs.1.989 millions |
|
|
Total
|
|
Rs.3.989
millions |
|
|
|
|
|
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 |
3.989 |
9.738 |
9.738 |
|
(b) Reserves & Surplus |
10111.456 |
3383.490 |
3382.450 |
|
(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) |
10115.445 |
3393.228 |
3392.188 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
3685.000 |
200.000 |
|
(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) |
0.000 |
3685.000 |
200.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
12.733 |
13.545 |
6.923 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
12.733 |
13.545 |
6.923 |
|
|
|
|
|
|
TOTAL |
10128.178 |
7091.773 |
3599.111 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
0.000 |
0.008 |
0.028 |
|
(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 |
8380.357 |
5343.655 |
2999.432 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1745.000 |
1740.000 |
370.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
10125.357 |
7083.663 |
3369.460 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
2.436 |
6.298 |
222.101 |
|
(e)
Short-term loans and advances |
0.385 |
1.812 |
7.550 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2.821 |
8.110 |
229.651 |
|
|
|
|
|
|
TOTAL |
10128.178 |
7091.773 |
3599.111 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
0.137 |
1.709 |
0.000 |
|
|
|
Other Income |
0.906 |
0.847 |
21.618 |
|
|
|
TOTAL |
1.043 |
2.556 |
21.618 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
0.459 |
0.458 |
0.678 |
|
|
|
TOTAL |
0.459 |
0.458 |
0.678 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
0.584 |
2.098 |
20.940 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.059 |
0.067 |
0.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.525 |
2.031 |
20.936 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.008 |
0.020 |
0.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
0.517 |
2.011 |
20.916 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.163 |
0.260 |
1.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
0.354 |
1.751 |
19.871 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
17.58 |
52.00 |
1915.99 |
|
|
|
- Diluted |
15.86 |
0.03 |
9.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
258.39 |
102.46 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
426.28 |
122.76 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.03 |
0.12 |
3.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
1.09 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.22 |
0.60 |
33.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
9.738 |
9.738 |
3.989 |
|
Reserves & Surplus |
3382.450 |
3383.490 |
10111.456 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3392.188 |
3393.228 |
10115.445 |
|
|
|
|
|
|
Long Term borrowings |
200.000 |
3685.000 |
0.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
200.000 |
3685.000 |
0.000 |
|
Debt/Equity ratio |
0.059 |
1.086 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
0.000 |
1.709 |
0.137 |
|
|
|
|
(91.984) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
0.000 |
1.709 |
0.137 |
|
Profit |
19.871 |
1.751 |
0.354 |
|
|
|
102.46% |
258.39% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Nil (36850000) Zero coupon compulsorily convertible unsecured debentures of Rs.100/- each issued to Sanmar Consolidations Limited |
0.000 |
3685.000 |
|
Total |
0.000 |
3685.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90294126 |
20/04/2004 |
23,388,330.00 |
INDIAN OVERSEAS BANK |
CENTRAL OFFICE MERCHANT
BANKING DEVELOPMENT 762, |
- |
|
2 |
90303499 |
03/02/1988 |
22,500,000.00 |
GRINDLAYS BANK P.L.C. |
19; RAJAJI SALAI, MADRAS,
TAMILNADU, INDIA |
- |
FIXED ASSETS
·
Furniture and Fittings
·
Computers
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.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
53 |
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.