MIRA
INFORM REPORT
|
Report No. : |
301930 |
|
Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
VENUS ROLLING MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-8, MIDC,
Butibori, |
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Country : |
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|
Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
03.06.2005 |
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|
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|
Com. Reg. No.: |
11-153734 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.25.458
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2005PTC153734 |
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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.] |
AACCV0597L |
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|
|
Legal Form : |
Private Limited
Liability Company |
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|
|
Line of Business
: |
Subject is engaged in Manufacturing of Mild Steel (MS) Angles of
Varying Sizes, used in the construction and power transmission sectors. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The rating reflect experience of VRMPL’s promoter in the steel industry
supported by sound financial based and fair liquidity profile of the company. 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
25.08.2014 |
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.
LOCATIONS
|
Registered Office / Factory : |
E-8, MIDC,
Butibori, |
|
Tel. No.: |
91-7104-202557 |
|
Mobile No.: |
91-9272210203 (Mr. Amol) |
|
Fax No.: |
91-7104-202558 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 27.09.2014
|
Name : |
Mr. Yatendra Singh Rajendra Singh Panwar |
|
Designation : |
Director |
|
Address : |
349, Gandhi Colony, |
|
Date of Birth/Age : |
15.11.1956 |
|
Date of Appointment : |
03.06.2005 |
|
PAN No.: |
ACRPP0588M |
|
DIN No.: |
00189142 |
|
|
|
|
Name : |
Mr. Narendra Singh Rajendra Singh Panwar |
|
Designation : |
Director |
|
Address : |
349, Gandhi Colony, |
|
Date of Birth/Age : |
07.07.1959 |
|
Date of Appointment : |
03.06.2005 |
|
PAN No.: |
ACRPP0589L |
|
DIN No.: |
00189160 |
KEY EXECUTIVES
|
Name : |
Mr. Amol |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
As on 27.09.2014
|
Names of Shareholders |
No. of Shares |
|
Yatendra Singh Panwar |
59100 |
|
Narendra Singh Panwar |
34875 |
|
Ashok Sharma |
33375 |
|
Chaudhary Ingots Private Limited, |
1250 |
|
Pawar Steels Private Limited, |
1250 |
|
Yatendra Singh Panwar and H.U.F. |
17000 |
|
Narendra Singh Panwar and H.U.F. |
18750 |
|
Ashok Sharma and H.U.F. |
14975 |
|
Bartech Exports Private Limited, |
50000 |
|
Wada Dealcom Private Limited, |
2000 |
|
Positive Retail Private Limited, |
2000 |
|
Hora Vanijya Private Limited, |
8000 |
|
Ceremony Marketing Private Limited, |
3000 |
|
Devansh Tie-up Private Limited, |
5000 |
|
Khyati Merchants Private Limited, |
4000 |
|
Total |
254575 |
As on 27.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
30.05 |
|
Directors or relatives of Directors |
50.96 |
|
Other top fifty shareholders |
18.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Mild Steel (MS) Angles of
Varying Sizes, used in the construction and power transmission sectors. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
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 : |
Information declined by the management |
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Bankers : |
· Bank of Baroda, Sitabuldi Branch, Khullar Chambers, Sitabuldi, Nagpur, Nagpur – 440 012, Maharashtra, India · Union Bank of India, Civil Lines Branch, R.N.T. Marg, Nagpur – 440 001, Maharashtra, India · The Federal Bank Limited, Patni Comlex, Plot No. X 262-263, Wardha Road, MIDC Building, Nagpur - 441122, Maharashtra, India |
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Facilities : |
SECURED
LOAN (Rs.
In Millions)
|
|
Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
Agrawal and Pansari Chartered Accountants |
|
Address : |
245, 2nd Floor, Rishabh Complex M.G. Road, Raipur, Chhattisgarh, India |
|
Tel. No.: |
91-771-2227065 / 2227765 |
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E-Mail : |
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PAN No.: |
AAEFA4245R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 27.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
0 |
|
|
|
|
350000 |
Equity Shares |
Rs.100/- each |
Rs.35.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
254575 |
Equity Shares |
Rs.100/- each |
Rs.25.458
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 |
25.458 |
25.458 |
25.458 |
|
(b) Reserves & Surplus |
113.377 |
101.593 |
89.092 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
6.000 |
|
Total
Shareholders’ Funds (1) + (2) |
138.835 |
127.051 |
120.550 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
18.538 |
6.170 |
0.111 |
|
(b) Deferred tax liabilities (Net) |
7.739 |
6.987 |
6.081 |
|
(c) Other long term liabilities |
0.440 |
6.539 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
26.717 |
19.696 |
6.192 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
201.058 |
180.479 |
138.635 |
|
(b) Trade payables |
54.288 |
113.837 |
102.701 |
|
(c) Other current
liabilities |
8.010 |
7.664 |
1.339 |
|
(d) Short-term provisions |
9.123 |
9.604 |
18.085 |
|
Total Current Liabilities (4) |
272.479 |
311.584 |
260.760 |
|
|
|
|
|
|
TOTAL |
438.031 |
458.331 |
387.502 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
99.140 |
95.156 |
88.752 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
8.328 |
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10.184 |
9.900 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.497 |
48.698 |
7.363 |
|
(e) Other Non-current assets |
1.534 |
5.158 |
0.000 |
|
Total Non-Current Assets |
124.683 |
158.912 |
96.115 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
150.774 |
195.260 |
148.567 |
|
(c) Trade receivables |
105.123 |
64.386 |
87.314 |
|
(d) Cash and cash
equivalents |
17.842 |
20.127 |
36.119 |
|
(e) Short-term loans and
advances |
29.176 |
8.921 |
14.067 |
|
(f) Other current assets |
10.433 |
10.725 |
5.320 |
|
Total Current Assets |
313.348 |
299.419 |
291.387 |
|
|
|
|
|
|
TOTAL |
438.031 |
458.331 |
387.502 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
892.382 |
|
|
|
Other Income |
|
|
24.126 |
|
|
|
TOTAL |
NA |
NA |
916.508 |
|
|
|
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|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
|
Administrative Expenses |
|
|
|
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|
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Advertising Expenses |
|
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|
|
|
|
TOTAL |
NA |
NA |
878.919 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
NA |
37.589 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
|
NA |
20.093 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION |
25.521 |
23.795 |
17.496 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.821 |
6.952 |
5.427 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
17.700 |
16.843 |
12.069 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.917 |
4.342 |
2.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.783 |
12.501 |
9.769 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.28 |
49.11 |
38.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA |
NA |
1.09 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA |
NA |
4.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.22 |
3.76 |
3.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.13 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.58 |
1.47 |
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
0.96 |
1.12 |
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 |
25.458 |
25.458 |
25.458 |
|
Reserves & Surplus |
89.092 |
101.593 |
113.377 |
|
Net
worth |
114.550 |
127.051 |
138.835 |
|
|
|
|
|
|
long-term borrowings |
0.111 |
6.170 |
18.538 |
|
Short term borrowings |
138.635 |
180.479 |
201.058 |
|
Total
borrowings |
138.746 |
186.649 |
219.596 |
|
Debt/Equity
ratio |
1.211 |
1.469 |
1.582 |
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 one 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 |
No |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
6.850 |
1.577 |
|
Other loans and advances |
0.000 |
0.826 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from Others |
0.000 |
4.733 |
|
Other loans and advances |
24.658 |
0.000 |
|
Total |
31.508 |
7.136 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10441088 |
08/07/2013 |
8,400,000.00 |
THE FEDERAL BANK LIMITED |
PATNI COMLEX, PLOT NO. X 262-263, WARDHA ROAD, MIDC BUILDING, NAGPUR, MAHARASHTRA - 441122, INDIA |
B81138547 |
|
2 |
10393120 |
06/06/2014 * |
232,000,000.00 |
THE FEDERAL BANK LIMITED |
PATNI COMLEX, PLOT NO. X 262-263, WARDHA ROAD, MIDC BUILDING, NAGPUR, MAHARASHTRA - 441122, INDIA |
C09539131 |
* Date of charge modification
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. 63.44 |
|
|
1 |
Rs. 95.98 |
|
Euro |
1 |
Rs. 75.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.