MIRA
INFORM REPORT
|
Report No. : |
303682 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
HMA FOOD EXPORT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2/220, 2nd Floor, |
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|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.11.2009 |
|
|
|
|
Com. Reg. No.: |
20-038747 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.866 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01403UP2009PTC038747 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture, slauthering, processing and
rendering of meat and meat products, bone, tallow products, poultry products,
food offal’s, raw hides, MBM, dung of big and small buffalo sheep and goat
and to manufacture, prepare, preserve, can refine, bottle, buy, sell and deal
whether as wholesalers, retailers, exporters, importers, principal, agents in
all kinds of live stocks products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. As per registrar of companies the date of Balance Sheet (i.e.
financial filed) is shown as 31.03.2014 but the documents related to
financials are not available for any source. As per available financial record of 2013, the company has processed
below average operational performance which has resulted in to sharp
declining in top line growth of the company.
However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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 degree of safety and high credit
risk. |
|
Date |
02.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
02.05.2014 |
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.
INFORMATION DENIED BY
|
Name : |
Mr. Anil Israel |
|
Designation : |
Chartered Accountant |
|
Contact No.: |
91-9897433169 |
|
Date : |
16.01.2015 |
LOCATIONS
|
Registered Office : |
2/220, 2nd Floor, Glory Plaza, Opposite Sur
Sadan, M. G. Road, Agra – 282002, Uttar Pradesh,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9897433169 (Mr. Anil Israel) |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Zulfiqar Ahmed Qureshi |
|
Designation : |
Director |
|
Address : |
18/129-A, Malko Gali
Near, Miyan Nazeer Park Taj Ganj, Agra - 282001, Uttar
Pradesh, India |
|
Date of Birth/Age : |
10.06.1972 |
|
Date of Appointment : |
23.11.2009 |
|
DIN No.: |
01312224 |
|
|
|
|
Name : |
Mr. Wajid Ahmad |
|
Designation : |
Director |
|
Address : |
18/129 A Malkon Gali,
Taj Ganj, Agra - 282001,
Uttar Pradesh, India, India |
|
Date of Birth/Age : |
04.08.1983 |
|
Date of Appointment : |
23.11.2009 |
|
DIN No.: |
01312261 |
|
|
|
|
Name : |
Mr. Parvez Alam |
|
Designation : |
Director |
|
Address : |
46 Shehzadi Mandi,
Sadar Bazar, Agra -
282001, Uttar Pradesh, India |
|
Date of Birth/Age : |
15.08.1962 |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
01312276 |
|
|
|
|
Name : |
Mr. Gulzar Ahmad |
|
Designation : |
Director |
|
Address : |
18/14 A Malkon Gali,
Taj Ganj, Agra - 282001,
Uttar Pradesh, India |
|
Date of Birth/Age : |
15.07.1966 |
|
Date of Appointment : |
23.11.2009 |
|
DIN No.: |
01312305 |
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|
|
|
Name : |
Mr. Mohd Ashraf Qureshi |
|
Designation : |
Director |
|
Address : |
18/129 A Malkon Gali,
Taj Ganj, Agra - 282001,
Uttar Pradesh, India |
|
Date of Birth/Age : |
12.03.1973 |
|
Date of Appointment : |
23.11.2009 |
|
DIN No.: |
01312326 |
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|
|
|
Name : |
Mr. Mohammad Kamil Qureshi |
|
Designation : |
Director |
|
Address : |
18/129 A Malkon Gali,
Taj Ganj, Agra - 282001,
Uttar Pradesh, India |
|
Date of Birth/Age : |
14.08.1985 |
|
Date of Appointment : |
23.11.2009 |
|
DIN No.: |
02827288 |
|
|
|
|
Name : |
Mr. Mohammad Mehmood Qureshi |
|
Designation : |
Director |
|
Address : |
18/129 A Malkon Gali,
Taj Ganj, Agra - 282001,
Uttar Pradesh, India |
|
Date of Birth/Age : |
13.08.1978 |
|
Date of Appointment : |
23.11.2009 |
|
DIN No.: |
02839611 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Israel |
|
Designation : |
Chartered Accountant |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Zulfiquar Ahmed Qureshi |
253840 |
|
Mohd. Ashraf Qureshi |
253840 |
|
Mohd.Mehmood Qureshi |
253840 |
|
Mohd.Wazid Ahmed |
253840 |
|
Mohd.Kamil Qureshi |
253840 |
|
Gulzar Ahmed |
253840 |
|
Parvez Alam |
63560 |
|
|
|
|
Total |
1586600 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, slauthering, processing and
rendering of meat and meat products, bone, tallow products, poultry products,
food offal’s, raw hides, MBM, dung of big and small buffalo sheep and goat
and to manufacture, prepare, preserve, can refine, bottle, buy, sell and deal
whether as wholesalers, retailers, exporters, importers, principal, agents in
all kinds of live stocks products. |
|
|
|
|
Products : |
·
Meat Products ·
Bone ·
Tallow Products ·
Poultry Products ·
Food Offal’s ·
Raw Hides ·
MBM ·
Dung of Big and Small Buffalo Sheep and Goat |
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|
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
·
Bidhi Chand Agarwal and Sons ·
Crutuca Enterprises ·
Kirloskar Pneumatic
Company Limited ·
Metecno India Private
Limited ·
Nil Kamal Limited ·
Quality Sevices ·
R.A Nariman and Company
Private Limited ·
S.M. Refrigeration Private Limited ·
Star Services ·
Uniyal Cargo Movers
Private Limited ·
Uniyal Logistics
Private Limited |
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Customers : |
·
Leather Tan ·
Malwan Star Genral Trading Company LLC ·
Summer Star Trading LLC ·
Global Partners Companu ·
Frigorifico Allana Limited ·
HMA Agro Industries Limited |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Canara Bank, Overseas Branch, Sanjay Place, Agra – 282002, Uttar Pradesh, India · ICICI Bank · IndusInd Bank · State Bank of India · Vijaya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Manish Sahni and Associates Chartered Accountants |
|
Address : |
C-162, Kedar Nagar,
Shahganj, Agra – 282010, Uttar Pradesh, India |
|
PAN No.: |
ASZPS3007N |
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Membership : |
-- |
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|
Associates : |
·
Gulzar Traders ·
H.M.A Agro Industries Limited ·
HMA Trading Company |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1586600 |
Equity Shares |
Rs.10/- each |
Rs.15.866 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
15.866 |
15.866 |
9.866 |
|
(b) Reserves & Surplus |
42.624 |
41.442 |
11.050 |
|
(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) |
58.490 |
57.308 |
20.916 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
13.245 |
15.763 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
99.863 |
1.840 |
53.265 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
99.863 |
15.085 |
69.028 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
48.269 |
28.577 |
|
(b) Trade payables |
31.798 |
13.965 |
27.652 |
|
(c) Other current
liabilities |
0.781 |
2.358 |
9.675 |
|
(d) Short-term provisions |
1.869 |
15.822 |
7.697 |
|
Total Current Liabilities (4) |
34.448 |
80.414 |
73.601 |
|
|
|
|
|
|
TOTAL |
192.801 |
152.807 |
163.545 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
146.428 |
63.591 |
46.826 |
|
(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 |
6.506 |
1.153 |
0.924 |
|
(e) Other Non-current assets |
3.093 |
10.383 |
21.650 |
|
Total Non-Current Assets |
156.027 |
75.127 |
69.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
24.592 |
25.963 |
|
(c) Trade receivables |
16.366 |
24.226 |
49.871 |
|
(d) Cash and cash
equivalents |
4.918 |
22.397 |
18.261 |
|
(e) Short-term loans and
advances |
15.440 |
6.415 |
0.000 |
|
(f) Other current assets |
0.050 |
0.050 |
0.050 |
|
Total Current Assets |
36.774 |
77.680 |
94.145 |
|
|
|
|
|
|
TOTAL |
192.801 |
152.807 |
163.545 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45.169 |
984.481 |
NA |
|
|
|
Other Income |
126.517 |
141.541 |
NA |
|
|
|
TOTAL |
171.686 |
1126.022 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
1.07 |
2.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
0.97 |
1.28 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Share Capital |
9.866 |
15.866 |
15.866 |
|
Reserves & Surplus |
11.050 |
41.442 |
42.624 |
|
Net
worth |
20.916 |
57.308 |
58.490 |
|
|
|
|
|
|
long-term borrowings |
15.763 |
13.245 |
0.000 |
|
Short term borrowings |
28.577 |
48.269 |
0.000 |
|
Total
borrowings |
44.340 |
61.514 |
0.000 |
|
Debt/Equity
ratio |
2.120 |
1.073 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
Rs. In
Millions |
Rs. In
Millions |
|
Sales |
|
984.481 |
45.169 |
|
|
|
|
(95.412) |
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
two years |
Yes |
|
12] |
Profitability for last
three years |
No |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
Yes |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10457988 |
31/05/2014 * |
144,200,000.00 |
CANARA BANK |
OVERSEAS BRAMNCH, SANJAY PLACE, AGRA, UTTAR PRADESH - 282002, INDIA |
C11793981 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Electric Installation
·
Deep Freezer
·
Refrigerators
·
Gyser
·
Microwave Oven
·
Washing Machine
·
D. G. Set
·
Air Conditioner
·
Tools
·
Computer and Software
·
ETP Plant
·
Mobile Phones
·
Televisions
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.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.