MIRA INFORM REPORT
|
Report No. : |
331433 |
|
Report Date : |
13.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
NEMAK ALUMINIUM CASTINGS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ford Supplier Park II, Chitamannur Village, Melrosapuram P.O, Chengalpattu,
Chennai – 603204, Tamilnadu |
|
Tel. No.: |
91- 44-43198005/ 33513311 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
2306.2010 |
|
|
|
|
Com. Reg. No.: |
18-076279 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1346.761 Million |
|
|
|
|
IEC No.: |
0410033120 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300TN2010FTC076279 |
|
|
|
|
TIN No.: |
33050927190 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHEN07165E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCN3286B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing Aluminium Engine Components. |
|
|
|
|
No. of Employees
: |
140 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. For the financial year ended 2014, company possesses sound operational
performance and achieved profit from its operation which help company to
wipeout some of its accumulated losses. Rating remain constrained on account of company’s moderate financial
risk profile marked by negative reserves and leverage balance sheet of the
company. However, trade relations are reported as fair. Payments are reported
to be slow but correct. In view of leverage balance sheet profile, the company can be
considered for business dealings 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Victor |
|
Designation : |
HR Department Head |
|
Contact No.: |
91-9677130429 |
|
Date : |
10.07.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Ford Supplier Park II, Chitamannur Village, Melrosapuram P.O,
Chengalpattu, Chennai – 603204, Tamilnadu, India |
|
Tel. No.: |
91- 44-43198005/ 33513311 |
|
Mobile No.: |
91-9677130429 Mr. Victor) 91-9677130424 (Mr. Karthik) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
Locality: |
Industrial |
|
|
|
|
Branch Address : |
Located at:
|
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ramesh Singanallur Visvanathan |
|
Designation : |
Managing Director |
|
Address : |
No.4, P II Egret Park, 148 Anand Nagar, 9th Cross,
Thoraipakam, Chennai – 600041,
Tamilnadu, India |
|
Date of Birth/Age : |
18.05.1967 (47 years) |
|
Qualificaton: |
MBA (Marketing) |
|
Date of Appointment : |
22.02.2012 |
|
DIN No.: |
00782997 |
|
|
|
|
Name : |
Mr. Jose Salvador Ramos Santos |
|
Designation : |
Director |
|
Address : |
C Bosque De Cuernavaca 411, Col Bosques Del Valle CP 66250, San Pedro
Garza Garcia NL, Mexico |
|
Date of Birth/Age : |
08.02.1951 |
|
Date of Appointment : |
23.06.2010 |
|
DIN No.: |
03042417 |
|
|
|
|
Name : |
Mr. Jose Carlos Pons De La Garza |
|
Designation : |
Director |
|
Address : |
C Rio Pantepec 1116, Col Valle Oriente CP 66269, San Pedro Garza
Garcia NL, Mexico |
|
Date of Birth/Age : |
22.08.1974 |
|
Date of Appointment : |
23.06.2010 |
|
DIN No.: |
03042446 |
|
|
|
|
Name : |
Mr. Alejandro Paredes Guerra |
|
Designation : |
Director |
|
Address : |
Ave. Pedregal 403, Col Pedregal Del Velle 66280, Sab Pedro Garza
Garcia NL 66280 |
|
Date of Birth/Age : |
24.04.1954 |
|
Date of Appointment : |
30.11.2012 |
|
DIN No.: |
03042460 |
|
|
|
|
Name : |
Mr. Giovanni Barbero |
|
Designation : |
Director |
|
Address : |
V. Camponogara 25 Fassano CN - 12045 |
|
Date of Birth/Age : |
13.11.1949 |
|
Date of Appointment : |
30.11.2012 |
|
DIN No.: |
03075720 |
|
|
|
|
Name : |
Mr. Jorge Alberto Rada Garza |
|
Designation : |
Director |
|
Address : |
Huama Road, 1883, House 378, Shanghai PRC - 201204 |
|
Date of Birth/Age : |
28.12.1965 |
|
Date of Appointment : |
30.11.2012 |
|
DIN No.: |
06541358 |
|
|
|
|
Name : |
Mr. Giovanni Barbero |
|
Designation : |
Director |
|
Address : |
V. Camponogara 25, Fossano CN - 12045 |
|
Date of Birth/Age : |
13.11.1949 |
|
Date of Appointment : |
30.11.2012 |
KEY EXECUTIVES
|
Name : |
Mr. N Pradeep |
|
Designation : |
Head Finance and Company Secretary |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Tenedora Nemak Sa De Cv, Mexico |
33676532 |
25.01 |
|
Nemak Exterior SLU, Spain |
100999597 |
74.99 |
|
Total |
134676129 |
100.00 |
As on 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Aluminium Engine Components. |
|
|
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|
Products : |
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|
|
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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 |
|
Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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 Retailers
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No. of Employees : |
140 (Approximately) |
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Bankers : |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
8th Floor, D/No.129-140, Prestige Palladium Bayan, Greams
Road, , Chennai – 600006, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABCP9181H |
|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Holding Company: |
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Fellow Subsidiaries : |
|
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Ultimate Holding
Company : |
|
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs.1400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
134676129 |
Equity Shares |
Rs.10/- each |
Rs.1346.761
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
1346.761 |
1346.761 |
1079.111 |
|
(b) Reserves & Surplus |
(142.674) |
(167.158) |
(82.949) |
|
(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) |
1204.087 |
1179.603 |
996.162 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
173.651 |
27.195 |
0.000 |
|
(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 |
1.836 |
3.245 |
0.841 |
|
Total
Non-current Liabilities (3) |
175.487 |
30.440 |
0.841 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
186.048 |
115.000 |
0.000 |
|
(b) Trade payables |
187.270 |
99.864 |
239.101 |
|
(c) Other current liabilities |
12.894 |
29.797 |
86.907 |
|
(d) Short-term provisions |
0.036 |
0.560 |
0.011 |
|
Total
Current Liabilities (4) |
386.248 |
245.221 |
326.019 |
|
|
|
|
|
|
TOTAL |
1765.822 |
1455.264 |
1323.022 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
985.679 |
991.677 |
102.957 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
36.702 |
27.916 |
865.040 |
|
(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 |
64.089 |
40.501 |
67.764 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
6.200 |
|
Total
Non-Current Assets |
1086.470 |
1060.094 |
1041.961 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
242.875 |
125.105 |
175.412 |
|
(c) Trade receivables |
206.096 |
131.500 |
1.566 |
|
(d) Cash and cash equivalents |
58.987 |
26.866 |
26.616 |
|
(e) Short-term loans and
advances |
163.835 |
104.688 |
77.182 |
|
(f) Other current assets |
7.559 |
7.011 |
0.285 |
|
Total
Current Assets |
679.352 |
395.170 |
281.061 |
|
|
|
|
|
|
TOTAL |
1765.822 |
1455.264 |
1323.022 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
TOTAL INCOME |
1338.400 |
822.600 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(24.500) |
(84.200) |
(57.220) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
|
275.298 |
159.709 |
|
|
|
Capital Goods |
|
23.379 |
319.451 |
|
|
TOTAL IMPORTS |
NA |
298.677 |
479.160 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.18) |
(0.063) |
(0.42) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
(66.777) |
(320.725) |
(52.573) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.12 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76 |
1.61 |
0.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1079.111 |
1346.761 |
1346.761 |
|
Reserves & Surplus |
(82.949) |
(167.158) |
(142.674) |
|
Net
worth |
996.162 |
1179.603 |
1204.087 |
|
long-term borrowings |
0.000 |
27.195 |
173.651 |
|
Short term borrowings |
0.000 |
115.000 |
186.048 |
|
Total
borrowings |
0.000 |
142.195 |
359.699 |
|
Debt/Equity
ratio |
0.000 |
0.121 |
0.299 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
822.600 |
1338.400 |
|
|
62.704 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
822.600 |
1338.400 |
|
Profit |
(84.200) |
(24.500) |
|
|
(10.24%) |
(1.83%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
Nemak Aluminum Castings India Private Limited incorporated on June 23, 2010 is a part of the Nemak Group. Nemak India is primarily engaged in manufacturing aluminium engine components.
FINANCIAL HIGHLIGHTS
The Company made a sales of Rs. 1338.400 Million (Parts & Tooling Sales) and made a Profit of Rs. 24.500 Million during 2013-14.
UNSECURED LOAN
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loans from others |
173.651 |
27.195 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Working capital loans from banks |
186.048 |
115.000 |
|
Total |
359.699 |
142.195 |
INDEX
OF CHARGES
No Charges Exist for Company
FIXED ASSETS
- Land
- Plant and equipment
- Residential building
- Buildings
- Factory building
- Factory equipments
- Furniture and fixtures
- Office equipment
- Computer equipments
- Vehicles
- Motor vehicles
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.63.37 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.