MIRA INFORM REPORT
|
Report No. : |
333317 |
|
Report Date : |
23.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SATYEN POLYMERS PRIVATE LIMITED
|
|
|
|
|
Registered
Office : |
307, A to Z Industrial Premises, G K Marg, Lower Parel (West), Mumbai
– 400013, |
|
Tel. No.: |
91-22-42201555/24922678 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.03.2006 |
|
|
|
|
Com. Reg. No.: |
160571 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 40.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24300MH2006PTC160571 |
|
|
|
|
IEC No.: |
0398011079 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM55929B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS0395K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Importer of U P Resin |
|
|
|
|
No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated during the year 2006.
It has fine track record. The company possesses strong operational activity marked by decent
sales turnover along with profitability margin of 3.9%. Further, the company has healthy financial risk profile and marked by
decent net worth position and favorable gap between trade payables and
receivables. Trade relations are reported as fair. Business is active. Payment
terms are reported as regular. In view of healthy financial risk profile, 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.
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. Krishna Hegde |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-42201555 |
|
Date : |
22.07.2015 |
LOCATIONS
|
Registered Office/Head Office : |
307, A to Z Industrial Premises, G K Marg, Lower Parel (West), Mumbai
– 400013, |
|
Tel. No.: |
91-22-42201555 / 24922678 / 66605711 |
|
Fax No.: |
91-22-24911262 |
|
E-Mail : |
krishna.hegde@resadh.com |
|
Website : |
|
|
|
|
|
Factory : |
Survey No. 678/ 1/3, Plot No.6,
Village Naroli, Bhilad, Silvassa, 396230, |
|
Area : |
4000 Sq. mtr. |
|
Location : |
Owned |
|
|
|
|
Regional Office: |
#18, Ashirwad, KSRTC Layput, 7th main, 2nd B
Cross, J P Nagar, 2nd Phase, Bangalore 560078, India, Karnataka,
India |
|
Tell No.: |
9180-26490592 |
|
Email : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Jitendra Jagmohandas Vora |
|
|
Designation : |
Director |
|
|
Address : |
B – 402, |
|
|
Date of Birth/Age: |
11.10.1946 |
|
|
Qualification : |
Chemical Engineers |
|
|
Experience : |
29 Years |
|
|
Date of Appointment: |
20.03.2006 |
|
|
DIN No.: |
01999944 |
|
|
|
||
|
Name : |
Mrs. Devyani Jitendra Vora |
|
|
Designation : |
Director |
|
|
Address : |
B – 402, |
|
|
Date of Birth/Age : |
26.04.1949 |
|
|
Qualification : |
B.A. |
|
|
Date of Appointment : |
20.03.2006 |
|
|
DIN No.: |
01998904 |
|
|
|
||
|
|
|
|
|
Name : |
Mr. Satyen Jitendra Vora |
|
|
Designation : |
Director |
|
|
Address : |
402/B Gold Coin Appartment, 35-35A, Tardeo Road, Haji Ali, Mumbai - 400026, Maharashtra, India |
|
|
Date of Appointment : |
08.08.2013 |
|
|
DIN No.: |
00441785 |
|
KEY EXECUTIVES
|
Name : |
Mr. Krishna Hegde |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Jitendra Jagmohandas Vora |
|
3999800 |
|
Devyani Jitendra Vora |
|
100 |
|
Falguni J Vora |
|
100 |
|
|
|
|
|
Total |
|
4000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of U P Resin |
|
|
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|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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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 : |
L/C, Cash and Credit |
|
|
|
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesaler, Retailers and Manufacturer
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No. of Employees : |
75 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
JLS and Company Chartered Accountants |
|
Address : |
102, Om Manan Cooperative Housing, Socpark Road, Vile Parle (East) Mumbai,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABPS5061L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Million |
|
|
|
|
|
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs. 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000
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 |
40.000 |
40.000 |
40.000 |
|
(b) Reserves & Surplus |
81.671 |
77.652 |
67.511 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
|
|
Total
Shareholders’ Funds (1) + (2) |
121.671 |
117.652 |
107.511 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.425 |
0.819 |
0.500 |
|
(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) |
0.425 |
0.819 |
0.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
126.709 |
163.237 |
147.350 |
|
(b) Trade
payables |
202.816 |
235.723 |
175.719 |
|
(c) Other
current liabilities |
18.606 |
10.364 |
2.159 |
|
(d) Short-term
provisions |
3.664 |
6.281 |
7.989 |
|
Total Current
Liabilities (4) |
351.795 |
415.605 |
333.217 |
|
|
|
|
|
|
TOTAL |
473.891 |
534.076 |
441.228 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
39.132 |
40.687 |
41.771 |
|
(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 |
3.853 |
3.853 |
0.842 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.533 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
43.518 |
44.540 |
42.613 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
81.647 |
112.726 |
76.814 |
|
(c) Trade
receivables |
308.222 |
321.316 |
287.008 |
|
(d) Cash
and cash equivalents |
1.048 |
2.894 |
0.730 |
|
(e)
Short-term loans and advances |
39.456 |
52.600 |
34.063 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
430.373 |
489.536 |
398.615 |
|
|
|
|
|
|
TOTAL |
473.891 |
534.076 |
441.228 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
1035.203 |
1149.693 |
1030.379 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
1029.672 |
1144.602 |
1007.111 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
5.531 |
5.091 |
23.268 |
|
|
|
|
|
|
|
Less |
TAX |
1.482 |
4.588 |
6.728 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
4.049 |
0.503 |
16.540 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.652 |
67.511 |
52.697 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Adjustment |
0.029 |
0.362 |
1.726 |
|
|
Total
|
0.029 |
0.362 |
1.726 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
81.672 |
77.652 |
67.511 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.01 |
0.12 |
4.13 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
N.A |
N.A |
N.A |
|
Cash generated from operations |
N.A |
N.A |
N.A |
|
Net cash flow from operating activity |
N.A |
N.A |
N.A |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.39 |
0.04 |
1.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
0.53 |
0.44 |
2.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.18 |
0.96 |
5.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.04 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.04 |
1.39 |
1.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.18 |
1.20 |
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 |
40.000 |
40.000 |
40.000 |
|
Reserves & Surplus |
67.511 |
77.652 |
81.671 |
|
Net
worth |
107.511 |
117.652 |
121.671 |
|
|
|
|
|
|
long-term borrowings |
0.500 |
0.819 |
0.425 |
|
Short term borrowings |
147.350 |
163.237 |
126.709 |
|
Total
borrowings |
147.850 |
164.056 |
127.134 |
|
Debt/Equity
ratio |
1.375 |
1.394 |
1.045 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1030.379 |
1149.693 |
1035.203 |
|
|
|
11.580 |
(9.958) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1030.379 |
1149.693 |
1035.203 |
|
Profit |
16.540 |
0.503 |
4.049 |
|
|
1.61% |
0.04% |
0.39% |
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 |
Yes |
|
21 |
Banking facility details |
No |
|
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 three 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 |
UNSECURED
LOAN (Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand from bank |
70.016 |
67.710 |
|
|
|
|
|
Total |
70.016 |
67.710 |
|
|
|
|
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10547563 |
22/04/2015 * |
90,000,000.00 |
STANDARD
CHARTERED BANK |
SME CREDIT,
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, |
C51670859 |
|
2 |
10547564 |
13/11/2014 |
9,000,000.00 |
STANDARD CHARTERED
BANK |
SME CREDIT,
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, |
C42754036 |
|
3 |
10448125 |
28/08/2013 |
130,000,000.00 |
Hdfc bank
limited |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W , MUMBAI-400013, MAHARASHTRA -, INDIA |
B84612779 |
|
4 |
10127399 |
18/02/2012 * |
50,000,000.00 |
Hdfc bank
limited |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B32879363 |
|
5 |
10099901 |
17/04/2008 |
40,000,000.00 |
Citibank n.a. |
CITIGROUP
CENTRE, BANDRA KURLA COMPLEX, G BLOCK B |
A36642700 |
FIXED ASSETS
- Land
- Shop at Silvassa
- Electric Fittings
- Furniture and Fixtures
- Tempo
- Lab Equipments
- Plant and Machinery
- Computers
- Office Equipments
- Bycycle
- Motor Vehicle
- Scooter
- Air Conditioner
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.63.52 |
|
|
1 |
Rs.99.19 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.