MIRA INFORM REPORT

 

 

Report No. :

324694

Report Date :

04.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SPAK ORGOCHEM (INDIA) PRIVATE LIMITED

 

 

Formerly Known As :

PRM PHARMA AND FINE CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

7/8, Suchita CHS, Tejpal Scheme Road No.5, Vile Parle, Mumbai – 400057, Maharashtra

Tel. No.:

91-22-25220083

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.12.1981

 

 

Com. Reg. No.:

11-025906

 

 

Capital Investment / Paid-up Capital :

Rs.4.000 Million

 

 

CIN No.:

[Company Identification No.]

U24100MH1981PTC025906

 

 

IEC No.:

0390015768

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS35673B

 

 

PAN No.:

[Permanent Account No.]

AABCS228G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Specialty chemicals such as sorbitan esters, amides and betaines, glycerol esters, glycol ester, antiformers and defoamers, sulphated esters, specialty esters.

 

 

No. of Employees :

35 (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

 

Maximum Credit Limit :

USD 310000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The rating reflects company sound financial risk profile marked by healthy networth position and decent profitability of the company.

 

Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct.

 

The company can be considered normal 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 – 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

ICRA

Rating

SEIA

Rating Explanation

High performance capability and high financial strength

Date

January, 2015

 

 

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

 

Name :

Ms. Leena Mhatre

Designation :

Account Manager

Contact No.:

91-22-25220083

Date :

28.05.2015

 

 

LOCATIONS

 

Registered Office :

7/8, Suchita CHS, Tejpal Scheme Road No.5, Vile Parle, Mumbai – 400057, Maharashtra, India

Tel. No.:

91-22-25220083

Fax No.:

91-22-25233504

E-Mail :

spak@mtnl.net.in

Website :

www.spakorgochem.com

Location :

Owned

 

 

Corporate Office :

A-2/4, Suman Nagar, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel. No.:

91-22-25230030

 

 

Factory  :

Nasik, Maharashtra, India 

 

 

DIRECTORS

 

As on 24.08.2013

 

Name :

Mr. Bhaskar Vitthal Patwardhan

Designation :

Director

Address :

Sanjeevani Sankul, Flat No. 302, 3rd Floor, Gole Colony, Nasik, Maharashtra, India

Date of Birth/Age :

25.12.1952

Date of Appointment :

21.06.1999

DIN No.:

00150450

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24100MH1981PTC025906

SPAK ORGOCHEM (INDIA) PRIVATE LIMITED

Director

21/06/1999

21/06/1999

-

Active

NO

2

U24233MH2011PTC223698

SPAK SURFACTANTS PRIVATE LIMITED

Additional director

24/03/2015

24/03/2015

-

Active

NO

 

 

Name :

Mr. Avinash Mukund Paranjape

Designation :

Director

Address :

1-7, Sai Prasad, Mahadev Vishnu Pandloskar Marg, Vile Parle East, Mumbai- 400057, Maharashtra, India

Date of Birth/Age :

19.03.1952

Date of Appointment :

26.12.1984

DIN No.:

00228852

Other Directorship:

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24100MH1981PTC025906

SPAK ORGOCHEM (INDIA) PRIVATE LIMITED

Director

26/12/1984

26/12/1984

-

Active

NO

2

U51909MH2003PTC142765

Direxions Marketing Solutions Private Limited

Director

26/09/2014

25/10/2013

-

Active

NO

3

U36998MH2004PTC146267

RED BOX REWARDS INDIA PRIVATE LIMITED

Director

26/09/2014

25/10/2013

-

Active

NO

4

U74300MH1994PTC080231

Direxions Global Solutions Private Limited

Director

26/09/2014

25/10/2013

-

Active

NO

5

U24233MH2011PTC223698

SPAK SURFACTANTS PRIVATE LIMITED

Additional director

24/03/2015

24/03/2015

-

Active

NO

 

 

Name :

Mr. Arun Ramchandra Jogalekar

Designation :

Director

Address :

203/204, Suchitra, Chs, Tejpal Scheme Road No. 5, Mumbai- 400057, Maharashtra, India

Date of Birth/Age :

08.12.1947

Date of Appointment :

16.12.1984

DIN No.:

02145238

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24100MH1981PTC025906

SPAK ORGOCHEM (INDIA) PRIVATE LIMITED

Managing director

16/12/1984

16/12/1984

-

Active

NO

2

U24230MH2008PTC182214

SPAK ESTERS PRIVATE LIMITED

Director

15/05/2008

15/05/2008

-

Active

NO

3

U24233MH2011PTC223698

SPAK SURFACTANTS PRIVATE LIMITED

Director

08/11/2011

08/11/2011

-

Active

NO

 

 

 

KEY EXECUTIVES

 

Name :

Ms. Leena Mhatre

Designation :

Account Manager

 

 

MAJOR SHAREHOLDERS

 

As on 24.08.2013

 

Names of Shareholders

 

No. of Shares

Jogalekar Aruna With Jogalekar Arun

 

4290

Jogalekar Arun With Jogalekar Aruna

 

7700

Jogalekar Gauri With Jogalekar Aruna

 

2626

Paranjape Avinash With Paranjape Jelum

 

5081

Joglekar Ameya With Joglekar Joytsana

 

1100

Joglekar Aruna With Joglekar Ameya

 

275

Joglekar Ameya With Joglekar Arun

 

550

Bendre S. Sameera.

 

1

D'souza Mitali With D'souza Raul

 

1

Raut Saroj P. With Mhatre Leena

 

1

Bhaskar Patwardhan

 

470

Kamat Ulka With Neelesh

 

59

Meena Nayak Jointly With Neelam Nayak

 

1130

Kamat G. K. HUF

 

1

Nabar Kanchan With Nabar Dhanashree

 

1

Bhangale Deepak With Chhaya

 

1

Sane Jayprakash With Sane Meghana

 

1

V. Ratnakar Patwardhan

 

470

Jecob Mini With Jecob Joseph

 

1

Apte Damayanti

 

1

Kale Ashok With Kale Aparna

 

1

Spak Esters Private Limited, India

 

16234

Mhatre Kundan With Mhatre Leena

 

1

Kale Sushama With Kale Vinayak

 

1

Kamat Neelesh With Kamat Mugdha

 

1

Karandikar Rekha With Satyajit

 

1

Usha With Gautam Kamat

 

1

Total

 

40000

 

As on 24.08.2013

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

40.58

Directors or relatives of Directors

54.05

Other top fifty shareholders

5.37

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Specialty chemicals such as sorbitan esters, amides and betaines, glycerol esters, glycol ester, antiformers and defoamers, sulphated esters, specialty esters.

 

 

Products :
  • Sorbitan Esters
  • Amides And Betaines
  • Glycerol Esters
  • Glycol Ester
  • Antiformers And Defoamers
  • Sulphated Esters
  • Specialty Esters

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Chemical Products

Countries :
  • Canada
  • South Africa

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Malaysia
  • France

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Wholesaler and Retailer

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

35 (Approximately)

 

 

Bankers :

Banker Name

Syndicate Bank

Branch Address

Jal Palace, Shradhananda Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

HDFC Bank Car Loan – SX4 (Secured against Car – Maruti SX4)

0.000

0.065

HDFC Bank – Car Loan – Altisn (Secured against Car – Corrola Altis)

0.239

0.567

ICICI Bank Limited – Car Loan (Secured against Car – Wagon R)

0.000

0.028

SHORT TERM BORROWING

 

 

Syndicate Bank A/c (CC A/c with bank secured by stock of raw material, semi-finished and finished goods. Further secured by Equitable mortgage of Factory plot and Building)

6.285

11.370

Export Packing Bills Credit

32.748

18.799

Total

39.272

30.829

 

Auditors :

 

Name :

Singavi Oturkar and Kelkar

Chartered Accountants

Address :

Nirvelli Apartment, 1st Floor, Near Malhar Talkies, Swami Vivekanand Marg ,Off Gokhale Road, Naupada, Thane – 400602, Maharashtra, India

PAN No.:

AAEFS8002L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

40000

Equity Shares

Rs.100/- each

Rs.4.000 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

4.000

4.000

5.240

(b) Reserves & Surplus

107.271

66.056

41.652

(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)

111.271

70.056

46.892

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.239

0.659

1.329

(b) Deferred tax liabilities (Net)

2.629

2.292

2.040

(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)

2.868

2.951

3.369

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

53.633

44.685

32.040

(b) Trade payables

55.322

34.808

57.114

(c) Other current liabilities

3.683

1.063

0.796

(d) Short-term provisions

13.599

9.780

6.289

Total Current Liabilities (4)

126.237

90.336

96.239

 

 

 

 

TOTAL

240.376

163.343

146.500

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

32.825

30.787

18.925

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.272

0.426

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

1.005

0.606

0.713

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

34.102

31.819

19.638

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

31.139

34.728

17.566

(c) Trade receivables

147.288

79.267

99.141

(d) Cash and cash equivalents

7.852

4.721

2.418

(e) Short-term loans and advances

7.555

6.669

3.118

(f) Other current assets

12.440

6.139

4.619

Total Current Assets

206.274

131.524

126.862

 

 

 

 

TOTAL

240.376

163.343

146.500

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

TOTAL

672.962

552.605

433.129

 

 

 

 

 

Less

EXPENSES

596.701

495.621

394.365

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

76.261

56.984

38.764

 

 

 

 

 

Less

FINANCIAL EXPENSES

5.772

4.437

3.901

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

70.489

52.547

34.863

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

3.662

2.960

2.201

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

66.827

49.587

32.662

 

 

 

 

 

Less

TAX

22.337

16.377

10.872

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

44.490

33.210

21.790

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1112.25

830.25

544.75

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

714.500

 

The above information has been parted by Ms. Leena Mhatre (Account Manager).

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

 

 

 

-       Axis Bank Limited – Car Loan

0.000

0.000

0.109

-       HDFC Bank Limited – Car Loan – SX4

0.064

0.144

0.129

-       HDFC Bank Limited – Car Loan – Altis

0.326

0.291

0.260

-       ICICI  Bank Limited – Car Loan – Wagon R

0.027

0.108

0.095

Total

0.417

0.543

0.593

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

6.61

6.01

5.03

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

11.33

10.31

8.95

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

27.83

30.44

22.29

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.60

0.71

0.70

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.49

0.66

0.72

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.63

1.46

1.32

 

 

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

5.240

4.000

4.000

Reserves & Surplus

41.652

66.056

107.271

Net worth

46.892

70.056

111.271

 

 

 

 

long-term borrowings

1.329

0.659

0.239

Short term borrowings

32.040

44.685

53.633

Current Maturities of Long Term Debt

0.593

0.543

0.417

Total borrowings

33.962

45.887

54.289

Debt/Equity ratio

0.724

0.655

0.488

 

 

 

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

433.129

552.605

672.962

 

 

27.584

21.780

 

 

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

433.129

552.605

672.962

Profit

21.790

33.210

44.490

 

5.03%

6.01%

6.61%

 

 

 

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

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

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 four 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

Yes

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

 

 

Deposit from Directors and Shareholders

 

 

For Fixed Assets

0.000

2.165

For Other

14.600

12.350

Total

14.600

14.515

 

 

 

 

 

 

 

 

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

90184060

21/01/2015 *

105,000,000.00

Syndicate Bank

JAL PALACE; SHRADHANAND ROAD,, VILE PARLE EAST, MUMBAI, Maharashtra - 400056, INDIA

C43113505

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Plant and Machinery
  • Furniture and Fixture
  • Electrical Equipment
  • Office Equipment
  • Vehicles
  • Computer
  • Leasehold Land

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.63.85

UK Pound

1

Rs.98.12

Euro

1

Rs.71.28

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPY

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PNM

 

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

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

7

--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

YES

--AFFILIATION

YES/NO

NO

--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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.