MIRA INFORM REPORT
|
Report No. : |
329456 |
|
Report Date : |
27 .06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE FINANCIAL LIMITED (w.e.f. 14.03.2006) |
|
|
|
|
Formerly Known
As : |
R TRADE FINANCIAL SERVICES LIMITED |
|
|
|
|
Registered
Office : |
570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial
Estate, Wadala, Mumbai – 400 031, Maharashtra |
|
Tel. No.: |
91-22-30479400 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-155675 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 110.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH2005PLC155675 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR0887N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is into financing related activities. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “RELIANCE CAPITAL LIMITED”. It is a
well-established company having fine track record. The company possesses sound operational risk profile along with
healthy financial risk profile and decent profitability margins of the
company. Rating also reflects company’s adequate capital base backed by strong
financial and managerial support that company receives from its holding
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of being part of Reliance Group, the company can be considered
good for normal 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 DENIED
Management non-cooperative (91-22-30479400)
LOCATIONS
|
Registered Office : |
570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial
Estate, Wadala, Mumbai – 400 031, Maharashtra, India |
|
Tel. No.: |
91-22-30479400 |
|
Fax No.: |
91-22-30479450 |
|
E-Mail : |
DIRECTORS
As on 10.09.2014
|
Name : |
Mr. Amit Vijay Bapna |
|
Designation : |
Director |
|
Address : |
1801, 18th Floor, Sumer Trinity Tower I, New Prabhadevi Road,
Prabhadevi, Mumbai – 400 025, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1975 |
|
Qualification: |
B.Com, ACA |
|
Date of Appointment : |
26.08.2005 |
|
DIN No.: |
00008443 |
|
|
|
|
Name : |
Mr. Lav Ramji Chaturvedi |
|
Designation : |
Director |
|
Address : |
403-04, Golden Rays, X Wing, Shastri Nagar, Mumbai – 400 053,
Maharashtra, India |
|
Date of Birth/Age : |
20.07.1976 |
|
Qualification: |
B.Com, MBA, CFA |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
02859336 |
|
|
|
|
Name : |
Mr. Sanjay Tulsio Wadhwa |
|
Designation : |
Director |
|
Address : |
H-802, 8th Floor, Royal Fern, Great Eastern Garden, LBS
Marg, Kanjur Marg, Mumbai – 400 078, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1973 |
|
Qualification : |
B.Com,
CS. CA, ICWA, Diploma in Risk Management (ICAI) |
|
Date of Appointment : |
25.04.2012 |
|
DIN No.: |
0339219 |
KEY EXECUTIVES
|
Name : |
Mr. Vikas Jitendra Gandhi |
|
Designation : |
CFO |
|
Address : |
A – 1304, Rustomjee Royale Jaywant Sawant Road, Near Gomant Nagar,
Daishar (West), Mumbai – 400068, Maharashtra, Indai |
|
Date of Birth/Age : |
14.09.1976 |
|
Date of Appointment : |
01.08.2014 |
|
DIN No.: |
AHBPG9121C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Capital Limited, India |
|
10999940 |
|
Reliance Capital Limited jointly with V.R. Mohan |
|
10 |
|
Reliance Capital Limited jointly with Yogesh Deshpande |
|
10 |
|
Reliance Capital Limited jointly with Amit Bapna |
|
10 |
|
Reliance Capital Limited jointly with Parul Jaim |
|
10 |
|
Reliance Capital Limited jointly with Chetan Raval |
|
10 |
|
Reliance Capital Limited jointly with Atul Tandon |
|
10 |
|
|
|
|
|
Total |
|
11000000 |
Equity Share Break up (Percentage of Total Equity)
As on 10.09.2014
|
Category |
Percentage |
|
Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is into financing related activities. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFC0662N |
|
|
|
|
Memberships : |
-- |
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|
|
|
Collaborators : |
-- |
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|
|
|
Ultimate Holding Company: |
Reliance Innoventures Private Limited, India CIN: U73100MH2005PTC158356 |
|
|
|
|
Holding Company: |
Reliance Capital Limited, India (w.e.f. December 29 2010) CIN:
L65910MH1986PLC165645 |
|
|
|
|
Fellow Subsidiaries: |
CIN No.:
U65990MH2005PLC154052
CIN No.:
U65990MH1994PLC082324
CIN No.:
U65999MH2009PLC189285
CIN No.:
U74210MH2005PLC153010
CIN No.:
U51100MH2005PLC154611
|
CAPITAL STRUCTURE
As on 10.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,000,000 |
Equity Shares |
Rs.10/- each |
Rs.110.000
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 |
110.000 |
110.000 |
110.000 |
|
(b) Reserves & Surplus |
327.450 |
320.476 |
311.469 |
|
(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) |
437.450 |
430.476 |
421.469 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.213 |
0.287 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.067 |
0.055 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.280 |
0.342 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
210.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.136 |
0.096 |
0.000 |
|
(c) Other current liabilities |
1.701 |
1.824 |
10.406 |
|
(d) Short-term provisions |
3.440 |
1.777 |
8.431 |
|
Total
Current Liabilities (4) |
215.277 |
3.697 |
18.837 |
|
|
|
|
|
|
TOTAL |
653.007 |
434.515 |
440.306 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11.038 |
12.820 |
0.000 |
|
(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 |
0.020 |
0.020 |
0.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29.913 |
29.115 |
26.289 |
|
(e) Other Non-current assets |
0.115 |
4.368 |
0.035 |
|
Total
Non-Current Assets |
41.086 |
46.323 |
26.344 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.016 |
3.326 |
0.348 |
|
(d) Cash and cash equivalents |
66.086 |
70.268 |
24.446 |
|
(e) Short-term loans and
advances |
545.819 |
313.564 |
389.152 |
|
(f) Other current assets |
0.000 |
1.034 |
0.016 |
|
Total
Current Assets |
611.921 |
388.192 |
413.962 |
|
|
|
|
|
|
TOTAL |
653.007 |
434.515 |
440.306 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
69.135 |
45.636 |
40.624 |
|
|
Other Income |
7.055 |
19.056 |
18.408 |
|
|
TOTAL
(A) |
76.190 |
64.692 |
59.032 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
26.956 |
33.862 |
20.259 |
|
|
Other expenses |
8.828 |
13.247 |
8.520 |
|
|
TOTAL
(B) |
35.784 |
47.109 |
28.779 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
40.406 |
17.583 |
30.253 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.931 |
3.637 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.475 |
13.946 |
30.253 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
2.162 |
0.966 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
10.313 |
12.980 |
30.253 |
|
|
|
|
|
|
|
Less |
TAX (H) |
3.339 |
3.973 |
12.966 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
6.974 |
9.007 |
17.287 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
256.475 |
249.269 |
235.439 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
262.054 |
256.475 |
249.269 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.63 |
0.82 |
1.57 |
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 |
(217.084) |
10.532 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.09 |
19.74 |
42.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
58.45 |
38.53 |
74.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.58 |
2.99 |
6.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.03 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84 |
105.00 |
21.98 |
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 |
110.000 |
110.000 |
110.000 |
|
Reserves & Surplus |
311.469 |
320.476 |
327.450 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
421.469 |
430.476 |
437.450 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
210.000 |
|
Total
borrowings |
0.000 |
0.000 |
210.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.480 |
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 |
40.624 |
45.636 |
69.135 |
|
|
|
12.338 |
51.492 |
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 |
40.624 |
45.636 |
69.135 |
|
Profit |
17.287 |
9.007 |
6.974 |
|
|
42.55% |
19.74% |
10.09% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The registered
office of the company has been shifted from 4th Floor, Parijat House,
Manjrekar Lane, Off Dr. E Moses Road, Worli Naka, Mumbai – 400 018, Maharashtra
to the present address w.e.f. 12.07.2010
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Intercorporate borrowings |
210.000 |
0.000 |
|
|
|
|
|
Total |
210.000 |
0.000 |
BACKGROUND:
Subject was incorporated on
26 August 2005. The Company is licensed by the Reserve Bank of India to Act as
a Non-banking financial company.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
·
Leasehold Improvements
·
Data
Processing Equipments
·
Office Equipment
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.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
60 |
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.