MIRA INFORM REPORT
|
Report No. : |
310613 |
|
Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
BCS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Village Mangarh, P.O. Kohara, Machhiwara Road, Ludhiana –
141112, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.05.2004 |
|
|
|
|
Com. Reg. No.: |
16-032401 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 31.165 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29214PB2004PTC032401 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Reaper Binder and Fodder Harvester. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 250000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. There seems sharp dip in the profit of the company during FY2014. However,
networth of the company is satisfactory. General financial position of the
company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-9872874742 |
|
Date : |
04.03.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Village Mangarh, P.O. Kohara, Machhiwara Road, Ludhiana –
141112, Punjab, India |
|
Tel. No.: |
91-161-2848597/ 2848598 |
|
Mobile No.: |
91-9872874742 [Mr. Suresh] |
|
Fax No.: |
91-161-2848598 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Fabrizio Castoldi |
|
Designation : |
Director |
|
Address : |
Via Alberto Ga Giussano, 12, 20145, Milano, 20145, Italy |
|
Date of Birth/Age : |
06.07.1944 |
|
Date of Appointment : |
22.06.2004 |
|
DIN No.: |
01154177 |
|
|
|
|
Name : |
Mr. Roberto Pini |
|
Designation : |
Director |
|
Address : |
Via Alberto Ga Giussano, 12, 20145, Milano, 20145, Italy |
|
Date of Birth/Age : |
22.08.1964 |
|
Date of Appointment : |
12.07.2008 |
|
DIN No.: |
02209753 |
|
|
|
|
Name : |
Mr. Arun Kumar Gupta |
|
Designation : |
Whole-time director |
|
Address : |
366, Pakhowal Road, Shahid Bhagat Singh Nagar, Ludhiana - 141001, Punjab, India |
|
Date of Birth/Age : |
13.08.1971 |
|
Date of Appointment : |
30.06.2014 |
|
DIN No.: |
06918315 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
BCS S.p.A, Italy |
|
3116470 |
|
Malkeeting Singh Babrah and BCS S.p.A |
|
1 |
|
Navpreet Singh and BCS S.p.A |
|
1 |
|
|
|
|
|
Total |
|
3116472 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Reaper Binder and Fodder Harvester. |
|
|
|
|
Brand Names : |
-- |
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|
Agencies Held : |
-- |
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Exports : |
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|
Products : |
-- |
|
Countries : |
-- |
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|
Imports : |
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|
Products : |
-- |
|
Countries : |
-- |
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|
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Terms : |
|
|
Selling : |
-- |
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|
|
|
Purchasing : |
-- |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity ** |
Actual
Production *** |
|
Agricultural
Machines |
|
|
|
|
|
Prime Mower |
[Nos.] |
-- |
-- |
896 |
|
Scat, Tyre, engine |
[Nos.] |
-- |
-- |
1040 |
|
Cutter Bar |
[Nos.] |
-- |
-- |
80 |
|
Reaper Binder Kit |
[Nos.] |
-- |
-- |
966 |
|
Gear Box |
[Nos.] |
-- |
-- |
966 |
|
Sprayer Kit |
[Nos.] |
-- |
-- |
04 |
|
Reaper Binder [4 Wheel] |
[Nos.] |
-- |
-- |
47 |
|
Reaper Binder – Tractor Mounted |
[Nos.] |
-- |
-- |
22 |
NOTE:
* Not required to be given, as the same has been
de-regulated for this industry.
** As certified by the management and being a
technical matter relied upon by the auditors.
*** Including capacity consumed.
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Punjab National Bank Chandigarh Road, Ludhiana - 141003, Punjab, India · ICICI Bank Limited Feroze Gandhi Market, Ludhiana, Punjab, India · HDFC Bank Limited Focal Point, Ludhiana, Punjab, India |
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Facilities : |
-- |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Krishan Sindwani and Company Chartered Accountants |
|
Address : |
Flat No. 8, Harkrishan Building, Bank Road, Civil Lines, Ludhiana – 141001,
Punjab, India |
|
Tel. No.: |
91-161-2440889/ 2442906 |
|
Fax No.: |
91-161-2440889 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AADFK5545M |
|
|
|
|
Holding Company : |
BCS S.p.A., Italy |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 32.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,116,472 |
Equity Shares |
Rs. 10/- each |
Rs. 31.165 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
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 |
31.165 |
31.165 |
31.165 |
|
(b) Reserves & Surplus |
56.534 |
50.251 |
31.333 |
|
(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) |
87.699 |
81.416 |
62.498 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
5.062 |
4.741 |
4.856 |
|
(c)
Other long term liabilities |
5.051 |
4.731 |
3.521 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
10.113 |
9.472 |
8.377 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
335.208 |
224.282 |
225.235 |
|
(c)
Other current liabilities |
18.854 |
17.694 |
15.634 |
|
(d)
Short-term provisions |
2.434 |
6.843 |
2.864 |
|
Total
Current Liabilities (4) |
356.496 |
248.819 |
243.733 |
|
|
|
|
|
|
TOTAL |
454.308 |
339.707 |
314.608 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
53.928 |
50.376 |
51.129 |
|
(ii)
Intangible Assets |
1.760 |
1.126 |
0.478 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
55.688 |
51.502 |
51.607 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
215.729 |
185.049 |
180.131 |
|
(c)
Trade receivables |
67.802 |
52.255 |
26.334 |
|
(d)
Cash and cash equivalents |
98.339 |
28.870 |
47.453 |
|
(e)
Short-term loans and advances |
9.132 |
12.775 |
8.526 |
|
(f)
Other current assets |
7.618 |
9.256 |
0.557 |
|
Total
Current Assets |
398.620 |
288.205 |
263.001 |
|
|
|
|
|
|
TOTAL |
454.308 |
339.707 |
314.608 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
446.020 |
313.582 |
|
|
|
Other Income |
|
3.024 |
4.090 |
|
|
|
TOTAL |
519.275 |
449.044 |
317.672 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
504.580 |
395.672 |
279.544 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.695 |
53.372 |
38.128 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.371 |
5.060 |
2.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9.324 |
48.312 |
35.603 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.041 |
15.697 |
4.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
6.283 |
32.615 |
31.128 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
12.627 |
6.062 |
6.957 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
178.323 |
97.715 |
115.513 |
|
|
|
Trading Goods |
55.348 |
96.544 |
99.558 |
|
|
TOTAL IMPORTS |
233.671 |
194.259 |
215.071 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.02 |
10.47 |
9.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA
|
7.31 |
9.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.05 |
14.22 |
11.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.59 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.16 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
31.165 |
31.165 |
31.165 |
|
Reserves & Surplus |
31.333 |
50.251 |
56.534 |
|
Net
worth |
62.498 |
81.416 |
87.699 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
317.672 |
449.044 |
519.275 |
|
|
|
41.355 |
15.640 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
317.672 |
449.044 |
519.275 |
|
Profit |
31.128 |
32.615 |
6.283 |
|
|
9.80% |
7.26% |
1.21% |
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
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
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 |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10547072 |
12/01/2015 |
80,000,000.00 |
PUNJAB NATIONAL BANK |
CHANDIGARH ROAD, LUDHIANA, LUDHIANA, PUNJAB - 141003, INDIA |
C42455543 |
PERFORMANCE REVIEW
The Company has achieved the revenue of Rs. 519.275 Millions against the
revenue of previous year of Rs. 449.044 Millions and has earned net profit
after tax of Rs. 6.283 Millions against net profit after tax of previous year
of Rs. 32.615 Millions
FIXED ASSETS:
· Land
· Factory Building
· Plant and Machinery
· Dies
· Office Equipment
· Furniture and Fixture
· Computers
· 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. 61.85 |
|
|
1 |
Rs. 94.96 |
|
Euro |
1 |
Rs. 69.10 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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 |
|
42 |
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.