MIRA INFORM REPORT
|
Report No. : |
311000 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MERIL HEALTHCARE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 135/139, Bilakhia House, Muktanand Marg, Chala, Vapi – 396191,
Gujarat |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.04.2011 |
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Com. Reg. No.: |
04-065022 |
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Capital Investment
/ Paid-up Capital : |
Rs. 260.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230GJ2011PTC065022 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Medical Equipment. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Micro Life Sciences Private Limited. It is an established company having moderate track record. Even though the company was incorporated during the year 2011 the company
commenced its commercial operation from June 2014. However, capital base of the company is good. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be slow but correct. In view of strong promoters, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: A+ (SO) |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
21.01.2015 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Nirav Joshi |
|
Designation : |
Senior Executive in Finance and Corporate plans |
|
Contact No.: |
91-260-3052018 |
|
Date : |
05.03.2015 |
LOCATIONS
|
Registered Office : |
No. 135/139, Bilakhia House, Muktanand Marg, Chala, Vapi – 396191,
Gujarat, India |
|
Tel. No. : |
91-260-3052018 / 3052100 |
|
Mobile No. : |
91-9924019593 (Mr. Punesh Rohit) |
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Fax No. : |
91-260-3052100 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Factory : |
GIDC, Vapi, Gujarat, India |
DIRECTORS
As on 20.09.2014
|
Name : |
Mr. Pramodkumar Mangal Sain Minocha |
|
Designation : |
Director |
|
Address : |
108, Bhagyoday Society, Daman Road, Chala, Valsad, Vapi – 396191,
Gujarat, India |
|
Date of Birth/Age : |
20.10.1953 |
|
Date of Appointment : |
19.04.2011 |
|
DIN No. : |
00090060 |
|
|
|
|
Name : |
Mr. Rajnikant Gandalal Vyas |
|
Designation : |
Director |
|
Address : |
B-602, Eternia, Main Street, Hiranandani Gardens, Powai, Mumbai –
400076, Maharashtra, India |
|
Date of Birth/Age : |
04.11.1945 |
|
Date of Appointment : |
17.10.2013 |
|
DIN No. : |
00837447 |
KEY EXECUTIVES
|
Name : |
Mr. Nirav Joshi |
|
Designation : |
Senior Executive in Finance and Corporate plans |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Micro Life Science Private Limited, India |
|
9999999 |
|
Micro Life Sciences Private Limited, India Jointly with Mr. Anjum
Bilakhia |
|
1 |
|
Total |
|
10000000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Bilakhai Holdings Private Limited, India |
|
16000000 |
|
Total |
|
16000000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medical Equipment. |
|
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|
|
Products : |
Medical Equipment |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Medical Equipment |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit, Cheque |
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Purchasing : |
Cash and Credit, Cheque |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Gopalakrishnan Aiyer and Company Chartered Accountants |
|
Address : |
A-103 Hemu Classic Shopping Centre, Opposite New Era Cinema, S V Road, Malad West, Mumbai – 400064, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABDPA7449K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
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Ultimate Holding
Company: |
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Fellow Subsidiary of Holding Company : |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Million |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 300.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Million |
|
16000000 |
Preference Shares |
Rs.10/- each |
Rs. 160.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 260.000
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 |
260.000 |
100.000 |
14.500 |
|
(b) Reserves & Surplus |
(35.157) |
(0.537) |
(0.476) |
|
(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) |
224.843 |
99.463 |
14.024 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
220.000 |
0.000 |
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 |
0.199 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
220.199 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
35.000 |
226.000 |
0.000 |
|
(b) Trade payables |
2.115 |
0.016 |
0.000 |
|
(c) Other current liabilities |
8.181 |
19.025 |
0.479 |
|
(d) Short-term provisions |
0.020 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
45.316 |
245.041 |
0.479 |
|
|
|
|
|
|
TOTAL |
490.358 |
344.504 |
14.503 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
343.140 |
55.508 |
1.306 |
|
(ii) Intangible Assets |
14.693 |
2.337 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
129.939 |
0.000 |
|
(iv) Intangible assets under
development |
1.407 |
12.141 |
4.242 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.060 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
24.081 |
46.777 |
6.019 |
|
(e) Other Non-current assets |
20.498 |
18.290 |
0.002 |
|
Total
Non-Current Assets |
403.819 |
264.992 |
11.629 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
56.122 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
9.795 |
1.353 |
0.929 |
|
(e) Short-term loans and
advances |
20.595 |
0.657 |
1.945 |
|
(f) Other current assets |
0.027 |
77.502 |
0.000 |
|
Total
Current Assets |
86.539 |
79.512 |
2.874 |
|
|
|
|
|
|
TOTAL |
490.358 |
344.504 |
14.503 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Total revenue |
1.650 |
1.100 |
NA |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL
|
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(34.620) |
(0.061) |
(0.476) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.33 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13 |
2.27 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91 |
0.32 |
6.00 |
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 |
14.500 |
100.000 |
260.000 |
|
Reserves & Surplus |
(0.476) |
(0.537) |
(35.157) |
|
Net
worth |
14.024 |
99.463 |
224.843 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
220.000 |
|
Short term borrowings |
0.000 |
226.000 |
35.000 |
|
Total
borrowings |
0.000 |
226.000 |
255.000 |
|
Debt/Equity
ratio |
0.000 |
2.272 |
1.134 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total revenue |
1.100 |
1.650 |
|
|
50.000 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total revenue |
1.100 |
1.650 |
|
Profit |
(0.061) |
(34.620) |
|
|
(5.55%) |
(2098.18%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
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 |
Yes |
OPERATIONS AND FINANCIAL
RESULTS
The total revenue for the year ended 31st March 2014 was Rs.1.650 Million against Rs.1.100 Million for the previous year. The loss for the year ended as 31st March 2014 was Rs.34.620 Million against Rs.0.061 Million for the previous year. The Company has commenced production of finished goods and started its selling during the financial year 2014-15 and looking forward for better performance in the coming year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from others |
35.000 |
226.000 |
|
|
|
|
|
Total |
35.000 |
226.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10516121 |
30/07/2014 |
115,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
C17491275 |
|
2 |
10494232 |
29/04/2014 |
115,000,000.00 |
AXIS BANK LIMITED |
TRISHUL, 3RD FLOOR,
OPPOSITE SAMARTHESHWAR TEMPLE, |
C04166237 |
|
3 |
10478385 |
19/02/2014 |
220,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,,
KOLHAPUR, MAHARASHTRA - 41600 |
B96724422 |
FIXED ASSETS
Tangible assets
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
- Leasehold improvements
Intangible assets
- Brands and trade marks
- Computer software
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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
35 |
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.