MIRA INFORM REPORT
|
Report No. : |
314455 |
|
Report Date : |
25.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMWAY INDIA ENTERPRISES PRIVATE LIMITED (w.e.f. 14.11.2007) |
|
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Formerly Known
As : |
AMWAY INDIA ENTERPRISES |
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Registered
Office : |
First Floor, Elegance Tower Plot No. 8, Non Hierarchical Commercial
Centre Jasola, New Delhi – 110025 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
03.08.1995 |
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Com. Reg. No.: |
55-071405 |
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Capital
Investment / Paid-up Capital : |
Rs.213.900 Million |
|
|
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CIN No.: [Company Identification
No.] |
U74899DL1995ULT071405 |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELA12367F |
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PAN No.: [Permanent Account No.] |
AAACA5603Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the direct selling business and primarily deals in
products relating to home care, personal care, nutritional and wellness,
service income and others. |
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No. of Employees
: |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems some continuous dip in the profit of the company however,
net worth of the company is satisfactory. General financial position of the company
is good. Company is operating on its own funds. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. NOTE: Profit and Loss
account for the year 2014 and 2013 is not available. |
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 DENIED
Management Non Co-operative (91-124-3058888)
LOCATIONS
|
Registered Office : |
First Floor, Elegance Tower Plot No. 8, Non Hierarchical Commercial
Centre Jasola, New Delhi – 110025, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
Plot No. 84, Sector – 32, Gurgaon – 122001, Haryana, India |
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Tel. No.: |
91-124-3058888 |
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Fax No.: |
91-124-3058899 |
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|
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Regional Office: |
Ground Floor, Natraj M V Road, Western Express Highway, Andheri (E),
Mumbai – 400069, India |
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Corporate Office : |
9th Floor, Tower A and B, |
DIRECTORS
AS ON 21.10.2014
|
Name : |
William Scott Pinckney |
|
Designation : |
Managing Director |
|
Address : |
K 207, Sanik Farms, New Delhi – 110062, India |
|
Date of Birth/Age : |
03.11.1948 |
|
Date of Appointment : |
15.05.2012 |
|
DIN No. : |
00017347 |
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|
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Name : |
James Patrick Bir |
|
Designation : |
Director |
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Address : |
6316, Dunbarton Street SE, Ada, Michigan, 49301, United States of America |
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Date of Birth/Age : |
10.03.1959 |
|
Date of Appointment : |
17.07.2014 |
|
DIN No.: |
06926190 |
|
|
|
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Name : |
Dirk Cornelius Bloemendaal |
|
Designation : |
Director |
|
Address : |
2379, Ruth Avenue,Holland, Michigan, 49424, United States of America |
|
Date of Birth/Age : |
20.02.1954 |
|
Date of Appointment : |
17.07.2014 |
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DIN No.: |
06926196 |
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|
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Name : |
James William Hoerner |
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Designation : |
Director |
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Address : |
2440, Danbury Drive, Grand Rapids, Michigan, 49506, United States of America |
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Date of Birth/Age : |
27.06.1957 |
|
Date of Appointment : |
17.07.2014 |
|
DIN No.: |
06926201 |
MAJOR SHAREHOLDERS
AS ON 21.10.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Amway Mauritius Investment
Company, Mauritius |
10696441 |
50.00 |
|
Amway Mauritius Development
Company, Mauritius |
10696441 |
50.00 |
|
|
|
|
|
Total |
21392882 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 21.10.2014
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others] |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the direct selling business and primarily deals in
products relating to home care, personal care, nutritional and wellness,
service income and others. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available [We tried to confirm
the number of employees but no one is ready to part any information from the
company management] |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Golf View
Corporate Tower – B, Sector - 42, Sector Road, Gurgaon – 122002, Haryana,
India |
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PAN
No. : |
AALFS0506L |
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Membership : |
-- |
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Subsidiary
companies : |
·
Amserve Consultants Limited ·
Amsure Insurance Agency Limited |
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Fellow Subsidiaries : |
·
Access Business Group International, LLC |
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Alticor Inc., USA · Amway India Enterprises Employees Gratuity Fund · Amway India Enterprises Employees Provident Fund · Amway India Enterprises Employees Superannuation Fund · Amway International Inc. · Amway Opportunity Foundation · Quixtar Inc |
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Others : |
· Amway Mauritius Development Company · Amway Mauritius Investment Company |
CAPITAL STRUCTURE
AS ON 21.10.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21392882 |
Equity Shares |
Rs.10/- each |
Rs.213.929 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 |
213.900 |
213.900 |
213.900 |
|
(b) Reserves & Surplus |
4079.000 |
2053.800 |
1804.200 |
|
(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) |
4292.900 |
2267.700 |
2018.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
25.200 |
30.000 |
46.700 |
|
(d) long-term
provisions |
54.900 |
17.200 |
76.600 |
|
Total Non-current
Liabilities (3) |
80.100 |
47.200 |
123.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2238.900 |
2060.200 |
1838.200 |
|
(c) Other current
liabilities |
1002.300 |
923.200 |
898.900 |
|
(d) Short-term
provisions |
1205.400 |
2786.000 |
2643.700 |
|
Total Current
Liabilities (4) |
4446.600 |
5769.400 |
5380.800 |
|
|
|
|
|
|
TOTAL |
8819.600 |
8084.300 |
7522.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
562.800 |
558.700 |
242.900 |
|
(ii)
Intangible Assets |
39.400 |
55.600 |
63.400 |
|
(iii)
Capital work-in-progress |
651.400 |
73.200 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.100 |
1.100 |
101.100 |
|
(c) Deferred tax assets (net) |
367.200 |
335.500 |
498.200 |
|
(d) Long-term Loan and Advances |
984.800 |
194.700 |
126.800 |
|
(e) Other
Non-current assets |
3.700 |
0.800 |
2.700 |
|
Total Non-Current
Assets |
2610.400 |
1219.600 |
1035.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
980.000 |
1709.400 |
554.700 |
|
(b)
Inventories |
1638.600 |
1593.400 |
1630.600 |
|
(c) Trade
receivables |
0.000 |
0.000 |
79.500 |
|
(d) Cash
and cash equivalents |
2775.400 |
2863.300 |
3739.800 |
|
(e)
Short-term loans and advances |
814.900 |
693.900 |
469.800 |
|
(f) Other
current assets |
0.300 |
4.700 |
12.700 |
|
Total
Current Assets |
6209.200 |
6864.700 |
6487.100 |
|
|
|
|
|
|
TOTAL |
8819.600 |
8084.300 |
7522.200 |
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Profit/Loss for the year |
1981.600 |
2473.200 |
3440.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.19 |
1.21 |
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 |
213.900 |
213.900 |
213.900 |
|
Reserves & Surplus |
1804.200 |
2053.800 |
4079.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2018.100 |
2267.700 |
4292.900 |
|
|
|
|
|
|
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 |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
NOTE:
The registered office of the company has been shifted from Plot No.5, DDA Local Shopping Centre, Okhla Commercial Centre, Phase-II, New Delhi – 110 020 to the present address w.e.f. 01.07.2010.
NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
·
Leasehold Improvements
·
Plant and Machinery
·
Equipment and Appliances
·
Moulds, Jigs and Dies
·
Vehicles
·
Furniture and Fixtures
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.92.93 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
74 |
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.