MIRA INFORM REPORT
|
Report No. : |
320243 |
|
Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
PREMIUM GARMENTS
WHOLESALE TRADING PRIVATE LIMITED (w.e.f 10.05.2011) |
|
|
|
|
Formerly Known
As : |
PREMIUM GARMENTS RETAIL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit - 301/302, A-Wing, 3rd Floor, Gokul Arcade, Subhash Road, Garware
Chowk, Vile Parle – East, Mumbai-400057, Maharashtra |
|
Tel. No.: |
91-80-41817960 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
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|
Date of Incorporation
: |
31.03.2011 |
|
|
|
|
Com. Reg. No.: |
11-215598 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.0.450 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52190MH2011PTC215598 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAFCP9337H |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Subject is engaged in wholesale trading of fashion apparels and accessories. |
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|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
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|
Litigation : |
Clear |
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|
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net
worth of the company. Profitability of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and
secured 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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Chandan |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9611888588 |
|
Date : |
30.04.2015 |
LOCATIONS
|
Registered Office : |
Unit - 301/302, A-Wing, 3rd Floor, Gokul Arcade, Subhash Road, Garware
Chowk, Vile Parle – East, Mumbai-400057, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Du Parc Trinity, 2nd Floor No. 17, M.G. Road, Bangalore –
560001, Karnataka, India |
|
Tel. No.: |
91-80-41817960 |
|
Fax No.: |
91-80-41550651 |
DIRECTORS
As on: 29.09.2014
|
Name : |
Mr. Jayesh Kantilal Shah |
|
Designation : |
Director |
|
Address : |
26 Amaltas Bunglows, Vastrapur, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
18.10.1970 |
|
Date of Appointment : |
25.05.1960 |
|
DIN No. : |
00008349 |
|
|
|
|
Name : |
Mr. John H Van Glahn |
|
Designation : |
Additional Director |
|
Address : |
31, Runnymede Road, Colonia, NJ – 07067, United State of America |
|
Date of Birth/Age : |
03.11.1956 |
|
Date of Appointment : |
13.09.2013 |
|
DIN No. : |
06641197 |
|
|
|
|
Name : |
Mr. Suresh Jayaraman |
|
Designation : |
Director |
|
Address : |
S -02 Magnolai No 170/5, Defence Colony, 5th Main, Indra Nagar, Bangalore-560038, Karnataka, India |
|
Date of Birth/Age : |
06.01.1957 |
|
Date of Appointment : |
24.03.2014 |
|
DIN No. : |
03033110 |
|
|
|
|
Name : |
Mark David Fischer |
|
Designation : |
Additional Director |
|
Address : |
9, Miller Circle, Amonk, New York – 10504, United State of America |
|
Date of Birth/Age : |
02.05.1961 |
|
Date of Appointment : |
13.09.2013 |
|
DIN No. : |
06586708 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Retail India Limited, Mauritius |
11250 |
25.00 |
|
Matrix Partners India Investment, LLC, Mauritius |
10800 |
24.00 |
|
Arvind brands and retail limited, Singapore |
22950 |
51.00 |
|
|
|
|
|
Total |
45000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
51.00 |
|
Bodies corporate |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in wholesale trading of fashion
apparels and accessories. |
|
|
|
|
Products : |
Fashion apparels and accessories |
|
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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 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
The Hong Kong and Shanghai Banking Corporation Limited, 52/60,
Mahatma Gandhi Road, P. O. Box 128, Mumbai - 400001, Maharashtra, INDIA |
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Facilities : |
Nature of security The above loans from a bank are secured by first
pari-passu charge over stocks and receivables, both present and future. Further
secured by Corporate Guarantee from PVH Corp., USA for 5 I% of the exposure
and Letter of Comfort from PVH Corp., USA for 100% of the exposure. (Previous
yeur, secured by first exclusive charge over current assets, both present and
future. Further secured by personal guarantee from Mr. Vijay Murjani,
managing director for 49% of the exposure, Corporate Guarantee from Warnaco
Asia Limited, Hong Kong for 51% of the exposure and Letter of Comfort from
Wamaco Inc., USA) |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower
3, 27th - 32nd
Floor, Indiabulls, Finance Centre Elphinstone Mill Compound, Senapati
Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
Tel No.: |
91-22-61854000 |
|
Fax No.: |
91-22-61854501 / 4601 |
|
PAN
No. : |
AABFD7919A |
|
|
|
|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
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|
Ultimate Holding company : |
Ø The Warnaco
Group Inc., United States Ø PVH Singapore Private
Limited, Singapore |
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|
|
|
Fellow Subsidiary company : |
Ø Calvin Klein
Inc., United States |
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|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
Ø Matrix Partners
india Invetments, LLC, Mauritius Ø VM Retail
Private Limited, India Ø Brand Marketing
(India) Private Limited, India Ø MC Retail
Private Limited (U51311MH2006PTC162430) Ø Arvind Lifestyle
Brands Limited (U64201GJ1995PLC024598) |
|
|
|
|
Others : |
Ø Warnaco Asia
Limited, Hong Kong |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000 |
Equity Shares |
Rs.10/- each |
Rs.0.450 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 |
0.450 |
0.450 |
0.450 |
|
(b) Reserves & Surplus |
(114.736) |
185.988 |
142.777 |
|
(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) |
(114.286) |
186.438 |
143.227 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
66.671 |
7.304 |
0.000 |
|
(c) Other long term
liabilities |
1.567 |
1.535 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
1.215 |
|
Total Non-current
Liabilities (3) |
68.238 |
8.839 |
1.215 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
130.139 |
119.470 |
0.000 |
|
(b) Trade
payables |
415.570 |
344.762 |
319.095 |
|
(c) Other current
liabilities |
35.566 |
25.414 |
17.636 |
|
(d) Short-term
provisions |
1.265 |
15.822 |
25.661 |
|
Total Current
Liabilities (4) |
582.540 |
505.468 |
362.392 |
|
|
|
|
|
|
TOTAL |
536.492 |
700.745 |
506.834 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
156.309 |
97.434 |
73.736 |
|
(ii)
Intangible Assets |
3.321 |
4.796 |
6.273 |
|
(iii)
Capital work-in-progress |
0.000 |
0.802 |
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) |
56.142 |
6.711 |
7.483 |
|
(d) Long-term Loan and Advances |
2.080 |
12.996 |
9.863 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
217.852 |
122.739 |
97.355 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
187.090 |
213.921 |
147.723 |
|
(c) Trade
receivables |
100.334 |
333.762 |
199.680 |
|
(d) Cash
and cash equivalents |
18.041 |
21.301 |
56.080 |
|
(e)
Short-term loans and advances |
12.850 |
8.700 |
5.959 |
|
(f) Other
current assets |
0.325 |
0.322 |
0.037 |
|
Total
Current Assets |
318.640 |
578.006 |
409.479 |
|
|
|
|
|
|
TOTAL |
536.492 |
700.745 |
506.834 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
635.389 |
1005.941 |
773.498 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
985.543 |
886.573 |
694.805 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
119.368 |
78.693 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
30.682 |
7.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
88.686 |
71.429 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
21.703 |
13.181 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
|
0.000 |
17.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
BEFORE TAX |
(350.154) |
66.983 |
40.485 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(49.431) |
23.772 |
14.516 |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
AFTER TAX |
(300.723) |
43.211 |
25.969 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6682.73 |
960.24 |
577.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(72.90) |
9.66 |
8.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.06 |
0.36 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.14) |
0.64 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.55 |
1.14 |
1.13 |
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 |
0.450 |
0.450 |
0.450 |
|
Reserves & Surplus |
142.777 |
185.988 |
(114.736) |
|
Net worth |
143.227 |
186.438 |
(114.286) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
119.470 |
130.139 |
|
Total borrowings |
0.000 |
119.470 |
130.139 |
|
Debt/Equity ratio |
0.000 |
0.641 |
(1.139) |
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) |
|
Total Income |
773.498 |
1005.941 |
635.389 |
|
|
|
30.051 |
(36.836) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
773.498 |
1005.941 |
635.389 |
|
Profit/ Loss |
25.969 |
43.211 |
(300.723) |
|
|
3.36% |
4.30% |
(47.33%) |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
No |
|
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 CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10393319 |
26/03/2015 * |
300,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMI |
NO. 7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA- 560001, INDIA |
C50303999 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Other money for which company is contingently liable |
21.247 |
|
Total |
21.247 |
FIXED ASSETS
- Furniture and fixtures
- Plant and equipment
- Computer equipments
- Office equipment
- Leasehold improvements
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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
11 |
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.