MIRA INFORM REPORT
|
Report No. : |
320820 |
|
Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
NASH INDUSTRIES (I) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
236-237/2, 8th Main, 3rd Cross, 2nd Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka |
|
Tel. No.: |
91-80–23713187 |
|
|
|
|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.04.2012 |
|
|
|
|
Com. Reg. No.: |
08-063429 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28110KA2012PTC063429 |
|
|
|
|
IEC No.: |
0712002880 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRN06851F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCN9558Q |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Sheet Metal Components. |
|
|
|
|
No. of Employees
: |
450 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established as partnership concern during the year 2001
with name of “NASH INDUSTRIES”. Later it got converted into private limited
company on 4th April 2012 with the name of “NASH INDUSTRIES
(INDIA) PRIVATE LIMITED”. It is having a satisfactory track record. For the financial year 2014, the company has reported sound
operational performance backed by minimal topline growth of 3.93% and
profitability of the company stood at 3.78%. Rating also taken into consideration company’s established market
position in the sheet metal component segment supported by decent financial
base and adequate liquidity profile of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of decent business profile, 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.
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
July 10, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
July 10, 2014 |
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 : |
Mrs. Anuradha |
|
Designation : |
Managing Director’s Secretary |
|
Contact No.: |
91-80-41136273 |
|
Date : |
04.05.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
236-237/2, 8th Main, 3rd Cross, 2nd
Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80–23713187 / 41136273 |
|
Fax No.: |
91-80–23713186 / 41136272 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Unit : |
No 38/1 and 39/2 B, Nagaruru Village, Dasanapura Hobli, Bangalore
North Taluk, Bangalore – 562123, Karnataka, India They have more 7 Units in Bangalore |
|
|
|
|
Factory 2 : |
#102 103, 6th Main Road, 3rd Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka, India |
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|
|
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Factory 3 : |
Bangalore, Karnataka, India |
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|
|
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Factory 4 : |
Survey No.38/1 & 39/2B,Nagaruru Village,Dasanapura Hobli, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Sanjay Shyam Wadhwa |
|
Designation : |
Director |
|
Address : |
1/1A, Wadhwa House, North Park Road, Kumara Park East, Bangalore –
560001, Karnataka, India |
|
Date of Birth/Age : |
24.11.1970 |
|
Date of Appointment : |
04.04.2012 |
|
DIN No.: |
00321590 |
|
|
|
|
Name : |
Mr. Sandeep Ram Wadhwa |
|
Designation : |
Director |
|
Address : |
1/1A, Wadhwa House, North Park Road, Kumara Park East, Bangalore –
560001, Karnataka, India |
|
Date of Birth/Age : |
18.11.1974 |
|
Date of Appointment : |
04.04.2012 |
|
DIN No.: |
01814941 |
KEY EXECUTIVES
|
Name : |
Mrs. Anuradha |
|
Designation : |
Managing Director’s Secretary |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Sanjay Shyam Wadhwa |
3749990 |
|
Sandeep Ram Wadhwa |
1250000 |
|
Nain S. Wadhwa |
2 |
|
Neha S. Wadhwa |
2 |
|
Asha Shyamalal |
2 |
|
Rahul A Narang |
2 |
|
Kanchan A Naraga |
2 |
|
|
|
|
Total |
5000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
%20PRIVATE%20LIMITED%20-%20320820%2008-May-2015_files/image001.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Sheet Metal Components. |
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|
|
|
Products : |
Sheet Metal Components |
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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 : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
MRNM and Company Chartered Accountants |
|
Address : |
No. 50, Saroja Chambers, 4th Main Road, Nehrunagar, Bangalore – 560020, Karnataka, India |
|
PAN No.: |
AATFM3777F |
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
50.000 |
50.000 |
|
(b) Reserves & Surplus |
|
521.253 |
435.942 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
571.253 |
485.942 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
382.583 |
504.107 |
|
(b) Deferred tax liabilities (Net) |
|
80.475 |
71.326 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
463.058 |
575.433 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
406.117 |
367.072 |
|
(b) Trade
payables |
|
200.328 |
159.526 |
|
(c) Other
current liabilities |
|
134.032 |
99.273 |
|
(d) Short-term
provisions |
|
53.874 |
60.998 |
|
Total Current
Liabilities (4) |
|
794.351 |
686.869 |
|
|
|
|
|
|
TOTAL |
|
1828.662 |
1748.244 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
728.243 |
696.627 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
8.986 |
11.683 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
92.880 |
64.124 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
830.109 |
772.434 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
272.755 |
248.290 |
|
(c) Trade
receivables |
|
356.134 |
407.636 |
|
(d) Cash
and cash equivalents |
|
185.326 |
173.896 |
|
(e)
Short-term loans and advances |
|
173.091 |
138.981 |
|
(f) Other
current assets |
|
11.247 |
7.007 |
|
Total
Current Assets |
|
998.553 |
975.810 |
|
|
|
|
|
|
TOTAL |
|
1828.662 |
1748.244 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
|
TOTAL REVENUE |
|
2253.151 |
2167.904 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
|
2086.317 |
1938.312 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND EXCEPTIONAL ITEMS |
|
166.834 |
229.592 |
|
|
|
|
|
|
|
Less |
DEPRECIATION |
|
50.556 |
43.056 |
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
|
11.163 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
127.441 |
186.536 |
|
|
|
|
|
|
|
Less |
TAX |
|
42.131 |
50.594 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
85.310 |
135.942 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
17.06 |
-- |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
2340.000 |
The above information has been parted by Mrs. Anuradha
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
|
7.00 |
10.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
1.38 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.26 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
|
50.000 |
50.000 |
|
Reserves & Surplus |
|
435.942 |
521.253 |
|
Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Net
worth |
|
485.942 |
571.253 |
|
|
|
|
|
|
long-term borrowings |
|
504.107 |
382.583 |
|
Short term borrowings |
|
367.072 |
406.117 |
|
Total
borrowings |
|
871.179 |
788.700 |
|
Debt/Equity
ratio |
|
1.793 |
1.381 |
%20PRIVATE%20LIMITED%20-%20320820%2008-May-2015_files/image002.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Million |
Rs.
In Million |
|
Total Revenue |
|
2167.904 |
2253.151 |
|
|
|
|
3.932 |
%20PRIVATE%20LIMITED%20-%20320820%2008-May-2015_files/image003.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Million |
Rs.
In Million |
|
Total Revenue |
|
2167.904 |
2253.151 |
|
Profit |
|
135.942 |
85.310 |
|
|
|
6.27% |
3.79% |
%20PRIVATE%20LIMITED%20-%20320820%2008-May-2015_files/image004.gif)
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
REVIEW OF OPERATIONS
The company has posted a satisfactory performance during the current financial year 2013-2014 this can be upheld with the financial results from operations during the financial year 2013-2014, the total revenue of Company was Rs.2253.151 Million and earned net Profit of Rs.85.310 Million as against the total revenue. There is a considerable movement in the cash flows of the company.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Loans and advances from related parties |
250.560 |
268.329 |
|
Other loans and advances |
0.000 |
72.849 |
|
|
|
|
|
Total |
250.560 |
341.178 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10436977 |
15/03/2014 * |
411,200,000.00 |
State Bank of India |
Specialised Mid-Corporate Branch, No. 97, Railway Parallel Road, Kumarapark West, Bangalore, Karnataka - 560020, India |
C03782703 |
|
2 |
10436972 |
22/06/2013 |
501,000,000.00 |
State Bank of India |
Specialised Mid Corporate Branch, No. 136, Railway Parallel Road, Kumarapark West,, Bangalore, Karnataka - 560020, India |
B79680534 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
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.63.88 |
|
|
1 |
Rs.97.21 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
REK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
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 |
NO |
|
--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.