MIRA INFORM REPORT
|
Report No. : |
322481 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ITOCHU INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Wing
"B", IFCI Tower, 61, Nehru Place, New Delhi - 110019 |
|
Tel. No.: |
91-11-42011100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.02.2006 |
|
|
|
|
Com. Reg. No.: |
55-146475 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1258.242
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909DL2006PTC146475 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI4829F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Chemicals, Textiles, Paper, Garments, Machinery and
Equipment. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Itochu Corporation, Japan. It is an established company having moderate track record. The rating is constrained on account of some accumulated losses
incurred by the company. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. In view of strong holding support, 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.
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 |
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 : |
Rajeev Pathak |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-11-42011100 |
|
Date : |
15.05.2015 |
LOCATIONS
|
Registered Office : |
3rd Floor, Wing
"B", IFCI Tower, 61, Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-42011100 |
|
Fax No.: |
91-11-26211435 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office 1 : |
“Exotica”6th Floor, No. 24, Venkatanaraya Road, T. Nagar, Chennai - 600017, Tamilnadu, India |
|
Tel. No.: |
91-44-45583101/ 45583102 |
|
Fax No.: |
91-44-45583103 |
|
|
|
|
Branch Office 2 : |
Trade Star Building C-Wing, 6th Floor, Opposite VITS Hotel, Andheri Kurla Road, J.B. Nagar, Andheri (East) Mumbai - 400059, Maharashtra, India |
|
Tel. No.: |
91-22-28353160/ 66135353 |
|
Fax No.: |
91-22-28353168 |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Yosuke Inukai |
|
Designation : |
Whole-time director |
|
Address : |
C-38, Ist Floor, Defence Colony, New Delhi - 110024, India |
|
Date of Appointment : |
28.10.2014 |
|
DIN No.: |
07001425 |
|
|
|
|
Name : |
Hirozumi Morishige |
|
Designation : |
Director |
|
Address : |
Odessey II, 602 6th Floor, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1964 |
|
Date of Appointment : |
23.04.2012 |
|
DIN No.: |
05261518 |
|
|
|
|
Name : |
Toshihisa Fuse |
|
Designation : |
Managing director |
|
Address : |
B-25, West End, New Delhi - 110021, India |
|
Date of Birth/Age : |
21.02.1961 |
|
Date of Appointment : |
13.05.2014 |
|
DIN No.: |
06861865 |
KEY EXECUTIVES
|
Name : |
Amit Mehta |
|
Designation : |
Secretary |
|
Address : |
A- 89, Lohia Nagar, Ghaziabad - 201001, Uttar Pradesh, India |
|
Date of Appointment : |
17.01.2011 |
|
PAN No.: |
AAXPM0235E |
|
|
|
|
Name : |
Rajeev Pathak |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Itochu Corporation, Japan |
|
125824208 |
|
Itochu Singapore Pte Limited, Singapore |
|
1 |
|
|
|
|
|
Total |
|
125824209 |
AS ON 29.09.2014
|
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 : |
Trader of Chemicals, Textiles, Paper, Garments, Machinery and
Equipment. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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Purchasing : |
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PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· HDFC Bank Limited New Delhi, India · Mizuho Corporate Bank Limited, New Delhi · Standard Chartered Bank, New Delhi · HDFC Bank, Mumbai · Axis Bank, New Delhi · RBS Bank, New Delhi · Bank of Tokyo Mitsubishi UFJ Limited, New Delhi ·
Mizuho Corporate Bank Limited, Mumbai |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex,
DLF City Phase - II, Gurgaon – 122002, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD2095B |
|
|
|
|
Holding company : |
Itochu
Corporation, Japan |
|
|
|
|
Fellow Subsidiary company : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1295.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,824,209 |
Equity Shares |
Rs. 10/- each |
Rs. 1258.242
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 |
1258.242 |
1258.242 |
1258.242 |
|
(b) Reserves & Surplus |
(358.487) |
(334.159) |
(325.516) |
|
(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) |
899.755 |
924.083 |
932.726 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
10.803 |
8.282 |
4.664 |
|
Total
Non-current Liabilities (3) |
10.803 |
8.282 |
4.664 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
138.733 |
88.659 |
25.011 |
|
(c)
Other current liabilities |
20.641 |
11.545 |
13.754 |
|
(d)
Short-term provisions |
0.519 |
0.730 |
0.547 |
|
Total
Current Liabilities (4) |
159.893 |
100.934 |
39.312 |
|
|
|
|
|
|
TOTAL |
1070.451 |
1033.299 |
976.702 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
57.757 |
28.380 |
28.526 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
4.950 |
4.950 |
4.950 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
114.079 |
114.151 |
190.296 |
|
(e)
Other Non-current assets |
3.146 |
3.146 |
3.267 |
|
Total
Non-Current Assets |
179.932 |
150.627 |
227.039 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9.241 |
6.277 |
16.126 |
|
(c)
Trade receivables |
428.678 |
318.202 |
142.386 |
|
(d)
Cash and cash equivalents |
376.921 |
416.461 |
508.551 |
|
(e)
Short-term loans and advances |
73.393 |
137.023 |
78.025 |
|
(f)
Other current assets |
2.286 |
4.709 |
4.575 |
|
Total
Current Assets |
890.519 |
882.672 |
749.663 |
|
|
|
|
|
|
TOTAL |
1070.451 |
1033.299 |
976.702 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales |
1955.000 |
1132.000 |
1051.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA
|
NA
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA
|
NA
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(15.000) |
(4.000) |
48.000 |
|
|
|
|
|
|
|
|
|
|
TAX |
9.000 |
4.000 |
(4.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(24.000) |
(9.000) |
52.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(334.000) |
(325.000) |
(377.000) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(358.000) |
(334.000) |
(325.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission and Service Income |
416.998 |
343.443 |
357.517 |
|
|
|
Interest |
0.348 |
0.322 |
0.398 |
|
|
TOTAL EARNINGS |
417.346 |
343.765 |
357.915 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
PP Boxes |
1.631 |
9.792 |
3.071 |
|
|
|
Chemicals |
47.792 |
43.565 |
0.000 |
|
|
|
Non-Woven Fabric and Yarn |
248.908 |
65.728 |
0.000 |
|
|
|
Metal |
150.552 |
0.000 |
0.000 |
|
|
|
Others |
0.000 |
0.325 |
0.000 |
|
|
TOTAL IMPORTS |
448.883 |
119.410 |
3.071 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.19) |
(0.07) |
0.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.41) |
(0.39) |
4.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.00 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.57 |
8.75 |
19.07 |
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 |
1258.242 |
1258.242 |
1258.242 |
|
Reserves & Surplus |
(325.516) |
(334.159) |
(358.487) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
932.726 |
924.083 |
899.755 |
|
|
|
|
|
|
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 Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Sales |
1051.000 |
1132.000 |
1955.000 |
|
|
|
7.707 |
72.703 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Sales |
1051.000 |
1132.000 |
1955.000 |
|
Profit / Loss |
52.000 |
(9.000) |
(24.000) |
|
|
4.95% |
(0.80%) |
(1.23%) |
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 |
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
BACKGROUND
The company was incorporated in India on February 17, 2006 to undertake activities of general trading, procurement and supply of chemicals, textiles, paper, garments, machinery & equipment and entering into strategic alliances by investing in different lines of business and to provide financial, technological, logistic, marketing & administrative support to companies in India. The Company is closely held with 125,824,208 shares held by Itochu Corporation, Japan and the balance 1 share held by Itochu Singapore Pte Limited.
OPERATIONS
During the year, the Company has achieved a Gross Sales of Rs 1955 Million as compared to Rs. 1132 Million during the previous period, resulting in a growth a 73 % during FY13.
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from Ground Floor,
World Trade Tower, Barakhamba Lane, New Delhi – 110001, India to the present
address w.e.f.15.07.2013.
FIXED ASSETS:
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· 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. 100.30 |
|
Euro |
1 |
Rs. 72.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.