MIRA INFORM REPORT
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Report No. : |
350090 |
|
Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
NEXUS ELECTRO STEEL LIMITED |
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Registered
Office : |
No. 202, Shivalaya, Block C, 16, Ethiraj Salai, Egmore, Chennai -
600008, Tamilnadu |
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Tel. No.: |
91-44-40600600 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.07.1998 |
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Com. Reg. No.: |
18-040585 |
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Capital
Investment / Paid-up Capital : |
Rs. 65.996 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U29142TN1998PLC040858 |
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IEC No.: |
0406002525 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHEN05766F |
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PAN No.: [Permanent Account No.] |
AABCN4224H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is primarily engaged in the manufacture of Laminations and Cores for the Electrical Transformer industry |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 710000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in 1998. It primarily engaged in the manufacture of Laminations and Cores for the Electrical Transformer industry. It has moderate track record. Management of the company has failed to o file it’s financial after 2013 with the government department. As per available financials of 2013, short term borrowing of the company seems to be huge. It has good networth with fair profitability. Trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with
some cautions. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit = B- |
|
Rating Explanation |
High risk of default |
|
Date |
29.09.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Bank Guarantee = A4+ |
|
Rating Explanation |
Minimal degree of safety and carry very high credit risk. |
|
Date |
29.09.2015 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Jatin Shah |
|
Designation : |
General Manager (Finance) |
|
Contact No.: |
91-44-40600600 |
|
Date : |
10.11.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
No. 202, Shivalaya, Block C, 16, Ethiraj Salai, Egmore, Chennai -
600008, Tamilnadu, India |
|
Tel. No.: |
91-44-40600600 |
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Fax No.: |
91-44-40600610 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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|
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Factory 1: |
Opposite to JSW Steel, Mumbai – Nashik N.H. No.3, Kasne Village,
Vasind P.O., Thane – 421604, Maharashtra, India |
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Tel. No.: |
91-2522-645393 |
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Factory 2: |
B - 53, 54, 55 PIPDIC Industrial Estate, Mettupalayam, Puducherry – 605009, Tamilnadu, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Ketan Chhotalal Bagadia |
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Designation : |
Managing Director |
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Address : |
“Amrut Villa” 28, (Old No.49)
RItherdon Road, Vepery, Chennai - 600007, Tamilnadu, India |
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Date of Birth/Age : |
10.12.1965 |
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Qualification: |
Degree |
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Date of Appointment : |
22.07.1998 |
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PAN No.: |
AAKPK7418G |
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DIN No.: |
01404893 |
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Other Directorship:
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Name : |
Mr. Hiren Mahendra Botadra |
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Designation : |
Whole – Time Director |
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Address : |
10, Kadambari Apartment, |
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Date of Birth/Age : |
06.01.1977 |
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Qualification: |
Degree |
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Date of Appointment : |
14.03.2006 |
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PAN No.: |
AAIPB6143M |
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DIN No.: |
01375328 |
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Other Directorship:
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Name : |
Mr. Saravanan Manoharan |
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Designation : |
Additional director |
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Address : |
No.4/377, Annasalai, Palavakkam, Chennai - 600041, Tamilnadu, India |
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Date of Appointment : |
10.02.2014 |
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DIN No.: |
01375602 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Jatin Shah |
|
Designation : |
General Manager (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Ketan C. Bagadia |
|
3956527 |
|
Hitesh G. Bagadia |
|
350 |
|
Charu K. Bagadia |
|
896403 |
|
Anila V. Mehta |
|
900 |
|
Shailesh G. Bagadia |
|
1000 |
|
Rajendra G. Bagadia |
|
1000 |
|
Hiren M Botadra |
|
499950 |
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Hiren M Botadra Joint Holder: Poonam H. Botadra |
|
401346 |
|
Charu K Bagadia Joint Holder: Ketan C. Bagadia |
|
305040 |
|
Ketan C Bagadia Joint Holder: Charu K. Bagadia |
|
37130 |
|
P. S. Shekar |
|
5 |
|
Nexus Finvest Private Limited, India |
|
500000 |
|
Total |
|
6599651 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
7.58 |
|
Directors or relatives of Directors |
92.42 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the manufacture of Laminations and Cores for the Electrical Transformer industry |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Transformer parts and cores |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Advance Payment |
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Purchasing : |
L/C, Advance Payment |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara- 390015, Gujarat, India
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
Nilesh B Shah and Company Chartered Accountants |
|
Address : |
Dr. Rajivi Towers, Shop No. 3-4-, 2nd Floor, No.231,
Purasawalkam High Road, Chennai - 600007, Tamilnadu, India |
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Tel. No.: |
91-44-42179705 |
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Fax No.: |
91-44-42179705 |
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E-Mail : |
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PAN No.: |
AAJPS3444D |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associate: (As on 31.03.2013) |
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CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6950000 |
Equity Shares |
Rs.10/- each |
Rs.69.500 Million |
|
525000 |
Preferences Shares |
Rs.10/- each |
Rs.52.500 Million |
|
|
Total
|
|
Rs.122.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6599651 |
Equity Shares |
Rs.10/- each |
Rs.65.996
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
65.996 |
100.010 |
100.010 |
|
(b) Reserves & Surplus |
183.881 |
19.785 |
1.968 |
|
(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) |
249.877 |
119.795 |
101.978 |
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10.729 |
117.029 |
115.051 |
|
(b) Deferred tax liabilities (Net) |
31.724 |
28.234 |
24.184 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
42.453 |
145.263 |
139.235 |
|
|
|
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|
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(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
489.485 |
459.056 |
453.403 |
|
(b) Trade
payables |
586.075 |
479.033 |
333.097 |
|
(c) Other
current liabilities |
6.232 |
1.270 |
7.955 |
|
(d) Short-term
provisions |
11.333 |
16.172 |
10.582 |
|
Total Current
Liabilities (4) |
1093.125 |
955.531 |
805.037 |
|
|
|
|
|
|
TOTAL |
1385.455 |
1220.589 |
1046.250 |
|
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
283.339 |
292.581 |
302.410 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.422 |
0.426 |
0.422 |
|
Total Non-Current
Assets |
283.761 |
293.007 |
302.832 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
497.988 |
471.513 |
380.898 |
|
(c) Trade
receivables |
444.329 |
354.853 |
233.828 |
|
(d) Cash
and cash equivalents |
44.041 |
32.512 |
35.956 |
|
(e)
Short-term loans and advances |
53.895 |
58.585 |
72.303 |
|
(f) Other
current assets |
61.441 |
10.119 |
20.433 |
|
Total
Current Assets |
1101.694 |
927.582 |
743.418 |
|
|
|
|
|
|
TOTAL |
1385.455 |
1220.589 |
1046.250 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1062.870 |
950.555 |
926.522 |
|
|
Other Income |
4.369 |
11.638 |
8.369 |
|
|
TOTAL
|
1067.239 |
962.193 |
934.891 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
767.612 |
671.454 |
655.574 |
|
|
Employees benefits expense |
54.408 |
50.750 |
43.269 |
|
|
Other expenses |
80.075 |
71.627 |
95.235 |
|
|
TOTAL |
902.095 |
793.831 |
794.078 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
165.144 |
168.362 |
140.813 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
121.679 |
127.257 |
107.343 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
43.465 |
41.105 |
33.470 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
14.377 |
14.154 |
13.343 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
29.088 |
26.951 |
20.127 |
|
|
|
|
|
|
|
Less |
TAX |
9.005 |
9.134 |
12.014 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
20.083 |
17.817 |
8.113 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
543.200 |
298.600 |
97.474 |
|
|
TOTAL
EARNINGS |
543.200 |
298.600 |
97.474 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.93 |
3.56 |
1.62 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
106.165 |
113.952 |
140.813 |
|
Net cash flows from (used in) operating activities |
100.649 |
108.836 |
140.813 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.89 |
1.87 |
0.88 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.54 |
17.71 |
15.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.10 |
2.21 |
1.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.22 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.00 |
4.81 |
5.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.97 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
100.010 |
100.010 |
65.996 |
|
Reserves & Surplus |
1.968 |
19.785 |
183.881 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
101.978 |
119.795 |
249.877 |
|
|
|
|
|
|
long-term borrowings |
115.051 |
117.029 |
10.729 |
|
Short term borrowings |
453.403 |
459.056 |
489.485 |
|
Total
borrowings |
568.454 |
576.085 |
500.214 |
|
Debt/Equity
ratio |
5.574 |
4.809 |
2.002 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
926.522 |
950.555 |
1062.870 |
|
|
|
2.594 |
11.816 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
926.522 |
950.555 |
1062.870 |
|
Profit |
8.113 |
17.817 |
20.083 |
|
|
0.88% |
1.87% |
1.89% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS AND OUTLOOK (As
on 31.03.2013)
The company has performed well in the year despite difficult global environment. The focus is presently towards markets which would provide increased value addition coupled with prompt payments from customers. The company has participated in many international exhibitions in the year and the benefit of this participation is expected to accrue soon. The objective of the management would be to consolidate the present operations during the following financial year 2013-14 so that the company is able to reap the benefits of various initiatives taken in the past 2-3 years. The increased share of export sales is likely to benefit the company in the long run as this would result in incremental margins for the given sale. The company is planning to set up a facility in Chennai in the near future coming year which would facilitate them to increase the market share of there products and also give logistical advantages
NOTE: The Registered Office of the company has been shifted from 202, "Shivalya" Block 'C' 16, Ethiraj Salai, Chennai - 600105, Tamilnadu, India to the present address w.e.f. 26.12.2008.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWING |
|
|
|
Other loans and advance |
0.000 |
100.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans and Advance from related parties |
38.760 |
38.102 |
|
Total |
38.760 |
138.102 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10568077 |
20/04/2015 |
50,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
NO.86.RAJAJI SALAI, CHENNAI- 600001, TAMILNADU, INDIA |
C53005914 |
|
2 |
10413388 |
09/02/2015 * |
150,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, VADODARA- - 390015, GUJARAT, INDIA |
C54126339 |
|
3 |
10380581 |
03/12/2012 * |
233,710,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, VADODARA- 390015, GUJARAT, INDIA |
B63705263 |
|
4 |
10081829 |
15/02/2014 * |
651,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
NO.86.RAJAJI SALAI, CHENNAI- 600001, TAMILNADU, INDIA |
C00184432 |
*Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Factory Building
· Plant and Equipment
· Other plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
·
Other Equipments
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.66.11 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
ANK |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
1 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
2 |
|
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 |
|
28 |
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.