MIRA INFORM REPORT
|
Report No. : |
344303 |
|
Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAIL REFRACTORY COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Salem Steel Plant, Salem-636013, Tamilnadu |
|
Tel. No.: |
91-427-2341402 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
23.08.2011 |
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|
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Com. Reg. No.: |
10-017357 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U14200TZ2011GOI017357 |
|
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|
TIN No.: |
33602800006 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES37496E |
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|
|
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PAN No.: [Permanent Account No.] |
AAQCS7998J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of basic refractory bricks, Mag Carbon bricks, Granular
Refractories and dunite Fractions. |
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No. of Employees
: |
260 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 1895700 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 100% subsidiary of Steel Authority of India Limited which
is owned by Government of India. During the year the company has increased its production activity and
achieved a top line growth of 39% on revenue of Rs.1388.653 million as
compared to Rs.993.495 million on that of previous year. The company has underwent a modernization and expansion program in
order to meet the growing demand of high quality basic refractories in the
modern steel plants of SAIL and other private sector steel processors of
non-ferrous, cement and glass industries. Further, the company has planned to
introduce new products which will result in diversification of product mix. The company’s products are used by all SAIL steel plants, Rail Wheel
Factory, Metal and Steel Factory, Bharat Heavy Electricals Limited, Hindustan
Copper Limited, JSW Steel Company Limited and more companies. The rating derives strength from company’s strong financial risk
profile marked by zero debt balance sheet profile. Business is active. Payments are slow but correct. The company can be considered for 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 – 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 |
|
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
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Umesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-9489900857 91-427-2341402/ 9 |
|
Date : |
09.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Salem Steel Plant, Salem-636013, Tamilnadu, India |
|
Tel. No.: |
91-427-2383490/ 2341402/ 9 |
|
Mobile No.: |
91-9489900857 (Mr. Umesh) |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
|
Factories : |
· Indira Gandhi Marg, Sector-IV, Bokaro Steel City-827004, District: Bokaro, Jharkhand, India · IFICO, P.O: Marar, District Ramgarh-829117, Jharkhand, India · Bhilai, P.O: Civic Centre, Maroda, Bhilai Nagar, District Durg - 490006, Chhattisgarh, India · Bhandaridah, Bhandaridah-829132, Jharkhand, India · Ranchi Road, P.O: Marar, District Ramgarh-829117, Jharkhand, India |
DIRECTORS
AS ON 05.09.2014
|
Name : |
Mr. Sudhir Kumar |
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|
Designation : |
Director |
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Address : |
1402, Annapurna Apartments, Kaushambi, Ghaziabad-201010, Uttar
Pradesh, India |
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|
Date of Birth/Age : |
07.02.1957 |
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|
Qualification : |
Chartered
Accountant, B.Com. (Hons) |
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|
Date of Appointment : |
23.08.2011 |
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DIN No.: |
03581307 |
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Other Directorship :
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Name : |
Mr. Siddharth Kaul |
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|
Designation : |
Director |
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|
Address : |
Quarter No.1063,Sector-5/A, Bokaro Steel City, Sector-6 Chas Bokaro,
Bokaro-827006, Jharkhand, India |
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|
Date of Birth/Age : |
16.01.1956 |
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Qualification : |
BE |
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|
Date of Appointment : |
18.12.2013 |
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|
DIN No.: |
06768696 |
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|
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|
Name : |
Mr. Raman |
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|
Designation : |
Additional director |
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|
Address : |
C-34/1, ED'S Bungalow, Salem-636030, Tamil Nadu, India |
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|
Date of Birth/Age : |
01.08.1958 |
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Qualification : |
BE |
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Date of Appointment : |
24.03.2014 |
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DIN No.: |
06840232 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Umesh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Steel Authority of India Limited, India |
|
4994 |
|
N. Tamilasaran, Nominee, SAIL |
|
1 |
|
A Bandyopadhyay, Nominee, SAIL |
|
1 |
|
Siddharth Kaul, Nominee, SAIL |
|
1 |
|
Sudhir Kumar, Nominee, SAIL |
|
1 |
|
Mukesh Chand Jain, Nominee, SAIL |
|
1 |
|
R. Ashokkumar, Nominee, SAIL |
|
1 |
|
Total |
|
5000 |
AS ON 05.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Government Companies |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of basic refractory bricks, Mag Carbon bricks, Granular
Refractories and dunite Fractions. |
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Products : |
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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 |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
260 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sengottaiyan
and Company Chartered Accountants |
|
Address : |
2/337-C,
Ram Nagar, Salem-636004, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFS3537L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
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Holding Company : |
Steel
Authority of India Limited, India (L27109DL1973GOI006454) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500
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 |
0.500 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
662.997 |
544.140 |
442.305 |
|
(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) |
663.497 |
544.640 |
442.805 |
|
|
|
|
|
|
(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 |
100.050 |
81.857 |
81.423 |
|
Total
Non-current Liabilities (3) |
100.050 |
81.857 |
81.423 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
74.150 |
74.686 |
47.817 |
|
(c)
Other current liabilities |
268.584 |
145.920 |
153.784 |
|
(d)
Short-term provisions |
179.107 |
78.273 |
53.077 |
|
Total
Current Liabilities (4) |
521.841 |
298.879 |
254.678 |
|
|
|
|
|
|
TOTAL |
1285.388 |
925.376 |
778.906 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
207.359 |
222.815 |
189.230 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
47.485 |
|
(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) |
13.856 |
6.681 |
6.629 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
221.215 |
229.496 |
243.344 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
209.972 |
222.612 |
201.697 |
|
(c)
Trade receivables |
248.671 |
150.047 |
99.884 |
|
(d)
Cash and cash equivalents |
460.739 |
259.294 |
184.851 |
|
(e)
Short-term loans and advances |
127.222 |
55.863 |
39.157 |
|
(f)
Other current assets |
17.569 |
8.064 |
9.973 |
|
Total
Current Assets |
1064.173 |
695.880 |
535.562 |
|
|
|
|
|
|
TOTAL |
1285.388 |
925.376 |
778.906 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1388.653 |
993.495 |
307.592 |
|
|
|
Other Income |
42.044 |
29.345 |
2.472 |
|
|
|
TOTAL (A) |
1430.697 |
1022.840 |
310.064 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
281.540 |
89.158 |
32.728 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.548) |
9.963 |
15.972 |
|
|
|
Employees benefits expense |
155.164 |
122.393 |
60.258 |
|
|
|
Other expenses |
743.628 |
635.271 |
187.245 |
|
|
|
TOTAL (B) |
1178.784 |
856.785 |
296.203 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
251.913 |
166.055 |
13.861 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.380 |
0.109 |
0.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
251.533 |
165.946 |
13.761 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.685 |
18.106 |
4.441 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
232.848 |
147.840 |
9.320 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
78.618 |
46.005 |
2.999 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
154.230 |
101.835 |
6.321 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
56.805 |
28.972 |
|
|
TOTAL IMPORTS |
NA |
56.805 |
28.972 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3084.6 |
2036.7 |
124.42 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
202.774 |
85.038 |
(4.784) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.11 |
10.25 |
2.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.14 |
16.71 |
4.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.31 |
16.09 |
1.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.27 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04 |
2.33 |
2.10 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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 |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
442.305 |
544.140 |
662.997 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
442.805 |
544.640 |
663.497 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
CURRENT MATURITIES OF LONG-TERM
DEBTS |
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) |
|
Sales |
307.592 |
993.495 |
1388.653 |
|
|
|
222.991 |
39.775 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
307.592 |
993.495 |
1388.653 |
|
Profit |
6.321 |
101.835 |
154.230 |
|
|
2.05% |
10.25% |
11.11% |
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 |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
Yes |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
BACKGROUND
Subject was incorporated on
23rd Aug 2011 as a wholly owned subsidiary of SAIL. On 16th Dec 2011, SECL
acquired the SALEM refractory works of burn standard Company Limited (BSCL) as the
part of the financial restructuring of BSCL approved by the cabinet committee
on economic affairs.
FINANCIAL REVIEW
During the year the
Company?s revenue from operations was Rs.1388.653 Million (net of Excise Duty)
and earned a pre-tax profit of Rs.232.848 Million. The post-tax profit was
Rs.154.230 Million. The company made a provision for tax of Rs.78.618 Million.
Considering the performance of the Company, the Directors have recommended
dividend @ 600/- per share on the paid up capital of the Company subject to
approval of the Shareholders. A sum of Rs.15.500 Million has been transferred
to the General Reserve during the year.
PRODUCTION REVIEW
The total fired refractory
brick production for the year ended 31st March, 2014 was 13488 MT, which was 4.1%
higher than the production of the previous year. There was an increase in
calcined products by 22.65% during the same period.
INDUSTRIAL SAFETY AND AWARDS
The company lays great
emphasis on safety at the work place. The Safety Committee meets every month to
review various aspects pertaining to safety. Employees are regularly briefed on
safety procedures. Fire fighting demonstration and drill is conducted once in
three months. In the mines, all regular employees are covered under periodical
medical examinations. All norms issued by DGMS have been complied with. There
has been no major accident in the plant or mines during this period.
The Company has been
decorated with the following Awards during the year:
(i) 1st prize for
Afforestation and Plantation by Indian Bureau of Mines (IBM), Chennai.
(ii) 1st prize for
Vocational Training Centre and training by Director General of Mines Safety,
Chennai.
(iii) 2nd prize for ?B?
category Water Pollution Control by IBM, Chennai, for the year 2012-13.
(iv) Safety Award for
category ?A? Mines by Tamil Nadu Mines Safety Association.
(v)
Award from Tamil Nadu Mines Safety Association for workers participation in
Safety Management.
FUTURE PLAN
The company has plans to introduce
new products such as High Alumina Castables which will result in
diversification of product mix. In addition Briquetting Plant will be utilized
to generate additional revenue by making Briquetting of Ferro Manganese Powder.
They have source of input material for Tundish Spray Mass. This can be
developed in consultation with RDCIS, SAIL.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
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. 64.78 |
|
|
1 |
Rs. 99.54 |
|
Euro |
1 |
Rs. 73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
66 |
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.