MIRA INFORM REPORT
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Report No. : |
338907 |
|
Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
AVCON TECHNICS PRIVATE LIMITED |
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Registered
Office : |
2, Vastu Chaya, 326, Navi Peth, Pune – 411030, Maharashtra |
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Tel. No.: |
91-20-24332066 |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.07.1994 |
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Com. Reg. No.: |
11-079912 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company Identification
No.] |
U51909MH1994PTC079912 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA03040C |
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|
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PAN No.: [Permanent Account No.] |
AABCA4587A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is a Floor and structural rehabilitation Solutions Company which mainly operates in the area of industrial constructions, industrial flooring and pavements with high performance concretes, abrasion resistant flooring, ultra-thin white-topping, construction chemicals, floor repairs, structural repairs, colored flooring, abrasion resistant flooring, conductive floor, parking deck floors, structural strengthening & rehabilitation, driveways and patios. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject Company was incorporated during the year 1994. It has moderate
track record. Management has filed its financial in the government department for
the year 2014 but the 23 (ac) for the year 2014 is not available from any
source. The rating is downgraded and restricted due to unavailability of
financials of the year 2012, 2013 and 2014 and also, the management is
non-cooperative. However, as per registrar of companies, the business appears to be
active. Due to unavailability of financials, it is difficult to evaluate the
risk associate with the subject company, the company can be considered for
business dealings on fully safe and secure trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED
Management non-cooperative (Tel No.91-20-24332066)
LOCATIONS
|
Registered Office : |
2, Vastu Chaya, 326, Navi Peth, Pune – 411030, Maharashtra, India |
|
Tel. No.: |
91-20-24332066/ 24321966 |
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Mobile No.: |
91-9325019411 (Mr. Bharat Tapadia) |
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Fax No.: |
91-20-24321966 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ajay Mahadev Singam |
|
Designation : |
Director |
|
Address : |
Flat No. 662, Alankapuri Housing Society, MIT College Road, Rambaug
Colony, Kothrud, Pune-411038, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1964 |
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Date of Appointment : |
28.07.1994 |
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Voter ID No.: |
SAO1568617 |
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DIN No.: |
00406617 |
|
|
|
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Name : |
Mrs. Anjali Ajay Singam |
|
Designation : |
Additional Director |
|
Address : |
Flat No.A-662, Alankapuri Housing Society, MIT College Road, Rambaug
Colony, Kothrud, Pune-411038, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1969 |
|
Date of Appointment : |
19.11.2010 |
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Voter ID No.: |
SAO1568609 |
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DIN No.: |
03182792 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of
Shareholders |
No. of Shares |
%age
holding |
|
Ajay Mahadev Singam |
2880 |
57.60 |
|
Anjali Ajay Singam |
2120 |
42.40 |
|
Total |
5000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a Floor and structural rehabilitation Solutions Company which mainly operates in the area of industrial constructions, industrial flooring and pavements with high performance concretes, abrasion resistant flooring, ultra-thin white-topping, construction chemicals, floor repairs, structural repairs, colored flooring, abrasion resistant flooring, conductive floor, parking deck floors, structural strengthening & rehabilitation, driveways and patios. |
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Products / Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name : |
Rajasatyen and Associates Chartered Accountants |
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Address : |
5, Rajnigandha Apartments, Behind Congress House, Pune – 411005,
Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABQPP0506K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
|
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.144 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.651 |
9.882 |
6.324 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.151 |
10.382 |
6.468 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.863 |
5.722 |
2.641 |
|
|
2] Unsecured Loans |
0.690 |
0.051 |
0.000 |
|
|
TOTAL BORROWING |
7.553 |
5.773 |
2.641 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
23.704 |
16.155 |
9.109 |
|
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APPLICATION OF FUNDS |
|
|
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FIXED ASSETS [Net Block] |
10.728 |
10.058 |
6.680 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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|
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INVESTMENT |
0.000 |
0.020 |
0.020 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
8.571 |
0.352 |
0.000
|
|
|
Sundry Debtors |
7.117 |
13.214 |
0.000
|
|
|
Cash & Bank Balances |
0.315 |
0.004 |
0.000
|
|
|
Other Current Assets |
0.892
|
1.016
|
11.056
|
|
|
Loans & Advances |
7.708 |
5.712 |
0.000
|
|
Total
Current Assets |
24.603
|
20.298
|
11.056
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.770 |
9.009 |
0.000
|
|
|
Other Current Liabilities |
0.269
|
0.000
|
8.647
|
|
|
Provisions |
3.588 |
5.212 |
0.000
|
|
Total
Current Liabilities |
11.627
|
14.221
|
8.647
|
|
|
Net Current Assets |
12.976
|
6.077
|
2.409
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.704 |
16.155 |
9.109 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SALES |
|
|
|
|
|
Income |
57.148 |
54.944 |
52.006 |
|
|
Other Income |
1.397 |
0.042 |
0.344 |
|
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TOTAL
|
58.545 |
54.986 |
52.350 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
49.268 |
49.624 |
48.029 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
9.277 |
5.362 |
4.321 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.708 |
1.383 |
|
|
|
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|
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PROFIT/ (LOSS)
AFTER TAX |
9.277 |
3.654 |
2.938 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1855.40 |
730.80 |
587.60 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PAT / Sales) |
(%) |
16.23 |
6.65 |
5.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.26 |
17.66 |
24.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.57 |
0.52 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47 |
0.56 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00 |
1.42 |
1.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.144 |
0.500 |
0.500 |
|
Reserves & Surplus |
6.324 |
9.882 |
15.651 |
|
Net
worth |
6.468 |
10.382 |
16.151 |
|
|
|
|
|
|
long-term borrowings |
2.641 |
5.722 |
6.863 |
|
Short term borrowings |
0.000 |
0.051 |
0.690 |
|
Total
borrowings |
2.641 |
5.773 |
7.553 |
|
Debt/Equity
ratio |
0.408 |
0.556 |
0.468 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
52.006 |
54.944 |
57.148 |
|
|
|
5.649 |
4.011 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
52.006 |
54.944 |
57.148 |
|
Profit |
2.938 |
3.654 |
9.277 |
|
|
5.65% |
6.65% |
16.23% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
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 |
NOTE: Registered office of the company has been shifted from Vinmra Omkar Society, Katraj Kandhava Road, Pune – 411046, Maharashtra, India to the present address w.e.f. 19.11.2010
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10341177 |
15/03/2013 * |
37,500,000.00 |
CITIBANK N. A. |
Onyx Tower, 37/3, North Main Road, Koregaon Park, Pune, Maharashtra -
411001, INDIA |
B71833909 |
|
2 |
10451669 |
07/09/2013 * |
37,500,000.00 |
CITIBANK N. A. |
ONYX TOWER, 37/3, NORTH MAIN ROAD, KOREGAON PARK, PUNE, Maharashtra -
411001, INDIA |
B87123543 |
FIXED ASSETS
- Computer and
Hardware
- Factory at
Khopoli
- Factory
Equipment
- Furniture and
Fixture
- Lab Equipment
- Land
- Office
Equipment
- Plant and
Machinery
- 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.66.16 |
|
|
1 |
Rs.101.21 |
|
Euro |
1 |
Rs.74.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
15 |
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.