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MIRA INFORM REPORT
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Report No. : |
486361 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P. N. GADGIL AND SONS |
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Registered
Office : |
Abhiruchi Mall, Level IV, Sinhagad Road, 59/C, Vadgaon BK, Pune –
411041, Maharashtra |
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Tel. No.: |
91-20-24612000/ 67520200 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Establishment : |
29.02.2012 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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IEC No.: |
3112004469 |
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GSTIN : |
27AANFP4476C1Z0 |
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TIN No.: |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AANFP4476C |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
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Trader and importer of costume and fashion jewellery such as necklace,
mangalsutra, bangles, rings, etc. [Confirmed by management] |
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No. of Employees
: |
900 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is engaged in the retails sale of Gold, Silver and Diamond Studded
Jewellery and trader of Bullion. The firm is run by Mr. Govind Gadgil, fifth
generation entrepreneur from Gadgil Family. PNG Sons was formed as a part of
an arrangement between members of Gadgil Family and was demerged from P.N. Gadgil, flagship entity of PNG Group, with
effect from 1st April 2012. Mr. Vishwas Honrao (Finance Head) has provided information and has
claimed that the subject has achieved a healthy revenue of INR 15000.000
Million in the FY 2017. However, the figure are not verified. Further, he also claimed that the subject’s expected sales turnover
for the FY 2018 is 16000.000 million. Rating takes into consideration the company’s established track record
and experienced promoters along with healthy revenue of the subject. However, rating strength is partially offset by moderate profitability
margins, vulnerability of margins to fluctuations in gold prices, working
capital intensive nature of operations, competition from organized and
unorganized players and regulatory risks. Payments terms are reported to be regular. In view of aforesaid, the subject can be considered good 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA RATING |
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Rating |
Long Term Rating = A |
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Rating Explanation |
Adequate degree of safety and low credit
risk |
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Date |
11.09.2017 |
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Rating Agency Name |
ICRA RATING |
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Rating |
Short Term Rating = A1 |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
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Date |
11.09.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 16.01.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Vishwas L. Honrao |
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Designation : |
Finance Head |
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Contact No.: |
91-9881107219 |
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Date : |
14.01.2018 |
LOCATIONS
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Registered Office : |
Abhiruchi Mall, Level IV, Sinhagad Road, 59/C, Vadgaon BK, Pune –
411041, Maharashtra, India |
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Tel. No.: |
91-20-24612000/ 67520200 |
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Mobile No.: |
91-9881107219 (Mr. Vishwas L. Honrao) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. Ft |
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Location : |
Rented |
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Locality : |
Commercial |
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Stores / Showroom: |
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PARTNERS
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Name : |
Mr. Abhay Gadgil |
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Designation : |
Partner |
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Name : |
Mr. Ajit Gadgil |
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Designation : |
Partner |
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Name : |
Mrs. Renu Gadgil |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Vishwas |
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Designation : |
Finance Head |
BUSINESS DETAILS
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Line of Business : |
Trader and importer of costume and fashion jewellery such as necklace,
mangalsutra, bangles, rings, etc. [Confirmed by management] |
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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 : |
Not Divulged |
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Imports : |
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Products : |
Silver Ornaments |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
900 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Khandelwal Jain and Associates Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
-- |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
INR Million]
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Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
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Sales Turnover (Approximately) |
15000.000 |
16000.000 |
15000.000 |
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(Due to market
fluctuation) |
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Expected Sales (2017-2018): INR 16000.000 Million (due to business
growth)
The above information has been parted by Mr. Vishwas (Finance Head)
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
FINANCIAL ANALYSIS
[all figures are
INR Million]
YEAR-ON-YEAR GROWTH
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Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
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INR In Million |
INR In Million |
INR In Million |
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Sales |
15000.000 |
16000.000 |
15000.000 |
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6.667 |
(6.250) |
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
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1 |
Year of establishment |
Yes |
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2 |
Constitution of the entity -Incorporation
details |
Yes |
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3 |
Locality of the entity |
Yes |
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4 |
Premises details |
Yes |
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5 |
Buyer visit details |
-- |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
Yes |
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8 |
Designation of contact person |
Yes |
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9 |
Promoter’s background |
Yes |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
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11 |
Pan Card No. of Proprietor / Partners |
No |
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12 |
Voter Id Card No. of Proprietor / Partners |
No |
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13 |
Type of business |
Yes |
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14 |
Line of Business |
Yes |
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15 |
Export/import details (if applicable) |
Yes |
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16 |
No. of employees |
Yes |
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17 |
Details of sister concerns |
Yes |
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18 |
Major suppliers |
No |
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19 |
Major customers |
No |
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20 |
Banking Details |
Yes |
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21 |
Banking facility details |
No |
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22 |
Conduct of the banking account |
-- |
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23 |
Financials, if provided |
Yes |
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24 |
Capital in the business |
No |
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25 |
Last accounts filed at ROC, if applicable |
No |
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26 |
Turnover of firm for last three years |
Yes |
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27 |
Reasons for variation <> 20% |
Yes |
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28 |
Estimation for coming financial year |
Yes |
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29 |
Profitability for last three years |
No |
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30 |
Major shareholders, if available |
No |
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31 |
External Agency Rating, if available |
Yes |
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32 |
Litigations that the firm/promoter
involved in |
-- |
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33 |
Market information |
-- |
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34 |
Payments terms |
Yes |
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35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CMT REPORT (Corruption, Money Laundering & Terrorism)
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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
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Currency |
Unit
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INR |
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US Dollar |
1 |
INR 63.41 |
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UK Pound |
1 |
INR 88.18 |
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Euro |
1 |
INR 77.45 |
INFORMATION DETAILS
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Information
Gathered by : |
SHL |
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Analysis Done by
: |
VIV |
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Report Prepared
by : |
BHG |
SCORE FACTORS
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.