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MIRA INFORM REPORT
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Report No. : |
499233 |
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Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
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Name : |
VENUS JEWEL |
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Registered
Office : |
EC 5021/22, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
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Tel. No.: |
91-22-26720000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Year of
Establishment: |
1969 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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TIN No.: |
Not Available |
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IEC No.: [Import-Export Code No.] |
0388017376 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAAFVO888R |
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GSTN : [Goods & Service Tax Registration
No.] |
Not Divulged |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Processor of Diamond. (From Indirect Source) |
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No. of Employees
: |
Information declined by the management |
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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Devendra Modi (Accountant) denied to provide any information about the subject. However, as per indirect source we could find that the subject is a partnership concern established in the year 1969 and it is engaged in processing, exporting, importing of all type of diamonds. Further, we could find that in FY-2017, the firm has reported a PAT of INR 1206.000 million on an operating income of INR 26279.000 million, as compared to a PAT of INR 1321.000 million on an operating income of INR 27425.000 million in the previous year. Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and comfortable debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by long experience and its dominant position in the Indian cut and polished diamond industry and also enjoys strong holding of “De Beers”. However, these rating strength gets partially offset high working capital intensive nature of business and exposure to intense competition and adverse exchange rate movements in diamond industry. Payments seems to be slow but correct. In view of aforesaid, the firm can be considered for business dealings at usual trade term 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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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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 |
24.11.2017 |
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Rating Agency Name |
ICRA |
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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 |
24.11.2017 |
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 21.03.2018
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 DENIED BY
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Name : |
Mr. Devendra Modi |
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Designation : |
Accountant |
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Contact No.: |
91-261-2531444 |
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Date : |
20.03.2018 |
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-26720000)
LOCATIONS
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Registered Office : |
EC 5021/22, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-26720000 |
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Fax No.: |
91-22-23673333 |
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E-Mail : |
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Website : |
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Factory : |
Venus Jewel, Venus Estate, Sumul Dairy Road, Surat – 395008, Gujarat,
India |
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Tel. No.: |
91-261-2531444 |
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Fax No.: |
91-261-2531333 |
PARTNERS
Not Divulged
KEY EXECUTIVES
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Name : |
Mr. Devendra Modi |
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Designation : |
Accountant |
BUSINESS DETAILS
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Line of Business : |
Processor of Diamond. (From Indirect Source) |
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Products : |
Diamond |
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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 : |
Not Divulged |
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Terms : |
Not Divulged |
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 : |
Not Divulged |
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Memberships : |
Not Available |
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Collaborators : |
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 : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are in
INR Million]
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Particulars |
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31.03.2017 |
31.03.2016 |
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Operating Income |
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26279.000 |
27425.000 |
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Profit for the year |
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1206.000 |
1321.000 |
The above information has been taken from indirect source i.e. ICRA
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
FINANCIAL ANALYSIS
[all figures are
in INR Million]
YEAR-ON-YEAR GROWTH
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Year on Year Growth |
31.03.2016 |
31.03.2017 |
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(INR In Million) |
(INR In Million) |
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Operating Income |
27425.000 |
26279.000 |
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(4.179) |
NET PROFIT MARGIN
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Net Profit Margin |
31.03.2016 |
31.03.2017 |
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(INR In Million) |
(INR In Million) |
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Operating Income |
27425.000 |
26279.000 |
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Profit |
1321.000 |
1206.000 |
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4.82% |
4.59% |
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 |
No |
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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 |
No |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
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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) |
No |
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16 |
No. of employees |
No |
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17 |
Details of sister concerns |
No |
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18 |
Major suppliers |
No |
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19 |
Major customers |
No |
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20 |
Banking Details |
No |
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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 |
No |
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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 two years |
Yes |
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27 |
Reasons for variation <> 20% |
-- |
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28 |
Estimation for coming financial year |
No |
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29 |
Profitability for last two years |
Yes |
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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 |
No |
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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,
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
|
Currency |
Unit
|
INR |
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US Dollar |
1 |
INR 65.19 |
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|
1 |
INR 91.49 |
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Euro |
1 |
INR 80.46 |
INFORMATION DETAILS
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Information
Gathered by : |
AKS |
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Analysis Done by
: |
NRG |
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Report Prepared
by : |
SUD |
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 |
|
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.