MIRA INFORM REPORT
|
Report Date : |
2ND May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
NAV
– YUG SEWING MACHINE COMPANY LIMITED |
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Registered Office : |
M – 10, Kakaji, New Delhi –
110019 |
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Country : |
India
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
7th
December, 2001 |
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CIN No.: |
U51909DL2001PLC113405 |
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Com. Reg. No.: |
55-113405 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
DELN04030F |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Import
and Export of All Kinds of Industrial Machines, Cutting Machines, Tagging
Guns and Spares Attachments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having satisfactory track. Trade relations
are fair. The company has been doing well. It’s payments are correct and as
per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
M – 10, Kakaji, New Delhi –
110019 |
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Tel. No.: |
91-11-26464178 |
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Fax No.: |
91-11-26284237 |
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E-Mail : |
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Website : |
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Head Office : |
1/32A,
Govindpuri, Kalkaji, New Delhi-110 019, India. |
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Branches : |
K-138,
Gupta Appartment, Kalkaji, New Delhi-110 019 |
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Tel. No.: |
91-11-2623
6185, 2622 8036, 2643 4193 |
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Fax No.: |
91-11-2643
5170 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Passricha Singh Harpal |
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Designation : |
Managing
Director |
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Address : |
E
– 115, Kalkaji, New Delhi – 110091 |
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Date of Birth/Age : |
8th
August, 1961 |
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Date of Appointment : |
7th
December, 2001 |
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Name : |
Ms.
Neelam Kaur |
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Designation : |
Director
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Address : |
E
– 115, Kalkaji, New Delhi – 110091 |
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Date of Birth/Age : |
10th
September, 1963 |
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Date of Appointment : |
7th
December, 2001 |
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Name : |
Mr.
Rajesh Mehta |
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Designation : |
Director
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Address : |
F
– 235, Btreet No. 19, Sadh Nagar Palam Colony, New Delhi |
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Date of Birth/Age : |
10th
September, 1963 |
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Date of Appointment : |
7th
December, 2001 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Passricha Singh Harpal |
8059 |
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Ms.
Neelam Kaur |
100 |
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Mr.
Rajesh Mehta |
100 |
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Mr. Nair Ajitha |
100 |
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Mr. Aju Josheph |
100 |
|
Mr. Prasad Mahendra |
100 |
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Mr. Rajni Yadev |
100 |
BUSINESS DETAILS
|
Line of Business : |
Import
and Export of All Kinds of Industrial Sewing Machines, Cutting Machines,
Tagging Guns and Spares Attachments. |
GENERAL INFORMATION
|
Suppliers : |
v
Chuan Neng Enterprises
Company Limited v
Great Knives
Manufacture Company limited v
Hangzhou Foreign
Economic Relation v
Huei Hwang Industrial
Company Limited v
Jack Sewing Machine v
Kaulin Manufacture
Company Limited v
Mean Light Company
Limited v
Monika Engineering
Works v
Monika Sewing Machines
Company v
Pegasus Sewing Machine
Private Limited v
Tai King Industrial
Company Limited v
Taipan Machine
Manufacture Company Limited v
Yano Cooperation v
Ess Ess Fabric Private
Limited |
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No. of Employees : |
50 |
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Bankers : |
v
ICICI Bank Limited v
American Express
Bank |
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Facilities : |
Secured Loan American
Express Bank - Rs. 0.032 Millions |
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Banking Relations : |
-- |
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Auditors : |
Surjeet
Singh & Company Chartered
Accountant |
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Address: |
9255,
Type “A” Flats, Vasant Apartment, B – 9, Vasant Kunj, New Delhi – 110070 |
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Tel. No.: |
91-11-26131393/26138498 |
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Fax No.: |
91-11-26138498 |
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E-Mail : |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 10.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8659 |
Equity
Shares |
Rs. 100/- Each |
Rs. 0.865 Milliosn |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.865 |
0.865 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
5.710 |
3.017 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
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|
6.575 |
3.882 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.032 |
0.685 |
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2] Unsecured Loans |
|
1.781 |
5.773 |
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TOTAL
BORROWING
|
|
1.813 |
6.458 |
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DEFERRED TAX LIABILITIES |
|
0.018 |
0.046 |
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TOTAL
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8.406 |
10.386 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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5.968 |
3.940 |
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Capital work-in-progress
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|
0.000 |
0.000 |
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INVESTMENT
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|
0.000 |
0.000 |
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DEFERREX TAX ASSETS
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|
0.011 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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12.844 |
20.094 |
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Sundry Debtors
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|
22.915 |
30.041 |
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Cash & Bank Balances
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|
5.705 |
0.674 |
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Other Current Assets
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|
0.000 |
0.000 |
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Loans & Advances
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|
4.186 |
3.215 |
Total Current Assets
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|
45.650 |
54.024 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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|
41.338 |
45.424 |
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Provisions
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|
2.042 |
2.333 |
Total Current Liabilities
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|
43.380 |
47.757 |
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Net Current
Assets
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|
2.270 |
6.267 |
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MISCELLANEOUS EXPENSES
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|
0.157 |
0.179 |
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TOTAL
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8.406 |
10.386 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
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|
12.435 |
12.528 |
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Profit/(Loss) Before Tax
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|
4.199 |
4.779 |
Provision for Taxation
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|
1.518 |
1.710 |
Profit/(Loss) After Tax
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|
2.681 |
3.069 |
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Import Value
|
|
78.822 |
113.788 |
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Total Expenditure
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|
8.218 |
7.729 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
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|
21.56 |
24.49 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
33.76 |
38.14 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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8.13 |
8.24 |
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Return on Investment (ROI)
(PBT/Networth) |
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|
0.63 |
1.23 |
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Debt Equity Ratio
(Total Liability/Networth) |
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|
6.87 |
13.96 |
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Current Ratio
(Current Asset/Current
Liability) |
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|
1.05 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
Reserves
This is second year of company’s business operation as the company on 1.4.200 received Certificate of Commencement of Business, hence Director did not recommend any transfer to reserve
Fixed
Assets:
v
Building
v
Plant & Machinery
v
Batteries
v
Electric Fitting
v
Fax Machine
v
Fire Extinguisher
v
Generators
v
Grinder
v
Machine
v
Office Equipment
v
Photo Copier
v
Television
v
Typewriter
v
Air Conditioners
v
Scooter
v Computer
As
per website details:
Profile:
They
take the opportunity to introduce ourselves as a team of qualified Engineers
having a lot of experience engaged in Sale and Aftermarket (ie. spares and
service) of all kinds of Industrial Machines, Cutting Machines, Textile
Cleaning / Tagging Guns etc.
They
can supply quality replacement spares. They assure you that the spares supplied
by us would give you optimum and satisfactory performance backed by best after
sales service.
They
also promise you for the following:
Prompt
delivery of spares as they are maintaining a very large inventory of fast
moving spares.
Facility
of delivering spares at site in emergency cases.
Service
of very experienced Service Engineer to provide you best after Sales-Service.
Specially
worked out discounted prices.
Almost
solution of technical problems on roaming mobile phone active 24 hours.
Special
emphasis on maintenance of proper log books & history books to ascertain
the life of spares and closely follow routine & preventive maintenance and
full records of overhaulings.
Guaranteed
reduction in consumption of spares and overall increase in efficiency.
In
view of various advantages, they would request you to kindly register their
Company's name in the approved vender's list for all the future requirements
and kindly send us the regular requirements to enable us to render their best
services always.
Excellent
Quality and Competitive Prices - Their great power to win the support and
appraisement from customers
Importer
and Exporter of all kinds of Industrial Machines, Cutting Machines, Textile
Cleaning/Tagging Guns & Spares/Attachment
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.88 |
|
UK
Pound |
1 |
Rs.83.07 |
|
Euro |
1 |
Rs.56.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |