MIRA INFORM REPORT
|
Report Date : |
13th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
J.
W. MARRIOTT HOTEL- PROPRIETOR-JUHU BEACH RESORTS LIMITED |
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Registered Office : |
Construction House-A,
Opposite Telephone Exchange, 24th Road, Khar,
Mumbai- 400 052, Maharashtra, India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15th
January, 1974 |
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CIN No.: |
U55200MH1974PTC017128 |
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Com. Reg. No.: |
11-17128 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMJ02799G
/ MUMJ09523D |
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PAN No.: (Permanent Account No.) |
AAACJ0912D |
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Legal Form : |
A
Closely Held Public Limited Liability company. |
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Line of Business : |
Own
construct, run, render, technical advice in constructing furnishing, running,
take over, manage, carry on the business of hotel-cum-holiday beach resort,
health centre, restaurant, café, tavern, bars, refreshment-rooms, boarding
and lodging, house keepers, clubs in India or in any other part of the world. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD3200000 |
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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 a company owned by Rahejas who made their good fortunes in real estate
developments in major cities. They are resourceful and enjoy favourable
reputation in the domestic market. The
company, which owns Five Star Hotels, is doing well. It’s financial position
has improved. Trade relations are fair. Payments are usually correct and as
per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Construction House-A,
Opposite Telephone Exchange, 24th Road, Khar,
Mumbai- 400 052, Maharashtra, India |
|
Tel. No.: |
91-22-26002177 / 26402250 /
26401499 |
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Fax No.: |
91-22-26005264 / 26428164 /
26005948 |
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Corporate Office : |
Juhu
Tara Road, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-56933000 |
DIRECTORS
|
Name : |
Mr. Vijay Bhagwandas Raheja
|
|
Designation : |
Managing Director |
|
Address : |
Raheja’s, 87, G. B. Road,
Juhu, Mumbai – 400 049, Maharashtra |
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Date of Birth/Age : |
08.07.1950 |
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Date of Appointment : |
31.12.1998 |
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Name : |
Mr. Rajan Biharilal Raheja |
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Designation : |
Director |
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Address : |
Raheja’s, 87, G. B. Road,
Juhu, Mumbai – 400 049, Maharashtra |
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Date of Birth/Age : |
17.06.1954 |
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Date of Appointment : |
29.12.1983 |
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Name : |
Mr. Gopal Lachmandas Raheja |
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Designation : |
Director |
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Address : |
Raheja’s House, 53 A, Pali
Hill, Bandra, Mumbai – 400 050, Maharashtra |
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Date of Birth/Age : |
20.09.1933 |
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Date of Appointment : |
01.10.1994 |
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|
|
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Name : |
Mr. Chandru Lachmandas
Raheja |
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Designation : |
Director |
|
Address : |
Raheja’s House, 53 A, Pali
Hill, Bandra, Mumbai – 400 050, Maharashtra |
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Date of Birth/Age : |
12.10.1940 |
|
Date of Appointment : |
31.12.1998 |
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Election Commission
Identity Card No. : |
MT/08/036/196080 |
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|
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|
Name : |
Mr.Talwar Pramod Shravan |
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Designation : |
Secretary |
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Address : |
Purav Bhavan, Nadiadwala Col.
No. 1, Malad (West), Maharashtra, Mumbai-4000064 |
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Date of Birth/Age : |
25/03/1976 |
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Date of Appointment : |
01/09/2004 |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Ms. Jyoti C. Raheja Mr. Chandru L. Raheja |
|
11911 |
|
Aasia Properties Development
Limited |
|
2632014 |
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Mr. Rajan B. Raheja Mrs. Suman R. Raheja |
|
1241167 |
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Mr. Chandru L. Raheja Ms. Jyoti C. Raheja |
|
19849 |
|
Ideal properties Private
Limited |
|
1983 |
|
Mr. Gopal L. Raheja Mr. Sandeep G. Raheja |
|
423082 |
|
Mr. Deepak B. Raheja |
|
140142 |
|
Mr. Vijay B. Raheja |
|
461538 |
|
Tropicana Properties
Limited |
|
396900 |
|
Unique Estates Development
Company Limited |
|
396503 |
|
Mr. Raheja Sandeep Durga Mr. Sandeep G. Raheja |
|
10317 |
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Mr. Raheja Sandeep Mrs. Raheja Sandeep Durga |
|
79380 |
|
Arora N. Sonali Raheja G. Sandeep |
|
9921 |
|
Neha Grihnirman Private
Limited |
|
230772 |
|
Peninsula Estate Private
Limited |
|
185 |
|
Gokul Construction Company
Private Limited |
|
193 |
|
Blooingdala Investment and
Finance private Limited |
|
1890 |
|
Manali Investment and
Finance private Limited |
|
1890 |
|
Mastayagandha Investment
and Finance private Limited |
|
1890 |
|
K. Raheja Corporation
Private Limited |
|
1285393 |
|
Ivory Properties and Hotel
Private Limited |
|
185 |
|
Palm Shelter Estate
Development private Limited |
|
193 |
|
K. Raheja Private Limited |
|
185 |
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Mrs. Suman R. Raheja Mr. Rajan B. Raheja |
|
185 |
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Raheja Chandru Ravi Raheja L. Chandru Raheja C. Jyoti |
|
185 |
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Raheja Chandru Neel Raheja L. Chandru Raheja C. Jyoti |
|
185 |
|
Beau Rivage Trading Company
Private Limited |
|
321396 |
|
Beau Rivage Estates Private
Limited |
|
230766 |
|
Total |
|
7900200 |
BUSINESS DETAILS
|
Line of Business : |
Own
construct, run, render, technical advice in constructing furnishing, running,
take over, manage, carry on the business of hotel-cum-holiday beach resort,
health centre, restaurant, café, tavern, bars, refreshment-rooms, boarding
and lodging, house keepers, clubs in India or in any other part of the world. |
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Products : |
Hotel
Services |
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GENERAL INFORMATION
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No. of Employees : |
500 |
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Bankers : |
Ø
Allahabad Bank, Mumbai Ø
Global Trust Bank
Limited, Mumbai. Ø
National Co-operative
Bank Limited Ø
Oriental Bank of
Commerce, Fort, Mumbai-400 023. Ø
UTI Bank Limited,
Mumbai Ø
Vijaya Bank, Mumbai Ø
Citi Bank N. A.,
Mumbai Ø
Algemene Bank N. V.,
Fort, Mumbai-400 023 Ø
HDFC Bank Limited Ø
ICICI Bank
limited Ø
Housing Development
Finance Corporation Limited H.T. Parekh Marg, Ramon House 169 Backbay Reclamation Mumbai – 400020 Ø
Kotak Mahindra Bank
Limited 36-38
A, Nariman Bhavan 227 Nariman point, Mumbai |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
S.B.
Billimoria and company Chartered
Accountants 12,
Dr. Annie Besant Road, Opp. Shiv Sagar, estate, Worli, Mumbai-400018,
India |
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Tel. No.: |
91-22-56679000 |
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Mobile No.: |
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Fax No.: |
91-22-56679100/9025 |
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E-Mail : |
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Associates/Subsidiaries
: |
Ø
K. Raheja Corporation
Private Limited Ø
Inorbit Malls Private
Limited Ø
Chalet Hotel Limited Ø
Shoppers Stop Limited Ø
K. Raheja Construction
private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500000 |
Equity
Shares |
Rs. 100/- each |
Rs. 950.000 millions |
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|
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7900200 |
Equity
Shares |
Rs. 100/- each |
Rs. 790.020 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
790.020 |
790.020 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
11.684 |
0.000 |
|
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4] (Accumulated Losses) |
|
0.000 |
(54.000) |
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NETWORTH
|
|
801.704 |
736.020 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
794.216 |
1212.901 |
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2] Unsecured Loans |
|
35.448 |
17.953 |
|
TOTAL
BORROWING
|
|
829.664 |
1230.854 |
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|
DEFERRED TAX LIABILITIES |
|
96.082 |
0.000 |
|
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Trade Deposits |
|
59.770 |
55.720 |
|
|
|
|
|
|
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TOTAL
|
|
1787.220 |
2022.594 |
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APPLICATION OF FUNDS
|
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|
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FIXED ASSETS [Net Block]
|
|
1976.914 |
2060.613 |
|
Capital work-in-progress
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
|
0.045 |
0.045 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
24.773 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
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Inventories
|
|
67.405 |
66.167 |
|
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Sundry Debtors
|
|
37.075 |
45.752 |
|
|
Cash & Bank Balances
|
|
51.194 |
35.837 |
|
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Other Current Assets
|
|
0.013 |
0.008 |
|
|
Loans & Advances
|
|
77.526 |
39.439 |
Total Current Assets
|
|
233.213 |
187.203 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
234.394
|
231.143 |
|
|
Provisions
|
|
189.827 |
21.434 |
Total Current Liabilities
|
|
424.221 |
252.577 |
|
Net Current
Assets
|
|
(191.008) |
(65.374) |
|
|
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MISCELLANEOUS EXPENSES
|
|
1.269 |
2.537 |
|
|
|
|
|
|
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TOTAL
|
|
1787.220 |
2022.594 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
1361.270 |
1203.285 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
354.135 |
247.269 |
Provision for Taxation
|
|
153.328 |
102.986 |
Profit/(Loss) After Tax
|
|
200.807 |
144.283 |
|
|
|
|
|
Total Expenditure
|
|
1007.135 |
956.016 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
|
14.75 |
58.35 |
|
|
|
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|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
26.02 |
20.55 |
|
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|
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
|
9.09 |
6.42 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.44 |
0.20 |
|
|
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|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
|
1.56 |
2.02 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
|
0.55 |
0.74 |
LOCAL AGENCY FURTHER INFORMATION
The company's fixed assets of
important value includes land, computer, fax machines, Plant and machinery, furniture
and fixture, commercial vehicles, non-commercial vehicles and intangible assets
Performance :
The year under review was the
third complete year of operation for the JW Marritt Hotel Mumbai. The company
has performed extremely well and the JW Marritt Hotel has achieved the coveted
position of the most prefer hotel in North Mumbai. The hotel achieved an
average room occupancy of 89 % against 86 % in the previous year. The quality
of th product combined with impeccable services of international standards have
been factors that the Hotel augment its position and outperform the
competition.
Financial Highlights
The total income for the year
Rs. 1361.270 millions is up by 13 % from the previous year total income of Rs.
1203.285 millions. The gross operating profit for the year ended is up by 19 %
for of the previous year.
Interest cost is lower by 34 % compared to the previous year. This
has been achieved by prepayment of term loans and continuous treasury
management.
Depreciation for the year is
higher as compared to the previous year. This was due to extraordinary charge
in the year on account of higher depreciation provided for commercial motor
vehicles and old health club equipments.
Forecast for current year.
The market has readily absorbed
the large influx of new Hotel rooms that has been observed in Mumbai over the
last three years. It is expected that occupancy and room rates in Mumbai will
continue to climb in view of favourable tourism policies and overall industrial
growth. Though there is little scope for increass4e in the occupancy, the
company will focus on enhancing the hotel services and facilities to maintain
its position as a market leader.
Dividend :
Considering the result of
operations of the company during the financial year and in view of the fact
that the past losses stand fully absconded, the directors are pleased to
recommend a maiden dividend of 15 % on Equity Shares Capital. The dividend, if
approved will result in a cash outflow of Rs. 135.123 millions
It is in trade terms with :-
·
Darshan Dairy
·
Fortune Apparels Private
Limited
·
K.H. Shroff and Son
·
Nisrag Nirman
·
P.N. Agency
·
Polyfill India Marketing
Private Limited
·
Shri Paraswanath Granite
India Private Limited
·
U.K. Enterprise
·
Virchand Khimji and
Company
·
Wine Enterprises
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Services
and Features:
Complimentary
Services :
Buffet
Breakfast
Coffee/tea
in room
Evening
reception
Newspaper
in lobby
Newspaper
delivered to room
Shoeshine
Guest Services
Babysitting
Cash
machine/ATM
Concierge
desk
Daily
housekeeping
Evening
exchange
Laundry
on site
Limousine
services
Room
service
Safe
deposit boxes, front desk
Shoeshine
stand
Valet
dry cleaning
Wheelchairs
Guest facilities
Barber
/ beauty shop
Car
rental desk
Game
room
Shopping and Stores
Florist
Gift/newsstand
Accessibility
Auxiliary
aids and services
There
may be a fee for some guest services,. Contact hotel for details
JW Marriott Hotel Mumbai
Juhu
Tara Road, Juhu Beach
Mumbai
– 400049, India
Phone
: 91-22-56933000
Fax
: 91-22-56933100
Sales
: 91-22-56933366 ext. 3366
Property
Information :
5
floors, 322 rooms, 36 sites
322
the room that works guest rooms.
14140
sq. ft. of total meeting space 4 meeting rooms
Check in and checkout
Check
in : 12.00 pm
Checkout
: 12.00 pm
Express
check in
Parking
Complimentary
valet parking
Complimentary
on site parking
Pet policy
Pets
not allowed
Hotel highlight
Located
directly on the Juhu beach in north Mumbai
State
of the art 3500 sq. ft. fitness center
Three
outdoor swimming pools and whirlpool
Spa
on site featuring a variety of Beatty treatments and spa packages.
|
Name
of the company |
JUHU BEACH RESORTS LIMITED |
|
Presented By |
JUHU BEACH RESORTS LIMITED |
|
1)
Date and description of instrument creating the change |
Indenture
of Simple Mortgage Date 3rd May 2003 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
1190.000 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
All
the present right, title and interest of the company in the following
immovable properties viz. All
the piece or parcel of land admeasuring 17094 sq. yds. Bearing survey No. 33,
Hissa No. 1, situated at Juhu in the
Bombay suburban District and Registration sub District of Bandra. All
the piece or parcel of land admeasuring 8857 sq. yds. Bearing survey No. 33,
Hissa No. 2, situated at Juhu in the
Bombay suburban District and Registration sub District of Bandra. Together
with the building and structures standing on the said lands and or to be
constructed thereon. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
The
charge operates as security for the following term loans: US
Dollar designated term Loan equipments to Rs. 440.000 millions US
dollar designated term Loan
equipments to Rs. 620.000 millions Rupee
Term loan of Rs. 130.000 millions Aggregating
to Rs. 1190.000 millions granted to the company by housing development
finance corporation limited. Rate
of interest : Rate
of interest on the term loan of Rs. 440.000 millions is 250 basis points over
the 6 months USD LIBOR calculated on actual / 360 basis. Term 60 months. The
spread as varied from time to time. Principal repayments at the end of term. Rate
of interest on the term loan of Rs. 620.000 millions is 250 basis points over
the 6 months USD LIBOR calculated on actual / 360 basis. Term 60 months. The
spread as varied from time to time. Principal repayments at the end of term. Rate
of interest on the term loan of Rs. 130.000 millions is 11.50 % p.a. Term 60
months. The spread as varied from time to time. Principal repayments at the
end of term. |
|
5)
Name and Address and description of the person entitled to the charge. |
Housing
Development Finance Corporation Limited H.T.
Parekh Marg, Ramon
House 169
Backbay Reclamation Mumbai
– 400020 |
|
6)
Date and brief description of
instrument modifying the charge |
4th
March 2005 Deed
of Modification of Mortgage |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
The
amount of the original charge created on 3rd May 2003 for Rs.
1190.000 millions is now reduced to Rs.
1600 millions considering the repayment of the credit facilities to
extent of Rs. 570 millions i.e. Rupee Term loan of Rs. 130.000 millions and
US dollar designated term loan of Rs. 440.000 millions and on a ailment of
additional short term Loan of Rs. 440.000 millions. Accordingly the charge
will continue as a security for following loans. US
dollar designated term loan equivalent to Rs. 620.000 millions Short
term loan of Rs 440.000 millions The
broad term of the additional short term loan of Rs. 440.00 millions are as
follows. Rate
of interest : the rate of interest will be @ 8.5 % p.a. computed on the basis
of 365 days and the said interest will be payable by the end of every month Repayment
: the term loan will be repaid in full within a period of 12 month commencing
form 1.2.2005 The
terms and conditions with respect to repayments of principal amount interest
security etc. in case of US dollar designated term loan equipment to Rs.
620.000 millions shall remain the same except that the spread over 6 month
LIBRO is now 350 basis point . |
|
|
|
|
Name
of the company |
JUHU BEACH RESORTS LIMITED |
|
Presented By |
Mr.
Vijay B Raheja |
|
1)
Date and description of instrument creating the change |
Deed
of hypothecation dated 30th November, 2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Bank
Guarantee of Rs. 150 millions Letter
of credit facility of Rs. 15.000 millions and Cash
credit of Rs. 50.000 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Exclusive
charge by way of hypothecation over the stocks and the plant and machinery of
the borrower. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Cash
Credit 7.50 % floating rate over the tenure of the facility. (bank PLR 5.50 %
currently the bank’s PLR is 13 %) and Bank
Guarantee : 0.50 % p.a. Payable upfront. Agreement
to be lent and advanced by Kotak Mahindra bank Limited, 36-38 A, Nariman
point, Mumbai |
|
5)
Name and Address and description of the person entitled to the charge. |
Kotak
Mahindra Bank Limited 36-38
A, Nariman Bhavan 227 Nariman point, Mumbai |
|
6)
Date and brief description of
instrument modifying the charge |
N.
A. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the details
of the modification. |
N.
A. |
|
|
|
|
|
|
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 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. 45.39 |
|
UK
Pound |
1 |
Rs. 85.88 |
|
Euro |
1 |
Rs. 58.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |