MIRA INFORM REPORT
|
Report Date : |
15th May, 2006. |
IDENTIFICATION DETAILS
|
Name : |
BENZOCHEM
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Ground Floor, Madhukunj,
Shankar Ghanekar Marg, Prabhadevi, Mumbai - 400025, 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 : |
1st
December, 1986 |
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CIN No.: |
U24100MH1986PTC041751 |
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Com. Reg. No.: |
11
- 41751 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMB11878G |
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PAN No.: (Permanent Account No.) |
AAACB3369G |
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Legal Form : |
Private Limited Liability
Company. |
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Line of Business : |
Manufacturing of Chemical
products. |
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 |
|
Maximum Credit Limit : |
USD 225000 |
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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 well – established company having satisfactory track. Directors are
reported as experienced, respectable businessmen. Their trade relations are
fair. Payments are correct & as per commitments. The
company can be considered good for normal business dealings at usual trade
terms & conditions. |
LOCATIONS
|
Registered Office : |
Ground Floor, Madhukunj,
Shankar Ghanekar Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Tel. No.: |
91-22-24320921/22/23/24362683 |
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Fax No.: |
91-22-24320924 |
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E-Mail : |
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Website : |
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Area : |
3000
Sq. ft |
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Location : |
Owned
|
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Factory 1 : |
E-13/14, MIDC Area, Jalgaon
- 425003, Maharashtra |
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Tel. No.: |
91-257-2210241 |
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Fax No.: |
91-257-2210441 |
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Area : |
8100
Sq. ft |
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|
|
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Factory 2 : |
B-26/27,
MIDC Area, Dasarkhed, Malkapur - 443101, Buldhana, Maharashtra |
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Tel. No.: |
91-7267-252365 |
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Fax No.: |
91-7267-252341 |
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Area : |
24000
Sq. ft |
DIRECTORS
|
Name : |
Mr. Surendra Mohatta |
|
Designation : |
Director |
|
Address : |
31, Lotus Court, J. Tata
Road, Churchgate, Mumbai - 400020, Maharashtra |
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Date of Birth/Age : |
48 years |
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Qualification : |
B. Com |
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Experience : |
20 years |
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Name : |
Mrs. Vimladevi Mohatta |
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Designation : |
Director |
|
Address : |
31, Lotus Court, J. Tata
Road, Churchgate, Mumbai - 400020, Maharashtra |
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Date of Birth/Age : |
64 years |
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Qualification : |
B. Com |
|
Experience : |
20 years |
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|
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|
Name : |
Mr. S. S. Daga |
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Designation : |
Director |
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Address : |
B-13, D. Shiv Marg, Bani
Park, Jaipur, Rajasthan |
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Date of Birth/Age : |
60 yeas |
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Qualification : |
B. Com |
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Experience : |
10 yeas |
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|
Name : |
Dr. V. S. Mulgaonkar |
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Designation : |
Technical Director |
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Address : |
103-A, Mithia Apartments,
Near Jain Temple, J. B. Nagar, Andheri (East), Andheri Kurla Road, Mumbai -
400059, Maharashtra |
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Date of Birth/Age : |
53 years |
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Qualification : |
Ph. D |
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Experience : |
25 years |
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Name : |
Mr. Krishnakumar Moondra |
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Designation : |
Director |
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Address : |
11, Hingorani House, Dr. A.
B. Road, Worli, Mumbai - 400018, Maharashtra |
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Date of Birth/Age : |
58 years |
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Qualification : |
B. Com |
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Experience : |
5 years |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. R. K. Mohatta |
99500 |
|
Mrs. Vimladevi Mohatta |
99500 |
|
Mr. S .K. Mohatta |
99500 |
|
Raj Rajeshwari Builders |
83000 |
|
Gitanjali Chemicals Private
Limited |
42000 |
|
Mrs. Madhu Mohatta |
99500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Chemical
products. |
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Products : |
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Exports to : |
Taiwan
and U.K. |
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Imports from : |
Japan,
China and U.K. |
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Terms : |
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Selling : |
L/C
or Credit (60 days) terms |
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Purchasing : |
Credit
(60 days) terms. |
PRODUCTION STATUS
|
Particulars |
|
|
Installed Capacity |
Actual Production |
|
Chemicals (All Products) |
|
|
1110.00 M.T |
1135.825 M. T. |
GENERAL INFORMATION
|
Customers : |
End
Users. |
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No. of Employees : |
156 |
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Bankers : |
Canara Bank, Parel Branch,
Mumbai, Maharashtra |
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Facilities : |
Credit
Limits - Rs. 33.00 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
M. Saboo & Company Chartered
Accountants |
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Address : |
D-9/002,
Yoginagar, Borivli (West), Maharashtra |
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Tel. No.: |
91-22-28980943 |
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Fax No.: |
91-22-28983624 |
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Associates/Subsidiaries
: |
Gitanjali Chemicals Private
Limited Madhukunj, Ground floor,
Shankar Ghanekar Marg, Prabhadevi,
Mumbai - 400025 Maharashtra Activity
- Manufacturing of chemicals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 10.000 Millions |
|
1,25,000 |
Redeemable
Cumulative Preference Shares |
Rs. 100/- Each |
Rs. 12.500 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 10.000 Millions |
|
1,25,000 |
Redeemable
Cumulative Preference Shares |
Rs. 100/- Each |
Rs. 12.500 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
22.500 |
22.500 |
22.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
35.402 |
22.402 |
24.846 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
57.902 |
44.902 |
47.346 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23.235 |
12.611 |
11.044 |
|
|
2] Unsecured Loans |
31.321 |
36.376 |
32.926 |
|
TOTAL
BORROWING
|
54.556 |
48.987 |
43.970 |
|
|
DEFERRED TAX LIABILITIES |
4.319 |
5.433 |
5.705 |
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TOTAL
|
116.777 |
99.322 |
97.021 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
45.932 |
49.598 |
54.647 |
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Capital work-in-progress
|
0.000 |
3.273 |
-- |
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INVESTMENT
|
0.000 |
0.000 |
0.030 |
|
DEFERREX TAX ASSETS
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
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Inventories
|
35.932
|
26.152 |
21.216 |
|
|
Sundry Debtors
|
50.693
|
31.790 |
42.585 |
|
|
Cash & Bank Balances
|
7.407
|
1.989 |
3.531 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
18.304
|
13.803 |
15.029 |
Total Current Assets
|
112.336
|
73.734 |
82.361 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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|
Current Liabilities
|
22.875
|
17.223 |
30.432 |
|
|
Provisions
|
18.616
|
10.060 |
9.585 |
Total Current Liabilities
|
41.491
|
27.283 |
40.017 |
|
Net Current
Assets
|
70.845
|
46.451 |
42.344 |
|
|
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|
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
116.777 |
99.322 |
97.021 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
269.460 |
167.059 |
189.594 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
28.562 |
0.578 |
6.719 |
Provision for Taxation
|
9.265 |
0.475 |
1.465 |
Profit/(Loss) After Tax
|
19.297 |
0.103 |
5.254 |
|
|
|
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Export Value
|
NA |
NA |
58.078 |
|
|
|
|
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Import Value
|
NA |
NA |
130.938 |
|
|
|
|
|
Total Expenditure
|
240.898 |
166.481 |
45.992 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
7.16
|
0.06 |
3.54 |
|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
10.59
|
0.34 |
3.54 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
18.04
|
0.46 |
4.90 |
|
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|
Return on Investment (ROI)
(PBT/Networth) |
|
0.49
|
0.01 |
0.14 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
1.65
|
1.69 |
1.77 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.70
|
2.70 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
Website
Details :
INTRODUCTION:
Benzo Chem Industries Pvt. Ltd. (BCIPL) and Gitanjali Chemicals Pvt. Ltd.
(GCPL) are the two companies floated by Mr. R.K. Mohatta's group of companies.
The factories are located in Jalgaon District, 450 kms away from Mumbai in
Maharashtra State.
GCPL was started in 1982 for manufacturing phthalate plasticizer but later a
new plant was constructed in 1994 for the manufacturing of Chloro Phenol
Derivatives and Diclofenic Sodium intermediates.
BCIPL was started in 1987 for the manufacture of Para Chloro Benzyl Chloride
and Para Chloro Benzyl Cyanide. But later on BCIPL has developed and
commissioned complete series of derivatives based on Para Chloro Toluene, Ortho
Chloro Toluene, Meta Chloro Toluene, 2:4 Dichloro Toluene and 3:4 Dichloro
Toluene.
PRODUCTION CAPACITY:
Total production capacity is 2400 MT / annum and plant is having various sizes
of Glass Lined reactors ranging from 500-3000 Ltrs. S.S. Reactors, Auto claves,
S.S. Fractional Distillations having sulzer packing with internals, etc.
REACTION HANDLE IN PLANT:
1.
Chlorination by Chlorine (Nuclear / Photo)
2.
Chlorination by Sulphonyl Chloride
3.
Cyanation
4.
Hydrolysys by Alkali / Acid
5.
Acid Chlorides with Thionyl Chloride
6.
Cyclisation with Aluminium Chloride
7.
Friedel Crafts Reaction
8.
Methylation with Dimethyl Sulphate
9.
Oxidation with Magnate Dioxide
10. Esterification
11. Benzoylation / Acylation
R&D
AND QUALITY CONTROL LABORATORIES:The products manufactured in our plants were
developed indegeniously which is fully equipped with instrumentation. The
quality control lab is also equipped with all the instrumentations and product
is being tested at various levels during the production stage and also at
finished stage before despatch. The lab has set various parameters of testing
to avoid rejection of the products and to meet international standards.
EFFLUENT TREATMENT PLANT:
All the plants are provided with effluent treatment plant facilities designed
for primary treatment for neutrilisation and secondary treatment for
Bio-Degradability for organic matter with activated Biological treatment. The
effluent coming out from the plant is meeting the parameter laid down by
regional government authorities.
MANPOWER:
The total manpower employed in the factories are 120 workers including skilled
and unskilled.
TURNOVER AND EXPORT:
Total turnover is around US Dollars 5 million, out of that nearly 40% is
exported to various countries.
Products :
We have grouped
our products into various categories. Please click on the category of your
interest to view the names of the chemicals and their specifications.
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.45.48 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |