MIRA INFORM REPORT
|
Report Date : |
28TH May 2006 |
IDENTIFICATION DETAILS
|
Name : |
BEJO
SHEETAL SEEDS PRIVATE LIMITED |
|
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|
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Registered Office : |
Bejo Sheetal Corner, Mantha
Road, Jalna – 431203, 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 : |
2nd
May 1997 |
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Com. Reg. No.: |
11-38852 |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturer
of seeds, vegetable
crops like Tomato, Hot Pepper, Eggplant, Sweet Pepper, Short Day Onion, Okra,
Bottle Gourd, Bitter Gourd, Ridge Gourd, Pumpkin, Cucumber, and TPS (True
Potato Seeds). |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 275000 |
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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 and reputed company having fine track. Trade relations
are fair. Financial position is good. Payments are correct and as per
commitments. The company is doing well. It can be considered good for any
normal business dealings at usual trade terms. It
can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office : |
Bejo Sheetal Corner, Mantha
Road, Jalna – 431203, Maharashtra India. |
|
Tel. No.: |
91-2482-232588,
236588, 231717, 234288 |
|
Fax No.: |
91-2482-230398 |
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E-Mail : |
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|
Website : |
DIRECTORS
|
Name : |
Kanj
and Associates |
|
Designation : |
Company
Secretary |
|
|
|
|
Name : |
Mr.
Piet Barten |
|
Designation : |
Director
/ Foreign |
|
Address : |
1749,
ZH Warmenhnizen, Holland |
|
Date of Appointment : |
28/12/1991 |
|
|
|
|
Name : |
Mr.
Klaas Molennar |
|
Designation : |
Director
/ Foreign |
|
Address : |
1749,
ZH Warmenhnizen, Holland |
|
Date of Appointment : |
10/09/1996 |
|
|
|
|
Name : |
Mr.
Suresh O. Agrawal |
|
Designation : |
Managing
Director |
|
Address : |
Civil
Club Road, Jalna-431203, Maharashtra |
|
Date of Appointment : |
04/02/1986 |
|
|
|
|
Name : |
Mr.
Kamal O. Zunzunwala |
|
Designation : |
Director |
|
Address : |
Nath
Nagar, Jalna-431203, Maharashtra |
|
Date of Appointment : |
04/02/1986 |
|
|
|
|
Name : |
Sameer
Suresh Agarwal |
|
Designation : |
Director
|
|
Address : |
Opp
Lakkadganj, Post Khamgaon, Buldhana, Maharashtra |
|
Date of Appointment : |
09/02/2000 |
|
|
|
|
Name : |
Martin
Sam Klaver |
|
Designation : |
Director
|
|
Address : |
1749
|
|
Date of Birth/Age : |
1749,
24 Warmenthi 2nd Holland |
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Date of Appointment : |
09/02/2000 |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr.
Suresh O. Agrawal |
|
130000 |
|
Mr.
Kamal O. Zunzunwala |
|
10 |
|
Bejo
Zalen B.V. |
|
500000 |
|
Mrs
Agarwal Rekha Suresh |
|
130000 |
|
Mrs.
Zunzunwala Sulbha Kamal |
|
100000 |
|
Sameer
Suresh Agarwal |
|
55000 |
|
Smt. Zunzunwala
Durgabhai Onkardas |
|
10000 |
|
Miss
Agarwal Sheetal Suresh |
|
4990 |
|
Mr.
Sameer Suresh Agarwal |
|
70000 |
|
Mr.
Agarwal Varshadevi Sameer |
|
110000 |
|
Mst.
Zunzunwala Akshat kamal |
|
10000 |
|
Miss
Zunzunwala Aditi Kamal |
|
85000 |
|
Bejo
Finance B. V. |
|
500000 |
|
Mrs.
Agarwal Sheetal Vijay |
|
95000 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of seeds, vegetable
crops like Tomato, Hot Pepper, Eggplant, Sweet Pepper, Short Day Onion, Okra,
Bottle Gourd, Bitter Gourd, Ridge Gourd, Pumpkin, Cucumber, and TPS (True
Potato Seeds). |
|
|
|
|
Product : |
Seed
|
GENERAL INFORMATION
|
Suppliers : |
Ø
Bejo Finance BV Ø
National Horticulture
Corporation Ø
Bejo Sheetal Overseas
Private Limited Ø
Shenyang Cuofeng Seed
And Seeding Company Limited Ø
Golu Neha Fiscal
Services Private Limited Ø
Aman Construction
Company Ø
Sunmica Nad Ploywood
Center Ø
Ambarish Auto Ø
Kiran Oil Company,
Jalna Ø
Hindustan Automobiles Ø
First Flight Courier Ø
Gati Limited Ø
Blue Bart Ø
Maruti Courier Ø
Professional Courier |
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Customers : |
Ø
Cadila pharmaceuticals
limited Ø
Deepak agro solutions
limited Ø
Dev seeds
international Ø
Dhaanya seeds private
limited Ø
Gufic bioscience
limited Ø
National seeds
corporation limited Ø
Rallies India limited Ø
Unicorn seeds limited Ø
U. P. seeds and tarai
development corporation Ø
Wockhardt life
sciences limited Ø
Sheetal hybrid seeds
private limited Ø
Chhatisfah agri marketing
(mandai) boar Ø
FRL DET Chandigar Ø
Diamond hybrid seeds Ø
Kitchen garden center,
new Delhi |
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No. of Employees : |
200 |
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Bankers : |
Ø
Mlakapur Urban
Co-operative Bank Ø
United Western Bank Ø
ICICI Bank Ø
JPC Bank Ø
Sundarlal Sawji Bank Ø
State Bank of
Hyderabad |
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Facilities : |
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Banking Relations : |
Good |
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Auditors : |
M.
S. Bhakkad and Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 Million |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 Million |
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 |
20.000 |
20.000 |
20.000 |
|
|
3] Reserves & Surplus |
49.627 |
37.776 |
28.298 |
|
NETWORTH
|
69.627 |
57.776 |
48.298 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.495 |
7.667 |
8.611 |
|
|
2] Unsecured Loans |
78.411 |
62.555 |
61.061 |
|
TOTAL
BORROWING
|
96.906 |
70.222 |
69.672 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
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TOTAL
|
166.533 |
127.998 |
117.970 |
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
88.677 |
75.124 |
53.894 |
|
Capital work-in-progress
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
|
54.589 |
41.710 |
22.734 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
35.553
|
15.222 |
15.550 |
|
|
Sundry Debtors
|
32.128
|
37.497 |
37.619 |
|
|
Cash & Bank Balances
|
31.194
|
7.926 |
0.011 |
|
|
Other Current Assets
|
10.975
|
5.330 |
8.050 |
|
|
Loans & Advances
|
9.081
|
18.382 |
22.720 |
Total Current Assets
|
118.931
|
84.357 |
83.950 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
95.666
|
73.195 |
42.610 |
|
|
Provisions
|
|
|
|
Total Current Liabilities
|
95.666
|
73.195 |
42.610 |
|
Net Current
Assets
|
23.265
|
11.162 |
41.340 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.002 |
0.002 |
0.002 |
|
|
|
|
|
|
|
TOTAL
|
166.533 |
127.998 |
117.970 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
193.244 |
161.764 |
130.714 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
14.482 |
12.377 |
9.511 |
Provision for Taxation
|
2.630 |
2.900 |
0.785 |
Profit/(Loss) After Tax
|
11.852 |
9.477 |
8.726 |
|
|
|
|
|
Total Expenditure
|
178.763 |
149.387 |
121.203 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
6.133
|
5.858 |
6.675 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
7.515
|
7.691 |
7.290 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
5.523
|
6.151 |
5.922 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.207
|
0.214 |
0.196 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
2.765
|
2.482 |
2.324 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
1.243
|
1.152 |
1.970 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets :
Ø
MIDC Plot
Ø
Seven Hill Land
Ø
Parvati Apartment
Ø
Sheetal Vihar
Ø
Office Equipments
Ø
Funiture
Ø
New Office Furniture
Ø
Cars
Ø
Motorcycles
Ø
Mobile Handset
Ø
Bicycle
Ø
Computer
Ø
Pune Office
Ø
Packing Machine
Ø
Plant And Machinery
Ø
Air Conditiosner
Ø
New Office Buildings
Ø
Plot – Pune
Ø
Coldstorage
Ø
Godown Buildings
Ø
Research And Development
Assets
Operations
:
The
company has earned a Net Profit of Rs. 14.48100 millions during the year. The
company is trying to increase the business activities. The company hopes to
achieve better in the current year as New Hybrids are well accepted in the
market. They are also trying to tap new customer for achievement of targeted
sales services and are confident that they shall be able to retain the valuable
customer with efficient customer oriented services.
AS PER WEBSITE
Bejo Sheetal Seeds Pvt. Ltd is a joint venture with
Bejo Zaden b.v., Holland.
We have excellent breeding programmes in tropical vegetable crops like Tomato,
Hot Pepper, Eggplant, Sweet Pepper, Short Day Onion, Okra, Bottle Gourd, Bitter
Gourd, Ridge Gourd, Pumpkin, Cucumber, and TPS (True Potato Seeds).
We are responsible for marketing the seeds in India and the SAARC countries and
Bejo Zaden b.v., Holland market the seeds in the other countries.
We are marketing TPS in the whole world.
We are committed to quality through innovative research and latest
technology.
PRODUCTS
:
Ø Broccoli
Ø Bhendi Karishma, Saloni & Praful
Ø Brinjal BSS 353 (Nisha) &
BSS 383
Ø Cabbage Fresco,
Governor, Rotonda
Ø Carrot Bangor, Carson & Oranza
Ø Cauliflower Goodman & Fastman
Ø Cauliflower Cassius, Somersat
Ø Chilly BSS 266 (Laxmi) &
BSS 411
Ø Green hearted Chicory - Pluto
Ø TPS : BSS 294, BSS 295, BSS 296, BSS 297, BSS 340 BSS 341
& BSS 424
Ø Watermelon BSS 358 &
BSS 360
Ø Watermelon Swapnil &
BSS 408
Ø Musk Melon BSS 361 /
BSS 362
|
Name
of the company |
BEJO SHEETAL SEEDS PRIVATE LIMITED |
|
Presented By |
Director |
|
1)
Date and description of instrument creating the change |
Simple
Mortgage Deed Dated 13th June, 2005 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Total
Loan of Rs. 50.000 millions More
specifically mentioned in Schedule – B of the agreement annexed therewith. |
|
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 |
Piece
and parcel of Land / property, Viz Survey No 11, Situated at (specifically
mentioned in schedule A Of the
agreement herewith) mortgaged with the Bank to secure the total loan. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
of rate is 10.25 % p.a. payment installments of Rs. 0.185 millions each (more
specially mentioned in schedule B of the agreement annexed herewith) |
|
5)
Name and Address and description of the person entitled to the charge. |
The
United Western Bank Limited, Jalna Branch, Jalna. |
|
6)
Date and brief description of
instrument modifying the charge |
Nil
|
|
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. |
Nil
|
|
|
|
|
Name
of the company |
BEJO SHEETAL SEEDS PRIVATE LIMITED |
|
Presented By |
Mlakapur Urban Co-operative Bank |
|
1)
Date and description of instrument creating the change |
Loan
agreement and Deed of Hypothecation both dated 27/05/2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan of Rs. 5.000 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 |
Hypothecation
of Plant and Machinery, Book Debts, Goods. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Repayments
in 60 monthly installment of Rs. 0.113 millions Rate
of Interest @ 14 % p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
Mlakapur
Urban Co-operative Bank Jalna
Branch, Jalna |
|
6)
Date and brief description of
instrument modifying the charge |
Nil |
|
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. |
Nil |
|
|
|
|
Name
of the company |
BEJO SHEETAL SEEDS PRIVATE LIMITED |
|
Presented By |
Mlakapur Urban Co-operative Bank |
|
1)
Date and description of instrument creating the change |
Loan
agreement of Hypothecation of Book Debts
both dated 30/05/2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan of Rs. 10.000 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 |
Hypothecation
of Plant and Machinery, Book Debts. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest @ 14 % p.a. with quarterly rests |
|
5)
Name and Address and description of the person entitled to the charge. |
Mlakapur
Urban Co-operative Bank Jalna
Branch, Jalna |
|
6)
Date and brief description of
instrument modifying the charge |
Nil |
|
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. |
Nil |
|
|
|
|
Name
of the company |
BEJO SHEETAL SEEDS PRIVATE LIMITED |
|
Presented By |
Mlakapur Urban Co-operative Bank |
|
1)
Date and description of instrument creating the change |
Loan
agreement and agreement of Hypothecation of Book Debts both dated 30/05/2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan of Rs. 10.000 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 |
Hypothecation
of Plant and Machinery, Book Debts. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest @ 14 % p.a. with quarterly rests |
|
5)
Name and Address and description of the person entitled to the charge. |
Mlakapur
Urban Co-operative Bank Jalna
Branch, Jalna |
|
6)
Date and brief description of
instrument modifying the charge |
Nil |
|
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. |
Nil |
|
|
|
|
Name
of the company |
BEJO SHEETAL SEEDS PRIVATE LIMITED |
|
Presented By |
Mlakapur Urban Co-operative Bank |
|
1)
Date and description of instrument creating the change |
Deed
of Hypothecation of Dated
18th November, 2000 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan of Rs. 10.000 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
stock of Machinery, good lying in the shop and Godown which is know as M/s
Bejo Sheetal Deeds private Limited Jalna situated at 7/12 in Agricultural
lands. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 16.5 % p.a. with quarterly rests |
|
5)
Name and Address and description of the person entitled to the charge. |
Mlakapur
Urban Co-operative Bank Jalna
Branch, Jalna |
|
6)
Date and brief description of instrument
modifying the charge |
Nil |
|
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. |
Nil |
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.45.46 |
|
UK
Pound |
1 |
Rs.85.94 |
|
Euro |
1 |
Rs.58.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |