MIRA
INFORM REPORT
|
Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BAX
GLOBAL INDIA PRIVATE LIMITED |
|
|
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|
Registered Office : |
Radisson
Hotel Commercial Plaza, Wing B, Ground Floor, National Highway No. 8, New
Delhi – 110 037, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
12.12.1990 |
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Com. Reg. No.: |
55-42364 |
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CIN No.: [Company
Identification No.] |
U63010DL1990PTC42364 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB02458B |
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PAN No.: [Permanent
Account No.] |
AAACB0697B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Subject is engaged in Transportation and
Logistics, Air Freight Forwarding. |
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 : |
USD
700000 |
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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 positions is satisfactory. Payments are usually correct
and as per commitments. The company can be considered for any normal business
dealings at usual trade terms and conditions. It can be regarded as a
promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
Radisson
Hotel Commercial Plaza, Wing B, Ground Floor, National Highway No. 8, New
Delhi – 110 037, India |
|
Tel. No.: |
91-11-26785033/
1395/ 3873/ 5253/ 5276/ 65606600/ 65606601 |
|
Fax No.: |
91-11-26785780/
26782029/ 2681996 |
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Website : |
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Offices
: |
Mumbai Atlanta
Tower, Sahara Cargo Road, Mumbai – 400 099, Maharashtra, India Tel.
No.: 91-22-28381657/ 28347552/ 28347552/ 66901411, 12 Fax
No.: 91-22-28363244/ 28382772 Bangalore No.
611, Ramlee, 12th Main, H A L 2nd Stage, Indira Nagar,
Bangalore – 560 008, Karnataka, India Tel.
No.: 91-80-25202747/ 749/ 25202756 Fax
No.: 91-80-25202751 Kolkata No.
9B, Wood Street, 2nd Floor, Kolkata – 700 016, West Bengal, India Tel.
No.: 91-33-22837411/ 15 Fax
No.: 91-33-22836009 Chennai No. 8,
Nicholas Road, Chennai – 600 031, Tamilnadu, India Tel.
No.: 91-44-28363305/ 3059/ 5159 Fax
No.: 91-44-28362397 |
DIRECTORS
|
Name : |
Mr.
Ashok Jaidka |
|
Designation : |
Managing
Director |
|
Address : |
1
Akashneem Marg, DLF, Phase II, Gurgaon, Haryana, India |
|
Date of Birth/Age : |
29.04.1949 |
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Date of Appointment : |
06.08.1991 |
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|
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Name : |
Mr.
Frank T Lennon (Foreigner) |
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Designation : |
Director
|
|
Address : |
1255
Flat Rock Crossing, Manakin-Sabot, VA 23103, USA |
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Date of Birth/Age : |
04.01.1942 |
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Date of Appointment : |
29.05.1992 |
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|
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Name : |
Mr.
Austin Francis Reed (Foreigner) |
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Designation : |
Director
|
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Address : |
12613,
Wild Lake Drive, Richmond, VA USA 23233 |
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Date of Birth/Age : |
04.08.1951 |
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Date of Appointment : |
30.08.1996 |
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KEY EXECUTIVES
|
Name
: |
Mr.
Narain Mulchand Gulrajani |
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Designation
: |
Company
Secretary |
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Address
: |
B-65/2,
Naraina Vihar, New Delhi – 110 028, India |
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Date
of Birth/Age : |
13.04.1935 |
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Date
of Appointment : |
01.11.2003 |
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
|
|
|
|
Indian
Associates Inc. |
24999998 |
64.94 |
|
Bax
Global International Inc. |
13500002 |
35.06 |
|
Total |
38500000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Transportation and
Logistics, Air Freight Forwarding. |
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|
|
|
Products : |
Income
from Operation |
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GENERAL
INFORMATION
|
Bankers : |
¯
ICICI
Bank Limited ¯
Standard
Chartered Bank ¯
HSBC
|
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|
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Banking Relations : |
Satisfactory
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Auditors : |
BSR
and Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity
Shares |
Rs. 10/- |
Rs. 100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3850000 |
Equity
Shares |
Rs. 10/- |
Rs. 38.500 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
38.500 |
38.500 |
38.500 |
|
2] Reserves & Surplus |
141.455 |
79.029 |
29.660 |
|
NETWORTH |
179.955 |
117.529 |
68.160 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
2] Unsecured Loans |
179.999 |
205.673 |
202.120 |
|
TOTAL BORROWING |
179.999 |
205.673 |
202.120 |
|
|
|
|
|
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TOTAL |
359.954 |
323.202 |
270.280 |
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
52.820 |
53.655 |
61.260 |
|
Capital work-in-progress |
0.413 |
1.891 |
0.000 |
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|
|
|
|
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DEFERREX TAX ASSETS |
30.502 |
15.592 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
694.866 |
552.707 |
521.750 |
|
Total Current Assets |
694.866
|
552.707 |
521.750 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
418.647
|
300.643 |
322.480 |
|
Total Current Liabilities |
418.647
|
300.643 |
322.480 |
|
Net Current Assets |
276.219
|
252.064 |
199.270 |
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
9.750 |
|
|
|
|
|
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TOTAL |
359.954 |
323.202 |
270.280 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
Sales Turnover [including other income] |
2935.585 |
NA |
2210.990 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
97.515 |
NA |
31.490 |
|
Provision
for Taxation |
35.090 |
NA |
14.450 |
|
Profit/(Loss)
After Tax |
62.425 |
NA |
17.040 |
|
|
|
|
|
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Export
Value |
725.229 |
597.208 |
0.000 |
|
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|
|
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Total
Expenditure |
2838.070 |
NA |
2178.570 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
PAT / Total Income |
(%) |
2.13
|
-- |
0.77 |
|
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
3.32
|
-- |
1.42 |
|
|
|
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|
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
8.02
|
-- |
5.40 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
34.69
|
-- |
0.46 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.00
|
1.75 |
8.69 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.66
|
1.84 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
BAX Global India Private Limited is 100%
subsidiary of Bax Global Inc. USA, one of the leading providers of Cargo
Transportation and Logistics Services Worldwide, with nearly 500 offices in 123
countries and annual revenue of about US $ 2.4 billion.
BAX Global India provides air import and
export services to a large number of industry leading clients around the
world. The subject offers customized
solutions to satisfy both you and your customer’s import and export requirements.
Solutions are configured to fulfil the demands of today’s economies, from cost
efficient consolidations and brokerage through to micro managed direct
shipments.
The company specializes in the movement of
heavyweight cargo of all shapes and sizes as well as logistics and warehousing
operations. In India the subject provides complete freight forwarding services
such as air, ocean and customs brokerage as well as logistics and Supply Chain
Services to their customers.
Brief about BAX
Group
BAX Global Inc., with worldwide headquarters
in Irvine, Calif., is a $ 2.9 billion supply chain management and
transportation solutions company offering multi-modal logistics management for
business-to-business shippers through a global network of nearly 500 offices in
133 countries. Leading over 12,000 employees is Chief Executive Officer, Mr.
Joseph L. Carnes.
Many of the world’s largest companies use
BAX Global to manage their supply chain. BAX Global specializes in managing the
movement of heavyweight packages and cargo of all shapes and sizes. The company
offers specialized services for the aerospace, automotive, hi-tech, retail,
government and health care industries.
BAX offers BAX Suite transportation and
supply chain solutions. In North America, BAX offers three product options: BAX
Guaranteed includes guaranteed overnight and second day products, BAX Standard
overnight and second day and BAX Saver, timely delivery within 1 to 3 business
days. The company's North American transportation system includes a mix of
aircraft and trucks combined to offer expedited delivery to every important
business center in the North America.
The company offers expedited and standard
air freight, ocean forwarding, customs brokerage, documentation and banking
services across the globe.
BAX Global is ISO 9001 certified in 35
countries. BAX Global is a subsidiary of Deutsche Bahn AG.
Subject provides the following services to
its customers:
¯ Freight
¯ Door to Airport and Door to Door
Handling
¯ Warehousing Facilities
¯ Documentation Assistance
¯ Airline Space Booking
¯ Cargo Tracking for Shipment
Status
¯ Customs Clearance
¯ LCL/ FCL Arrangement
¯ All Customs / Port Formalities
¯ Cargo Tracking and Feedback
¯ Supply Chain Management
Consultancy
¯ Cross Docks / In-Transit Hubs
¯ Inland Transportation and
Distribution
¯ Vendor Hub Management
¯ Direct Delivery to Sales Point
¯ Configuration Management
¯ Labelling / Kitting
¯ Reverse Logistics
¯ Spare Parts Management
¯ EDI/ E-Commerce
Logistics and
Supply Chain
¯ Single window supply chain
solution with integration of services with global networks
¯ Flexible, tailor-made, and
scalable solution based on business dynamics
¯ High Security Transportation and
Warehousing
¯ Repair and Return Solutions
¯ Postponement and Kitting
Solutions
¯ Customs Warehousing
¯ Reverse Logistics
¯ Provides the organisation to
focus on core-competencies
¯ Outsourcing of resources thereby
benefiting with better ROI
Press Releases
The Hindu Business
Line, dated June 11, 2002
Bax Global hopeful
of India growth despite border tensions
Bangalore, June 10
BAX Global India Ltd, airfreight forwarding,
transportation and logistics specialist, is optimistic that the growing
uncertainty in the markets due to the Indo-Pak tension will not affect its
growth this year.
The company, a subsidiary of the US-based
international, clocked a turnover of Rs 2000 millions last year. It has
ventured into new areas of operation in ocean freight, brokerage and third
party logistics service. Besides, it has also got a major boost from an
agreement entered into with Samsung for logistics service for distribution of
its electronics cargo within India and for exports.
Mr Ashok Jaidka, Vice-President (South
Asia), said the overall uncertainty prevailing throughout the country could
impact the logistics business as well. However, the backlog of orders, new
business from Samsung and diversification should help neutralise any adverse
impact on Bax India, he said.
Also, he said that hopes that the US market
would improve from the third quarter had shored up Bax India's confidence about
maintaining its growth rate.
Talking to Business Line after inaugurating
the new premises of the company in Bangalore, Mr Jaidka hoped that India would
benefit from the diversion of orders from countries such as Madagascar, a major
hub for garments in the region, Pakistan and Nepal, which were facing local
problems affecting their manufacturing trend.
The increase in airfreight rates this year
should cause some concern, but it was expected to be offset by the lower ocean
freight rates where the company saw a growth of 30 to 35 per cent business.
However, the higher airfreight rates should not affect the company's 20 per
cent growth in this segment because of its complete package offer of air-ocean
and logistics service to customers.
Any setback to the business should come only
if the border tension took a serious turn or the manufacturing sector did not
pick up, said Mr Jaidka, adding that anything could be felt only towards the
end of the year.
As Per Web
Bax Global is one of the leading providers
of cargo Transportation and Logistics
Services worldwide, with nearly
500 offices in 123 countries and Annual Revenue of about U S $ 1.9 Billion.
Many of the world’s largest companies use Bax Services to
manage their supply chain. The Company specializes in the Movement of
Heavyweight Cargo of all shapes and sizes as well as Logistics and Warehousing operations.
In India we provide complete
Freight Forwarding Services such
as Air, Ocean and Customs Brokerage as well as Logistics and Supply Chain Services
to our customers, cutting across industries.
All offices are linked worldwide through a dedicated communication network.
Services
• Freight
• Door To Airport And Door-To-Door Handling
• Warehousing Facilities
• Documentation Assistance
• Airline Space Booking And Follow, With Preferential Allotment
• Cargo Tracking For Shipment Status
• Competitive Consolidation For Rates And Space Availability
• Customs Clearance
• Lcl/Fcl Arrangement
• All Customs/Port Formalities
• Cargo Tracking And Feedback
• Cargo Tracking For Shipment Status
Bax Global is the first
Multinational Forwarding Agency in India
with its own cha license to facilitate smooth customs clearance at all major
ports.
Customs clearance of imports cargo can be
undertaken as part of our door to door service, on contractual basis or ad hoc,
as required.
Logistics
Bax Global offers its customers comprehensive and integrated supply
chain and logistics services.
In
addition to meeting customers’ domestic supply chain requirements, Bax can also
offer them overseas supply chain management services, as per the need.
Vision
We will be a leading global provider of quality, integrated transportation and
supply chain solutions that enable world trade. We believe in building long
term relations with our customers by being uniquely customer focussed that help
in delivering superior results."
Delhi Office
Bax Global India Private Limited
Gr. Floor, Wing - B, Radisson, Commercial Complex, Radisson Hotel Mahipalpur,
New Delhi – 1100037, India
Tel. No.: 91-11-26785033/ 55606600-04/ 26782581/ 2583/ 2585/ 26785273/ 76
Fax No.: 91-11-26785780/ 26782029/ 26781996
Mumbai Office
Bax Global India Private Limited
Atlanta Tower, Sahara Cargo Road, Mumbai – 400099, Maharashtra, India. .
Tel. No.: 91-22-28381657/ 28347552/ 28347552/ 56901411/ 12
Fax No.: 91-22-28363244/ 28382772
Bangalore Office
Bax Global India Private Limited
No.611, Ramlee, 12th Main, H.A.L. 2nd Stage, Indiranagar, Bangalore – 560008,
Karnataka, India.
Tel. No.: 91-80-25202747/ 749/ 25202756
Fax No.: 91-80-25202751
Kolkata Office
Bax Global India Private Limited
No.9b, Wood Street, 2nd Floor, Kolkata – 700016, West Bengal, India
Tel. No.: 91-33-22837411-15
Fax No.: 91-33-22836009
Chennai Office
Bax Global India Private Limited
No.8, Nicholas Road, Chennai-600031, Tamilnadu, India
Tel. No.: 91-44-28363305/ 3059/ 28365159
Fax No.: 91-44-28362397
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.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
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 |
YES |
|
--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 EXPLANATIONS
|
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|