MIRA INFORM REPORT
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Report
Date : |
07.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
GALAXY SURFACTANTS LIMITED |
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Registered
Office : |
C-49/2,
TTC Industrial Area, Pawne, Navi Mumbai - 400 701, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
20.05.1986 |
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Com.
Reg. No.: |
11-39877 |
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CIN No.: [Company Identification No.] |
U39877MH1986PLC039877 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
MUMG00044C
/ MUMG00440G |
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PAN
No.: [Permanent Account No.] |
AAACG1539P |
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Legal
Form : |
A public
limited liability company. The
company’s shares are listed on the Stock Exchanges. |
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Line
of Business : |
Manufacturing
of organic surface active agents (surfactants) and preparations based
thereon, detergents, auxiliary washing preparations (for rinsing or bleaching
cloths) and cleaning preparations (for floors / windows etc.). |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
2000000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a well-established company having satisfactory track. Trade relations are fair. Financial
Position is satisfactory. Payments are reported as correct and as per
commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered
Office / Corporate
Office : |
C-49/2,
TTC Industrial Area, Pawne, Navi Mumbai - 400 701, Maharashtra, India. |
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Tel.
No.: |
91-22-27616666
/ 55904444 |
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Fax
No.: |
91-22-27615883
/ 27615886 / 27614507 |
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E-Mail
: |
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Website
: |
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Factory
1 : |
Ø
W-67
(B), MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra Ø
M-3,
MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra Ø
W-44(C),
MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra Ø
G -
59, MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra Ø
N-46/1
& 2, MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra Ø
V-23,
MIDC, Taloja, Panvel - 410 208, District Raigad, Maharashtra, India. Ø
Plot No. 1, Village Chal, CIBCO, Near M.I.D.C.
Taloja, Ø Panvel,
Dist. Raigad, Pin - 410 208. (100% EOU). |
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Branches/ regional offices |
Located At : Ø
No.4/1,
1st Avenue, Indra Nagar, Adayar, Chennai – 600 020, Tamilnadu,
India Tel. No. 91-44-2441 6984 / 2441 6993 Fax No. 91-44-2441 9913 E Mail : madras@galaxysurfactants.com Contact Person :
Mr. Prasanna Nagarajan Ø
Block
5-A, C-40, Phase –11, Okhla Industrial Area, New Delhi – 110 020 Contact Person :
Mr. Vijay sood Tel : 91-11-2691 4581 / 2691 6632 / 2691 6636 Fax : 91-11-2691
4581 E Mail : delhi@galaxysurfactants.com |
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Overseas
Office |
Located
at : 5A, PP
House, 25/2, Soi. Louis#, South Sathorn Road, Yannawa, Bangkok - 10120,
Thailand Contact
Person : Mr. Deepak Ballal Tel. No.
: 91- 662-2119791 Fax No. :
91-662-2133081 |
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Sales
Deposit Office : |
Delhi, Silvassa, Daman and Pondicherry |
DIRECTORS
|
Name : |
Mr. U.
Shekhar |
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Designation
: |
Chairman
and Managing Director |
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Date
of Birth/Age : |
52 Years |
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Qualification
: |
B.
Chemical Engineer |
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Experience
: |
30 Years |
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Date
of Appointment : |
20th
May, 1986 |
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Employment
|
Lupin
Laboratories Limited |
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|
|
|
Name : |
Mr. G.
Ramakrishnan |
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Designation
: |
Director |
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Date
of Birth/Age : |
51 Years |
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Qualification
: |
M. Com,
FCA, F.I.C. |
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Experience
: |
30 Years |
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Date
of Appointment : |
20th
May, 1986 |
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Employment
|
Colgate
Palmolive India Limited |
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|
|
Name : |
Mr. S. D.
Patil |
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Designation
: |
Director |
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Date
of Birth/Age : |
52 Years |
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Qualification
: |
B.
Chemical Engineer |
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Experience
: |
30 Years |
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Date
of Appointment : |
20th
May, 1986 |
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Employment
|
Hico
Products Limited |
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|
|
|
Name : |
Mr. S. R.
Shanbhag |
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Designation
: |
Director |
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Date
of Birth/Age : |
52 Years |
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Qualification
: |
B. Com,
A.C.A, C.W.A. |
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Experience
: |
30 Years |
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Date
of Appointment : |
20th
May, 1986 |
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Employment
|
Colgate
Palmolive India Limited |
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|
|
Name : |
Mr. Uday
K. Kamat |
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Designation
: |
Director |
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Name : |
Mr.
Subodh S. Nadkarni |
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Designation
: |
Director |
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Name : |
Mr.
Venkatesh Kasturirangan |
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Designation
: |
Director |
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Name : |
Mr. M.
G. Parameswaran |
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Designation
: |
Director |
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Name : |
Mr. G. Kamath |
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Designation
: |
Company Sectary |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
of organic surface active agents (surfactants) and preparations based
thereon, detergents, auxiliary washing preparations (for rinsing or bleaching
cloths) and cleaning preparations (for floors / windows etc.). |
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Products
: |
Specialty chemicals Galsilk
700 Galsilk
701 Galsilk
600 Galaxy
BKC Galaxy
BKC AT Galaxy
SHS Galaxy
SOS Galaxy CX Phenoxyethanol Phenoxyethanol
P25 UV
absorbers / substantive uv absorbers Galaxy 2932 Galaxy
Coco-UV Galaxy
TosyQuat Galaxy
SunBeat Galaxy
Sil-UV Fabric softener Galaxy
EcoQuat Galaxy
EcoQuat P Sodium
Lauryl Sulphate (Liquid/Powder/Needles) Triethanolamine
Lauryl Sulphate Ammonium
Lauryl Sulphate Sodium
Lauryl Ether Sulphate (28% & 70%) Ammonium
Lauryl Ether Sulphate Cocomonoethanolamide Cocodiethanolamide Cocoamidopropylamine
Oxide Cocoamidopropylbetaine Cocobetaine Disodium
Laureth Sulphosuccinate Disodium
Cocoamido Sulphosuccinate Ethylene
Glycol Monostearate Ethelene
Glycol Distearte Benzalkonium
Chloride ( 50% & 80% Solution) Sodium
Isooctyl Sulphate Lauryl
Alcohol Ethoxylates Laurylmyristylamine
Oxide Disodium
Lauryl Sulphosuccinate Fatty
Alcohol Ethylene Oxide Condensates Cocoamidopropyldimethylamine Beta-Phenoxyethanol
(99% Minimum) N,
N-Dimethyl Laurylamine Fatty
Alcohol Sulphate Fatty
Alcohol Ether Sulphate Betaine Ultraviolet
Absorbers Generic
Names of Principal Products/Services of the company are as under :
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PRODUCTION STATUS
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Particulars |
Unit
|
|
Installed Capacity |
Actual Production |
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Organic
Surface Active Agents / Preparations |
M.T. |
|
82500 |
31552 |
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Fatty
Alkanolamides/ Fatty Acid Esters |
M.T. |
|
8250 |
1912 |
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Speciality
Chemicals |
M.T. |
|
4500 |
1532 |
GENERAL INFORMATION
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Customers
: |
Ø
Colgate-Palmolive
(India) Limited Ø
Hindustan
Lever Limited Ø
Reckitt
Benckiser (India) Limited |
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No. of
Employees : |
200 |
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Bankers
: |
Ø
State
Bank of India, Bank Street, Mumbai – 400023 Ø
The
Saraswat Co-operative Bank Limited, Nana Chowk Branch, Mumbai – 400007 Ø The North Kanara G.S.B.
Co-operative Bank Limited Ø
Standard Chartered Bank Ø
The Saraswat Co-operative Bank Limited Ø Union
Bank of India |
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Facilities : |
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Banking Relations : |
Good |
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Auditors
: |
S. V.
Pinge and Company Chartered
Accountants, Mumbai |
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Subsidiaries
: |
Galaxy
Chemicals Inc. The
Walton Building, 242, Old New Brunswick Road, Piscataway, NJ 08854 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity
Shares |
Rs.10/- each |
Rs.150.000 millions |
|
1,00,00,000 |
Equity
Shares |
Rs.10/- each |
Rs. 100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
85,63,688 |
Equity Shares |
Rs.10/- each |
Rs. 85.637 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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|
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1] Share
Capital |
85.637 |
85.636 |
105.536 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
415.092 |
368.213 |
287.722 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
500.729 |
453.849 |
393.258 |
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LOAN
FUNDS |
|
|
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1]
Secured Loans |
717.947 |
937.175 |
677.409 |
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2]
Unsecured Loans |
371.150 |
208.152 |
151.981 |
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TOTAL
BORROWING
|
1089.097 |
1145.327 |
829.390 |
|
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DEFERRED
TAX LIABILITIES |
155.464 |
146.788 |
122.164 |
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TOTAL
|
1745.290 |
1745.964 |
1344.812 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
1118.439 |
1018.229 |
843.699 |
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Capital work-in-progress
|
3.089 |
129.488 |
149.283 |
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INVESTMENT
|
4.910 |
5.010 |
0.393 |
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DEFERREX TAX ASSETS
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
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Inventories
|
502.938
|
527.353 |
270.550 |
|
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Sundry Debtors
|
381.170
|
364.633 |
205.135 |
|
|
Cash & Bank Balances
|
14.395
|
14.992 |
16.357 |
|
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Other Current Assets
|
0.467
|
0.429 |
0.223 |
|
|
Loans & Advances
|
65.811
|
63.170 |
65.287 |
Total Current Assets
|
964.781 |
970.577 |
557.552 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
322.687
|
340.386 |
173.678 |
|
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Provisions
|
23.242
|
39.420 |
35.006 |
Total Current Liabilities
|
345.929 |
379.806 |
208.684 |
|
Net
Current Assets
|
618.852
|
590.771 |
348.868 |
|
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|
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MISCELLANEOUS EXPENSES
|
0.000 |
2.466 |
2.569 |
|
|
|
|
|
|
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TOTAL
|
1745.288 |
1745.964 |
1344.812 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
2702.601 |
2067.754 |
1627.511 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
108.208 |
168.210 |
224.403 |
Provision for Taxation
|
51.565 |
62.925 |
69.037 |
Profit/(Loss) After Tax
|
56.643 |
105.285 |
155.366 |
|
|
|
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Export Value
|
1143.138 |
755.608 |
473.874 |
|
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|
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Import Value
|
316.996 |
444.985 |
483.102 |
|
|
|
|
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Total Expenditure
|
2416.233 |
1751.212 |
1320.551 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
2.34 |
2.33 |
2.14 |
|
Long Term Debt Equity Ratio |
1.43 |
1.44 |
1.33 |
|
Current Ratio |
1.02 |
0.95 |
0.91 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.71 |
1.53 |
1.48 |
|
Inventory |
5.23 |
5.18 |
5.91 |
|
Debtors |
7.23 |
7.26 |
9.62 |
|
Interest Cover Ratio |
1.95 |
3.27 |
6.29 |
|
Operating Profit Margin (%) |
10.87 |
16.09 |
20.41 |
|
Profit Before Interest and Tax Margin (%) |
6.86 |
11.72 |
16.39 |
|
Cash Profit Margin (%) |
6.11 |
9.46 |
13.57 |
|
Adjusted Net Profit Margin (%) |
2.10 |
5.09 |
9.55 |
|
Return on Capital Employed (%) |
11.60 |
17.18 |
24.91 |
|
Return on Net Worth (%) |
11.86 |
25.46 |
47.60 |
LOCAL AGENCY FURTHER INFORMATION
Fixed assets
v
Goodwill
v
Leasehold
land
v
Factory
building
v
Plant
& machinery
v
Furniture
& fixtures
v
Vehicles
v
Office
equipments.
FINANCIAL
& OPERATIONAL PERFORMANCE
Globalization
has brought about pressures on domestic prices which markedly affected the
Company's profitability due to its dominant presence in the Indian market. This
was further compounded by under utilization of capacities at EOU, which were
created to broad base the customers and export market reach. The Company's
Domestic Sales increased from Rs. 1247.400 millions to Rs. 1420.7 millions
-registering a growth of 14%, which is in line with growth in domestic market.
The Export Sales (including the deemed exports) increased from Rs 820.4 millions
in the previous year to Rs 1275 millions during the year under review
registering a growth of 55%. The share of International Business in the total
sales of the Company grew from 40% to 47%. The Company has increased its reach
to 76 countries and International Business continues to contribute
significantly to the top line growth of the Company.
EOU Phase
II expansion of Rs. 150 millions was commissioned in the second quarter of the
current year. However, the commercial exploitation of these capacities could
gather momentum only towards the close of the year. Considerable
underutilization of this facility was a drag on the profits of the Company for
the current year. The Company expects marked progress in profitable deployment
of these capacities during 2006-07.
The
Company has incurred export market developmental expenses as a run up for the
utilization of capacities created at EOU. The full utilization of these
capacities would result in improving the bottom line in the ensuing year.
The current year also witnessed a surge in crude oil
prices to levels unheard before. The Company could not pass on the impact of
these unexpected and sustained cost increases to its major customers because of
pre-existing contracts which resulted in adverse impact on the margins. In the
current extreme volatile crude prices scenario, the Company is endeavoring to
reduce the impact through appropriate price revisions. The culmination of
events above has caused a decline in the financial indicators which they are
confident of reversing in the ensuing year.
DOMESTIC
BUSINESS
The Company continued to retain its leadership position in
the Domestic Surfactants and Specialty Chemicals business catering to the Home & Personal Care segment. The
Company's domestic business grew by 13% over the previous year in line with the
growth in the hair care and oral care market. The hair care market grew by 12%
and the oral care market by 5%.
The Home and Personal Care
segment in India last year witnessed a lot of churning in market share of the
end use players aided by steep reduction in prices and value added offerings;
thereby increasing pressure on prices of Surfactants and Specialty Chemicals.
This coupled with steep increase in feedstock prices and an appreciating rupee
exerted considerable pressure on margins. Increased volumes amply supported by
cost reduction initiatives aided in countering this pressure to a reasonable
extent. The Home and Personal Care market in India is expected to grow at a
healthy rate given the increase in disposable income in the hands of the
consumers and the boom in retailing that India is witnessing for the last
couple of years. The Company's domestic business is expected to mirror this
growth rate. The performance of the domestic business in the first quarter of
2005-06 is indicative of this trend.
INTERNATIONAL
BUSINESS
The Export Sales (including the deemed exports), achieved by
the Company increased, from Rs 522.500 Millions in the previous year to Rs
820.400 Millions during the year under review registering a growth of 57%. The
share of International Business in the total sales of the Company grew from 32%
to 40%. International Business continued to contribute significantly in the
overall growth of the Company. The Company has increased its reach to 69
countries across the globe. The growth trend in the export market would
continue to be in line with the growth achieved in the year under review.
The Company has set up during the year a dedicated syndet noodle
manufacturing facility. The project has been designed, conceptualized and
implemented by the Company's in-house project team. The successful
implementation of the project vouches for the Company's technical and
engineering capabilities and strengths. This opens a new window of opportunity
in international marketing. The Company started its operations in the US market
by setting up an office in New Jersey, USA. This will open up the opportunities
in North American & Latin American markets. The Company is definitely
building its own and unique brand of Galaxy in the minds of Home & Personal
Care markets. The Company is working strategically with Home & Personal
Care Products giants in various parts of the globe to part ner their
requirements to grow the business.
100% EXPORT ORIENTED UNIT (EOU) At
TALOJA
The Continuous Process Sulphonation Plant (Phase -1)
which was commissioned in the last quarter of 2003-04 has completely stabilized
during the year meeting all quality, efficiency and other operational
parameters envisaged at the time of conceiving of the project. As a sequel to
this project and to broad base and offer a larger range of products for the
international market in the Home & Personal Care Product segments, the
Company, during the year, ventured into Phase - II expansion in the EOU. The Phase
- II expansion involves an outlay of Rs. 150.000 Millions. This expansion will
give the Company an impetus for growth through exports. The Phase - II
expansion will become operational by end of August, 2005.
BUSINESS OUTLOOK & STRATEGY
The
Company will strive to maintain its dominance in the domestic market and will
grow at the industry rate. However, the quantum growth has to come from
international markets. The Company will continue to be a valuable supply chain
partner to multinational companies and also graduate to be a provider of
specialty value added products for improving profitability. The Company is
confident of leveraging its experience and relationship with multinational
companies both in the domestic and export segments in the years ahead by broad
basing its product offerings to improve margins and market share.
PROCESS
BASED ORGANISATION (B2P)
The
Company feels that a strong customer focus is a must for realising its vision
to be a recognized global playe?'. Hence, the Company has embarked on
"Business to People" (B2P) initiative. B2P is being implemented to
reorient, the organization into a process driven one, focusing on the needs of
the customers - internal as well as external, build appropriate skills and
competencies amongst all its employees, and also eliminate waste and non value
adding activities in all the business processes. With this, it is expected that
the decision making on all operational matters will move closer to the
customer, making the organization more responsive to the market needs. The
Company believes this would make the entire organization business and results
oriented and also enable it to implement a performance driven reward structure
for its employees.
ENTERPRISE
RESOURCE PLANNING
The
Company visualises itself to be a global Company with customers, vendors,
manufacturing facilities, marketing offices and depots all across the world.
The Company feels that to achieve its global aspiration it needs appropriate
information technology infrastructure which can help in effectively and
efficiently managing men, materials and machines, end-to-end supply chain, with
information flowing on a real time basis. Towards this end, the Company has
taken up the implementation of the mySAP - Enterprise Resource Planning system.
The implementation of the same is expected to be completed by March 2006. The
total investment in this information technology Upgradation is expected to be
Rs. 25.000 Millions.
TWENTY
FIVE YEARS OF INSPIRATION
Galaxy
Chemicals, beginning in a small shed at Tarapur on 22nd June 1980 has today blossomed into
Galaxy Surfactants Limited with offices and plants at various locations. These
25 years of inspiration have enabled the Company to constantly explore new
possibilities and translate them into realities. As the Company marches ahead,
it reaffirms its commitment not only to be an inspired organization but also be
an inspiring one for everyone associated with it.
Entities
over which key management personnel [Whole-time Directors] are able to exercise
significant
influence:
a) Galaxy
Emulsifiers Private Limited
b) Galaxy
Finsec Private Limited
c) Galaxy
Chemicals [Partnership Firm]
d) Galaxy
Estates & Holdings [Partnership Firm]
e) Galaxy
Investments [Partnership Firm]
f) Galaxy
Finvest [Partnership Firm]
g) Shubh
Estates & Properties [Partnership Firm!
As per Website Details:
A Vision to Succeed
It
was a modest beginning. The year was 1980. The beginning was in a tiny plant in
Tarapur, a small industrial town located 100 kms from Mumbai.
Two
Products, three customers - all multiplied manifold with a burning desire to
succeed. The desire was fuelled by a clear focus on what the organisation was
going to offer its customers, big or small: superior quality and unmatched
service.
That
was the spirit with which Galaxy took off from the starting block into a brave
new world of specialty chemicals over two decades ago.
The
aim was single-mindedly the victory stand. A desire to triumph and win over
customers by being inherently competitive, complemented by a yearning to be a
leader in the field.
The
extraordinary dedication to adhere to the principles with which the
organisation first started out still remains strong. With the cutting edge
products and services offered by Galaxy, their customers have begun to look at
us as Solution Providers.
And today, they are racing
ahead as acknowledged leaders in the field.
Motto
Galaxy Group, promoted by a team of professionals, has the
main objective of making profits for growth by tapping opportunities in India
and abroad, which challenge the professional competence of people in Galaxy
Galaxy shall fulfill its commitments
to society
Galaxy shall provide maximum value
to its customers
Galaxy shall continuously build an
organization of high-efficient, high-effective, high-performing people, who
would be proud of their association with the Group
Galaxy shall make conscious efforts
to look after the well being of its people
Galaxy shall strive to achieve
leadership in Quality of its products and services
Galaxy shall have research and
development of new products and technologies as its major strength
Galaxy shall endeavour to achieve
excellence through professionalisation of all areas of management
Value System At Galaxy
Mutual trust and respect
Senior & Junior - No Superior
& subordinate
Openness in communication &
Dealings
Everyone can make a difference
Always open for new Ideas and new
Solutions
Sharing of knowledge
Integrity of Self - Encourage to say
"I do not know"
Quality Policy
Galaxy shall provide maximum value
to its customers by consistent supply of quality products and reliable services
Galaxy shall continuously strive to
achieve quality leadership in its products and services
Galaxy shall ensure safety at its
work place and surroundings
Galaxy shall comply with all the
relevant statutes pertaining to the countries in which it markets products
Galaxy shall achieve this by trained
and well co-ordinated team
This policy has the commitment of each member of Galaxy
Tpm Policy
Achieving Planned and Predictable
working of the Plant, producing Customer Specific Quality Products right the
first time at Least Cost in Safe and Clean Environments, attaining goals
of:
Zero
Defect
Zero
Accident
Zero
Breakdown
By Members of Galaxy who are proud
of their association with the Group.
Health Safety and Environment Policy
Environment Protection: Galaxy shall ensure safe, healthy,
and eco-friendly environment as First Culture at its work place Galaxy shall
continually work towards identification and reduction of risk and prevention of
pollution at its plants & surroundings
Product Stewardship &
Distribution:
Galaxy shall make health, safety, and environment protection a priority in
development of the new products and process so that the developed chemical can
be manufactured, transported, and used safely
Resource Management: Galaxy shall focus on minimizing waste generation and optimum
utilization of the natural resources through technological development and
involvement of people
Statutory Compliance: Galaxy shall comply with all the
statutory & regulatory requirements relevant to health, safety, and
environment
Emergency Preparedness: Galaxy shall ensure that each
facility has an emergency preparedness program and can respond rapidly and
effectively to emergencies
Galaxy shall make neighboring establishments aware of
the risks at their factory and seek emergency preparedness from them
Community Awareness: Galaxy shall inculcate total awareness among its workforce through
education & training Galaxy shall join hands with the community to
propagate "HSE Policies" for responsible care of the community Galaxy
shall communicate this Policy to all the interested parties and highlight its
performance in the Annual Report
Commitment: This policy has the commitments of each member of Galaxy
Promoters of Galaxy
Galaxy was promoted by a team of professionals in 1980.
Shekhar is a chemical engineer from the University
Department of Chemical Technology, Mumbai and a post graduate in business
management from IIM, Calcutta, India. He is a recipient of the Distinguished
Alumnus of UDCT Award in 1998. He is the Chairman & Managing Director of
the Company. Shekhar was with Hindustan Lever and Lupin Laboratories, before he
ventured on his own to promote Galaxy.
Sudhir is a chemical engineer from the University Department
of Chemical Technology, Mumbai and a recipient of the Distinguished Alumnus of
UDCT Award in 1998. He is Director - Technical. Before setting up Galaxy, he
was with Hindustan Lever and Hico Products.
Ramakrishnan is a
chartered accountant, cost accountant and company secretary. He is Director -
Home and Personal Care (Global). Prior to setting up Galaxy, he was with
Colgate Palmolive.
Shashi is a chartered accountant and cost accountant. He is
Director - International Business. Before promoting Galaxy, he was with Colgate
Palmolive.
Other
Members of the Board
Uday, Executive Director-
Finance, is an associate member of The Institute of Chartered Accountants of
India and The Institute of Cost and Works Accountants of India. He possesses
rich and varied experience of 25 years in the industry and profession. His
expertise includes Finance, Commerce, Taxation, Projects, and General
Management.
Subodh is a fellow member of the Institute of Chartered
Accountants of India and The Institute of Company Secretaries of India. He
possesses rich and varied experience of 21 years in the industry. He is an
expert in Finance, Project Management, Commerce, Manufacturing, Sales,
Marketing, Human Resources, and General Administration. He is President - Asia
Pacific (based at Singapore) with SULZER CHEMTECH LIMITED, Switzerland, a
division of Sulzer Corporation, Switzerland and resposible for the business
operations of Sulzer Chemtech in the entire region.
Kasturirangan joined the board of Galaxy Surfactants Limited
as an independent director with effect from October 15, 2004. He has a B.Tech
(Hons) in Chemical Engineering from IIT Mumbai and MBA from IIM Ahmedabad,
India. He is also a recipient of Distinguished Alumni Award from IIT, Mumbai.
He has been actively involved in various consulting assignments. Prior to the
consulting assignments, he was President - North America of Johnson Diversey, a
position he held till June 2003. He has been associated with Unilever for over
29 years holding senior positions in various countries.
Parameswaran joined the board of Galaxy Surfactants Limited
as an independent director with effect from June 27, 2005. He is chemical
engineer from IIT Madras and an MBA from IIM, Calcutta, India. He is the
Executive Director, FCB ULKA India. In a career spanning over two decades, he
has worked with Rediffusion (Y&R), Boots India and Yellow Pages before
dropping anchor at FCB-Ulka over fifteen years ago. He has worked on brands
like Indica, Xerox, Cadburys, Thermax, Brufen, Strepsils, Santoor, Sweetex and
Wipro. He completed his two years term as the President of the Advertising Club
Mumbai, in June 2005. In 2004 he was named as one of India's 50 Most Powerful
People in Marketing, Advertising and Media by a survey conducted by the
marketing magazine Pitch and he was also named one of the 20 Most Influential
People in Advertising by Economic Times Brand Equity Survey in 2005.
Locations
Galaxy has three Regional
Sales Offices - one at Delhi along with a Depot to cater to Northern region
customers; one at Chennai to serve the Southern Region customers and one at
Navi Mumbai to cover the Western Region. These Regional Sales Offices take care
of sales in respective zones. Sales in Eastern zone is executed through an
agent at Kolkata. Apart from the Delhi Depot, there are three Depots located at
Silvassa, Daman and Pondicherry. Their International Offices are at New Jersey,
US and Bangkok, Thailand.
The Marketing, Research
& Development, Materials, Finance, Human Resource functions &
Administration for all the units are centralised at Mumbai. They are a 500
people strong organisation.
Their M - 3 unit and G - 59
unit at Tarapur along with V - 23 at Taloja are accredited with ISO 9001 : 2000
certification by BVQI.
Specialty Chemicals
SPECIALTY
CHEMICALS
|
|||
|
PRODUCT |
ACTIVE MATTER / SOLIDS |
pH |
APPLICATIONS |
|
|
% |
|
|
|
Galsilk 700 |
8 - 9 |
6.5 - 7.5 |
Shampoos, Hair-setting Gels and Lotions,
Shower Gels, Liquid Soaps, Shaving Cream, Creams and Lotions, Antiperspirants
and Deodorants |
|
Galsilk 701 |
8 - 9 |
6.5 - 7.5 |
Shampoos, Shaving Cream, Creams
and Lotions, Antiperspirants and Deodorants,( Excellent for Shower Gels,
Liquid Soaps and Shampoos) |
|
Galaxy BKC |
49 - 51 |
6.0 - 8.0 |
Germicidals, Disinfectants, Floor
Cleaners, Water Treatment, Aqua culture |
|
Galaxy BKC AT |
79 - 81 |
6.0 - 8.0 |
Germicidals, Disinfectants, Floor
Cleaners, Water Treatment |
|
Galaxy SHS |
38 - 42 |
10.0 - 12.0 |
Mercerising, Wetting Agent |
|
Galaxy CX |
96 min |
9.0 – 10.0 |
Corrosion Inhibitor, Emulsifier |
|
Galaxy BanDruff |
36 min |
7.0 – 9.0 |
Antidandruff Agent especially for
formulating Transparent Hair Care products |
|
90 min |
5.5 - 7.0 |
Inks, Paints, Resins and Polymers,
Adhesives, Coatings |
|
|
Phenoxyethanol |
99 min |
5.5 - 7.0 |
Preservative for Cosmetics and
Toiletries |
|
Phenoxyethanol
P25 |
99 min |
5.5 - 7.0 |
Preservative for Cosmetics and
Toiletries |
|
Galaxy PEG 7 Glyceryl Cocoate |
~100 |
5.0 - 7.5 |
Superfatting, Emulsifier
Solubiliser |
|
|
|||
|
UV ABSORBERS/SUBSTANTIVE UV
ABSORBERS |
|||
|
PRODUCT |
PURITY/SOLIDS |
MOLAR EXTINCTION |
APPLICATIONS |
|
Galaxy 2932 |
98.5 |
23,300 at lmax |
UV-B Sunscreen for Creams, Lotions
and other cosmetics |
|
Galaxy Coco-UV |
~100 |
|
Modified coconut oil with UV-B
Sunscreen |
|
99 |
25,000 at lmax |
Substantive UV-B Sunscreen for
Skin Care, Hair Care |
|
|
50 |
22,000 at lmax |
Water soluble, UV-B Sunscreen for Skin care,
Hair Care, Photoprotection of colours in formulations |
|
|
|
||
|
FABRIC SOFTENERS |
||
|
PRODUCT |
PURITY / SOLIDS % |
APPLICATIONS |
|
Galaxy EcoQuat P |
90 (Paste) |
Self dispersible, biodegradable, |
|
|
||
|
FATTY ALCOHOL SULFATES |
||||||
|
PRODUCT |
ACTIVE MATTER |
CARBON CHAIN |
INORGANIC SALTS |
UNSULFATED ALCOHOL |
pH |
APPLICATIONS |
|
|
% MIN |
|
SULFATE % MAX |
% MAX |
|
|
|
Galaxy 689 |
90 |
C12 - C14 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier, Soaps
& Detergents Pharmaceuticals, Agrochemicals |
|
Galaxy 799 SP |
95 |
C12 - C14 |
2.0 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsion
Polymerisation |
|
Galaxy 799 |
90 |
C12 - C14 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier,
Pharmaceuticals |
|
Galaxy 799 G |
95 |
C12 - C14 |
2.0 |
1.5 |
7.5 - 10.5 |
Toothpaste, Soaps, Detergents
Agrochemicals |
|
Galaxy 699 |
90 |
C12 - C18 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier,
Pharmaceuticals |
|
Galaxy 789 SP |
95 |
C12 - C18 |
2.0 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsion
Polymerisation |
|
Galaxy 789 |
90 |
C12 - C18 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier,
Pharmaceuticals |
|
Galaxy 780 |
28 |
C12 - C14 |
1.5 |
1.5 |
7.5 – 9.5 |
Toothpaste+, Cream Shampoos Liquid
Detergents |
|
Galaxy ALS |
27 |
C12 - C14 |
1.0 |
1.0 |
6.0 – 6.9 |
Shampoos, Bubble Baths, Body Wash |
|
SULFOSUCCINATES |
||||
|
PRODUCT |
SOLIDS |
SODIUM SULFITE |
pH |
APPLICATIONS |
|
|
% MIN |
% MAX |
|
|
|
Galaxy ESS |
38 |
0.3 |
5.0 - 7.0 |
Shampoos, Shower Gels, Emulsifier,
Emulsion Polymerisation |
|
FATTY ALCOHOL ETHER SULFATES |
||||||
|
PRODUCT |
ACTIVE MATTER |
CARBON CHAIN |
INORGANIC SALTS |
UNSULFATED ALCOHOL |
pH |
APPLICATIONS |
|
|
% MIN |
|
% MAX SULFATE |
% MAX |
|
|
|
Galaxy LES 70 |
68 |
C12-C14 |
3.0 |
3.0 |
6.5 - 8.5 |
Shampoos, Bubble Baths, Body Wash,
Liquid Soaps |
|
Galaxy LES 170 |
68 |
C12-C14 |
3.0 |
3.0 |
6.5 - 8.5 |
Shampoos, Bubble Baths, Body Wash,
Liquid Soaps |
|
Galaxy LES |
28 |
C12-C14 |
1.0 |
1.0 |
5.5 – 7.5 |
Shampoos, Bubble Baths Body Wash,
Liquid Soaps Liquid Detergents, Fire-Fighting Foam, Concrete Admixtures |
|
Galaxy ALES |
25 |
C12-C14 |
1.0 |
1.0 |
5.5 – 6.5 |
Shampoos, Bubble Baths Body Wash,
Liquid Soaps |
|
|
||||||
This annual award is given
to the Best Operator from each location of Taloja and Tarapur. The award
carries cash prize and certificate of appreciation presented on the Galaxy
Foundation Day (i.e. 22nd June).
The prize winners for the
year 2004-05 were Satish Patil from Taloja and Ramchandra Inamdar from Tarapur.
Satish
Patil's contributions:
Spearheading
the entire Captive Power Plant assignment
Preparing
excellent Captive Power Plant Model for TPM preliminary audit which was very
well received by the auditors
Horizontal
deployment of various electrical related kaizens in Export Oriented Unit
Leading the
fresh electrical team from the front
Training
new people and making them competent to handle shift activities
Active
participation and contribution to the TPM initiative
Galaxy
awards the three best breakthrough innovations in the organization every year.
First Prize: Rs.1,00,000/-
Second Prize: Rs.50,000/-
Third Prize: Rs.25,000/-
The purpose of this award is two-fold:
1. To
acknowledge the contribution of the innovation
2. To be a
source of inspiration for others in the organization.
The first prize for the year 2004-05 was given to the team of
Vaijanath Kulkarni, Dr. Sagar Trailokya, Kishore Ingle and Bipin Meher for
outstanding contribution to Business
In Conceptualization of a business idea,
Connection to a business proposition,
Elegant implementation of the project,
Going up the value chain,
Creation of the customer,
Achievement of significant revenue and profitability for the organization.
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.44.68 |
|
UK Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.57.07 |
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 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |