MIRA INFORM REPORT
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Report Date : |
18.11.2006 |
IDENTIFICATION DETAILS
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Name : |
B.
P. ERGO LIMITED |
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Formerly known as : |
BLOW
PLAST ERGONOMICS LIMITED |
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Registered Office : |
K-52,
MIDC, Hingna Road, Nagpur – 440016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.10.2000 |
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Com. Reg. No.: |
11-129024 |
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CIN No.: [Company Identification No.] |
U36101MH2004PLC129024 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMB08844D |
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PAN No.: [Permanent Account No.] |
AABCB5128Q |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturing,
Importing and Selling of furniture. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 650000 |
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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 part of Piramal Group, comprising of well known luggage manufacturing
companies such as Blow Plast Limited, V.I. P. Industries Limited, Piramal
Mills, Nicolas Piramal, etc. Subject is a leading office and residential
furniture manufacturer. Trade relations are fair. Payments are correct and as
per commitments. The
company can be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office/
Factory : |
K-52,
MIDC, Hingna Road, Nagpur – 440 016, Maharashtra, India. |
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Tel. No.: |
91-712-237115/237116 |
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Fax No.: |
91-712-234935 |
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E-Mail : |
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Website : |
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Area : |
10764
sq. mtrs. (Owned) |
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Corporate Office : |
DGP
House, 88C, Old Prabhadevi Road, Mumbai – 400025, Maharashtra, India |
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Tel. No.: |
91-22-24301011 |
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Fax No.: |
91-22-24603586 |
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Showroom / Offices : |
MUMBAI Fax: 91-22-5660 3586 Ph.: 91-79-693 1516/1718 Fax: 91-22-693 1920. Fax: 91-80-2299 8566 Ph. : 91-33-2242 1609/ 2248
6355/ 2248 6378 Fax: 91-33-2248 4025 Ph. : 91-44-2825 1957/ 2825
2077/ 2820 4828 /32 Fax: 91-44-2824 2387 Telefax: 91-20-400 3609 Fax: 91-40-5520 5584 e-mail : ergosec@bpergo.com Ph.: 91-11-5163 1906 /08 Fax no : 91-11-5163 1907 e-mail : ergodel@bpergo.com |
DIRECTORS
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Name : |
Mr. Dilip G. Piramal |
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Designation : |
Chairman |
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Name : |
Mr.
Srinivasan Padmanabhan |
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Designation : |
Managing
Director and Chief Executive Officer |
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Date of Birth/Age : |
49
years |
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Qualification : |
B.
Tech., PGDM |
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Experience : |
25
years |
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Date of Appointment : |
10.03.2005 |
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Last Employment : |
Reliance
Webstore Private Limited – Head – All India Retail Operations |
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Name : |
Ms.
Gita Piramal |
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Designation : |
Director
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Name : |
Ms.
Aparna D. Piramal |
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Designation : |
Director |
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Name : |
Mr.
Sudhir Jatia |
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Designation : |
Director
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Name : |
Mr.
Nirmalya Kumar |
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Designation : |
Director
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Name : |
Mr.
Berjis Desai |
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Designation : |
Director
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Name : |
Mr.
A. G. Warey |
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Designation : |
Director |
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Name : |
Mr.
K. G. Gupte |
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Designation : |
Director |
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Name : |
Mr.
R. K. Banerjee |
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Designation : |
Executive
Director |
KEY EXECUTIVES
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Name : |
Mr.
Alok Tibrewala |
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Designation : |
Vice
President Sales |
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Date of Birth/Age : |
44
years |
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Qualification : |
B.
Tech., MMM |
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Experience : |
22
years |
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Date of Appointment : |
20.08.2003 |
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Last Employment : |
Frontline
Sales Limited – Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturing,
Importing and Selling of furniture. |
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Products : |
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Imports from : |
UK,
Taiwan, Thailand, The Netherlands |
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Terms : |
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Purchasing : |
Advance
and L/C terms |
PRODUCTION STATUS
The company’s Office
Furniture System consist of following class of goods :-
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Class of Goods |
Licensed Capacity |
Installed Capacity |
Production |
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Pre Fabricated Materials |
534,000 Nos. |
534,000 Nos. |
531,645 Nos. |
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Furniture and Other
Materials |
62,000 Nos. |
62,000 Nos. |
60,848 Nos. |
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Flush Doors and other
Boards of Panels |
3,000 M.T. |
3,000 M.T. |
2,989 M.T. |
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Other activities allied to
construction |
5,000 M.T. |
5,000 M.T. |
1,303 M.T. |
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Swivel Seats and Variable
height Adjustments |
300,000 Nos. |
100,000 Nos. |
382 Nos. |
GENERAL INFORMATION
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Customers : |
End
users |
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No. of Employees : |
336 |
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Bankers : |
Central Bank of India,
Mumbai, Maharashtra, India Bank of India, Mumbai,
Maharashtra, India UTI Bank Limited |
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Facilities : |
Secured
loans :-
[Figures are in Rupees Millions]
Unsecured loans :-
[Figures are in Rupees
Millions]
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Banking Relations : |
Good |
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Auditors : |
Price Waterhouse &
Company Chartered Accountants |
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Associates : |
V. I. P. Industries Limited DGP House, Old Prabhadevi
Road, Mumbai, Maharashtra, India Vibhuti Investments Company Private Limited |
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Subsidiaries : |
BP Ergo [HK] Private
Limited Kemp & Company Limited Alcon Finance and
Investments Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
972201 |
Equity
Shares |
Rs. 10/- each |
Rs. 9.722 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.722 |
9.722 |
3.241 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
154.423 |
101.554 |
65.873 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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164.145 |
111.276 |
69.114 |
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LOAN FUNDS |
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1] Secured Loans |
45.945 |
60.701 |
143.770 |
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2] Unsecured Loans |
258.579 |
219.058 |
142.927 |
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TOTAL
BORROWING
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304.524 |
279.759 |
286.697 |
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DEFERRED TAX LIABILITIES |
2.424 |
6.045 |
12.565 |
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TOTAL
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471.093 |
397.080 |
368.376 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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156.718 |
133.429 |
121.249 |
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Capital work-in-progress
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1.097 |
3.687 |
0.020 |
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INVESTMENT
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0.002 |
0.008 |
0.002 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
7.583 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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116.985
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109.435
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79.287
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Sundry Debtors
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356.260
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317.330
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233.419
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Cash & Bank Balances
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53.899
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55.551
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42.710
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Other Current Assets
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1.009
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0.004
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0.201
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Loans & Advances
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176.009
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93.383
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83.543
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Total Current Assets
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704.162
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575.703
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439.160
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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266.589
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235.630
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174.530
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Provisions
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124.297
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80.117
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25.152
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Total Current Liabilities
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390.886
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315.747
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199.682
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Net Current
Assets
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313.276
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259.956
|
239.478
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.044 |
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TOTAL
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471.093 |
397.080 |
368.376 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
1360.158 |
1118.736 |
811.959 |
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Profit/(Loss) Before Tax
|
115.676 |
86.675 |
40.043 |
Provision for Taxation
|
40.636 |
32.063 |
15.991 |
Profit/(Loss) After Tax
|
75.040 |
54.612 |
24.052 |
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Export Value
|
52.362 |
38.673 |
5.113 |
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Import Value
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88.733 |
53.911 |
43.530 |
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Total Expenditure
|
1244.482 |
1032.061 |
771.916 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt Equity Ratio |
2.12 |
2.51 |
4.91 |
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Long Term Debt Equity Ratio |
1.20 |
1.27 |
2.47 |
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Current Ratio |
1.32 |
1.25 |
1.19 |
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TURNOVER RATIOS |
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Fixed Assets |
4.18 |
3.62 |
2.85 |
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Inventory |
12.62 |
10.73 |
10.83 |
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Debtors |
4.24 |
3.70 |
3.54 |
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Interest Cover Ratio |
4.54 |
3.71 |
2.42 |
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Operating Profit Margin (%) |
12.21 |
11.97 |
11.04 |
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Profit Before Interest and Tax Margin (%) |
10.39 |
10.11 |
8.22 |
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Cash Profit Margin (%) |
7.07 |
6.51 |
5.72 |
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Adjusted Net Profit Margin (%) |
5.25 |
4.65 |
2.90 |
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Return on Capital Employed (%) |
34.52 |
30.35 |
20.22 |
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Return on Net Worth (%) |
54.47 |
49.06 |
42.24 |
LOCAL AGENCY FURTHER INFORMATION
History:
The
company was incorporated on 6th October, 2000 at Hingna in Nagpur
having Company Registration Number 129024.
The
company acquired the "Office Furniture Systems", [OFS] division of
Kemp & Company Limited as a going concern pursuant to the Scheme of
Arrangement entered with Kemp & Company Limited as approved by the Hon'ble
High Court of Judicature at Mumbai, Nagpur Bench, vide its order dated April
10, 2001.
The
assets and liabilities of OFS division were acquired by the company with
retrospective effect from April 1, 2000.
Business:
Subject is engaged in
manufacturing, importing and selling of furniture.
Overall
performance and outlook
The Sales, Income from Operations and
Other Income of the Company for the year under report at Rs. 1477.3 millions,
represents a significant growth of over 21% as compared to previous year (Rs.
1218.5 millions). The company has also been able to achieve a substantial
improvement in profit after tax of Rs. 75 millions, which represents a 37%
growth over Rs. 54.6 millions in the previous year. This has been possible in
the face of steep competition, primarily because of various marketing
initiatives undertaken by the company and also by improvement of operational
efficiencies.
The company reinforced its market reputation as thought leader and innovator in
the modular office furniture market in India. The Colour Palette programme
launched in January, 2005, was further strengthened during the year through a
series of workshops of sales force to educate them about colour scheme, which
have been admired by the architects and clients, and have gained wide
acceptance. The Interface i2 series launched in March 2005, yielded good result
in increasing trading business of Carpet during the year by 46%.
The company organized spectacular road-shows for launch of new products like
Totem [a revolutionary product in office furniture system - a new way of
working], coupled with launch of Klober and CBS, and followed by the launch of
Connect workstation system. In appreciation of these innovative efforts the
Company received the NID - BW Design Excellence Award for Totem - a first for
office furniture in India.
During the period under report, the company also launched a 'quick ship scheme'
under which deliveries of standard products for an order size of up to Rs. 0.2
million was offered within 15 days time; the company successfully executed more
than 100 orders during the year under this scheme.
Efforts towards wastage control and overall quality improvement programme
enabled achievement of overall operational efficiencies.
The outlook for the coming year continues to be favourable.
DIVIDEND
The Directors had on 13th May, 2006, approved payment of Interim Dividend of
Rs. 20/- per share (@200%) for the year 2005-2006 and the same was paid in
June, 2006. The Board recommends for the approval that the Interim Dividend be
considered as final dividend for the year.
The company imports frabiles
from United Kingdom, drawer slides from Taiwan, MDF Bonds from The Netherlands
and PVC lipping from Thailand.
The company exports its
products through merchant exporters V.I.P. Industries Limited.
The company has technical
collaboration with Element Design International Pty. Limited, Australia for
manufacture of Network, Casewall, Stand, Eric and Alfa range products.
The company is in trade terms
with :
Alok Surfaces Private Limited
Chemetall Rai India Limited
Conweld Engineering Services
Hind Tools
Kartar Wire Industries
Private Limited
Vishal Paints
Palkar Industries
Prasad Plastics
Prasanna Precision Private
Limited
R. K. Industry
Sanjay Enterprises
Win Plastics
Nagma Enterprises
Sigma Electricals
Merchant Engineering
Ujas Electricals Private
Limited
Zenith Metaplast Private
Limited
Narke Electricals Private
Limited
Reliance Infocom
Bharti Telecom Limited
GE Capital
Awon Auto Ancilliaries
Private Limited
Epes Thermorub (India)
Private Limited
Plasto Pack (India) Private
Limited
Shell Products
Subject employs around 336
persons in its set up comprising of 196 persons in factory and 140 others.
The company's fixed assets of
important value include leasehold land, building, plant & machinery,
factory equipments, moulds, computers, furnitures & fixtures, office
equipments, vehicles and technical know-how.
Website
Details Attached:
BP
Ergo Limited is a division of the Rs. 8000 millions D. G Piramal Group of
Companies. The D.G P Group has primary business interests in LUGGAGE, SYSTEMS
FURNITURE and MOULDED FURNITURE.
BP Ergo Limited manufactures and supplies state-of-the-Art Systems furniture
for dynamic offices. Operations commenced in the year 1992, under Technical
collaboration Agreement with Element International Partnership, Australia.
The characteristics unique to most of the products on offer are dimensional
homogeneity and inter-compatibility across Systems furniture, from desk based
systems to partitions, vertical and horizontal modularity, stylish design and
ergonomic conception.
Designed by Christopher Sykes, an internationally renowned designer and founder
of Element International Partnership, Australia, the products are in use in the
U.S, U.K, India, Canada, Australia, Hong Kong, Brazil, Singapore and China.
Vision
"The Company is committed to building a quality Organization by increasing
customer focus, shareholder value and employee pride."
Mission
"To create high performance working environments by providing high quality
office furniture systems and interior Architectural products to make working a
pleasurable experience ".
History:
·
Commencement of
operations in 1992.
·
Company enters into
strategic collaboration with ELEMENT
International Partnership, Australia in 1992. ELEMENT - tile based partition launched in 1992.
·
Network, a Desking System for open
communication, dimensionally homogenous with ELEMENT, launched in 1995.
·
Conference Tables launched in 1995.
·
CaseWall Storage System, a
versatile Storage and Wall combination launched in 1998.
·
STAND Panel partition System
launched in India in 2000.
·
ALFA Desking System launched in
2001, after introduction in Brazil.
·
Strategic tie-ups with Interface Inc. for carpets and
fabrics, Vitra International A.G,
Germany for seatings in 2000.
·
Sales Strength spruced up to 90
Nos. for increased Customer interaction, responsiveness and reach.
·
An experienced Project Team with capability to
assemble workstations and provide after sales service, using the latest
technology.
·
Axis, a panel based workstation
system launched in 2002.
Future Plans:
·
To offer superior ergonomically conceived products and
exceed Customer expectations. Tie - up with Vitra for Designer quality
Ergonomic seating and Interface for carpets and Fabrics reinforces the
relentless pursuit for Total Ergonomic solutions and delivering pleasure at the
Workplace.
·
To retain leadership in Office Interior Solutions
by customizing layouts and product offerings. The ALFA Desking System and STRATUM,
the panel partition System, with it's improved versions address the functional
and specific layout needs across business segments.
·
Constantly strive to
achieve higher levels of customer
satisfaction. The Blow Plast Extranet, a unique Project Management tool
available to the Clients to monitor their Project schedules is a step in this
direction.
To meet the growing need for ergonomically designed workplaces,
ELEMENT Partition System, Network Desking System, Conference Tables and
CaseWall stackable storage systems were launched. These collectively addressed
the Total Office Architecture needs of the Company - partition, desking, storages
and conferencing.
The Company is in the pursuit of it's mission:
"To create high performance
working environment by providing high quality office furniture systems and
interior architectural products to make working a pleasurable experience ".
.... and it is this commitment to deliver
design led interior architectural solutions that have made BP Ergo the
preferred vendor in the country.
Constant interface with the workplace
occupants, incorporation of feedbacks from clients, time and motion Studies on
the employee, workplace behavior pattern studies, Focus Group researches and
inputs from Architects and Interior Designers ensure design solutions that
permeate as a culture in the Organisation, from sales to design.
Achievements:
In keeping with their key
Corporate Values of Design, Commitment and Vision, they feel that a satisfied
Customer is their biggest Award. As a Team committed to delivering
workplaces that would be the cradle of
the thoughts and processes, seeing Customers derive pleasure from the
workplace is their mission. Being successful at it is the judgment.
Awarded by
i-nautix Technologies, Chennai
for excellent Service.
Awarded by
Mindtree Consulting, Bangalore
in appreciation for Quality Service rendered.
To address the ever changing and evolving needs of a customer, an in-house
highly motivated Design and Development
Team offers design solutions; from concept
to product introductions.
Stringent norms across processes, from procurement to packing ensure that high quality products are delivered to
customers.
The company is recognized as a leader
in providing systems furniture in India, with over 1,000 completed sites across the country. With branch offices and
company showrooms which boast of the latest
CAD Infrastructure, Project
Managers, Installation Engineers
and a work force to respond to customer.
Infrastructure:
Works
·
State-Of-The-Art
manufacturing facility at Nagpur,
spanning over 20,000 square metres.
·
Latest CNC machinery and a well-designed process layout. System
manufacturing is followed to ensure interchangeability of components using high
precision equipments and a dedicated workforce.
·
The manufacturing unit
is self-sufficient in panel conversion,
assembly and powder coating.
·
A highly motivated Design and Development Team offers
design solutions; from concept to product introductions.
·
Quality Control is ensured through
stringent norms across processes, from procurement to packing.
Branch Offices
·
National presence with
Branch Offices at 8 Locations - Mumbai, Delhi, Kolkata, Chennai, Bangalore,
Secunderabad, Pune and Ahmedabad. All branches have full fledged showrooms,
with sales, projects, CAD support and after sales service.
·
Recognised as a leader
in providing systems furniture in India, with over 1,000 completed sites across
the country.
Client Servicing:
Project Management:
A committed Project Team to attend to installation, co-ordinate with other Interior vendors as well as meeting
exigencies and addressing imperatives at site.
·
A designated and experienced
Project Manager at strategic
locations for handling site logistics, manpower allocation, job scheduling,
material handling, Quality checks and site handover.
·
Installation Engineer with well
defined Project management skills for project execution.
·
A Team of experienced
hands, with the latest mechanized assembly tooling to deliver quality Installation to Customer Satisfaction
at site.
Extranet: Ergonomics Project Center launched in October, 2001.
1st Company in India to launch
the Extranet for efficient Project Management. Clients can login for getting
the following information:
·
Specifics and summary of
their Project details
·
Post queries, get the
details of a multitude of correspondences
·
Co-ordinate dispatch of
indented material by intimating the level of preparedness on site
·
Interface with Client
for feedback.
BP Ergo, part
of the DG Piramal Group is a design led company buzzing with fresh, innovative
and customized, world class office furniture solutions. They create for you an
environment such that you would want to leave office only if someone drags you
out kicking and screaming. This is made possible by the talented pool of
professionals who spend a lot of time understanding the needs before swinging
into action.
This
approach has paid off in many ways; the most recent being, Totem - Their latest
suite which picked up an award for flexibility and adaptability at the Business
World NID Excellence Awards 2005.
In
order to provide you the best and give you a one stop solution theyhave collaborated
with the best of International companies and designers:
Element
International, Australia
Interface Inc. for Modular Carpets, USA
Kloeber Seating Solutions, Germany
Colebrook Bosson Saunders for Office Accessories, UK
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders
or senior officers as terrorist or terrorist organization or whom notice had
been
received that all financial transactions involving their assets have been
blocked or
convicted,
found guilty or against whom a judgement or order had been entered in a
proceedings
for violating money-laundering, anti-corruption or bribery or international
economic
or anti-terrorism sanction laws or whose assets were seized, blocked, frozen
or
ordered forfeited for violation of money laundering or international
anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from
criminal
conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have
been
formally charged or convicted by a competent governmental authority for any
financial
crime or under any formal investigation by a competent government authority
for
any violation of anti-corruption laws or international anti-money laundering
laws or
standard.
8] Affiliation with Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders,
director, officer or employee of the company is a government official or a
family
member or close business associate of a Government official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.75 |
|
UK
Pound |
1 |
Rs.85.14 |
|
Euro |
1 |
Rs.57.55 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
57 |
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 |
|