MIRA INFORM REPORT
|
Report
Date : |
27.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
THE
STRUCTURAL WATER PROOFING COMPANY PRIVATE LIMITED |
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Registered
Office : |
CICO House, 21/1, Dover Road, Kolkata – 700 019, West
Bengal |
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
21.03.1950 |
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Com.
Reg. No.: |
21-18695 |
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CIN
No.: [Company Identification No.] |
U99999WB1950PTC018695 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
DELS06072D |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturer and exporters of all kinds of construction
chemical like waterproofing, epoxies, plasticisisers, roof waterproofing,
flooring etc. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
225000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established company having fine
track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
CICO House, 21/1, Dover Road, Kolkata – 700 019, West
Bengal, India |
|
Tel.
No.: |
91-33-24759950
/ 2684 / 5378 |
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Fax
No.: |
91-33-24758240 |
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E-Mail
: |
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Area : |
1400 sq.
ft. |
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Location : |
Leased |
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Corporate
Office : |
Plot No.
1401/1, 3rd Phase, GIDC, Vapi – 396 195, Gujarat |
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Tel.
No.: |
91-260-2433928 |
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Fax
No.: |
91-260-2433928 |
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Plants
: |
Ø
Plot
38/1, Block – GN, Sector – V, Saltlake, Kolkata – 700091, West Bengal, India Tel No.: 91-33-23573546/4981/4982/4799 Fax No.: 91-33-23573881 Email : swccalcutta@satyam.net.in Area : 2200 sq. ft. Location : Leased Ø
8/1, Sevak Vaidya Street, Kolkata –
700019 Area : 2200 sq. ft. Location : Leased |
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Branches
: |
B – 29,
Sector – IV, District Ghaziabad, Gautam Buddha Nagar, Noida, Uttar Pradesh –
201301 Location
: Leased C-1-6124/6125,
4th Phase, G.I.D.C., Vapi- 396195, Gujarat, India Location
: Leased G-6,
Brown Nest Apartment, No. 73, 2nd Main Road, Gandhi Nagar, Adyar,
Chennai – 600020, Tamilnadu 56,
Mahavir Centre, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra Tel.
91-22-27893601 Fax.
91-22-27893571 406,
Deepali, 92, Nehru Place, New Delhi – 110 019 Tel.
91-11-26435432/26445680 Fax.
91-11-26221055/26416861 |
DIRECTORS
|
Name : |
Mr. Sumit Gupta |
|
Designation
: |
Managing Director |
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Address
: |
CICO House, 21/1, Dover Road, Kolkata – 700 019,
West Bengal, India |
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Date
of Birth/Age : |
23.07.1942 |
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Qualification
: |
M. Sc. |
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Experience
: |
15 Years |
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Other
Directorship : |
Ø CICO
Dimet Private Limited Ø CICI
Engineering Services Private Limited Ø CICO
Finance Private Limited Ø CIC
Holding Private Limited Ø FRC
Composites India Limited Ø Payel
Construction Chemical Private Limited |
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|
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Name : |
Mr. Jayanta Basu Roy |
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Designation
: |
Director |
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Address
: |
26/S/A Block B, New Alipur, Kolkata – 700053,
West Bengal, India |
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Date
of Birth/Age : |
10.08.1941 |
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Qualification
: |
B. Sc. |
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Experience
: |
15 Years |
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Date
of Appointment : |
01.03.2001 |
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Name : |
Mr. D K Chatterjee |
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Designation
: |
Director |
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Address
: |
416, Sector III, Salt Lake, Kolkata – 700091 |
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Date
of Birth/Age : |
07.09.1941 |
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Qualification
: |
M.Sc. |
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Experience
: |
15 Years |
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|
Name : |
Mr. S R Raju |
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Designation
: |
Director |
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Date
of Birth/Age : |
23.05.1959 |
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Experience
: |
15 Years |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer and exporters of all kinds of construction
chemical like waterproofing, epoxies, plasticisisers, roof waterproofing,
flooring etc. |
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Product
: |
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Brand
Names : |
"CICO" |
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Exports
to : |
Dubai, Maldives, Nepal, Russia and Sri Lanka |
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Imports
from : |
Australia, Germany, Italy, Japan, Taiwan and UK |
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Terms
: |
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Selling : |
Credit (30 days) or L/C |
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Purchasing : |
L/C or Credit (30 days) |
GENERAL INFORMATION
|
Suppliers
: |
·
DIMET,
Australia ·
FRC
Composites Limited, Canada ·
Thiokal
Corporation, UK ·
Toshen
Kaken Limited, Japan |
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|
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Customers
: |
·
Hooghly
River Bridge Corporation Limited ·
Metro
Railway ·
National
Hydro Power Corporation Limited ·
National
Thermal Power Corporation Limited ·
Nuclear
Power Corporation Limited ·
The
Tata Iron & Steel Company Limited ·
Vishakhapatnam
Steel Plant ·
Wholesalers,
Manufacturers And Government Bodies |
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No. of
Employees : |
250 |
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Bankers
: |
·
Allahabad
Bank, Chennai, Tamilnadu ·
Allahabad
Bank, 57, Park Street, Kolkata – 700 016, West Bengal ·
Allahabad
Bank, Nehru Place, New Delhi – 110 019 ·
Allahabad
Bank, Vapi, Gujarat ·
UCO
Bank, Main Branch, N. S. Road, Kolkata - 700001, West Bengal Credit Limit : Rs. 20.000 Millions |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Prabir
Ranjan Datta & Company Chartered
Accountants |
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Address
: |
3, N. S.
Road, Kolkata – 700 029, West Bengal |
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Associates
: |
CICO
Engineering Services Private Limited CICO
Finance Private Limited CICO
Holding Private Limited CICO
Toshin Services Private Limited FRC
Composites India Limited Payal Construction Chemical Private Limited |
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Subsidiaries
: |
Ø
CICO
Dimet Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs.
100/- each |
Rs.
5.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
46704 |
Equity shares |
Rs.
100/- each |
Rs.
4.670 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS
FUNDS |
|
|
|
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|
1] Share
Capital |
4.670 |
4.670 |
4.670 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
52.583 |
47.862 |
44.239 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
57.253 |
52.532 |
48.909 |
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LOAN
FUNDS |
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1]
Secured Loans |
83.115 |
63.007 |
46.739 |
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2]
Unsecured Loans |
1.724 |
2.091 |
2.366 |
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TOTAL
BORROWING
|
84.839 |
65.098 |
49.105 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
142.092 |
117.630 |
98.014 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
17.314 |
19.950 |
18.620 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
32.205 |
25.508 |
1.251 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
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Inventories
|
18.509 |
98.720 |
22.002 |
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Sundry Debtors
|
70.251 |
0.000 |
84.555 |
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Cash & Bank Balances
|
17.426 |
16.636 |
11.119 |
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Other Current Assets
|
31.000 |
0.000 |
0.372 |
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Loans & Advances
|
29.325 |
24.596 |
21.344 |
Total Current Assets
|
166.511 |
139.952 |
139.392 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
74.508 |
68.269 |
61.069 |
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Provisions
|
|
|
0.180 |
Total Current Liabilities
|
74.508 |
68.569 |
61.249 |
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Net
Current Assets
|
92.003 |
71.683 |
78.143 |
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MISCELLANEOUS EXPENSES
|
0.570 |
0.489 |
0.000 |
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TOTAL
|
142.092 |
117.630 |
98.014 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
137.971 |
117.690 |
182.639 |
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|
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Profit/(Loss) Before Tax
|
7.446 |
5.723 |
3.679 |
Provision for Taxation
|
2.725 |
2.100 |
1.343 |
Profit/(Loss) After Tax
|
4.721 |
3.623 |
2.336 |
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Export Value
|
NA |
NA |
1.425 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
3.42 |
3.08 |
1.27
|
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Net Profit Margin
(PBT/Sales) |
(%) |
5.40 |
4.86 |
2.01
|
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|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
4.05 |
3.58 |
2.32
|
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|
Return on Investment (ROI)
(PBT/Networth) |
|
0.13 |
0.11 |
0.07
|
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|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.78 |
2.54 |
2.25
|
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|
|
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|
Current Ratio
(Current
Asset/Current Liability) |
|
2.23 |
2.04 |
2.27
|
LOCAL AGENCY FURTHER INFORMATION
BUSINESS:
Subject is engaged in the business as manufacturers of
Concrete Admixtures, Chemical Grouts, Sealant and other materials,
Waterproofing Compounds, Grouts, Plasticisers, Super Plasticisers, Air
Entraining Agents, Set Retarders, Pumping Aids, Accelerating Agents, Bonding
& Polymer Admixtures, etc.
MEMBERSHIPS
Confederation
of Indian Industry
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. 44.64 |
|
UK Pound |
1 |
Rs. 86.51 |
|
Euro |
1 |
Rs. 58.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--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 |
|
49 |
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 |