MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
RIDDHI SIDDHI GLUCO BIOLS LIMITED |
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Registered Office : |
701, Sakar- I, Opp Gandhigram Railway Station, Ashram Road, Ahmedabad
– 380009, Gujarat . |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.07.1991 |
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Com. Reg. No.: |
04-013967 |
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CIN No.: [Company
Identification No.] |
L24110GJ1990PLC013967 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR01193D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Starch and Glucose. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 500000 |
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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 and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
701, Sakar- I, Opp Gandhigram Railway Station, Ashram Road, Ahmedabad
Gujarat – 380009 |
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Tel. No.: |
91-79-26581000 |
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Fax No.: |
91-79-26580894 |
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E-Mail : |
ahmd@riddhisiddhi.co.in |
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Marketing Points : |
Delhi C-3/90,Janakpuri, Near Dabri mode, New Delhi – 110058. Tel No : 91-11-25516378 Email : delhi@riddhisiddhi.co.in Mumbai 401, Mathru Arcade, 32, Subhash Road, Opp Garware House, Ville Parle
(E), Mumbai – 400057. Maharashtra. India Tel No. : 91-22-26845635/26848348 Email : Mumbai@riddhisiddhi.co.in Bangalore 639/1, 2nd Floor, 3rd Cross, Dr. Rajkumar Road,
‘D’ Block, IInd Phase, Rajaji Nagar, Bangalore – 560010. Karnataka. India Tel/Fax No : 91-80-23527475/23429684 Email :bglr@riddhisiddhi.co.in Chennai Door No. 2, 6th Floor, Crown Court No. 128, Cathedral Road,
Chennai – 600086. Tamilnadu. India Tel No. : 91-44-42043700/39183704 Email : Chennai@riddhisiddhi.co.in |
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Plant Locations : |
Viramgam Block No. 51-52, Riddhi Siddhi Nagar, Village – Juna Paddar, Viramgam, Becharaji Road, Taluka – Viramgam. Ahmedabad. India. Tel No. : 91-2715-234182/234181 Email : vgm@riddhisiddhi.co.in Gokak (Belgaum) Post Box No. 9, Gokak Falls Road, Gokak – 591307, District –Belgaum, Karnataka, India. Tel No. : 91-8332-229240/41/42 Fax No. : 91-8332-226721/227266 Email : gokak@riddhisiddhi.co.in Pondichery Unit – III, Vazhudavoor Road, Iyyahkuttipalayam, Pondichery – 605009. India Tel No. : 91-413-2271135 Fax No. 91-413-2271128 Email : pondi@riddhisiddhi.co.in |
DIRECTORS
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Name : |
Mr. Sampatraj L Chowdhary |
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Designation : |
Chaiman |
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Name : |
Mr. Ganpatraj L Chowdhary |
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Designation : |
Managing Director |
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Name : |
Mr. P G Zalani |
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Designation : |
Directore |
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Name : |
Mr. Mukesh Kumar Chowdhary |
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Designation : |
Whole-Time Directore |
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Name : |
Mr. Sathyamurthi |
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Designation : |
Director |
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Name : |
Mr. Marc Roquette. |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters |
3811955 |
45.11 % |
|
Banks Financial Institutions, Insurance Companies |
131717 |
01.56 % |
|
Foreign Institutional Investor |
16845 |
00.20 |
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Private Bodies Corporate |
2577443 |
30.50 % |
|
Indian Public |
1889486 |
22.36 % |
|
NRIs / OCBs |
23254 |
00.28 % |
|
Grand Total |
8450400 |
100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Starch and Glucose. |
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Products : |
Starch Liquid Glucose Dextrose Monohydrate |
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Exports : |
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Products : |
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Countries : |
Japan, Thailand, Indonesia, Bangladesh, Kuwait, Bahrain, Egypt, Saudi
Arabia, Vietnam and Other Middle East
and Asian Countries |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
|
Starch and Allied Products (Current Year) |
M.Ton |
|
175000 |
134542 |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehta Lodha and Company Chartered Accountant |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12,000,000 |
Preference Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
14,000,000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
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Total |
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Rs.260.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Preference Share |
Rs.10/- each |
Rs.50.000
Millions |
|
8,450,400 |
Equity Share |
Rs.10/- each |
Rs.84.504
Millions |
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Less: Calls in arrears – other than
Directors |
|
Rs. 0.035 Millions |
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Total |
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Rs.134.469 Millions |
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STOCK PRICES
|
Face Value |
Rs. 10.00 |
|
High |
Rs. (0.01) |
|
Low |
Rs. (0.01) |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
134.469 |
154.464 |
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2] Share Application Money |
|
432.900 |
0.000 |
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3] Reserves & Surplus |
|
698.441 |
483.687 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1265.810 |
638.151 |
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LOAN FUNDS |
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1] Secured Loans |
|
1275.605 |
1140.111 |
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2] Unsecured Loans |
|
182.953 |
188.751 |
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TOTAL BORROWING |
|
1458.558 |
1328.862 |
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DEFERRED TAX LIABILITIES |
|
56.676 |
52.688 |
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TOTAL |
|
2781.044 |
2019.701 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1614.011 |
1390.563 |
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Capital work-in-progress |
|
59.047 |
19.904 |
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INVESTMENT |
|
0.939 |
0.939 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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576.406
|
339.275 |
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Sundry Debtors |
|
503.848
|
361.906 |
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Cash & Bank Balances |
|
155.543
|
20.021 |
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Other Current Assets |
|
0.000
|
0.000 |
|
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Loans & Advances |
|
46.346
|
21.170 |
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Total
Current Assets |
|
1282.143
|
748.372 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
175.096
|
140.077 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
175.096
|
140.077 |
|
|
Net Current Assets |
|
1107.047
|
608.295 |
|
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|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
2781.044 |
2019.701 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
2478.604 |
1986.978 |
|
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Other Income |
|
2.917 |
1.787 |
|
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Total Income |
|
2481.521 |
1988.765 |
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|
|
|
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|
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Profit/(Loss) Before Tax |
|
129.826 |
53.686 |
|
|
Provision for Taxation |
|
16.382 |
14.169 |
|
|
Profit/(Loss) After Tax |
|
113.444 |
39.517 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
154.970 |
74.123 |
|
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Commission Earnings |
|
0.000 |
0.000 |
|
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Other Earnings |
|
0.000 |
0.000 |
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Total Earnings |
|
154.970 |
74.123 |
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Imports : |
|
|
|
|
|
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Raw Materials |
|
2.773 |
0.000 |
|
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Stores & Spares |
|
0.316 |
0.493 |
|
|
Capital Goods |
|
8.839 |
0.495 |
|
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Others |
|
0.000 |
0.000 |
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Total Imports |
|
11.928 |
0.988 |
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|
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Expenditures : |
|
|
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Manufacturing Expenses |
|
332.471 |
311.089 |
|
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Administrative Expenses |
|
158.479 |
124.323 |
|
|
Material Cost |
|
1481.486 |
1146.202 |
|
|
Financial Expenses |
|
118.992 |
109.251 |
|
|
Depreciation & Amortization |
|
82.175 |
77.239 |
|
|
Other Expenditure |
|
0.000 |
0.394 |
|
Total Expenditure |
|
2173.603 |
1768.498 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2006 1st
Qtr |
30.09.2006 2nd
Qtr |
31.12.2006 3rd
Qtr |
|
Sales Turnover |
711.400 |
749.100 |
1034.800 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
711.400 |
749.100 |
1034.800 |
|
Total
Expenditure |
605.000 |
633.100 |
873.800 |
|
Operating Profit |
106.400 |
116.000 |
161.000 |
|
Interest |
35.400 |
38.000 |
36.100 |
|
Gross Profit |
71.000 |
78.000 |
124.900 |
|
Depreciation |
23.100 |
24.000 |
31.300 |
|
Tax |
0.000 |
0.000 |
10.500 |
|
Reported PAT |
47.900 |
54.000 |
83.100 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
4.57 |
1.98 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.23 |
2.70 |
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.48 |
2.50 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.29 |
2.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
7.32 |
5.34 |
LOCAL AGENCY FURTHER
INFORMATION
Performance
India economy has obtained robustness. As per data release by Central
Statistical Organization GDP growth for
FY2006 was estimated at 8.4%backed by strong growth in agriculture of 4%,
Manufacturing of 9 % and services of 10%. As the company is in the agro food
processing sector supplying products to a wide spectrum of industries, it could
cash in on the buoyancy in the economy. The year under review of 2005-06 was
perhaps the most significant in the history of the company.
- The Company
emerged as the largest cornstarch manufacturer in India
- It recorded
an impressive performance which is reflected in the improved numbers.
- The Company
reported a revenue of Rs. 2478.604 Millions
- Exports
accounted for 6.43% of revenues.
- EBIDTA margin
increase by 134 basis points to 14.40% over the previous year due to an
improvement in operational efficiency.
- Interest
cover strengthened from 2.20 to 2.78 on account of prudent fiscal
management.
- The Company
earned a net profit of Rs.114.212 Millions, a growth of 208 %.
Exports
The Company received an encouraging global response to its products
following the first year of international marketing in 2004-05, achieving
exports of Rs. 154.970 Millions in 2005-06 as against Rs. 74.123 Millions in
2004-05. as a result, the company has targeted at least 25 % of its total
income from exports in three years and accordingly set about expanding its
global footprint.
The Company exported products to Japan, Thailand, Indonesia, Bangladesh,
Kuwait, Bahrain, Egypt. Saudi Arabia, Vietnam and other Middle East and Asian
Countries. The Company was certified as a Single Star Export House and Plants
were certified as per ISO 9001:2000.
Acquisition
The Company sustained organic and inorganic initiatives to attain an
industry leadership position. During the year under review, the Company
successfully acquired the biopolymer division of HLL limited in Pondichery
along with the relevant trademarks and know-how; the unit was integrated from
September 2005. This unit produces special grades of modified starch used in
the paper industry and enjoys a substantial market share in the categories of
its presence. Besides, this unit will now serve as the R & D hub of the
Company, accelerating the development of more value-added starch derivates.
Capex
During the year under review, the company invested about Rs.220.000
Millions in capacity building to increase the corn grinding and finished goods
production capacities at its existing plants. As a result, the finished goods
production capacity increased from 125000 MT per annum in 2004-05 to 175000 MT
per annum following incremental capacity commencement from February 2006.
Further, the Board approved the Company’s proposal to set up a new unit
at Pantnagar in Uttaranchal having a corn grinding capacity of 500 tpd at an
estimated cost of Rs.1100.000 Millions. The Company acquired the required land,
embarked on construction and expects the project to go into production in
February 2007.
Technical Arrangement
The Company joined hands with Roquette
Freres of France, a world major and the largest wet corn miller in
France, through comprehensive equity participation and co-operation agreements.
Pursuant to this arrangement, Roquette Freres took a 14.95 % stake in the
company.
Roquette Freres is the largest producer of polyols in the world with a
presence in five sub-continents. It employs over 6000 people and produces over
600 products from 6 million tons of agricultural produce with a consolidated
turnover exceeding Euro 2 billion.
The co-operation agreement between the two companies provides for a
transfer of know-how for an improvement in the existing product categories of
the company and the introduction of new products. Besides, Roquette Freres will
assist the company in increase exports. With this arrangement, the company is
optimistic of successful product development leading to sustainable and
profitable growth.
As per Website
Riddhi siddhi Gluco Biols Limited is the starch and glucose manufacturing plant of the Riddhi Siddhi Group and is the largest wet milling plant of the Indian Sub Continent having the highest crushing capacity with mills located at prime locations – Gokak (Karnataka) and Viramgam (Ahmedabad). The company’s core strength lies in strong customer focus and rich expertise in the field of production and quality control which underlines the organizations ongoing commitment and quest for quality products and services.
Riddhi Siddhi Group has always focused on having the best quality manpower both by attracting outside talent as well as by training and retraining its personnel. This leads their team continuous focus on satisfying customer’s needs by constantly improving the quality of their products and services. With personnel having rich expertise in the field of production and quality of service, products of international standards are produced and are supplied to all major institutions in the country.
They stand as the largest manufacturing plant producing the
starch of various types, liquid glucose, dextrose Monohydrate , Maltodextrin,
Dextrose syrup, High Maltose Corn Syrup and the by products like Corn Gluten
meal and Enriched fiber which are used in various applications catering to different
industries of Food, Textile, paper, Pharmaceuticals, Confectionaries and many
more. They have a proven track record to fully understand their requirements so
that their team can tailor various products to suit their needs. With adequate
capacity for manufacture of all finished goods and by products, the company has
vast potentials to export goods to all the neighboring countries like middle
east, South East, Bangladesh, Srilanka, Nepal to name a few.
Maize has long been India’s most important agricultural crop and Karnataka
being the largest producer of the total maize in the country. Not only it is
the staple food for the population, it the one of the countries most
significant feed grains. Hence due to abundant supply of raw material all
through out the year and vast applications of the products they manufacture in
various industries, they always look for the vision to succeed.
The history of Riddhi Siddhi Gluco Biols Ltd. (RSGBL) is the
one of innovation and adventure, of risks taken and bold decisions made. The
seeds of this successful corporate conglomerate were sown in 1990 in the name
of Riddhi Siddhi Chemicals Private Limited In March 1992 the name was changed
to Riddhi Siddhi Chemicals Ltd. on the day of March 1992. What followed was an
unmatched series of innovations, achievements and accolades.
The major milestones in the history of RSGBL, convey the rest of the story
At A Glance
1993-94 Commenced Manufacturing Operation at Viramgam ( Ahmedabad)
1994-95 Liquid Glucose Plant at Viramgam (Ahmedabad)
1995-96 Acquired K. G. Gluco Biols Limited, Gokak (Glaxo KSIIDC)
1996-97 Addition of Starch Drying Facility at Gokak.
1997-98 Stabilization and balancing of Operations at Gokak.
1998-99 Increase in capacity of Maltodextrine at Gokak.
1999-00 Addition of Dextrose Syrup and increase in capacity of Dextrose Monohydrate and Liquid Glucose.
2001-02 Implementation of 6.2MW Captive Co-generation Power Plant.
2002-03 Expanded Crushing Capacity of Gokak plant to make it India’s largest Corn Wet Milling Plant.
2003-04 Addition of High Maltose Corn Syrup plant at Viramgam (Ahmedabad)
2004-05 Capacity enhancement of Liquid Glucose plant AT Gokak.
2005-06 Acquisition of Biopolymer Division from Hindustan Lever Limited at Pondichery.
Further expanded crushing capacity of Gokak plant from 500 Tpd to 750 Tpd
Roped in Roquette Freres of France As the Strategi investor.
One Star Export house accredition
Operations
The company has two manufacturing units in the country of which the first one is situated at Ahmedabad, one of the most industrially developed cities in the country. Ahmedabad is the commercial capital of State of Gujarat with all infrastructure facilities for Rail, Road & Air Travel. The International Airport is also well connected to all important domestic cities. The second unit, the state of the art plant with the most modern machinery situated in Gokak of the Belgaum District of Karnataka has been taken over by Riddhi Siddhi from M/s.K.G.Gluco Boils Ltd., a joint venture of Glaxo Laboratories & Karnataka. Belgaum is well connected by Road & Rail and has Domestic Air Travel facilities.
Press Report
Riddhi Siddhi Gluco to expand capacity
RIDDHI Siddhi Gluco Biols Ltd, the country's largest starch and starch derivatives manufacturer, said it is enhancing its maize-crushing capacity to around 2,85,000 tonnes a year from 1,65,000 tonnes.
This is estimated to cost Rs 300.000 Millions and would be funded partly
through the proposed preferential allotment, term borrowings from banks and
internal accruals. The capacity expansion is to be completed by January 2006.
The shareholders at the EGM held on November 12 had approved the company’s
proposal to issue.1.000 Millions shares to the promoter group and an investor
group, at Rs 115 a share. The funds so raised would be deployed in the capital
expenditure plan, repayment of loans and additional working capital requirement.
"The ongoing capex plan will help us consolidate position as market leader
in the starch segment. Also, their major clients are in massive growth phase
and have committed long-term orders to us. The biopolymer division at
Pondicherry, recently acquired from HLL, has stabilised operations and the
management is considering capital expenditure in this division as well. Apart
from topline impact expected, the capex plan would also lead to healthy
profitability," Mr Ganpatraj L. Chowdhary, Managing Director, Riddhi
Siddhi, said in a press release.
Riddhi Siddhi to expand product range To use HLL
bio-polymer unit as R&D centre
Mr Ganpatraj Chowdhary, Managing Director, Riddhi Siddhi Gluco Biols Ltd, at a
press conference in Chennai on Wednesday. — Bijoy Ghosh
Chennai , Aug. 10
RIDDHI Siddhi Gluco Biols Ltd, which has acquired HLL's functional bio-polymer
unit in Pondicherry, says that the unit will be its centre for developing new
starch-based products to expand its product and market range.
Also in the pipeline is a Greenfield project to produce high value starch-based
products and derivatives.
The company now makes starch-based products from corn and tapioca for food
processing, pharmaceutical, textile and paper industries. These industries are
going through a buoyant phase, which is expected to translate into a healthy
demand for Riddhi Siddhi's products.
Outlining Riddhi Siddhi's plans at a press conference today, its Managing
Director, Mr Ganpatraj L. Chowdhary, said that following the acquisition the
company can now manufacture value-added starch-based products and derivatives
for paper and textile industries. Earlier, its strength was in manufacturing
starch products for pharmaceuticals and food processors and for low value starch
products for the paper industry.
The acquisition of the Pondicherry unit is a forward integration for the
company, which hopes to enter into value-added product lines, such as denim
grade starch and specialised products for copier paper manufacturers. It is
also strengthening its research and development wing at this location to
develop more product lines.
Its other manufacturing facilities are in Gokak, Karnataka (which is its
largest unit with a capacity of 500 tonnes a day) and in Viramgam, Ahmedabad.
It has a total capacity to produce about 1.35 lakh tonnes starch a year.
In addition, by November it will finalise the details for a new project at one
more location. While not wanting to share the details for now, Mr Chowdhary
said that investments would be sizeable as starch-based units of this type were
capital intensive.
Starch and starch-derivatives represent a multi-billion dollar market
internationally and the company is also focusing on the export markets, he
said.
Its turnover of over Rs 2000.000 Millions is set to grow to Rs 2500.000
Millions in the current year with exports likely to double to Rs 160.000
Millions. It exports corn starch powder, liquid glucose and corn gluten meal.
Its markets are West Asia, Japan, South East Asia, Bangladesh, Sri Lanka and
Nepal.
The company's products include liquid glucose, dextrose monohydrate,
maltodextrin, dextrose syrup, high maltose corn syrup and by-products like corn
gluten meal and enriched fibre.
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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 |
|