MIRA INFORM REPORT
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Report Date : |
14.04.2007 |
IDENTIFICATION DETAILS
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Name : |
ICMC CORPORATION LIMITED |
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Registered
Office : |
36, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
24.01.1995 |
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Com. Reg. No.: |
18-29929 |
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CIN No.: [Company
Identification No.] |
U24294TN1995PLC029929 |
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TAN No. [Tax
Deduction & Collection Account No.]: |
CHE102341D |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturers of Intermediates, Catalysts and Enzyme. |
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 340000 |
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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 satisfactory track. Trade relations are fair. General financial position is satisfactory. 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 : |
36, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu, India |
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Tel. No.: |
91-44-26232083 / 26258620 / 42080531 |
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Fax No.: |
91-44-26232083 |
DIRECTORS
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Name : |
Mr. Kannan Mahadevan |
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Designation : |
Managing Director |
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Date of Birth : |
02.06.1969 |
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Address : |
24, Yogambal Street, T. Nagar, Chennai - 600017 |
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Date of Appointment
: |
24.01.1995 |
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Name : |
Mr. M. Ravi |
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Designation : |
Director |
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Date of Birth : |
02.06.1960 |
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Address : |
40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001 |
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Name : |
Mr. M. Ganpathy Subramniya |
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Designation : |
Director |
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Date of Birth : |
08.11.1956 |
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Address : |
40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001 |
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Name : |
Mrs. S. G. Ahilandam |
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Designation : |
Director |
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Date of Birth : |
05.11.1927 |
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Address : |
40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001 |
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Name : |
Mrs. M. Mahalakshmi |
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Designation : |
Director |
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Date of Birth : |
14.10.1961 |
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Address : |
40 – 41, Gandhi Nagar, Ponnagar, Trichy – 620001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. M. Kannan |
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2870920 |
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Mr. M. Ravi |
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2870920 |
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Mr. M. Ganapathy Subramanian |
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180510 |
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Mrs. S. G. Ahilandam |
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155840 |
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Mrs. M. Mahalakshmi |
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115210 |
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Mr. V. Ramesh |
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70000 |
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Ms. S. Kalayani Rani |
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150 |
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Mrs. Bhuvana Kannan |
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150 |
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TOTAL |
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6263700 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business
: |
Manufacturers of Intermediates, Catalysts and Enzyme. |
GENERAL INFORMATION
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No. of Employees
: |
About 210 |
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Bankers : |
1. State Bank of
Mauritius Limited Prince Arcade, 22A, Cathedral Road,
Chennai – 600086 2. The Lakshmi
Vilas Bank Limited No. 38, North Mada Street, Mylapore,
Chennai – 600001 3. Indian Bank, 31, Rajaji Salai, Chennai - 600001 4. Indian Bank Thousand Lights Branch, Kannammai
Building, 611 Anna Salai, Chennai – 600006 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Krishnan Appusamy & Associates Chartered Accountants Address : 20, Thiru Nagar, 4th Street, Vadapalani,
Chennai-600026, Tamilnadu, India Vasu Jayaraman & Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6263700 |
Equity Shares |
Rs. 10/- each |
Rs. 62.637
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 |
62.637 |
62.637 |
62.637 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.678 |
13.678 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[4.131] |
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NETWORTH |
86.315 |
76.315 |
58.506 |
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LOAN FUNDS |
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1] Secured Loans |
277.260 |
191.194 |
148.252 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
277.260 |
191.194 |
148.252 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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PROFIT & LOSS ACCOUNT |
3.713 |
0.000 |
0.000 |
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TOTAL |
367.288 |
267.509 |
206.758 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
191.349 |
98.530 |
82.894 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
44.007
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20.032
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29.778 |
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Sundry Debtors |
107.064
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135.560
|
108.795 |
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Cash & Bank
Balances |
8.359
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9.195
|
3.951 |
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Other Current
Assets |
12.174
|
3.640
|
2.728 |
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Loans &
Advances |
75.006
|
70.134
|
28.283 |
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Total Current Assets |
246.610
|
238.561
|
173.535 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current
Liabilities & Provisions |
71.409
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69.582 |
49.920 |
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Total Current Liabilities |
71.409
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69.582
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49.920 |
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Net
Current Assets |
175.201
|
168.979
|
123.615 |
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MISCELLANEOUS
EXPENSES |
0.738 |
0.000 |
0.249 |
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TOTAL |
367.288 |
267.509 |
206.758 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
351.915 |
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300.942 |
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Other Income |
22.525 |
12.700 |
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Total Income |
374.440 |
336.699 |
300.942 |
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Profit/(Loss) Before Tax |
20.855 |
24.873 |
14.833 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
20.855 |
24.873 |
14.833 |
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Expenditures : |
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Manufacturing Expenses |
NA |
NA |
44.482 |
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Administrative Expenses |
NA |
NA |
40.186 |
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Raw Material Consumed |
NA |
NA |
162.406 |
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Salaries, Wages, Bonus, etc. |
16.960 |
15.207 |
NA |
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Managerial Remuneration |
1.200 |
1.185 |
NA |
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Payment to Auditors |
0.090 |
0.090 |
NA |
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Interest |
22.990 |
17.762 |
14.392 |
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Insurance Expenses |
1.821 |
1.598 |
NA |
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Power & Fuel |
1.526 |
5.322 |
NA |
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Depreciation & Amortization |
19.577 |
16.414 |
21.380 |
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Other Expenditure |
127.877 |
66.689 |
3.262 |
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Total Expenditure |
353.585 |
311.826 |
286.109 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.57
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7.38
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4.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.57
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7.38
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4.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
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7.40
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5.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24
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0.33
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0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.04
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3.42
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3.39 |
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Current Ratio (Current Asset/Current Liability) |
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3.45
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3.43
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3.47 |
LOCAL AGENCY FURTHER INFORMATION
EXPANSION :
Printing &
Packaging Division :
The company has successfully finalised the sheet fed printing facility
by purchasing the adjacent property of about 5 grounds in Ambattur and
constructed a good RCC shed in the whole area which can be converted to a multi
storied building later. The company has
also acquired a 6 color Komari Off set machine with in line coater and extended
delivery and also one color Sheet Gravure of Moog Germany along with other
required converting and value addition equipment and enhanced the connected
power from 250 KVA to 500 KVA. The
project is all set to completed by mid October 05 and will start generating
revenues from November, 2005 onwards.
The company has also identified that Pharmaceutical companies and FMCG
Companies which are classified for payment of Excise Duty rates with a certain
percentage calculation on the MRP rates have started shifting their
manufacturing activities to the areas where there are no excise duty
leviable. These Zones are basically in
the state of Himachal Pradesh, Uttranchal Pradesh, J & K and some North
Eastern states. These palces are not
exempted from payment of Excise Duty for 10 years but also has income incentive
for a period of 15 years including a 5 year holiday and a 35% and 30%
concession thereafter for each block of 5 years.
Therefore the company has decided to take full advantage of these Pharma
& FMCG Companies in these areas by setting up a state of the art plant
containing both sheet fed and reel fed printing & packaging unit at Baddi,
Solan District of Himachal Pradesh. The
company also plan to manufacture soap wrappers, chocolate wrapper etc. for FMCG companies in these tax free
locations. The company’s internal
accruals & bank loans will fund this project.
Thus the printing & packaging division is all set for growth by
doubling its present capacity, sales and profitability.
Fertiliser
Divisions :
The monsoon was good during the last year in Tamilnadu and the company
had sold good quantities of Fertilisers in Tamilnadu and Andhra Pradesh with in
the existing capacities of plants in Trichy and Mailam.
The company has acquired a huge land in Gudur, Nellore District of
Andhra Pradesh for setting up a Zinc Sulphate and other micro-nutrients
manufacturing plant and is set to install the plant with an outlay of about Rs.
30 millions to be completed by April 2006 and this unit will cater to the
exclusive needs of the Andhra Pradesh market.
Thus the production, sales & profitability of this division will
improve further with the additional unit in Andhra Pradesh commencing its
operations.
The company is also contemplating on an IPO to get the shares of the
company listed on the stock exchange after the expansion projects are
completed.
Generic Names of Principal Products / Services as under :
> Turnkey Projects
FIXED ASSETS
Computer, Electrical Fittings, Furniture, Lab Equipments, Land –
Ambathur, Land & Building, Plant & Machinery, Vehicle
Form 8 Particular for creation
or modification of charges
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Name of the
company |
ICMC CORPORAITON |
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Presented By |
The Lakshmi
Vilas Bank Limited Mylapore
Branch, Chennai - 600004 |
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1) Date and
description of instrument creating the change |
16.12.2002 Joint Deed of
Hypothecation |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 130.500
millions as detailed below together with interest, cost charges and other
expenses debited to the account from time to time
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
1st
charge on the whole of the current assets of the company, namely, stocks of
raw materials, stocks in process, semi-finished and finished goods, stores
and spares not relating to plant & machinery, bills receivable and book
debts and all other movables both present & future whether now lying
loose or in cases or which are now lying or stored in or about or shall
hereinafter from time to time during the continuance of the security of these
presents be brought into or upon or be in or about the borrowers factories,
premises and godowns situated at all three divisions of the company in state
of Tamilnadu or wherever else the same may be or be held by any party to the
order or disposition of the borrower or in the course of transit or on high
seas or an order delivery, howsoever and wheresoever in the possession of the
borrower company and either by way of substitution or addition. All the charge on the assets shall be by
way of a 1st charge on pari passu basis with the two other
participating banks. Indian bank and
Lakshmi Vilas Bank Limited who have advanced within the overall amount
secured of Rs. 130.500 millions Indian Bank – Rs.
33.500 millions State Bank of
Mauritius – Rs. 64.500 millions The table of
advance by each of the three participating banks is as given above : |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest, margin
and other charges/commission, compound interest, additional interest,
liquidated damages, costs, charges, expenses and other moneys at the rates as
may be applicable and shall be subject to revision from time to time as per
the policies of the banks from time to time |
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5) Name and
Address and description of the person entitled to the charge. |
Cosortium of banks
led by State Bank of Mauritius Limited as below : - 1. State Bank of
Mauritius Limited [Lead Bank] Prince Arcade, 22A, Cathedral Road,
Chennai – 600086 2. The Lakshmi
Vilas Bank Limited No. 38, North Mada Street, Mylapore, Chennai
– 600001 3. Indian Bank,
Having ITS Head office at 31, Rajaji Salai, Chennai - 600001 |
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6) Date and brief description of instrument
modifying the charge |
Letter confirming
deposit of title deeds of property on 25.06.2005 with the bank |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
By this
modification the credit facilities of Rs. 80.500 millions as detailed below,
sanctioned to the company are additionally secured by Equitable Mortgage of
property in plot Nos. 48 & 49, SP Survey Nos. 216 part, 214 part, 219
part, total extent 4.875 grounds at Ambattur Industrial Estate, Manurpet
Village registered as sale deed No. 6449/2004 with SRO Konnur.
All other
securities including primary and collarteral which were already hypothecated
/ charged with the said bank shall also continue to secure the revised total
limits of Rs. 80.500 millions together with interest, costs, charges and all
other expenses which may be debited to the said account from time to
time. All other terms and conditions
remain the same. |
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Name of the
company |
ICMC CORPORAITON |
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Presented By |
The Lakshmi
Vilas Bank Limited Mylapore
Branch, Chennai - 600004 |
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1) Date and
description of instrument creating the change |
16.12.2002 Joint Deed of
Hypothecation |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 130.500
millions as detailed below together with interest, cost charges and other
expenses debited to the account from time to time
|
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
1st
charge on the whole of the current assets of the company, namely, stocks of
raw materials, stocks in process, semi-finished and finished goods, stores
and spares not relating to plant & machinery, bills receivable and book
debts and all other movables both present & future whether now lying
loose or in cases or which are now lying or stored in or about or shall
hereinafter from time to time during the continuance of the security of these
presents be brought into or upon or be in or about the borrowers factories,
premises and godowns situated at all three divisions of the company in state
of Tamilnadu or wherever else the same may be or be held by any party to the
order or disposition of the borrower or in the course of transit or on high seas
or an order delivery, howsoever and wheresoever in the possession of the
borrower company and either by way of substitution or addition. All the charge on the assets shall be by
way of a 1st charge on pari passu basis with the two other
participating banks. Indian bank and
Lakshmi Vilas Bank Limited who have advanced within the overall amount
secured of Rs. 130.500 millions Indian Bank – Rs.
33.500 millions LVB – Rs. 32.500
millions and the balance by the lead bank State Bank of
Mauritius – Rs. 64.500 millions The table of
advance by each of the three participating banks is as given above : |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest, margin
and other charges/commission, compound interest, additional interest,
liquidated damages, costs, charges, expenses and other moneys at the rates as
may be applicable and shall be subject to revision from time to time as per
the policies of the banks from time to time |
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5) Name and
Address and description of the person entitled to the charge. |
Cosortium of banks
led by State Bank of Mauritius Limited as below : - 1. State Bank of
Mauritius Limited [Lead Bank] Prince Arcade, 22A, Cathedral Road,
Chennai – 600086 2. The Lakshmi
Vilas Bank Limited No. 38, North Mada Street, Mylapore,
Chennai – 600001 3. Indian Bank,
Having ITS Head office at 31, Rajaji Salai, Chennai - 600001 |
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6) Date and brief description of instrument
modifying the charge |
10.09.2005 Letter of
hypothecation [in case of open cash credit] Agreement of
hypothecation of book debts Letter of
hypothecation [for securing goods / book debts / existings machineries] for
Rs. 80.500 millions Letter of
extension of equitable mortgage of property at Thandayarkulam village within
Panankudi SRO for the revised credit facilities Letter of
extension of equitable mortgage of property at Ambattur Industrial Estate,
Munurpet, village for the revised credit facilities. All the documents
are dated 10.09.2005 |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The Lakshmi Vilas
Bank Limited, Mylapore Branch, Chennai has modified the credit limits as
under :
This modification
is for sanction of combined OCC limit of Rs. 28.500 millions against stock of
raw materials, work in progress, finished goods of all the three divisions of
the borrower company namely fertilizer, printing and packaging and turnkey
project division on pari passu basis with the consortium members instead of
separate limits for OCC Rs. 15.500 millions and CCBD Rs. 13.000 millions. All other
securities including primary and collarteral which were already hypothecated
/ charged with the said bank shall also continue to secure the revised total
limits of Rs. 80.500 millions together with interest, costs, charges and all
other expenses which may be debited to the said account from time to
time. Collateral
security of property at Ambattur Industrial Estate, Chennai – 58 and property
at Thandayar Kulam Village within Panangudi SRO will continue to secure the
above revised limits of Rs. 80.500 millions. All other terms
and conditions remain the same. |
|
Name of the
company |
ICMC CORPORAITON LIMITED |
|
Presented By |
The Chief
Manager, Indian Bank, Thousand Lights Branch, Chennai – 6 |
|
1) Date and
description of instrument creating the change |
20.12.2005 – [1]
Agreement for hypothecation of goods received under advance payment
guarantees / LCs etc. [2] Agreement of
Irrevocable Letter of Credit |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 30.000
millions – One time Letter of Credit |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
On hypothecation
of machineries to be acquired under the LC |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Commission – as
per HO circular |
|
5) Name and Address
and description of the person entitled to the charge. |
Indian Bank Thousand Lights
Branch, Kannammai Building, 611 Anna Salai, Chennai – 600006 |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Not Applicable |
|
Corporation identity number or foreign company registrations number
of the company |
U24294TN1995PLC029929 |
|
Name of the company |
ICMC CORPORATION LIMITED |
|
Address |
36, Ambattur Industrial Estate, Chennai – 600058, Tamilnadu |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation Equitable mortgage or mortgage of property by depositing the title
deeds |
|
Particular of the charge holder
|
Lakshmi Vilas Bank Limited Mylapore Branch 38, North Mada Street, Chennai-600004, Tamilnadu, India |
|
Amount Secure by the charge |
Rs.128.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
OCC/CCBD Rs.38.500 millions 25% Margin, ROI BPLR 2.50% (Per 10.50%
p.a.) Hypothecation of inventory receivables on pari passu with Indian Bank
and SB of Mauritius ILC/FLC Rs.8.500 millions Margin 10% ROI 0.65% for purchase/Import
of machinery additional term loan for Baddi Project 60.000 millions 20%
margin PLR 2.5% (Per 10.50% p.a.) repayment 60monthly installment Holiday 12
months from date of disbursement with sub limit ILC/FLC (11.000 millions) 10%
Margin ROI 0.65% Mortgage / Hypothecation of Baddi Project assets on pari
passu with Indian Bank. |
|
Brief Description of the instrument modifying the charge |
Agreement of hypothecation of book debts, letter of hypothecation for
securing goods book debts, existing machineries, letter of hypothecation in
case of OCC, Agreement of hypothecation of goods received under Lc etc term
loan agreement |
|
Modification charge Charge identification number of the charge to be modified |
90287765 |
|
Date of instrument modifying the charge |
21.08.2006 |
|
Particulars of the Property charged
|
First charge by hypothecation of stocks, book debts and other current
asssets on pari passu basis with consortium Banks, collateral security of
first charge on properties and fixed assets of the company on pari passu
basis in consortium Banks, Baddi Project term loan secured by first mortgage/
Hypothecation charge on Baddi project assets on pari passu basis with Indian
Bank thousand Lights at company premises and wherever else stored. |
|
Particulars of present modification |
Existing FLC Rs.10.000 millions, TL Rs.12.500 millions, TL Rs.7.500
millions liquidated, OCC enhanced to Rs.38.500 millions, Additional term loan
Rs.60.000 millions for BADDI Project. Property at Munurpet Village Released. |
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.41.67 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.56.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|