MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPICER INDIA LIMITED |
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Registered Office : |
29, Milestone, Pune Nashik Highway, Village Kuruli Taluka
Khed, Pune – 410501, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.07.1993 |
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Com. Reg. No.: |
11-73227 |
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CIN No.: [Company
Identification No.] |
U34300MH1993PLC073227 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES11424A |
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PAN No.: [Permanent
Account No.] |
AAECS1869C |
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Legal Form : |
It is a closely held public limited liability company |
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Line of Business : |
Designing, Manufacturing, Assembling, Contract for Buying,
Selling, Hiring, Exporting, Importing, Distributing and Dealing in all types
of universal joints, axles, transfer cases, drive shafts and components
thereof for automotive applications whether in finished or semi-finished
forms. |
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 4500000 |
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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 well established company having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in a medium to long
– run. |
LOCATIONS
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Registered Office : |
29, Milestone, Pune Nashik Highway, Village Kuruli Taluka
Khed, Pune – 410501, Maharashtra, India |
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Tel. No.: |
91-20-24102501/ 02 / 03/ 04 / 05 |
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Fax No.: |
91-2135-252229/24120516 |
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E-Mail : |
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Website : |
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Factory : |
Village, Jodalli, Taluka Kalghatgi, District Dharwad, Jodalli - 580 114, Karnataka Tel. No. 91-836-2310482/3 Fax. No. 91-836-2310481 Plot 144, Sipcot Industrial Comples, Phase – I, Hosur - 635126, Tamilnadu Tel. No. 91-4344-277026 Fax. No. 91-4344-277803 Gat No. 74/A, Tulja Bhavani Industrial Estate, Near to Additional M. I. D. C. Karandwadi, Satara –415004, Maharashtra Tel. No. 91-2162-246503/4/6 Fax. No. 91-2162-246505 622-626, Kuruli - 410 501, Chakan, Pune, Maharashtra Tel. No. 91-2135-252228 |
DIRECTORS
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Name : |
Mr. Deepak Chand Anand |
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Designation : |
Chairman |
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Address : |
1, Sri Aurobindo Marg, Hauz Khas, New Delhi - 110 016 |
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Date of Birth/Age : |
26/08/1933 |
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Date of Appointment : |
29/07/1993 |
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Name : |
Mr. Chandrakant Somabhai Patel |
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Designation : |
Managing Director |
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Address : |
A-1, Srirang Heavens, Pimplesh Saudagar Road, Anudh Camp, Pune - 411 027, Maharashtra |
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Date of Birth/Age : |
10/09/1939 |
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Date of Appointment : |
20/01/2001 |
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Profile : |
Mr. C. S. Patel has a MS in Industrial Engineering from University of Minnesola and a MBA from the University of Detroit. He served with Ford Motor Company, USA for a period of five years before returning to India. Mr. Patel has held several assignments of increasing responsibility in Anand Group since 1974 especially as President of Human Resources and Business Development. Mr. Patel has spearheaded the operations of Spicer India Limited as Managing Director and greenfielded Driveshaft factories and Axle Plant. Presently, he is Chief Operating Officer of Anand Group |
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Name : |
Mr. Sanjay Saksena |
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Designation : |
Director |
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Address : |
103 Bahunia, Nyati Estate, Off NIBM Road, Pune – 411001, Maharashtra |
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Date of Birth/Age : |
02/01/1962 |
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Date of Appointment : |
27/09/2005 |
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Name : |
Mr. Dennis John Greenwald |
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Designation : |
Director |
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Address : |
3475, Shadywood Road, Lambert Ville, Michigan, USA – 48144 |
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Date of Birth/Age : |
31/01/1947 |
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Date of Appointment : |
27/09/2005 |
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Name : |
Mr. Erine Johnson |
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Designation : |
Director |
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Address : |
Wingarte, Orchard, 25.3 Km. Palem – Gurgaon Road, Dundhara, Gurgaon, Haryana – 122001 |
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Date of Birth/Age : |
14/03/1952 |
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Date of Appointment : |
30/06/2003 |
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Name : |
Mr. Prakash Bhalekar |
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Designation : |
Director |
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Address : |
15 – 16 Anand Farm, Anfilco Colony, Dundahera, Gurgaon – 122001,
Haryana |
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Date of Birth/Age : |
09/12/1968 |
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Date of Appointment : |
27/02/2004 |
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Name : |
Mr. Daniel Thomas Cavanagh |
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Designation : |
Director |
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Address : |
7701 Blg BendCt., Sylvania, Ohio, U.S.A. |
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Date of Birth/Age : |
22/06/1961 |
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Date of Appointment : |
27/09/2005 |
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Name : |
Mr. Krishnamurthy Naga Subramainam |
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Designation : |
Director |
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Address : |
13-14, Anfilco Colony, 25.3 Km, Palam - Gurgaon Road, Dundhara, Gurgaon, Haryana – 122001 |
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Date of Birth/Age : |
15/07/1953 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Deepak Chopra |
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Designation : |
Director |
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Address : |
7 & 8, Anfilco Housing Colony, Palam Gurgaon Road, Dundhara, Gurgaon – 122001, Haryana |
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Date of Birth/Age : |
15/12/1954 |
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Date of Appointment : |
27/09/2005 |
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Name : |
Mr. Thomas R. Stone |
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Designation : |
Director |
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Address : |
332E, Front Street, Perrysburg, Ohio, U.S.A. |
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Date of Birth/Age : |
12.06.1952 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. K. Mohan |
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Designation : |
Director |
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Address : |
A – 407, Casaansal, 18 B G Road, Bangalore – 560076, Karnataka, India |
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Date of Birth/Age : |
17.03.1948 |
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Date of Appointment : |
21.12.2005 |
KEY EXECUTIVES
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Name : |
Mr. Mahendra Kumar Goyal |
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Designation : |
Secretary |
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Address : |
Flat 7, Building CB, 2nd Floor, Clarion Park, Aundh, Pune –
411007, Maharashtra, India |
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Date of Birth/Age : |
01.11.1969 |
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Date of Appointment : |
09.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Dana Corporation |
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81416300 |
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Anand Technology Resource Park Private Limited |
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6133491 |
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Asia Investments Limited |
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21150205 |
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Mr. Pravesh Kumar Srivastava |
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1 |
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Mr. Chandrakant Somubhai Patel |
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1 |
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Mr. K. K. Jaggi |
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1 |
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Mr. Deepak Chopra |
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1 |
BUSINESS DETAILS
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Line of Business : |
Designing, Manufacturing, Assembling, Contract for Buying,
Selling, Hiring, Exporting, Importing, Distributing and Dealing in all types
of universal joints, axles, transfer cases, drive shafts and components
thereof for automotive applications whether in finished or semi-finished
forms. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity [
Per Annum] |
Actual
Production |
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Yokes |
Nos. |
3000000 |
2542459 |
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Companion Flange |
Nos. |
500000 |
479257 |
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V J Kits |
Nos. |
600000 |
36864 |
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Propeller Shaft Assembly |
Nos. |
350000 |
617547 |
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Axles |
Nos. |
150000 |
89203 |
GENERAL
INFORMATION
|
Suppliers : |
Ř Naveen Engineering Ř Amba Engineering Work Ř Vijaylaxmi Gears Ř Shardha Tools & Dies Ř Avi Auto Riders Private Limited Ř Mantri Metalics Limited Ř Phoenix Sheet Converters Ř Siddhi Forge Limited Ř Water Treatment Services Ř Surnedra Forgings Limited Ř Wire Rings Ř Akshay Pressings |
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No. of Employees : |
2000 |
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Bankers : |
Deutshe Bank Bank of Nova Scotia Mittal Towers, 'B' Wing, Nariman Point, Mumbai - 400 021 Standard Charted Grindlays Bank Limited |
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Facilities : |
Secured Loans : Loans from Financial Institutions : Rs. 0.080 million |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Dadar, Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AAEFP3641G |
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Holding Company : |
Dana Corporation P. O. Box 1000, Toledo, OH 43697, USA Tel. No. 419 535 4500 Subject is one of the world's largest suppliers of components, modules and complete systems to global vehicle manufacturers and their related after markets. Founded in 1904 and based in Tolledo, Ohio, subject operates some 300 major facilities in 35 countries and employs more than 75000 people. It reported sales of US $ 12.3 billions in the year 2000. |
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Subsidiaries : |
Ř ROC Keeper, Taiwan Ř Dana Global Logistics Limited Ř Dana Spicer (Thailand) Limited Ř Dana Italia SPA Ř Dana Spicer Axle Europe Ř Dana Spicer Axle Carden SA Ř Dana India Private Limited Ř Spicer Assembly Plant U.K. Ř Spicer France Ř Spicer Australia Ř Spicer Italy Ř Spicer Germany Ř Dana Technical Centre [GITC], U.S.A. Ř Spicer Axle South Africa |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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34000000 |
Equity Shares |
Rs. 10/- each |
Rs. 340.000 millions |
|
100000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 10.000 millions |
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TOTAL |
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Rs. 350.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
108700000 |
Equity Shares |
Rs. 10/- each |
Rs. 1087.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1087.000 |
1087.000 |
1087.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
57.378 |
3.886 |
3.886 |
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4] (Accumulated Losses) |
0.000 |
[171.872] |
[294.061] |
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NETWORTH |
1144.378 |
919.014 |
796.825 |
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LOAN FUNDS |
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1] Secured Loans |
0.706 |
0.080 |
0.565 |
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2] Unsecured Loans |
33.189 |
52.762 |
359.831 |
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TOTAL BORROWING |
33.895 |
52.842 |
360.396 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1178.273 |
971.856 |
1157.221 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
749.983 |
800.810 |
715.596 |
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Capital work-in-progress |
50.712 |
26.820 |
23.871 |
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INVESTMENT |
26.012 |
0.012 |
0.012 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
139.436 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
339.051
|
268.765 |
158.994 |
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Sundry Debtors |
684.490
|
576.769 |
334.143 |
|
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Cash & Bank Balances |
513.554
|
235.294 |
311.503 |
|
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Other Current Assets |
4.758
|
52.303 |
0.255 |
|
|
Loans & Advances |
254.255
|
164.413 |
91.561 |
|
Total
Current Assets |
1796.108
|
1297.544 |
896.456 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
1305.357
|
1114.093 |
586.026 |
|
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Provisions |
139.717
|
40.188 |
33.495 |
|
Total
Current Liabilities |
1445.074
|
1154.281 |
619.521 |
|
|
Net Current Assets |
351.034
|
143.263 |
276.935 |
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MISCELLANEOUS EXPENSES |
0.532 |
0.951 |
1.371 |
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|
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TOTAL |
1178.273 |
971.856 |
1157.221 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
4116.895 |
3291.789 |
2000.514 |
|
|
Increase / [Decrease] in stock |
0.000 |
0.000 |
25.002 |
|
|
Other Income |
139.454 |
144.538 |
458.554 |
|
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Total Income |
4256.349 |
3436.327 |
2484.070 |
|
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Profit/(Loss) Before Tax |
339.455 |
210.466 |
566.116 |
|
|
Provision for Taxation |
55.731 |
88.277 |
53.439 |
|
|
Profit/(Loss) After Tax |
283.724 |
122.189 |
512.677 |
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Earnings in Foreign Currency : |
|
|
|
|
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Export Earnings |
1305.209 |
1036.620 |
514.725 |
|
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Commission Earnings |
0.000 |
0.000 |
0.000 |
|
|
Other Earnings |
0.000 |
0.000 |
0.000 |
|
Total Earnings |
1305.209 |
1036.620 |
514.725 |
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
N.A. |
381.725 |
189.915 |
|
|
Stores & Spares |
N.A. |
0.000 |
0.000 |
|
|
Capital Goods |
N.A. |
99.505 |
43.106 |
|
|
Others |
N.A. |
0.000 |
0.000 |
|
Total Imports |
N.A. |
481.230 |
233.021 |
|
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Expenditures : |
|
|
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|
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Raw Material Consumed |
2417.820 |
2098.222 |
1191.259 |
|
|
Salaries, Wages, Bonus, etc. |
156.439 |
128.162 |
0.000 |
|
|
Managerial Remuneration |
5.534 |
3.966 |
0.000 |
|
|
Payment to Auditors |
2.085 |
2.020 |
0.000 |
|
|
Interest |
1.692 |
3.599 |
10.531 |
|
|
Insurance Expenses |
6.012 |
5.687 |
0.000 |
|
|
Power & Fuel |
47.767 |
39.865 |
0.000 |
|
|
Depreciation & Amortization |
0.000 |
0.000 |
111.721 |
|
|
Other Expenditure |
1279.544 |
944.338 |
602.535 |
|
Total Expenditure |
3916.893 |
3225.859 |
1916.046 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
6.66
|
3.55 |
20.63 |
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.97
|
6.12 |
22.78 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.33
|
10.03 |
35.11 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.22 |
0.71 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
1.31 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.12 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in the business as designing, manufacturing, assembling, buying, selling, hiring, exporting, importing, distributing and dealing in all types of universal joints, axles, transfer cases, drive shafts and components thereof for automotive applications whether in finished or semi-finished forms.
Dana, USA is the world leader in Auto component manufacturing. The company in 1904 invented the Universal Joint. Since then Dana is leading the technology in propeller shafts worldwide. Dana is having around 500 facilities in 33 countries.
Anand Group, the Indian partner, is a leading manufacturer of a wide range of automotive components in India. The Group was established in 1961, and consists of 19 multi-location Companies, employing 4,000 people. The Group is a supplier of components to virtually every vehicle and engine manufacturer in India. The relationship of Dana with Anand is built over last 40 years and they are partners in India on many products including Brakes, Piston Rings and Gaskets.
The company was founded in 1993 to manufacture Drive shafts and Axles in India. During 2000, Company's Sales was nearly $35 Million. Company has two Divisions. Axle Division and Drive shaft Division.
Axle Division is located at Chakan in Pune, Maharashtra State, where Axle components are manufactured, assembled into Axles and supplied to the OE customers for vehicle fitment.
Drive shaft Division has 2 Operating Plants. Jodalli Plant near Hubli in Karnataka State manufactures components and Satara Plant, in Maharashtra State assembles the components into Drive shafts and supplies to the OE customers for vehicle fitment. The Division Office as well as the Corporate Office is located at Chakan, Maharashtra, along with the Axle Division office and Axle Plant.
Driveshaft Component Plant at Jodalli, Karnataka, meets the entire requirement of components both for domestic as well as for export. More than 50% of production capacity of this plant is currently exported to Dana plants in USA, UK, France, Australia, Mexico and Canada.
The company’s globally standard parts are common for Domestic and Export. It
provides us opportunity to serve its domestic customers with the same products,
which get fitted on Ford and GM trucks.
All facilities of the company have QS-9000 Certification. The company has also secured ISO 14001 Certification for environment protection system and OHSAS 18001 certification for health and safety assurance system. The company may be the first Auto component manufacturing company in India, securing all above certificates
Product Features for drive shaft
Superior features of Spicer Propeller Shafts include :
Ř Glidecoated Tube Shaft to reduce friction and increase wear life of Slip Joint and Centre Bearing.
Ř Better balanced and lightweight shafts with Half Round End Yoke design, which also reduce assembly / dismantling time and increase servicing efficiency in Field.
Ř Superior Universal Joint, having metal backed seals, cold formed bearing cups with crowning, radius - ground trunnions for enhanced life and better seal fitting.
Ř Centre Bearings specially designed for Propeller Shaft application and greased for life at factory. Design incorporates double race bearing, land-riding seals for improved grease retention and honeycomb rubber design to reduce vibrations and noise transmission.
The company is in trade terms with :
A. G. Plast
Accurate Products
Akshay Pressing
Beejay Engineers, Hubli
Creative Metal Craft
Delux Engineering, Mumbai
Dynam Pressing, Pune
Gaurav Engineers, Pune
Hindustan Gears Private Limited, Hubli
Innovative Concepts, Dharwad
Nichrome, Hubli
SMG Industries, Hubli
Suri Inudstries, Hubli
Udit Packaging Private Limited, Pune
Wire Rings, Mumbai
Fixed Assets :
Freehold Land, Leasehold Land, Buildings, Plant and Machinery, Furniture
and Fixtures, Office Equipments, Computers and Vehicles.
|
Name of the company |
SPICER INDIA
LIMITED |
|
Presented By |
Mr. C. S. Patel,
Managing Director |
|
1) Date and description of instrument creating the change |
Unattested Deed of Hypothecation of Stocks and Book Debts dated
02.11.1998 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 180.000 millions |
|
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 |
Hypothecation of company’s all present and future moveable current
assets comprising of : [a] Stock – in – trade including stocks of raw materials,
goods-in-process, semi-finished and finished goods, consumable stores,
spares; [b] Book debts, outstanding, monies receivable, claims, bills,
contracts, engagements and securities |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest Rate :
Deutsche Bank Prime Lending Rate
[DBPLR] Repayment : Repayable
on Demand Charge created
as security for the credit facilities of Overdraft / Short Term Loan,
Pre-Export Advance / Export Bill Purchased, Import / Inland usance Letter of
Credit and Customs / Excise Guarantees totally aggregating to Rs. 180.000
millions |
|
5) Name and Address and description of the person entitled to the
charge. |
Deutsche Bank Hazarimal Somani
Marg, Fort, Mumbai – 400001 |
|
6) Date and brief description
of instrument modifying the charge |
First Supplemental Deed of Hypothecation of stocks & book debts
dated 03.10.2000 |
|
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. |
a. The amount of charge increased from Rs. 180.000 millions to Rs.
210.000 millions b. amount of credit facilities increased by the Bank from Rs. 180.000
millions to Rs. 210.000 millions |
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 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|