MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PANAMA PETROCHEM LIMITED |
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Registered Office : |
Plot No 3303, GIDC Estate, Ankleshwar
393022 Gujarat India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.03.1982 |
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Com. Reg. No.: |
005062 |
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CIN No.: [Company
Identification No.] |
L23209GJ1982PLC005062 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP21217A |
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PAN No.: [Permanent
Account No.] |
AACCP4358D |
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Legal Form : |
It is a Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers of Speciality Chemicals |
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 857000 |
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Status : |
Good |
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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 trade. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. General financial position is satisfactory. Payments are reported as slow but correct. |
LOCATIONS
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Registered Office : |
Plot No.3303 , GIDC
,Ankleshwar Gujarat 393002 India |
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Tel. No.: |
91-2646-221068 , 250281 |
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Mobile No.: |
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Fax No.: |
91-2646-250281 |
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E-Mail : |
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Website : |
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Corporate Office : |
5, Mahavir shan , 416 Narshi Natha Street , Mumbai 400009 |
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Tel. No.: |
91-22-23427700 |
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Fax No.: |
91-22-23428702 |
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E-Mail : |
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Overseas Office |
20501 Katy Freeway 138D, Katy, TX 77450 USA |
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Tel. No.: |
91-281- 8291500 |
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Fax No.: |
91-281- 8291501 |
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Plants : |
Plot No. 127/128, Marol Co-op Industrial Estate M.V. Road Saki naka ,
Andheri (E) Mumbai No. 400059 |
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Tel. No.: |
91-2228501486, 28505459 |
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Fax No.: |
91-22-28500003 |
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Plants : |
Survey No.78/2, Daman Ind. Estate Unit III,Poly Cab Road Village
Kadaiya Dist .Daman (UT)396210 |
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Tel. No.: |
91-260-3091311 |
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Fax No.: |
91-260-2220449 |
DIRECTORS
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Name : |
Mr. Badrudin Kasamali |
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Designation : |
Chairma – Directors |
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Name : |
Mr. Amitali Rayani |
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Designation : |
Managing Director & C.E.O |
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Name : |
Mr. Dilip Phatarphekar |
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Designation : |
Directors |
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Name : |
Mr.Madan Mohan Jain |
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Designation : |
Director |
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Name : |
Mr.M.V.Isani |
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Designation : |
Director |
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Name : |
Mr.Vazirali Rayani |
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Designation : |
Director |
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Name : |
Salimali Rayami |
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Designation : |
Director |
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Name : |
Mr.Amin Rayani |
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Designation : |
Director |
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Name : |
Mr. Samir Rayani |
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Designation : |
Director |
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Name : |
Mr. Mukesh Mehata |
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Designation : |
Director |
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Name : |
Mr. Rajendra Thakker |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Akberail Rayai |
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Designation : |
Executive –Operation & Sales |
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Name : |
Mr. P.V. Chauhan |
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Designation : |
General Manager |
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Name : |
Mr. D.N.Chauhan |
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Designation : |
Manager – Plant , Ankleshwar |
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Name : |
Mr. Anil Dixit |
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Designation : |
Manager – Plant , Daman |
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Name : |
Mr. S.R. Sawant |
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Designation : |
Manager – Marketing (Lubricants) |
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Name : |
Mr. S.T. Chhatriwala |
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Designation : |
Manager – Marketing (Lubricants) |
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Name : |
Mr. Anil Dhomse |
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Designation : |
Manager – Marketing (Specially Products) |
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Name : |
Ms. Krupali Daru |
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Designation : |
Acs , LLB Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter |
394750 |
9.26 |
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Directors & Relatives o Directors |
1320167 |
30.98 |
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Mutual Funds & banks |
14.100 |
0.33 |
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Private Corporate Bodies |
523369 |
12.28 |
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NRIs/ OCBs/FIIs |
247288 |
5.80 |
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Indian Public including Shares in transit |
1762326 |
41.35 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Speciality Chemicals |
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Products : |
HC Code
Product Drscription
Featured Products · White oil · Anti Static
Coning oil · Transformer oil · Petroleun Jelly · Liquid paraffins |
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Exports : |
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Products : |
White Oil, Petroleum Jelly, Liquid Paraffin |
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Countries : |
U.S.A, Africa, Middle East |
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Imports : |
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Products : |
Base Oils |
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Countries : |
Leading
International suppliers |
GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
· Indian Bank · Development
Credit Bank Limited · Canara Bank · HSBC Bank · Standard
Chartered Bank |
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Facilities : |
Secured loans :
Uncured Loans
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Habij and Company Chartered Accountants |
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Associates/Subsidiaries : |
1. Asiatic Corporation 2. Chemifine 3. Express Industries 4. Pickol Fibrotech 5. Diamond Wax Agency 6. Dunhill Development Pvt. Ltd. 7. Anirudh Distributions Pvt .Ltd. 8. Ittefaq ICE &Cold Storage Pvt Ltd. 9. Mobile Petrochem Pvt. ltd. 10. Monaco Petroeum Pvt. Ltd. 11. Panama Petroleum Products 12. Panama Builders & Developers Pvt. Ltd. 13. Surya Transport 14. Arif Transport 15. Arif Iqbal Rayani Family Trust 16. Iqbal Rayani consultants 17. H.A. Realities Pvt. Ltd. 18. Ariman Lubricants & Chemicals Pvt . Ltd. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4262000 |
Equity Share |
Rs.10/- each |
Rs.42.620millions |
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 |
42.620 |
42.620 |
37.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
171.784 |
121.189 |
73.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
214.404 |
163.809 |
110.600 |
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LOAN FUNDS |
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1] Secured Loans |
72.995 |
48.589 |
37.600 |
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2] Unsecured Loans |
10.459 |
13.985 |
40.100 |
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TOTAL BORROWING |
83.454 |
62.574 |
77.700 |
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DEFERRED TAX LIABILITIES |
0.780 |
1.346 |
0.000 |
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TOTAL |
298.638 |
227.729 |
183.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.533 |
37.168 |
33.700 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.237 |
0.237 |
0.200 |
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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 |
285.529
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190.766 |
92.600 |
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Sundry Debtors |
258.230
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158.081 |
150.500 |
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Cash & Bank Balances |
58.179
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14.787 |
33.300 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
39.415
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30.237 |
12.400 |
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Total
Current Assets |
641.353
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393.871 |
288.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
379.529
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203.614 |
122.100 |
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Provisions |
0.000
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0.000 |
12.400 |
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Total
Current Liabilities |
379.529
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203.614 |
134.500 |
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Net Current Assets |
261.824
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190.257 |
154.300 |
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MISCELLANEOUS EXPENSES |
0.044 |
0.067 |
0.100 |
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TOTAL |
298.638 |
277.729 |
183.300 |
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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 |
1092.982 |
724.834 |
505.800 |
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Other Income |
1.530 |
2.042 |
4.200 |
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Total Income |
1094.512 |
76.876 |
510.000 |
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Profit/(Loss) Before Tax |
76.761 |
42.012 |
22.400 |
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Provision for Taxation |
11.349 |
6.658 |
8.500 |
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Profit/(Loss) After Tax |
64.412 |
35.354 |
13.900 |
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Earnings in Foreign Currency : |
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Total Earnings |
66.725 |
38.880 |
0.000 |
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Imports : |
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Raw Materials |
886.439 |
418.825 |
451.300 |
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Total Imports |
886.439 |
418.825 |
451.300 |
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Expenditures : |
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Manufacturing Expenses |
21.298 |
17.598 |
12.100 |
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Raw Material Consumed |
900.633 |
572.578 |
0.000 |
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Depreciation & Amortization |
4.209 |
3.022 |
2.500 |
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Other Expenditure |
142.848 |
81.722 |
50.200 |
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Total Expenditure |
1068.988 |
674.920 |
64.800 |
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QUARTERLY / SUMMARISED
RESULTS
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PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
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Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
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Sales Turnover |
38.43 |
41.47 |
56.26 |
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Other Income |
0.06 |
0.07 |
0.25 |
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Total Income |
38.49 |
41.54 |
56.51 |
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Total Expenditure |
35.39 |
37.97 |
51.73 |
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Operating Profit |
3.10 |
3.57 |
4.78 |
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Interest |
0.51 |
0.60 |
0.94 |
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Gross Profit |
2.59 |
2.97 |
3.84 |
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Depreciation |
0.11 |
0.11 |
0.07 |
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Tax |
0.31 |
0.34 |
0.32 |
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Reported PAT |
2.19 |
2.54 |
3.48 |
200606
Quarter 1
Notes:
1. The above financial results as reviewed by the Audit Committee were taken on record by the Board of Directorsat their meeting held on 29th July, 2006 and the Statutory Auditors have carried out the Limited Review for the Quarter ended 30th June, 2006. 2. The figures of sales reflected are net of sales tax, excise duty, branch tranfer and captive consumption. 3. The company operates only in one segment i.e. petroleum Products 4. Status of Investor Complaints: Pending as on 01.04.06: Nil Received and Resolved:2, Pending as on 30.06.06:Nil. 5. Previous year figures have been regrouped and rearranged wherever considered to confirm to the current period classification. 6. The Company at its Extra Ordinay General Meeting on 26th June, 2006, passed the resolution for issue of 5,00,000 Warrants at a price of Rs.153, carrying an option/entitlement to subscribe for even number of Equity shares of Rs.10 each on future date, not exceeding 18 months from the date of issue of such warrants to M/s Acme Craft Private Limited.
200609 Quarter 2
Notes
EPS is Basic Expenditure Includes (Increase) / Decrease in Stock
in Trade Rs ( 13.068) million Consumption of Raw Materials Rs 370.953 million
Staff Cost Rs 1.220 million Other Expenditure Rs 20.544 million Tax Includes
Provision for Current Tax Rs 3.200 million Deferred Tax ( Asset) /Liability Rs
(0.168)million Fringe Benefit Tax Rs 0.173 million Wealth Tax Rs 0.026 million
Status of Investor Complaints for the quarter ended September 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 4 Complaints disposed off during the quarter 4 Complaints
unresolved at the end of the quarter Nil 1. The above results were approved at
the meeting of the Board of Directors held on October 28, 2006 and have been
subject to a Limited Review by the auditors of the Company. 2. The figures of
sales reflected are net of sales tax, excise duty, branch transfer and captive
consumption. 3. The company operates only in one segment i.e. petroleum
products. 4. Previous year/period figures have been regrouped and rearranged
wherever necessary.
200612 Quarter 3
Notes
Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 03 Complaints disposed off during the quarter 03 Complaints unresolved at the end of the quarter Nil 1. The above financial results approved at the meeting of the Board of Directors held on 25th Jan, 2007 and have been subjected to a Limited Review by the auditors of the company. 2. The figures of sales reflected are net of sales tax, excise duty, branch transfer and captive Consumption. 3. The Company operates only in one segment i.e. Petroleum Products. 4. Previous year figures have been regrouped and rearranged wherever necessary.
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
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0.39 |
0.51 |
0.59 |
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Long Term Debt-Equity Ratio |
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0.02 |
0.02 |
0.02 |
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Current Ratio |
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1.43 |
1.44 |
1.42 |
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TURNOVER RATIOS |
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Fixed Assets |
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17.84 |
12.89 |
10.92 |
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Inventory |
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4.59 |
5.12 |
4.69 |
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Debtors |
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5.25 |
4.70 |
3.81 |
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Interest Cover Ratio |
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4.67 |
4.88 |
4.56 |
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Operating Profit Margin (%) |
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9.31 |
7.68 |
6.17 |
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Profit Before Interest And Tax Margin (%) |
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8.93 |
7.27 |
5.67 |
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Cash Profit Margin (%) |
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6.37 |
5.30 |
3.24 |
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Adjusted Net Profit Margin (%) |
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5.98 |
4.88 |
2.75 |
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Return On Capital Employed (%) |
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37.24 |
25.43 |
16.92 |
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Return On Net Worth (%) |
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34.58 |
25.80 |
13.00 |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY
The company was incorporated on 9th March, 1982 at Gujarat in India having Company Registration Number 5062
Subject can appropriately be called as one of the leading manufacturers and exports of petroleum specially products. They have consistently been providing and quality services right since 1975. They have 3 manufacturing units in India namely in Ankleshwar, Daman and Mumbai having huge infrastructure, with state –of-the art technology and storing capacities. We are listed on the Stock Exchange of Mumbai and Ahmedabad.
Incorporated in 1982 as a private limited
company, Subject was converted into a public limited company in Dec. 93. The
Company was promoted by the Ratanis with trading experience of over three
decades in the industry.
The company manufactures petroleum speciality
products like agricultural spray oil, dewatering fluid, white oil, transformer
oil and liquid paraffin (I.P). Its. Products are marketed under the Panama
brand name. Its manufacturing facilities are situated at Ankleshwar, Gujarat,
Bombay and Panvel (Thane District).
In Jan 95 the company came out with a public
issue to expand the capacity by nearly four times and to add value added
products like liquid paraffing heavy (I P), Petroleum Jelly and greases .
The company has a technical collaboration with
Lubcon Lubricant Consult. Germany, for developing and marketing new products.
In 1995-96, the company introduced petroleum sulphonate and other speciality
oils.
During 2000-01, turnover of the company has
registered a growth if 57 % over the previous year, as the fighres were stood
at Rs.426.000 million as against Rs.272.700 millions in the previous year.
BUSINESS
The company is engaged in manufacturing of Speciality Chemicals such as Mineral Oil, Liquid Paraffin, White Oil, Spray Oil, Transformer Oil, Petroleum Jelly, Coning Oil, Lubricants, Greases, and Waxes.
The company has four manufacturing plants at different locations with giant production capacities. The plants are equipped with big sulphonaters, neutralizers, bleachers, dehydrators and multiple fractional distillation columns.
The company has a research center at its Ankleshwar plant.
The Product range includes the following:
Automotive
Lubricating Oils:
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Crankcase Oils |
Premium Engine Oils |
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Gear Oils |
Two Stroke Engine Oil |
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Automotive Greases |
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Industrial
Lubricating Oils
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Turbine Oils |
Circulating & Hydraulic Oils |
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Spindle Oils |
Machine Oils |
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Machine Oils |
Textile Machinery Oils |
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Gear Oils |
Compressor Oils |
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General Purpose Machinery Oils |
Ink Oil |
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Quenching Oils |
Vacuum Pump Oil |
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Seam Cylinder Oils |
Heat Transfer Oils |
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Cutting Oils (Soluble) |
Glass Mould Oil |
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Wood Batching Oil |
Straight Cutting Oils |
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Stationary Diesel Engine Oils |
Sugar Mill Roll Bearing Oils |
INDUSTRIAL GREASES
|
General Equipment & Machinery Greases |
Complex Greases |
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Chain Grease |
Graphite Greases |
PETROLEUM SPECIALTIES
|
Petroleum Jelly |
Liquid Paraffins |
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Petroleum Sulphonates |
Transformer Oil |
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Agricultural Sparay Oils & White Oils |
Antistatic Coning Oils |
Operations
The Performance of the Company during the financial
year 20005-06 has shown an improvement over the previous financial year
2004-05. The Company has achieved a sales turnover of Rs.1092.982 millions as
against Rs.724.834 millions in the financial year 2004-05 thereby showing a
growth in turnover of 50.79%. With the increase in sales, the profit after Tax
for the year 2005-06 has gone up to Rs. 65.412 million as against Ts.35.354
millions in the years 2004-05. The Company has achieved a growth in profit
after tax to 85 %. This increase is mainly due to the improved sales, addition
to the customers, improved marketing conditions and aggressive management
decisions.
The Company has entered into an agreement with
PETRONAS, A Malaysian giant, in January,2006 for marketing its Automotive
Lubricants in Western regions of India .Company is expecting good business from
them and has already earned good business from them and has already earned good
revenue the last few month.
With the increasing operations of the Company,
It was necessary to raise further funds to augments its working capital
requirements. For raising the additional funds, during the year under operation
, the Company issued 5,00,000 Warrants carrying on option / entitlement to
subscribe to equivalents number of equity shares of Rs.10 each on a future date , not exceeding number of Equity
Share of Rs.10 each on future date not exceeding 18 (Eighteen) month from the
date to issue of such warrants to Acme Craft Private Limited .The Company
received the approval from members on
its Extra –Ordinary General Meeting of members held on 26th
June,20006 .The Company has also received the In –Principle Listing Approval
for the above 500000 convertible warrants from The Stock Exchange , Mumbai vide
their letter dated 10th July and allotted the Warrant on receipt if
10% of the value on the even date.
Fixed Assets:
Freehold land
Leasehold land
Factory Building
Office Building
Plant and Machinery
Office Equipment
Laboratory Equipments
Computers
Vehicles
Company Profile:
Subject was one of India’s leading manufacturers and exporters of petroleum specialty products. Their focus is to consistently provide quality services, and we have been doing so right since 1975. Their petroleum products are in great demand for various industries like Inks and Resins, Textiles, Rubber, Pharmaceuticals, Cosmetics, Power, Cables and other different industrial purposes. They are pleased to say that Panama Petrochem Limited is also listed on the Mumbai and Ahmedabad Stock Exchanges.
The manufactures more than
80 product variants vital for nearly six to seven industry segments. They are
in league with the giants of each industry. They are in collaboration with
Lubcon, Germany for the transfer of technology and for distribution of their
specialized products. Last but certainly not the least; we also furnish various
Power Generation Boards and Atomic Research Centers with their required
products. Since we realize how significant every client is to us, they keep in
mind each client’s specifications and needs, ensuring customer satisfaction and
an excellent rapport. This policy that we follow guarantees little scope for
dissatisfaction from the customer’s end.
Since we believe that ‘Change is the only constant force’, it is our constant
effort to endeavor something new. This is accomplished through their fully
equipped R&D Center at the unit
where they are continuously putting
their efforts to formulate new and
value-added products. Their specialization and expertise is their strength so
that we continuously add new and more value-added products in our list so as to
serve the niche market and stay always abreast of their competitors. Their have
procured all the required statutory approvals that permit us to supply our
various oil products to the different industries. Their clients have complete
faith in the quality of each of their
products, which is why we have received a great response from customer’s
end.
By exploring international
markets, Panama Petrochem Limited continuously aims to bring about a rise in
the exports. We export a variety of our products like Petroleum Jelly, Liquid
Paraffin, Transformer Oil and Rubber Process Oil to different countries like
USA, UK, Europe, Middle East, Australia, African Sub-continent, South East Asia
etc . Good infrastructure for the company and our state-of-the-art Research and
Development Center help us to simultaneously cater to domestic and
international needs.
Our business is spread across India in the form of three separate plants, in
Mumbai, Ankleshwar and Daman. They are delighted that Panama Petrochem is
progressing every day, and our turnover for 2004 proves this. The annual gross
turnover for the year 2004 was USD 20 Millions. Nonetheless, the management
expects a further increase in the turnover for the coming years ahead at a
growth rate of 25% every year.
To conclude, we would like to say that none of our products violate the
International Environmental and Safety Norms. The Petrolatum and White Minerals
Oils abide by the rules and standards laid down by FDA (India) and complies to
international pharmacopias such as BP and USP for specific users. We make every
effort to manufacture products suitable for both, our clients and the specified
norms. That is why, our clients are eager to do business with us, as they are,
with them. So, to cut a long story short, let’s just say we amalgamate quality,
consistency and economy to give you the best!
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.40.07 |
|
UK Pound |
1 |
Rs.81.69 |
|
Euro |
1 |
Rs.55.84 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
54 |
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 |
|