MIRA
INFORM REPORT
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Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
DOSHION LIMITED |
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Formerly Known As : |
DOSHI ION EXCHANGE AND CHEMICAL INDUSTRIES LIMITED |
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Registered Office : |
Plot No. 24, Phase II, GIDC State Vatva, Ahmedabad – 382 445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.04.1995 |
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Com. Reg. No.: |
25307 |
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CIN No.: [Company
Identification No.] |
U24110GJ1995PLC025307 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD00694B |
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PAN No.: [Permanent
Account No.] |
AAACD8771G |
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Legal Form : |
A closely Held Public Limited Liability Company. |
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Line of Business : |
Providing Water and Waste Water Management solutions to Industry and
Public. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 790000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Fundamentals are strong and healthy. Payments are
reported as usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 24, Phase II, GIDC State Vatva, Ahmedabad – 382 445, Gujarat |
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Tel. No.: |
91-79-25831156 / 25891916 |
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Fax No.: |
91-79-25833302 |
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E-mail: |
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Website : |
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Corporate Office : |
No. 1015, 10th Floor, A Wing, Atma House, Opposite Old RBI,
Ashram Road, Ahmedabad – 380 009, Gujarat, India |
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Branches : |
·
Plot No. 25,26, Phase II,GIDC,Vatva, ·
Plot No 89 and 103, Road No.B/8, phase-1, ·
Plot No.110. Phase I, G.I.D.C Estate,Kathwada ·
No. 1015, 10th Floor, A-wing,ATMA House. ·
Office # 3, II Floor, “A” Wing Godrej Coliseum, ·
C-147 , Madhuban, Near Universal Public School, ·
BF-189, Sector –I, Salt City, Ground Floor, ·
Door # V-3, Ist. Floor, 4th. Main Road, Near Anna
Tower, ·
AASRA” – D.# 1-8-308/7/1, Opposite .Police Line,
Pathigadda, |
DIRECTORS
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Name : |
Mr. Amit Dhirajlal Doshi |
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Designation : |
Director |
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Address : |
71, Oceana Apartment, Keluskar Road, Shivaji park, Dadar , Mumbai –
400 028, Maharashtra, India |
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Date of Birth/Age : |
18.06.1972 |
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Date of Appointment : |
28.09.1996 |
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Name : |
Mr. Rakshit Dhirajalal Doshi |
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Designation : |
Director |
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Address : |
A /103, 10th Floor, Tirthbhoomi apartment, B/H Law College,
Ahmedabad – 380 006, Gujarat, India |
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Date of Birth/Age : |
29.05.1969 |
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Date of Appointment : |
03.04.1995 |
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Name : |
Mr. Ashit Dhirajlal Doshi |
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Designation : |
Director |
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Address : |
A /103, 10th Floor, Tirthbhoomi apartment, B/H Law College,
Ahmedabad – 380 006, Gujarat, India |
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Date of Birth/Age : |
18.08.1965 |
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Date of Appointment : |
03.04.1995 |
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Name : |
Mr. Dhirajlal Shivlal Doshi |
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Designation : |
Director |
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Address : |
71, Oceana Apartment, Keluskar Road, Shivaji park, Dadar , Mumbai –
400 028, Maharashtra, India |
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Date of Birth/Age : |
08.05.1939 |
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Date of Appointment : |
03.04.1995 |
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Name : |
Mr. Doshi Devendrabhai Shah |
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Designation : |
Director |
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Address : |
501, Kailash Tower, Opposite Odion Cinema, Vallabh Bag Lane,
Ghatkopar, Mumbai – 400 075, Maharashtra, India |
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Date of Birth/Age : |
15.12.1955 |
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Date of Appointment : |
04.10.1995 |
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Name : |
Mr. Gunvantlal Manilal Shah |
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Designation : |
Director |
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Address : |
Western Court, 2nd Floor, F Road, Marine Drive, Mumbai –
400 002, Maharashtra |
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Date of Birth/Age : |
23.08.1928 |
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Date of Appointment : |
04.10.1995 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Rajmal Patni |
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Designation : |
Secretary |
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Address : |
12, Raj Vilas Bungalows, Near Ashwaraj Bungalows, Opposite Auda
Garden, Prahalad Nagar, 100 FT Road, Ahmedabad – 380 051, Gujarat, India |
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Date of Birth/Age : |
17.10.1962 |
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Date of Appointment : |
20.03.2006 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors Or Relatives Of Directors |
99.97 |
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2 |
Other top Fifty (50) Shareholders |
0.03 |
BUSINESS DETAILS
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Line of Business : |
Providing Water and Waste Water Management solutions to Industry and
Public. |
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Products : |
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PRODUCTION STATUS as on 31.03.2005:-
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Resin |
Ltrs |
610000 |
646759 |
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WT plants |
No. |
---- |
766 |
GENERAL
INFORMATION
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Suppliers : |
· Aditya Industries · Ami Chem Industries · Calico Metals · Dhara Equipments · Paras Engineers · Dew Pond Engineers Private Limited · Paragon Industries · Lathia Polymers Industries · Mahavir Corporation · Dynamic Innovation · Hi- Tech Applicators · Saral Controls · Valflo Private Limited · Gopani Products Systems |
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Bankers : |
· Co-Operative Bank of Ahmedabad Limited · The Karur Vysya Bank Limited Address: Motilal
Centre, Ashram Road, Ahmedabad – 380 009, Gujarat, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
C R Sharedalal and Company Chartered Accountants |
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Address : |
101-102, Parishram, 5 - B, Rashmi Society, Near Mithakhali Six Road,
Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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Associates/Subsidiaries : |
· Fivebro Water Services Private Limited · Doshi And Company · Fivebro Water Services |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1640500 |
Equity Shares |
Rs. 10/- each |
Rs.16.405
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 |
16.405 |
16.405 |
16.405 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
179.326 |
104.427 |
35.712 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
195.731 |
120.832 |
52.117 |
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LOAN FUNDS |
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1] Secured Loans |
200.094 |
106.961 |
73.285 |
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2] Unsecured Loans |
32.635 |
33.867 |
38.834 |
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TOTAL BORROWING |
232.729 |
140.828 |
112.119 |
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DEFERRED TAX LIABILITIES |
6.824 |
5.964 |
5.591 |
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TOTAL |
435.284 |
267.624 |
169.827 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
86.739 |
61.531 |
34.008 |
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Capital work-in-progress |
36.600 |
6.727 |
15.300 |
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INVESTMENT |
0.118 |
0.118 |
0.113 |
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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 |
156.114
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101.258 |
62.830 |
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Sundry Debtors |
215.643
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168.117 |
103.423 |
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Cash & Bank Balances |
72.125
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58.663 |
31.419 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
214.465
|
127.818 |
31.858 |
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Total
Current Assets |
658.347
|
455.856 |
229.530 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
332.756
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249.621 |
103.009 |
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Provisions |
13.764
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6.987 |
6.820 |
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Total
Current Liabilities |
346.520
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256.608 |
109.829 |
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Net Current Assets |
311.827
|
199.248 |
119.701 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.705 |
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TOTAL |
435.284 |
267.624 |
169.827 |
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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 |
984.508 |
922.503 |
373.061 |
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Other Income |
8.367 |
7.954 |
7.054 |
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Total Income |
992.875 |
930.457 |
380.115 |
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Profit/(Loss) Before Tax |
96.173 |
81.865 |
23.035 |
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Provision for Taxation |
15.135 |
73.800 |
0.000 |
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Profit/(Loss) After Tax |
81.038 |
8.065 |
23.035 |
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Export Value |
97.486 |
56.044 |
56.042 |
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Import Value |
NA |
NA |
141.350 |
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Expenditures : |
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Raw Material Consumed |
43.270 |
48.583 |
224.468 |
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manufacturing and Other expenses |
0.000 |
0.000 |
119.496 |
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Consumption of stores and spares parts |
453.787 |
454.064 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[18.343] |
[7.441] |
[0.239] |
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Salaries, Wages, Bonus, etc. |
87.182 |
58.148 |
0.000 |
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Managerial Remuneration |
9.421 |
5.452 |
0.000 |
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Payment to Auditors |
0.215 |
0.103 |
0.000 |
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Interest |
19.078 |
12.236 |
0.000 |
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Insurance Expenses |
7.493 |
4.859 |
0.000 |
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Power & Fuel |
28.124 |
28.428 |
0.000 |
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Depreciation & Amortization |
7.876 |
5.183 |
0.000 |
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Other Expenditure |
258.599 |
238.977 |
0.000 |
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Total Expenditure |
896.702 |
848.592 |
344.204 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
8.16
|
0.86 |
6.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.76
|
8.87 |
6.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.30
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15.61 |
8.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.49
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0.67 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.95
|
3.28 |
4.25 |
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Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.77 |
2.08 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U24110GJ1995PLC025307 |
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Name of the company |
DOSHION LIMITED |
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Address |
Plot No. 24, Phase II, GIDC State Vatva, Ahmedabad – 382 445, Gujarat, India |
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This Form is for |
Modification of charge |
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Type of Charges |
A charge on: Book debts, Movable property
9not being pledge), Others. |
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Particular of the charge holder |
The Karur Vysya Bank Limited Address: Motilal Centre, Ashram Road,
Ahmedabad – 380 009, Gujarat, India Email: muralikumaram@kvbmail.com |
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Nature or description of the instrument creating charge |
Agreement for credit facilities
(hypothecation Deed) dated 15.02.2007 |
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Date of the instrument creating charge |
15.02.2007 |
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Amount Secure by the charge |
Rs. 999.000 millions |
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Brief of the principal terms and conditions and extent and operation of
the charge |
Rate
of interest:
Term
of repayment: OCC/ PCL/FBN/ILC/FLC/BG : Valid for one
year (renewable on yearly basis) Margin: OCC : Stock 25% PCL 25% FBN : Nil FBP : 10% ILC/ FLC: 10% Bank Guarantee : 10% Receivables 50% Extent
and operation of the charge: The charge operates to extend security over movable properties of the
company to secure repayment of Rs. 999.000 millions (i.e Rs. 615.000 millions of Karur Vysya Bank and Rs. 384.000
millions of State bank of India) (in addition to all interest , costs, and
expenses) granted to doshion Limited by Karur Vysya Bank and state Bank of
India Others: Present modification is in respect of enhancement of credit limits by
the Karur Vysya Bank Limited only. |
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Shorts Particulars of the Property charged |
Hypothecation of borrower stock of raw materials , good in process of
manufacture all finished and manufactured goods, stores, spares , plant and
machineries , furniture and fixtures, office equipments, electrical
installation, book debts, Outstanding monies, receivables, claims, bill.
Right to or movable assets (present and future) including vehicles situated
at factory or anywhere else. |
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Particulars of the present modification |
Charge further extended to secure enhanced / rearranged additional
working capital / Non Fund Based Limits of Rs. 128.125 millions sanctioned by
the Karur Vysya Bank Limited making total charge of the said bank to Rs.
615.000 millions. No change in SBI Limit of Rs. 384.000 millions. Total
charge on stands at Rs. 999.000 millions. |
FIXED ASSTES:
· Factory Building
· Land
· Vehicles Motor Cars
· Plant and machinery
· Computer
· Furniture
· Scooter
· Office equipment
· Air Conditioner
· Electrical Installation
· Dead Stock
OTHER INFORMATION:
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CONTINGENT
LIABILITES |
31.03.2005
(Rs.
in millions) |
|
Bank Guarantees issued by the banks and outstanding as 31.03.2005 |
288.614 |
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-as on date |
257.023 |
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Letter of credit issued by banks and outstanding as 31.03.2005 |
10.222 |
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as on dates |
4.085 |
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(against which Fixed deposits made) |
48.459 |
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Old Disputed Sales tax demand not accepted by company |
0.805 |
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Disputed Excise demand not accepted by the company |
3.267 |
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Income Tax Demand wrongly claimed and under revision assessment years
2004-05 |
---- |
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Estimated amounts of contracts remaining to be executed to capitals
accounts and not provided for |
12.637 |
Excise:
The Company has filed appeal before commissioner of Central Excise on 20.05.2004
in respect of claim of excise duty by Central Excise Authority on forwarding
charges, freight charges upto sites including unloading at site and transit
insurance of Rs. 0.200 million. The judgment of appeal is awaited which is
likely to come in their favour and therefore, they may not have to pay excise
duty of Rs. 0.026 million and penalty of Rs. 0.005 million.
The company has been giving exemption on excise duty to bio mass
projects under notification No. 6/2002 with the certificate of project
Development Authority for R .O Plant used as non – conventional energy device.
Such applicable excise amount for Kathwada comes to Rs. 3.585 millions for the
period from May 2002 to March 2005 and for Vatva such total amount comes to Rs.
0.871 million for the period form may 2002 to December 2004. The company has
received show cause notices from both excise divisions of Vatva and Kathwada.
The joint Commissioner of Central Excise has issued an order on 31.03.2005,
received by the company on 20.04.2005 demanding excise duty of Rs. 3.174
millions for Kathwada division, appeal for which has been filed on 16.06.2005.
The Liabilities for the period from May 2002 to December 2003, Show cause
notices have come after lapse of time bar period of 12 months hence will be set
aside and they have taken legal Defence about RO Plant being non – conventional
energy device the judgment is likely to be decided in their favour.
Sales tax:
In Maharashtra work Contract Tax for the year 2001-02, sales Tax
authority wants to charge composite work contract entire work of Rs. 7.400
millions of Maratha Cement whereas Company’s contention is that work contract
will not be applicable on Rs. 2.285 millions related to interstate sales
transaction and supervision of erection and commissioning and excise modvat
given. In assessment order dated 10.08.2004 demand of Rs. 0.251 million is
claimed which is disputed by the company, hence appeal has been filed. Outcome
of the appeal is awaited.
In Gujarat Sales tax Assessment 2001-02, as per appeal order dated
26.10.2004 interest of Rs. 0.659 million has been claimed against which the
company has deposited Rs. 0.250 million while filing appeal and interest of Rs.
0.244 million has been claimed against central sales tax liability against which
Rs. 0.100 million has been paid. As per tribunal judgment, this amount of
interest is not due and if interest due is pending to the extent of 10% of
total liability interest on interest can not be charged. Based on this tribunal
judgment they have flied appeal before assistant Commissioner of sales tax
(appeal) where final hearing is pending and it appears that interest liability
may be set aside.
WEBSITE DETAILS:
HISTORY
1975
It all started with a moderate set up of Ion Exchange Resin Unit established by a Gujarati Entrepreneur family of Late Shri. Shivlal S. Doshi and his 4 dynamic sons initially involved in chemical Import and Trading.
1976
Company established with commercial production of Cation and Anion Exchange Resin for Water Treatment application.
1982
Established a fabrication work shop to offer “ off the shelf “ Standard Water treatment system such as filters, softeners and DM plants.
1985
Developed first RO Plant using Dupont B-9 module.
1987
Doshion awarded a prestigious contract for supply and Operation and Maintenance of 24 Nos. of R.O. island of Lakshadeep under “ Technology Mission” of Govt. Of India.
1992
Become first Indian company to Supply 4 Nos. Fully Automatic Sea Water - WATER MAKER at ONGC off shore against International competition to produce water as per WHO drinking standards.
1994
Started executing big projects of water treatment on Turn-key basis for capacity upto 200m3/hr and above both semi auto and option with PL / PLC operation.
1996
With growing activities and all India customer base, Doshion established its branch offices at Chemical and New Delhi in addition to Mumbai Branch for all India activities.
1997
For efficient sales and prompt after sales support Doshion started establishing network of Dealer / Agent in all major cities of India.
1998
Made a tie up with Kinetico Inc. U.S.A. as their exclusive distributor for manufacturing and distribution of fully automatic non-electric filtration / softening and Demineralisation systems in India Sub-Continent.
1999
Developed the technology of Ultra filtration / Micro filtration as a modem replacement to conventional pretreatment. Also introduced hollow fiber ultra filtration system for production of bacteria and endotoxin free water.
2000
Established “assembly and testing Centre” at Kathwada Ahmedabad, to ensure all system are tested for system reliability and avoid site problems.
2001
Established FIVEBRO as SBU which is 100% subsidiary of DOSHION to meet the needs of hundreds of water treatment and other engineering OEM’s who manufactures RO systems , water treatment plants, utility equipment like FIVEBRO procures various components and products in bulk of major international brands.
2004
DOSHION is proud to hold, INDIA’s Flage high in the world’s largest power plant project. DOSHION commissioned 4× 90 M’ /hr D.M. Plant [ fully Automatic SCADA controlled ] for 4000 MW combined cyecle power plant at Taipei, TAIWAN in close association with Mitsubishi Heavy Engineering for TAIWAN in close association with Mitsubishi Heavy Engineering for TAIWAN Power Company.
2004
DOSHION’s first EPC
Project; comprising of
2×400 M3 /hr Pre-Treatment
1×150 M3 /hr Ultra Filteration
1×110 M3 /hr Effluent Recycling RO Plant
1×90 M3 /hr Demineralization Plant
Fire Fighting and Air Condioning Package
Offsite IBR/ Non IBR / Metal and Thermoplastic
piping.
Cooling Tower Pumps,Pipings, side stream filters,
CT.Treatment Program
Complete Civil Work of Plants, Buildings,
Roads, Drainage, Street Lights, etc.
2004
DOSHION earned it’s ISO 9001:2000 Certification for the complete range of product and services offerd.
2005
CHENNAI PETROLEUM CORPORATION LIMITED,MANALI[CPCL]
INDIA’s leading Refinery owned by Indian Oil Corporation Ltd., have Sewage Recycling Plant for Treating Sewage from Chennai Metro and Reusing the same for various utility applications in refinery. DOSHION excuted INDIA’s LARGEST ULTRATION PRE_TREATMENT TO REVERSE OSMOSIS PLANT.
2005
DOSHION continuing its leadership achived one more milestone in the field of desalination in INDIA upto 10.0 MLD capacity using a state of the art “ CROSS FLOW MICROFILTRATION” pre-treatment of 26.0 MLD capacity, Sea Water intake System, Reject piping, Civil Work, Electrical, Instrumentation and Automation on a Turnkey basis for THE KERALA MINERALS and METALS LTD., KOLLAM, KERALA.
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.39.43 |
|
UK Pound |
1 |
Rs.78.40 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|