MIRA
INFORM REPORT
|
Report Date : |
02.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
DESAI ELECTRONICS
PRIVATE LIMITED |
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Registered Office : |
Gat No. 553, Kondhanpur Road, Khed – Shivapur,
Tal Haveli, Pune – 412 205, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date of Incorporation : |
07.04.1981 |
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Com. Reg. No.: |
11-24206 |
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CIN
No.: [Company
Identification No.] |
U32109MH1981PTC024206 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
PNED03642C |
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PAN
No.: [Permanent
Account No.] |
AAACD6448G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of Electrical
Capacitors. |
RATING
& COMMENTS
|
MIRA’s Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed
company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Their trade relations are reported as fair. Business
is active. Payments are reported as usually correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Gat No. 553, Kondhanpur Road, Khed –
Shivapur, Tal Haveli, Pune – 412 205, Maharashtra |
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Tel. No.: |
91-20-4384254/257 / 25654553 |
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Fax No.: |
91-20-25654273 |
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E-Mail : |
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Website : |
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Corporate Office : |
12/3, Boatclub Road, River Estate,
Pune – 411 001, Maharashtra, India |
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Tel. No.: |
91-20-26123873 |
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E-Mail : |
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Website : |
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Factory 1 : |
51, Jay Chambers, Ghorpade Peth, Shivaji Road, Swargate, Pune – 411 042,
Maharashtra |
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Tel. No.: |
91-20-24472148 |
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Fax No.: |
91-20-24474791 |
DIRECTORS
|
Name : |
Mr. Vikram Manubhai Desai |
|
Designation : |
Managing
Director |
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Address
: |
12/3,
Boat Club Road, Pune, - 411001, Maharashtra, India |
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Date
of Birth/Age : |
11.08.1947 |
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Date
of Appointment: |
07.04.1981 |
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Name : |
Mrs. Smita Vikram Desai |
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Designation : |
Director |
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Address
: |
12/3,
Boat Club Road, Pune, - 411001, Maharashtra, India |
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Date
of Birth/Age : |
17.10.1951 |
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Date
of Appointment: |
20.10.1990 |
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Name : |
Mr. Dhananjay S. Kamlapurkar |
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Designation : |
Director |
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Address
: |
44,
Shankar Seth Road, Pune – 411009, Maharashtra, India |
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Date
of Birth/Age : |
10.04.1946 |
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Date
of Appointment: |
15.04.1962 |
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Name : |
Mr. Surandrasingh P. Suchdeo |
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Designation : |
Director |
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Address
: |
40/35, Karve
Road, Pune – 411004, Maharashtra, India |
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Date
of Birth/Age : |
23.09.1943 |
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Date
of Appointment: |
06.09.1985 |
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Name : |
Mr. Vinayak B. Bapat |
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Designation : |
Director |
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Address : |
1949, Sadashiv Peth, Madivale Colony, Pune – 411030, Maharashtra,
India |
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Date of Birth/Age : |
17.10.1951 |
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Date of Appointment: |
01.11.1991 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr Manubhai
Haribhai Desai |
|
600 |
|
Mrs
Champaben Manubhai Desai |
|
500 |
|
Mr Vikram
Manubhai Desai (H) |
|
4249 |
|
Mr vikram
Manubhai Desai (I) |
|
2335 |
|
Mrs Smita
Vikram Desai |
|
7355 |
|
Mr Kirit
Manubhai Desai (H) |
|
6000 |
|
Mr Kirit Manubhai
Desai (I) |
|
750 |
|
Ms Kamini
Kirit Desai |
|
1750 |
|
Mr Mukesh
Manubhai Desai (H) |
|
3200 |
|
Mr Mukesh
Manubhai Desai (I) |
|
3540 |
|
Ms Geeta
Mukesh Desai |
|
550 |
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Mr Sanjay
Mukesh Desai |
|
565 |
|
Mr Kunal
Vikram Desai |
|
1 |
|
Mr Rohan
Vikram Desai |
|
50 |
|
Mr S V
Bapat |
|
1 |
|
Mr
Varindar S Suchdeo |
|
1 |
|
Desai
Finance Private Limited |
|
13200 |
|
Mr Rahul
Mukesh Desai |
|
125 |
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Ms Priya
Kirit Desai |
|
250 |
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Category of Shareholders |
|
Percentage of
Holding |
|
Bodies
corporate |
|
12.30 |
|
Directors
or relatives of director |
|
87.70 |
|
Total |
|
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturers of Electrical
Capacitors. |
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Products : |
Capacitors |
GENERAL
INFORMATION
|
No. of Employees : |
199 |
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Bankers : |
State Bank of India
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Banking
Relations : |
Satisfactory |
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Auditors : |
P. D. Kudva and Company Chartered Accountants |
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Address : |
4, Kumar Panaroma, 1st
Floor, 45/1B, Shankarseth Road, Pune – 411037, Maharashtra, India |
CAPITAL
STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
125,000 |
Equity Shares |
Rs. 100/- each |
Rs.
12.500 Millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
107,306 |
Equity Shares |
Rs. 100/- each |
Rs.
10.731 Millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
10.731 |
4.500 |
4.500 |
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|
3] Reserves & Surplus |
43.608 |
16.220 |
9.071 |
|
NETWORTH
|
54.339 |
20.720 |
13.571 |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
59.364 |
11.468 |
-- |
|
|
2] Unsecured Loans |
13.627 |
22.902 |
6.530 |
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TOTAL BORROWING
|
72.991 |
34.370 |
6.530 |
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|
DEFERRED TAX LIABILITIES |
2.719 |
0.412 |
0.980 |
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TOTAL
|
130.049 |
55.502 |
21.081 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
|
75.134 |
28.126 |
7.884 |
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Capital
work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX
ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES
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Inventories
|
30.862 |
19.688 |
0.971 |
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Sundry Debtors
|
34.196 |
21.992 |
4.151 |
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Cash & Bank
Balances
|
0.116 |
0.041 |
0.127 |
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Other Current
Assets
|
1.899 |
1.755 |
0.403 |
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Loans &
Advances
|
16.198 |
8.163 |
10.603 |
Total
Current Assets
|
83.271
|
51.639 |
16.255 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
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Current
Liabilities
|
23.080 |
20.659 |
2.275 |
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Provisions
|
5.276 |
3.603 |
0.784 |
Total
Current Liabilities
|
28.356
|
24.262 |
3.059
|
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Net Current Assets
|
54.915 |
27.377 |
13.196 |
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MISCELLANEOUS
EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
130.049 |
55.503 |
21.080 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover
[including other income]
|
|
|
14.164 |
|
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Profit/(Loss)
Before Tax
|
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|
2.434 |
Provision for
Taxation
|
|
|
0.626 |
Profit/(Loss)
After Tax
|
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|
1.808 |
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Import Value
|
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NA |
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Total Expenditure
|
|
|
11.729 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
|
NA
|
NA |
12.76
|
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Net Profit Margin(PBT/Sales)
|
|
NA
|
NA |
17.18
|
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Return on Total Assets(PBT/Total Assets}
|
|
NA
|
NA |
10.08
|
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Return on Investment (ROI)(PBT/Networth)
|
|
NA
|
NA |
0.18
|
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Debt Equity Ratio(Total
Liability/Networth)
|
|
1.86
|
2.82 |
0.70
|
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Current Ratio(Current Asset/Current
Liability)
|
|
2.93
|
2.12 |
5.31 |
LOCAL
AGENCY FURTHER INFORMATION
History
Subject was incorporated on 7th April, 1981 at
Pune in Maharashtra having Company Registration Number 24206.
The company is amalgamating
with “Desai Engineering Private Limited” with effect from 1st April,
2004 for which the necessary resolutions have been passed
It’s products range include :-
- Plastic
Film Capacitors
- Automatic
Power Factor Improvement
- Panel Metallised Capacitors Films
Subject has been awarded certificate under ISO 9001 on 1st
January, 1997 by Bureau of Indian Standards.
The company’s fixed assets of important value includes Land,
Building, Factory, Residential Head Office, Plant and Machinery, Tools, Electrical,
Computer, Office Equipments, Vehicles, Furniture and Fixtures.
As per website
About The Company
Desai
Engineering Private Limited and Desai Electronic Private Limited. Are commit manufacturer
of reliable plastic film capacitors and power capacitors requirements of the
customers at an internationally competitive price. Since 1981 been producing
high quality MPE, MPP, Interference and MKV type at its Shivapur.
DEC has recorded an
average growth rate of 10% per year since 1984 it is up from 3 million
capacitors per annum to over 30 millions.
Plastic films
Capacitors are approved by LCSO, CACT and DOT. The company enjoys a very high market
of manufactures in the telecom, fan regulators and energy meters industry.
The strength of the
company lies in its satisfied customer base, cost effective management, sound
financial position, design and development team. Due to its commitment to total
quality, DEC has excellent reputation in the electronic component industry.
Dealers
Ahmedabad
Avani electricals
Kiran electronics
Navatek systems
Radio electronics
Bangalore
Amar radio corporation
Anugraha agencies
C. D. S. Components sources
Texonic Instruments
Chennai
Elctronika Sales Corporation
Kay Radio Corporation
Perfect Sales Corporation
Cochin
Roni Electronics
Coimbatore
Electro-Power Controls
Ingata Laboratories
Jaipur
El-Tronics
Kolkata
Naresh Radio Corporation
Mumbai
Apex Agiences Private Limited
Electromark Devices and controls Private Limited
Madhu Subtronics Components Private Limited
Naaz Electronics
Veltron Electronics Devices Private Limited
Venture Electronics
New
Delhi
Apex Agiencies
Indian Technological Products Private Limited
Kapoor Trading Corporation
Project Master
Shri Ram Marketing
Pune
Naaz Electronics
Unistar Enterprises
Secundrabad
Aradhana Enterprises
Desai
Engineering Private Limited
Office :
870/5 Bhandarkar Institute Road, Pune – 411004
Tel No : 91-20-5654553/54
Fax No. : 91-20-5654273
Email : ipsa-ip@eth.net
Administration : Ext. # 15
Accounts : Ext. # 16
Marketing (DC
Capacitors) : Ext. #17
Marketing (AC
Capacitors) : Ext. # 18
Purchase : Ext. # 20
Factory :
553, Kondhanpur Road, Khed – Shivapur,
Tal Haveli, Pune –
412 205, Maharashtra
Tel No. :
91-20-4384254/257
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.44.17 |
|
UK Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to
assess SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market
trend (10%) Operational
size (10%)
RATING |
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 |