MIRA
INFORM REPORT
|
Report Date : |
07.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CENTURY
NF CASTINGS LIMITED |
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Registered Office : |
Sunderlal
Jain Charitable Eye Hospital, Sadar Thana Road, Motia Khan, Paharganj, New
Delhi - 110055 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.05.2001 |
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Com. Reg. No.: |
55-110969 |
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CIN No.: [Company
Identification No.] |
U27320DL2001PLC110969 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKC01742G |
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PAN No.: [Permanent
Account No.] |
AABCC2200Q |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
To
carry on business of manufacturers, manipulators, fabricators, assemblers,
designers, processors, buyers, sellers, importers, exporters, factors, brokers,
agents, consultants, traders and / or distributors of and dealers in all
kinds of ferrous and non-ferrous metal products including alloy ingots,
castings, automobile components, dies & moulds, art ware, electrical
& other engineering casting goods etc. made of aluminium, zinc copper,
iron and steel, plastic or any other ferrous, non ferrous, metallic or non –
metallic substances. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a small company having moderate track and a part of a medium sized Century
group. Company’s profitability is
under severe pressure. It has some
accumulated losses. Payments are
reported as slow but correct. The
company can be considered for small business dealings with slight caution
initially. |
LOCATIONS
|
Registered Office : |
Sunderlal
Jain Charitable Eye Hospital, Sadar Thana Road, Motia Khan, Paharganj, New
Delhi – 110055 |
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E-Mail : |
rajkamal@cnfcindia.com |
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Website
: |
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Factory
: |
Plot
No. 1, Sector – 25, Faridabad – 121004, Haryana |
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Tel.
No. : |
91-129-3058000 |
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Fax
No. : |
91-129-2235356 |
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E-mail
: |
DIRECTORS
|
Name : |
Mr.
Gauri Shankar Agarwala |
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Designation : |
Director
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Address : |
F –
170 B, Western Avenue, Sainik Farm, New Delhi – 110062 |
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Date of Birth/Age : |
04.07.1940 |
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Date of Appointment : |
24.05.2001 |
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Election Commission Identity Card No. : |
DL/03/033/021381 |
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Name : |
Mr. M.
P. Jhunjhunwala |
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Designation : |
Director
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Address : |
9,
Pritoria Street, Kolkata – 700071, West Bengal, India |
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Date of Birth/Age : |
10.10.1939 |
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Date of Appointment : |
29.03.2003 |
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E-mail : |
mpj@centuryextrusions.com |
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Name : |
Mr.
Mohan Agarwal |
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Designation : |
Director
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Address : |
F –
170 B, Western Avenue, Sainik Farm, New Delhi – 110062 |
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Date of Birth/Age : |
12.07.1964 |
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Date of Appointment : |
24.05.2001 |
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Election Commission Identity Card No. : |
DL/03/033/021311 |
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Name : |
Mr.
Rajkamal Saraogi |
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Designation : |
Director
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Address : |
First
Floor 17 A, Green Park Extension, New Delhi – 110016 |
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Date of Appointment : |
27.09.2006 |
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DIN / PAN No. : |
00523247 |
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Income – tax PAN No. : |
AMGPS9753C |
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Voters Identity Card No. : |
BCX0934521 |
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E-mail : |
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Other Directorship : |
Vintage
Securities Limited CIN
No. : L74120WB1994PLC063991 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Mohan Agarwal |
100 |
|
Mr.
Gauri Shankar Agarwala |
100 |
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Mrs.
Pratibha Agarwal |
100 |
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Mr.
Kailash Baheti |
100 |
|
Mr.
Dilip Kumar Saraf |
100 |
|
Mr.
Mayank Pareek |
100 |
|
Mr.
Parveen Kumar Maggu |
100 |
|
Mr.
Raj Kamal Saraogi |
100 |
|
Mr.
Rahul Prashant Sharma |
100 |
|
Mr.
Satish Kaushik |
100 |
|
Century
Aluminium Manufacturing Company Limited |
50000 |
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TOTAL |
51000 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on business of manufacturers, manipulators, fabricators, assemblers,
designers, processors, buyers, sellers, importers, exporters, factors,
brokers, agents, consultants, traders and / or distributors of and dealers in
all kinds of ferrous and non-ferrous metal products including alloy ingots,
castings, automobile components, dies & moulds, art ware, electrical
& other engineering casting goods etc. made of aluminium, zinc copper,
iron and steel, plastic or any other ferrous, non ferrous, metallic or non –
metallic substances. |
GENERAL
INFORMATION
|
Bankers : |
Not
Available |
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Banking Relations : |
-- |
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Auditors : |
Khetawat
& Associates Chartered
Accountants, 310,
Todi Chambers, 2 Lal Bazar Street, Kolkata – 700001, West Bengal, India PAN
No. : AADFK8188N |
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Associates : |
Bhairav
Leasing & Finance Private Limited Century
Extrusions Limited Dhruv
Metals Private Limited Jeco
Exports & Finance Limited Survidhi
Financial Services Limited Vintage
Capital Market Limited Multi
Metal Udyog Nanda
Devi Sales Agency |
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Holding Company : |
Century
Aluminium Manufacturing Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
51000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.510 million |
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 |
0.510 |
0.510 |
0.510 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.187] |
[0.119] |
[0.050] |
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NETWORTH |
0.323 |
0.391 |
0.460 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.323 |
0.391 |
0.460 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.056 |
0.056 |
0.056 |
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DEFERREX TAX ASSETS |
0.106 |
0.072 |
0.041 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.089
|
0.117 |
0.108 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.000
|
0.000 |
0.050 |
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Total Current Assets |
0.089
|
0.117 |
0.158 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
0.002
|
0.002 |
0.018 |
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Total Current Liabilities |
0.002
|
0.002 |
0.018 |
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Net Current Assets |
0.087
|
0.115 |
0.140 |
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MISCELLANEOUS EXPENSES |
0.074 |
0.148 |
0.223 |
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TOTAL |
0.323 |
0.391 |
0.460 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
Nil |
0.002 |
0.006 |
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Profit/(Loss)
Before Tax |
[0.103] |
[0.099] |
[0.113] |
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Provision
for Taxation |
0.035 |
[0.031] |
[0.040] |
|
Profit/(Loss)
After Tax |
[0.138] |
[0.068] |
[0.073] |
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Total
Expenditure |
0.103 |
0.102 |
0.119 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
--
|
[3400.00] |
[1216.66] |
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Net
Profit Margin (PBT/Sales) |
(%) |
--
|
[4950.00] |
[1883.33] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
[115.73]
|
[84.61] |
[71.51] |
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Return
on Investment (ROI) (PBT/Networth) |
|
[0.31]
|
[0.25] |
[0.24] |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
0.01
|
0.01 |
0.03 |
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Current
Ratio (Current
Asset/Current Liability) |
|
44.50
|
58.500 |
8.77 |
LOCAL AGENCY
FURTHER INFORMATION
The
company’s registered office was shifted from Flat No. 203, Hemkunt Tower, 98,
Nehru Place, New Delhi – 110019 to the present address w.e.f. 06.06.2006.
WEBSITE
DETAILS
The Century group is pioneer in India in non-ferrous sector. It has
interests in manufacturing of Aluminium & Zinc alloys, Die Cast Components,
Aluminium Deoxidizing agents and Aluminium Extrusions. Rolled products of
aluminum are also dealt through trading.
The Group is headed by Mr. M.P. Jhunjhunwala. The group turnover for the
year 2004-2005 is Rs. 4000 millions (U.S.$ 90 Million).
Century NF Castings ( A division of Century Aluminium Manufacturing
Company Limited), Faridabad is an ISO/TS 16949 : 2002 unit and the
largest manufacturer of Aluminum alloys and Zinc alloys in India with an
installed annual capacity of nearly 24, 000 M.T. of Aluminium alloys and
6, 000 M.T. of Zinc alloys.
In addition to this, the unit is also engaged in the manufacture of
Pressure Die Cast Components of both Aluminium & Zinc with an installed
annual capacity of around 2, 000 M.T.
CNFC supplies Alloys and Die Cast Components that cater to
the appliances, automotive, electronics, furniture, hardware, house wares,
sporting goods and toy industries, to name a few.
CNFC's innovation and expansion have shown its ongoing commitment to provide
quality metal and superior service with in-house facility to design and develop
Tools & Dies.
The unit is able to honor their commitment to its customers with :
High quality of products
Timely delivery of material
Competitive pricing
CNFC is a responsive and progressive organization - a dependable,
efficient and quality-oriented business partner for aluminum and zinc consumers
and sellers.
CNFC is geared toward making rapid decisions. Their staff of professional metal
people provides continuity in their business relationships.
CNFC has high growth record of over 25% annualized during almost last 20
years with present turnover of around Rs. 2820 millions (U.S. $ 63 Million) for
the year 2004-2005.
CNFC focus areas are :-
Customer satisfaction
Quality planning
Latest State of Art Technology
Computerization
Human Resources mobilization
Environment Concern
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.44.09 |
|
UK
Pound |
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.57.21 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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 |
|