MIRA
INFORM REPORT
|
Report Date : |
06.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
HEWLETT PACKARD INDIA SALES PRIVATE
LIMITED |
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|
Registered Office : |
Digital Park, 92,
Indsutrial Suburb, II Stage, Yeshwantpur, Bangalore, 560022, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.091997 |
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Com. Reg. No.: |
08-22727 |
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CIN
No.: [Company
Identification No.] |
U72200KA1997PTC022727 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
BLRH2830C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers,
importers and exporters of computer systems, processors, hardware and
software, etc. |
RATING
& COMMENTS
|
MIRA’s Rating : |
Aa |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 25000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
subsidiary of Compaq Corporation, U.S.A. Available information indicates high
financial responsibility of the company. Their trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company can be
considered good for any normal business dealings. It can be regarded
as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office / Head Office : |
Digital Park, 92, Industrial Suburb,
II Stage, Yeshwantpur, Bangalore, 560022, Karnataka, India. |
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Tel. No.: |
91-80-23097785/23374785 |
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Fax No.: |
91-80-23374601/ 51108014 |
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E-mail : |
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Website : |
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Area
: |
100000 sq. ft. |
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Location
: |
Rented (Industrial) |
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Branches : |
Golf View Campus, HP Tower 3, Wind
Tunel Road, Murgeshpalya, Bangalore – 560 017, Karnataka Tel No. 91-80-5216121 Fax No. 91-80-5276966 Satkar Complex, 501, 5th
Floor, Behind Swagath Building, Off C. G. Road, Navrangpura, Ahmedabad - 380
009, Gujarat Tel. No. 91-79-26469374 Fax. No. 91-79-26469374 Diamond District, Unit No. 150, Tower
B, 7th Floor, Airport Road, Bangalore - 560008, Karnataka Tel. No. 91-80-5203800 Fax. No. 91-80-5203810 92, Industrial Suburb, II Stage,
Yeshwantpur, Bangalore 560 022, Karnataka, India Tel. No. 91-80-3473507/09/18/3374785 Fax. No. 91-80-3374601 Golf View Campus, HP Tower 1 and 2,
Wind Tunnel Road, Murugeshpalya, Bangalore - 560 017, Karnataka Tel. No. 91-80-5200602 Fax. No. 91-80-5276820 No. 29, Cunningham Road, Bangalore -
560 052, Karnataka Tel. No. 91-80-2251554 Fax. No. 91-80-2200196 SCO # 58, 2nd Floor,
Sector 20-C, Chandigarh - 160020 Tel. No. 91-172-2711883 Fax. No. 91-172-2706551 Buharia Towers, 5th Floor,
No. 4, Moores Road, Egmore, Chennai – 600 006, Tamilnadu, India Tel. No. 91-44-28231510 Fax. No. 91-44-28216001 8/10, GD Naidu Street, Race Course
Road, Coimbatore - 641018 Tel. No. 91-422-2215486 Fax. No. 91-422-25391502 6th Floor, Tower - D,
Global Business Park, Menraull Gurgaon Road, Gurgaon, Haryana Tel. No. 91-124-2566111 Fax. No. 91-124-2566112 Dega Towers, 1st Floor,
6-3-1085/D, Rajbhavan Road, Somajiguda, Hyderabad - 500016, Andhra Pradesh Tel. No. 91-40-23388500 Fax. No. 91-40-23388522 Ganpat Plaza, 319, 3rd
Floor, M. I. Road, Jaipur - 302001, Rajasthan Tel. No. 91-141-22364407 Fax. No. 91-141-22374678 Yash Kamal Complex, 3d Floor, 301,
Bistupur Main Road, Jamshedpur - 831001 Tel. No. 91-657-2439184 Fax. No. 91-657-2439184 Vikas Building, No. 1, Dr. U. N.
Brahmachari Street, Kolkata -700016, West Bengal Tel. No.
91-33-22813899 Fax. No.
91-33-22813893 Rubiyan", 1st Floor, 41/476, Arangath Road, Near Veekshanam
Press, Ernakulam, Kochi -
682 018 Tel. No. 91-484-2382492 Fax. No. 91-484-2382492 Ganapathi House, F-5, 1st
Floor, 4 Way Road, MM Marg, Lucknow - 226 001, Uttar Pradesh Tel. No. 91-522-2209811 Fax. No. 91-522-2209976 Pearl Palace, Ghumar Mandi, 1st
Floor, 4B-XX 550, Ludhina - 141001, Punjab Tel. No. 91-161-2406344 Fax. No. 91-161-2405680 Enterprise Center, No. 5, 1st
Floor, CTS No. 55, Vile Parle (East), Mumbai - 400099, Maharashtra Tel. No. 91-22-56771700 Fax. No. 91-22-26184858 The Great Eastern Plaza, Office No.
2, First Floor, 1996 A, Airport Road, Pune - 411 006, Maharashtra Tel. No. 91-20-4011414 Fax. No. 91-20-6685620 Amin Chambers, 1st Floor,
85-B, Sampat Rao Colony, Alkapuri, Vadodara - 390 005, Gujarat Tel. No. 91-265-2332470 Fax. No. 91-265-2330127 |
DIRECTORS
|
Name : |
Mr. Balu Doraisamy |
|
Designation : |
Managing
Director |
|
Address : |
#507, 4th Cross, Koramangala, Bangalore - 560094,
Karnataka |
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Date of Birth/Age : |
25/04/1956 |
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Date of Appointment : |
04/06/1999 |
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|
Name : |
Mr. Paul Chan Kwai Wal |
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Designation : |
Director |
|
Address : |
# 21, Oriole Cresent, Singapore - 888614 |
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Date of Birth/Age : |
10/03/1954 |
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Date of Appointment : |
16/10/1997 |
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Date of Ceasing : |
18/04/2005 |
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Name : |
Mr. Charles Andrew Jolley Jr |
|
Designation : |
Director |
|
Address : |
# 12-01, Claymore, Claymore Road, Singapore - 229544 |
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Date of Birth/Age : |
29/08/1957 |
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Date of Appointment : |
29/01/2000 |
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|
Name : |
Mr. Deepak Shah |
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Designation : |
Director |
|
Address : |
248, III Cross, JP Nagar, III Phase, Bangalore - 560078, Karnataka |
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Date of Birth/Age : |
16/12/1951 |
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Date of Appointment : |
12/06/2002 |
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Date of Ceasing : |
15/07/2004 |
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|
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Name : |
Mr.
Narayan Venkat Prabhu Tendulakar |
|
Designation : |
Whole-time
Director |
|
Address : |
J 73, Diamond District, Airport Road, Kodihalli , Bangalore-560008, Karnataka,
India |
|
Date of Birth/Age : |
22/12/1957 |
|
Date of Appointment : |
01/07/2004 |
KEY EXECUTIVES
|
Name : |
Mr. Zarir Batiwala |
|
Designation : |
Company Secretary |
|
Address : |
751, 8th Main, 3rd Block, Koramangala,
Bangalore-560034, Karnataka, India |
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Date of Birth/Age : |
29/10/1949 |
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Date of Appointment : |
12/07/1999 |
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Date of Ceasing : |
01/07/2004 |
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|
|
Name : |
Mr.
Narayan Venkat Prabhu Tendulakar |
|
Designation : |
Company
Secretary |
|
Address : |
J 73, Diamond District, Airport Road, Kodihalli, Bangalore - 560008,
Karnataka, India |
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Date of Birth/Age : |
22/12/1957 |
|
Date of Appointment : |
01/07/2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Compaq
Computers (Mauritius) |
198453322 |
|
Hewwlett-Packard
EMEA B.V. |
1 |
|
Hewlett-Packard
Gouda B.V. |
10 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturers, importers and
exporters of computer systems, processors, hardware and software, etc. |
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|
|
|
Imports from : |
U.S.A., Singapore
and Other HP Overseas Locations Credit |
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Terms : |
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Selling
: |
Credit (45 days),
Cash terms L/C and Document through Bank |
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Purchasing
: |
Credit (30/60 days)
terms |
GENERAL
INFORMATION
|
Suppliers : |
Bindu Graphics, India Delta Manufacturing Company, India Polytec Packaging India Private
Limited, India Superpack, India Wadpack Limited, India Synthetic Packers Private Limited,
India Intel India, Bangalore Tata Consultancy Services, Bangalore Microsoft, Bangalore Wipro Limited, Bangalore |
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|
|
|
Customers : |
Hewlett Packard Group Companies Ashokleyland Limited, Bangalore Ingram Micro India Limited, Bangalore
The Bombay Stock Exchange Limited,
Mumbai Industrial Credit and Investment
Corporation of India Limited, Mumbai State Bank of India, India Hindustan Lever Limited, Bangalore Dept of Posts and telegraphs,
Government of India United India Insurance Limited, India
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No. of Employees : |
700 |
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Bankers : |
HDFC Bank,
Bangalore, Karnataka |
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Banking
Relations : |
Good |
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Auditors : |
Batliboi & Company Chartered Accountants Divyasree Chambers, A wing, 2nd
Floor, Langford Road, Bangalore-560025, Karnataka, India Lovelock and Lewes Chartered Accountant Bangalore,
Karnataka |
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|
|
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Associates: |
Hewlett - Packard Inc Compaq Group, USA Compaq Computer Asia Private Limited Compaq Computer Adv Limited Hewlett-Packard India Private Limited Global-e-Business
Operations Private Limited |
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|
Parent Company : |
Compaq Computer Corporation,
Mauritius |
|
|
|
|
Group Companies : |
Hewlett Packard India Private
Limited, New Delhi / Bangalore Hewlett Packard (India), Software
Operations Private Limited, Bangalore Global Business Operations Private
Limited, Bangalore Hewlett Packard Financial Services
India Private Limited, India Hewlett Packard Company, U.S.A. Digital Global Soft Limited |
CAPITAL
STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/-
each |
Rs.
2000.000 millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
198453333 |
Equity Shares |
Rs
10/- each |
Rs.
1984.533 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
1984.533 |
1984.533 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
4391.047 |
1982.474 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6375.580 |
3967.007 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
183.896 |
5.775 |
|
|
2]
Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL
BORROWING |
|
183.896 |
5.775 |
|
|
DEFERRED
TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6559.476 |
3972.782 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
847.248 |
575.113 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
7197.218 |
3462.610 |
|
|
Sundry Debtors |
|
7785.466 |
4702.298 |
|
|
Cash & Bank Balances |
|
4328.915 |
1836.907 |
|
|
Other Current Assets |
|
6.247 |
0.156 |
|
|
Loans & Advances |
|
984.306 |
3995.571 |
|
Total Current Assets |
|
20302.152 |
13997.542 |
|
|
Less
: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13828.860 |
10173.399 |
|
|
Provisions |
|
761.064 |
426.474 |
|
Total Current Liabilities |
|
14589.924 |
10599.873 |
|
|
Net Current Assets |
|
5712.228 |
3397.669 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6559.476 |
3972.782 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
49167.756 |
43903.440 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
3977.652 |
6833.333 |
|
Provision
for Taxation |
|
--- |
-- |
|
Profit/(Loss)
After Tax |
|
3977.652 |
6833.333 |
|
|
|
|
|
|
Export
Value |
|
695.187 |
240.721 |
|
|
|
|
|
|
Total
Expenditure |
|
45190.104 |
37070.107 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
|
|
8.08 |
15.56 |
|
|
|
|
|
|
Net
Profit Margin(PBT/Sales)
|
|
|
8.08 |
15.56 |
|
|
|
|
|
|
Return
on Total Assets(PBT/Total Assets}
|
|
|
18.80 |
47.23 |
|
|
|
|
|
|
Return
on Investment (ROI)(PBT/Networth)
|
|
|
0.62 |
1.72 |
|
|
|
|
|
|
Debt Equity Ratio(Total Liability/Networth)
|
|
|
2.32 |
2.67 |
|
|
|
|
|
|
Current Ratio(Current Asset/Current Liability)
|
|
|
1.39 |
1.32 |
LOCAL
AGENCY FURTHER INFORMATION
History
Compaq, U.S.A. started its Indian Operations during March,
1994.
On 2nd
September, 1997 “Compaq Computer (India) Private Limited was established as
a100% subsidiary of Compaq Corporation, U.S.A.
During the period 27th
April, 1999 to 15th July, 1999 Compaq Computer (India) Limited
acquired the Computer Products and Service Business from Digital Equipment
(India) Limited, Bangalore by virtue of Compaq Corporation, U.S.A., Acquiring
DEC’s Business World Wide.
During calendar
2002s, Compaq Companies and Brands worldwide were Acquired by Hewlett Packard,
U.S.A. and its operating Group companies worldover.
On 17th February, 2003 Compaq Computer (India)
Limited applied to the companies registry, Bangalore, Karnataka State for
change of Name from ‘Compaq Computer (India) Private Limited to ‘Hewlett
Packard India Sales Private Limited under name approval Number 08-41294.
Name changed to the
present name with effect from 18th March, 2003 as per enclosed high
court of Karnataka Clipping the subject is in the process of Amalgamation with
‘Hewlett Packard (India) Private Limited’.
The company is in collaboration with Hewlett Packard
Company, U.S.A.
It imports raw materials, spares and components.
It exports to Sri Lanka, Philippines, Singapore.
The company is a
subsidiary of Compaq Computer Corporation, Mauritius, because of the
acquisition of shares from Compaq Computer Corporation USA and Compaq Computer
International Corporation USA.
On incorporation this
company has taken over the business as going concern from Compaq Computer Asia
Pte Limited (CCAPL), Singapore.
Consequent to the
acquisition by HP, the name of the company changed to the present w. e. f. 18th
March, 2003
The company's fixed
assets of important value include goodwill, intangible assets, leasehold land,
plant and machinery, furniture and fixture.
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 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.
44.12 |
|
UK Pound |
1 |
Rs.
87.01 |
|
Euro |
1 |
Rs.
57.45 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--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 |
YES |
|
--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 |
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 |