MIRA
INFORM REPORT
|
Report Date : |
23.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
METSIL
EXPORTS PRIVATE LIMITED |
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Registered Office : |
224,
Dr. Bijoy Kumar Basu Sarani, Kolkata-700045, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.03.1993 |
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Com. Reg. No.: |
21-57966 |
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CIN No.: [Company
Identification No.] |
U27109WB1993PTC057966 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM05659D |
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PAN No.: [Permanent
Account No.] |
AACCM0520A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on the business as manufacturer, exporters, importers, traders,
brokers, distributors, dealers, agents, consultants, contractors, stockists
in all kinds of merchandise- Iron and Steel products, Ferro Alloys, Master
Alloys, Silicon Alloys, Aluminium Alloys, Ferrous and Non ferrous metals and
Alloys including Aluminium, Silicon Copper, Magnesium, Manganese, Chromium,
Zinc, Lead, Tunqusten, Nickel Vanadium, Molibdenum, Niobium, Zinchonium and fuel
oil, Lubricants, Petrolium Products, Coal, Coke, Carbon in all from and to
carry on any other business (Manufacturer or otherwise) which may seem to the
company capable of by conveniently carried in connection with above to
enhance the value of any of the property and rights of the company for the
time being To
carry on or undertake r to nr intended or engaged in any of the business
whether in India, or outside India either solely or in joint venture or in
partnership with other association of person as or individual as firm or
other association of person a manufacturers, traders, dealers, agents,
brokers, consultants, service organisation in readymade garments, toys,
electrical and electronic components and parts, mining products, all types of
metal and alloys ferrous and non ferrous, petroleum products, lubricants,
plastics, pharmaceuticals, pesticides, tea, coffee, spices products, snacks,
eatables and foodstuffs. To
carry on business clearing forwarding agents stevedores, transporters
handling and shipping agents and any other business which may seem to
conveniently carried in connection with these objects. |
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
10000 |
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Status : |
Satisfactory |
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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 satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
224,
Dr. Bijoy Kumar Basu Sarani, Kolkata-700045, West Bengal, India |
|
Tel. No.: |
91-33-24224087 |
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Fax No.: |
91-33-24224068 |
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Website : |
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Corporate
Office : |
59C, Chowringhee Road, 4th
Floor, Barlow House, Kolkata : - 700 020. |
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Tel.
No.: |
91-33-22891641/ 22891642/ 22891643 |
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Fax
No.: |
91-33-
22891640 |
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E-Mail
: |
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Factory
1 : |
Barlow
House, 4th Floor, 59-C, Chowringhee Road, Kolkata-700020, West
Bengal, India |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Rajendra Prasad Singh |
|
Designation : |
Director |
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Address : |
6,
chapel Road, Kolkata-700022, West Bengal |
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Date of Birth/Age : |
15.11.1949 |
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Date of Appointment : |
02.03.1993 |
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|
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Name : |
Mr.
Suresh Kumar Sharma |
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Designation : |
Director |
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Address : |
47/7,
Prince Gular Hussain Shah Road, Kolkata-700032, West Bengal |
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Date of Birth/Age : |
10.08.1949 |
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Date of Appointment : |
01.06.1998 |
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|
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Name : |
Mr.
Santosh Kumar Sharma |
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Designation : |
Director |
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Address : |
47/7,
Prince Gular Hussain Shah Road, Kolkata-700032, West Bengal |
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Date of Birth/Age : |
10.10.1955 |
|
Date of Appointment : |
01.07.1999 |
KEY EXECUTIVES
|
Name
: |
Mr.
Amit Sharma |
|
Designation
: |
Executive
(Marketing) |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Rajendra Prasad Singh |
1200 |
|
Mr.
Mahesh Kumar Sureka |
1200 |
|
Ms.
Renu Sharma |
12000 |
|
Mr.
Ashok Kumar Sharma |
1500 |
|
Ms.
Lata Sharma |
2500 |
|
Mr.
Girindra Mohan Sharma |
2000 |
|
Mrs.
Urmila Shama |
4000 |
|
Ms.
Reetu Sharma |
2000 |
|
Mr.
Amit Kumar Sharma |
2000 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business as manufacturer, exporters, importers, traders,
brokers, distributors, dealers, agents, consultants, contractors, stockists
in all kinds of merchandise- Iron and Steel products, Ferro Alloys, Master
Alloys, Silicon Alloys, Aluminium Alloys, Ferrous and Non ferrous metals and
Alloys including Aluminium, Silicon Copper, Magnesium, Manganese, Chromium,
Zinc, Lead, Tunqusten, Nickel Vanadium, Molibdenum, Niobium, Zinchonium and
fuel oil, Lubricants, Petrolium Products, Coal, Coke, Carbon in all from and
to carry on any other business (Manufacturer or otherwise) which may seem to
the company capable of by conveniently carried in connection with above to
enhance the value of any of the property and rights of the company for the
time being To
carry on or undertake r to nr intended or engaged in any of the business
whether in India, or outside India either solely or in joint venture or in
partnership with other association of person as or individual as firm or
other association of person a manufacturers, traders, dealers, agents,
brokers, consultants, service organisation in readymade garments, toys,
electrical and electronic components and parts, mining products, all types of
metal and alloys ferrous and non ferrous, petroleum products, lubricants,
plastics, pharmaceuticals, pesticides, tea, coffee, spices products, snacks,
eatables and foodstuffs. To
carry on business clearing forwarding agents stevedores, transporters
handling and shipping agents and any other business which may seem to
conveniently carried in connection with these objects. |
|
|
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Products : |
Aluminium
Scrap |
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Exports to : |
Africa,
Asia and Middle East |
GENERAL
INFORMATION
|
No. of Employees : |
25 |
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|
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Bankers : |
v
State
Bank of Hyderabad, Lansdowne Branch v
Punjab
National Bank, Barabazar Branch, P35, Cotton Street, Kolkata-700007, West
Bengal, India |
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|
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Banking Relations : |
Satisfactory |
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Auditors : |
Surendra
Didwania & Company Chartered
Accountants Room
No.332, City Centre, 19, Synagogue Street, Kolkata-700001, West Bengal, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
94400 |
Equity
Shares |
Rs.10/- each |
Rs.0.944 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 |
|
0.944 |
0.944 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.777 |
0.666 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1.721 |
1.610 |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
10.134 |
0.970 |
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TOTAL BORROWING |
|
10.134 |
0.970 |
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|
DEFERRED TAX LIABILITIES |
|
0.076 |
0.065 |
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|
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TOTAL |
|
11.931 |
2.645 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
4.869 |
1.951 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.081 |
0.082 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
11.406 |
3.135 |
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Cash & Bank Balances |
|
8.234 |
9.132 |
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|
Other Current Assets |
|
0.315 |
1.258 |
|
|
Loans & Advances |
|
0.903 |
1.470 |
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Total Current Assets |
|
20.858 |
14.995 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13.640 |
14.213 |
|
|
Provisions |
|
0.237 |
0.170 |
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Total Current Liabilities |
|
13.877 |
14.383 |
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Net Current Assets |
|
6.981 |
0.612 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
11.931 |
2.645 |
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KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
13.95 |
9.54 |
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|
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.50 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U27109WB1993PTC057966 |
|
Name of the company |
METSIL
EXPORTS PRIVATE LIMITED |
|
Address |
224,
Dr. Bijoy Kumar Basu Sarani, Kolkata-700045, West Bengal, India |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Movable property |
|
Particular of the charge holder |
Punjab National Bank, Barabazar Branch, P35, Cotton Street, Kolkata-700007, West Bengal, India |
|
Nature or description of the instrument creating charge |
Packing credit agreement (Hypothecation of goods) Hypothecation of Plant and Machinery and other existing and future block of assets as collateral security for packing credit account. |
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Date of the instrument creating charge |
29.12.2006 |
|
Amount Secure by the charge |
Rs.30.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : Interest @ BPLR-3.25% p.a. or such other rates as may be fixed from time to time by the bank and shall be calculated on the daily balance due to the Bank with monthly rests. On failure to export within 180 days from the date of advance, shall pay from the 181st day bank interest @ BPLR 1.25% p.a. or at the rate as applicable in cash credit account whichever is higher with monthly rests. Terms of repayment As stipulated in the agreement Extent and operation of the charge The following facilities have been sanctioned by the Bank to the borrower against hypothecation of goods repayable with interests, costs, charges and expenses: Packing Credit : Rs.20.000 millions FLC (DP) : Rs.10.000 millions Overall Limit : Rs.30.000 millions |
|
Particulars of the Property charged |
On packing credit agreement goods as described in the schedule – Ferro alloys present and future and in transit meant for export stored at Kolkata and other places in India. Computers, Furniture, Air Conditioners, Cars etc. all located at 4th Floor, Barlow House, 59C, Chowringhee Road, Kolkata-700020 other places in India |
Website Details :
Incorporated in 1993, they are in regular
import/export business relating to Iron & steel and metal producing
industries. They are sourcing various raw material inputs for steel,
Ferro-Alloy and other industries. They have good contacts with Indian as well
as foreign buyers and sellers for various materials.
Subject has a long history way back to its
establishment in 1993. Trading goods within India and overseas markets such as
Indian Sub Continent, South East Asian Countries, Asean, Far-East ,Japan,
China, Europe, East Africa, North America and Australia . Subject is committed
to source quality materials and provide hassle free services in a professional
manner which will certainly add value to its business associates.
Through the years subject has diversified into various lines of businesses.
With the initial concentration of their business activities in the Ferro Alloys
and Scrap Imports subject has spread its wings to other products such as Ores ,
Coking Coal , Metallurgical Coke, Charcoal, Metals etc.
Subject strives to take care of all their customer’s needs. They provide
services such as sourcing of any commodity or goods , consolidation of orders
for export and follow up on current orders, assisting in the Export Logistics (
They have a long term tie-up with the reputed Shipping , Clearing &
Forwarding Agents and Container Freight Brokers).
With a team of highly skilled and professional individuals, subject has earned
a very high reputation in the market and is well known amongst key players in
the industry. Working with practicality, ethics and a responsibility, they
assure that all of their business associates get maximum value by dealing with
them.
Besides offering a wide range of products, subject offers a wide range of trade
related services. Their presence in the Eastern Region of India, with shipping
and logistical infrastructure, allows them to offer the best prices, prompt
response and value added products and services to bridge the requirements of
their buyers with their large database of trusted and reputed suppliers who are
also amongst the biggest manufacturers in India.
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.44.28 |
|
UK
Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--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 |
|
45 |
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 |
|