MIRA
INFORM REPORT
|
Report Date : |
23rd February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
A R SULPHONATES PRIVATE LIMITED |
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Registered Office : |
21 Princep Street, 2nd Floor, Kolkata – 700 072, West
Bengal, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.09.2004 |
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Com. Reg. No.: |
21-99677 |
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CIN No.: [Company
Identification No.] |
U24111WB2004PTC099677 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Carry on the business as manufacturers, formulators, processors,
producers, growers, fermentators, distillers refiners makers, importers,
exporter, buyers, sellers, suppliers, stockists, agents, merchants,
distributors and concessionaires of and dealers in, acids and alkalies,
salts, inorgants and organic compounds, solvents, compressed coal, gases,
chemicals, pertro-chemicals, plastic, surface coating, adhesives,
fertilizers, pesticides, rubber, cements, cryogencies, lood addives, dyes and
inks, intermediates, cosmetic and detergents, soap, sanitary chemicals and
propellants, explosive, pharmaceuticals, glass and ceremics, man made fibres,
sugars and starches, line chemicals, photographic chemicals, water
purification salls and chemicals, pigments, vegetable tanning and extracts,
petroleum products, fuels and industrial gases and all inorganic and organic
chemicalsand compounds of any kinds, character and property which has been
developed or known or which may be developed or known or which may be
developed or invented in future as a result of any research done or studies
made in any part of the world and which may be produced, manufactured or
formulated any any of the chemical process, reactions and operations such as
alkylation, amination by reduction, ammonolysis, aromatization clacination,
carboxtlation, causticization, combusaton, concentration, dehydration ,
diazouzahion, double decomposition, distillation, electrolysis,
esterification, fermention, frisdel afts litration, halogention,
hydroformylation and synthesis of hydro carbons, hydrogenation, hydration and
hydrolosis, isomerization, neutralization, nitration, oxidation,
polymerization, pyrolysis or cracking reduction, silicate formation,
sullonation, saponificatin alkalifusiion or nu any other chemicals
conversion, electrical conversion, physical operation or manipulation of
either any raw material, fro mines, air, forest, farms, oil, brine, gas wells
and animal substances or any products, by-products and residua substancesfrom
any chemical processes and conversion into any marketable products, consumer
goods entered directly into the economic life or as intermediates or
chemicals for the manufacturer of comsumersitems or as raw material for
further fabrication in other industries, |
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 80000 |
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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 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
|
Registered Office : |
21 Princep Street, 2nd Floor, Kolkata – 700 072, West
Bengal, India |
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Tel. No.: |
91-33-22363056 |
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Fax No.: |
91-33-22219145 |
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E-Mail : |
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Website : |
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Administrative Office : |
21 Princep Street, 2nd Floor, Kolkata – 700 072, West
Bengal, India |
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Tel. No.: |
91-33-22363056 |
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Fax No.: |
91-33-22219145 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Sandeep Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri, Sarani, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
31.08.1965 |
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Date of Appointment : |
06.09.2004 |
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Name : |
Mr. Sanjeev Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri, Sarani, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
10.05.1968 |
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Date of Appointment : |
06.09.2004 |
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Name : |
Mr. Rishi Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri, Sarani, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
25.06.1986 |
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Date of Appointment : |
06.09.2004 |
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SHAREHOLDING
PATTERN
|
Names of Shareholders |
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No. of Shares |
|
|
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Mr. Sandeep Fogla |
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10000 |
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Mr. Sanjeev Fogla |
|
10000 |
|
Mr. Rishi Fogla |
|
10000 |
|
Rishi Securities and Finance Private Limited |
|
370000 |
|
Sai Sulphonates Private Limited |
|
330000 |
|
Starlite Vyapaar Private Limited |
|
100000 |
|
Mr. Ramesh Modi |
|
10000 |
|
Ms. Usha Shree Modi |
|
25000 |
|
Mr. Udhav Modi |
|
10000 |
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Ms. Diksha Modi |
|
5000 |
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Mr. Narendra Sharma |
|
20000 |
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Ms. Uma Devi Fogla |
|
10000 |
|
Bhaneshwar Idealcom Private Limited |
|
50000 |
|
Coneert Trade Link Private Limited |
|
40000 |
BUSINESS DETAILS
|
Line of Business : |
Carry on the business as manufacturers, formulators, processors,
producers, growers, fermentators, distillers refiners makers, importers,
exporter, buyers, sellers, suppliers, stockists, agents, merchants,
distributors and concessionaires of and dealers in, acids and alkalies,
salts, inorgants and organic compounds, solvents, compressed coal, gases,
chemicals, pertro-chemicals, plastic, surface coating, adhesives,
fertilizers, pesticides, rubber, cements, cryogencies, lood addives, dyes and
inks, intermediates, cosmetic and detergents, soap, sanitary chemicals and
propellants, explosive, pharmaceuticals, glass and ceremics, man made fibres,
sugars and starches, line chemicals, photographic chemicals, water
purification salls and chemicals, pigments, vegetable tanning and extracts,
petroleum products, fuels and industrial gases and all inorganic and organic
chemicalsand compounds of any kinds, character and property which has been
developed or known or which may be developed or known or which may be
developed or invented in future as a result of any research done or studies
made in any part of the world and which may be produced, manufactured or
formulated any any of the chemical process, reactions and operations such as
alkylation, amination by reduction, ammonolysis, aromatization clacination,
carboxtlation, causticization, combusaton, concentration, dehydration ,
diazouzahion, double decomposition, distillation, electrolysis,
esterification, fermention, frisdel afts litration, halogention,
hydroformylation and synthesis of hydro carbons, hydrogenation, hydration and
hydrolosis, isomerization, neutralization, nitration, oxidation,
polymerization, pyrolysis or cracking reduction, silicate formation,
sullonation, saponificatin alkalifusiion or nu any other chemicals
conversion, electrical conversion, physical operation or manipulation of
either any raw material, fro mines, air, forest, farms, oil, brine, gas wells
and animal substances or any products, by-products and residua substancesfrom
any chemical processes and conversion into any marketable products, consumer
goods entered directly into the economic life or as intermediates or
chemicals for the manufacturer of comsumersitems or as raw material for
further fabrication in other industries, |
|
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GENERAL
INFORMATION
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No. of Employees : |
-- |
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Bankers : |
Kanak Building, 41, Chowringhee Road, Kolkata – 700 071, West Bengal, India
19, N S Road, Kolkata – 700 001, West Bengal, India |
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Facilities : |
The company enjoys mortgage facilities of Rs. 270.000 millions from
Citi Bank NA dated 12.01.2006 The company enjoys mortgage facilities of Rs. 50.000 millions from
Standard Chartered Bank dated 09.01.2007 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A K Bandyapadhyay Chartered Accountants |
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Address : |
AE 23 Sector 1, 2nd Floor, Salt Lake City, Kolkata – 700
064, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
1000000 |
Equity Shares |
Rs. 10/- |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.000 |
10.000 |
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2] Reserves & Surplus |
|
9.382 |
0.000 |
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NETWORTH |
|
19.382 |
10.000 |
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LOAN FUNDS |
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1] Secured Loans |
|
61.488 |
10.951 |
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2] Unsecured Loans |
|
45.180 |
5.800 |
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TOTAL BORROWING |
|
106.668 |
16.751 |
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DEFERRED TAX LIABILITIES |
|
0.885 |
0.000 |
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TOTAL |
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126.935 |
26.751 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
35.781 |
9.943 |
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Capital work-in-progress |
|
2.357 |
10.949 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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23.663 |
0.000 |
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Sundry Debtors |
|
107.356 |
0.000 |
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Cash & Bank Balances |
|
1.957 |
1.232 |
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Other Current Assets |
|
0.000 |
0.853 |
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Loans & Advances |
|
22.721 |
4.382 |
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Total
Current Assets |
|
155.697 |
6.467 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
66.380 |
0.768 |
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Provisions |
|
0.648 |
0.000 |
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Total
Current Liabilities |
|
67.028 |
0.768 |
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Net Current Assets |
|
88.669 |
5.699 |
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MISCELLANEOUS EXPENSES |
|
0.128 |
0.160 |
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TOTAL |
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126.935 |
26.751 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
10.00 |
2.75 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.30 |
8.42 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
Name of the Company : A R Sulphonates Private
Limited
Presented by : -- Mr. Sanjeev Fogla
|
1. Date and
description of the instrument creating or evidencing the charge
|
Memorandum of
entry dated 12.01.2006 executed by A R Sulphonates Private Limited,
(hereafter referred to as “the Company”) in favour of Citi Bank NA (therein
and hereinafter referred to as “the Lender”) |
|
2. Amount secured
by the charge /amount owing on security of the charge |
Total combined credit
facilities of Rs. 216.250 millions, granted to the group comprising of Sai
Sulphonates Private Limited, Detchem Private Limited, A R Stanchem Private
Limited and A R Sulphonates Private Limited
|
|
3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Equitable
mortgage on first exclusive charge basis on property including land and
building located at additional Ambernath Industrial Area within village limit
of Jambivali and within limit of Ambernath Municipal Council, Taluka
Ulhasnagar, District Thane, India |
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4. Gist of the
terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to advance to the group comprising of Sai
Sulphonates Private Limited, Detchem Private Limited, A R Stanchem Private
Limited and A R Sulphonates Private Limited, total credit facilities of Rs.
216.250 millions, the company converts inter alia as under: 1] To repay the
facility as mentioned in (2) above and pay interest and all other monies in
the manner set out in the Agreements executed between the company and the
lender and to comply with the term and conditions of the agreements. 2] The said property
mortgage to the lender as and by way of first exclusive charge shall be
security for and be charged with towards the repayments of the credit
facilities as described above along with the interest, liquidated, damages,
premia on repayment or on redemption, costs, charges and other expenses
payable to the lender in respect thereof. 3] Power of
entry, power of take charge and / or possession of, seize, recover, receive,
appoint and sell, contract, dispatch for realization or otherwise dispose of
or deal with all or any part of the said goods, etc, as provided
therein. |
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5. Names, address
and description of the persons entitled to charge |
Citi Bank NA Kanak Building,
41, Chowringhee Road, Kolkata – 700 071, West Bengal, India |
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6. Date and brief
description of instrument modifying the charge |
NA |
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7. Particular of modification specifying the terms and conditions or the
extent or operation of the charge in
which modification is made and
the details of modification |
NA |
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 |
2 |
|
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 |
|
42 |
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 |
|
PRIVATE
& CONFIDENTIAL : This information is provided to you at
your request, you having employed MIPL for such purpose. You will use the
information as aid only in determining the propriety of giving credit and
generally as an aid to your business and for no other purpose. You will hold
the information in strict confidence, and shall not reveal it or make it known
to the subject persons, firms or corporations or to any other. MIPL does not
warrant the correctness of the information as you hold it free of any liability
whatsoever. You will be liable to and indemnify MIPL for any loss, damage or
expense, occasioned by your breach or non observance of any one, or more of
these conditions