MIRA INFORM REPORT
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Report
Date : |
20th
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
AUTOLINE INDUSTRIES LIMITED |
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Formerly
Known As : |
AUTOLINE STAMPINGS PRIVATE LIMITED |
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Registered
Office : |
S. No.
291, Nanekarwadi, Post – Chakan, Taluka Khed, District
Pune – 410501, |
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Country
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
16.12.1996 |
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Com.
Reg. No.: |
11-104510 |
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CIN
No.: [Company
Identification No.] |
U34300PN1996PLC104510 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
PNEA07017D |
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PAN
No.: [Permanent
Account No.] |
AABCA4634D |
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Legal
Form : |
Closely Held Public Limited Liability Company |
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Line
of Business : |
Manufacturers of Auto Components and Subassemblies. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD 800000 |
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Status
: |
Satisfactory
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
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Subject is a well – established company having
satisfactory track. Directors are reported as experienced, respectable and
resourceful industrialists. Their trade relations are fair. Financial
position is satisfactory. Payments are reported as slow but correct. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered
Office : |
S. No.
291, Nanekarwadi, Post – Chakan, Taluka Khed, District Pune – 410501, |
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Tel.
No.: |
91-20-27120429 /62 / 30682011/12 |
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91-9890042576 |
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Fax
No.: |
91-20-27110540 / 27490022 |
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E-Mail.:
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Website
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Factory |
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CHAKAN UNIT |
Plot No 6; S No 291 to 298 Nanekarwadi, Post Chakan, Taluka
Khed, District Pune-410501, |
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Tel.
No.: |
91-20-24102335 |
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Fax
No.: |
91-20-24102334 |
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BHOSARI UNIT |
T-135, MIDC, Bhosari, Pune - 411026, |
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Tel.
No.: |
91-2135-563035 |
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Unit
III |
S. No. 825, Kudalwadi, Post Chikhali, Taluka
Haveli, Pune – 412114, |
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Tel.
No. : |
91-20-27490022 / 56102105 / 6 |
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Fax
No. : |
91-20-27490092 |
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Unit
IV |
S. No. 313, 314, 320 to 323, Nanekarwadi,
Chakan, Taluka Khed, Pune – 410501, |
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Tel.
No. : |
91-2135-563035 |
DIRECTORS
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Name : |
Mr.
Vikram Bhat |
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Designation
: |
Chairman |
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Name : |
Mr. Shivaji Tukaram Akhade |
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Designation
: |
Managing Director |
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Address
: |
Vikas Colony, Landewadi, Bhosari, Pune – 411039 |
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Date
of Birth/Age : |
07.01.1966 |
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Date
of Appointment : |
16.12.1996 |
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Name : |
Mr. Sudhir Vithal Mungase |
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Designation
: |
Whole
Time Director |
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Address
: |
Landewadi, Bhosari, Pune – 411039 |
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Date
of Birth/Age : |
01.04.1975 |
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Date
of Appointment : |
16.12.1996 |
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Name : |
Mr. M
Radhakriashnan |
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Designation
: |
Whole
Time Director |
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Address
: |
A – 5, 603, Kohinoor Estate, Wakdewadi, Pune – 411003, |
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Date
of Birth/Age : |
01.11.1954 |
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Date
of Appointment : |
30.09.2002 |
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Name : |
Mr. Gopalrao Gangadhar Patwardhan |
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Designation
: |
Non
Executive Director |
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Address
: |
Miraj House, |
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Date
of Birth/Age : |
31.03.1970 |
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Date
of Appointment : |
31.03.2006 |
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Name : |
Mr. Ajit
B Karnik |
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Designation
: |
Non
Executive Director |
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Name : |
Mr. Vijay Kantilal Thanawala |
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Designation
: |
Non
Executive Director |
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Address
: |
304 – A, Deep Jyoti Co-operative Society, Veer Savorkar
Marg, Naupada, Thane – 400601, |
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Date
of Birth/Age : |
24.04.1947 |
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Date
of Appointment : |
15.06.2006 |
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Name : |
Mr. Prakesh Baburao Nimbalkar |
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Designation
: |
Non
Executive Director |
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Address
: |
Flat No. B 221, 2nd Floor, Vikasini Cooperative
Housing Society, Plot No. 1C, Sector No. 8B, CBD Belapur, Navi Mumbai –
400614, |
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Date
of Birth/Age : |
12.02.1943 |
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Date
of Appointment : |
15.06.2006 |
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Name : |
Mr.
Abraham Koshy |
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Designation
: |
Non
Executive Director |
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Name : |
Mr.
Stanton Dodson |
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Designation
: |
Non
Executive Director |
KEY
EXECUTIVES
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Name : |
Mr.
Ashutosh B Kulkarni |
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Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr. Shivaji Tukaram Akhade |
1275847 |
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Mr. Sudhir Vithal Mungase |
1278547 |
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Mr. Vilas V. Lande |
1278547 |
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Mr. Radhakrishnan Rema |
1278547 |
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Linc Wise
Software Private Limited |
900000 |
BUSINESS DETAILS
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Line
of Business : |
Manufacturers of Auto Components and Subassemblies. |
GENERAL INFORMATION
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Bankers
: |
Rupeee Cooperative Bank Limited, Chinchved branch, Pune –
411019 HDFC HSBC Bank of Bank of Vasant Data Bank |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Gujar Rawat Sheth & Associates Chartered Accountants, |
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Address
: |
4/1st Floor, Shivdarshan Chambers, 457/58,
Market Yard, Pune – 411037, |
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Tel.
No.: |
91-20-24269496 / 24269497 |
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Fax
No.: |
91-20-24269496 / 24269497 |
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E-Mail
: |
vbsheth_ca@vsnl.net |
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Associates
: |
Amogh Engineers Private
Limited Telephone :
91-20-7128961 / 62 Autoshine Coaters Balaji Enterprises Shreeja Enterprises Fourtech Enterprises Hotel Vishwavilas Aishwarya Biryani House |
CAPITAL STRUCTURE
Authorised
Capital :
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No. of
Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No. of
Shares |
Type |
Value |
Amount |
|
6014188 |
Equity Shares |
Rs. 10/- Each |
Rs. 60.141 Millions |
As on 31.03.2006
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
6950000 |
Equity Shares |
Rs. 10/- Each |
Rs. 69.500 Millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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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 |
69.500 |
60.141 |
51.659 |
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2] Share
Application Money |
0.000 |
11.605 |
0.000 |
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3]
Reserves & Surplus |
132.200 |
20.039 |
25.048 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
201.700 |
91.785 |
76.707 |
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LOAN
FUNDS |
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1]
Secured Loans |
312.800 |
216.911 |
178.206 |
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2]
Unsecured Loans |
111.600 |
82.377 |
26.599 |
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TOTAL
BORROWING
|
424.400 |
299.288 |
204.805 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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626.100 |
391.073 |
281.512 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
350.800 |
304.401 |
196.954 |
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Capital work-in-progress
|
173.900 |
4.654 |
17.954 |
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INVESTMENT
|
26.500 |
6.206 |
6.206 |
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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
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127.100
|
94.650 |
75.143 |
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Sundry Debtors
|
57.600
|
27.769 |
19.734 |
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Cash & Bank Balances
|
1.600
|
1.000 |
0.163 |
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Other Current Assets
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0.000
|
18.651 |
8.708 |
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Loans & Advances
|
42.100
|
3.434 |
3.167 |
Total Current Assets
|
228.400
|
145.504 |
106.915 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
154.200
|
61.615 |
37.446 |
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Provisions
|
0.000
|
9.046 |
10.361 |
Total Current Liabilities
|
154.200
|
70.661 |
47.807 |
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Net
Current Assets
|
74.200
|
74.843 |
59.108 |
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MISCELLANEOUS EXPENSES
|
0.700 |
0.969 |
1.290 |
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TOTAL
|
626.100 |
391.073 |
281.512 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
1146.800 |
685.916 |
511.900 |
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Profit/(Loss) Before Tax
|
77.000 |
19.803 |
5.934 |
Provision for Taxation
|
6.900 |
1.600 |
0.500 |
Profit/(Loss) After Tax
|
70.100 |
18.203 |
5.434 |
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Total Expenditure
|
1069.800 |
635.151 |
480.566 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio |
2.60 |
3.67 |
2.98 |
|
Long Term
Debt Equity Ratio |
2.60 |
3.67 |
2.98 |
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Current
Ratio |
1.58 |
1.78 |
1.48 |
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TURNOVER
RATIOS |
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Fixed
Assets |
2.84 |
2.32 |
2.53 |
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Inventory
|
10.04 |
8.07 |
8.56 |
|
Debtors |
26.07 |
28.83 |
33.50 |
|
Interest
Cover Ratio |
5.38 |
2.22 |
1.38 |
|
Operating
Profit Margin (%) |
10.39 |
7.40 |
6.13 |
|
Profit
Before Interest and Tax Margin (%) |
8.50 |
5.26 |
4.19 |
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Cash
Profit Margin (%) |
8.19 |
4.80 |
3.00 |
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Adjusted
Net Profit Margin (%) |
6.30 |
2.66 |
1.06 |
|
Return on
Capital Employed (%) |
18.91 |
11.26 |
9.73 |
|
Return on
Net Worth (%) |
50.38 |
26.49 |
9.72 |
LOCAL AGENCY FURTHER INFORMATION
The subject was originally incorporated as Autoline
Stampings Private Limited, later it was changed to the present name.
OPERATIONS :
The turnover at Rs. 684.800 millions has shown a growth of
34% against last year’s turnover of Rs. 591.900 millions. The company is consistent in making profits
since inception and The Profit before Tax for the year is Rs. 19.804 millions
compared to last years Profit before Tax of Rs. 5.934 millions, the Net Profit
rose from Rs. 5.434 millions to Rs. 16.417 millions, a growth of 303%.
The factory at T – 135, MIDC, Bhosari, was further expanded
and is now manufacturing parts for Bajaj Auto Limit, Fiat, Walker Exhaust
[India] Private Limited [Subsidiary of Fortune 500 Company – Tenneco, USA] and
Tata Motors Limited [commercial vehicle parts].
The Chakan factory, which manufactures big assemblies got a boost due to
larger critical assemblies for cars developed as second source, [due to
in-house designing and manufacturing of Large Sized Dies using CAD / CAM
facilities], contributed in a big way to growth in sales. The production of
The organization structure was strengthened to meet the
increased production demands with Quality and Cost Competitiveness at all the
plants. The factories at T – 135, MIDC
and Kudalwadi are certified as ISO 9001:2000 while the factory at Chakan is
certified as TS – 16949. Thus all the
manufacturing facilities are certified for International Standards.
Further the company has got Term Loans from Bank of Baroda
in FCNR [B] loans, which has resulted in decrease in the Interest Costs.
FUTURE PROSPECTS :
The Auto Component Industry is surging ahead and
Taking into consideration the business development efforts
in both domestic and export markets and proposed outsourcing of Larger
Components including aesthetic parts by Tata Motors Limited, the turnover in
2005-2006 is expected to touch Rs. 3000 millions.
Considering the future prospects, the company has already
started the Expansion Project on 7 acres [out of 15 acres acquired last year]
of the Land adjacent to the existing Chakan Factory. The company proposes to invest further Rs.
500 millions for the expansion. On
completion of the expansion and prospective further orders in the pipeline the
annual turnover can go up to Rs. 7500 millions in the year 2007 – 08.
The company has set up a Joint Venture in UAE under the name
“Union Autoline Spare Parts, L.L.C.” in the month of May, 2005 to tap the vast
potential for Auto Spares in the entire Gulf and African region. The company has 49% share in this Joint
Venture. This venture is mainly to trade
in Automobile Spare Parts out of U.A.E. from where the demand for Auto Spares
for the Gulf and African region. The
strategy will be to build Automobile Spares with a brand to be positioned
between the Low Quality cheaper spares coming from
The company is eying inorganic growth for faster growth and
diversification of products and is negotiating with Auto Component
manufacturers in Pune Region for acquisition.
The negotiation for acquiring a company manufacturing Silencers and
Exhaust Systems for commercial vehicles is at advanced stage and is likely to
be completed by December, 2005.
Event Occurring After the Date of Balance Sheet :
The company has entered into Joint Venture Agreement with
Mr. Ali Mohammad Saeed Al Badi, A UAE National for setting up Business in UAE
under the name “Union Autoline Spare Parts, L.L.C.” in the month of May,
2005. The company has 49% Share in this
Joint Venture.
Contingent Liabilities ;
Contingent Liabilities and claims against the company not
acknowledged as debts :
- Export Obligation - Export Obligation in respect of saving in Custom
Duty on import of Machinery is to be completed up to 23.05.2008. Hence the liability for the year ending
on 31.03.2005 is not defined [Previous year Nil]
- Electricity Payment – Maharashtra State Electricity
Board [MSEB] has raised a demand of Rs. 1.643 millions for the Chakan Unit
and the company has disputed the demand and the matter is pending in the
court.
Fixed Assets :
Land & Development, Building, Plant & Machinery,
Tools and Dies, Computers and Softwares, Electrical Fittings, Furniture,
Vehicles, Office Equipments, etc
Form 8 Particular for
creation or modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U34300PN1996PLC104510 |
|
Name
of the company |
AUTOLINE
INDUSTRIES LIMITED |
|
Address |
T – 135
MIDC Bhosari, Pune – 411026, |
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This
Form is for |
Modification
of charge |
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Type
of Charges |
Hypothecation |
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Particular
of the charge holder |
Bank
of Specialised
SSI Branch, Pimpri, Pune – 411018, E-mail
: ssipim@bankofbaroda.com |
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Amount
Secure by the charge |
Rs.
165.000 millions |
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Description
of the property charge whether it is a charge on |
Plant
& Machinery, Furniture & Fixtures, Stock in trade and Book debts |
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Modification
charge Charge
identification number of the charge to be modified |
80003586 |
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Date
of instrument modifying the charge |
03.05.2006 |
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Particulars
of the Property charged |
All that company’s movable assets namely all the
stock of goods including raw materials, book debts, outstanding monies,
receivable, claims, bills, contracts, engagement and securities which are now
due and become due and owing to the company and all movable machinery,
plants, tolls, spares etc both present and future |
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Brief
description of the instrument modifying the charge |
Supplementary composite agreement of
hypothecation of goods, book debts, movable machinery and vehicles |
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Particulars
of the present modification |
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Corporation
identity number or foreign company registrations number of the company |
U34300PN1996PLC104510 |
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Name
of the company |
AUTOLINE
INDUSTRIES LIMITED |
|
Address |
T – 135
MIDC Bhosari, Pune – 411026, |
|
This
Form is for |
Modification
of charge |
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Type
of Charges |
Hypothecation |
|
Particular
of the charge holder |
Bank
of Specialised
SSI Branch, Pimpri, Pune – 411018, E-mail
: ssipim@bankofbaroda.com |
|
Amount
Secure by the charge |
Rs.
165.000 millions |
|
Brief
of the principal terms and conditions and extent and operation of the charge |
Interest
Rate : 11.50% p.a. |
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Description
of the property charge whether it is a charge on |
Plant
& Machinery |
|
Modification
charge Charge
identification number of the charge to be modified |
80003586 |
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Date
of instrument modifying the charge |
25.07.2006 |
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Particulars
of the Property charged |
All movable property situated at the premises of
the borrower |
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Brief
description of the instrument modifying the charge |
Third Supplemental Composite Agreement of
Hypothecation dated 25.07.2006 [of Movable Assets of the Borrower] |
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Particulars
of the present modification |
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Name of
the company |
AUTOLINE
STAMPINGS PRIVATE LIMITED |
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Presented
By |
M.
Radhakrishnan – Director |
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1) Date
and description of instrument creating the change |
Composite
Agreement of hypothecation dated 30th January, 2004 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.
165.000 millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All that company’s movable assets namely all the stock of
goods including raw materials, book debts, outstanding monies, receivables,
claims, bills, contracts, engagements and securities which are now due and
become due and owing to the company and all movable machinery, plant, tools,
spares etc. both present and future, the assets more particularly described
in Second Schedule to the Agreement which are same as described in Annexure I
attached hereto. |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
First
charge by way of Hypothecation of all the movable assets of the company
described at Sr. No. 3 above created in favour of Bank of Baroda for securing
the due repayment of the loans and credit facilities aggregating to the sum
of Rs. 165 millions interalia on the following terms and conditions.
The terms
and conditions are more particularly prescribed in FIRST SCHEDULE to the
Agreement |
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5) Name
and Address and description of the person entitled to the charge. |
Bank of Specialised
SSI Branch, Pimpri, Pune – 411018 |
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6)
Date and brief description of
instrument modifying the charge |
Second
Modification by : i. Deed
of Simpl Mortgage dated 28.03.2005 for Rs. 285.000 millions ii. Deed
of further charge in respect of immovable properties of borrower mortgage or
& guarantors mortgagors dated 28.03.2005 for Rs. 285.000 millions [Both
these documents constitute single charge] |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Simple
Deed of mortgage dated 28.03.2005 and Deed of further charge dated 28.03.2005
were executed to secure additional credit facility of Rs. 120 millions by
providing additional Term Loan facility of Rs. 90 millions and the Working
Capital Finance by Rs. 30 millions details of the enhanced facilities are as
under :
By
providing additional security on immovable properties of the company at Gat
No. 313, 314, 320, 321, 322, 323 admeasuring 4 hectares 46.50 Are located at
Nanekarwadi, Khed Taluka Pune together with movable properties more
specifically mentioned in Second Schedule of the Agreement |
Website Details :
Story
A trailblazing story! That is how they could describe our
journey in this highly competitive, fast paced and ever changing auto industry.
Today, as they are on the threshold of a challenging future,
looking ahead at broader horizons and global reach, they take a moment to
glance backwards and take a re-cap of their exciting journey.
More than a decade ago, in 1995, Autoline was a little
acorn, amongst the giants in the auto industry. Set up in April 1995 as a
partnership firm with a modest capital, there has been no looking back since;
with Autoline having grown into a medium sized engineering and auto ancillary
Company, supplying sheet metal components, assemblies, sub assemblies and
tubular assemblies like silencers and exhaust systems to the Indian auto industry.
Soon, however, they became a trusted vendor to auto giant Tata Motors.
August 2004, was major turning point in Autoline's history. Tata Motors was
looking to entrust the manufacture of the load body of their new mini truck to
someone whose capabilities they believed in. It was a challenge, no doubt, to
their highly skilled yet small team that had hitherto handled designs and
manufacture of small and medium assemblies. However, being a team that enjoys
challenges, Autoline got cracking and tackled the job so efficiently that in
precisely 20 weeks, the first mini truck model named ACE load body came off the
assembly and six months later a 200 strong workforce was rolling out 150 load
bodies in a 3 shift day! As ACE became a runway success, six months down the
line another fully automated line had to be set up to meet the demand of 300
units per day.
The present
Today, Autoline is one of the prime vendors to various
Automobile Companies like, TATA MOTORS LIMITED (TELCO), BAJAJ AUTO LIMITED,
KINETIC ENGINEERING LIMITED, MAHINDRA & MAHINDRA LIMITED, FIAT (INDIA) PRIVATE
LIMITED, and WALKER EXHAUST (INDIA) PRIVATE LIMITED (a Subsidiary of Tenneco, a
fortune 500
Autoline has grown by leaps and bounds from a single plant,
a modest capital and a small staff to a company that can boast of 5
manufacturing units, over 1500 strong human resource and an almost 100 percent
growth each year for seven years. Autoline Industries has traversed a growth
path at an enviable pace; all thanks to excellent work quality, cost
competitiveness, timely deliveries and state-of-the-art Tool Room with latest
CAD /
Today, more than 400 products from Autoline fit into a range of SUVs, LCVs,
HCVs and passenger cars besides 2 and 3 wheelers. Stringent quality controls
and timely deliveries have helped consolidate their position in the market as
one of the top 5 vendors of Sheet Metal components for Tata Motors.
CMT REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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.44.21 |
|
|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--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 |