MIRA INFORM
REPORT
|
Report Date : |
29.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAJ
RATAN CASTINGS PRIVATE LIMITED |
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|
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Registered Office : |
7/141
A-3 Swaroop Nagar, Kanpur, Uttar Pradesh – 208002 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.08.1996 |
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Com. Reg. No.: |
20-20573 |
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CIN No.: [Company
Identification No.] |
U27106UP1996PTC020573 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPR00191C |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
The subject is engaged in the business of
manufacture of Special Alloy Steel Castings of all types. |
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
600000 |
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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 records.
Directors are reported as experienced and respectable businessman. 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 : |
7/141 A-3
Swaroop Nagar, Kanpur, Uttar Pradesh – 208002, India |
|
Tel. No.: |
91-512-2351259
/ 2351260 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Atma Ram Khatri |
|
Designation : |
Director |
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Date of Appointment : |
27.08.1996 |
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|
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|
Name : |
Mr.
Khatri Das Arjun |
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Designation : |
Director |
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Date of Appointment : |
01.07.2003 |
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|
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|
Name : |
Mr.
Sunil Khatri |
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Designation : |
Director |
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Date of Appointment : |
27.08.1996 |
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|
|
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Name : |
Mr.
Hira Lal Khatri |
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Designation : |
Director |
|
Qualification : |
7 /
04, Tilak Nagar, Kanpur - 200002, Uttar Pradesh, India |
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Date of Appointment : |
01.07.2003 |
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|
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Name : |
Mr.
Prahalad Khatri |
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Designation : |
Director |
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Address : |
7 /
04, Tilak Nagar, Kanpur - 200002, Uttar Pradesh, India |
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Date of Appointment : |
01.07.2003 |
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|
|
|
Name : |
Mr.
Raj Kumar Khatri |
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Designation : |
Director |
|
Address : |
7 /
04, Tilak Nagar, Kanpur - 200002, Uttar Pradesh, India |
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Date of Appointment : |
01.07.2003 |
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|
|
|
Name : |
Mr.
Hemant Khatri |
|
Designation : |
Additional
Director |
|
Address : |
7 /
84, Tilak Nagar, P S Swaroop Nagar, Kanpur |
|
Date of Appointment : |
01.12.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Atma Ram Khatri |
497450 |
|
Mr.
Raj Kumar Khatri |
481050 |
|
Shilpi
Builders Limited Company |
123000 |
|
Mr.
Hira Lal Khatri |
84900 |
|
Ms.
Beena Khatri |
22600 |
|
Mr.
Abhishek Kumar |
11200 |
|
Mr.
Raj Kumar Agarwal |
10400 |
|
Ms.
Sheela Devi |
9500 |
|
Ms.
Urmila Agarwal |
5500 |
|
Ms
Meera Kumar Agarwal |
6700 |
|
Mr.
Pawan Kumar Agarwal |
6400 |
|
Mr.
Vishwa Agarwal |
7200 |
|
Ms.
Hema Agarwal |
37850 |
|
Mr.
anu Agarwal |
10000 |
|
Mr. Sunil
Khatri |
100 |
|
Mr.
Arjundas Khatri |
77500 |
|
Mr.
Prahlad Rai Khatri |
35000 |
|
Mr.
Kiran Khatri |
19500 |
|
Laxmi
Dal Mill |
25000 |
|
Mr.
Sanjay Kumar Khatri |
4100 |
|
Mr.
Sanjay Kamla Arjundas HUF |
19000 |
|
Mr.
Prashant Kamla Arjundas HUF |
16500 |
|
Mr
Sanjay Kamla HUF |
4500 |
|
Mr.
Prashant Sanjay Arjundas HUF |
15100 |
|
Mr.
Kumar Sanjay Arjundas HUF |
10000 |
|
Mr.
Kumar Sunil Hiralal HUF |
2500 |
|
Mr
Kumar Prashant Arjundas HUF |
8500 |
|
Mr
kumar Sunil Hiralal HUF |
1500 |
|
Mr Kumar
Hemant Hiralal HUF |
9000 |
|
Ms
Devi Kamla Arjundas HUF |
1000 |
|
Mr
Prashant Kamla HUF |
1000 |
|
Mr
Sunil Kanta Hiralal HUF |
1000 |
|
Ms
Taradevi Prahaladrai HUF |
6000 |
|
Ms
Ashadevi Atmaram HUF |
1500 |
|
Ms
Krutika Khatri |
2000 |
|
Mr Anand
Babu Ashok Kumar |
61500 |
|
Ms
Kirti Ashok Batra |
100 |
|
Batra
Textiles |
100 |
|
Mr
Dindayal K Batra |
100 |
|
Ashok
Enterprise |
100 |
|
Mr
Anand Ashok Batra |
100 |
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Ms
Mahak Anand Batra |
100 |
|
Ms
Avni G Punjabi |
100 |
|
Mr Ram
Hassija |
100 |
|
Mr R G
Hassija |
100 |
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Mr
Sanjay Hassija |
100 |
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Mrs
Vimladevi G Hassija |
100 |
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Ms
Sapna Hassija |
100 |
|
Ms
Shamlal N Talreja |
100 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in the business of
manufacture of Special Alloy Steel Castings of all types. |
GENERAL
INFORMATION
|
Bankers : |
Industrial Finance Branch, B-13, Sarvodaya Nagar,
Kanpur – 208005
General Ganj, Kanpur |
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Banking Relations : |
Satisfactory
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Auditors : |
J
Chandra and Company Chartered
Accountants 9/84,
Arya Nagar, Kanpur, Uttar Pradesh |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
Not
Available |
|||
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
34,36,900 |
Equity
Shares |
Rs 10/- each |
Rs. 34.369 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 |
|
34.369 |
26.169 |
|
2] Share Application Money |
|
9.797 |
9.797 |
|
3] Reserves & Surplus |
|
239.851 |
137.500 |
|
4] (Accumulated Losses) |
|
[133.911] |
[123.833] |
|
NETWORTH |
|
150.106 |
49.633 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
164.242 |
76.597 |
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2] Unsecured Loans |
|
286.912 |
272.408 |
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TOTAL BORROWING |
|
451.154 |
349.005 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
601.260 |
398.638 |
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APPLICATION OF FUNDS |
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|
FIXED ASSETS [Net Block] |
|
32.484 |
32.343 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
31.851 |
34.840 |
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DEFERREX TAX ASSETS |
|
0.000 |
71.464 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
268.395 |
143.532 |
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Sundry Debtors |
|
533.628 |
498.948 |
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Cash & Bank Balances |
|
72.199 |
48.805 |
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Other Current Assets |
|
4.483 |
0.000 |
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Loans & Advances |
|
198.770 |
59.433 |
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Total Current Assets |
|
1077.475 |
750.718 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
Current Liabilities |
|
530.149 |
490.802 |
|
Provisions |
|
10.494 |
0.000 |
|
Total Current Liabilities |
|
540.643 |
490.802 |
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Net Current Assets |
|
536.832 |
259.916 |
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MISCELLANEOUS EXPENSES |
|
0.093 |
0.075 |
|
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|
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|
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TOTAL |
|
601.260 |
398.638 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other
income] |
|
2980.947 |
2683.867 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
93.949 |
35.930 |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
93.949 |
35.930 |
|
|
|
|
|
|
Total
Expenditure |
|
2886.998 |
2647.937 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
3.15 |
1.33 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
3.15 |
1.33 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
8.46 |
4.58 |
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Return on
Investment (ROI) (PBT/Networth) |
|
|
0.62 |
0.72 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
6.60 |
16.92 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.99 |
1.52 |
LOCAL AGENCY FURTHER
INFORMATION
Objects
1. The
subject is engaged in the business of manufacture, assemble, development,
import, export, purchase, sale or otherwise deal in Special Alloy Steel Casting
of all types, qualities, sizes and varieties (including wholesale, retail, or
as companies agents, brokers or otherwise) c I Pipes and tubes, non-ferrous
metals, squares and all substances, articles of character similar or analogous
to the foregoing or any of them or connected there with.
2. The
subject is engaged in the business of purchase, sale, import, export, agency
from India and abroad of all kinds, warehousemen, broker, stockist,
wholesalers, retailers, in all kinds and qualities of sarees or other cloth,
wearable garments including under garments and other fabrics whether woven,
knitted or otherwise made wholly or partially of cotton wool, silk synthetic
fibre, chemical jute, polyester fibre, nylon and any other substance capable of
being converted into cloth including fashion textiles.
|
Name of the company |
RAJ RATAN CASTINGS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement
of Mortgage Created on 26.09.2006 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
45.000 Millions |
|
3) Name and Address and description of the person entitled to the charge. |
State
Bank of India, Industrial Finance Branch B-13,
Sarvodaya Nagar, Kanpur – 208005, Uttar Pradesh, india |
|
4) Date and brief description of instrument modifying the charge |
26.09.2006 |
|
Name of the company |
RAJ RATAN CASTINGS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement
of Hypothecation of Book Debts, Movable Property (not being pledge) dated on 26.09.2006 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
45.000 Millions |
|
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 |
Agreement
of Hypothecation of Book Debts, Movable Property to secure Cash Credit of Rs
45.000 Millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin
on Finished Goods – 25% |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of India, industrial Finance Branch B-13,
Sarvodaya Nagar, Kanpur - 208005, Uttar Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
26.09.2006 |
|
Name of the company |
RAJ RATAN CASTINGS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement
of Hypothecation of Goods and Debts dated 23.09.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
80.000 Millions (Rs
50.000 Millions to Goverdhan Sarees + Rs 20.000 Millions to Ratan Textiles
+ Rs 10.000 Millions to Raj Ratan ) |
|
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 |
Hypothecation
of all the raw materials, semi finished goods, and finished goods,
consumables, stores and spares and moveable property of any kind now or at
any time hereafter belonging to or at the disposal of the borrower and which
are now stored or being stored or which hereafter may from time to time be
brought into or be stored in or about the borrower premises or godowns at
kanpur. Hypothecation
of Borrower’s Book Debts, outstanding, monies, deposits, receivables, claims
and bills, contracts, securities, investments which are now due. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 13.25 % p.a. monthly rest. Penal
rate of Interest @ 2% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Union
Bank of India General
Ganj, Kanpur. |
|
6) Date and brief description of instrument modifying the charge |
Nil |
|
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. |
Nil |
|
Name of the company |
RAJ RATAN CASTINGS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement
of Hypothecation of Goods and Debts
to secure cash credit facility dated 06.01.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
30.000 Millions |
|
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 |
Hypothecation
of stock of cloth, sarees, dress materials, and other cloth materials, at the
premises or godowns at 55/57 kahoo kothi, kanpur and 59/132 B old dal mandi,
naya ganj, kanpur |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 13.25 % p.a. monthly rest. Penal
rate of Interest @ 2% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Union
Bank of India General
Ganj, Kanpur. |
|
6) Date and brief description of instrument modifying the charge |
Nil |
|
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. |
Nil |
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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|