MIRA INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION
DETAILS
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Name : |
PRAGATI
CHEMICALS LIMITED |
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Registered Office : |
Plot No. A-8, Marol
Industrial Estate of MIDC, Cross
Road B, Street No.5 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.11.1983 |
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Com. Reg. No.: |
11-31289 |
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CIN No.: [Company Identification No.] |
U24110MH1983PTC031289 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
MUMP15230F |
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PAN No.: [Permanent Account No.] |
AAACP4055B |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturers
of Polymers, Epoxy and Chemicals |
RATING
& COMMENTS
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MIRA’s Rating : |
Ba |
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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
150000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track records. Trade relations
are fair. Payments are correct and as per commitments. Financial position is
good. The
company is doing well. It can be considered good for any normal business
dealings at usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
Plot No. A-8, Marol
Industrial Estate of MIDC, Cross
Road B, Street No.5 |
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Tel. No.: |
91-22-28207897/28217529 |
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Fax No.: |
91-22-28217906 |
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E-Mail : |
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Website : |
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Factory : |
Located
At: Ankleshwar, |
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Distribution
Network : |
v Kanpur v Nashik v Baroda v Kolkata v Kottayam v Pune v Chennai v Kolhapur v Ludhiana v Sivakasi v
Nagpur |
DIRECTORS
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Name : |
Mr. Amar A Vakil |
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Designation : |
Director |
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Address : |
Geetanjali, 9N, |
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Date of Birth : |
11.08.1952 |
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Date of Appointment : |
18.04.1979 |
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Name : |
Mr. Bharat B Chovatia |
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Designation : |
Director |
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Address : |
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Date of Birth : |
13.09.1954 |
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Date of Appointment : |
30.03.1983 |
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Name : |
Mr. Dhiren P Mehta |
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Designation : |
Director |
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Address : |
804, Vastu Shilp, |
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Date of Birth : |
31.08.1952 |
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Date of Appointment : |
30.07.1984 |
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Name : |
Mr. Dilip B Godbole |
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Designation : |
Director |
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Address : |
Flat No.A-101, Giriraj Co-operative Society Limited, Plot No.1,
Sector 15A, New Panvel-410206, |
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Date of Birth : |
14.01.1947 |
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Date of Appointment : |
16.07.1997 |
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Name : |
Mr. Mahendra C Choksi |
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Designation : |
Chairman |
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Address : |
402, Shivtirth No.2, 6, |
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Date of Birth : |
19.04.1941 |
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Date of Appointment : |
25.10.2002 |
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Name : |
Mr. Ashwin S Dani |
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Designation : |
Director |
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Name : |
Mr. Hasit A Dani |
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Designation : |
Director |
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Address : |
Home Villa, 48, Krishna Sanghi Path, Gamdevi, Mumbai-400007, |
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Date of Birth : |
14.06.1972 |
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Date of Appointment : |
04.05.2006 |
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Other Directorships : |
Asian Paints ( Dani Capital And Investment Company Private Limited Dani Finance And Investment Company Private Limited Dani Holding And Trading Company Private Limited Gujarat Organics Limited S C Dani Research Foundation Private Limited Hitech Plast Limited |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
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Names
of Shareholders |
No. of Shares |
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Mr.
Amar A Vakil/ Dipika Vakil/ Abhay Vakil |
4000 |
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Mr.
Ashwin C Choksi/ Urvashi Choksi |
7000 |
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Mr. Ashwin
S Dani/ Asha Dani |
1400 |
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Ms.
Asha S Gujarati/ Abhay Vakil |
1000 |
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Mr.
Amar A Vakil/ Dipika Vakil |
3000 |
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Mr.
AbhayVakil/ Amar Vakil/ Veenaben Vakil |
2000 |
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Mr.
Amar Vakil/ Dipika Vakil/ Nehal Vakil |
12000 |
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Mr. Abhay
Vakil/ Nehal Vakil/ Kokilaben Vakil |
8000 |
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Mr.
Abhay Vakil/ Nehal Vakil/ Dipika Vakil |
4000 |
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Mr.
Abhay Vakil/ Amar Vakil/ Rajesh Nanavati |
4000 |
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Mr.
Abhay Vakil/ Nehal Vakil |
3000 |
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Castle
Investment and Industries Private Limited |
3200 |
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Ms.
Dipika Vakil/ Amar Vakil |
4000 |
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Doli
Trading and Investments Private Limited |
2800 |
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Dani
Securities Limited |
82000 |
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ELCID
Investments Limited |
12000 |
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ELF
Trading And Chemicals Manufacturing Limited |
50000 |
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Mr.
Hasit A Dani |
12200 |
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Jaldhar
Investments And Trading Company Limited |
2800 |
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Mr.
Jalaj Ashwin Dani |
12200 |
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Ms.
Kokilaben Vakil |
3000 |
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Lambodar
Investments And Trading Company Limited |
18000 |
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LYOM
Investments And Industries Private Limited |
3200 |
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Mr. Choksi
Chimanlal Mahendra |
6400 |
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Mr.
Choksi Chimanlal Mahendra |
1400 |
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Murahar
Investments and Trading Company Limited |
18000 |
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Mr.
Malav A Dani |
12200 |
As on
31.03.2006
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Names
of Shareholders |
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Percentage of Holding |
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Bodies
Corporate |
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62.22 |
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Directors
or their relatives |
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37.78 |
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Total |
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100.00 |
BUSINESS
DETAILS
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Line of Business : |
Manufacturers
of Polymers, Epoxy and Chemicals |
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Products : |
Polymers,
Epoxy and Chemicals
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PRODUCTION
STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Synthetic
Resin 100% |
MT |
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1650 |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
State
Bank of |
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Facilities : |
Secured Loans (As on 31.03.2004) : Loans and
advances from Banks and Financial Institutions : Rs.4.818 millions |
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Banking Relations : |
Satisfactory
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Auditors : |
Shah
and Associates Chartered
Accountants |
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Address : |
Maker
Bhavan 2, Marine Lines, Mumbai-400020, |
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Associates/Subsidiaries : |
v
Resins and Plastics Limited, Mumbai v
Asian Paints ( v
Dani Capital And Investment Company Private Limited v
Dani Finance And Investment Company Private Limited v
Dani Holding And Trading Company Private Limited v
Gujarat Organics Limited v
S C Dani Research Foundation Private Limited v
Hitech Plast Limited |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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360000 |
Equity
Shares |
Rs. 10/- each |
Rs. 3.600 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 |
3.600 |
3.600 |
3.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.704 |
28.138 |
21.120 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.304 |
31.738 |
24.720 |
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LOAN FUNDS |
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1] Secured Loans |
5.440 |
7.778 |
4.818 |
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2] Unsecured Loans |
1.146 |
1.029 |
0.000 |
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TOTAL BORROWING |
6.586 |
8.807 |
4.818 |
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DEFERRED TAX LIABILITIES |
0.738 |
0.733 |
1.042 |
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TOTAL |
45.628 |
41.278 |
30.580 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
8.172 |
8.895 |
9.965 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.008 |
0.007 |
0.007 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
10.874
|
14.768
|
9.482 |
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Sundry
Debtors |
28.673
|
31.272
|
18.840 |
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Cash
& Bank Balances |
4.855
|
0.665
|
0.991 |
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Other
Current Assets |
0.000
|
0.000
|
0.000 |
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Loans
& Advances |
9.584
|
7.141
|
7.191 |
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Total Current
Assets |
53.986
|
53.846
|
36.504 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
4.816
|
12.994
|
15.896 |
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Provisions |
11.722
|
8.476
|
0.000 |
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Total Current
Liabilities |
16.538
|
21.470
|
15.896 |
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Net Current Assets |
37.448
|
32.376
|
20.608 |
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MISCELLANEOUS
EXPENSES |
0.000
|
0.000
|
0.000 |
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TOTAL |
45.628 |
41.278 |
30.580 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales
Turnover |
|
130.709 |
89.320 |
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Other Income |
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|
0.770 |
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Total
Income |
122.217 |
130.709 |
90.090 |
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Profit/(Loss) Before Tax |
12.287 |
12.738 |
3.486 |
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Provision for Taxation |
0.000 |
0.000 |
1.489 |
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Profit/(Loss) After Tax |
12.287 |
12.738 |
1.997 |
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Total
Imports : |
NA |
NA |
9.622 |
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Expenditures : |
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Manufacturing Expenses |
NA |
NA |
10.545 |
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Raw Material Consumed |
NA |
NA |
70.566 |
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Salaries, Wages, Bonus, etc. |
NA |
NA |
4.272 |
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Interest |
0.573 |
0.402 |
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Depreciation & Amortization |
0.850 |
1.056 |
1.221 |
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Other Expenses |
108.507 |
116.513 |
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Total
Expenditure |
109.930 |
117.971 |
86.605 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
10.05
|
9.74 |
2.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.05
|
9.74 |
3.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.77
|
20.30 |
7.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.40 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.95 |
0.84 |
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Current Ratio (Current Asset/Current Liability) |
|
3.26
|
2.51 |
2.30 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification
of charges
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Name
of the company |
PRAGATI
CHEMICALS LIMITED |
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Presented By |
State Bank of |
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1)
Date and description of instrument creating the change |
General
agreement for the grant of small industrial advances and hypothecation of
movables, book debts and other assets. Ancillary
agreement No.1 Ancillary
agreement No.6 All
the above agreements are dated 11.10.1996 and executed for the creation of a
single charge. |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.14.500
millions Demand
cash credit (Stocks) : Rs.4.000 millions Demand
cash credit (Book debts) : rs.5.500 millions Letter
of credit and guarantee : Rs.5.000 millions Total
: Rs.14.500 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
present and future goods, book debts, movables and other assets of the borrower
including of title to goods and other assets, such as outstanding moneys,
receivables, claims, bills, invoices, documents, contracts, engagements,
securities, investments and rights and the present machinery. Hypothecation
of stocks including stores, finished goods, raw materials, packing materials,
stock in process etc. hypothecation of book debts, letter of credit,
guarantees. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : 3.25% over the SBIAR with a minimum
of 18.75% p.a. Margin : Raw Materials (Imp) Raw materials (Indian) Stock in process Finished goods Packing material Letter of credit guarantee |
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5)
Name and Address and description of the person entitled to the charge. |
State Bank of |
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6)
Date and brief description of
instrument modifying the charge |
N.A. |
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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. |
N.A. |
Company’s
fixed assets include Leasehold land, Buildings, Plant and Machinery, Effluent
Treatment Plant, Electric And Pipe Fittings, Other Equipments and Accessories,
Furniture and Office Equipments, Vehicles.
AS
PER WEBSITE
Resins
& Plastics Limited is one of
Today, they have the longest chain of bonding agents that cover a variety of
needs, from Quick Drying Alkyds, Reduced Maleics and Phenolics, Aminos to
Polyamides and Foundry Resins. Their corporate headquarters are in Mumbai with
a wide distribution network spanning across major cities of
BUSINESS AND HISTORY
Resins
and Plastics Ltd. (RPL) is one of India’s leading Synthetic Resin manufacturer
catering to a wide range of industries today such as Adhesives, Coatings,
Printing Inks, Insulating Varnishes, Wire Enamels, Lamination, Construction,
Cosmetics, Textiles and Foundries. RPL commenced its operations in 1971 for
manufacturing Alkyd Resins, Epoxy Resins, Foundry Resins, Ketonic Resins,
Phenolic Resins some of which are import substitutes. RPL’s manufacturing facilities
are located at MIDC, Taloja in Maharashtra and GIDC, Ankleshwar in
RPL also
has an associate Company, Pragati Chemicals Ltd. (PCL) that focuses on the manufacturing
of Amino Resins, Ketonic Resins and Epoxy Resins. PCL has a plant in Ankleshwar
in
RPL
believes in leveraging technology to achieve a competitive advantage. It has a
well designed comprehensive in-house IT System that does demand generation and
sales forecast projections. They also have an in-house CRM software that
ensures efficient customer service and maintenance of long term business
relations.
Over the
years, RPL has also established itself as a noteworthy exporter of Synthetic
Resins to the Coatings and Printing Ink manufacturers of the neighboring
countries. In the coming years, they are also focusing on expanding their wings
further across Asia, Africa,
MANAGEMENT
Over the
years, Resins & Plastics is lead by a strong professional team consisting
of MBA’s, Chemical Engineers and Doctorates with a wide variety of experience.
Today, they bet on intellectual capital and hire some of the best talent within
different departments.
The promoters of the Company, Choksi’s, Dani’s & Vakil’s are the same as
those of India’s leading paint manufacturer, Asian Paints, which have embedded
strong commitment levels and transparency across the organization. The
management strongly believes in fostering a long lasting relationship and trust
with its customers.
QUALITY
STANDARDS
The
Resins & Plastics Quality System is an overall Quality initiative involving
every function of RPL. Everyone who works for RPL is empowered and expected to
maintain the highest standards of quality in products, processes and
relationships.
At RPL, they are committed to the highest standards of quality and recently got
awarded an ISO 9001:2000 certification from BVQI across all their locations.
They also strive to achieve zero defects across all their manufacturing
facilities and adhere to the strictest standards of occupational safety and
health protection thus raising their standards of working even higher.
ENVIRONMENT,
HEALTH AND SAFETY POLICY
At RPL,
it is their policy to manage their environmental obligations with utmost
priority. In their decision-making process, they seek to establish a balance
between their future growth targets and reducing their impact and load on the
environment. Thus, they strive to achieve zero environmental incidents and a
continual improvement in the environmental performance.
They consider compliance to statutory EHS requirements as the minimum
performance standard and shall adopt stricter standards wherever appropriate.
They
shall focus on resource optimization and waste minimization. They believe that
these measures will help in sustainable development. They are committed to
Continual Improvement in the area of EHS. They will give priority and attention
to health & safety of employees. They will impart training to all employees
to institutionalize EHS values throughout the company.
They will encourage sharing of information & communication of their EHS
management system with the stakeholders. They will educate customers and the
public on safe use of their products.
CODE
OF CONDUCT
The Code
of Conduct and Ethics is promulgated by the Board of Directors of the Company
to promote honest and ethical conduct and comply with applicable Laws, Rules
and Regulations. Each Director and Senior Management must comply with the
letter and spirit of this Code.
APPLICABILITY
OF CODE TO DIRECTORS AND SENIOR MANAGEMENT OF THE COMPANY:
The Code
applies to the members of the Board of Directors and Senior Management of the
Company.
COMPLIANCE WITH LAW :
All Directors and Senior Management of the Company must respect and comply with
all laws, rules and regulations of
CONFLICT OF INTEREST :
Each Director and Senior Management shall endeavour to avoid any conflict of
interests with the Company. A conflict of interest exists when a Director’s or
Senior Management’s personal or professional interest is adverse to, or may
appear to be adverse to, the interests of the Company.
FAIR DEALING :
Each Director and Senior Management shall endeavour to deal fairly with the
Company’s customers, suppliers, dealers, investors, competitors, officers and
employees.
CORPORATE
Directors and Senior Management are prohibited from (a) taking for themselves
personally any opportunity that properly belongs to the Company or is
discovered through the use of corporate property, information, or position; (b)
using corporate property, information, or position for personal gain; and (c)
competing with the Company.
If a Director or Senior Management reasonably believes that a contemplated
transaction might be a corporate opportunity or a competitive transaction, the
Director or Senior Management should make full disclosure to the entire Board
and seek its authorisation to pursue such transaction.
CONFIDENTIALITY :
Directors and Senior Management must maintain the confidentiality of the information
entrusted to their knowledge by the Company or its customers and any other
information which comes to them about the Company, except when disclosure is
authorised or legally required Confidential information includes all non-public
information that might be of use to competitors, or harmful to the Company if
disclosed.
PROTECTION AND PROPER USE OF COMPANY’S ASSETS :
All Directors and Senior Management should protect the Company’s assets and
ensure their efficient use. All Company assets should be used for legitimate
business purpose only.
ENCOURAGING THE REPORTING OF ILLEGAL OR
UNETHICAL BEHAVIOUR :
Directors and Senior Management should endeavour to ensure that the Company (a)
encourages employees to talk to their superiors and other appropriate personnel
when in doubt about the best course of action in a particular situation, (b)
encourages employees to report violation of laws, rules regulations or the
Company’s Code of Conduct to appropriate personnel; (c) informs employees that
the Company will not allow persecution/ retaliation for reports made in good
faith.
ADMINISTRATION AND WAIVER :
Any waiver of any provision of this Code for Director or Senior Management of
the Company may be granted only by the Board of Directors, upon recommendation
of the Audit Committee and shall be promptly disclosed as may be required by
any applicable law. Any waiver must be accompanied by appropriate controls
designed to protect the Company.
MONITORING CODE COMPLIANCE :
Each Director and Senior Management of the Company is expected to ensure his or
her personal compliance with this Code. An Annual reaffirmation of compliance
with this Code is required of all Directors and Senior Management of the
Company.
RPL Products
REPLACURE
(PDF - 278 KB)
Epoxy Diluents
Polyurethane Resins
Oil Mono Glycerides
REPLEIC
(PDF - 180 KB)
Oil Soluble Maleic Resins
Spirit Soluble Maleic Resins
REPLAMIDE
(PDF - 297 KB)
Non-Reactive Polyamides
Reactive Polyamides (Hardeners for Epoxy Resins)
REPLOXY
(PDF - 278 KB)
Epoxy Resins
REPLAFOUND (PDF - 167 KB)
Foundry Resins
REPLACOL
(PDF - 326 KB)
Rosin Modified Phenolic Resins
Butylated Phenolic Resin
Alkyl Phenol Formaldehyde Resins
REPLAKYD
(PDF - 1063 KB)
Short Oil Length Alkyds
Medium Oil Length Alkyds
Long Oil Length Alkyds
Rosinated Alkyds
Specialized Alkyds
REPLAKRYL
(PDF - 945 KB)
Acrylic Resins (Thermoplastic)
Acrylic Resins (For 2 pack polyurethane based systems)
Acrylic Resins (Thermosetting)
Acrylic Emulsions
PCL Products
AMINO &
KETNOIC RESINS (PDF - 588 KB)
Amino Resins
Ketonic Resins
EPOXY (PDF - 541KB)
Epoxy Resins
Epoxy Diluents (Reactive Diluent)
Epoxy Ester Resins
Hardeners for Epoxy Resins
REPLOXY (PDF - 420 KB)
Epoxy Resins
RESEARCH
AND DEVELOPMENT
RPL has
a they’ll equipped Research and Development laboratory recognized by the
Department of Science and Technology, Government of India and is manned by a
competent technical team. The important activities of R & D are in the
areas of development of new products and applications, development of
formulations using alternative raw materials and improvement in its existing
products to suit customer requirements. RPL was one of the first to have an
indirect heated reactor to manufacture Alkyds using solvent process and has
continued to upgrade itself to newer techniques and developments in its
operations.
RPL's
focus in the coming years will be to develop resins for the new generation. It
will focus not only on the traditional products like 'Alkyds' but invest
considerable financial resources and time on developing resins that are
eco-friendly moving along with the world trends. RPL will meet the evolving
needs with industry-leading developments in high-solids, polyesters and
waterborne coating formulations, together with traditional solventborne
technology. It will primarily focus on servicing the Adhesives, Coatings and
the Printing Inks industry.
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. 40.45 |
|
|
1 |
Rs. 81.23 |
|
Euro |
1 |
Rs. 55.00 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |