MIRA INFORM REPORT
|
Report Date : |
06.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
G. M.
POLYPLAST PRIVATE LIMITED |
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Formerly Known As : |
G. M.
POLYPLAST |
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Registered Office : |
A/39/49,
New Empire Industrial Estate, Kondivita Road, Near Camlin, J. B. Nagar,
Andheri [East], Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.11.2003 |
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Com. Reg. No.: |
11-143299 |
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CIN No.: [Company Identification No.] |
U25200MH2003PTC143299 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
MUMG09869G |
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PAN No.: [Permanent Account No.] |
AACCG0610R |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of Plastic Hips Sheets, PP Sheets and ABS Sheets. |
RATING
& COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD
4000 |
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Status : |
Small
Company |
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
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Comments : |
Subject
is a small traders. Its trade relations are fair. No payment are available. The company
can be considered for small business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
A/39/49,
New Empire Industrial Estate, Kondivita Road, Near Camlin, J. B. Nagar, Andheri
[East], Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28369722
/ 9403/28209552 / 30889722 / 23 |
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Fax No.: |
91-22-28209552 |
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E-Mail : |
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Website : |
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Area : |
1000
sq. ft. |
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Location : |
Owned |
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Corporate Office : |
A/66,
New Empire Industrial Estate, Kondiviti Road, Near Camlin, J B Nagar, Andheri
[East], Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28369722
/ 28369403 |
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Fax No.: |
91-22-28209552 |
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Factory
: |
Gala
No. 1, 2 3, Minaxi Industrial Estate,
Vasai [East], Thane – 401102, |
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Area : |
2000
sq. ft. |
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Location : |
Rented
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DIRECTORS
|
Name : |
Mr.
Dinesh Sharma |
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Designation : |
Director
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Address : |
103,
Lomier Chs, Picnic Cottage, Andheri (West), Mumbai – 400061 |
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Date of Birth/Age : |
03.09.1977 |
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Date of Appointment : |
27.11.2003 |
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Name : |
Ms.
Sarita Sharma |
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Designation : |
Director
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Address : |
103,
Lomier Chs, Picnic Cottage, Andheri (West), Mumbai – 400061 |
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Date of Birth/Age : |
14.05.1979 |
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Date of Appointment : |
27.11.2003 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Dinesh Sharma |
500 |
|
Ms.
Sarita Sharma |
500 |
All
the shares are held by directors and their relatives.
BUSINESS
DETAILS
|
Line of Business : |
Manufacturers
of Plastic Hips Sheets, PP Sheets and ABS Sheets. |
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Terms : |
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Selling : |
Cash,
Credit and Advance Payment |
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Purchasing : |
Cash
and Credit [30 / 60 / 90 days] |
GENERAL
INFORMATION
|
Customers : |
IG
Polymers BASF
India Limited, Mumbai, |
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No. of Employees : |
5 |
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Bankers : |
Saraswat
Co-operative Bank Limited Marol,
Andheri [East], Mumbai, |
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Facilities : |
Cash Credit
: Rs. 0.700 millions Hypothecation
of movable property |
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Banking Relations : |
Satisfactory
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Auditors : |
Vivek
V Joshi & Associates Chartered
Accountant |
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Address: |
11,
Godawari, Topiwala Compound, |
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Tel. No.: |
91-22-28738711 |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs. 100/- each |
Rs. 1.000 million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs. 100/- each |
Rs. 1.000 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
1.000 |
1.000 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.003 |
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4] (Accumulated Losses) |
0.000 |
(0.065) |
0.000 |
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NETWORTH |
1.000 |
0.935 |
0.103 |
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LOAN FUNDS |
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1] Secured Loans |
2.186 |
2.338 |
0.098 |
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2] Unsecured Loans |
1.405 |
0.067 |
0.001 |
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TOTAL BORROWING |
3.591 |
2.405 |
0.099 |
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DEFERRED TAX LIABILITIES |
0.114 |
0.001 |
0.001 |
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PROFIT AND LOSS |
0.111 |
0.000 |
0.000 |
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TOTAL |
4.816 |
3.341 |
0.203 |
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APPLICATION
OF FUNDS |
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FIXED ASSETS
[Net Block] |
4.533 |
1.361 |
0.054 |
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Capital
work-in-progress |
0.000 |
0.274 |
1.487 |
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INVESTMENT |
0.025 |
0.025 |
0.000 |
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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 |
2.125
|
1.160 |
0.004 |
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Sundry
Debtors |
7.104
|
5.059 |
0.413 |
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Cash
& Bank Balances |
0.077
|
0.073 |
0.016 |
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Other
Current Assets |
0.000
|
0.000 |
0.000 |
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Loans
& Advances |
0.889
|
0.630 |
0.030 |
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Total Current Assets |
10.195
|
6.922 |
0.463 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
9.655
|
4.933 |
1.854 |
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Provisions |
0.312
|
0.349 |
0.000 |
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Total Current
Liabilities |
9.967
|
5.282 |
1.854 |
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Net Current Assets |
0.228
|
1.640 |
(1.391) |
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MISCELLANEOUS
EXPENSES |
0.030 |
0.041 |
0.053 |
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TOTAL |
4.816 |
3.341 |
0.203 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
31.03.2004 |
|
Sales
Turnover [including other income] |
10.000 |
7.000 |
0.858 |
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Profit/(Loss) Before Tax |
NA |
NA |
0.006 |
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Provision for Taxation |
NA |
NA |
0.002 |
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Profit/(Loss) After Tax |
NA |
NA |
0.004 |
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Total Expenditure |
NA |
NA |
0.855 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
NA
|
NA
|
0.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
0.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
1.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.56
|
8.22 |
18.96 |
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Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.31 |
0.24 |
LOCAL
AGENCY FURTHER INFORMATION
Fixed
Assets
v
Plant & Machinery
Form
8 Particular for creation or modification of charges
|
Name
of the company |
G.
M. POLYPLAST PRIVATE LIMITED |
|
Presented
by |
G M
Polyplast Private Limited and The Saraswat Cooperative Bank Limited, Marol
Branch, |
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1)
Date and description of instrument creating the change |
Agreement
of hypothecation of movable property dated 03.09.2004 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.700 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
tangible movable property, plant and machinery etc, and more particularly as shown
in the above referred agreement dated 03.09.2004 |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest @ 13% or at such rate as may from time to time be fixed by the
bank and notified to the borrower. Other terms and conditions as per the
above referred agreement dated 03.09.2004
|
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5)
Name and Address and description of the person entitled to the charge. |
The
Saraswat Cooperative Bank Limited, Marol Branch, |
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6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
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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. |
Not
Applicable |
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|
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Name
of the company |
G.
M. POLYPLAST PRIVATE LIMITED |
|
Presented
by |
G M
Polyplast Private Limited and The Saraswat Cooperative Bank Limited, Marol
Branch, |
|
1)
Date and description of instrument creating the change |
Agreement
of hypothecation of movable property dated 03.09.2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.100 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 |
All
tangible movable property, plant and machinery etc, and more particularly as shown
in the above referred agreement dated 03.09.2004 |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest @ 13% or at such rate as may from time to time be fixed by the
bank and notified to the borrower. Other terms and conditions as per the
above referred agreement dated 03.09.2004
|
|
5)
Name and Address and description of the person entitled to the charge. |
The
Saraswat Cooperative Bank Limited, Marol Branch, |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
Website Details :
Subject is one of the
leading manufacturer of p.p., H.I.P.S., A.B.S & P.V.C Sheets which started its
operation way back in 1975. The founder of subject is Mr. Balbir Sharma, highly
committed & Innovative promoter who has laid the company to its glory and
success.
Subject believes 'Innovation as key to future' and have been keeping pace with
modernization in all sphere of development, manufacturing and marketing,
emphasis on product Quality & Client satisfaction. A professional approach
and constant interaction to ensure client requirement are met with high
standard within agreed guideline of time and cost.
It's impressive growth
has been largely due to confidence in its own capability and impressive
infrastructure it has created over the years. Subject have been steadily
diversifying as well as adding new products to its portfolio, besides adding
additional infrastructure for increasing its manufacturing capability for its
existing products.
The company is managed
by young Technocrafts & Professional directors who work fulltime and direct
all other energies towards growth and effective running, paying special
concentration on the area like research development, marketing & quality
control. G.M. Plastics has a centrally located manufacturing plant in Mumbai
which as well as equipped imported & modern machinery which has added new
product line and thereby doubling its product capability with quality &
reliablity.
Their main mission is
to understand the customer requirement, timely delivery of quality product as
affordable cost
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.40.55 |
|
|
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.54.89 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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 |
|