MIRA
INFORM REPORT
|
Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
HAZEL MERCANTILE
LIMITED |
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Registered
Office : |
181, Ashoka
Centre, 2nd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
16.10.1995 |
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Com. Reg. No.: |
11-93674 |
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CIN No.: [Company
Identification No.] |
L51900MH1995PLC093674 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMH05177E /
MUMH04309E |
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Legal Form : |
A closely held
public limited liability company |
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Line of
Business : |
Merchants,
traders, commission agents, buying agents, selling agents, brokers,
adapters, buyers, sellers, importers,
exporters and to trade and deal in goods, gems & jewellery, produce
articles and merchandise of any kind whatsoever and without prejudice to the
generality to the foregoing agricultural commodities, food grains cash crops,
cotton, tea, jute, coffee, fruit, spices, vegetables, flowers, milk, milk
products, meat, seeds, raw materials, required by industries, semi finished
products or industrial machinery equipments, chemicals intermediates,
electrical goods, black boards, plywood’s, laminated sheets, textile yarns
& fabrics, garments, furniture, minerals ores and oils as wholesaler or
retailers on the basis of ready delivery or forward contact or on commission
basis. |
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 |
|
Maximum Credit
Limit : |
USD 2000000 |
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Status : |
Satisfactory |
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Payment Behaviour
: |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established trader. Directors are reported as experienced, respectable
and resourceful businessmen. Their trade relations are reported as fair. General
financial position is satisfactory. 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 : |
181, Ashoka Centre,
2nd Floor, |
|
Tel. No.: |
91–22–2261 0282
(3 Lines) |
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Fax No.: |
91–22–262 0553 |
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E-Mail : |
indiafl@bom3.vsnl.net.in / corp@hmlindia.com / mktg@hmlindia.com |
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Website : |
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Area : |
Leased |
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Marketing
Office : |
1410, Maker
Chambers V, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-22832170 (5
Lines) |
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Fax No.: |
91-22-22821605 |
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E-Mail : |
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Corporate
Office : |
701/712A, Embassy
Centre, Nariman Point, Mumbai – 400
021, |
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Tel. No.: |
91-22-22824444
(12 Lines) |
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Fax No.: |
91-22-22041411 (Logistics)/2282
4440 (General) |
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E-Mail : |
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Website : |
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Branches : |
·
·
Kolkata,
·
·
Gandhidham,
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DIRECTORS
|
Name : |
Mr. Nitin Kumar
B. Didwania |
|
Designation : |
Director |
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Date of
Birth/Age : |
23rd
June 1974 |
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Address : |
172, Kshitij, 47,
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Name : |
Ms. Sushmadevi D.
Didwania |
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Designation : |
Director |
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Date of
Birth/Age : |
30th
September 1955 |
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Address : |
172, Kshitij, 47,
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|
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|
Name : |
Mr. Vishal V.
Sukhani |
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Designation : |
Director |
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Date of
Birth/Age : |
15th
January 1976 |
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Address : |
Prakash Bhavan, 3rd
Floor, Thakurdwar, C.P.Tank, Mumbai, |
KEY EXECUTIVES
|
Name : |
Mr. A. T.
Khemchandani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
|
Mr. Nitin Kumar
B. Didwania |
74,99,050 |
|
Mr. Vishal
Sukhani |
100 |
|
Ms. Sushma Devi
D. Didwania |
450 |
|
Mr. Ajay Jain |
100 |
|
Mr Yash Gala |
100 |
|
Mr. Saurabh Sanghavi |
100 |
|
Mr. Sanjay Busa |
100 |
BUSINESS DETAILS
|
Line of
Business : |
Merchants,
traders, commission agents, buying
agents, selling agents, brokers, adapters, buyers, sellers, importers, exporters and
to trade and deal in goods, gems & jewellery, produce articles and
merchandise of any kind whatsoever and without prejudice to the generality to
the foregoing agricultural commodities, food grains cash crops, cotton, tea,
jute, coffee, fruit, spices, vegetables, flowers, milk, milk products, meat,
seeds, raw materials, required by industries, semi finished products or
industrial machinery equipments, chemicals intermediates, electrical goods,
black boards, plywood’s, laminated sheets, textile yarns & fabrics,
garments, furniture, minerals ores and oils as wholesaler or retailers on the
basis of ready delivery or forward contact or on commission basis. |
GENERAL INFORMATION
|
Suppliers : |
·
Adnet
Technologies Private Limited ·
Balaji
Warehouse ·
Time
Network Express Service ·
United
Storage & Tank Terminal Limited ·
Kesar
Enterprises Limited ·
Essar
Refrigeration Company ·
Kamdar
Enterprises |
|
|
|
|
Customers : |
·
Aarti
Drugs Limited ·
Ashok
Company ·
Aimco
Pesticides ·
B. K.
Oil & Solvents ·
Chetan
Overseas Private Limited ·
Climax
Trading Company ·
Bayer
India Limited ·
Deepanshu
Impex ·
Ion
Exchange ( ·
Kamal
Industry ·
Kejriwal
Paper Limited ·
J. B.
Khokhani & Company ·
Mahalaxmi
Dyes & Chemicals ·
Modi
Enterprises ·
Ransat
Services Limited ·
Ratanguru
Stainless International ·
R. K.
Enterprises ·
Sheetla
Maa Trading Company ·
Sum
Beam Trading Inc. ·
Thermax
Limited ·
Vam
Organic Chemicals Limited ·
Shree
Nealkanth Overseas ·
United
Phosphorus Limited |
|
|
|
|
No. of
Employees : |
70 |
|
|
|
|
Bankers : |
v
Corporation
Bank, Mumbai v
UCO
Bank, Mumbai v
Union
Bank of v
Federal
Bank, Mumbai v
Jankalyan
Sahakari Bank Limited, Mumbai v
Global
Trust Bank, Mumbai v
Punjab
National Bank, General J. Bhosale Marg, Nariman Point, Mumbai – 400 021, v
(The
company enjoys overdraft facility from it’s bankers) v
State
Bank of |
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Banking Relations : |
Satisfactory |
|
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|
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Auditors : |
Shabbir S.
Dagasrawala Chartered
Accountants |
|
Address : |
Office No. 8, 1st
Floor, Narayan Niwas, 63, Aarey Road, Goregaon (West), Mumbai – 400 062, |
|
Tel. No.: |
91-22-28739939 |
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Associates : |
·
Priceless
Investment Private Limited ·
Sanman
Trade Impex Private Limited No. 1-A, Shahnaz, 90, Mumbai, |
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Parents
Company : |
India Fintrade Limited - The company carries out its import activities through its affiliate company i.e. subject company which is located in L. T. Road, a prime market for trading of metals, industrial chemicals and petro-chemicals which enable the company to have a feel of the market and be with it at all times. The company itself is open and is quite competent to trade in all kinds of materials like specific, sensitive requirement of Government sector and Public Sector Undertakings. It has in the past provided service to specific technical requirements of government organizations like Indian Navy / ONGC etc. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 75.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
75.000 |
75.000 |
75.000 |
|
|
2] Reserves &
Surplus |
482.600 |
362.800 |
263.700 |
|
NETWORTH
|
557.600 |
437.800 |
338.700 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
135.600 |
83.300 |
49.700 |
|
|
2] Unsecured
Loans |
34.400 |
10.600 |
14.000 |
|
TOTAL BORROWING
|
170.000 |
93.900 |
63.700 |
|
|
|
|
|
|
|
TOTAL
|
727.600 |
531.700 |
402.400 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
134.600 |
6.200 |
7.600 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
1.700 |
1.200 |
1.100 |
|
|
|
|
|
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|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
400.700 |
309.600 |
217.600 |
|
|
Sundry Debtors
|
1170.200 |
878.000 |
629.200 |
|
|
Cash & Bank Balances
|
125.600 |
124.900 |
71.800 |
|
|
Loans & Advances
|
212.800 |
33.400 |
30.800 |
Total Current Assets
|
1909.300
|
1345.900 |
949.400 |
|
Less : CURRENT
LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1309.300 |
815.900 |
552.600 |
|
|
Provisions
|
10.200 |
7.500 |
3.700 |
Total Current Liabilities
|
1319.500 |
823.400 |
556.300 |
|
Net Current Assets
|
589.800 |
522.500 |
393.100 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
1.500 |
1.800 |
0.600 |
|
|
|
|
|
|
|
TOTAL
|
727.600 |
531.700 |
402.400 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
4108.000 |
2860.000 |
2211.500 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
141.800 |
103.300 |
87.400 |
Provision for Taxation
|
19.800 |
2.500 |
1.600 |
Profit/(Loss) After Tax
|
122.000 |
100.800 |
85.800 |
|
|
|
|
|
Export Value
|
N.A. |
N.A. |
456.768 |
|
|
|
|
|
Import Value
|
N.A. |
N.A. |
995.026 |
|
|
|
|
|
Total Expenditure
|
3966.200 |
2766.000 |
1247.756 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.27 |
0.20 |
0.37 |
|
Long Term Debt Equity Ratio |
0.27 |
0.20 |
0.37 |
|
Current Ratio |
1.52 |
1.66 |
1.87 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
54.60 |
359.01 |
209.13 |
|
Inventory |
11.28 |
10.83 |
11.49 |
|
Debtors |
3.91 |
3.79 |
3.88 |
|
Interest Cover Ratio |
3.99 |
3.19 |
5.72 |
|
Operating Profit Margin (%) |
4.76 |
5.33 |
4.90 |
|
Profit Before Interest and Tax Margin (%) |
4.73 |
5.27 |
4.80 |
|
Cash Profit Margin (%) |
3.08 |
3.59 |
3.98 |
|
Adjusted Net Profit Margin (%) |
3.05 |
3.53 |
3.89 |
|
Return on Capital Employed (%) |
30.14 |
32.29 |
26.21 |
|
Return on Net Worth (%) |
24.51 |
25.96 |
28.95 |
LOCAL AGENCY FURTHER INFORMATION
It’s products range
include :-
·
Mugs
·
Metals
·
Paper
·
Chamicals
·
Plastics
·
Pharma
·
Marine
During the year
under the report the company has registered itself with Kandla special economic
zone (KSEZ) and with software technology parts of India (STPI) so as to carter
to the overseas market in professional manner, using the infrastructure
provided by these special zones. By which success in marketing of software
products conceived and developed by the experienced and dedicated staff of the
company was possible.
Profile
Subject is a young,
dynamic multifaceted trading organization based in Mumbai, the commercial
capital of
The company has associated
offices in
The scope of Business covers :-
v
Imports :-
Chemicals, Petrochemicals, Polymers, Pharmaceuticals, Metals, Dyes &
Dye Intermediates.
v
Exports :- Paper & Its
Auxiliaries, Chemicals & Ceramics
v
Manufacturing :- Ceramic products, Chinaware &
Paper Products.
v
Trade Finance :- Structuring of trade debts,
Securitisation.
New Ventures
With the new world riding
on the wave of Information Technology, they have gauged its immense potential
& have made an entry into this field by developing database management
software. Datamining Application tools and Business Intelligence software for
some clients in
It undertaken
manufacturing of Pharmaceutical Products in a neighboring country.
The company have made
forays into specific areas of Infrastructure & are involved in prestigious
Government Contracts.
A key area of growth over
the last few years has been the import and distribution of chemicals and
petrochemicals, positioning amongst
The cultivation of a close
rapport with each of suppliers as well as customer base has been instrumental
to their growth, keeping them abreast of shifting supply concerns as well as formulating
a set of protocol to ensure that any and all prevalent demand is met in a
timely fashion.
Logistics team is highly
conversant in delivery time optimization, having considered relevant factors
such as costs, clearing, storage, distribution, etc.
The company presently
maintain two prime logistical hubs which are fully equipped with state of the
are storage terminals & warehousing facilities at Kandla, Gujrat and
Nhavasheva, Mumbai, to facilitate distribution.
The company represent some
of the global conglomerates for their distribution in
An
overview of the major products are deal in:-
|
CHEMICALS |
|
|
Alcohols |
ISO
Propanol, N-Butanol, Iso Butanol, Methanol, Ethanol-96 / 99.9%, 2-Ethyl
Hexanol, Mossatanol L, 120 |
|
Chlorinated Solvents |
Methylene
Chloride, Trichloroethylene, Perchloroethylene |
|
Ethanolamines |
Monoethanolamine,
Diethanolamine, Triethanolamine-85% / 99.9% |
|
Esters |
Ethyl
Acetate, Butly Acetate |
|
Glycols |
Mono-Ethylene,
Di Ethylene |
|
Glycol
Ethers |
Ethyl
Glycol, Butyl Glycol |
|
Hydrocarbons |
Xylene,
Toulene, Solvent Naphtha |
|
Ketones |
Acetone,
MEK, MIBK, Cyclohexanone |
|
Monomers |
Butyl
Acrylate, Styrene, Vinly Acetate |
|
Oleochemicals |
Fatty
acids, Glycerine, Straric Acids & Rubber Grade |
|
Plasticizers |
Di
Butyl Pthalate, Di Octyl Phthalate |
|
Other
Chemicals |
Phthalic
Anhydride, Maleic Anhydride, Acetic Acid, Pentaerythritol, Phenol, Titanium
Dioxide, Paraffin Wax, Dyes & Dye Intermediates. |
|
METALS |
|
|
Non Ferrous |
Copper,
Nickel, Tin, Aluminium, Zinc, Lead. |
|
Ferrous |
HMS
I/II, CR/HR Coils, H/I Beam, Rails, Stainless Steel, etc. |
|
POLYMERS |
|
HDPE, LDPE,
LLDPE, HIPS, GPPS, PP, PVC, ABS |
|
PAPER |
|
Hardwood
Pulp, Softwood Pulp, Coated Paper & Board, Inkjet Paper, Copier Paper. |
CERAMICS:
The company supply premium quality Chinaware Dinnerware & Ceramic Giftware
items manufactured in an ISO 9002 certified
manufacturing facilities and are amongst the largest exports of Ceramic Mugs
& Dinnerware from
Trade Finance
The financial
services division, India Fintrade Limited (IFL), is committed to the
facilitation of trade through its affiliations which include major respectable
banks and other financial institutions (both in
Emerging Market
Subject, with
its vast exposure & excellent infrastructure, is currently sourcing for
some of the biggest names in the Chemical, Petrochemical & Paper Industry
worldwide & provides a platform
The company's fixed
assets of important value include air conditioner, camera, computer, fax
machine, furniture & fixtures, motor car, television set, xerox machine and
motor cycle.
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 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.40.82 |
|
|
1 |
Rs.81.18 |
|
Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
52 |
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 |
|