MIRA INFORM REPORT
|
Report Date : |
27.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DIVYAM
KNITWEARS LIMITED |
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Registered Office : |
No.
338, Sector - 24, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.12.2005 |
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Com. Reg. No.: |
05-35958 |
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CIN No.: [Company Identification No.] |
U74899HR2005PTC035958 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
RTKD03434E |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturers
and Exporters of Sports Wear Garments. |
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
7000 |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and yet to establish track records. Trade relations are fair. 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 : |
No.
338, Sector - 24, |
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Tel. No.: |
91-129-4020837 |
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91-9811107772 |
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Fax No.: |
91-129-4028212/
402282 |
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E-Mail : |
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Website : |
http://www.divyamknitwears.com
(under construction) |
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Location : |
Industrial |
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Factory
: |
No.
338, Sector 24, |
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Tel.
No.: |
91-129-4020837 |
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Fax
No.: |
91-129-4028212 |
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E-Mail
: |
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Website : |
http://www.divyamknitwears.com
(under construction) |
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Location : |
Industrial |
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Branch
: |
28 Wheatsheaf
Close, Docklands, |
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Tel.
No.: |
447956838009 |
DIRECTORS
|
Name : |
Ms.
Renu Jain |
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Designation : |
Director |
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Address : |
1443,
Sector 14, |
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Date of Birth/Age : |
05.08.1975 |
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Date of Appointment : |
13.12.2005 |
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Name : |
Mr.
Satish Jain |
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Designation : |
Director |
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Address : |
1443,
Sector 14, |
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Date of Birth/Age : |
05.06.1972 |
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Date of Appointment : |
13.12.2005 |
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Name : |
Mr.
Sajan Kumar Jain |
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Designation : |
Director |
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Address : |
1443,
Sector 14, |
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Date of Birth/Age : |
13.03.1948 |
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Date of Appointment : |
13.12.2005 |
KEY
EXECUTIVES
|
Name
: |
Mr
Srinivasan |
|
|
91-99111
08888 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Ms.
Renu Jain |
10000 |
20.00 |
|
Mr.
Satish Jain |
10000 |
20.00 |
|
Mr.
Sajan Kumar Jain |
10000 |
20.00 |
|
Mr.
Anand Jain |
5000 |
10.00 |
|
Ms.
Babita Jain |
5000 |
10.00 |
|
Ms.
Nisha Jain |
5000 |
10.00 |
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Mr.
Trishar Jain |
5000 |
10.00 |
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TOTAL |
50000 |
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Sports Wear Garments. |
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Exports to : |
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Imports from : |
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Terms : |
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Selling : |
DA [45
days] |
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Purchasing : |
100%
Document against Payment |
GENERAL
INFORMATION
|
No. of Employees : |
120 |
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Bankers : |
State Bank
of India, SIB Branch, 65, Neelam Bata Road, Faridabad-121001, Haryana, India ICICI
Bank Limited |
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Banking Relations : |
-- |
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Auditors : |
Sudhir
Chaudhary & Associates Chartered
Accountants, |
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Address : |
FF-8, |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
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|
0.500 |
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2]
Share Application Money |
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|
1.460 |
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3]
Reserves & Surplus |
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|
0.000 |
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4]
(Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
1.960 |
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LOAN
FUNDS |
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1]
Secured Loans |
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|
0.000 |
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2]
Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
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|
0.000 |
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DEFERRED
TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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1.960 |
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APPLICATION
OF FUNDS |
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FIXED ASSETS
[Net Block] |
|
|
0.000 |
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Capital
work-in-progress |
|
|
0.834 |
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INVESTMENT |
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|
0.000 |
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DEFERREX
TAX ASSETS |
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|
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
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|
0.351 |
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Sundry
Debtors |
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|
0.000 |
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Cash
& Bank Balances |
|
|
0.299 |
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Other
Current Assets |
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|
0.000 |
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Loans
& Advances |
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|
0.884 |
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Total Current
Assets |
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|
1.534 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
|
|
0.761 |
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Provisions |
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|
0.000 |
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Total Current
Liabilities |
|
|
0.761 |
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Net Current Assets |
|
|
0.773 |
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MISCELLANEOUS
EXPENSES |
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|
0.353 |
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TOTAL |
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1.960 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales
Turnover |
|
|
0.351 |
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Other Income |
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|
0.000 |
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Total
Income |
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|
0.351 |
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Profit/(Loss) Before Tax |
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N.A. |
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Provision for Taxation |
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N.A. |
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Profit/(Loss) After Tax |
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N.A. |
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Total
Expenditure |
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|
0.351 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
|
PAT /
Total Income |
(%) |
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.39 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.01 |
LOCAL
AGENCY FURTHER INFORMATION
Trade
Reference :
Debu,
-
Product Imports: Fabrics
-
Product Imports: Buttons
Subject
is a 100% Export Oriented Unit.
Form 8 Particular for creation or
modification of charges
|
Corporation identity number or foreign
company registrations number of the company
|
U74899HR2005PTC035958 |
|
Name of the company |
DIVYAM
KNITWEARS LIMITED |
|
Address |
No.
338, Sector - 24, |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Immovable
property Book
debts |
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Particular of the charge holder |
State
Bank of India, SIB Branch, 65, Neelam Bata Road, Faridabad-121001, Haryana,
India |
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Nature or description of the instrument
creating charge |
Letter
of arrangement of loan cum hypothecation, board resolution |
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Date of the instrument creating charge |
07.10.2006 |
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Amount Secure by the charge |
Rs.3.600
millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
Rate
of interest : ROI on
WC @ 2.5% below SBAR subject to a minimum of 8.5% p.a. Terms
of repayment : Repayable
on demand. The facility is available for 12 months from 28.09.2006 Margin
: Margin
@ 18% Extent
and operation of the charge : Extension
of charge on propertu situated at Plot No.254, |
|
Particulars of the Property charged |
Plot No.254, Sector 24, |
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.40.95 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.55.09 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|