MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BILCARE LIMITED |
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Registered Office : |
Gat No. 1028, Village
Shiroli, Tal. Khed, Rajgurunagar, Pune - 410 505, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.07.1987 |
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Com. Reg. No.: |
43953 |
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CIN No.: [Company
Identification No.] |
L28939PN1987PLC043953 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02448F |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Paper Tubes used for Winding of Polyster and Nylon Yarn. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Gat No. 1028, Village
Shiroli, Tal. Khed, Rajgurunagar, Pune - 410 505, |
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Tel. No.: |
91-20-2445 6111 / 2445 6333 / 22169 |
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Fax No.: |
91-20-2445 6333 |
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E-Mail : |
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Website : |
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Administrative Office : |
307, Narayan Peth, |
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Tel. No.: |
91-20-456111 |
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Fax No.: |
91-20-456333 |
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E-Mail : |
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Corporate Office : |
307, Narayan Peth, |
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Tel. No.: |
91-20-2445 2380 / 4852 / 4870 / 4877 |
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Factory 1 : |
Ř
Gat No. 1028, 1029 Village Shiroli, Tal. Khed,
Rajgurunagar, Pune - 410 505, Tel. No. 91-20-2445 6111 / 2445 6333 Fax No. 91-20-2445 6333 Ř
25, MWDC, Chakan, Pune-410501, |
DIRECTORS
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Name : |
Mr. Mohan H. Bhandari |
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Designation : |
Chairman and Managing Director |
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Name : |
Dr. Volker Huelck |
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Designation : |
Director |
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Name : |
Mr. Cyrus Bagwadia |
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Designation : |
Director |
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Name : |
Mr. M. I. Bhakta |
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Designation : |
Director |
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Name : |
Mr Rakesh Jhunjhunwala |
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Designation : |
Director |
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Name : |
Dr. R. V. Chaudhari |
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Designation : |
Director |
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Name : |
Mr. Rajendra Tapadia |
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Designation : |
Director |
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Name : |
Dr. Kalyani Gandhi |
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Designation : |
Director |
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Name : |
Mr. Chandra Prakash Jaggi |
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Designation : |
Executive Director |
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Name : |
Dr. Praful R. Naik |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Anil A. Tikekar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
6446274 |
45.39 |
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Mutual funds |
19350 |
0.14 |
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Insurance companies |
-- |
-- |
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Nationalized Banks |
-- |
-- |
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Foreign institutional investors |
40376 |
0.28 |
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Corporate bodies |
748362 |
5.27 |
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Non resident individuals |
666727 |
4.70 |
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Indian public |
6279711 |
44.22 |
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Total |
14200800 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Paper Tubes used for Winding of Polyster and Nylon Yarn. |
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Products : |
The Generic names of the principal products/services of the company (as per monetary terms)
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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-- |
Tons |
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22000 |
4908.22 |
GENERAL INFORMATION
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Customers : |
The company's major customers include the following :
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No. of Employees : |
130 |
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Bankers : |
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Financial Institutions : |
¨ The Industria Credit & Investment Corporation of India Limited ¨ SICOM Limited ¨
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Facilities : |
Secured Loans
(as on 31.03.2006) : (Rs. In
millions) Term Loan : From Financial Institutions and Banks : Rs.963.731 millions Unsecured Loans
:
The credit facilities sanctioned by the Banks and Institutions
are secured by mortgage of immovable properties and hypothecation of all
movable property inter alias machinery, equipment and current assets, namely
inventory and book debts both present and future, and personal and collateral
security by Managing Director. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. L. Rathi & Company Chartered Accountants |
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Address : |
Pune, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
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5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 millions |
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Total |
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Rs.250.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14200800 |
Equity Shares |
Rs.10/- each |
Rs.142.008
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 |
142.008 |
140.078 |
116.678 |
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2] Share Application Money |
66.503 |
131.246 |
4.338 |
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3] Reserves & Surplus |
1341.616 |
875.353 |
435.511 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1550.127 |
1146.677 |
556.527 |
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LOAN FUNDS |
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1] Secured Loans |
963.731 |
630.226 |
368.268 |
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2] Unsecured Loans |
2450.286 |
133.233 |
128.300 |
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TOTAL BORROWING |
3414.017 |
763.459 |
496.568 |
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DEFERRED TAX LIABILITIES |
273.368 |
164.188 |
0.000 |
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TOTAL |
5237.512 |
2074.324 |
1053.095 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1319.142 |
990.394 |
700.123 |
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Capital work-in-progress |
459.184 |
17.341 |
41.375 |
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INVESTMENT |
738.422 |
280.177 |
32.511 |
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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 |
205.176
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150.028 |
82.663 |
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Sundry Debtors |
666.565
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447.218 |
215.771 |
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Cash & Bank Balances |
1927.089
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291.319 |
29.762 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
88.744
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85.092 |
77.104 |
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Total
Current Assets |
2887.574
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973.657 |
405.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
166.810
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187.245 |
126.214 |
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Net Current Assets |
2720.764
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786.412 |
279.086 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5237.512 |
2074.324 |
1053.095 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2386.912 |
1619.012 |
1096.315 |
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Other Income |
37.429 |
31.542 |
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Total Income |
2424.341 |
1650.554 |
1096.315 |
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Profit/(Loss) Before Tax |
580.341 |
344.974 |
140.614 |
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Provision for Taxation |
182.584 |
99.431 |
32.940 |
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Profit/(Loss) After Tax |
397.757 |
245.543 |
107.674 |
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Earnings in Foreign Currency : |
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Export Earnings |
246.709 |
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49.656 |
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Other Earnings |
21.332 |
0.000 |
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Total Earnings |
268.041 |
52.909 |
49.656 |
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Imports : |
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Raw Materials |
547.514 |
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348.220 |
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Capital Goods |
396.319 |
30.904 |
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Total Imports |
943.833 |
464.431 |
348.220 |
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Expenditures : |
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Cost of Goods Sold |
1485.149 |
1078.861 |
727.856 |
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Increase/(Decrease) in Finished Goods |
(0.180) |
(28.394) |
1.758 |
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Salaries, Wages, Bonus, etc. |
66.950 |
50.832 |
38.033 |
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Interest |
47.086 |
35.277 |
48.024 |
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Depreciation & Amortization |
64.131 |
48.081 |
40.357 |
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Other Expenditure |
180.864 |
120.923 |
99.673 |
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Total Expenditure |
1844.000 |
1305.580 |
955.701 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2006 (2nd
Qtr.) |
30.09.2006 (2nd
Qtr.) |
31.12.2006 (3rd
Qtr.) |
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Sales
Turnover |
728.700 |
780.100 |
834.700 |
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Other
Income |
3.200 |
5.300 |
36.000 |
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Total
Income |
731.900 |
785.400 |
870.700 |
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Total
Expenditure |
527.700 |
565.800 |
606.900 |
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Operating
Profit |
204.200 |
219.600 |
263.800 |
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Interest |
14.600 |
18.400 |
20.500 |
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Gross
Profit |
189.600 |
201.200 |
243.300 |
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Depreciation |
22.000 |
22.100 |
27.800 |
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Tax |
56.400 |
60.900 |
73.500 |
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Reported
PAT |
111.200 |
118.200 |
142.000 |
200606
Quarter 1
Notes
EPS is basic. 1. The Company’s main business segment is
manufactured and providing of Pharma Packaging Solutions. 2. The Company had
received 3 investor complaints during the quarter, which were redressed and
there were no investor complaints pending for redressal at the commencement and
at the end of the quarter. 3. The Previous year figures have been
regrouped/readjusted wherever necessary. 4. The Above results were taken on
record by the Board of Directors of the company at its meeting held on 29.07.2006.
200609
Quarter 2
Notes
EPS is Basic 1 The Company's main business segment is
advanced pharma packaging solutions. 2 During the quarter the Company has
acquired DHP Limited, a UK-based Clinical Trials Services provider. The entire
paid-up Equity Capital of DHP Limited has been acquired through Bilcare (UK)
Limited, a wholly owned subsidiary of Bilcare Singapore Pte. Limited (which is
in turn a wholly owned subsidiary of the Company). 3. The Company had received
3 investor complaints during the quarter, which were redressed and there were
no investor complaints pending for redressal at the commencement and at the end
of the quarter. 4 The previous years figures have been regrouped / readjusted
wherever necessary. 5 The above results were taken on record by the Board of
Directors of the Company at its meeting held on 27th October, 2006.
200612
Quarter 3
NOTES:
1. The company’s main business segment is advanced pharma
packaging solutions. 2.The committee of directors at their meeting held on 27th
December 2006 under delegated authority has approved the allotment of the
following: a.745000 Warrant 'A' entitling to apply for one Equity Share against
each Warrant convertible into or exchangeable with Equity Shares at the price
of Rs.535/-(including premium of Rs.525/-), being conversion price of face
value of Rs.10/- each and; b.755000 Warrant 'B' entitling to apply for one
Equity Share against each Warrant convertible into or exchangeable with Equity
Shares at the price of Rs.535/-(including premium of Rs.525/-), being
conversion price of face value of Rs.10/- each and ; to Mrs. Nutan Bhandari who
is a part of Promoter Group and wife of Mr. Mohan Bhandari chairman and
Managing Director of the company. 3.The company had received 1 investor complaint
during the quarter which was redressed and there were no investor complaints
pending for redressal at the commencement and at the end of the quarter. 4.The
previous years figures have been regrouped/readjusted wherever necessary. 5.
The above results were taken on record by the Board of Directors of the company
at its meeting held on 30.01.2007.
KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
1.67 |
0.86 |
1.30 |
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Long
Term Debt-Equity Ratio |
1.63 |
0.75 |
0.95 |
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Current
Ratio |
3.54 |
1.57 |
1.17 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.79 |
1.68 |
1.45 |
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Inventory |
13.44 |
13.91 |
10.96 |
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Debtors |
4.29 |
4.88 |
5.79 |
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Interest
Cover Ratio |
13.32 |
10.77 |
3.39 |
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Operating
Profit Margin(%) |
28.97 |
26.45 |
19.25 |
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Profit
Before Interest And Tax Margin(%) |
26.29 |
23.48 |
15.43 |
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Cash
Profit Margin(%) |
19.35 |
18.13 |
12.15 |
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Adjusted
Net Profit Margin(%) |
16.67 |
15.16 |
8.33 |
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Return
On Capital Employed(%) |
18.80 |
27.88 |
18.35 |
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Return
On Net Worth(%) |
31.84 |
33.56 |
23.77 |
STOCK PRICES
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Face Value |
Rs.10.00/- |
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High |
Rs.998.80 |
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Low |
Rs.962.00 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company has been promoted by Mr. Mohan H. Bhandari and his two brothers
Mr. Kiran H. Bhandari and Mr. Prakash H, Bhandari as Bhandari Paper Products
(Private) Limited, on 1st July, 1987 and subsequently the assets and
liabilities of a partnership concern named as new India Packing company were
taken over by the company in 1987.
Subsequently the name was changed to Bhandari Industries Private Limited
and converted into Public Limited Company by passing a special resolution on 24th
October, 1994 and a fresh certificate of incorporation was obtained on 27th
October, 1994 from Registrar of companies
Its' Company Registration Number is 43953.
The company was incorporated with the name Bi Limited and changed to the
present name with effect from 1st October, 2003.
The company's Bilcare Division, is in technical and marketing
collaboration with ac-Folien
In February 1995, subject came out with a Rs. 37.500 millions public
issue of 1.250 millions equity shares at a premium of Rs. 20. The proceeds of
the issue were utilised to part-finance the Rs. 70.000 millions
expansion-cum-modernisation project for paper tubes and to increase the
capacity from 8.000 millions to 50.000 millions tubes per annum at Khed, near Pune.
The company manufactures paper tubes used for winding of polyester and nylon
yarn. Subject, at present, supplies its products to Baroda Rayon, Ceat, Orissa
Synthethics, Sanghi Polyester, Modipon, SRF, etc.
It proposes to diversify into other related areas and necessary plans
are being worked out.
During 1997-98, subject was successfully started the project of Paper
Tube Plant at Patalganga, mainly for the Reliance Industries Limited In
Pharmaceutical Industries, packing material has great importance so subject has
installed a new modernised plant at Pune. Subject has diversified its project
with the foreign collaborator AC Folien GmbH, of
During the year 1999-2000, German Investment and Development Company
(DEG-Deutsche Investition-Und Entwicklunsgesellschaft MBH) has subscribed to
21% of the share capital of PT Bhandari Mishindo (PTBM), a subsidiary of the company.
BUSINESS
The company is engaged in manufacturing of paper tubes used for winding
of Polyster and Nylon Yarn.
The company is also principal paper tube supplier for all major yarn
producers in
The company has been supplying laminated paper containers used for
packing of ammunition of the Ministry of Defence till 1991. The shift in technology in the defence
industry and the reduction in the Government’s spending resulted in big
reduction of defence orders.
The company sells its' product under the brand name "BILTUBE"
and "BILCARE".
Board of Directors
:
Mr. Mohan H. Bhandari
As Chairman and Managing Director, he leads Team Bilcare. He is a first
generation technocrat entrepreneur, holding a degree in Physics from the
Mr. M.L Bhakta
He is a renowned Solicitor and Senior Partner of Kanga & Co., a
leading firm of Advocates and Solicitors in
Mr. Cyrus Bagwadia
He is the Managing Director of Bilcare
A Polymer Engineer and a Post Graduate in Business Management, he has
over 31 years of experience in international business with multinational
companies including Dupont. To his credit, he has built the largest lami-tube
company in the world. He shoulders the responsibility of global strategic
business growth at Bilcare.
Mr. Rakesh Jhunjhunwala
He is a qualified Chartered Accountant and one of the best-known equity
investors in
Mr. Chandra Prakash Jaggi
An Executive Director with a mission to make Bilcare a company that is a
global benchmark in Quality and cost. He is an Engineer with over 34 years of
varied experience in the manufacturing industry. He is the winner of various
national awards including one from the President of India, for Productivity and
Quality improvement.
Dr. Praful R. Naik
He has a Ph.D. in pharmaceutics from IT-BHU. He has worked with various
multinational companies including J&J and Smithkline Beecham and has over
16 years experience in pharmaceutical science. With his in-depth understanding
of the Medicines and their formulations, he initiates and leads the core
research and Quality drive at Bilcare globally as Chief Scientific Officer
(CSO).
Dr. Kalyani Gandhi
The motivator and drive behind Bilcare human potential, she is the
Professor and former Dean at Indian Institute of Management (KM),
Mr. Rajendra Tapadia
He holds a degree in Chemistry from
Dr. R. V. Chaudhari
He has a Ph.D. in Physical Chemistry and is a Fellow of several
scientific academies & societies.
He has published 225 papers in international journals and holds 70 patents.
He is the Deputy Director at National Chemical Laboratory, Pune (NCL), a
leading chemical research institute in
Dr Tvolker Huelck
He is an MS in Chemical Engineering and a Ph.D. in Interpenetrating
Polymer Networks. He did postdoctoral research in polymer chemistry. He is
Chairman of the German Plastics Centre and a member of the Global Council at
Operations
The Directors are pleased to report that the Company has achieved a
record turnover of Rs. 2424.300 millions during the year ended 31st March,
2006. This is against a turnover of Rs. 1650.600 millions in the previous year,
representing more than 46% growth.
Subsidiaries
They have two subsidiaries, viz. Bilcare Singapore Pte. Limited,
The Company, during the year under report, additionally invested US$
10.03 million in Bilcare Singapore Pte. Limited, wholly owned subsidiary,
equivalent to Rs. 444.616 Millions.
Additional investments and proposals for the reduction of consumption of
energy
Installation of online UPS System for Barrier Coating Operations and
Clinical Services HVAC System, will improve the power factor significantly.
Installation of Lighting Energy Management Devices could potentially
result in reduction of lighting energy consumption by 25%.
Planned replacement of existing equipments in utilities with energy
efficient alternatives will also contribute towards energy savings, e.g. use of
variable frequency drives for AHU blowers.
Exports
The exports of the Company grew at 366% over the previous year to Rs. 246.700
Millions for the year ended 31st March, 2006. The Company continues to expand
in the overseas market with new capacity installations and actively considering
further growth opportunities.
The company's standard films are offered in various colours such as
glass clear transparent, amber, orange, green, red, white opaque, etc.
The company is in trade terms with the following :
- Reliance
Industries Limited
- Jindal
Polyester Limited
- Modern
Petrofils
- Raymond
Synthetics Limited
- Garden
Filaments Division of Garden Silk Mills
- Sanghi
Polyesters Limited
- Ceat Limited
- RPG
Enterprises
- Modipon
Fibres Company
- Rajashree
Polyfil Limited
- JCT Limited
- JK Corp
Limited
- Indo Rama
- DCL
Polyesters Limited
- Lupin
Laboratories Limited
- Pfizer
Limited
- Wyeth Lederle
Limited
- American
Remedies Limited
- Novartis
- British
Biologicals
- Wockhardt
- Cipla
- Amazon Drugs
Private Limited
- Pharmed
Medicare
- Apex
- Swift,
Ind-Swift Limited
- Micro Labs
Limited
- Ranbaxy
- Sterling Lab
- Cadila
Healthcare
- Natco Pharma
Limited
- Cadila
Pharmaceuticals Limited
- Indoco
Remedies Limited
- Bilcare PVdC
Coated PVC Film
- Baroda Rayon
Corporation
- Orissa
Synthetics Limited
- Century Enka
Limited
- Forbes Gokak
Limited
- Garware
Nylons Limited
- Parasrampuria
Synthetics Limited
- Petrofils
Co-operative Limited
The company’s fixed assets of important value include land, building,
plant and machinery, vehicles, electric fitting, furniture and fixture, patents
and trademarks and office equipments
The company employs around 130 person in its' set up.
Contingent
Liabilities not provided for (As on 31.03.2006) :
In respect of counter guarantee given to a Bank for loans taken by
subsidiary company : Rs.104.555 millions
Disputed Income Tax matters in appeal : Rs.10.269 millions
Incorporated as Bhandari Paper Products Private Limited in
July 1987. The name of the company was changed to BI Limited in 2001 and
further it was changed to Bilcare Limited on 1st October 2003. The Company is a
global provider of pharma solutions. Bil mainly concentrates on Research
services, Clinical Services, Design lab,
The company's plant at Rajgurunagar, Pune is one of its kinds in
During 1997-98, company has successfully started the project of Paper Tube
Plant at Patalganga, mainly for the Reliance Industries Limited In
Pharmaceutical industries packing material has great importance so company has
installed a new modernise plant at Pune. The Company has diversified its
project with the foreign collaborator M/s AC-Folien GmbH, of
In 2003-04 the company has hived off its Biltube division in order to focus its
core business of manufacture of pharma packaging and research. With this PT
Bhandari Mishindo, which formed an integral part of the biltube Division was
ceased to be a subsidiary of the company. During the year 2004-05 the company
was in the process of implementing the capacity expansion project in
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.44.01 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.55.04 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|