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MIRA INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GELNOVA
LABORATORIES ( |
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|
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Registered Office : |
C –
125, TTC Industrial Area, Mahape, Navi Mumbai - 400 705, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.01.1997 |
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Com. Reg. No.: |
11-105706 |
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CIN No.: [Company Identification No.] |
U17000MH1997PTC105076 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
MUMG06968D |
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|
Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Capsules, Bulk Drugs, Pharmaceuticals and Foods |
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 |
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Maximum Credit Limit : |
USD
156000 |
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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 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
|
Registered Office/Factory : |
C – 125,
TTC Industrial Area, Mahape, Navi Mumbai -
400 705, |
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Tel. No.: |
91-22-27621908/27821269/27686411 |
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Fax No.: |
91-22-27686411 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Vasant Kumar Keshavji Thakkar |
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Designation : |
Director
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Address : |
L –
3-4, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra,
India |
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Date of Birth/Age : |
29.11.1936 |
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Date of Appointment : |
18.08.2000 |
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Name : |
Mr.
Jatin Vasant Kumar Thakkar |
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Designation : |
Director
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Address : |
L –
3-4, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra,
India |
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Date of Birth/Age : |
07.12.1967 |
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Date of Appointment : |
18.08.2000 |
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Name : |
Ms.
Bharati Vasant Kumar Thakkar |
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Designation : |
Director
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Address : |
L –
3-4, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra,
India |
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Date of Birth/Age : |
22.06.1940 |
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Date of Appointment : |
18.08.2000 |
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Name : |
Mr.
Krishnan V Kavassery |
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Designation : |
Director
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Address : |
Krishna
Plot No. 203, Sector – 8, Vashi, Navi Mumbai – 40018, |
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Date of Birth/Age : |
05.01.1939 |
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Date of Appointment : |
04.10.2000 |
KEY
EXECUTIVES
|
Name
: |
Mr. S
Sathyanaryan & Company |
|
Designation
: |
Company
Sectary |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Vasant K Thakkar |
39000 |
|
Mr.
Jatin V Thakkar |
19500 |
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Ms.
Bharati V Thakkar |
71500 |
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Mr.
Vasant K Thakkar |
5150 |
|
Mr.
Jatin V Thakkar |
6000 |
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Ms.
Bharati V Thakkar |
15000 |
|
Mr.
Jatin V Thakkar |
8000 |
|
Ms.
Monica J Thakkar |
6500 |
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Mr.
Vasant K Thakkar |
9350 |
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Names
of Shareholders |
% of Holdings |
|
Directors
and Relatives of Directors |
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturer
of Capsules, Bulk Drugs, Pharmaceuticals and Foods |
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Products : |
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PRODUCTION
STATUS
|
Particulars |
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|
Installed Capacity |
Actual Production |
|
Capsules |
|
|
400000000 Per Annum |
405926437 Per Annum |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
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Bankers : |
v
Bank of India, Mumbai Corporate Banking Branch, Bank of India
Building, 4th Floor, 70/80 M G Road, Fort, Mumbai – 400023,
Maharashtra, India v
Citibank Various Bank Limited |
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Banking Relations : |
Satisfactory
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Auditors : |
E A Patil
and Company Chartered
Accountant |
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Adders: |
316, 3rd
Floor, Nirman Vyapar Kendra, Sector – 17, Vashi, Navi
Mumbai – 400 705, |
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Tel. No.: |
91-22-27890594 |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
150000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 15.000 Millions |
|
50000 |
Preferences
Shares |
Rs. 100/- Each |
Rs. 5.000 Millions |
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|
Total
|
|
Rs. 20.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
130000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 13.000 Millions |
|
50000 |
Preferences Shares |
Rs. 100/- Each |
Rs. 5.000 Millions |
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|
Total |
|
Rs. 18.000 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
1] Share Capital |
18.000 |
18.000 |
15.000 |
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2] Reserves & Surplus |
21.006 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
0.000 |
(6.128) |
(16.369) |
|
|
NETWORTH |
39.006 |
11.872 |
(1.000) |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
51.457 |
55.592 |
50.040 |
|
|
2] Unsecured Loans |
20.500 |
20.500 |
23.490 |
|
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TOTAL BORROWING |
71.957 |
76.092 |
73.530 |
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DEFERRED TAX LIABILITIES |
6.749 |
7.403 |
5.495 |
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TOTAL |
117.712 |
95.367 |
78.025 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
64.159 |
67.088 |
65.195 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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|
|
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|
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Inventories |
45.561
|
27.428 |
14.692 |
|
|
Sundry
Debtors |
59.546
|
37.718 |
26.744 |
|
|
Cash
& Bank Balances |
0.158
|
0.247
|
0.438 |
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|
Other
Current Assets |
0.000
|
0.000 |
1.224 |
|
|
Loans
& Advances |
11.577
|
4.826 |
1.584 |
|
Total Current
Assets |
116.842
|
70.219 |
44.682 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
57.103
|
39.680 |
31.997 |
|
|
Provisions |
6.234
|
2.357 |
0.000 |
|
Total Current
Liabilities |
63.337
|
42.037 |
31.997 |
|
|
Net Current Assets |
53.505
|
28.182
|
12.685 |
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MISCELLANEOUS
EXPENSES |
0.048 |
0.097 |
0.145 |
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TOTAL |
117.712 |
95.367 |
78.025 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 (Estimated) |
31.03.2005 |
31.03.2004 |
|
Sales
Turnover [including other income] |
150.000 |
183.766 |
116.161 |
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|
|
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Profit/(Loss) Before Tax |
NA |
12.111 |
(3.775) |
|
Provision for Taxation |
NA |
1.869 |
0.000 |
|
Profit/(Loss) After Tax |
NA |
10.242 |
(3.775) |
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Export Value |
NA |
NA |
33.433 |
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Import Value |
NA |
NA |
1.729 |
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Total Expenditure |
NA |
171.234 |
129.887 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
-- |
5.57
|
(3.24) |
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Net Profit Margin (PBT/Sales) |
(%) |
-- |
6.59
|
(3.24) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
-- |
70.34
|
(3.43) |
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Return on Investment (ROI) (PBT/Networth) |
|
-- |
0.06
|
(3.77) |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.64 |
6.40
|
(105.52) |
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Current Ratio (Current Asset/Current Liability) |
|
1.84 |
1.67
|
1.39 |
LOCAL
AGENCY FURTHER INFORMATION
Directors
Report
The
company in its second year of commercial operation was introduced intruded
various products on third party basis and on loan and license basis. The
companys manufactures capacity is well
appreciated in the market and the products are getting encouraging response.
The company also entered in to the market and achievel on export sale. Future
negotiation are in progress for exploring and the company expects a good growth
in products in various countries.
Fixed
Assets
v
v
Plant & Machinery
v
Building
v
Computer
v
Car
v
Office Equipment
Business
To carry
on all or any of the following business as manufacturer, weavers, knitters, doublers,
twisters, texturising, worsted stuff manufacturer, buyers, sellers, exports,
importers, dealers, distributors of Cotton Viscos Rayon, Silk, Staple, Fibre
Yarn, Jute and Fabrics and Such other fibres.
Form 8 Particular for creation or modification
of charges
|
Corporation identity number or foreign
company registrations number of the company
|
U17000MH1997PTC105076 |
|
Name of the company |
GELNOVA
LABORATORIES PRIVATE LIMITED |
|
Address |
C – 125,
TTC Industrial Area, Mahape, Navi Mumbai -
400705 |
|
This Form is for |
Modification Charge |
|
Type of Charge |
Hypothecation and Equitable
mortgage |
|
Particular of the charge holder |
Bank of India, Mumbai Corporate
Banking Branch, Bank of India Building, 4th Floor, 70/80 M G Road,
Fort, Mumbai – 400023 E-Mail – boiagm@vsnl.com |
|
Description of the property charge whether
it is a charge on |
Immovable, Stock in trade, Book
Debts and other |
|
Modification charge Charge identification number of the charge
to be modified |
80004040 |
|
Date of instrument modifying the charge |
31.05.2006 |
|
Corporation identity number (CIN) or foreign
company registrations number of the company
|
U17000MH1997PTC105076 |
|
Name of the company |
GELNOVA
LABORATORIES PRIVATE LIMITED |
|
Address |
C –
125, TTC Industrial Area, Mahape, Navi Mumbai - 400705 |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable property |
|
Particular of the charge holder |
Bank of India, Mumbai Corporate
Banking Branch, Bank of India Building, 4th Floor, 70/80 M G Road,
Fort, Mumbai – 400023 E-Mail – boiagm@vsnl.com |
|
Nature or description of the instrument
creating charge |
Supplemental memorandum entry |
|
Date of the instrument creating charge |
22.12.2006 |
|
Amount Secure by the charge |
Rs. 78.000 millions |
|
Brief of the principal terms and
conditions and extent and operation of the charge |
Rate of Interest: Cash Credit and Term Loan –
Interest @ 2.00 over BOI PLR Terms of Repayment: on demand Margin: as may be stipulated by
Bank fro time to time Extent and operation of the
charge: the company accorded and gave oral consent to Bank to continue to
hold and retain the title deeds (by way of Constructive delivery) in respect
of its immovable properties as mentioned under item no. 14 as security for following
facilities |
|
Description of the property charge whether
it is a charge on |
-- |
|
Modification charge Charge identification number of the charge
to be modified |
80004040 |
|
Date of instrument modifying the charge |
22.12.2006 |
|
Particulars of the Property charged |
All that piece or parcel of
land with buildings, sheds and structures standing thereon situate at Plot
No. C-125 in TTC Industrial Area, within the village limits of Borivali,
Taluka and Registration Sub District Thane, District and Registration
District Thane containing by measurement 3920 square meters, together with
fixed machinery and plant, fixtures and fittings both present and future. |
|
Particulars of the present modification |
The mortgage security stands extended
to cover the increased facilities aggregating Rs. 78.000 millions |
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.41.01 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.55.04 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|