MIRA
INFORM REPORT
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Report Date : |
03.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
KEMROCK
INDUSTRIES AND EXPORTS LIMITED |
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Registered
Office : |
296/A, GIDC,
Industrial Estate, Makarpura, Vadodara – 390 010, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
18.11.1991 |
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Com. Reg. No.: |
04-16625 |
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CIN No.: [Company
Identification No.] |
L36999GJ1991PLC016625 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BRDK00913D |
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PAN No.: [Permanent Account No.] |
AAACK8810B |
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Legal Form : |
Public Limited
Liability Company. Company’s shares are listed on Stock Exchange. |
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Line of
Business : |
Manufacturing, Importing
and Exporting of FRP Products. |
RATING &
COMMENTS
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MIRA’s Rating
: |
Ba |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit
Limit : |
USD 700000 |
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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 company having satisfactory track. Trade relations are fair.
Payments are reported as usually correct and as per commitments. The company
is doing steady business. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered/Head
Office : |
At
& Post : Asoj, Taluka : Vadodara-Halol Express Way, Waghodia, District Vadodara - 391 510, Gujarat |
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Tel. No.: |
91-2668-281059/281074/281088/281158/281157 |
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Fax No.: |
91-2668-281111/281159 |
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E-Mail : |
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Website : |
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Regional
Office/Factory : |
296/A,
G.I.D.C., Makarpura Industrial Estate, Varodara - 390010, Gujarat |
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Tel. No.: |
91-265-2646010/2642449 |
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Fax No.: |
91-265-2638261 |
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E-Mail : |
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Marketing
office: |
303,
Commerce Centre, B-27, Veera Industrial Estate, off. New
Link Road,Opp. Same Adlabs, Andheri
(West), Mumbai – 400 053, Maharashtra |
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Tel. No.: |
91-022-26736294/26736295 |
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Fax No.: |
91-22-26736289 |
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E-Mail : |
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Factory 1 : |
296/A,
GIDC, Industrial Estate, Makarpura, Vadodara – 390 010, Gujarat |
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Factory 2 : |
Village
Asoj, Taluka Waghodia, District Vadodara – 391 510, Gujarat |
DIRECTORS
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Name : |
Mr. Kalpesh Patel |
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Designation : |
Managing Director |
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Date of
Birth/Age : |
46 Years |
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Qualification
: |
D.M.E. D.E.E. & D.P.T. |
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Experience : |
26 Years |
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Date of
Appointment : |
18.11.19991 |
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Name : |
Mr. Jayesh Patel |
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Designation : |
Executive Director |
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Date of
Birth/Age : |
44 Years |
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Qualification
: |
D.P.T. M.Sc. |
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Experience : |
22 Years |
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Date of
Appointment : |
18.11.1991 |
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Name : |
Mr. Jatin Patel |
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Designation : |
Whole Time Director (Upto 05.06.2003) |
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Name : |
Mr. Kaushik Bhatt |
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Designation : |
Director |
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Name : |
Mr. Arvind M. Shah |
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Designation : |
Director |
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Name : |
Mr. Manoj M. Shah |
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Designation : |
Director |
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Name : |
Mr. S. D. Lahiri |
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Designation : |
Director (Nominee GSFC) |
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Name : |
Mr. P. N. Muralidharan |
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Designation : |
Director (Upto 31.08.2004) |
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Name : |
Mr. Rohit Kothari |
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Designation : |
Director |
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Name : |
Mr. Mukund Bakshi |
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Designation : |
Director |
BUSINESS DETAILS
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Line of
Business : |
Manufacturing,
Importing and Exporting of FRP Products. |
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Products : |
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PRODUCTION STATUS
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Class of Goods |
Unit |
Installed
Capacity |
Actual
Production |
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FRP Products |
Nos. |
-- |
98178 |
GENERAL
INFORMATION
|
No. of
Employees : |
150 |
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Bankers : |
v Punjab National Bank, Vadodara, Gujarat v Canara Bank, Mumbai, Maharashtra v
State Bank of India, Vadodara v Indian Bank,
Vadodara |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
H. K. Shah &
Company Chartered
Accountants |
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Associates/Subsidiaries
: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,382,500 |
Equity Shares |
Rs. 10/- each |
Rs. 63.825 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 |
63.825 |
61.795 |
61.426 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
110.712 |
65.407 |
50.067 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
174.537 |
127.202 |
111.493 |
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LOAN FUNDS |
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1] Secured Loans |
891.887 |
455.250 |
183.376 |
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2] Unsecured
Loans |
12.816 |
63.987 |
43.591 |
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TOTAL BORROWING
|
904.703 |
519.237 |
226.967 |
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DEFERRED TAX
LIABILITIES |
19.796 |
17.553 |
17.316 |
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TOTAL
|
1099.036 |
663.992 |
355.776 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
649.117 |
326.326 |
180.122 |
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Capital work-in-progress
|
21.094 |
35.039 |
13.745 |
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INVESTMENT
|
0.221 |
0.221 |
0.037 |
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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
|
268.562
|
179.915
|
131.807 |
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Sundry Debtors
|
245.758
|
162.265
|
50.330 |
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Cash & Bank Balances
|
6.330
|
36.207
|
19.322 |
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Other Current Assets
|
0.000
|
0.000
|
0.000 |
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Loans & Advances
|
32.706
|
32.456
|
44.946 |
Total Current Assets
|
553.356 |
410.843 |
246.405 |
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Less : CURRENT
LIABILITIES & PROVISIONS
|
|
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Current Liabilities & Provisions
|
125.350
|
113.761
|
86.991 |
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Provisions
|
3.965
|
0.846
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Total Current Liabilities
|
129.315 |
114.607 |
86.991 |
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Net Current Assets
|
424.041 |
296.236 |
159.414 |
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MISCELLANEOUS EXPENSES
|
4.563 |
6.170 |
2.458 |
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TOTAL
|
1099.036 |
663.992 |
355.776 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
660.246 |
438.548 |
307.232 |
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Profit/(Loss) Before Tax
|
52.629 |
14.738 |
36.595 |
Provision for Taxation
|
7.324 |
0.487 |
3.583 |
Profit/(Loss) After Tax
|
45.305 |
14.251 |
33.012 |
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Export Value
|
337.162 |
208.190 |
108.806 |
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Import Value
|
189.641 |
80.186 |
51.898 |
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Total Expenditure
|
607.616 |
423.810 |
270.637 |
QUARTERLY /
SUMMARISED RESULTS
|
Particulars |
30.06.2006
(1st Quarter) |
30.09.2006
(2nd Quarter) |
30.12.2006 (3rd
Quarter) |
|
Sales Turnover |
302.800 |
323.600 |
359.100 |
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Other Income |
1.600 |
(1.000) |
0.300 |
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Total Income |
304.400 |
322.600 |
359.400 |
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Total Expenditure |
224.000 |
215.100 |
254.400 |
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Operating Profit |
80.400 |
107.500 |
105.000 |
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Interest |
25.900 |
31.400 |
37.900 |
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Gross Profit |
54.500 |
76.100 |
67.100 |
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Depreciation |
8.100 |
20.600 |
11.400 |
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Tax |
1.100 |
1.400 |
0.000 |
|
Reported PAT |
45.300 |
54.100 |
55.700 |
200606 Quarter 1
–
Figures have been
regrouped wherever necessary to make them comparable. 2.There were no pending
investor grievances of the beginning and at the end of the quarter. 3.The above
financial Results were reviewed by the Audit Committee and thereafter taken on
record by the Board of Directors of the company at its meeting held on
27.07.2006.
200609 Quarter 2 -
Expenditure
Includes (Increase) / Decrease in Stock in Trade Rs. (110.688) million
Consumption of Raw Materials Rs. 207.383 million Staff Cost Rs. 18.689 million
Other Expenditure Rs. 99.808 million Tax Indicates Provision for Taxation,
Deferred Taxation & FBT Status of Investor Complaints for the quarter ended
30.09.2006 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter Nil Complaints disposed off during the quarter Nil
Complaints unresolved at the end of the quarter Nil 1. Figures have been
regrouped wherever necessary to make them comparable. 2. The above Financial
Results were reviewed by the Audit of the Company, have been reviewed by the
audit committee and taken on record by the Board of Directors of the Company at
its meeting held on 31.10.2006. 3. During the quarter, the company had allotted
equity shares of Rs 10/- each at a premium of Rs 175/- per share to M/s RPM
International Inc., USA on preferential basis. 4. The figures shown under
current tax and deferred tax are provisional and will be finalised at the end
of the year.
200612 Quarter 3
Notes
Expenditure Includes (Increase) / Decrease in Stock in Trade Rs (27.790)
million Consumption of Raw Materials Rs 187.470 million Staff Cost Rs 19.889
million Other Expenditure Rs 74.858 million Status of Investor Complaints for
the quarter ended December 31, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter Nil Complaints disposed off
during the quarter Nil Complaints unresolved at the end of the quarter Nil 1.
Figures have been regrouped wherever necessary to make them comparable. 2. The
above Financial Results were reviewed by the Audit committee and thereafter
taken on record by the Board of Directors of the Company at its meeting held on
January 31, 2007.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
4.72 |
3.13 |
1.97 |
|
Long Term Debt Equity Ratio |
2.51 |
1.60 |
0.94 |
|
Current Ratio |
1.02 |
1.09 |
1.13 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.07 |
1.28 |
1.07 |
|
Inventory |
2.67 |
2.47 |
1.88 |
|
Debtors |
2.93 |
3.62 |
3.60 |
|
Interest Cover Ratio |
1.75 |
1.54 |
2.99 |
|
Operating Profit Margin (%) |
24.84 |
16.32 |
23.61 |
|
Profit Before Interest and Tax Margin (%) |
19.47 |
11.64 |
19.91 |
|
Cash Profit Margin (%) |
12.95 |
8.65 |
15.64 |
|
Adjusted Net Profit Margin (%) |
7.58 |
3.98 |
11.95 |
|
Return on Capital Employed (%) |
13.57 |
9.18 |
13.47 |
|
Return on Net Worth (%) |
30.03 |
12.82 |
23.72 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.295.00/- |
|
Low |
Rs.280.00/- |
LOCAL AGENCY
FURTHER INFORMATION
History:
Entrepreneurship
and Strategic Alliances have been the hallmark of company’s progress.
1995 : The company entered into
license agreement with Creative
Pultrusions, Inc., USA for acquiring state-of-the-art pultrusion
technology. Today, with over 7 pultrusion lines of different capacities, the
company is the largest pultruder in the region.
2003 : Fibergrate Composite Structures, Inc., USA identified the company as their manufacturing
partners, to manufacture and offer world class pultruded and molded grating
products. Fibergrate is a part of StonCor Group, Inc., USA which functions
under the umbrella of the huge multi-billion dollar, multi-locational RPM
Group, USA.
2004 : Looking at the
present and future requirements, the company has gone for backward integration
with a specialized division to manufacture hi-tech phenolic resins for the
composites industry. Proven world class technology has been acquired from Georgia Pacific Resins, Inc., USA to
manufacture this polymer. Georgia Pacific Resins, Inc. is a global leader in a
variety of building products, paper products, industrial and specialty
chemicals.
Operations:
The
Company has maintained a steady growth in it's business areas. Global
consumption of the Company's products has seen an increasing trend in the year
under review and it is Company's constant endeavour to enhance the market
presence and also, product range.
In furtherance to this initiative, the Company has recently finalized an
agreement for technology transfer with Top Glass SpA of Italy for transfer of
technology to enable manufacture composite Light Poles as also make available
high-end pultrusion technology. This arrangement would enable Company to
manufacture and market these products within Indian market and worldwide and
also strengthen it's technological capabilities.
Top Glass SpA is the market leader in manufacture of Light Poles which are extensively
used in the markets of Europe and USA. The Company expects to have a sizeable
share in this business in the coming years through its established market
network and strategic global alliances.
Kemrock has also signed another agreement with Georgia-Pacific Resins, Inc., a
constituent of the multi-billion Koch Group headquartered in the U.S., for
promoting a Company jointly to facilitate marketing of the speciality resins
manufactured under license from them. The Agreement with Georgia-Pacific is also
to include the marketing of other resin products along with general purpose
resins to be manufactured by Kemrock using its own technology, This arrangement
would enable Kemrock to expand the product base and also enhance its
penetration and presence in markets of India, Bangladesh, Sri Lanka, Middle
East, Myanmar, etc. Georgia-Pacific Resins, Inc. is an established name in the
field of speciality chemicals, resins, fertilizers, etc.
The Company has achieved the increasing numbers on the year on year basis. The
Directors hope to post still better results in the years to come.
Management
Discussion &
Analysis:
Industry Structure and Developments:
The Company is primarily engaged in the business of manufacturing and
exports of Fiberglass Reinforced Polymer Composites. The Company has, also,
stabilized and achieved recognized quality in manufacture of speciality and
general resins. Continuous up-gradation of technologies & facilities has
ensured a pathway to
success.
Opportunities
and Business Outlook:
The Company has absorbed the processes and technology and has developed
indigenous procedures to deliver high quality world class reinforced composites
and resins. The Company has commercialized its production lines for the entire
range of FRP products, by the various manufacturing processes. It has strongly
ventured into exports and is making steady inroads in the domestic markets
where the Company's products are accepted by leading industrial
consumers.
The Company is on the threshold of growth. As is true for any technology driven
company, the growth comes on the technologies being absorbed and manufactured
products being accepted by the markets.
Export sales of the products have been found to be of international quality and
is well accepted by the customers.
The products of the Company are finding a good response in the domestic market
as well and the Company was able to generate a good volume and interest with
leading Companies including L&T, ONGC, HAL Offshore Limited., Shell India
Marketing, Tata Chemicals, Andhra Sugars, TVS Interconnect amongst others. The
Company's efforts in promotion of it's products has yielded desired results and
it is hoped that the customer base and offtake during the coming period would
further improve.
The Company foresees a major opportunity in establishing itself as a major
player in the field of FRP products and resins with the support of business alliances.
Segment
wise and Product wise Performance:
The Company which was hitherto manufacturing resins for captive consumption has
successfully commenced marketing and export of special and general purpose
resins during the year. The contribution from this segment is expected to make
a significant impact on the operations of the Company.
At present, the Company is primarily engaged in the manufacture of Fiberglass
Reinforced Polymer Composites and Resins. These products find markets
domestically and internationally and, therefore, the Company is considered to
be operating in two different product segments as well as geographical market
segments i.e. domestic and export.
On the export front the Company's FRP products have major markets in U.S. while
the resins are mainly exported to Sri Lanka and the Middle East.
Outlook
on Threat, Risks and Concerns:
The Company is a multi-product and diversified Company operating in markets
globally. The global business typically has inherent risk of competition and
pricing pressures.
The company’s fixed
assets of important value includes land & building, machinery and office
equipments.
Profiles
Subject entered
into field of composites in early 1980s with a small manufacturing facility at
Vadodara, Gujarat State. Today, with over 145,000 sq. ft. of production
facility on a land area of over 800,000 sq. ft., the company has spearheaded
India's FRP revolution. This state-of-the-art production facility located at
Asoj, 20 kms from Vadodara, includes sophisticated Quality Control and Testing
Facility and an extensive Product Development Center. A fully equipped Design
Studio enables the company to take up even the most stringent challenges in
developing composite products for various applications.
Standing tall, strong, dependable in
the world of FRP
The company is one of
India's leading manufacturers of High Performance Reinforced Polymer
Composites. Kemrock is a technology-driven ISO 9001-2000 company offering
composite products of global standards. The manufacturing capabilities are one
of the most comprehensive in the industry, covering various processes like
Pultrusion, RTM, Compression Moulding, VRTM, etc. the company’s products are
well accepted in U.S.A, Europe, Africa, Canada, Australia, Middle East &
Far East.
Expanding Horizons, Strengthening
Infrastructure
Subject entered
into field of composites in early 1980s with a small manufacturing facility at
Vadodara, Gujarat State. Today, with over 145,000 sq. fts. of production
facility on a land area of over 800,000 sq. ft., the company has spearheaded
India's FRP revolution. This state-of-the-art production facility located at
Asoj, 20 kms from Vadodara, includes sophisticated Quality Control and Testing
Facility and an extensive Product Development Center. A fully equipped Design
Studio enables the company to take up even the most stringent challenges in
developing composite products for various applications.
Subject offers
hi-performance FRP Moulded and Pultruded Gratings and Various Pultruded shapes
for a wide range of industrial applications which include:-
Chemical Processing
v
Walkways
v
Mezzanines
v
Air Scrubber
Internals
v
Catwalks
v
Platforms
v
Process and
Storage Areas
Food and Bever Age
v
Walkways
v
Platforms
v
Catwalks
v
Raw Materials
Storage Area
v
Stairways
Water and Wastewater
v
Walkways
v
Chemical
Storage Areas
v
Crossflow
Media Supports
v
Setting Basins
v
Clarifiers
Artichectural/Commercial
v
Storage Areas
v
Walkways
v
Underwater
Structures
v
Platforms
Oil and Gas
v
Refining
Facilities
v
Walkways
v
Catwalks
v
Chemical
Storage Areas
Pulp and Paper
v
Bleaching and
Washing Areas
v
Platform
Scrubber
v
Belt Filter
Press Flooring
v
Wastewater
Areas
v
Stack
Internals
Metals and Mining
v
Refining
Facilities
v
Walkways
v
Catwalks
v
Chemical
Storage Areas
Electrical/Electronics
v
Cable Trays
v
Batter Storage
and Charging
Kemrock Standing Tall,
Strong, Dependable in the world of Frp
Kemrock Industries and Exports Limited. is
one of India's leading manufacturers of High Performance Reinforced Polymer
Composites. Kemrock is a technology-driven ISO 9001-2000 company offering
composite products of global standards. The manufacturing capabilities are one
of the most comprehensive in the industry, covering various processes like
Pultrusion, RTM, Compression Moulding, VRTM, etc. Kemrock's products are well
accepted in U.S.A, Europe, Africa, Canada, Australia, Middle East & Far
East.
Expanding Horizons, Strengthening Infrastructure
Kemrock entered into field of composites in early 1980s with a small
manufacturing facility at Vadodara, Gujarat State. Today, with over 145,000
sq.ft. of production facility on a land area of over 800,000 sq. ft., Kemrock
has spearheaded India's FRP revolution. This state-of-the-art production
facility located at Asoj, 20 kms from Vadodara, includes sophisticated Quality
Control and Testing Facility and an extensive Product Development Center. A
fully equipped Design Studio enables Kemrock to take up even the most stringent
challenges in developing composite products for various applications.
Products
v
Safe-t-span
Pultruded Grating
v
Pultruded HLC
Grating
v
Moulded Grating
v
Moulded HLC
Grating
v
Rigidex
v
Dyanform
Fiberglass Structural Shapes
v
Dyanrail FRP
Handrail and Ladder System
v
Stair Solution
v
Equipment
Platform
v
Cable trays-
ladder type & Perforated type
v
Forklift
Pallets
v
Pallet
Containers
v Custom Moulded Articles
Possibilities are
Endless
At Kemrock, they are constantly innovating and applying technology
towards developing newer products. Their FRP Moulded Customised Products find
applications in the following Industrial Sectors:
v
Pharmaceuticals
v
Railways
v
Electrical
v
Aerospace
v
Marine
v
Defense
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|