MIRA INFORM
REPORT
|
Report
Date : |
24.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
BILIGIRI
GRANITES PRIVATE LIMITED |
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Registered
Office : |
120,
Hoodi Apartment, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
29.09.1994 |
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Com.
Reg. No.: |
08-16325 |
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CIN
No.: [Company
Identification No.] |
U14102KA1994PTC016325 |
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IEC
No. |
0791001491 |
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|
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TAN
No.: [Tax
Deduction & Collection Account No.] |
BLRB01546G |
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PAN
No.: [Permanent
Account No.] |
AABCB5844K |
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Legal
Form : |
Private Limited Liability Company. |
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Line
of Business : |
Manufacturer, Importer, Dealers and Exporter of all kind of
Granite Monuments, Memorials, Markers, Private Mausoleims, Blocks, Tiles
Slabs, etc., in wide range of colors. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD 24000 |
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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 an 100 percent export oriented company engaged
in manufacturing and exporting of granite of granite monuments, mamorial and
markers. The company has been making satisfactory progress in its
performance. Trade relations are reported as 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 : |
120, Hoodi
Apartment, |
|
Tel.
No.: |
91-80-22259702 |
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Fax
No.: |
91-80-22259704 |
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Mobile
No.: |
91-9448070722 |
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E-Mail
: |
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Website
: |
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Area : |
2500 sq.
ft. |
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Location : |
Rented |
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|
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Factory
: |
9th KM, , Chamarajnagar-571313, |
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Tel.
No.: |
91-8226-230033/34/222113/722113 |
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Fax
No.: |
91-8226-230073/222252/722252 |
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Area : |
55575 sq.
ft. |
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Location : |
Owned |
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|
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Overseas
Office: |
BG Granites Inc., 39372, Drakeway, |
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Tel.
No.: |
510 795
7630 |
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Fax
No.: |
510 795
7621 |
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E-Mail
: |
DIRECTORS
|
Name |
Mr. V.
Anantha Kumar |
|
Designation
|
Managing
Director |
|
Address
: |
B R Hills
Road, Chamraj nagar, Karnataka |
|
Age |
14.10.1944 |
|
Qualification
|
S. S. L.
C. |
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Address
|
“Biligiri”,
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|
Profile
|
His dedication
and hardwork paved way to the growth of the company, which resulted in the
constitution of an exclusive monuments manufacturing unit in 1994. |
|
Date
of Appointment |
29.09.1994 |
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|
|
|
Name |
Mr. A.
Srigiri |
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Designation
|
Director |
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Address
: |
B R Hills
Road, Chamraj nagar, Karnataka |
|
Age |
15.07.1976 |
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Qualification
|
MBA |
|
Address
|
“Biligiri”,
|
|
Profile
|
He holds
a Masters degree in International Business Management from |
|
Date of
Appointment |
02.02.1998 |
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|
|
|
Name |
Mr. R
Sekar |
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Designation
|
Director |
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Address
|
120,
Hoodi Apartments, |
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Date
of Appointment |
29.09.1994 |
|
|
|
|
Name |
Mr. S R
Kumar |
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Designation
|
Director |
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Address
|
No. 4/B,
Japore Terras, 219, |
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|
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|
Name |
Mr.
Jayaram K Beladkere |
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Designation
|
Director |
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Address
|
No.
M1035, III Cross, Vivekanand Nagar, |
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|
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|
Name |
Ms. V
Revathi |
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Designation
|
Director |
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Address
|
“Biligiri”,
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KEY
EXECUTIVES
|
Name : |
Mrs.
Shilpa Anand |
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Designation
: |
President
BG Granites Inc., |
|
Profile
: |
Since the establishment of BG Granites Inc, Mrs. Shilpa
Anand is concentrating on developing the business in the |
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|
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|
Name : |
Mr. Anand
Vidyanand |
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Designation
: |
Treasurer
BG Granites, Inc., |
|
Profile
: |
Mr. Anand is the key person to establish BG Granites in |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of shares |
|
B Sekar |
14000 |
|
Mr. V
Anantha Kumar |
17900 |
|
Mr. S R
Kumar |
14000 |
|
Mr. A
Srigiri |
100 |
|
Mr.
Jayaram K Beladkere |
10000 |
|
Mr. V
Revathi |
24000 |
All the shares are held by directors or their relatives.
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturer, Importer, Dealers and Exporter of all kind
of Granite Monuments, Memorials, Markers, Private Mausoleims, Blocks, Tiles Slabs,
etc., in wide range of colors. |
|
|
|
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Products
: |
Ř Granite Monuments Ř Memorials Ř Markers Ř Private Mausoleims Ř Blocks Ř Tiles Slabs |
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Exports
to : |
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Imports
from : |
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Terms
: |
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Selling : |
L/C or Credit (90 days) terms |
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Purchasing : |
Cash or Credit (60 days) terms |
PRODUCTION STATUS
|
Particulars |
|
|
Installed Capacity |
Actual Production |
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|
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|
Monuments,
Memorials and Slabs |
|
|
14 |
12 |
GENERAL
INFORMATION
|
No. of
Employees : |
Around 19 |
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|
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Bankers
: |
State
Bank of Canara Bank Chamrajnagar |
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Banking Relations : |
Satisfactory |
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Auditors
: |
v
Nagarajan and Company Chartered Account |
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Address
: |
195/2, |
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Tel.
No.: |
91-80-25323245 |
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Associates
: |
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CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000 |
Equity
Shares |
Rs. 100/- |
Rs. 8.000 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
8.290 |
8.290 |
8.290 |
|
|
2] Reserves
& Surplus |
3.000 |
1.500 |
1.500 |
|
|
3] Profit
and Loss Account |
(5.183) |
(5.945) |
0.000 |
|
NETWORTH
|
6.107 |
3.845 |
9.790 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured
Loans |
9.221 |
9.712 |
10.040 |
|
TOTAL
BORROWING
|
9.221 |
9.712 |
10.040 |
|
|
DEFERRED
TAX LIABILITIES |
1.168 |
1.301 |
1.300 |
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|
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|
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|
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TOTAL
|
16.496 |
14.858 |
21.130 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
13.238 |
12.284 |
13.880 |
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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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Inventories
|
0.000 |
0.000 |
0.000 |
|
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Sundry Debtors
|
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances
|
0.332 |
0.077 |
1.260 |
|
|
Other Current Assets
|
1.388 |
0.299 |
0.300 |
|
|
Loans & Advances
|
4.025 |
8.131 |
2.600 |
Total Current Assets
|
5.745
|
8.506
|
4.160
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
2.487 |
5.932 |
3.310 |
|
Total Current Liabilities
|
2.487 |
5.932 |
3.310 |
|
Net
Current Assets
|
3.258 |
2.574 |
0.850 |
|
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|
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
6.400 |
|
|
|
|
|
|
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TOTAL
|
16.496 |
14.858 |
21.130 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
22.160 |
20.530 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
0.460 |
(0.060) |
Provision for Taxation
|
|
0.010 |
12.150 |
Profit/(Loss) After Tax
|
|
0.450 |
12.210 |
|
|
|
|
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Import Value
|
|
NA |
NA |
|
|
|
|
|
Total Expenditure
|
|
21.710 |
20.590 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
NA
|
2.03
|
59.47 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
2.07
|
(0.29) |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
2.21
|
(0.33) |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
0.12
|
(0.00) |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.92
|
4.07
|
2.49 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.31
|
1.43
|
1.25 |
LOCAL
AGENCY FURTHER INFORMATION
History
The subject company is a 100% EOU. Awarded Gold Medal for
Export Promotion and Quality Management by Government of Karnataka.
Its products include dimensional blocks, slabs, markers,
furniture, innovatively and exclusively designed monuments, memorials and
architectural pieces in a wide range of colors. Catering to the market demand,
it also manufactures finished granite products.
Production
BG Granites
maintains international standards and promises in delivering quality goods. It
has a Quality control division which ensures every product that leaves BG
Granites is completely checked and certified.
Machinery
BG Granites
owns the state-of-the-art machineries for Quarrying, Processing and Finishing
granites products. BG Granites have purchased machineries from renowned
companies from
BG Granites offers more than 25 colors of granites to the
world.
Trade References:
- BG
Granites Inc,
- Allied
Granites Midulster,
- Diamond
Form 8 Particular for
creation or modification of charges
|
Name
of the company |
BILIGIRI GRANTIES PRIVATE LIMITED Registered Office : 120, Hoodi Apartment, |
|
Presented By |
BILIGIRI GRANTIES PRIVATE LIMITED Registered Office : 120, Hoodi Apartment, |
|
1) Date and
description of instrument creating the change |
Date : 18.06.1996 Letter of undertaking re : Loans Deed of hypothecation re : machinery Letter evidencing deposit of title deeds Schedule A and B |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.8.000 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Land, Building and Machinery items. Date : 18.06.1996 |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Hypothecation of machinery and
equitable mortgage of land and building. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara Bank B R Chamarajnagar-571313 |
|
6)
Date and brief description of
instrument modifying the charge |
Not applicable Fresh charge |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not applicable |
Website Details :
Incorporated in the year 1977, Subject has been in
the vanguard of technological advancement in the granite industry. The company is controlled and
managed by technical people of proven record.
With over two decades of legacy, their success is attributed not only to their
dedicated efforts in manufacturing quality products, but also to the paramount
importance given to customer service. World-class state of art technology and
equipment coupled with skilled manpower and excellent resources enable them to
serve their customers better.
Subject is focused on providing quality products manufactured using modern
technology. Their products include dimensional blocks, slabs, markers,
furniture, innovatively and exclusively designed monuments, memorials and
architectural pieces in a wide range of colors. Catering to the market demand,
they also manufacture finished granite products. As a result, they have
established a 100% export oriented unit at Chamarajanagar near
They export their products to
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations,
prosecutions or other official proceeding for making any prohibited payments or
other improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been formally
charged or convicted by a competent governmental authority for any financial
crime or under any formal investigation by a competent government authority for
any violation of anti-corruption laws or international anti-money laundering
laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
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 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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 |