MIRA
INFORM REPORT
|
Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
HANUNG TOYS AND TEXTILES LIMITED |
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Registered Office : |
E-93, 2nd Floor, Greater Kailash Enclave -1, New Delhi - 110 048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.10.1990 |
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Com. Reg. No.: |
55-41722 |
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CIN No.: [Company
Identification No.] |
U74999DL1990PLC041722 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH01745C |
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Legal Form : |
Company’s shares are listed on the stock exchanges. Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of soft toys and children’s furnishings. |
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 7400212 |
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Status : |
Good |
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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, respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
E-93, 2nd Floor, Greater Kailash Enclave -1, New Delhi - 110 048, India. |
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Tel. No.: |
91-11-26226122 /26241572 /26242122 |
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Fax No.: |
91-11-26227822 / 26241822 |
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E-Mail : |
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Website : |
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Head Office/ Corporate Office/ Factory : |
108-109, NSEZ, Export Processing Zone, Noida - 201 305, Uttar Pradesh |
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Tel. No.: |
91-120-2456501 – 04/2567501-04 / 2562089 /2562090 |
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Fax No.: |
91-120-2456610 / 2562610 / 256 / 2567505 / 3642099 / 3042099 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Ashok Kumar
Bansal |
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Designation : |
Chairman cum Managing Director |
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Address : |
E-93, 2nd
Floor, Greater Kailash Enclave -1, New Delhi - 110 048, India. |
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Date of Birth/Age : |
49 years |
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Qualification : |
F.C.A., F.C.S. |
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Experience : |
24 years |
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Date of Appointment : |
10.10.1990 |
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Name : |
Mr. A. K. Gupta |
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Designation : |
Director |
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Name : |
Mr. Ashwani Singla |
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Designation : |
Director |
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Name : |
Mr. Brijlal Bansal |
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Designation : |
Director |
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Name : |
Mr. Ajay Bansal |
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Designation : |
Director |
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Name : |
Mr. Colonel Ashok Mallhotra |
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Designation : |
Whole-time Director |
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Name : |
Mr. Piyush Mittal |
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Designation : |
Additional Director |
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Name : |
Mr. R. K. Pandey |
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Designation : |
Additional Director |
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Name : |
Mr. Gulshan Rai Jain |
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Designation : |
Additional Director |
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Name : |
Mr. Arvind Kumar Gupta |
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Designation : |
Director |
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Name : |
Mr. Sushil Vij |
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Designation : |
Director |
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Name : |
Mr. Vijay Grover |
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Designation : |
Director |
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Name : |
Mr. Sunil Duggal |
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Designation : |
Director |
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Name : |
Ms. Anju Bansal |
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Designation : |
Director |
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Date of Birth/Age : |
46 years |
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Qualification : |
MA |
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Experience : |
21 years |
KEY EXECUTIVES
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Name : |
Mr. Arvind Kumar Gupta |
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Designation : |
Company Secretary cum Finance Controller |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Promoters |
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18.03% |
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Persons acting in Concert |
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44.25% |
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Bodies Corporate |
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11.53% |
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Mutual Funds / Banks |
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7.36% |
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Foreign Institutional Investor / Non Resident Indians |
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7.48% |
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Others |
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11.35% |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of soft toys and children’s furnishings. |
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Brand Names : |
‘PLAY-N-PETS’ |
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Exports : |
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Countries : |
Germany, U.K., France, Sweden and USA |
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Imports : |
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Countries : |
Indonesia, China, South Korea, Hongkong and Sri Lanka |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUS:
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Stuffed Toys |
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Pcs |
13700000 |
15135647 |
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Sheet Set, Duvet Set, Comforter Set |
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Sets |
1250000 |
922449 |
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Curtains, Cushions, Sham, Pillow Covers, Etc |
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Pcs |
---- |
456977 |
GENERAL
INFORMATION
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Suppliers : |
· PT Putra Pite Indah, Indonesia · Wooil Textile Company Limited, Korea · PT Puspita Greata Tekstil, Indonesia |
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Customers : |
USA • American Pacific Latin America • Wal-Mart Europe • IKEA, Sweden The Middle East • The One, UAE |
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No. of Employees : |
1596 |
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Bankers : |
· ICICI Bank Limited, Address: New Delhi – 110 001, India. · Punjab National Bank · Oriental Bank of commerce · Union Bank of India · Bank of Baroda · State Bank of India · Syndicate Bank |
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Facilities: |
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Banking Relations
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Satisfactory |
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Auditors : |
Rohtas & Hans Chartered Accountants |
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Address : |
456, Aggarwal Chamber, Shakarpur, New Delhi – 110 092, India. |
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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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28000000 |
Equity shares |
Rs. 10/- each |
Rs.280.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25187925 |
Equity shares |
Rs. 10/-
each |
Rs.251.879 millions
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
251.879 |
156.879 |
33.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1598.174 |
512.643 |
184.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1850.053 |
669.522 |
217.600 |
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LOAN FUNDS |
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1] Secured Loans |
1293.824 |
726.269 |
263.300 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1293.824 |
726.269 |
263.300 |
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DEFERRED TAX LIABILITIES |
52.526 |
28.552 |
0.000 |
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TOTAL |
3196.403 |
1424.343 |
480.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
409.418 |
314.411 |
91.100 |
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Capital work-in-progress |
800.693 |
59.296 |
0.000 |
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INVESTMENT |
38.073 |
1.201 |
2.600 |
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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 |
1036.377
|
806.718 |
363.100
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Sundry Debtors |
574.115
|
366.423 |
128.200
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Cash & Bank Balances |
561.185
|
65.401 |
15.400
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
123.611
|
111.950 |
5.400
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Total
Current Assets |
2295.288
|
1350.492 |
512.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
267.860
|
229.199 |
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Provisions |
79.344
|
72.128 |
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Total
Current Liabilities |
347.204
|
301.327 |
12.300 |
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Net Current Assets |
1948.084
|
1049.165 |
386.800 |
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MISCELLANEOUS EXPENSES |
0.135 |
0.270 |
0.400 |
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TOTAL |
3196.403 |
1424.343 |
480.900 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2750.887 |
1466.774 |
735.500 |
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Increase in Stocks |
108.948 |
205.734 |
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Other Income |
60.218 |
34.398 |
0.000 |
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Total Income |
2920.053 |
1706.906 |
735.500 |
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Profit/(Loss) Before Tax |
412.183 |
195.120 |
20.000 |
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Provision for Taxation |
134.152 |
65.720 |
5.600 |
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Profit/(Loss) After Tax |
278.031 |
129.400 |
14.400 |
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Export Value |
2076.567 |
1386.067 |
NA |
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Import Value |
934.481 |
571.433 |
NA |
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Expenditures : |
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Manufacturing Overheads |
2256.342 |
1347.401 |
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Establishment Overheads |
51.410 |
34.828 |
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Administrative Overheads |
35.039 |
23.485 |
726.700 |
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Selling Overheads |
39.658 |
38.137 |
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Financial Overheads |
94.950 |
53.641 |
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Miscellaneous Expenses Written Off |
0.135 |
0.135 |
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Depreciation |
29.667 |
14.009 |
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Total Expenditure |
2507.201 |
1511.636 |
726.700 |
|
29.667
QUARTERLY RESULTS
|
Year |
30.09.2007 |
30.06.2007 |
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Type
|
2nd
Quarter |
1st
Quarter |
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Sales Turnover |
1137.600 |
852.000 |
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Other Income |
34.500 |
20.300 |
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Total Income |
1172.100 |
872.300 |
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Total Expediture |
950.400 |
699.800 |
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Operating Profit |
221.700 |
172.500 |
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Interest |
33.000 |
31.000 |
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Gross Profit |
188.700 |
141.500 |
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Depreciation |
12.000 |
10.000 |
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Tax |
39.400 |
38.600 |
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Reported PAT |
137.300 |
92.900 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.80 |
1.12 |
1.28 |
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Long Term Debt-Equity Ratio |
0.25 |
0.09 |
0.63 |
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Current Ratio |
1.72 |
1.37 |
2.03 |
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TURNOVER RATIOS |
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Fixed Assets |
6.63 |
6.26 |
8.13 |
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Inventory |
2.99 |
2.51 |
2.24 |
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Debtors |
5.85 |
5.93 |
8.42 |
|
Interest Cover Ratio |
5.34 |
4.63 |
3.59 |
|
Operating Profit Margin(%) |
19.52 |
17.92 |
12.37 |
|
Profit Before Interest And Tax Margin(%) |
18.44 |
16.96 |
11.47 |
|
Cash Profit Margin(%) |
11.19 |
9.78 |
6.07 |
|
Adjusted Net Profit Margin(%) |
10.11 |
8.82 |
5.17 |
|
Return On Capital Employed(%) |
22.35 |
26.52 |
20.45 |
|
Return On Net Worth(%) |
22.07 |
29.17 |
20.94 |
LOCAL AGENCY
FURTHER INFORMATION
DIRECTOR REPORT:
Working Performance
During the year
under review, the Company has posted a commendable performance. The Turnover, Gross
Profit and Net Profit have been indeed impressive.
Better Capacity Utilization, efficiency and aggressive marketing of value added
products has taken the company to these new heights.
Gross Revenue of the Company grew from Rs. 1501.100 millions in 2005-06 to Rs.
2811.100 millions in 2006-2007. Profit before Interest, Depreciation and Tax,
increased from Rs. 241.600 millions in 2005-2006 to Rs. 523.800 millions in
2006-2007. The Company achieved better result and higher profitability due to
vigorous efforts of the management.
Expansion Plan
The made-up
unit of the new Home Furnishings plant coming up at Roorkee, has become
operational from 16th July, 2007 with total installed capacity of 16000 sets /
day. The Processing unit and weaving facilities are under advance stage of
implementation. The new processing plant will have installed capacity of
1,05,000 mtrs/ day and the capacity of weaving facility will be 21,000 mtrs/
day.
The revenue generation from this plant will be 100% exempt from Income
Tax for first Five years and 30% in subsequent five years.
Iso 9001 Certification
The Company is
having status of ISO 9001 Certification, which is internationally, recognized
for the production, quality control and other qualities. The ISO certification
will give comfort to international buyers and will help in boosting export
turnover of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
Overview
Subject is engaged
in the manufacturing and exporting of stuff toys and home furnishing. Incorporated
in the year 1990, they started their operations in 1993 by taking over the
business, as a going concern, of a partnership firm the company which was
running a manufacturing unit for stuff toys in technical collaboration with a
South Korean Company viz. Hanung Industrial Company Limited. After the initial
association of five years with the South Korean company for technical
know- how, today they are independently operating in stuff toys
manufacturing. Their toys manufacturing unit is established in the Noida
Special Economic Zone (NSEZ) wherein the benefits of duty free imports and
single window clearance for imports/ exports are available.
Thus, their business units consist of toys manufacturing facility, home
furnishing production facility and textile processing facility, all located in
Noida.
At present, they mainly deal with the overseas markets viz. Europe, USA, Latin
America and the Middle East and have been able to attract and retain known
names. They have been serving these markets with both stuff toys and home
furnishings and their customers are primarily large importers/ whole sellers
that service the respective retailers in their country.
Opportunities and Threats
After dismantling of
quotas, India seems to benefit due to raw material, design skills and skilled
labour advantages. India is the world's third largest producer of cotton,
second largest producer of cotton yarn, third largest exporter of cotton fabric
and fourth largest exporter of synthetic fabric. With the establishment of
training institutions like National Institute of Fashion Technology (NIFT),
many high quality designers, who are able to create modern designs and interact
with the buyers, are emerging. This is a distinctive advantage that Indian
companies have, and not yet exploited.
India already enjoys
a significant competitive advantage in terms of labour cost per hour over
developed countries like USA, EU, Hong Kong, Taiwan Singapore etc. India is
rich in traditional workers adept at value adding tasks such as embroidery,
minor work, beading and at marketing complex garments. Apart from these, USA
and EU imposed quotas on China recently, which would benefit India in
consolidating its market share and good political relations with these two
countries would further help.
Inspite of above advantages that India has, there would be pricing pressures in
view of dismantling of quotas as new small and medium manufacturers would crop
in not only within India but also from other countries where similar quotas
were imposed earlier. Also India has geographical disadvantage which take
little longer time to reach its products to the key markets. It seems the price
has been, more or less, stabilized and the buyers are looking for quality
manufactures, even it cost little more.
Operating Results / Financial Highlights
The financial
statements have been prepared in compliance with the requirements of the
Companies Act, 1956 and generally accepted accounting principles (GAAP) in
India. The management accepts the responsibility for the integrity and
objectivity of these financial statements and the basis for the various
estimates and judgments used in preparing the financial statements.
During the year, the Company has achieved a Gross Revenue of Rs. 2811.100
millions, out of which 73.86% is in the form of foreign exchange. The Company
posted a strong top line performance due to good order book. Profit before tax
was at Rs. 412.800 millions and net profit after tax stood at Rs. 278.000 millions.
The higher net profit margin is due to the fact that their most of sales are to
the foreign buyers, which enjoys higher margins. During 2006-07, Europe
dominated with a share of 50% of total export turnover and US stood in the
second with 45%.
FIXED ASSTES:
·
Land
·
Building
·
Plant and
machinery
·
Furniture ,
Fixture and Equipment
·
Vehicles
OTHER INFORMATION:
Contingent
Liabilities:
|
Particular |
31.03.2007 |
31.03.2006 |
|
|
(Rs. in millions) |
|
|
Bank guarantees |
10.413 |
6.034 |
|
Letter of credit |
112.239 |
56.981 |
|
Bills discounted |
47.854 |
75.082 |
|
Capital Commitment |
370.988 |
27.430 |
WEBSITE DETAILS:
The company is a
name to be reckoned internationally in the field of Soft Toys and Home
Furnishings. In India, it has the distinction of being the leading manufacturer
and exporter of Soft Toys and one of the leading manufacturers and exporters of
Home Furnishings. It is the licensee of Walt Disney characters for soft toys in
the country. Subject’s pioneering efforts on the shaped cushions have
revolutionised the market, both domestic and international.
Subject enjoys the
distinction of having the best technical know-how as it was set up in 1990 in
collaboration with a South Korean Company. They comply to international quality
standards like EN-71, ASTM and BS 5852. They have also been awarded the ISO
9001-2000 for quality management systems to manufacture, supply and export of
Soft Toys and Home Furnishings. They are the niche market holders in the Soft Toys
and children's furnishings because of their excellent service, quality and the
most competitive and consumer-friendly prices which has resulted in their
continued presence in the markets of USA, Europe and other developed countries.
Their professionally-managed design and development team has developed more
than 4000 designs. Thorough study of the changing market trends, their creative
and innovative ideas lead to the development of new designs everyday.
The company owns
‘Play-n-Pets’ and ‘Muskan’ brands in stuffed toys and ‘Splash’ in Home
Furnishings. They are already catering to more than 100 distributors for the
stuffed toys under the brand ‘Play-n-Pets’ and ‘Muskan’ across the country,
including multi-brand outlets like Lifestyle, Shopper’s Stop, Westside, Big
Bazar (Pantaloon group), Pyramid, Globus, Landmark and all other leading
stores. Their ‘Splash’ range of Home Furnishings are available at 600 stores
across the country.
An added advantage
enjoyed by subject has been granted by the farsightedness of the company's
administrative wing ensuring that the company is capable of seamless operations
from the concept to completion. This has been made possible by the fact that it
has a highly developed design and development wing. It is located in an area
that has single window clearance for export/import.The production department of
subject has three factories located in the high profile industrial township of
NOIDA, within driving distance from the capital city, Delhi.
The Soft
Toys Division, established
in 1990, has a production capacity of 20,000 pieces per shift and a work force
of 900 people. The production capacity is one of the highest in the sector and
responsible for the huge market share that subject has in Soft Toys and shaped pillows.
· Factory area 75,000 sq. ft.
· Production 20,000 pieces per shift
· Manpower 900
The
Processing Division located
in the Hosiery Complex, Noida and in operation since 2003 has a production
capacity of 20,000 meters per day and a workforce of 260 people. Equipped with
the latest machinery with the capacity to process up to 120 inches wide fabric
in bleaching, dyeing and 16 colour printing. The capacity of the factory
ensures that demand for 90% of its production in the form of finished home
furnishing articles is easily met and maintains the company's image of prompt
delivery and good quality.
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· Factory Area 50,000 sq. ft.
· Production 20,000 mtr/ day
· Manpower 260
The
Furnishing Division,
set up in 2002 is located in the Hosiery Complex of Noida and has a production
capacity of 3000 sets per shift and a work force of 450 people. The factory has
the latest state-of-the-art machinery and has created the hallmark of quality
products in Home Furnishings.
· Factory area 45,000 sq. ft.
· Production 3,000 pieces per shift
· Manpower 450
World-class
quality inspired by a smile. Committed to achieve customer satisfaction through uncompromising
quality, they have established confidence and trust in the hearts of their
esteemed customers. The ISO 9001-2000 certification awarded to Hanung
re-establishes the quest to provide consistent high quality products to
customers. Their products comply to all International Standards like EN-71,
ASTM and BS-5665.
){kind=link}
Acknowledgments from companies across the world:
· IKEA, has certified them as I-WAY and 4-SIP vendor.
· Target Group, USA has audited their facilities and they are their approved vendors.
· Wal-mart has audited and certified their factory, making them their approved vendor.
· JC Penny, USA audited and certified their factory, making them their approved vendor.
· CHF Industries, USA takes shipments from them under their self-quality assurance.
· The Metro Group of Germany has awarded them their 'Approved Manufacturing Practice Certificate'.
· Lillian Vernon Corporation of USA has issued them their 'Certificate of Appreciation'.
Spreading smiles
internationally : The company is a well-known name in the
international market. Their superior service, exceptional quality and
competitive costs have made them a global player. Their continued presence in
the markets of USA, Europe and other developed countries is a living testimony
of their leadership in Soft Toys and Home Furnishings.
){kind=link}
Bringing smiles to
millions of Indians.
Subject enjoys the privilege of being India's leading manufacturer and exporter
of Soft Toys and one of the leading manufacturers and exporters of Home
Furnishings. It has spread smiles across the country with its 'Play-n-Pets' and
'Muskan' brands in stuffed toys and 'Splash' in Home Furnishings. With 100
distributors across the country including multi-brand outlets like Lifestyle,
Shopper’s Stop, Westside, Big Bazar (Pantaloon group), Pyramid, Globus,
Landmark etc., they have certainly come a long way.
){kind=link}
Sharing smiles. Their people. Their strength. The candid
interaction between their staff and sharing views, opinions and suggestions
help them to generate new and innovative ideas each time, every time.
Discussions are held and the notions of their people are valued and implied.
Their company is not run by machines but men with unmoved dedication and
determination.
){kind=link}
India
Lifestyle
· Shopper’s Stop
· Westside
· Big Bazar (Pantaloon group)
· Pyramid
· Globus
· Landmark and all other leading stores.
USA
America Pacific
• Springs Global
• Britanica Home Fashions CHF industries
• Kojo Worldwide
Europe
Ikea Sweden
· Debenhams UK
· Wal-Mart ASDA UK
· Metro Group Germany /Italy
· Marko Group - Poland
· Francodim France
· Carpenter Sweden
· Loja do Gato preto Portugal
Latin America
· Sodimac Home Centre Chile
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.39.35 |
|
UK Pound |
1 |
Rs.80.52 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|