MIRA
INFORM REPORT
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Report Date : |
11.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PENNWALT AGRU PLASTICS LIMITED |
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Registered Office : |
Plot No. D-221, MIDC, TTC Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.12.1997 |
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Com. Reg. No.: |
112176 |
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CIN No.: [Company
Identification No.] |
L25206MH1997PLC112176 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP10516C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers of plastic products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 360000 |
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Status : |
Poor |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Unknown |
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Comments : |
The company’s net worth has been eroded. Financial position of the company is poor. Payments are slow and delayed. In view of difficult ways and means position of the company, it can be considered for any business dealings on safe and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
D-221, MIDC, TTC, |
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Tel. No.: |
91-22-27632503 / 20 / 28 / 29 |
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Fax No.: |
91-22-27632560 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 272-A, Savli, GIDC, Village Manjusar - 391 775,
District Vadodara, |
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Tel. No.: |
91-2667-264224 / 264436 / 38 |
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Fax No.: |
91-2667-264225 |
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E-Mail : |
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Website : |
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Factory 2 : |
A-4540, |
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Tel. No.: |
91-43-7258-7900 |
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Fax No.: |
91-43-7258-3863 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Alois Wolfgang Gruber |
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Designation : |
Chairman (Austrian) |
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Address : |
Schloss Kammerhub Furthberg 55, A=4540, |
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E-Mail: |
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Date of Birth/Age : |
06.02.1957 |
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Date of Appointment : |
01.01.1998 |
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Name : |
Mr. Sukhdev Aryamuni Kashyap |
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Designation : |
Managing Director |
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Address : |
18, Sea Belle, L. Jagmohandas Marg, Mumbai - 400 006 |
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E-Mail: |
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Date of Birth/Age : |
07.01.1936 |
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Date of Appointment : |
01.12.1998 |
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Name : |
Mr. Michael Heinzlreiter |
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Designation : |
Director |
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Address : |
Sebekstr 18/2, A -4400, |
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Passport No.: |
L02246747 |
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Tel. No.: |
00437258790254 |
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Fax No.: |
004372583863 |
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E-Mail: |
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Date of Birth/Age : |
23.11.1964 |
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Date of Appointment : |
01.01.1998 |
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Name : |
Mr. Ashish Kashyap |
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Designation : |
Non-Executive Director |
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Address : |
18, Sea Belle, L. Jagmohandas Marg, Mumbai – 400 006, |
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E-Mail: |
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Tel. No. : |
91-22-7906630 |
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Mobile No. : |
91-98200-80114 |
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Date of Birth/Age : |
23.09.1970 |
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Date of Appointment : |
18.04.2001 |
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Name : |
Mr. Ashok D. Kasbekar |
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Designation : |
Director |
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Address : |
9/91, Poornanand, Banganga, Walkeshwar, Mumbai – 400 006 |
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Name : |
Mr. Markus Haager |
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Designation : |
Additional Director |
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Address : |
Gruenburgerstrasse 45 A, A -4540, Bad Hall, |
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Passport No.: |
J00930960 |
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Tel. No.: |
00437258790326 |
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Fax No.: |
004372583863 |
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E-Mail: |
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Date of Birth/Age : |
19.12.1974 |
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Date of Appointment : |
18.10.2006 |
KEY EXECUTIVES
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Name : |
Mr. Qaiser P. Ansari |
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Designation : |
Company Secretary |
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Address : |
C2/20/01, Sector – 16, Vashi, Navi Mumbai – 400 703, |
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E-Mail: |
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Date of Birth/Age : |
25.03.1963 |
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Date of Appointment : |
01.08.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Pennwalt Limited |
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4249995 |
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Alois Gruber GmbH |
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4250000 |
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Pennwalt Finance and Investments Limited |
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1 |
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Varun Holdings Private Limited |
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1 |
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Mr. Sukh Dev Kashyap |
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1 |
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Mr. Ashish Kashyap |
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1 |
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Mrs. Aarti Kashyap |
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1 |
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Total |
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8500000 |
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Category |
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Percentage
of Holding |
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Foreign holdings (Foreign institutional investor (s), Foreign
companie(s), Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
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50.00 |
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Bodies Corporates (not mentioned above) |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of plastic products. |
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Products : |
v PE Pipes v Fittings |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Polyethylene Pipes |
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M.T. |
2520 |
1462 |
GENERAL INFORMATION
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No. of Employees : |
70 |
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Bankers : |
Union Bank of Industrial Finance Branch, Union Bank Bhavan, 1st Floor, 239,
Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. M. Raiji and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Ř Pennwalt India Limited 507, Kakad Chambers, 132, Tel. No. 91-22-24932702 / 2267 Fax No. 91-22-24936255 E Mail : pennwalt@bom3.vsnl.net.in Website : http://www.pennwalt.com - Manufacturing of separation equipments, separation Equipments vibroscreen and components and spare parts. - Capital : Rs. 13.400 millions (31.03.1999) - Sales Turnover : Rs. 150.500 millions (31.03.1999) Rs. 197.000 millions (31.03.1998) - Reserves & Surplus : Rs. 98.500 millions (31.03.1999) Ř
AGRU Alois Gruber AGRU Alois Gruber is a recognized as a major international manufacturer and supplier of high performance plastic products for a variety of industrial applications. It was founded in 1948 exports its products to more than 80 countries worldwide, mainly from the manufacturing headquarters in Austria, but also from production facilities in Germany, USA, Thailand and India. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs.10.00 each |
Rs. 90.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs.10.00 each |
Rs. 90.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
90.000 |
85.000 |
75.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
90.000 |
85.000 |
75.000 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
8.323 |
28.127 |
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2] Unsecured Loans |
86.721 |
82.220 |
67.425 |
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TOTAL BORROWING |
86.721 |
90.543 |
95.552 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
176.721 |
175.543 |
170.552 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.203 |
97.693 |
99.554 |
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Capital work-in-progress |
0.000 |
0.000 |
1.020 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
30.249
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25.989 |
21.918 |
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Sundry Debtors |
8.942
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7.910 |
3.301 |
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Cash & Bank Balances |
8.968
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3.829 |
11.413 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
6.114
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3.830 |
5.853 |
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Total
Current Assets |
54.273
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41.558 |
42.485 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.052
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7.794 |
9.814 |
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Provisions |
0.120
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0.136 |
0.089 |
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Total
Current Liabilities |
24.172
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7.930 |
9.903 |
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Net Current Assets |
30.101
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33.628 |
32.582 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.065 |
0.130 |
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TOTAL |
176.721 |
175.543 |
170.552 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
78.049 |
87.297 |
16.270 |
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Other Income |
3.456 |
4.782 |
6.742 |
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Total Income |
81.505 |
92.079 |
23.012 |
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Profit/(Loss) Before Tax |
(5.748) |
(4.683) |
(15.372) |
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Provision for Taxation |
0.000 |
0.000 |
0.070 |
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Profit/(Loss) After Tax |
(5.748) |
(4.683) |
(15.302) |
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Export Value |
NA |
0.000 |
1.504 |
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Imports : |
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Raw Materials |
NA |
27.468 |
13.417 |
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Stores & Spares |
NA |
4.910 |
0.788 |
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Capital Goods |
NA |
0.150 |
0.067 |
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Others |
NA |
0.000 |
0.000 |
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Total Imports |
NA |
32.528 |
14.272 |
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Expenditures : |
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Raw Material Consumed |
54.722 |
57.730 |
11.777 |
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Purchases made for re-sale |
3.036 |
6.626 |
0.000 |
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Consumption of stores and spare parts |
0.578 |
0.482 |
0.000 |
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Increase or decrease in finished goods,
work-in-progress |
3.406 |
(3.577) |
0.000 |
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Salaries, wages and bonus |
3.545 |
4.078 |
0.000 |
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Payment of Auditors |
0.104 |
0.100 |
0.000 |
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Interest |
5.499 |
10.848 |
9.508 |
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Insurance Expenses |
0.461 |
0.709 |
0.000 |
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Power and Fuel |
3.520 |
4.587 |
0.000 |
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Depreciation and amortization |
5.697 |
5.839 |
5.221 |
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Other Expenditure |
6.685 |
9.340 |
11.878 |
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Total Expenditure |
87.253 |
96.762 |
38.384 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(7.05)
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(5.09) |
(66.50) |
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Net Profit Margin (PBT/Sales) |
(%) |
(7.36)
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(5.36) |
(94.48) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.90)
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(3.36) |
(10.82) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.06)
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(0.06) |
(0.20) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.23
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1.16 |
1.41 |
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Current Ratio (Current Asset/Current Liability) |
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2.25
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5.24 |
52.39 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 1st December, 1997 at Navi Mumbai
in
Subject was established as a joint venture between Pennwalt India
Limited and AGRU Alois Gruber GmbH of Austria with the objective of setting up
an ultra modern plant for the production of high performance polyethylene
pipes.
The company is equipped with the most modern pipe extrusion plant
supplied by
The company will also introduce a range of new plastic products into the
Indian Market in a phased manner viz. a complete range of injection-molded
PE-Fittings, PEHD-Lining, Surface Treated fluoropolymer Pipes for FRP
reinforcement, etc
Fixed Assets
- Land
- Plant and
Machinery
- Building
- Furniture
Fixture / Office Equipments
- Vehicle
Its' product range includes the following
Ř
Elongated fittings for butt and Electro-Socket
Welding (Injection Moulded) in PE80 and PE100 : Elbows 900, Elbows
450,
Ř
Butt Fusion Fittings (Injection Moulded) in PE100
Ř
Electrofusion Fittings in PE100
Ř
Socket Fusion Fittings in PE80 and PE100
Ř
PE Piping Systems
Ř
PE-Pipes for Potable-Water
Ř
Telecom Ducts
FORM 8
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Name of the company |
PENNWALT AGRU PLASTICS LIMITED |
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Presented By |
UNION BANK OF |
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1) Date and description of instrument creating the change |
Hypothecation
(Goods) Agreement Dated 22.09.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.100
millions only |
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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 |
By way of
hypothecation of Company’s stock of raw materials, goods-in-process and
finished goods, stores and spares, including consumable stores, packing
materials of all kinds and any other movable property of any kind, belonging
to the Company and stored and /or lying in their factory premises at Plot No.
272/A, GIDC, Savli, Village Manjusar, Baroda, Gujarat or showroom/office or
wherever else may be including stocks in the course of transit or with their
agents / agencies. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 3.50% points over the Bank rate subject to minimum of 15.50% per annum and / or at such other
rate as may be prescribed by the Bank from time to time for the Cash Credit
(Hypothecation) limit of Rs. 11.100 millions granted by the Bank to the
Company Margin: 25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Industrial
Finance Branch, Union Bank Bhavan, 1st Floor, 239, Vidhan Bhavan
Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
(Book Debts) Agreement Dated 15.07.2005 |
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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. |
Earlier
Hypothecation (Goods) Agreement Dated 22.09.2005 stands modified By Hypothecation
(Book Debts) Agreement The Limit of Borrowing remains as Rs. 11.100 millions The rate of
interest to be charged has been revised now it has to be charged at the rate
of BPLR + 1% per annum with monthly rests or at such revised rate/s as may be
prescribed by the Bank from time to time depending upon the changes in the
Prime Lending Rate of the Bank or directives of Reserve Bank of India The Terms and
Conditions of Hypothecation (Goods) Agreement dated 22.09.2000 and the
Hypothecation (Book Debts) Agreement dated 15.07.2005 will be in force and
the charges will on Goods and Book Debts of the Company |
AS PER WEBSITE
Pennwalt Agru Plastics Ltd. (PAPL)
PAPL was established in 1998, as a joint venture between Pennwalt India Limited and AGRU Alois Gruber GmbH of Austria with the objective of setting up an ultra modern plant for the production of high performance. Polyethylene Pipes. These pipes would be used in natural gas distribution, potable water supplies, telecommunications, and for various other chemical & industrial applications.
Situated on a 43,000 m2 plot, of an Industrial Estate on the
outskirts of
PAPL will also introduce a range of new plastic products into the Indian Market in a phased manner viz. a complete range of injection-molded PE-Fittings, PEHD-Lining, Surface Treated fluoropolymer Pipes for FRP reinforcement, etc.
About AGRU
AGRU Alois Gruber is a recognized as a major international
manufacturer and supplier of high performance plastic products for a variety of
industrial applications. The company founded in 1948 exports its products to
more than 80 countries worldwide, mainly from the manufacturing-headquarters in
Multinational groups such as IBM, Siemens, Texas Instruments, Motorola, Hoechst, Gas Natural, Gaz de France, Toshiba, BMW, Huels, VOEST and BASF have shown their confidence in piping systems made by AGRU, and have specified them for use in their plants or networks worldwide.
The organization has implemented and continues to maintain a Quality Management System with ISO 9001 certification under the most stringent external control of the IQ-Net.
The Complete Piping System
Elongated Fittings for Butt and Electro-Socket Welding (Injection Molded) in
PE80 and PE100 :
Elbows 90o, Elbows 45o, Elbows 30o, Bends 90o, Equal Tees, Reduced Tees, Stub
Flanges, End Caps, Concentric Reducers, Eccentric Reducers.
Butt Fusion Fittings (Injection Molded) in PE100
Bends 90o, Equal Tees, Reduced
Electrofusion Fittings in PE100
Sockets,
Socket Fusion Fittings in PE80 and PE100
Elbows90o, Elbows 45o, Equal Tees, Reduced
Additional Accessories
Adapters PE80 to Steel, PP-Backing Rings with Steel Inserts, Blind Flanges with
Steel Inserts.
Pe Piping Systems
Gas Pipes: Polyethylene Piping Systems are the
preferred means for transportation and distribution of Natural Gas worldwide.
The piping systems offer many advantages such as low weight, excellent weld
ability and high resistance to aggressive environmental conditions.
PAPL would manufacture pipes for gas distribution in both PE80 and PE100
grades, in outer diameters varying from 20mm to 250mm and also in the classes
SDR11 and SDR17.
A process-oriented Quality-Assurance-System ensures that the products
invariably meet and generally exceed the specifications of international or
Indian Gas Companies.
Pipes can be supplied either in Straight Lengths or in coils of pipes up to
125mm OD.
PE-Pipes for Potable-Water
Polyethylene Piping-Systems are most suitable for the supply of potable water.
The system is not only easy to install, but also reliable, durable, and
non-corrosive. Irrespective of the welding-technology used, whether it is butt
welding, socket welding or Electrofusion welding, the system is designed to
last, at no leakage, for up to at least 50 years.
PAPL will produce PE-Pipes for this application in PE63, PE80 or PE100 grades
in accordance with the customers’ specifications. The dimensional range of pipes
shall be preferably from 20mm to 250mm outer diameter in SDR74 to SDR176.
Larger diameter-pipe may be supplied on special request.
The standard length of a pipe is 5m, but the potable-water pipes can also be
supplied in coils up to an OD of 125mm.
Telecom Ducts
PAPL would manufacture the Optic Fibre Cable Ducts to meet the
telecommunication industry's requirements.
The Duct shall conform to the latest specifications of DOT, TEC, G/CDS/08/01,
dated Dec. 1999 for permanently lubricated ducts for underground Optic Fibre
Cable Conduits.
The salient features of our ducts are
* Minimization of possible errors due to the fact that the extrusion plant is
totally automated with numerically controlled equipment.
* HDPE resin used would conform to
IS-Standards.
* Coefficient of friction would be
less than 0.06.
* Design-Life Counter control for
exact measurements of coils.
* Ducts would be available ex-stock.
* There would be non-erasable white
marking throughout the length of the ducts, for easy identification combined
with a traceability-code for maximum security.
* Fibre Optic Ducts would be
available in diameter ranging from 20mm to 63mm OD.
* The ducts would be Anti-Oxidant
treated and would be available in standard coils of 1.000m length, with the
option of coiling according to the customers specifications.
* It would be available in different
colours or in black with coloured stripes on the outer surface.
PE-Pipes for Industrial Applications
Chemical and Mechanical Industries are the demanding areas for Piping-Systems,
when it comes to chemical resistance and reliability under tough environmental
conditions. .
Other Products
Industrial Piping-Systems : Pipes and injection-molded fittings
out of PP, PVDF and ECTFE having the capability of handling high operating
temperatures (95oC to 160oC) and most aggressive fluids. The Double Containment
Piping-Systems offers a pipe-in-pipe solution that ensures maximum safety
during the flow of aggressive chemicals through process pipe lines.
Purad
Pipes and injection-molded fittings out of PVDF-High Purity, PP-Pure or PP-natural for handling Ultra-Pure Water used in the Semiconductor, Pharmaceutical, Medical and Biological applications.
Agrusafe
Sure Grip Concrete Protective Liner: Plastic Liners made out of PE, PP and PVDF
are provided with anchors to have a "sure grip" in the concrete. The
Concrete Protective Liners are most suitable for lining concrete pipes, to
protect concrete from abrasion and/or weathering, but most of all for keeping
away aggressive fluids from the concrete structure.
Semi finished
Products
Sheets, Bars and Rods out of PE, PP, PVDF and ECTFE are used in Apparatus
Engineering for building tanks or for lining vessels in order to be able to
handle corrosive media.
Building Engineering
AGRUSAN: Piping-System for sanitary installations for handling warm and cold
water.
ARRUAIR: Piping-System for the transportation of compressed air within buildings.
PE-Liners
Calendared sheets of smooth surface finish or rough textured surface structures
are available in a thickness-range from 0.75mm to 2.5mm and in a range of
widths from 2, 3, 5 or 7 Meters. These PE-Liners are used for dam-lining, for
water-reservoirs, or waste-disposals and in many other applications.
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. 40.58 |
|
|
1 |
Rs. 82.22 |
|
Euro |
1 |
Rs. 55.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
-- |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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. |
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 |
|