MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TWENTY FIRST CENTURY PRINTERS LIMITED |
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Registered Office : |
Shiv Smriti Chambers, 49 Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.08.1987 |
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Com. Reg. No.: |
44505 |
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CIN No.: [Company
Identification No.] |
L22210MH1987PTC044505 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09495D |
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PAN No.: [Permanent
Account No.] |
AAACT1406 |
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Legal Form : |
A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Company is in engaged in publishing, printing and reproduction of recorded media |
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 1314732 |
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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 company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Shiv Smriti Chambers, 49 Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India |
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Tel. No.: |
91-22-56606006 / 24921943 / 24935893 / 94 / 24606006 |
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Fax No.: |
91-22-24935893 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 17-18 and 22, Government Industrial Estate, Masat, Silvassa, Union Territory of Dadra & Nagar Haveli - 396230, India Tel: 91-260-2640259 / 91-260-2640067 Fax: 91-260-2640066 Plot No. 1 and 2,
Sector 6A, Integrated Industrial Estate, BHEL, Haridwar, Uttaranchal - 249
403, India Tel No.: 91-1334-2395217 |
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Branches : |
702-703, Deepali Building, 92, Nehru Place, New Delhi 110 019, India |
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Tel. No.: |
91-11-26481350/51 |
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Fax No.: |
91-11-26481352 |
DIRECTORS
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Name : |
Mr. Saket Kanoria |
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Designation : |
Managing Director |
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Date of Birth/Age : |
37 years |
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Qualification : |
B.Com, M.B.A. |
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Experience : |
16 years |
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Date of Appointment : |
20/06/1989 |
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Kesari Chemicals
Private Limited One of the Key promoters of the company, he has been involved in the
operations of the company since its inception in 1989. He is an MBA from the
United States and has been the Managing Director of the company since 1991. |
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Name : |
Mr. Sajjan Jindal |
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Designation : |
Chairman |
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Name : |
Mr. N. S.
Parulekar |
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Designation : |
Director |
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Name : |
Mr. C. M. Maniar |
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Designation : |
Director |
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Name : |
Mr. Atul Sud |
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Designation : |
Director |
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Name : |
Mr. K. K. Kanoria |
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Designation : |
Director |
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Name : |
Mr. R. S. Lodha |
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Designation : |
Director |
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Name : |
Mr. P K Karmakar |
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Designation : |
Vice President - Commercial |
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The head of the
entire commercial activities of the company. He is based at the head office
of the company at Mumbai. He has been an integral part of the organization
since 1991. |
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Name : |
Mr. N K Jain |
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Designation : |
Vice President - Operations |
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He is in charge of the day-to-day operations of the
production facility of the company at Silvassa. He has been associated with the
company since 1993. They recognize that one of the most important assets they possess,
enabling us to achieve their goals, are their employees. They strongly
encourage all of their people to take pride of ownership in all the work they
do. |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. S. G. Nanavati |
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Designation : |
Company sectary |
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The head of finance & administration , he has been associated with
the company since 1989. He is based at the company's Head office in Mumbai |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
No. of Shares |
Percentage of
Holding |
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Promoters |
2909798 |
50.87% |
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Resident Individual |
2224359 |
38.89% |
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Non Resident Individuals |
98348 |
1.72% |
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Bodies corporate |
378540 |
6.62% |
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Overseas Corporate Bodies |
0000 |
0.00% |
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Foreign Institutional investors |
67772 |
1.18% |
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Nationalized Banks |
0000 |
0.00% |
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Public Financial Institutions |
0000 |
0.00% |
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Mutual Funds |
3700 |
0.06% |
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Non Nationalized Bank |
000 |
0.00% |
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Others |
37483 |
0.66% |
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Total
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5720000 |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Company is in engaged in publishing, printing and reproduction of recorded media |
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Products : |
v Printed Packaging Material v Cigarette Packets v Other Printed Cartons |
PRODUCTION STATUS (as on 31.03.2007);-
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Particulars |
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31.03.2007 (in
millions) |
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Installed Capacity (In impressions) |
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553.800 |
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Production of printed Shells / Blanks and Other Materials |
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Quantity
(In
millions) |
Equivalent
Impressions (in
millions) |
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On Sale Basis |
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1085.416 |
101.855 |
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On Conversion Basis |
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2124.428 |
74.637 |
GENERAL
INFORMATION
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Suppliers : |
· Kohli Auto Engineering Works · Photo Gravures |
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Customers : |
v Godfrey Philips v VST Industries Limited v ITC Limited v Radico Khaitan v Shaw Wallace v McDowell v General Mills v Hindustan Leaver v Amul v Balsara v Britannia v Konica v Godrej Consumer Products Limited v Heinz v Cadbury India Limited v Heinz v Kellogg’s v Godrej Sara Lee Limited |
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No. of Employees : |
285 |
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Bankers : |
v Dena Bank v Axis Bank |
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Facilities : |
Notes: (a) Mortgage of the Company's immovable
properties at Silvassa and Haridwar and hypothecation of Company's movable assets
(save and except book debts) including moveable machineries (other than those
machineries which are exclusively charged with Dena Bank), machinery spares,
tools and accessories by way of first charge on pari passu basis with Dena
Bank and DTI Bank Limited, subject to the second charge on specific moveables
created / to be created in favour of Company's bankers. (b) Mortgage of
the Company's immovable properties at Silvassa and Haridwar and hypothecation
of specific machineries purchased from time to time and first pari passu
charge on the fixed assets of the Company including moveable machineries,
machinery spares, tools and accessories with ICICI Bank Limited, and Axis
Bank Limited, and subject to second charge on entire current assets both
present and future! (c) Mortgage of
the Company's immovable properties at Silvassa and Haridwar and hypothecation
of Company movable fixed assets viz. Plant and Machinery, both present and
future, machinery spares, tools and accessories by way of first charge on pari
passu basis with Dena Bank and ICICI Bank Limited, and subject to the second
charge on entire current assets both present and future. (d)
Hypothecation of vehicles. (e)
Hypothecation of stocks of raw materials, semi-finished goods, finished
goods, stores and spares, packing material and book debts and assignment of
actionable claims parri passu basis with Axis Bank Limited ., Second charge
on pari passu basis on immovable properties at Silvassa and Haridwar (f) Hypothecation
of current assets on pari passu basis with Dena Bank and second charge on the
fixed assets of the Company on pari passu basis on immovable properties at
Silvassa and Haridwar
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Banking Relations
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Satisfactory |
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Auditors : |
Shah Gupta & Company Chartered Accountants |
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Associates/Subsidiaries : |
Twenty - First Century Overseas Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5720000 |
Equity Shares |
Rs. 10/- each |
Rs.57.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
57.200 |
54.500 |
52.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
271.483 |
239.039 |
199.049 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
328.683 |
293.539 |
251.049 |
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LOAN FUNDS |
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1] Secured Loans |
407.431 |
372.538 |
232.692 |
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2] Unsecured Loans |
17.000 |
0.000 |
0.354 |
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TOTAL BORROWING |
424.431 |
372.538 |
233.046 |
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DEFERRED TAX LIABILITIES |
59.352 |
65.283 |
77.924 |
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TOTAL |
812.466 |
731.360 |
562.019 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
655.461 |
641.505 |
460.774 |
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Capital work-in-progress |
40.177 |
2.044 |
20.729 |
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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 |
122.735
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97.367 |
64.353
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Sundry Debtors |
138.067
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110.152 |
125.413
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Cash & Bank Balances |
9.677
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9.397 |
6.840
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Other Current Assets |
5.040
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2.624 |
0.000
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Loans & Advances |
58.275
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42.784 |
43.137
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Total
Current Assets |
333.794
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262.324 |
239.743 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
179.136
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144.986 |
137.123
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Provisions |
37.830
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29.527 |
22.104
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Total
Current Liabilities |
216.966
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174.513 |
159.227 |
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Net Current Assets |
116.828
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87.811 |
80.516
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
812.466 |
731.360 |
562.019 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1118.739 |
903.401 |
666.569 |
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Other Income |
17.761 |
4.597 |
0.000 |
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Total Income |
1136.500 |
907.998 |
666.569 |
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Profit/(Loss) Before Tax |
38.243 |
33.810 |
31.660 |
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Provision for Taxation |
7.370 |
11.999 |
8.508 |
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Profit/(Loss) After Tax |
30.873 |
21.811 |
23.152 |
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Export Value |
215.023 |
178.913 |
105.379 |
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Import Value |
114.834 |
118.804 |
84.254 |
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Expenditures : |
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Manufacturing Expenses |
322.569 |
249.588 |
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Raw Material Consumed |
548.512 |
437.283 |
634.909 |
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Interest |
42.306 |
32.019 |
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Depreciation & Amortization |
66.197 |
29.941 |
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Total Expenditure |
979.584 |
748.831 |
634.909 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
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Type
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1st
Quarter |
2nd
Quarter |
3rd
Quarter |
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Sales Turnover |
259.900 |
290.000 |
296.200 |
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Other Income |
14.300 |
7.000 |
7.400 |
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Total Income |
274.200 |
298.000 |
303.600 |
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Total Expenditure |
230.300 |
254.000 |
260.200 |
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Operating Profit |
43.900 |
43.200 |
43.400 |
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Interest |
15.000 |
16.200 |
16.100 |
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Gross Profit |
28.900 |
27.000 |
27.300 |
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Depreciation |
18.700 |
19.000 |
19.000 |
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Tax |
3.500 |
4.300 |
-3.100 |
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Reported PAT |
7.500 |
4.200 |
8.300 |
KEY RATIOS
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Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
1.28 |
1.11 |
0.94 |
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Long Term Debt-Equity Ratio |
0.90 |
0.78 |
0.67 |
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Current Ratio |
0.80 |
0.77 |
0.84 |
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TURNOVER RATIOS |
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Fixed Assets |
1.10 |
1.04 |
1.09 |
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Inventory |
10.17 |
11.17 |
11.93 |
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Debtors |
9.01 |
7.67 |
6.70 |
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Interest Cover Ratio |
1.85 |
1.97 |
2.09 |
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Operating Profit Margin(%) |
13.37 |
13.13 |
12.88 |
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Profit Before Interest And Tax Margin(%) |
7.46 |
7.60 |
7.80 |
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Cash Profit Margin(%) |
8.68 |
10.15 |
8.06 |
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Adjusted Net Profit Margin(%) |
2.76 |
4.63 |
2.97 |
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Return On Capital Employed(%) |
11.75 |
11.95 |
12.96 |
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Return On Net Worth(%) |
9.93 |
15.35 |
9.59 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Incorporated as a public limited company in Aug.'87, Twenty-First Century Printers (TCPL) received the certificate of commencement of business in Nov.'87. The company was promoted by Sajjan Jindal, Debasis Chaudhri and members of the Kanoria family. The company came out with a public issue in 1990.
The company has facilities to manufacture printed blanks at Silvassa, Dadra and
Nagar Haveli. It has a long-term contract with Godfrey Philips India, to supply
printed cigarette shells to an extent of 60% of its installed capacity. The
company's client list includes major cigarette manufacturing companies like
Godfrey Philips India, ITC, VST Industries, etc.
In Dec.'94, the company came out with a rights issue of 1.25 Millions
zero-interest unsecured fully convertible debentures (FCDs) of Rs 50 at par,
aggregating Rs 62.5 Millions to finance the expansion of its existing
capacities.
The company obtained ISO 9002 certificate by TUV Suddeutschland Germany in
1997.
The company has installed Six Colour Sheet Fed Offset Printing Machinery with
Coater along with the other equipments.
The project cost including the press and other equipment such as die
cutters and folder gluers would be approximately Rs.150.0 Millions. This
project is financed by way of Term Loan of Rs.100.000 Millions already
sanctioned by ICICI and NCD by private placement basis.
Working Review
:
During the year 2006-07, the turnover of the Company has increased to Rs.1118.700 millions as against Rs.903.400 millions for the previous year ended 31st March 2006 representing a growth of 23.83%. The Company has also converted 17455 M.T of paperboard as against 14156 M.T. in the previous year. As usual, the Company continues to do a significant share of its business by the conversion route. However, had all the products been sold on sales basis, the turnover would have been Rs. 1398.400 millions as against Rs. 1136.100 millions, representing a growth of 23,09%.
During the year under review, the profitability of the Company continues to
improve over the previous year despite the losses incurred on account of new
plant set-up at Haridwor. This is mainly due to higher capacity utilisation and
higher value added jobs undertaken.
The plant at Haridwar had to encounter several teething problems which were
gradually overcome during the year under review.
Performance :
Silvassa plant:
The operations at Silvassa plant have been extremely satisfactory which has resulted in higher turnover, profitability and capacity utilisation. The plant continues to service a large spectrum of customers from various industries and has been able to achieve higher levels of profitability on account of value added jobs besides record low wastages and high machine efficiencies.
The Silvassa operation is one of the very few Indian packaging plants to
continue to remain BRC/IoP certified. This recommendation has led to the
Company getting increased orders from reputed manufacturers in the Food
industry, particularly in Western Europe. This plant was certified BRC/IoP in
May 2005 and thereafter the recertification continues on annual basis.
From a very small turnover of Rs.6.450 millions in 2001-02, the Silvassa
operation has been able to achieve export turnover of Rs.2.127 millions in the
year 2006-07 as against the export turnover of Rs.178.200 millions in the year
2005-06 representing growth of 19.36%.
Though the Directors have been focusing on developing the export market, the
profitability of the same is under pressure due to the appreciation of the
Rupee vis-a-vis U.S. Dollar. However, the Management has put in efforts to
maintain profitability by focusing on higher value added jobs and optimizing
the usage of raw materials.
Haridwar Plant :
The operations at Haridwar plant have now stabilized. This plant commenced operation in November 2005.
The year under review is the first full year of operations for this plant and though there is a loss on a net level, it has been able to break even on cask basis.
Since it is a greenfield operation, the output and efficiency of the operations
besides penetration in the market has taken some time, but the plant is now
running at high level of capacity utilisation and the prospects for the current
year are much brighter.
The plant at Haridwar has also been certified BRC/IoP, which is a significant
achievement considering that it is a new plant. Since this plant is also
catering to a large number of food manufacturing customers in North India, this
certification will enable them to maintain a larger market share.
Future Prospects:
With the widening base of customers, substantial increase in exports and multi-locational facility, the Company continues to remain a significant player in the folding carton industry and has been able to cater to a wide variety of FMCG companies. The Directors expect that during the year 2007-08, the turnover as well as profitability should further improve.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
Overview:
During the year 2006-07, the company's sales have gone up from Rs.903.400
millions to Rs. 1118.700 millions The plants at Silvassa and Haridwar have
converted 17455 M.T. of board as compared to 14156 MT in the previous
year.
The operating levels of the plant at Silvassa have been satisfactory in the
year 2006-07 whereas the operations at Haridwar plant have now
stabilized.
Several of the large multinational companies operating in India are now their
customers besides some of the most prestigious Indian companies. The exports
have increased substantially from Rs. 178.200 millions to Rs.212.700 millions
in the year under review.
Industry Structure and Developments
:
The year 2006-07 has witnessed growth in the FMCG Industry. Due to rising incomes fuelled by a good monsoon, year on year, growth is expected to continue in the foreseeable future. Therefore the packaging industry in India has a very optimistic outlook, particularly in terms of volume growth though the margins continue to be under pressure due to increased competition.
Financial Performance
:
During the year. under review, the performance of the company has improved over the previous year. A brief summary of the financial performance has already been explained in the Directors Report.
As the company is engaged in the business of printing and packaging, which is a
single business segment, providing segment-wise information is not
relevant.
Opportunities:
The company now has manufacturing plants in two geographical locations in
India and as such is in a better position to fulfill requirements of a very
wide base of customers manufacturing FMCG products.
Due to the Geographical locations of the plant, the company is ideally suited
for catering to both, the export market and to the local FMCG market which is
increasingly shifting to the tax free zones.
Threats:
New projects and increase in capacity of existing plants in the printing /
packaging industry continue to be commissioned which result in pressure on
margins. Besides in exports; the Government continues to lower benefits and at
the same time, the Rupee is steadily appreciating against major world
currencies putting further pressure on margins.
OTHER INOFRMATION:
Contingent
Liabilities
a) Counter Guarantees given to the banks in respect of:
(i) Bank Guarantees of Rs.5.080 millions given to the Electricity Department/various Government Authorities (Previous Year Rs.5.080 millions)
ii) The Bonds given to Customs and Excise Authorities - Rs. 199.803 millions towards export obligation fulfillment of Rs.610.771 millions (since fulfilled Rs.409.768 millions) for licences issued under Export Promtion Capital Goods Scheme of Previous Year Rs. 164.413 millions) and other matters Rs.40.927 millions (Previous Year Rs. 7.451 millions)
b) Disputed demands of Rs. 13.000 millions in respect of various orders passed by Central Excise / Income Tax authorities (Previous year Rs. l3.416 millions) for which appeals are made.
c) Estimated amount of contracts remaining to be executed on capital account and not provided for (nets of advances) Rs 5.670 millions (Previous Year Rs. 23.851 millions)
(2) a) Purchases include Rs.0.302 millions towards loss (net) on foreign exchange fluctuations on value of goods imported during the year. (Previous Year profit Rs.0.30 millions)
b) Exports include Rs. 3.325 millions towards Loss(net) on foreign exchange fluctuations on value of goods exported during the year. (Previous Year loss Rs. 1.222 millions)
c) Interest and Finance charges include :
(i) Loss of Rs. Nil (net) on account of exchange fluctuation in respect of repayment of FCNR-B loan during the year (Previous Year Rs.3.006 millions (net) )
(ii) Rs.2.360 millions on account of premium paid on Forward Exchange Contracts (Previous Year Rs.0.391 millions)
ISO CERTIFICATION
Both the Company's
factories are certified ISO 9001-2000 by TUV Management Service GmbH, Germany
for manufacturing printed packaging materials which is the latest series in ISO
certification. The company is the first Company in its field in India to have
achieved this certification.
Fixed assets:-
· Land,
· Building,
· Plant and Machinery,
· Electrical Installations,
· Furniture and Fixture And
· Vehicles.
Vendors-
· BOBST Group
· Man Roland
· Marbach
· DSG Druck
· ITC Ltd.
· Mitsubishi Corporation
· Sicpa
· Micro Inks
· Dic India Ltd.
· Stora Enso
Achievements:
Indiastar Award
In 2002, we decided
for the first time to enter the Indiastar competition. We kept our special
appointment with the trophy, a whisky mono carton printed for Radico Khaitan
Limited aptly named - "Special Appointment"
This award is the
highest award for packaging excellence in India under the aegis of Indian
Institute of Packaging.
The packaging
that got the award Indiastar
Award for the year 2002
Pffca Star Award
Award recieved
in 2003
Then in the year
2003, they also participated in the PFFCA Star competition, which was being
organised for the first time by Paper, Film and Foil Converters Association to
promote Excellence in design, development and creativity in packaging.
Here also, the
Jaisalmer 20's Cigarette hinge lid pack aesthetically and uniquely designed by
Godfrey Phillips India Ltd and printed by us using a combination of offset and
flexo processes, won the coveted PFFCA Star Award under the category "New
Structural design & New Graphic Design".
The packaging
that got the award PPFCA Star Award for the year 2003
Award recieved
in 2005
In the year 2005 we
bagged the PFFCA STAR award under the category “Product Development and New
Structures” for the Hedges & Butler whisky Carton printed by us for our
customer, Ian Macleod & Co.
The packaging
that got the award PPFCA Star Award for
the year 2005
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.39.96 |
|
UK Pound |
1 |
Rs.78.71 |
|
Euro |
1 |
Rs.63.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
69 |
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 |
|