MIRA
INFORM REPORT
|
Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AQUATIC REMEDIES PRIVATE LIMITED |
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Registered Office : |
218/219, Kailash Plaza, Vallabh Baug Lane, Ghatkopar (East), Mumbai –
400075, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.03.1996 |
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Com. Reg. No.: |
097828 |
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CIN No.: [Company
Identification No.] |
U24230MH1996PTC097828 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA11886A |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Importers, Exporter, Manufacturer and Merchant Trading House of
Pharmaceutical Raw Materials and Bulk Active Ingredients. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 287236 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Santosh Shirsagar, Chief Accountant parted some more details for
the report. Mr. Bharat Mehta, Managing Director is out of city. Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Santosh Shirsagar |
|
Designation : |
Chief Accountant |
|
Date : |
17.04.2008 |
LOCATIONS
|
Registered Office/ Factory : |
218/219, Kailash Plaza, Vallabh Baug Lane, Ghatkopar (East), Mumbai –
400075, Maharashtra, India |
|
Tel. No.: |
91-22-67255555/ 55958111 |
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Fax No.: |
91-22-67991766 |
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E-Mail : |
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|
Website : |
DIRECTORS
|
Name : |
Mr. Bharat Nyalchand Mehta |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
255/11 Prity, Ram Narayan Narkar Road, Ghatkopar (East), Mumbai –
400077, Maharashtra, India |
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Date of Birth/Age : |
24.10.1960 |
|
Date of Appointment : |
04.03.1996 |
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|
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|
Name : |
Mr. Hitendra Nyalchand Mehta |
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Designation : |
Director |
|
Date of Birth/Age : |
09.09.1969 |
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Date of Appointment : |
04.03.1996 |
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|
|
|
Name : |
Mrs. Kirti Bhogilal Mehta |
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Designation : |
Director |
|
Date of Birth/Age : |
31.12.1970 |
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Date of Appointment : |
04.03.1996 |
|
|
|
|
Name : |
Mr. Darshan Bhogilal Mehta |
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Designation : |
Director |
|
Date of Birth/Age : |
07.07.1977 |
|
Date of Appointment : |
04.03.1996 |
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|
|
|
Name : |
Mr. Sudhir Kumar Kejriwal |
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Designation : |
Director |
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Date of Birth/Age : |
07.07.1962 |
|
Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Bharat Nyalchand Mehta |
|
109700 |
|
Mr. Hitendra Nyalchand Mehta |
|
40100 |
|
Mrs. Kirti Bhogilal Mehta |
|
22600 |
|
Mr. Darshan Bhogilal Mehta |
|
39100 |
|
Mrs.Daksha B. Mehta |
|
39100 |
|
Mrs. Rajeshree M. Mehta |
|
30500 |
|
Mrs. Bijal K. Mehta |
|
2000 |
|
Mr. Bharat Nyalchand Mehta (HUF) |
|
13000 |
|
Mrs. Kirti Bhogilal Mehta (HUF) |
|
26500 |
|
Mr. Mitesh A. Mehta |
|
12500 |
|
Mst. Vaibhav Mehta |
|
2000 |
|
Ms. Mausami B. Mehta |
|
50000 |
|
Ms. Kajal Mehta |
|
2000 |
|
Ms. Komal Mehta |
|
2000 |
|
Ms. Harsh Mehta |
|
2000 |
|
Mst. Jay M. Mehta |
|
2000 |
|
Mr. Nyalchand Mehta |
|
37000 |
|
Mr. Bhogilal Mehta |
|
26000 |
|
Mr. Nyalchand Mehta (HUF) |
|
37000 |
|
Mrs. Jayshree M. Mehta |
|
17500 |
|
Mr. Bhogilal Mehta (HUF) |
|
37500 |
|
Mrs. Chandrika Mehta |
|
28000 |
|
Mr. Bharat Nyalchand Mehta (HUF) |
|
29500 |
|
Mr. Hitendra Nyalchand Mehta (HUF) |
|
7500 |
|
Mrs. Kirti Bhogilal Mehta (HUF) |
|
37000 |
|
Mr. Hemant Mehta |
|
80000 |
|
Mr. Mitesh Mehta |
|
26000 |
|
Mr. Kamlesh Jain |
|
15000 |
|
Mr. Rasiklal Sheth |
|
15005 |
|
Mr. Nalinkant Shah |
|
4900 |
|
Mrs. Namita Jain |
|
7000 |
|
Mr. K P Kucheria |
|
5 |
|
Mrs. Sheetal Kucheria |
|
5 |
|
Mr. Yogendra Fattehpuria |
|
5 |
|
Mr. K P Kucheria |
|
5 |
|
Mrs. Usha Fattehpuria |
|
5 |
|
Mrs. Tara Ramniklal Sheth |
|
5 |
|
Mr. Jas Textiles |
|
5 |
|
Pet Plastic Limited |
|
199960 |
|
|
|
|
|
Total |
|
1000000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers, Exporter, Manufacturer and Merchant Trading House of Pharmaceutical
Raw Materials and Bulk Active Ingredients. |
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|
|
|
Products : |
· Ethambutol · Pyrazinamide · Macrolides · Steroids · Paracetamol · Salbutamol
Sulphate · C.P.Maleate · Dex-CPM · Azithromycine · Dexamethasone
Sodium · Prednisolone
Acetate · Ketaconazole · Chloramphenicol
Palmitate · Sildenafil
Citrate · Amlodipine
Besylate · Chloramphenicol
Palmitate · Ketaconazole · Enalapril
Maleate · Erythromycins · Roxythromycin · Imipramine · Clomipramine · Promethazine · Cyproheptadine · Domperidon · Omeprazole · Lansoprazole · Ornidazole · Tinidazole · Mebendazole · Albendazole · Albendazole · Frusemide · Miconazole
Nitrate · Ampicillin
Sodium Sterile · Amoxycillin
Sod. Sterile Cifexime · Roxythromycin |
GENERAL
INFORMATION
|
No. of Employees : |
30 |
|
|
|
|
Bankers : |
· Bank of
Maharashtra Ghatkopar Branch, R B Mehta Marg, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
|
Banking
Relations : |
Satisfactory |
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|
|
|
Auditors : |
|
|
Name : |
C P Bhatia Chartered Accountant |
|
Address : |
707 B, Arihant, Sudha Park, Shanti Path, Ghatkopar (East), Mumbai –
400077, Maharashtra, India |
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|
|
|
Associates/Subsidiaries : |
Oceanic Techno
Chem Private Limited 255/3, Prity, R.N.N. Road, Ghatkopar (East), Mumbai -
400077, Maharashtra, India Phone : 91-22-67030777 (3 LINES) Fax : 91-22-2509 4350 Email :kamlesh563@yahoo.co.in |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5790000 |
Equity Shares |
Rs.10/- each |
Rs.57.900
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
57.900 |
37.900 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
13.909 |
8.514 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
71.809 |
46.414 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
52.474 |
66.741 |
|
|
2] Unsecured Loans |
|
2.965 |
1.425 |
|
|
TOTAL BORROWING |
|
55.439 |
68.166 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.030 |
|
|
|
|
|
|
|
|
TOTAL |
|
127.248 |
114.610 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.665 |
2.967 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
22.198 |
1.124 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
64.272
|
17.471 |
|
|
Sundry Debtors |
|
236.064
|
172.335 |
|
|
Cash & Bank Balances |
|
2.623
|
2.409 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
8.047
|
11.409 |
|
Total
Current Assets |
|
311.006
|
203.624 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
208.621
|
93.105 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
208.621
|
93.105 |
|
|
Net Current Assets |
|
102.385
|
110.519 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
127.248 |
114.610 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
1000.000 (Estimated) |
828.206 |
709.887 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
828.206 |
709.887 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
9.684 |
7.087 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
9.684 |
7.087 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation |
|
0.566 |
0.732 |
|
|
Other Expenditure |
|
817.956 |
702.068 |
|
Total Expenditure |
|
818.522 |
702.800 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.17 |
0.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.17 |
0.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.09 |
3.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.13 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.68 |
3.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.49 |
2.19 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
AQUATIC REMEDIES PRIVATE LIMITED |
|
Presented By |
Mr. Bharat N.
Mehta |
|
1) Date and description of instrument creating the change |
Deed of
Hypothecation of Stock and Book Debts date 12.07.1997 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.950 Million |
|
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 |
All Debtors of
the company for the goods supplied and stock in trade. ·
Hypothecation
of Stock and Book Debts ·
Hypothecation
of Fixed Assets and Office Equipments. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests 6.75 %
p.a. OBR 17.75% p.a. Repayable On
Demand Margin 50% on
Book Debts and 25% on Stock |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Maharashtra Neelkanth Krupa, R B Mehta Marg, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Composite deed of
hypothecation for all facilities dated 06.11.1999 Cash Credit
Rs.7.500 Millions Inland Letter of
Credit Rs.0.026 Million |
|
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. |
Original Charge
Dated 12.07.1997 for Rs.0.950 Million 1st modification dated
28.09.1998 Limit increase from Rs.0.950 Million to Rs.3.100 Millions this
modifications. All debtors of
the company for the goods supplied and stock in trade. ·
Hypothecation
of Stock and Book Debts ·
Hypothecation
of Fixed Assets and Office Equipments. Interests @17.85%
p.a. Quarterly Repayable On
Demand Repayment –
D.A./D. P. Margin: 25% in
Banks Favour. Cash Credit
Rs.7.500 Millions Inland Letter of
Credit Rs.0.026 Million |
|
Corporate
identity number (CIN) Foreign company registration number |
U24230MH1996PTC097828 |
|
Name of the
Company |
AQUATIC REMEDIES PRIVATE LIMITED |
|
Address |
218/219, Kailash Plaza, Vallabh Baug Lane, Ghatkopar (East), Mumbai –
400075, Maharashtra, India |
|
This form is for |
Creations of
Charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of the
charge holder |
Bank of Maharashtra Ghatkopar Branch, R B Mehta Marg, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
Record of Equitable Mortgage |
|
Date of the
instrument creating or modifying the charge |
30.03.2007 |
|
Amount secured by
the charge |
Rs.60.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: BPLR @ 11.25%
p.a. with monthly rests as per sanction letter dated 10.03.2006. Commission
on L/C as per Company Guidelines Terms of
Repayment: Both facilities to
be reviewed within in a year and DA bills under L/C not to exceed 90 days
tenor Margin: 25% in case of
cash credit and 20% in Term Deposit in case of inland letter of credit Extent and
operation of the chare: Charge of
hypothecation to cover principal amount of Rs.60.000 Millions ( Cash Credit
Rs.30.000 Millions + Rs.30.000 Millions by way of letter of credit ( Import/
inland) plus interests, costs, charges, expenses etc. |
|
Short particulars
of the property charged (including location of the property) |
Office premises
bearing no.218/219 along with all fixture and fittings in building known as
kailas plaza admeasuring 632 sq. ft. situated at vallabh baug lane Ghatkopar
(east), Mumbai -77, in the revenue village of Ghatkopar, Taluka Kurla Mumbai
Situated on Plot of Land bearing No.355, CTS No.5286 B in the Registration
District and sub District of Mumbai City and Mumbai Suburb and bounded by
various boundaries as per IInd Schedule (B) |
|
Particular of the
present modification |
NA |
As per Website
Profile:
Almost two decades of experience since its inception in
1985, have taken subject from strength to strength in the health care business.
A small company started by Mr. Bharat Mehta has grown into a large and dynamic business
house which currently occupies a leading position in the fields of Bulk Drugs
Pharmaceutical Formulations in the Domestic as well as Export Market. Their
Management Team.
The company strides to achieve global standards in the field
of Pharmaceuticals and bulk drugs. Subject
initially started with domestic trading in bulk drugs and gradually ventured
into the areas of export, imports, and indenting. Constant diversification and
expansion has resulted in creation of large clientele in domestic and
international markets and is a contributing factor for the high turnover rate
which rose by 400% in the last decade.
Trade Reference:
· Medchl Limited, Hyderabad
· Anuh Pharma Limited
· Vamsi Labs Limited Solapur
· Supriya Chemicals Solapur
· Envee Drugs Private Limited
· Sharon Bio Medicines Limited
· Harika Drugs Limited
· Vasudha Pharmachem Private Limited
· Ultratech Speciality Chemicals Limited
· Rakshit Drugs Limited
· Zen Biotech Limited
· Unidrug Innovatives Limited
· K.A.Malle Drugs Limited
· Transchem Limited
· Sun Shine Chemicals Limited
· Concept Pharma Limited
· Wang Pharma Limited
· Citochem Limited
· Tasc Pharmaceuticals Limited
· Suchem Lab Limited
· Alexo Pharmaceuticals Limited
· DSM Limited
· Vital Healthcare
· Quinine Sulphate, Quinine Di HCL
· Hetero Drugs Limited
· Harind Pharmaceuticals Limited
· Meditech
· Lupin Labs
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.78.66 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|