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MIRA
INFORM REPORT
|
Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED |
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|
Registered Office : |
314 D N Road, Fort, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.12.2001 |
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Com. Reg. No.: |
134220 |
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CIN No.: [Company
Identification No.] |
U74140MH2001PTC134220 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Assets Management Company |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 4153620 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an Asset Management Company of HSBC Group in India. It has
Asset under management of Rs.173673.10 Millions as on 30.06.2008 Trade relations are fair. Payments are correct. Available information indicates high financial responsibility of the
subject. It can be regarded good for any normal business dealings. Several officers were contacted but noone parted additional
details. |
LOCATIONS
|
Registered Office : |
314 D N Road, Fort, Mumbai – 400001, Maharashtra, India |
|
E-Mail : |
kashmiramathew@hsbc.co.in |
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Head Office : |
52/60 M G Road, Fort, Mumbai – 400001, Maharashtra |
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Tel. No.: |
91-22-22734343 |
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Fax No.: |
91-22-22734375 |
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E-Mail : |
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|
Website : |
DIRECTORS
|
Name : |
Mr. Sanjay Prakash |
|
Designation : |
Director |
|
Address : |
Flat No.21 Gulistan, 13 Clarmicheal Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
28.07.1964 |
|
Date of Appointment : |
01.05.2003 |
|
|
|
|
Name : |
Mr. Jonana Munro |
|
Designation : |
Director |
|
Address : |
12 Winchester Place, Highgate, London N65HJ, United Kingdom |
|
Date of Birth/Age : |
10.06.1962 |
|
Date of Appointment : |
25.05.2006 |
|
|
|
|
Name : |
Mr. Jagjit Pasricha |
|
Designation : |
Director |
|
Address : |
4B Sunny Side, Bride Street, Bangalore – 560025, Karnataka, India |
|
Date of Birth/Age : |
16.11.1938 |
|
Date of Appointment : |
07.02.2002 |
|
|
|
|
Name : |
Mr. Vithal Palekar |
|
Designation : |
Director |
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Address : |
415 Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra |
|
Date of Birth/Age : |
17.06.1935 |
|
Date of Appointment : |
07.02.2002 |
|
|
|
|
Name : |
Mr. Nawsir Dara Khurody |
|
Designation : |
Director |
|
Address : |
12-A, Darbhanga Mansion Carmical Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
26.10.1936 |
|
Date of Appointment : |
07.02.2002 |
|
|
|
|
Name : |
Mr. Ayaz Hatim Ebrahim |
|
Designation : |
Director |
|
Address : |
21A Brankson Grande No.3, Tregunter Path, Hong Kong |
|
Date of Birth/Age : |
06.04.1964 |
|
Date of Appointment : |
11.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Darius Cavasji Shroff |
|
900000 |
|
Mr. Amy Ch. Bhabha |
|
500000 |
|
Mr. Nanaki Nikhil Arora |
|
1100000 |
|
Mr. Ranjit Charanjit Mehta |
|
500000 |
|
Mr. Purnima Daulet Singh |
|
500000 |
AS ON 03.09.2007
|
Equity Share Breakup
|
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
75.00 |
|
Other top fifty shareholders |
|
25.00 |
BUSINESS DETAILS
|
Line of Business : |
Assets Management Company |
GENERAL
INFORMATION
|
Bankers : |
HSBC Bank, Fort, Mumbai |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountant |
|
Address : |
KPMG House Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel,
Mumbai – 400013, Maharashtra, India |
|
|
|
|
Parent Company : |
HSBC |
CAPITAL STRUCTURE
AS ON 03.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs. 10/- Each |
Rs.120.000
Millions |
|
8000000 |
Preference Share |
Rs. 10/- Each |
Rs.80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs. 10/- Each |
Rs.120.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
120.000 |
120.000 |
130.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
710.724 |
641.267 |
138.099 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
830.724 |
761.267 |
268.099 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.808 |
5.473 |
5.996 |
|
|
2] Unsecured Loans |
0.509 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.317 |
5.473 |
5.996 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
838.041 |
766.740 |
274.095 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.911 |
15.946 |
13.765 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
622.904 |
195.875 |
237.289 |
|
|
DEFERREX TAX ASSETS |
26.030 |
2.841 |
27.709 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
49.291
|
495.805 |
70.107 |
|
|
Cash & Bank Balances |
0.330
|
4.157 |
1.503 |
|
|
Other Current Assets |
66.234
|
48.323 |
0.000 |
|
|
Loans & Advances |
185.790
|
116.940 |
47.904 |
|
Total
Current Assets |
301.645
|
665.225 |
119.514 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
130.080
|
111.146 |
129.406 |
|
|
Provisions |
3.369
|
2.597 |
1.872 |
|
Total
Current Liabilities |
133.449
|
113.743 |
131.278 |
|
|
Net Current Assets |
168.196
|
551.482 |
(11764) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.596 |
1.391 |
|
|
|
|
|
|
|
|
TOTAL |
838.041 |
766.740 |
274.095 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
647.269 |
1225.745 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
647.269 |
1225.745 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
83.483 |
809.546 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
83.483 |
809.546 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.652 |
0.585 |
|
|
Depreciation & Amortization |
|
27.124 |
31.585 |
|
|
Other Expenditure |
|
536.01 |
384.029 |
|
Total Expenditure |
|
563.786 |
416.199 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
12.89
|
66.04 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.89
|
66.04 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
08.59
|
92.00 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
10.05
|
1.05 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
16.95
|
15.54 |
50.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
5.84 |
0.91 |
LOCAL AGENCY
FURTHER INFORMATION
Notes:
The register office of the company has been shifted from 52/60 M G Road, Fort, Mumbai – 400001, Maharashtra,
India to 314 D N Road, Fort, Mumbai – 400001, Maharashtra, India with effect
from 16.10.2006
Web Details
Attached
Press Release
HSBC is one of the world's leading banking giants and boasts of a 140-year history in banking services. HSBC operates in more than 70 countries across the globe and has assets of over $1.2 trillion on the consolidated group balance sheet. The investment banking and fund management businesses of the group is handled by HSBC Investments.
HSBC is one of the world's leading banking giants and boasts of a 140-year history in banking services. HSBC operates in more than 70 countries across the globe and has assets of over $1.2 trillion on the consolidated group balance sheet. The investment banking and fund management businesses of the group is handled by HSBC Investments.
The AMC is headed by its chairman Niall S Booker, who is also the head of HSBC Bank in India. The operations of the AMC are headed by Sanjay Prakash, director and CEO. As of Aug 2006, the fund has assets of over Rs.10,684 crore under management.
Here is a list of mutual funds of HSBC which includes Equity Fund, Debt Fund and Liquid Fund
|
Scheme Name |
NAV (Net Asset Value) |
Date |
|
HSBC Income Fund - Investment - Inst. - Growth |
14.1898 |
29-Jul-2008 |
|
HSBC Income Fund - Investment - Regular - Dividend |
10.6027 |
29-Jul-2008 |
|
HSBC Income Fund - Investment - Regular - Growth |
13.6273 |
29-Jul-2008 |
|
HSBC Income Fund - Short Term - Inst. - Dividend |
10.0343 |
29-Jul-2008 |
HSBC in India
HSBC's origins in
India date back to 1853, when the Mercantile Bank of India was established in
Mumbai. The Bank has since, steadily grown in reach and service offerings,
keeping pace with the evolving banking and financial needs of its customers.
In India, the Bank offers a comprehensive suite of world-class products and
services to its corporate and commercial banking clients as also to a fast
growing personal banking customer base.
HSBC Group entities in India
- The Hongkong and Shanghai
Banking Corporation Limited (HSBC)
- HSBC Asset Management (India)
Private Limited
- HSBC Global Resourcing / HSBC
Electronic Data Processing (India) Private Limited
- HSBC Insurance Brokers (India)
Private Limited
- HSBC Operations and Processing
Enterprise (India) Private Limited
- HSBC Private Equity Management
(Mauritius) Limited
- HSBC Professional Services (India)
Private Limited
- HSBC Securities and Capital
Markets (India) Private Limited
- HSBC Software Development
(India) Private Limited
The Hongkong
and Shanghai Banking Corporation Limited (HSBC)
Personal Banking
HSBC offers a wide range of personal financial services, including personal
lending and deposit products, through its branch network in Ahmedabad,
Bangalore, Chennai, Chandigarh, Coimbatore, Gurgaon, Hyderabad, Jaipur, Kochi,
Kolkata, Ludhiana, Mumbai, New Delhi, Noida, Pune, Thane, Trivandrum and
Visakhapatnam. Also offered branch-wide are international Gold and Classic
credit cards from VISA and MasterCard and debit cards from Visa. Customers have
access to 24-hour banking services through an extensive network of automated
teller machines (ATMs), an integrated Call Centre, and internet banking - online@hsbc .
Non Resident Indian Banking
HSBC's Non Resident Indian Banking (NRI) centres located in Asia-Pacific, the
Middle East, Europe and North America, together with HSBC's offices worldwide,
provide the international Indian Diaspora access to a range of products and
services. These include NRI related investment (both international and
domestic), transactional and deposit products, together with a full range of
personal and private banking products in India and overseas. Internet banking
also provides easy access to HSBC's services.
Financial Planning Services
Services include investment and custodian management and access to stock
broking and insurance services, which are offered to resident as well as
non-resident Indians.
Corporate Banking
HSBC has well-established, long-term corporate banking relationships with large
domestic Indian corporations and foreign multinationals operating in India.
Services include term and working capital finance, trade facilities, corporate
deposits, syndications, payments and cash management services and factoring.
Business Banking
HSBC's Extra Mile Business Banking offers two types of account to small and
medium-sized businesses - The Business Account and the BusinessVantage Account.
Services include Business Phone Banking, Business Doorstep Banking and Multi
Branch Business Banking.
Payments and Cash Management
HSBC provides integrated domestic and regional transaction support to corporate
clients through a sophisticated range of cash management solutions, including
collection and payment services and integration with customer back-end systems.
Operations and client services are ISO 9001 certified. Hexagon, the HSBC
Group's dedicated electronic banking service allows users to perform financial
transactions, obtain international financial markets information, and review
details of their domestic and international accounts, from anywhere in the
world, 24 hours a day.
Trade (international and domestic) and Factoring Services
A wide range of solutions tailored to meet customer's requirements for both
domestic and international businesses is offered. HSBC is also one of the
leading banks involved in the bullion business through its offices in
Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi and is supported
by the Group's global expertise in the precious metal business. HSBC is the
leading provider of trade services in India and its trade centres are ISO 9002
certified.
Institutional Banking
Working closely with Group offices in India and overseas, trade services,
payments and cash management, treasury and capital markets, custody and
clearing, and correspondent and electronic banking activities are offered to
banks, financial institutions, securities houses, insurance companies, asset management
companies and other non-banking companies, non-government and development
organisations operating in India.
Treasury and Capital Markets
Clients consistently rate HSBC's Treasury business as one of the best in India.
Its dealing room in Mumbai is one of the largest in the country, serving
clients in Mumbai and in the major metropolitan centres across the country. It
provides a comprehensive range of products which include - foreign exchange,
money market and fixed income products and derivatives in both rupees and major
currencies.
Custody and Clearing
The leading custodian in Asia, HSBC's custody and clearing services are
available in 28 markets in Asia-Pacific and the Middle East. With experienced
staff and the latest technology, HSBC is the premier provider of sub-custodian
and clearing services to foreign institutional investors (FIIs) in India. HSBC
clients include the domestic fund management sector in both the retail and
institutional segments. Institutional Fund Services launched by the bank offers
a comprehensive suite of products to domestic mutual funds and insurance
companies ranging from custody, fund administration services, unit distribution
and Cash Management Services
Technology
The HSBC Group develops
and applies advanced technology to the efficient and convenient delivery of
banking and related financial services. In India, the Group provides:
- Self-Service Banking with over 150
in-branch and off-branch ATMs and 24-hour Phone Banking.
- Trade and Corporate Banking services
with real-time access to a centralised information database
- Instantaneous inter-city transactions
through online connections between all branches
- A state-of-the-art treasury dealing
system
- A sophisticated card system supporting
debit and credit cards, domestic and international VISA, MasterCard, and
co-branded cards
- A dedicated acquiring system for both
MasterCard and Visa transactions
- online@hsbc, HSBC's internet banking
service, provides customers with an integrated and secure platform to
access their accounts.
- Internet Payment Gateway handles
credit card transactions on the internet
HSBC Asset Management (India) Private Limited offers mutual funds to its customers. With the
Group's Global Fund Management expertise and investment capabilities, it is
able to deliver quality products to meet customers' investment objectives
HSBC Global Resourcing
HSBC Global
Resourcing is the largest, captive, banking and financial services off shoring
organization in the world. A vital part of the HSBC Group's global strategy,
Global Resourcing plays a key role in delivering shareholder value and
seamlessly integrates and helps the Group remain competitive in the ever
changing world of banking and finance. Global Resourcing is present in India as
HSBC Electronic Data Processing India
Pvt. Ltd., and operates out of 7 Group Service Centres (GSC) in
Hyderabad, Bangalore, Kolkata, and Vishakhapatnam. Visit www.hsbcglobalresourcing.com
for more info.
Insurance
HSBC Insurance Brokers (India) Private Limited is licensed by the Insurance Regulatory
Development Authority (IRDA) to operate as a composite insurance broking
company, which will function as a direct and a reinsurance broker.
HSBC Operations and Processing Enterprise (India) Private Limited, through two centres in Mumbai and
Chennai, provides operational processing services for HSBC offices in India.
HSBC Group
Entities In India
HSBC Private Equity Management (Mauritius) Limited a subsidiary of HSBC Private Equity (Asia)
Limited in Hong Kong, has a Liaison Office in Mumbai. The company specialises
in the provision of equity capital to unlisted growth companies in India and
Sri Lanka.
HSBC Professional Services (India) Private Limited provides internal audit services to the HSBC
Group's internal audit units worldwide, with particular emphasis on the IT, Treasury,
Asset Management, Private Banking and Insurance functions.
HSBC Securities and Capital Markets (India) Private Limited has two main business lines. Its
Institutional and proprietary broking business is based in Mumbai and, has
seats on two of India's premier stock exchanges, the Bombay Stock Exchange and
the National Stock Exchange. It deals in Indian securities for both Indian and
international institutions and for select retail clients and is backed by an
extensive research team. The Corporate Finance and Advisory business, with
offices in Mumbai and New Delhi, offers a full range of integrated investment
banking services in India and internationally.
HSBC Software Development (India) Private Limited has established a software centre in Pune to
develop solutions for HSBC's Group offices worldwide.
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 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.42.87 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
10 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
76 |
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 |
|