MIRA
INFORM REPORT
|
Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AGREEM TEXTILES |
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Registered Office : |
455, Kalbadevi Road, Chikhal House, 1st Floor,
Mumbai-400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2002 |
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PAN No.: [Permanent
Account No.] |
AOPPS2572C |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Dealers of Soft Luggage Fabric, Shirting and Suiting
and Dress Materials. |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The concern can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
455, Kalbadevi Road, Chikhal House, 1st Floor,
Mumbai-400002, Maharashtra, India |
|
Tel. No.: |
91-22-28083564 |
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Mobile No.: |
91-9321013553 |
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Fax No.: |
91-22-28622142 |
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E-Mail : |
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Area : |
Leased |
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Factory 1 : |
L/53, MIDC, Near Karola Naka, Boisar, Tarapur |
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Area : |
Leased |
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Factory 2 : |
453, MIDC, Near Karola Naka, Boisar, Taupore |
SOLE PROPRIETOR
|
Name : |
Mr. Hemen Shah |
|
Designation : |
Proprietor |
|
Address : |
Flat No. 601-A, Amit Darshan, Dadabhai Road, Vile Parle (West),
Mumbai-400056, Maharashtra, India |
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Date of Birth/Age : |
02.04.1974 |
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Qualification : |
Textile Engineering |
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Experience : |
15 Years |
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Mobile No.: |
91-9321013553 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealers of Soft Luggage Fabric, Shirting and Suiting
and Dress Materials. |
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Products: |
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Terms : |
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Selling : |
Cash and Others |
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Purchasing : |
Cash and Others |
PRODUCTION STATUS
|
Particulars |
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|
Installed
Capacity |
Actual
Production |
|
Polystar Gray Cloth |
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|
100% |
80% |
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PV/ PC Cotton Cloth |
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|
100% |
80% |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
24 (Office 2, Factory 17, Temporary 5) |
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Bankers : |
Dena Bank, Kalbadevi Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shashank Ranade and Company Chartered Accountant |
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Address : |
3/1, Radha Krishna Nivas, Ground Floor, Dagadi Wadi, S. K. Bole, Dadar
(west), Mumbai-400028, Maharashtra, India |
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Associates/Subsidiaries: |
Hytex (Proprietor Mr. Heman J Shah) |
CAPITAL STRUCTURE
|
Capital Investment : |
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Owned : |
Rs. 1.499 Millions |
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Borrowed : |
-- |
|
Total : |
Rs. 1.499 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
1.499 |
0.678 |
0.384 |
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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 |
1.499 |
0.678 |
0.384 |
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|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
4.965 |
4.631 |
2.021 |
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TOTAL BORROWING |
4.965 |
4.631 |
2.024 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.464 |
5.309 |
2.408 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.301 |
2.600 |
1.872 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.024 |
0.010 |
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 |
3.329
|
2.296
|
0.036 |
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Sundry Debtors |
3.698
|
4.525
|
0.634 |
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|
Cash & Bank Balances |
0.019
|
0.160
|
0.132 |
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Other Current Assets |
0.000
|
0.000
|
0.036 |
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Loans & Advances |
0.000
|
0.000
|
0.000 |
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Total
Current Assets |
7.046
|
6.981 |
0.838 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.759
|
4.282 |
0.302 |
|
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Provisions |
0.148
|
0.000 |
0.000 |
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Total
Current Liabilities |
2.907
|
4.282 |
0.302 |
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|
Net Current Assets |
4.139
|
2.699 |
0.536 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.464 |
5.309 |
2.408 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
26.595 |
22.849 |
0.117 |
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Other Income |
0.178 |
0.042 |
1.849 |
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Total Income |
26.773 |
22.891 |
1.966 |
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Profit/(Loss) Before Tax |
0.415 |
0.339 |
0.134 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.415 |
0.339 |
0.134 |
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Expenditures : |
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Cost of Goods Sold |
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|
0.072 |
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Interest |
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|
0.158 |
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Power & Fuel |
26.358 |
22.552 |
0.400 |
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Depreciation & Amortization |
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|
0.217 |
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Other Expenditure |
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|
0.985 |
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Total Expenditure |
26.358 |
22.552 |
1.832 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.55
|
1.48 |
6.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.56
|
1.48 |
114.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.44
|
3.54 |
4.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.50 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.25
|
13.14 |
6.06 |
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Current Ratio (Current Asset/Current Liability) |
|
2.42
|
1.63 |
2.77 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS ACTIVITIES:
|
Details of Fixed Assets |
|
|
Land and Building |
Rs. 1.561 Millions |
|
Plant and Machinery |
Rs. 1.038 Millions |
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Furniture and Fixture |
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Other Assets |
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Premises |
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Owned |
Leased Property Purchase From MIDC |
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Leased (if so, monthly rent to be stated) |
PERSONAL ASSETS OF PROPRIETOR
|
Name |
Description of the Assets owned by them |
Amount (Rs. In
Millions) |
Whether Offered
as Security |
|
Heman Shah |
Factory Land and Building |
9.000 |
YES |
AGREEM TEXTILES
Profit and Loss
Account
(Rs. In Millions)
|
Particulars |
31.03.2009 Projected |
31.03.2010 Projected |
|
Gross Sales |
|
|
|
-Domestic |
28.560 |
31.025 |
|
- Export |
0.000 |
|
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Sub Total (Gross Sales) |
28.560 |
31.025 |
|
Less- Excise Duty |
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Net Sales |
28.560 |
31.025 |
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% wise rise/ fall in net sales as compared
to previous year |
1.125 |
0.863 |
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Other Operating Income |
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Export Incentives |
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Duty Drawback |
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Job Work and Others |
0.915 |
1.085 |
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Total Operating Income |
29.475 |
32.110 |
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Cost of Sales |
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Raw Materials consumed |
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|
i) Imported |
26.870 |
27.240 |
|
ii) Indegenous |
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Other Spares Consumed |
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|
i) imported |
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ii) Indegenous |
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Power and fuel |
0.950 |
1.080 |
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Direct labour |
1.460 |
1.670 |
|
Other Manufacturing Expenses |
0.375 |
0.455 |
|
Depreciation |
0.350 |
0.375 |
|
Sub Total |
30.005 |
30.820 |
|
|
|
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|
Add : Opening Stock of Work in Process |
2.653 |
4.820 |
|
Less : Closing Stock of Work in Process |
4.820 |
5.560 |
|
Total Cost of Production |
27.838 |
30.080 |
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|
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Add Opening stock of finished goods |
0.000 |
0.000 |
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Less: Closing Stock of Finished goods |
0.000 |
0.000 |
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Total Cost of Sales |
27.838 |
30.080 |
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Selling general and administrative expenses |
1.215 |
1.360 |
|
Cost of Sales + SGA |
29.053 |
31.440 |
|
Operating Profit before Interest |
0.422 |
0.670 |
|
Interest |
0.000 |
0.000 |
|
Operating Profit after Interest |
0.422 |
0.670 |
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Non Operating Items |
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Add Non Operating Incomes |
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Profit on Sale of Assets/ Investments |
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Investments and Dividend |
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Forex gains |
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Non-Operating Income from subsidiaries |
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Tax Refund |
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Other Non Operating Income |
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|
Total non-operating Income |
0.000 |
0.000 |
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Deduct Non Operating Expenses |
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Loss on sale of assets |
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Preliminary expense w/off |
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Other Non-operating expenses |
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Total non-operating expenses |
0.000 |
0.000 |
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Net of Non-operating Income / Expenses |
0.000 |
0.000 |
|
Profit Before Tax |
0.422 |
0.670 |
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Provision for Taxation: |
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Current |
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Deferred |
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Sub Total : Provision for taxation |
0.000 |
0.000 |
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Net Profit After tax |
0.422 |
0.670 |
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Extraordinary Items adjustments: |
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Extraordinary Income adjustments (+) |
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Extraordinary Expenses Adjustments (-) |
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|
Sub Total Extraordinary Items items |
0.000 |
0.000 |
|
Adjusted PAT (Excel Extraordinary Items) |
0.422 |
0.670 |
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Dividend Paid |
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On Equity Capital |
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On Preference Share Capital |
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Dividend tax |
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Partners’ withdrawal |
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Dividend (%) |
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Retained Profit |
0.422 |
0.670 |
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Cash Accruals |
0.772 |
1.045 |
BALANCE SHEET
(Rs. In Millions)
|
Particulars |
31.03.2009 Projected |
31.03.2010 Projected |
|
CURRENT
LIABILITIES |
|
|
|
Short – Term
borrowings from banks [including bill purchased, discounted and excess
borrowings placed on repayment basis] |
|
|
|
Bank Borrowings- From our Bank |
5.000 |
6.000 |
|
Bank Borrowings –From other Banks |
0.000 |
0.000 |
|
Sub Total |
5.000 |
6.000 |
|
|
|
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|
Short term borrowings from Others |
0.000 |
0.000 |
|
|
|
|
|
Creditors for purchases |
1.265 |
0.850 |
|
|
|
|
|
Advances/ payments from customers / deposits
from dealers |
0.000 |
0.000 |
|
|
|
|
|
Provisions |
|
|
|
Tax |
0.000 |
0.000 |
|
Others |
0.029 |
0.029 |
|
|
|
|
|
Dividend Payable |
0.000 |
0.000 |
|
|
|
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|
Statutory liabilities due within one year |
0.000 |
0.000 |
|
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|
|
|
Installments of Term Loans/ Deferred
Payments credits /Debentures/ deposits / redeemable preference shares (due
within one year) |
0.000 |
0.000 |
|
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|
Deposits |
|
|
|
|
|
|
|
Other Current Liabilities due within one year |
0.000 |
0.000 |
|
|
|
|
|
Total Current Liabilities |
6.294 |
6.879 |
|
|
|
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|
Term Liabilities |
|
|
|
Debentures |
0.000 |
0.000 |
|
Preference share capital |
0.000 |
0.000 |
|
|
|
|
|
Dealer’s Deposit |
0.000 |
0.000 |
|
Deferred Tax Liability |
0.000 |
0.000 |
|
Term Loans |
0.000 |
0.000 |
|
Term Deposits |
|
|
|
Unsecured loans (Quasi Equity) |
5.560 |
5.665 |
|
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|
|
Other term liabilities/ Purchased against
L/c |
0.000 |
0.000 |
|
|
|
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Total term liabilities |
5.560 |
5.665 |
|
|
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|
TOTAL OUTSIDE LIABILITIES |
11.854 |
12.544 |
|
NET WORTH |
|
|
|
Equity Share Capital |
|
|
|
Share Capital (Paid –up) |
0.000 |
0.000 |
|
Share Application (finalized for allotment) |
|
|
|
Sub Total (Share Capital) |
0.000 |
0.000 |
|
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|
|
|
General Reserve |
0.000 |
0.000 |
|
Revaluation Reserve |
0.000 |
0.000 |
|
|
|
|
|
Other Reserves and Surplus: |
|
|
|
|
|
|
|
Partners Capital / Proprietor’s Capital |
1.950 |
2.300 |
|
Share Premium |
|
|
|
Capital subsidy |
|
|
|
Others |
|
|
|
Balance in P and L Account ( + / -) |
|
|
|
|
|
|
|
NET WORTH |
1.950 |
2.300 |
|
TOTAL LIABILITIES |
13.804 |
14.844 |
|
|
|
|
|
Current Assets |
|
|
|
Cash and Bank Balances |
0.115 |
0.179 |
|
|
|
|
|
Investments |
|
|
|
Government and other trustee Securities |
0.010 |
0.010 |
|
Fixed Deposits with Banks |
0.000 |
0.000 |
|
Others |
0.000 |
0.000 |
|
Receivables |
|
|
|
Receivables Other than Deferred and Exports
(Domestic) |
|
|
|
Export Receivables |
|
|
|
Note: |
|
|
|
1. All receivables upto 180 days only to be
included |
|
|
|
2. Sale bills negotiated under LC to be
execluded. |
|
|
|
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|
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|
Deferred receivable (due within one year) |
|
|
|
Inventory |
|
|
|
Raw Materials – Imported |
4.820 |
5.560 |
|
Raw Materials – Indegenous |
|
|
|
Work in process |
|
|
|
Finished Goods (incl Traded Goods) |
|
|
|
Other Consumable spares- Imported |
|
|
|
Other consumable spares- Indegenous |
|
|
|
Sub Total ( Inventory) |
4.820 |
5.560 |
|
|
|
|
|
Advances to suppliers/ fixed deposit margin
for L/|C |
0.000 |
0.000 |
|
|
|
|
|
Advance payment of tax |
|
|
|
|
|
|
|
Other Current Assets |
0.000 |
0.000 |
|
TOTAL CURRENT ASSETS |
11.304 |
12.159 |
|
Fixed Assets |
|
|
|
Gross Block |
2.850 |
3.060 |
|
Less : Accumulated Depreciation |
0.350 |
0.375 |
|
Net Block |
2.500 |
2.685 |
|
|
|
|
|
Capital Work in Process |
|
|
|
|
|
|
|
Non Current Assets |
|
|
|
Investments/ Book Debts/ Advances/ Deposits
(Which are not current assets) |
|
|
|
Investments in Group concerns |
|
|
|
Loans to group concerns/ Advances to
subsidiaries |
|
|
|
Investment in others |
|
|
|
Advances to suppliers of capital goods and
contractors |
|
|
|
Deferred receivables (Maturity exceeding one
year) |
|
|
|
Debtors > 6 months |
|
|
|
Other Loans and Advances non current in
nature, ICd’s etc. |
|
|
|
|
|
|
|
Deferred Tax Assets |
|
|
|
|
|
|
|
Other Non-current Assets |
|
|
|
|
|
|
|
TOTAL NON CURRENT ASSETS |
0.000 |
0.000 |
|
|
|
|
|
Intangible Assets : Goodwill, Patents and trademarks |
|
|
|
Accomulated losses, Preliminary expenses,
Miscellaneous Expenditure not w/off Deferred revenue expenses |
|
|
|
TOTAL ASSETS |
13.804 |
14.844 |
|
TANGIBLE NETWORTH |
1.950 |
2.300 |
|
|
|
|
|
DIFFERENCE IN B/S |
0.000 |
0.000 |
|
|
|
|
|
Net working Capital |
5.010 |
5.280 |
|
Current Ratio |
0.180 |
0.177 |
|
Tol/ TNW |
0.608 |
0.545 |
MR. HEMAN J SHAH
(Personal Account)
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 2.559 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 2.559 Millions |
BALANCE SHEET
(Rs. In Millions)
|
LIABILITIES |
31.03.2007 |
31.03.2006 |
ASSETS |
31.03.2007 |
31.03.2006 |
|
Capital Account |
2.559 |
2.321 |
Flat at Parle |
0.506 |
0.506 |
|
N H. Shah |
0.200 |
0.200 |
Residential Prmises |
1.276 |
1.276 |
|
Hytex |
0.183 |
0.049 |
Shares |
|
|
|
J H Shah |
0.100 |
0.175 |
B. B. C Private Limited 860 shares |
0.086 |
0.086 |
|
|
|
|
GIC Mutual Fund |
0.010 |
0.010 |
|
|
|
|
Other Investment |
0.021 |
0.024 |
|
|
|
|
Agreem Textiles Gold Onmaments |
0.678 |
0.384 |
|
|
|
|
|
|
|
|
|
|
|
1530 GMS @ Rs. 1670/- per 10 GMS @
(31.03.1981) |
0.256 |
0.256 |
|
|
|
|
P.P.F |
0.048 |
0.038 |
|
|
|
|
N.S.C |
0.115 |
0.115 |
|
|
|
|
NSC Interest |
0.018 |
0.012 |
|
|
|
|
Cash and Bank Balance |
0.025 |
0.037 |
|
|
|
|
|
|
|
|
|
3.041 |
2.745 |
|
3.041 |
2.745 |
HYTEX
(Proprietor Mr.
Heman J Shah)
BALANCE SHEET
AS ON 31.03.2006
(Rs. In Millions)
|
Particulars |
Amount |
Particulars |
Amount |
|
Secured Loans |
0.526 |
Fixed Assets |
|
|
Sundry Creditors |
1.697 |
Machinery |
0.053 |
|
|
|
Add: |
0.225 |
|
|
|
|
0.278 |
|
|
|
Less: Depreciation |
0.042 |
|
|
|
|
0.236 |
|
|
|
GIDC Shed |
0.063 |
|
|
|
Add: |
0.270 |
|
|
|
|
0.333 |
|
|
|
Less: Depreciation |
0.020 |
|
|
|
|
0.313 |
|
|
|
Dena Bank ( Billimora) |
0.003 |
|
|
|
Dena Bank F.D |
0.058 |
|
|
|
Dena Bank Princes St. |
0.011 |
|
|
|
Sundry Debtors |
1.009 |
|
|
|
Capital Account |
0.049 |
|
|
|
Closing Stock |
0.512 |
|
|
|
Cash in Hand |
0.030 |
|
|
2.223 |
|
2.223 |
PROFIT AND LOSS
ACCOUNT
AS ON 31.03.2006
(Rs. In Millions)
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales Turnover |
|
|
1.995 |
|
|
Other Income |
|
|
0.005 |
|
|
Total Income |
|
|
2.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.075 |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
0.075 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
1.059 |
|
|
Interest |
|
|
0.069 |
|
|
Power & Fuel |
|
|
0.000 |
|
|
Depreciation & Amortization |
|
|
0.062 |
|
|
Other Expenditure |
|
|
0.735 |
|
Total Expenditure |
|
|
1.925 |
|
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.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|