MIRA
INFORM REPORT
|
Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
STAFFORD CONTROLS LIMITED |
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Formerly Known
As : |
DELTECH CONTROLS LIMITED |
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Registered
Office : |
277, Hinjewadi, Phase II, Maan (Mulshi), Pune – 411 057, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
01.04.2003 |
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Com. Reg. No.: |
11-17844 |
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CIN No.: [Company
Identification No.] |
U29120PN2003PLC017844 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNEDO2989A |
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PAN No.: [Permanent
Account No.] |
AABCCD7388J |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
The company is engaged in manufacturing of Butterfly Valves, Actuators
and Control Valves |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit
Limit : |
USD 172000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s
profitability is under severe pressure and has incurred a loss during the
year 2007-08. Trade relations are fair. However no complaints have been
heard. The company can be considered for small to mediocre business dealings. |
LOCATIONS
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Registered
Office : |
277, Hinjewadi, Phase II, Maan (Mulshi), Pune – 411 057, Maharashtra,
India |
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Tel. No.: |
91-20-66744000 |
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E-Mail : |
mrahane@staffordcontrols.com - Mahesh Rahane
(Sales) npansare@staffordcontrols.com - Nitin Pansare
(Manufacturing) ddevnally@staffordcontrols.com - Durgesh Devnally
(Finance) qa@staffordcontrols.com - Jayant Deshmukh
(Quality Assurance) |
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Website : |
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Factory : |
129/2, Mumbai – Pune Road, Chinchwad (East), Pune – 411019, India |
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Tel. No.: |
91-20-27474481 |
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Fax No.: |
91-20-56116935 |
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E-Mail : |
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Website : |
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Headquarters and Main Sales Office: |
6068 Hwy. 73 Geismar, LA 70734, USA |
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Tel. No.: |
225-744 - 4326 |
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Fax No.: |
225-744 - 4328 |
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E-Mail : |
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India Plant and Office (Asia, Europe and Middle
East) |
DelVal Flow Controls Private Limited Gat No. 625/1/2, Kuruli, Tal Khed, Pune Nasik Highway, Pune 410501,
INDIA Tel – 91 21 35662700 TO 662899 Fax - 91 21 35662727 E-mail: salesindia@deltechcontrols.com
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DIRECTORS
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Name : |
Mr. Balasubramanian V. |
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Designation : |
Whole Time Director |
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Address : |
504, Ganga Estate, Ghatla Village Road, Chembur, Mumbai – 400071,
Maharashtra, India |
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Date of
Birth/Age : |
12.09.1945 |
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Date of
Appointment : |
01.04.2003 |
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DIN No.: |
00335644 |
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Name : |
Mr. V.R. Jayaraman |
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Designation : |
Director |
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Address : |
Flat No.11, 6th Floor, Exclusive 14, Pallod Farms, Phase
III, Baner Road, Pune – 411 045, Maharashtra, India |
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Date of
Birth/Age : |
22.06.1951 |
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Date of
Appointment : |
11.06.2004 |
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DIN No.: |
00972096 |
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Name : |
Mr. Arun Shiroor |
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Designation : |
Director |
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Address : |
8, Dhanashree Apartments, S. No. 13341-2, ITI Road, Aunth, Pune –
411007, Maharashtra, India |
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Date of
Birth/Age : |
15.09.1956 |
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Date of Casing : |
30.07.2006 |
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Date of
Appointment : |
01.04.2003 |
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Name : |
Mr. Leonard Lee Boroelon |
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Designation : |
Director |
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Address : |
121, Chatau ST, Louisiana, USA |
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Date of
Birth/Age : |
02.02.1939 |
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Date of
Appointment : |
01.04.2003 |
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Name : |
Charles Ray Lee |
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Designation : |
Director |
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Address : |
121, Chatau ST, Louisiana, USA |
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Date of
Birth/Age : |
05.11.1979 |
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Date of
Appointment : |
11.02.2004 |
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Name : |
Mr. Mahesh S. Desai |
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Designation : |
Director |
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Address : |
B-11/ 12, Chaitraban Residency,
Aundh, Pune – 411 007, Maharashtra, India |
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Date of
Birth/Age : |
16.09.1956 |
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Date of
Appointment : |
02.02.2006 |
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DIN No.: |
00335134 |
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Name : |
Mr. Jagdish S. Desai |
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Designation : |
Director |
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Address : |
F/ 2, Shanti Co-Operative Housing Society, Mogal Lane, Mahim, Mumbai –
400 016, Maharashtra, India |
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Date of
Birth/Age : |
21.01.1959 |
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Date of
Appointment : |
02.02.2006 |
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DIN No.: |
00335436 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 15.09.2008
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Names of Shareholders |
No. of Shares |
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Virgo Valves and Controls Limited |
306127 |
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Balasubramanian V. (Nominee of Virgo Valves and Controls Limited) |
1 |
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Jagdish S. Desai (Nominee of Virgo Valves and Controls Limited) |
1 |
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D.K. Vatsayan (Nominee of Virgo Valves and Controls Limited) |
1 |
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Sandeep Sawant (Nominee of Virgo Valves and Controls Limited) |
1 |
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Prakash Kokane (Nominee of Virgo Valves and Controls Limited) |
1 |
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Durgesh Devnally (Nominee of Virgo Valves and Controls Limited) |
1 |
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Total |
306133 |
As on 15.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business
: |
The company is engaged in manufacturing of Butterfly Valves, Actuators
and Control Valves |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Butterfly Valves |
Nos. |
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12028 |
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Actuators |
Nos. |
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14248 |
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Control Valves |
Nos. |
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|
1369 |
GENERAL
INFORMATION
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No. of Employees
: |
300 |
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Bankers : |
Canara Bank, Industrial Finance Branch, 11, M G Road, Camp, Pune –
411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Kalyaniwalla Mistry and Associates Chartered Accountants |
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Address : |
E – 8, Gera Classic, Koregaon Road, Pune – 411 001, Maharashtra,
India |
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Holding
Company : |
CIN No: U29120MH2004PLC146916 Virgo Valves and Controls Limited |
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Associates : |
Delval Flow Controls Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.100/- each |
Rs.35.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
306133 |
Equity Shares |
Rs.100/- each |
Rs.30.613
millions |
Issued, Subscribed and Paid-up Capital
includes 306133 Equity Shares held by Virgo Valves and Controls Limited, the
Holding Company, the subsidiary of Virgo Engineers Limited, the ultimate Holding
Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.613 |
30.613 |
30.613 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.880 |
10.184 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(1.308) |
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NETWORTH |
34.493 |
40.797 |
29.305 |
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LOAN FUNDS |
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1] Secured Loans |
34.815 |
35.119 |
42.224 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
34.815 |
35.119 |
42.224 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.904 |
0.000 |
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TOTAL |
69.308 |
77.820 |
71.529 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.820 |
28.801 |
31.841 |
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Capital work-in-progress |
0.218 |
0.755 |
0.552 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.536 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.928
|
46.022 |
23.515 |
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Sundry Debtors |
55.473
|
60.299 |
32.260 |
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Cash & Bank Balances |
1.777
|
3.649 |
2.887 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.576
|
11.448 |
6.843 |
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Total
Current Assets |
90.754
|
121.418 |
65.505 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
25.938
|
67.175 |
26.234 |
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Provisions |
6.082
|
6.062 |
0.649 |
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Total
Current Liabilities |
32.020
|
73.237 |
26.883 |
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Net Current Assets |
58.734
|
48.181 |
38.622 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.083 |
0.500 |
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DEFERRED TAX LIABILITY |
0.000 |
0.000 |
0.014 |
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TOTAL |
69.308 |
77.820 |
71.529 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
96.802 |
196.355 |
103.580 |
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Other Income |
0.517 |
0.494 |
0.544 |
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Total Income |
97.319 |
196.849 |
104.124 |
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Profit/(Loss) Before Tax |
(9.694) |
18.916 |
(5.823) |
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Provision for Taxation |
(3.389) |
7.425 |
(1.725) |
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Profit/(Loss) After Tax |
(6.305) |
11.491 |
(4.098) |
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Expenditures : |
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Raw Material Consumed |
72.890 |
131.629 |
67.003 |
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Purchases made for re-sale |
NA |
NA |
5.482 |
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Consumption of stores and spares parts |
2.078 |
1.381 |
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Increase/(Decrease) in Finished Goods |
6.338 |
(5.724) |
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Salaries, Wages, Bonus, etc. |
2.615 |
9.898 |
NA |
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Payment to Auditors |
0.230 |
0.030 |
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Interest |
6.517 |
6.175 |
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Insurance Expenses |
0.202 |
0.240 |
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Power & Fuel |
0.825 |
3.153 |
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Depreciation & Amortization |
2.659 |
5.843 |
4.465 |
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Other Expenditure |
12.659 |
25.308 |
32.997 |
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Total Expenditure |
107.013 |
177.933 |
109.947 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(6.48)
|
5.84 |
(3.94) |
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Net Profit Margin (PBT/Sales) |
(%) |
(10.01)
|
9.63 |
(5.62) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(9.71)
|
12.53 |
(5.95) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.28)
|
0.46 |
(0.20) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.94
|
2.66 |
2.36 |
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Current Ratio (Current Asset/Current Liability) |
|
2.83
|
1.66 |
2.44 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The registered office of the company has been shifted from J-517,
MIDC Industrial Area, Bhosari, Pune – 411 026, Maharashtra to the present
address w.e.f. 24.11.2007
Fixed
Assets
v Goodwill
v Plant and Machinery
v Furniture and Fixture
v Electrical Installations
v Computer
v Office Equipments
v Vehicles
v Technical Know-how
Trade
Terms with
v Ameya Engineers
v Ameya Transmission
v Engineering Works
v K. K. Enterprises
v Omkar Industries
v Patil Enterprises
v Pune Polymers
v Pressfab Engineering India Private Limited
v Suntech Landriani Machine Tools
v Shree Sai Prasanna
The
Year in Retrospect (As on 31.03.2007)
During the year the company earned revenue of Rs.196 millions (previous
year 104 millions) and registered a profit of Rs.11 millions (previous year
loss of Rs.4 millions). This year efforts of the Directors as well as of the
employees have been paid off by turning last year’s loss into this year’s
profit. This charge took place mainly due to increase in sales of the company
as compared with last year’s figure.
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Name of the company |
DELTECH CONTROLS
LIMITED |
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Presented By |
Mr. V R
Jayaraman, Director |
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1) Date and description of instrument creating the change |
Common Hypothecation Agreement dated 16.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 38.000 millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Movable property located at 129/2, Mumbai Pune Road, Chinchwad, Pune -
411019, Maharashtra, India like Plant and Machinery, Stock-in-trade, Raw
Material, Finished goods, all other goods other than those specified in
Schedule 2A and B including Book-Debts as detailed in Common Hypothecation
agreement. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest
will be calculated on debit balance in the account @ 2.45 % above the ongoing
PLR with min. of 13.10 % p.a. compounded monthly for W C Limits and 2.95 %
above ongoing PLR with min. of 13.60 % p.a. for TL or such other rates as
Bank may specify generally from time
to time. |
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank Industrial Finance Branch 11, M G Road, Camp, Pune - 411001 |
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6) Date and brief description of
instrument modifying the charge |
Supplemental common Hypothecation agreement dated 08.11.2004 |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the details
of the modification. |
By the present modification, the facility is enhanced by Rs. 32.000
millions making the aggregate amount to Rs. 70.000 millions Now the facility
structure stands as follows :
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Name of the company |
DELTECH CONTROLS
LIMITED |
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Presented By |
Mr. V R
Jayaraman, Director |
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1) Date and description of instrument creating the change |
Common Hypothecation Agreement dated 24.12.2003 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
ODCC/PC/FDB/FBE limit of Rs. 7.500 millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Movable property located at 129/2, Mumbai Pune Road, Chinchwad, Pune -
411019, Maharashtra, India like Plant and Machinery, Stock-in-trade, Raw
Material, Finished goods, all other goods other than those specified in
Schedule 2A and B including Book-Debts as detailed in Common Hypothecation
agreement. Dated 24.12.2003 |
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|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest will be
calculated on debit balance in the account @ 2.45 % above the ongoing PLR
with min. of 13.10 % p.a. The borrower
shall maintain 25 % margin of security as stipulated by Bank from time to
time. Other terms and
conditions as per common hypothecation agreement dated 24.12.2003. |
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank Industrial Finance Branch 11, M G Road, Camp, Pune - 411001 |
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6) Date and brief description
of instrument modifying the charge |
Not Applicable |
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|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Not Applicable |
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|
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Name of the company |
DELTECH CONTROLS
LIMITED |
||||||||||||||||
|
Presented By |
Mr. V R
Jayaraman, Director |
||||||||||||||||
|
1) Date and description of instrument creating the change |
Common Hypothecation Agreement dated 16.03.2004 |
||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 38.000 millions |
||||||||||||||||
|
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 |
Movable property located at 129/2, Mumbai Pune Road, Chinchwad, Pune -
411019, Maharashtra, India like Plant and Machinery, Stock-in-trade, Raw
Material, Finished goods, all other goods other than those specified in
Schedule 2A and B including Book-Debts as detailed in Common Hypothecation
agreement. Dated 16.03.2004 |
||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest
will be calculated on debit balance in the account @ 2.45 % above the ongoing
PLR with min. of 13.10 % p.a. compounded monthly for W C Limits and 2.95 % above
ongoing PLR with min. of 13.60 % p.a. for TL or such other rates as Bank may
specify generally from time to time. The borrower
shall maintain 25 % margin of security for working capital limits and 33.33 %
margin of security for term loan limits 3 others terms and conditions as per
common hypothecation agreement dated 16.03.2004 |
||||||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
Canara Bank Industrial Finance Branch 11, M G Road, Camp, Pune - 411001 |
||||||||||||||||
|
6) Date and brief description
of instrument modifying the charge |
Not Applicable |
||||||||||||||||
|
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. |
Not Applicable |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29120PN2003PLC017844 |
|
Name of the
company |
STAFFORD CONTROLS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
277, Hinjewadi, Phase II, Maan (Mulshi), Pune – 411 057, Maharashtra,
India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Canara Bank, Industrial Finance Branch, M G Road, Camp, Pune – 411001,
Maharashtra, India E-Mail: nvgopal@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Common
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
15.06.2007 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
2.5% above the ongoing BPLR with Minimum 15.75% p.a. Terms of
Repayment: As may be specified by Bank Margin: As may be
specified by Bank Extent and
Operation of the charge: All Movable Properties of the company |
|
Short particulars
of the property charged |
Inventory of
Rs.27.264 millions and Book debts of Rs.44.461 millions situated at 129/ 2,
Mumbai – Pune Road, Chinchwad (East), Pune |
AS PER
WEBSITE
They are DelTech Controls, a leading manufacturer of butterfly valves,
actuators and controls for the U.S. and international markets. DelTech
Controls, with over 30 years of experience and expertise in engineering,
manufacturing and marketing, is geared to serve customers' needs efficiently.
They are based in Geismar, Louisiana with manufacturing / assembly /
warehousing locations in Geismar, LA, USA and Pune, India.
DelTech combines its many years of experience in engineering, design,
manufacturing, sales and service to bring you the most innovative flow control
products on the market today. They meet face-to-face with customers, listen to
their needs and work together to find solutions. The customers are close to the
problems; therefore, being close to the customers gives them valuable input to
solve problems.
Today, DelTech continues to improve and optimize their base designs. The
DelTorq rack and pinion actuator features a universal shaft adapter system in
order to direct mount to almost any quarter turn product while the DelVal line
of butterfly valves features the "center-lock" seat design to prevent
movement during the seating and unseating of the disc. Design improvements
focus on defining and evaluating design dimensional tolerances to assure a high
degree of repeatability coupled with a continuous search for improved materials
to use in valve, actuator and control products.
At DelTech Controls, the focus continues to be on developing the most
innovative products on the market while maintaining the highest level of
customer service.
Worldwide Headquaters
DelTech’s Worldwide Headquarters are located in Geismar, LA, about 20
minutes from the state capital of Baton Rouge. The Geismar location also serves
as the main sales office and distribution center for North and South America.
The heart of the Geismar facility is the 25,000 square foot warehouse which
stocks a full range of products (valves, actuators, accessories) and is
complete with a full service automation center.
Main Products
Butterfly Valves, Ball Valves, Actuators,
Valve Automation Systems.
Certificates
ATEX (94/9/EC:1994) - dnv1, dnv2, dnv3
Subject have been manufacturing Butterfly Valves, Actuators and Automated Valve Packages. Over 100,000 Valves and automated valve packages manufactured in subject plants have been used by many satisfied customers around the world.
Subject Products are manufactured in Company’s modern plant in Pune, India, about 140KM south of Bombay. The plant is equipped with modern Design and Engineering facility and a state-of Art machine shop. All products are designed and validated on computers using 3D modeling and Finite Element Analysis.
Subject uses BaaN ERP software that makes Planning and Manufacturing completely seamless and very efficient. Subject has a team of 80 young employees who are completely dedicated to understand and serve customer needs.
Quality improvement is an ongoing process and they at subject recognize that subject plants are ISO 9001:2000 Certified. Subject is also one of the few Valve manufacturers to have been certified for ‘CE Marking’ under European Union’s Pressure Equipment Directive 97/23/EC, Quality System Certificate from TUV. The entire range of Actuators manufactured by Stafford is ATEX certified.
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.47.28 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.68.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|