MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
SURYA VINAYAK INDUSTRIES LIMITED |
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Registered Office : |
E - 3, Mangolpuri Industrial Area, Phase II, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.08.1996 |
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Com. Reg. No.: |
55-81106 |
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CIN No.: [Company
Identification No.] |
U74899DL1996PLC081106 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS23272E |
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PAN No.: [Permanent
Account No.] |
AABCS6369N |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of all types of essential Oils, Perfumery Compounds,
Flavors, Fragrances and Aromatic Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 9800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track.
Trade relations are fair. Business is active. General financial position is good.
Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
E - 3, Mangolpuri Industrial Area, Phase II, |
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Tel. No.: |
91-11-27371293 |
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E-Mail : |
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Factory : |
Zone H-4/5, Plot No. 55, Suvidha Kunj, Pitam Pura, New Delhi – 110
034, India |
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Tel. No.: |
91-11-27033750 |
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Fax No.: |
91-11-27033756 / 27033765 |
DIRECTORS
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Name : |
Mr. Sanjay Jain |
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Designation : |
Whole-Time Director |
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Address : |
I-42, Ashok Vihar-I, |
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Date of Birth/Age : |
30.05.1964 |
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Date of Appointment : |
15.07.1997 |
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Name : |
Mr. Rajiv Jain |
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Designation : |
Managing Director |
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Address : |
I-42, Ashok Vihar-I, |
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Date of Birth/Age : |
11.05.1968 |
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Date of Appointment : |
16.03.2004 |
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Name : |
Mr. Sanjeev Agarwal |
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Designation : |
Director |
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Address : |
Flat No. B-310, Karor C G H.5, Plot No. 39-C, Sector – 6, Dwarka, |
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Date of Birth/Age : |
01.05.1969 |
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Date of Appointment : |
04.09.2002 |
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Name : |
Mr. Rohit Chowdhary |
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Designation : |
Director |
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Address : |
BE-17, Shalimar Bag, |
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Date of Birth/Age : |
12.09.1969 |
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Date of Appointment : |
16.03.2004 |
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Name : |
Mr. Kamal Kant Sharma |
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Designation : |
Director |
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Address : |
ZP-76, IIIrd Floor, Pitampura, |
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Date of Birth/Age : |
02.09.1969 |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Ramesh Kumar Sareen |
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Designation : |
Director |
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Address : |
3/5, East Patel Nagar, |
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Date of Birth/Age : |
26.09.1944 |
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Date of Appointment : |
20.10.2007 |
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Name : |
Mr. Rajeev Kumar |
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Designation : |
Director |
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Address : |
E-33, IDBI Flats, |
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Date of Birth/Age : |
08.12.1962 |
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Date of Appointment : |
08.08.2005 |
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Name : |
Mr. Gopal Venkata S S Chanduri |
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Designation : |
Whole Time Director |
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Address : |
B-170, Sarita Vihar, |
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Date of Birth/Age : |
15.08.1961 |
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Date of Appointment : |
27.06.2007 |
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Name : |
Mr. Jayant Mohanlal Gandhi |
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Designation : |
Director |
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Address : |
158 Deepali Enclave, Pitampura, |
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Date of Birth/Age : |
03.04.1959 |
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Date of Appointment : |
01.11.2008 |
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Name : |
Mr. Rajan Pratap Singh Kaicker |
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Designation : |
Director |
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Address : |
B/21, Grand Paradi, August Kranti Marg, Mumbai – 400 036, |
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Date of Birth/Age : |
06.04.1962 |
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Date of Appointment : |
01.03.2008 |
KEY EXECUTIVES
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Name : |
Mr. Anand Kumar Gupta |
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Designation : |
Secretary |
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Address : |
2656, Vishwakarma Gali, Shadipur Main Market, West Patel Nagar, |
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Date of Birth/Age : |
09.11.1969 |
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Qualification : |
07.01.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 06.06.2008)
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Names of Shareholders |
No. of Shares |
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Rajiv Jain |
9132271 |
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Sanjay Jain |
15529273 |
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PPC Business and Production Private Limited |
2256520 |
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Siddhi V Aromatics Private Limited |
1832700 |
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JH Finvest Private Limited |
2217500 |
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Bharat Expo. Corporation Private Limited |
564500 |
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Sanjeev Agarwal |
10 |
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Texefx Marble Industries Limited |
855000 |
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Kamal Kant Sharma |
153 |
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Total |
32387927 |
Equity share
breakup (percentage of total equity)
(As on
26.09.2008)
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Category |
Percentage |
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Bodies corporate |
24.00 |
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Directors or relatives of directors |
76.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of essential Oils, Perfumery Compounds,
Flavors, Fragrances and Aromatic Chemicals. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
·
Canara Bank 74, Janpath, ·
Punjab
National Bank International Banking Branch, ·
State
Bank of ·
YES Bank Limited ·
IDBI Bank Limited ·
State Bank of ·
ICICI Bank Limited ·
HDFC Bank Limited ·
Kotak Mahindra Bank Limited ·
State Bank of |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Agarwal Kamal Kumar and Associates Chartered Accountant |
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Address : |
13-B, IInd Floor, Above Central Bank, Netaji Subhash Marg, |
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Tel. No.: |
91-11-23284459 / 23284460 |
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Associates/Subsidiaries : |
·
Allied Perfumers Private Limited ·
SVIL Mines Limited ·
Sanjay Jain Family Welfare Trust ·
J H Finvest Private Limited ·
Bharat Export Corporation Private Limited ·
PPC Business and Products Private Limited ·
TEXEFX Marbles Industries Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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32500000 |
Equity Shares |
Rs.10/- each |
Rs.325.000 millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32387927 |
Equity Shares |
Rs.10/- each |
Rs.323.879
millions |
Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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32387927 |
Equity Shares** |
Rs.10/- each |
Rs.323.879
millions |
Note
** Pursuant to the Scheme of Amalgamation / Arrangement
among M/s Rim Valley Products Private Limited (Transferor Company), M/s Global
Business India Private Limited (Transferor Company) and Surya Vinayak
Industries Limited (Transferor Company), as sanctioned by Hon’ble High Court of
Delhi at New Delhi on 14th September, 2007 the Transferor Companies
have been merged with the Transferee Company, on Going Concern basis, with
effect from the appointed date i.e. 01.04.2006. In accordance with the scheme
of Arrangement 11288187 Equity Shares (153 equity shares of SVIL of Rs.10 each
in exchange of every 100 equity shares of RZVPPL of Rs.10 each) and 4070940
Equity Shares (95 equity shares of Svil of Rs.10 each in exchange of every 100
equity shares of GBIPL of Rs.10 each) have been allotted proportionately to the
shareholders of RZVPPL and GBIPL respectively.
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 |
323.879 |
170.288 |
165.288 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1641.979 |
391.047 |
307.272 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1965.858 |
561.335 |
472.560 |
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LOAN FUNDS |
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1] Secured Loans |
1603.390 |
960.838 |
1054.405 |
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2] Unsecured Loans |
0.000 |
0.300 |
0.300 |
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TOTAL BORROWING |
1603.390 |
961.138 |
1054.705 |
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DEFERRED TAX LIABILITIES |
38.084 |
29.595 |
32.266 |
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TOTAL |
3607.332 |
1552.068 |
1559.531 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
239.468 |
134.981 |
135.489 |
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Capital work-in-progress |
131.064 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3418.295
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1914.047 |
1410.512 |
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Sundry Debtors |
1974.875
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116.653 |
449.162 |
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Cash & Bank Balances |
685.721
|
278.304 |
133.100 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1605.468
|
590.360 |
195.916 |
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Total
Current Assets |
7684.359
|
2899.364 |
2188.690 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4267.007
|
1457.827 |
764.664 |
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Provisions |
201.965
|
39.822 |
20.583 |
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Total
Current Liabilities |
4468.972
|
1497.649 |
785.247 |
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Net Current Assets |
3215.387
|
1401.715 |
1403.443 |
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MISCELLANEOUS EXPENSES |
13.919 |
15.372 |
20.599 |
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|
7.494 |
0.000 |
0.000 |
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TOTAL |
3607.332 |
1552.068 |
1559.531 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
21029.660 |
8474.460 |
4472.667 |
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Other Income |
452.230 |
50.113 |
11.295 |
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Total Income |
21481.890 |
8524.573 |
4483.962 |
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Profit/(Loss) Before Tax |
999.490 |
104.729 |
66.673 |
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Provision for Taxation |
197.870 |
37.056 |
19.373 |
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Profit/(Loss) After Tax |
801.620 |
67.673 |
47.300 |
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Earnings in Foreign Currency : |
8060.988 |
4804.998 |
1251.334 |
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Expenditures : |
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Raw Material Consumed |
3107.222 |
1806.835 |
1556.302 |
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Purchases made for re-sale |
17061.054 |
6797.339 |
2665.738 |
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Consumption of stores and spares parts |
1.246 |
2.597 |
3.598 |
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Increase/(Decrease) in Finished Goods |
(977.563) |
(754.922) |
(284.077) |
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Salaries, Wages, Bonus, etc. |
56.336 |
18.185 |
18.475 |
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Managerial Remuneration |
9.581 |
2.040 |
1.860 |
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Payment to Auditors |
1.285 |
0.224 |
0.224 |
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Interest |
326.715 |
172.160 |
120.972 |
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Insurance Expenses |
7.110 |
4.008 |
3.667 |
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Power & Fuel |
24.293 |
6.495 |
4.829 |
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Depreciation & Amortization |
24.338 |
9.940 |
9.808 |
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Other Expenditure |
840.783 |
354.943 |
315.893 |
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Total Expenditure |
20482.400 |
8419.844 |
4417.289 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
|
3.73
|
0.79 |
1.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.75
|
1.24 |
1.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.61
|
3.45 |
2.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.19 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
4.38 |
3.89 |
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Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.94 |
2.79 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Name of the company |
SURYA VINAYAK INDUSTRIES LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
26.07.2005, C-2, Agreement
of Hypothecation of Goods and Assets, C-5 Grant of Individual Limits within
the overall limit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Facility 1 C C
(Hypothecation) Rs.50.000 millions, LC Rs.100.000 millions, BG Rs.100.000
millions (sub limit of LC) with two way interchangeability to the full
extent |
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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 |
Primary : Hypothecation of stock of raw material,
work in process, finished goods, goods in transit, whether lying in the
party’s godown / warehouses of the company or otherwise and receivables on
Pari-Passu basis with other member banks Collateral : 2 Pari-Passu charge on the Fixed Assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
CC
(Hypothecation) : Rate of interest 10.25% (Floating), LC (ILC/FLC) As per
Bank Standard rate, Bank Guarantee – As per Bank standard rate |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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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 Available |
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Corporate
identity number of the company |
U74899DL1996PLC081106 |
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Name of the
company |
SURYA VINAYAK INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in |
E - 3, Mangolpuri Industrial Area, Phase II, |
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This form is for |
Creation of
charge |
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Type of charge |
·
Immovable
property ·
Other o
Current
Assets |
|
Particular of
charge holder |
Punjab National
Bank International
Banking Branch, |
|
Nature of
instrument creating charge |
·
Hypothecation
of Movable Assets forming part of Fixed / Block Assets ·
Hypothecation
of Current Assets ·
Hypothecation
of Goods and Book debts to secure case credit facility ·
Supplementary
Agreement ·
Letter
of Continuity |
|
Date of
instrument Creating the charge |
10.11.2008 |
|
Amount secured by
the charge |
Rs.30.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest 1.50% per annum over and above BPLR (Minimum of 15% per annum) ·
Terms
of repayment As per Agreement ·
Margin As per Agreement ·
Extent
and operation of the charge First Pari Passu charge over the Fixed Assets (Excluding Land and
Building at |
|
Particulars of
the property charged |
Land and Building
situated at Village Naya Bans, Sampla (Unit – I) Land and Building
situated at Village Naya Bans, Sampla (Unit – III) |
The Deferred Tax Liability of Rs.1.906 millions that stood in the Books
of erstwhile GBIPL and Rs.1.770 millions of the erstwhile RZVPPL has been reversed
by the company to comply with Accounting Standard Interpretation – 11 issued by
the Institute of Chartered Accountants of India and pursuant to the provision
of paragraph 19 of AS 22, the unrecognized deferred tax liability of these two
amalgamating companies has been reassessed and the corresponding adjustment
being made to the revenue reserves.
Total Remuneration of Rs.9.581 millions has been paid to the directors
of the Company during the year ended on 31st March, 2008 (includes
Rs.1.275 millions paid by erstwhile GBIPL and Rs.1.187 millions paid by
erstwhile RZVPPL as Directors Remuneration for the period 01.04.2006 to 31.03.2007)
Sitting fees for the meeting have been waived by all the directors
Business
Performance
The Company achieved a turnover of Rs.21029.700 millions during the
year. The Profit after tax for the year stood at Rs.801.600 millions.
Accounting Methods
and Policies
The figures of the year is inclusive of figures of M/s. Rim Zim Valley
Products Private Limited (RZVPPL) and M/s. Global Business India Private
Limited (GBIPL) for the period 01.04.2006 to 31.03.2007, which have now merged
with the Company in pursuance of the Scheme of Amalgamation sanctioned by
Hon’ble High Court of Delhi vide its order dated 14th September,
2007. The previous year figures only represent figures of the Company on
standalone basis. In view of above, the figures of the year are not strictly
comparable with that of the Previous Year.
Future Prospects
The Company is
Scheme of
Amalgamation
Pursuant to the Scheme of Amalgamation / Arrangement among M/s/. Rim Zim
Valley Products Private Limited (Transferor Company), M/s. Global Business
India Private Limited (Transferor Company) and Surya Vinayak Industries Limited
(Transferor Company), as sanctioned by Hon’ble High Court of Delhi at New Delhi
on 14th September, 2007 the Transferor Companies have merged with
the Transferee Company, on gong concern basis, with effect from the appointed
date i.e. 01.04.2006. In accordance with the Scheme of Arrangement 11288187
Equity Shares (153 equity shares of SVIL of Rs.10 each in exchanged of every
100 equity shares of RZVPPL of Rs.10 each) and 4070940 Equity Shares (95 equity
shares of SVIL of Rs.10 each in exchange of every 100 equity shares of GBIPL of
Rs.10 each) have been allotted proportionately to the shareholders of RZVPPL
and GBIPL respectively. The order of the Hon’ble High Court has been registered
with the Registrar of Companies,
The Company has already adopted its accounts for the year ended on
31.03.2007 prior to the effective date of merger, no effect could have been
taken in the books of the Company for the transactions carried out in the
financial year 01.04.2006 to 31.03.2007. Pursuant to the merger the accounts of
RZVPPL and GBIPL have been merged with the books of account of the Company and
such as the above transactions have been included in the books of the Company/
This has the effect of increasing the profit for the current year by an amount
of Rs.2.523 millions representing the profit pertaining to these two companies
for the previous year ended on 31.03.2007.
Contingent
Liabilities
A demand of Rs.0.400 million is still pending with the joint and Excise
and Taxation Commissioner (Appeals), Rohtak, Haryana since 2003-04 which has
not been acknowledged by the company as debt. (P.Y. Amount not acknowledge as
debt Rs.0.400 million)
A Sales Tax demand of Rs.0.531 million is still pending with the Joint
Commissioner (Appeals),
A Sales Tax demand of Rs.0.336 million is still pending with the Joint
Commissioner (Appeals),
A demand of Rs.1.106 millions of erstwhile GBIPL, is still pending with
the Excise and Taxation officer, Rohtak, Haryana for Financial Year 2004-05 on
account of non submission of the statutory forms in time but since there was
excess of input credit of the company at the end of the year the tax department
has adjusted this demand input credit and for which an appeal will be made and
the forms shall be submitted. Since the company has not acknowledged this
demand as debt as such same has not been provided in books of account.
Bank Guarantee : The Company has
provided the following bank guarantees:
Rs.1.721 millions to District Forest Officer, Salem, Rs.0.122 million in
favour of District Forest Officer, Tirupattur and Rs.0.139 million in favour of
District Forest Officer Tirupattur (At 100% Margin Money in the form of FDR
with Indian Bank, Janpath Branch, New Delhi of Rs.2.000 millions valid for the
period 05.04.2006 to 05.04.2009, towards the liability of sales tax created by
them, as the DFOs used to charge sales tax @ 12% whereas company has paid sales
tax @ 4% with statutory forms. The matter is pending for adjudication before
the
Rs.23.393 millions to District Forest Officer, Salem and Rs.5.695
million in favour of District Forest Officer, Tirupattur (At 100% Margin Money
in the form of FDR with State Bank of Patiala, Kasturba Gandhi Marg Branch, New
Delhi of Rs.29.088 millions) valid for the period 01.10.2006 to 30.09.2009,
towards the liability of sales tax created by them, as the DFOs used to charge
sales tax @ 12% whereas company has paid sales tax @ 4% with statutory forms.
The matter is pending for adjudication before the
Fixed Assets
·
Land
·
Office Equipment
·
Plant and Machinery
·
Tools and Equipments
·
Vehicle
·
Computers
·
Electric Fitting
·
·
Furniture and Fixtures
·
Office Premises
·
Cycle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.48.49 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.67.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|