MIRA
INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
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Name : |
REVA ELECTRIC CAR COMPANY PRIVATE LIMITED |
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Formerly Known As : |
Maini americon car company private limited |
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Registered Office : |
122E, Bommasandra Industrial Area, Bommasandra, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.04.1996 |
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Com. Reg. No.: |
08-020195 |
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CIN No.: [Company
Identification No.] |
U34101ka1996ptc020195 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Blrm01936e |
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PAN No.: [Permanent
Account No.] |
Aabcr2858r |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of environment-friendly and cost-effective electric
vehicles |
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 2200000 |
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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. The
company’s profitability is under severe pressure. It has huge accumulated losses.
However, no complaints have been heard from market sources. The company can be considered for small to mediocre business dealings,
initially. |
LOCATIONS
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Registered Office : |
122 E, Bommasandra Industrial Area, |
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Tel. No.: |
91-80-27831999 / 22212143 |
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Fax No.: |
91-80-27834436 / 22270634 |
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E-Mail : |
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Website : |
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Corporate Office : |
705, 7th Floor, |
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Tel. No.: |
91-80-22212143 |
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Fax No.: |
91-80-22270634 |
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E-Mail : |
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Factory : |
# 38, Maini Sadan, 7th Cross, |
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Tel. No.: |
91-80-22271146/22271151 |
DIRECTORS
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Name : |
Mr. Chetan Kumar Maini |
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Designation : |
Director |
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Address : |
495 14th Main 3rd Block, Koramangala, |
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Date of Birth/Age : |
11.03.1970 |
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Date of Appointment : |
29.09.2008 |
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E-Mail: |
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Name : |
Mr. Suresh Talwar |
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Designation : |
Director |
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Address : |
No. 10, |
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Date of Birth/Age : |
21.11.1937 |
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Date of Appointment : |
02.12.2006 |
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Name : |
Dr. Lon Edward Bell |
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Designation : |
Director |
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Address : |
1819 Grand oaks, Avenue |
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Date of Birth/Age : |
14.01.1937 |
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Date of Appointment : |
28.11.2006 |
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Name : |
Mr. Sandeep Kumar Maini |
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Designation : |
Director |
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Address : |
G-101, |
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Date of Birth/Age : |
31.08.1966 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Mr. Mohanjit Singh Jolly |
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Designation : |
Director |
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Address : |
Villa B -187, Prestige Ozone, Whitefield, |
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Date of Birth/Age : |
12.11.1969 |
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Date of Appointment : |
17.11.2007 |
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Name : |
Mr. Maini Sudarshan Kumar |
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Designation : |
Director |
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Date of Appointment : |
03.04.1996 |
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Date of Cessation : |
07.06.2008 |
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Name : |
Mr. Samrat Ganguly |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
16.03.1973 |
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Date of Cessation : |
22.06.2007 |
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Name : |
Mr. Seethapathi Nagappa |
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Designation : |
Secretary |
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Address : |
3415 (B) Ground Floor 1st Main 2nd Phase, 8th
Ward , Gayatri Nagar, |
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Name : |
Mr. John Walter Legrandeur |
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Designation : |
Director |
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Address : |
1735 El Vista CIR, |
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Date of Birth/Age : |
23.11.1955 |
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Date of Appointment : |
02.12.2006 |
KEY EXECUTIVES
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Name : |
Mr. S K Maini |
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Designation : |
Chairman |
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Name : |
Mr. Chetan Maini |
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Designation : |
Deputy Chairman and CTO |
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Address : |
No. 370, 11th Main , 3rs Block Koramangala, |
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Date of Birth/Age : |
11.03.1970 |
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Date of Appointment : |
28.11.2006 |
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Name : |
Mr. S Nagappa |
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Designation : |
Company Secretary |
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Name : |
Mr. H Jeffrey Leonard |
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Designation : |
President and Founding Shareholder |
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Address : |
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Date of Birth/Age : |
18.06.1954 |
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Qualification : |
Ph.D |
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Date of Appointment : |
28.11.2006 |
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Name : |
Dr. Lon Bell |
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Designation : |
Co-Founder and Vice Chairman |
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Name : |
Mr. Myla Venkataramana Bhat |
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Designation : |
Secretary |
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Address : |
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Date of Birth/Age : |
03.04.1953 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Mr. Raja Gopal S |
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Designation : |
Secretary |
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Address : |
122 E, |
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Date of Birth/Age : |
13.05.1966 |
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Date of Appointment : |
03.03.2007 |
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Date of Cessation : |
15.12.2007 |
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Name : |
Mr. Seethapathi Nagappa |
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Designation : |
Secretary |
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Address : |
3415 (B) Ground Floor 1st Main 2nd Phase, 8th
Ward , Gayatri Nagar, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Equity Shares |
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Dr. Sudarshan Kumar Maini |
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3687723 |
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Dr. Sudarshan Kumar Maini (Huf) |
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174601 |
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Mrs. Reva Maini |
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259738 |
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Mr. Gautam Maini |
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261455 |
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Mr. Sandeepb Kumar Maini |
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305068 |
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Mr. Chetan Kumar Maini |
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1093149 |
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Maini Industrial Consultants |
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93387 |
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Aevt INC |
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2230561 |
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Others |
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602228 |
Names of Shareholders |
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No. of Shares |
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Preference
Shares |
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Mellon HBV Master Global Event Driven Fund |
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614293 |
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Clean Tech Holdings MU |
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3261278 |
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DFJ Mauritius INC |
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2764315 |
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DFJ |
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496963 |
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Fursa Mauritius SPVI (Formerly known as Mellon HBV Master Global Event
Driven Fund LP) |
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110436 |
List of Allotees {As on 15.04.2008}
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Names of Shareholders |
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No. of Shares |
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DFJ Mauritius , INC |
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496963 |
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Clean Tech Holdings MU (GEF) |
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496963 |
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Fursa Mauritius SPVI (Formerly known as Mellon HBV Master Global Event
Driven Fund LP) |
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110436 |
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Total |
1104362 |
AS ON 30.09.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Government [Central and Sales] |
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1.24 |
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Venture Capital |
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25.62 |
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Directors or relatives of directors |
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73.14 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of environment-friendly and cost-effective electric
vehicles |
GENERAL INFORMATION
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Bankers : |
·
· ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
S r Batliboi and Associates Chartered Accountants |
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Address : |
UB City, |
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Tel No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Associates/Subsidiaries : |
· Berger Maini Precision Product Private Limited · Maini Granites limited · Maini Abrasives Private limited ·
Hensel · Bangalore Transport Finance Company · Ceylinco Maini Private Limited · Maini Industrial Consultants · Maini Precision Products Private limited · Karnataka Electronics · Going Green Limited, UYK · Ajay Construction · Maini Materials Movement Private Limited · AEV LLC |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 200.000 Millions |
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6200000 |
Preference Shares |
Rs. 144.88 Each |
Rs. 898.256 Millions |
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Total
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Rs.
1098.256 Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8707910 |
Equity Shares |
Rs. 10/- Each |
Rs. 87.079 Millions |
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6142923 |
Preference
Shares |
Rs. 144.88/- Each |
Rs. 889.987 Millions |
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Total |
Rs. 977.066 Millions |
NoteS:
Share allotted for consideration other than cash include:
·
1781150 shares (2007-178150) to AEV
· 62546 shares (2007- 62546) to Mr. Chetan Maini, Director of the company for technical services provided to the company.
· 107798 shares (2007-107798) to Technology Development Board towards settlement of term loan and other due.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
977.066 |
977.065 |
86.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.289 |
16.899 |
32.368 |
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4] (Accumulated Losses) |
[548.347] |
[432.612] |
[377.447] |
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NETWORTH |
441.008 |
561.352 |
[259.079] |
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LOAN FUNDS |
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1] Secured Loans |
52.900 |
127.200 |
133.055 |
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2] Unsecured Loans |
0.000 |
0.000 |
129.327 |
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TOTAL BORROWING |
52.900 |
127.200 |
262.382 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
493.908 |
688.552 |
3.303 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
227.310 |
158.260 |
131.706 |
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Capital work-in-progress |
54.604 |
1.729 |
0.000 |
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INVESTMENT |
15.460 |
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 |
103.181
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41.527 |
26.819 |
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Sundry Debtors |
19.104
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40.398 |
20.640 |
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Cash & Bank Balances |
104.319
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455.465 |
2.799 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
73.944
|
76.828 |
39.226 |
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Total
Current Assets |
300.548
|
614.218 |
89.484 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
98.523
|
82.862 |
214.323 |
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Provisions |
5.491
|
2.793 |
3.564 |
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Total
Current Liabilities |
104.014
|
85.655 |
217.887 |
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Net Current Assets |
196.534
|
528.563 |
[128.403] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
493.908 |
688.552 |
3.303 |
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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 |
235.445 |
208.887 |
181.420 |
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Service Income |
5.656 |
9.225 |
2.100 |
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Other Income |
32.561 |
13.804 |
0.000 |
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Total Income |
273.662 |
231.916 |
183.520 |
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Profit/(Loss) Before Tax |
[114.583] |
[54.331] |
[80.420] |
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Provision for Taxation |
[1.152] |
[0.834] |
0.000 |
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Profit/(Loss) After Tax |
[115.735] |
[55.165] |
[80.420] |
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Export Value |
158.636 |
160.059 |
NA |
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Import Value |
84.115 |
38.371 |
NA |
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Expenditures : |
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Raw Material Consumed |
237.940 |
173.202 |
NA |
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Increase/(Decrease) in Finished Goods |
[26.497] |
[2.828] |
NA |
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Salaries, Wages, Bonus, etc. |
50.643 |
30.329 |
NA |
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Consumption of stores and spares parts |
NA |
NA |
152.560 |
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Pre-Operative Expenses |
NA |
NA |
3.370 |
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Interest |
2.881 |
9.752 |
6.710 |
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Depreciation & Amortization |
30.798 |
21.020 |
19.370 |
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Other Expenditure |
92.480 |
54.772 |
81.930 |
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Total Expenditure |
388.245 |
286.247 |
263.940 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
[42.29]
|
[23.78] |
[43.82] |
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Net Profit Margin (PBT/Sales) |
(%) |
[48.67]
|
[26.00] |
[44.32] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[19.16]
|
[7.02] |
[36.36] |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.26]
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[0.10] |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36
|
0.38 |
[1.85] |
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Current Ratio (Current Asset/Current Liability) |
|
2.89
|
7.17 |
0.41 |
LOCAL AGENCY FURTHER INFORMATION
Year under Review:
The company’s overall income was higher by 18% during the year ending on
31.03.2008 as compared to the preceding financial year ending 31.03.2007. The
company continued to invest in Research and Development and in product
development activities involving development of new models, which consumed a
significant part of the company’s financial resources. On the export front, the
company embarked on an aggressive strategy, aimed at expanding into new
countries and territories.
Business Outlook
and Future Prospects
Apart from strengthening its position as the pre-eminent EV in
notes:
The Company Registered Office have been shifted from 705, vII Floor, Devatha Plaza, 131/132, Residency
Road, Bangalore – 560 025, Karnataka, India
to present address .w.e.f
24.11.2008.
Form 8:-
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Name of the company |
REVA ELECTRIC CAR COMPANY PRIVATE LIMITED |
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Presented By |
Mr. S Nagappa, Company Secretary |
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1) Date and description of instrument creating the change |
3rd August 2004 - Unattested Memorandum of Hypothecation executed by REVA Electric Car COmpany private Limited (Therein
and hereinafter referred to as the company)
in favour of “ICICI Bank Limited” (Therein and Hereinafter referred to
as “ICICI Bank”) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
15 millions (therein and hereinafter referred to as the “the Loan”)
equivalent to Rs. 15 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 |
The whole of the
movable property of the company situated at Bommasandra Industrial Estate,
Bommasandra, Bangalore 562 158 in the State of Karnataka including the
company movable plant and machinery, machinery spares, tools and accessories
and other movables both present and future at the company’s plant at 122 E,
Bommasandra industrial Area, Bommasandra, Bangalore – 562 158 (Therein and
hereinafter to as the said Goods”). |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of ICICI Bank having lent and advanced / agreed to lend and advance to the
company the loan, agreement and declaration
by the company, inter alia, as follows: Covenant by the
company to repay the loan and pay interest and all other monies in the manner
set out in the loan agreement between the company and ICICI Bank and to
comply with the terms and conditions of the said loan agreement. The said goods
were thereby hypothecated inter alia to ICICI Bank as and by way of First
charge as security for and be charged with the repayment of the loan with
interest thereon, additional interest,
commitment charge, liquidated damages, premium on prepayment or on
redemption, costs, charges and other expenses payable by the company to iCICI Bank in respect thereof
provided that the charge of ICICI Bank on the said goods as mentioned in 3
(b) above will be subject to the
charge or charge created and or to be created by the company
in favour of its bankers on its stocks of raw materials, finished goods,
consumables stores and such other movables as may be agreed to by icici Bank to secured borrowings for
working capital requirements in the ordinary course of business. The company to
keep the said goods in marketable and good condition and also insured as
provided therein. Power of Entry,
power to take charge and / or possession of, seize, recover, receive, appoint receivers of and remove and / or sale by
auction or private contract, dispatch for realization or otherwise dispose of
or deal with all or any part the said goods etc. as provided therein. |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited, ICICI Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai – 400
051, Maharashtra, India |
Fixed assets
· Land-Leasehold
· Leasehold Improvements
· Buildings
· Software and Computers
· Plant and Machineries
· Tools and Fixtures
· Office Equipments
· Furniture and Fixtures
· Vehicles
Website details:-
Company Profile
Subject, based in
The success of commercializing subject at affordable prices stems from the
support it has received from The Maini Group. The Group has been committed to
producing zero-pollution transportation equipment and automotive components
since 1984. Subject is guided by the "zero principle” of the Maini Group.
Zero defects, zero time delays, zero inefficiencies and zero pollution. This is
achieved through Zero Wastage and Zero Compromises.
The company is India’s first electric vehicle and was launched on May 11, 2001
after seven years of R and D and hailed as the most innovative and high
technology product of the year. Over 1000 parts were designed using
Pro/Engineer and the entire development was digitally executed in-house making
the subject 95% indigenous. Company received ISO 9001:2000 Certification by the
Det Norske Veritas (DNV) in August 2002.
Subject has been uniquely developed to use a lightweight tubular steel space frame
that supports all the suspension and body components. The body is made out of
lightweight dent-proof ABS plastic panels. The extruded sheets are thermoformed
to the desired shape and have a high impact resistance. The large doors, a
large crush zone in the front of the car provide further safety to passengers
against impact. The battery pack position is so designed as to keep the center
of gravity low and Dual-hydraulic and regenerative braking are added for
additional safety.
The company has an onboard charger to facilitate easy charging that can be
carried out by plugging into any 15 Amp socket at home or at work. An
intelligent ‘low battery’ warning light and a fuel gauge that allows easy
estimation of driving range ensure that the driver is not stranded. Customers
can customize the design of their car by choosing from 2000 shades. Body
colored bumpers and mirrors enhance its value.
Subject requires extremely low maintenance because of the minimum number of
moving parts and the latest on-board diagnostic tools that store three years
data and enable prompt service. This enhances efficiency, performance and high
degree of reliability. Two on-board computers are provided for Energy
Management and Data Acquisition for quick diagnostics and extend range by 15 %
and battery life by 25%. Company incorporates the latest in EV technology and
cost effective manufacturing processes making subject commercially viable at an
offer price significantly less than that of EVs globally. The companies current
models offer a top speed of 80 kmph and a range of 80 Km, thus ideally suited
for today’s city mobility. Subject is easy to drive and most ideal for
“stop-start” traffic conditions without a clutch and gear. It has a small
turning radius making it easy to maneuver and park.
Manufacturing
The automotive manufacturing methods for the subject differ
significantly from those of large OEMs across the world.
Subject’s unique design of using a space frame and ABS body panels
allows the car to move from station to station on its own wheels.
The current manufacturing facility of company has a capacity to produce
3000 REVAs per annum.
The company plans to expand its production facility to manufacture 30000
cars per annum with its new LEED certified facility to be operational in mid
2009. This expansion plan is in line with the expected increase in demand both
from the domestic as well as the export market.
The company uses the capabilities of the Maini Group to manufacture key
components such as the body, interior panels, chassis, electronic components,
charger, etc. In addition company has a team of 175 strong suppliers.
To ensure a very high degree of quality and reliability, each REVA
rolling out of the assembly is checked for over 100 parameters.
In addition, each car is tested on a Vehicle dynometer for performance,
range, acceleration, speed and efficiency and is also passed through a shower
test.
Press Releases:-
This investment represents a strategic intent by REVA to expand and
consolidate its position as one of the leading electric car companies globally.
One of the fastest growing electric car companies, REVA today enjoys global
brand recognition and is one of the leading pioneers in the electric car
market. RECC will use this investment to expand its business by increasing its
production capacity, developing newer models and further enhancing its
international and domestic distribution.
Speaking on the investment, Dr. S.K. Maini, Chairman of REVA said, "We are
very pleased to have received this significant investment from GEF and DFJ and
look forward to their experience in helping us to become global leader in the
electric vehicle market. This investment has come at a very opportune time and
we will certainly use it to leverage our global brand recognition
H. Jeffery Leonard, President & CEO,
GEF, who has joined RECC’s Board of Directors said, “Since 1990, Global
Environment Fund has reviewed scores of business plans from electric car
companies proposing to displace the internal combustion engine. REVA is GEF's
first electric vehicle company investment. The company's strategy to deliver affordable
transportation for short-distance urban commuters appeals to us because it does
not seek to compete with global automotive companies on the open road. We
believe that REVA has established itself as a leader in the City Car market
that is emerging as an important niche in the automotive market, especially in
Tim Draper, Founder & Managing Director, Draper Fisher Jurveston, who has
also joined RECC’s Board of Directors said,” We are proud to invest in REVA. We
have been very impressed with how they have grown their business throughout
The existing model of the EEC-certified REVA is currently available in
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.48.50 |
|
|
1 |
Rs.70.02 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|