MIRA
INFORM REPORT
|
Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT STATE PETROLEUM CORPORATION LIMITED |
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|
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|
Registered Office : |
GSPC Bhavan, B/h Udyog Bhavan, Sector-11, Gandhinagar - 382
011, Gujarat |
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|
Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.01.1979 |
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|
Com. Reg. No.: |
04-3281 |
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CIN No.: [Company
Identification No.] |
U23209GJ1979SGC003281 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Oil and Gas Exploration Company |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 59000000 |
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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 company having fine track. Available information indicates high financial responsibility of the company. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
|
Registered Office : |
GSPC Bhavan, B/h Udyog Bhavan, Sector-11, Gandhinagar - 382
011, Gujarat, India |
|
Tel. No.: |
91-79-55701532 / 28501001 / 55701005 |
|
Fax No.: |
91-79-23236375 / 55701331 |
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E-Mail : |
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|
Website : |
DIRECTORS
|
Name : |
Mr. P V Swaminathan |
|
Designation : |
Director |
|
Address : |
Sterling Point, 3rd Floor, 124, G. N. Chetty Road, T.
Nagar, Chennai – 600017 |
|
Date of Appointment : |
29.05.1998 |
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|
|
|
Name : |
Mr. D Jagatheesa Pandian |
|
Designation : |
Managing Director |
|
Address : |
KH – 214, Sector 19, Gandhinagar – 382019 |
|
Date of Birth/Age : |
11.05.1955 |
|
Date of Appointment : |
30.10.2001 |
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|
|
|
Name : |
Mr. P K Pujari |
|
Designation : |
Director |
|
Address : |
Flat No. A – 4/304, Bageshree Apartment, Opposite Fun Republic,
Satellite Cross Road, Ahmedabad |
|
Date of Birth/Age : |
12.06.1957 |
|
Date of Appointment : |
31.01.2002 |
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|
|
|
Name : |
Mr. Balwant Singh |
|
Designation : |
Director |
|
Address : |
K – 8, Sector 19, Gandhinagar |
|
Date of Birth/Age : |
06.12.1951 |
|
Date of Appointment : |
06.09.2004 |
|
|
|
|
Name : |
Mr. Hasmukh Adhia |
|
Designation : |
Director |
|
Address : |
A – 3, Samarpan Flats, Gulbai Tekra, Ahmedabad |
|
Date of Appointment : |
19.07.2005 |
|
|
|
|
Name : |
Mr. Rajagopalan Doraiswami |
|
Designation : |
Director |
|
Address : |
K – 519, Sector – 19, Gandhinagar – 382019, Gujarat, India |
|
Date of Birth/Age : |
26.07.1949 |
|
Date of Appointment : |
13.03.2007 |
|
Other Directorship : |
Gujarat State Investment Limited CIN No.U64990GJ1988PTC010307 Designation : Director Infrastructure Finance Company Gujarat Limited CIN No.U67120GJ2000PLC037295 Designation : Chairman Gujarat Lease Financing Limited CIN No.L65990GJ1983PLC006345 Designation : Chairman Gujarat Mineral Development Corporation Limited CIN No.L14100GJ1963SGC001206 Designation : Director Gujarat Industrial Investment Corporation Limited CIN No.U65990GJ1968SGC001524 Designation : Director Gujarat State Petronet Limited
CIN No.L40200GJ1998SGC035188 Designation : Director |
|
|
|
|
Name : |
Mr. Vijaylaxmi Joshi |
|
Designation : |
Director |
|
Address : |
Government Bunglow No. 25, Dafnala, Shahibaug, Ahmedabad 380004,
Gujarat, India |
|
Date of Birth/Age : |
01.08.1958 |
|
Date of Appointment : |
13.03.2007 |
|
Other Directorship : |
Gujarat Urja Vikas Nigam Limited CIN No. : U40109GJ2004SGC045195 Designation : Chairman and Managing Director Gujarat State Electricity Corporation Limited CIN No. : U40100GJ1993SGC019988 Designation : Chairman Gujarat Energy Transmission Corporation Limited CIN No. : U40100GJ1999SGC036018 Designation : Chairman GVFL Trustee Company Private Limited CIN No. : U74990GJ2000PTC037367 Designation : Director Uttar Gujarat VIJ Company Limited CIN No. : U40102GJ2003SGC042906 Designation : Director Gujarat Power Corporation Limited CIN No. : U40100GJ1990SGC013961 Designation : Director Gspc Pipavav Power Company Limited CIN No. : U40100GJ2006PLC047783 Designation : Director Pipavav Power Development Company Limited CIN No. : U40105DL2001GOI113508 Designation : Director Gujarat Industries Power Company Limited CIN No. : L99999GJ1985PLC007868 Designation : Director Gujarat State Energy Generation Limited CIN No. : U40100GJ1998SGC035212 Designation : Director Mahaguj Collieries Limited CIN No. : U10102MH2006SGC165327 Designation : Director Gujarat Alkalies And Chemicals Limited CIN No. : L24110GJ1973PLC002247 Designation : Director Torrent Power Limited CIN No. : L31200GJ2004PLC044068 Designation : Director |
|
|
|
|
Name : |
Mr. Urjit Ravindra Patel |
|
Designation : |
Director |
|
Address : |
B – 1/3F, Harbour Heights, N. A. Sawant Marg, Colaba, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
28.10.1963 |
|
Date of Appointment : |
23.06.2006 |
KEY EXECUTIVES
|
Name : |
Mr. V K Sharma |
|
Designation : |
Company Secretary |
|
Address : |
A – 303, Bageshree, Satellite, Cross Road, Ahmedabad – 380015 |
|
Date of Birth/Age : |
03.01.1955 |
|
Date of Appointment : |
01.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
GT Chavda and Governor of Gujarat |
|
10 |
|
Gujarat Alkalies and Chemicals Limited |
|
1000000 |
|
Gujarat Industrial Investments Corporation Limited |
|
1000000 |
|
Gujarat Mineral Development Corporation Limited |
|
1000000 |
|
Gujarat Narmada Valley Fertilizers Company Limited |
|
1000000 |
|
Gujarat State Fertilizers Company Limited |
|
250000 |
|
Gujarat Gas Company Limited |
|
1000000 |
|
Governor of Gujarat |
|
100361000 |
|
K L Patel and Governor of Gujarat |
|
10 |
|
G B Patel and Governor of Gujarat |
|
10 |
|
V R Nair and Governor of Gujarat |
|
10 |
|
Sonal Mishra and Governor of Gujarat |
|
10 |
|
K K Patel and Governor of Gujarat |
|
10 |
|
K H Chorera and Governor of Gujarat |
|
10 |
|
Total |
|
105611070 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Oil and Gas Exploration Company |
GENERAL
INFORMATION
|
Bankers : |
ICICI Bank Limited 9th Floor, JMC House, Ambawadi, Ahmedabad – 380006,
Gujarat, India |
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|
|
|
Banking
Relations : |
Satisfactory |
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|
|
|
Auditors : |
|
|
Name : |
Kantilal Patel and Company Chartered Accountant |
|
Address : |
202, Paritosh, Usamanpura River Side, Ahmedabad – 380013, Gujarat, India |
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|
|
|
Associates/Subsidiaries : |
Gujarat Urja Vikas Nigam Limited CIN No. : U40109GJ2004SGC045195 Gujarat State Electricity Corporation Limited CIN No. : U40100GJ1993SGC019988 Gujarat Energy Transmission Corporation Limited CIN No. : U40100GJ1999SGC036018 GVFL Trustee Company Private Limited CIN No. : U74990GJ2000PTC037367 Uttar Gujarat VIJ Company Limited CIN No. : U40102GJ2003SGC042906 Gujarat Power Corporation Limited CIN No. : U40100GJ1990SGC013961 GSPC Pipavav Power Company Limited CIN No. : U40100GJ2006PLC047783 Pipavav Power Development Company Limited CIN No. : U40105DL2001GOI113508 Gujarat Industries Power Company Limited CIN No. : L99999GJ1985PLC007868 Gujarat State Energy Generation Limited CIN No. : U40100GJ1998SGC035212 Mahaguj Collieries Limited CIN No. : U10102MH2006SGC165327 Gujarat Alkalies And Chemicals Limited CIN No. : L24110GJ1973PLC002247 Torrent Power Limited CIN No. : L31200GJ2004PLC044068 Gujarat Urja Vikas Nigam Limited CIN No. : U40109GJ2004SGC045195 Gujarat State Electricity Corporation Limited CIN No. : U40100GJ1993SGC019988 Gujarat Energy Transmission Corporation Limited CIN No. : U40100GJ1999SGC036018 GVFL Trustee Company Private Limited CIN No. : U74990GJ2000PTC037367 Uttar Gujarat VIJ Company Limited CIN No. : U40102GJ2003SGC042906 Gujarat Power Corporation Limited CIN No. : U40100GJ1990SGC013961 Gspc Pipavav Power Company Limited CIN No. : U40100GJ2006PLC047783 Pipavav Power Development Company Limited CIN No. : U40105DL2001GOI113508 Gujarat Industries Power Company Limited CIN No. : L99999GJ1985PLC007868 Gujarat State Energy Generation Limited CIN No. : U40100GJ1998SGC035212 Mahaguj Collieries Limited CIN No. : U10102MH2006SGC165327 Gujarat Alkalies And Chemicals Limited CIN No. : L24110GJ1973PLC002247 Torrent Power Limited CIN No. : L31200GJ2004PLC044068 GSPC [JVDA] Limited CIN No. : U23201GJ2006SGC049229 GSPC LNG Limited CIN No. : U23203GJ2007SGC050115 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105611070 |
Equity Shares |
Rs. 10/- Each |
Rs. 1056.110 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1056.100 |
1056.100 |
1056.110 |
|
|
2] Share Application Money |
0.000 |
0.000 |
85.000 |
|
|
3] Reserves & Surplus |
13784.200 |
11757.000 |
9643.179 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14840.300 |
12813.100 |
10784.289 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
8397.900 |
2700.000 |
0.000 |
|
|
TOTAL BORROWING |
8397.900 |
2700.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.300 |
21.700 |
25.760 |
|
|
|
|
|
|
|
|
TOTAL |
23239.500 |
15534.800 |
10810.049 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4653.200 |
4915.100 |
4566.281 |
|
|
Capital work-in-progress |
15680.900 |
8948.100 |
2905.141 |
|
|
|
|
|
|
|
|
INVESTMENT |
2855.200 |
2868.300 |
2817.755 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.719 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.500
|
6.000
|
2.228
|
|
|
Sundry Debtors |
1509.800
|
987.100
|
733.645
|
|
|
Cash & Bank Balances |
305.600
|
187.400
|
191.139
|
|
|
Other Current Assets |
8.400
|
8.300
|
412.344
|
|
|
Loans & Advances |
3216.100
|
1337.600
|
1002.816
|
|
Total
Current Assets |
5051.400
|
2526.400 |
2342.172 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4293.400
|
3137.700 |
798.166
|
|
|
Provisions |
707.800
|
585.400 |
1052.372
|
|
Total
Current Liabilities |
5001.200
|
3723.100 |
1850.538 |
|
|
Net Current Assets |
50.200
|
[1196.700] |
491.634
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
27.519 |
|
|
|
|
|
|
|
|
TOTAL |
23239.500 |
15534.800 |
10810.049 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
26321.300 |
17664.000 |
12867.635 |
|
|
Other Income |
190.400 |
87.600 |
92.935 |
|
|
Total Income |
26511.700 |
17751.600 |
12960.570 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3038.300 |
3230.500 |
3051.698 |
|
|
Provision for Taxation |
759.700 |
207.800 |
242.999 |
|
|
Profit/(Loss) After Tax |
2278.600 |
3022.700 |
2808.699 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
20557.900 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
[7.700] |
[7.100] |
|
|
|
Salaries, Wages, Bonus, etc. |
19.200 |
21.900 |
|
|
|
Payment to Auditors |
0.800 |
0.800 |
|
|
|
Interest |
6.300 |
0.400 |
9908.872 |
|
|
Insurance Expenses |
2.300 |
1.100 |
|
|
|
Power & Fuel |
3.900 |
1.600 |
|
|
|
Depreciation & Amortization |
1041.700 |
971.100 |
|
|
|
Other Expenditure |
1849.000 |
2080.900 |
|
|
Total Expenditure |
23473.400 |
14521.100 |
9908.872 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.59
|
17.03 |
21.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.54
|
18.29 |
23.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.31
|
43.41 |
44.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.25 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.50 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
0.68 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 2nd
Floor, B/h Udyog Bhavan, Sector-11, Gandhinagar - 382 011, Gujarat to
the present address w.e.f. 14.05.2004
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U23209GJ1979SGC003281 |
|
Name of the
company |
GUJARAT STATE PETROLEUM CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
GSPC Bhavan, B/h Udyog Bhavan, Sector-11, Gandhinagar - 382 011,
Gujarat |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
ICICI Bank Limited 9th Floor, JMC House, Ambawadi, Ahmedabad – 380006,
Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation dated 31.08.2007 |
|
Date of
instrument Creating the charge |
31.08.2007 |
|
Amount secured by
the charge |
Rs. 8650.000
Millions |
|
Short particulars
of the property charged |
The receivables
have been hypothecated as and by way of second charge and shall rank
subsequent to the charge crated in favour of SBI, BOB, BOI, IDBI Bank,
Corporation Bank, PNB, Axis Bank and more. |
FIXED ASSETS
- Land
- Building
- Office Equipment
- Computer Equipment
- Vehicle
- Furniture & Fixture
- Plant
& Machinery
AS PER WEBSITE
Exploration & Production
Subject has grown from a small oil and
gas producing company in Gujarat into a vertically integrated energy company across
India within 6 quick years.
Subject is rapidly developing a multi-dimensional
operational framework that fulfils the India's energy needs by exploring,
developing and harnessing newer energy sources. It is leading through action
towards a hydrocarbon economy in India with sustainable environmental
activities, with the vision of becoming 'the Complete Energy Company'.
Incorporated in 1979 as a petrochemical company, subject has
today metamorphosed into a large-scale energy organization, excelling in a wide
gamut of hydrocarbon activities.
With the Government of India’s decision to privatize the
hydrocarbon sector, subejct acquired several discovered fields in the first and
second rounds of bidding process initiated by the Government of India during
1994 and 1995. In 1997, the Government announced the New Exploration Licensing
Policy (NELP) to facilitate huge investments in the hydrocarbon sector,
specifically exploration activities. Subject was again among the first
companies in India to take the lead by actively participating in NELP bidding
processes and acquiring exploration fields and blocks across the country.
Subject’s well conceived strategic alliances with some of the most acclaimed
energy companies globally, gave GSPC a massive thrust in technological
advancement. The key input of entrepreneurial approach was never an issue, as
Gujarati populace is well-known as one of the most enterprising communities in
the world.
The amazing combination of technology and enterprise opened
a wide spectrum of opportunities for GSPC. After the first ever credible
breakthrough in the form of gas discovery at Hazira in 1994, GSPC went on to
attain many more breathtaking milestones in the energy sector. Today, the
organization is an embodiment of a complete energy company whose remarkable
feats are often discussed in almost every energy forum all over India.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.68 |
|
UK Pound |
1 |
Rs.77.67 |
|
Euro |
1 |
Rs.57.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
72 |
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 |
|