MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ACCELERATED FREEZE DRYING COMPANY LIMITED |
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Registered Office : |
EP/IV/513 , Ezhupunna PO,
Alapuzha District , Kerala - 688 548 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.03.1986 |
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Com. Reg. No.: |
4446 |
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CIN No.: [Company
Identification No.] |
U15499KL1986PLC004446 |
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Legal Form : |
Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Pepper Frozen Dried, Green Pepper,
Dehydrated Black and Green Paper, Pepper in Brine. |
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 1200000 |
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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. Directors
are reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
EP/IV/513 , Ezhupunna PO,
Alapuzha District , Kerala - 688 548, India
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Tel. No.: |
91-478-2872012 |
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Fax No.: |
91-478-2873016 |
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E-Mail : |
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Head Office : |
Amalagam House, Bristow Road, Willingdon Island, Kochi 682003, Kerala
India. |
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Tel. No.: |
91-484-2668680, 667667, 668133 |
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Fax No.: |
91-484-2668133, 668130, 668680, 668136 |
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E-Mail : |
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Factory : |
Plot No. 18-A1, Jigani Industrial Area, Anekal Taluk,
Bangalore-562 106 Karnataka, India |
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Tel. No.: |
91-8078-25282 |
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Fax No.: |
91-8078-25283 |
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Factory : |
Taloja : Plot No. M – 2, MIDC Taloja, District Raigad, Maharashtra,
India |
DIRECTORS
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Name : |
Mr. Tharkan J Abraham |
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Designation : |
Chairman cum Managing Director |
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Address : |
Shibumi 814 Beach Road, Fort Kochi, Ernakulam – 682001, Kerala |
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Date of Birth/Age : |
17.06.1942 |
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Date of Appointment : |
17.03.1986 |
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Name : |
Mr. Chacko Uthup Jani |
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Designation : |
Director |
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Address : |
Trincas 11/829, Beach Road, Fort Kochi,Ernakulam 682001, Kerala |
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Date of Birth/Age : |
04.09.1945 |
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Date of Appointment : |
07.03.2002 |
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Name : |
Mr. Tomokazu Yasuda |
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Designation : |
Director |
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Address : |
# BS 2 Floor, Hulkuli Residency, Lavelle Road, Banglore, Karnataka 560
025 |
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Date of Birth/Age : |
13.07.1958 |
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Date of Appointment : |
15.11.2001 |
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Name : |
Mr. Mathew Thomas |
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Designation : |
Managing Director |
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Address : |
Hig 26 Kasturba Nagar, Ananthuratchita Rd, Kochi, Ernakulam, Kerala
682015 |
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Date of Birth/Age : |
12.11.1955 |
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Date of Appointment : |
17.03.1986 |
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Name : |
Mr. Kawazoe Kenichi |
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Designation : |
Director |
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Address : |
6-1-4-11 Kanai Machida – Shi, Tokyo, Japan |
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Date of Birth/Age : |
19.01.1949 |
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Date of Appointment : |
01.09.2002 |
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Name : |
Mr. Okubo Kenichi |
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Designation : |
Director |
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Address : |
Itochu Corporation Atlanta, V Floor, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Date of Birth/Age : |
15.07.1949 |
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Date of Appointment : |
01.09.2002 |
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Name : |
Mr. Yuji Tabeta |
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Designation : |
Managing Director |
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Address : |
B001 Sterling Sharda, 15th Cross, Opposite E.S.I. Hospital,
Indiranagar, 2nd Stage Banglore, Karnataka 560038 |
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Date of Birth/Age : |
31.07.1958 |
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Date of Appointment : |
05.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Abraham J Tharakan |
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2 |
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Ramesh J Tharakan |
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4 |
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Lillikutty J Tharakan |
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4 |
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Amalagam Foods Limited |
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2348180 |
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Nissin Foods Co Limited |
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1719808 |
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Itochu Corporation |
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452000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
48.04 |
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Bodies corporate |
|
51.95 |
|
Directors or relatives of directors |
|
0.01 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pepper Frozen Dried, Green Pepper,
Dehydrated Black and Green Paper, Pepper in Brine. |
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Products : |
Pepper - Frozen, Dried, Green Pepper, Dehydrated Black
& Green Pepper, Pepper in Brine |
PRODUCTION STATUS
|
Particulars |
Unit |
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Licensed
Capacity |
Installed
Capacity |
|
Freeze Dried Products |
MT |
|
720 |
660 |
GENERAL
INFORMATION
|
Bankers : |
The Sakura Bank Limited 2- B, Mittal Court, 224, Nariman Point, Mumbai – 400021, Maharashtra,
India Export Import Bank of India Centre One Building, Floor No. 21, World Trade Complex, Cuffe Parade,
Mumbai – 400005, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P Venugopal and Company Chartered Accountants |
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Address : |
“Sri Krishna Gardens” C C N B Road, Alleppey – 688011, Kerala, India |
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Holding Company : |
Amalgam Foods Limited U15116KL1986PLC004551 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,520,000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
45.200 |
45.200 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
263.762 |
248.868 |
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4] (Accumulated Losses) |
|
0.000 |
[0.545] |
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NETWORTH |
|
308.962 |
293.523 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
367.067 |
340.596 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
367.067 |
340.596 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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676.029 |
634.119 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
71.395 |
99.038 |
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Capital work-in-progress |
|
6.306 |
5.034 |
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INVESTMENT |
|
124.317 |
124.902 |
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DEFERREX TAX ASSETS |
|
16.169 |
13.627 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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270.381
|
214.582 |
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Sundry Debtors |
|
113.584
|
84.048 |
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Cash & Bank Balances |
|
3.334
|
8.431 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
113.003
|
144.166 |
|
Total
Current Assets |
|
500.302
|
451.227 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
42.460
|
59.709 |
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|
Provisions |
|
0.000
|
0.000 |
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Total
Current Liabilities |
|
42.460
|
59.709 |
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Net Current Assets |
|
457.842
|
391.518 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
676.029 |
634.119 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
590.256 |
600.162 |
459.969 |
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Other Income |
44.118 |
19.425 |
17.313 |
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Total Income |
634.374 |
619.587 |
477.282 |
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Profit/(Loss) Before Tax |
28.683 |
16.001 |
2.306 |
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Provision for Taxation |
0.000 |
0.000 |
0.779 |
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Profit/(Loss) After Tax |
28.683 |
16.001 |
1.527 |
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Earnings in Foreign Currency : |
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Total Earnings |
11.821 |
6.589 |
442.534 |
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Imports : |
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Raw Materials |
NA |
NA |
28.970 |
|
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Stores & Spares |
NA |
NA |
4.265 |
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Total Imports |
NA |
NA |
33.235 |
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Expenditures : |
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Raw Material Consumed |
352.743 |
321.247 |
0.000 |
|
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Consumption of stores and spares parts |
27.721 |
29.054 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[9.890] |
8.089 |
0.000 |
|
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Salaries, Wages, Bonus, etc. |
23.590 |
25.677 |
0.000 |
|
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Payment to Auditors |
0.129 |
0.114 |
0.000 |
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Interest |
44.878 |
31.496 |
25.196 |
|
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Insurance Expenses |
2.075 |
2.112 |
0.000 |
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Power & Fuel |
59.047 |
58.181 |
0.000 |
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Depreciation & Amortization |
9.187 |
25.591 |
26.182 |
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Other Expenditure |
96.211 |
102.025 |
423.598 |
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Total Expenditure |
605.691 |
603.586 |
474.976 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.52
|
2.58 |
0.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.86
|
2.67 |
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.80 |
0.42 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.05 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
NA
|
1.33 |
2.70 |
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|
|
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Current Ratio (Current Asset/Current Liability) |
|
NA
|
11.78 |
7.56 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ACCELERATED
FREEZE DRYING COMPANY LIMITED |
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Presented By |
P J Anthony,
Director |
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1) Date and description of instrument creating the change |
14.12.2000 –
Hypothecation agreement for Plant and Machinery executed by the company in
favour of Sakura Bank Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Export Bank
Guarantee of US$ 3.675 Million Eqvt. To Rs. 170.800 Millions Short Term loan
Rs. 55 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 |
All the plant and
machinery attached to the earth or
permanently fastened to anything attached to the earth and all other plant and
machineries available at : Cochin :
Exhupunna Village, Alleppey District, Kerala Bangalore : Plot
No. 18-A-1, Jigani Industrial Area at Jigani Village, Anekal Taluk, Bangalore
District, Karnataka Taloja : Plot No.
M-2, MIDC Taloja, District Raigad, Maharashtra |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Bank
Guarantee of US $ 3.675 Million is to be liquidated in 3 equal half – yearly
installments of US $ 1.225 Million, the first instalment falling due on 31.03.2001 The Bank
Guarantee Commission is @ 1 % Penal
Interest @ 3.75 % over PLR The Loan of Rs.
55 Millions is to be repaid in 11 monthly installments of Rs. 5.000 Millions
each or the entire loan should be adjusted out of sale proceeds of Taloja Property
whichever is earlier. Rate of Interest
– 1.75 % above the Bank’s PLR Penal interest –
3.75 % above the Bank’s PLR This charge shall
rank pari passu with charges created / to be created in favour of Industrial
Credit and Investment Corporation of India Limited |
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5) Name and Address and description of the person entitled to the charge. |
The Sakura Bank Limited 2- B, Mittal Court, 224, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Letter dated
15.01.2002 from Sumitomo Mitsui Banking Corporation addressed to the company |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this
modification, the Short Term Loan of Rs. 55 Millions availed from Sumitomo
Mitsui Banking Corporation has been fully repaid and now only the facility of
Export bank Guarantee is continuing under this charge. Also the charge
originally created by the Company on 14.12.2000 in favour on the Bank on the
Taloja : Plot No. M-2, MIDC Taloja, District Raigad, Maharashtra now
continuing only on all the plant and machineries located at Cochin and
Bangalore properties of the Company.
|
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U15499KL1986PLC004446 |
|
Name of the
company |
ACCELERATED FREEZE DRYING COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
EP/IV/513 , Ezhupunna PO, Alapuzha District , Kerala - 688
548 |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Export Import Bank of India Centre One Building, Floor No. 21, World Trade Complex, Cuffe Parade,
Mumbai – 400005, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
No instrument
executed. A mortgage by deposit of title deeds was created by Accelerated
Freeze Drying Company Limited in favour of Export Import Bank of India on
05.10.2007 over the immovable properties. |
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Date of
instrument Creating the charge |
05.10.2007 |
|
Amount secured by
the charge |
Rs. 45.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: LIBOR plus 150
basis points p.a., payable with quarterly rests. Terms of
repayment : Each advance
rating to pre-shipment credit shall be repaid by the Borrower within 180 days
from the date of each such advance or out of equivalent advance from post
shipment credit or out of export proceeds, whichever is earlier. Each advance
relating to post shipment credit shall be repaid by the Borrower within 180
days from the date of such advance or out of relative export proceeds,
whichever is earlier. Extent and
operation of the charge : The Charge
constituting security shall operate as a continuing security by way of a pari
passu first charge over the Borrower’s entire current assets and by way of
second pari pasu charge over the borrower entire fixed assets and by way of a
exclusive charge by way of a mortgage over the residential apartment No.
1/42, Kochi and 12 residential Flats at Heera Apartment, Bangalore |
|
Short particulars
of the property charged |
Whole of the
Borrower’s immovable properties situated at 1] plot No. L 11, L 12, L 13, L 21,
L 22, L 23, L 24, L 31, L 32, L 33 and L 34, Heera Apartment, Bangalore 2] A-
42, 4th Floor, the Reviera Retreat, Kochi, together with all
buildings and structures thereon and all plant and machinery attached tot eh
earth, or permanently fastened to anything attached to the earth. |
Fixed Assets
- Goodwill
- Land
- Building
- Factory
Building
- Plant and
Machinery
- Computer
- Furniture and
Fixture
- Office
Equipments
- Motor car
- Trucks
Profile
Subject is the first unit in
the country to process and export freeze-dried seafood and spice products. The
Company is promoted by Amalgam Foods Limited in collaboration with Nissin Foods
and Itochu Corporation of Japan.
Freeze Drying
The process involves preservation of products by
lyophillization. The freeze-dried product when reconstituted in water regains
its moisture without losing its flavour or nutrition.
Advantages of freeze-dried products
Taste and texture preserved
Colour and aroma enhanced
No loss in nutritional value
Easy and quick reconstitution
Long shelf-life
Light and easy to transport
Does not require refrigeration
State-of-the-art Production Facilities
The Company has two modern units - one at Cochin and the
other at Bangalore. AFDC Limited has a separate facility to process a range of
Green Pepper Corn products and Sterilized Black Pepper for the food industry.
CAPACITIES
Cochin
Factory
Freeze Drying :
Approx. 600 MT of freeze-dried shrimps per annum
Frozen Storage : 700
MT
Employees : 400
Bangalore Factory
Freeze Drying :
Approx. 150 MT of freeze-dried shrimps per annum
Frozen Storage : 200
MT
Employees : 150
PRODUCT RANGE
FREEZE
DRIED PRODUCTS
Freeze
Dried Seafood
- Shrimp
- Crab
- Lobster
- Squid
- Cuttle Fish
- Octopus
- Clam
- Fish
Freeze
Dried Herbs & Spices
-
Green Pepper
-
Black Pepper
-
Red Pepper
-
Ginger
-
Lemongrass
-
Chilly
-
Curry Leaf
-
Basil
-
Garlic
-
Chives
-
Oregano
-
Thyme
-
Coriander
-
Mint
-
Parsley
-
Methi
-
Dill
-
Eucalyptus
Freeze
Dried Vegetables
-
Carrot
-
Green Pea
-
Bell Peppers
-
Onion
-
Okra
-
Shallot
-
Spring Onion
Freeze
Dried Fruits
-
Banana
-
Mango
-
Pineapple
-
Strawberry
-
Lime
-
Chikoo
-
Jackfruit
-
Passion Fruit
Others
-
Freeze Dried Green Tea Leaves
AIR
DRIED PRODUCTS (with low micro)
-
Dehydrated Green Pepper
-
Dehydrated Black Pepper
-
Vegetables
-
Herbs & Spices
-
Fruits
PICKLED
PRODUCTS
-
Green Peppercorns in Brine
-
Red Peppercorns in Brine
-
Green Chilly in Brine
-
Red Chilly in Brine
PRODUCT RANGE
& SPECIFICATIONS
FREEZE
DRIED SHRIMP
Variety : Peeled
& Undeveined; Peeled & Deveined
Species
: Metapenaeus dobsoni (Poovalan)
Parapenaeopsis stylifera (Karikadi)
Packing
: Vacuum packed in aluminium foil
pouches of 2 x 5 kg packs; 10 kg net in a 7 ply corrugated Master Carton.
Moisture
: Max. 3.5 %
Reconstitution
: 300 % gain in wt within 3 mins
on immersion in tepid/warm water
Microbiological
Specifications : Total plate count - Max. 5,000/gm;
Coliform - Max. 4.3 MPN/gm (normally nil); E. Coli - Max.2.3 MPN/gm (normally
nil); Coagulase positive staphylococci - nil; Salmonella - negative/25 gm
Seasoning
: Optional. According to
customer's specifications
FREEZE DRIED GREEN PEPPER CORNS
Species
: Piper nigrum
Quantity : 50
MT/season
Packing
: Vacuum packed in aluminium foil
pouches of 2 x 5 kg packs; 10 kg net in a 7 ply corrugated Master Carton.
Moisture
: Max. 4%
Reconstitution
: Reconstitutes 400% of its dried
wt in tepid water in 15 mins
Product
Description : Freeze-dried Green Pepper Corn
has a natural fresh green colour
Total
Plate Count : Max.
50,000/gm
DEHYDRATED GREEN PEPPER CORNS
Species
: Piper nigrum
Quantity
: 50 MT/season
Packing
: In 7 ply corrugated Master
Carton of 10 kg net with inner polybag
Moisture
: Max. 8%
Product
Description : Dehydrated
Green Pepper Corn has a natural fresh green colour
GREEN PEPPER CORNS IN BRINE
Species
: Piper nigrum
Quantity
: 150 MT/season
Packing
: In high density food-grade
polythene cannisters 40 kg net contents; 25 kg net drained wt of berries
DEHYDRATED BLACK PEPPER
Species
: Piper nigrum
Quantity
: 50 MT/season
Packing
: In 7 ply corrugated Master
Carton of 20 kg net wt
Moisture
: Max. 8%
Total
Plate Count : Max.
10,000/gm
Product
Description : Dehydrated Black Pepper has a
natural jet black colour
BLOCK FROZEN GREEN PEPPER CORNS
Species
: Piper nigrum
Quantity
: 150 MT/season
Packing
: In 1.5 kg net waxed carton x
10/Master Carton Net drained wt: 15 kg; Net contents: 25 kg
IQF GREEN PEPPER CORNS
Species
: Piper nigrum
Gross
Weight : 26.5
kg
Quantity
: 100 MT/season
Packing
: 15 kg net frozen wt/Master
Carton with inner polybag
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.39.29 |
|
UK Pound |
1 |
Rs.77.02 |
|
Euro |
1 |
Rs.58.16 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--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 |
|