MIRA
INFORM REPORT
|
Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MERLIN PROJECTS
LIMITED |
|
|
|
|
Formerly Known As : |
MERLIN PROJECTS
PRIVATE LIMITED |
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|
Registered Office : |
79 Sambhunath
Pandit Street, PS Bhowanipore, Kolkata – 700020, West Bengal |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.10.1984 |
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Com. Reg. No.: |
21-038040 |
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|
CIN No.: [Company
Identification No.] |
U70109WB1984PLC038040 |
|
|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALM04892G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCM0505B |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business : |
Real Estate
Develops, Develop Residential and Commercial Property. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1400000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established and reputed company having fine track. Trade relations are
fair. Business is active. General financial positions are satisfactory. Payments
are reported as usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions |
INFORMATION PARTED
BY
|
Name : |
Mr. Siddharth
Bhatter |
|
Designation : |
Projects Manager |
|
Contact No.: |
91-9830265132 |
|
Date : |
06.05.2008 |
|
Email : |
LOCATIONS
|
Registered Office : |
79 Sambhunath Pandit
Street, PS Bhowanipore, Kolkata – 700020, West Bengal, India |
|
Tel. No.: |
91-33-24556702-04-09 |
|
Mobile No.: |
91-9830265132 |
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Fax No.: |
91-33-24542442 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
|
|
|
|
Branch Offices
: |
·
Raipur
– Chattisgarh “Merlin
Jayshree Vihar” as its first Residential Complex ·
Raipur
– Chattisgarh “Merlin Chambers”, a Commercial Project and
“Merlin Estate” a Mixed use development on 25 acres also at Raipur –
Chattisgarh ·
Siliguri
– North Bengal Residential
Complex ·
Ahmedabad
/ Surat – Gujarat Residential
cum Commercial Complex ·
Jaipur
– Rajasthan Residential
cum Commercial Complex |
DIRECTORS
|
Name : |
Mr. Sushil Kumar
Mohta |
|
Designation : |
Director |
|
Address : |
2/1 A, Burdwan Road,
Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
24.03.1963 |
|
Date of Appointment : |
29.12.1986 |
|
|
|
|
Name : |
Mrs. Seema Mohta |
|
Designation : |
Director |
|
Address : |
2/1 A, Burdwan Road,
Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
06.08.1963 |
|
Date of Appointment : |
05.11.1996 |
|
|
|
|
Name : |
Mr. Shiv Kishan
Mohta |
|
Designation : |
Director |
|
Address : |
2/1 A, Burdwan Road,
Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
02.05.1940 |
|
Date of Appointment : |
11.03.2004 |
|
|
|
|
Name : |
Mr. Seo Prakash
Bhatter |
|
Designation : |
Director |
|
Address : |
2/1 A, Burdwan Road,
Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
27.09.1952 |
|
Date of Appointment : |
11.10.1984 |
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|
|
|
Name : |
Mr. Sanket Mohta |
|
Designation : |
Director |
|
Address : |
2/1 A, Burdwan Road,
Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
27.09.1985 |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. Dinesh G.
Sanghvi |
|
Designation : |
Director |
|
Address : |
7A, Lala Lajpat Rai
Sarani, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
24.02.1985 |
|
Date of Appointment : |
06.02.2006 |
|
|
|
|
Directorship in Other Companies : |
Billenium
Commercial (Private) Limited U51909WB2002PTC094493 Collossus Suppliers
(Private) Limited U51909WB2002PTC094494 Gautam Commercial
(Private) Limited U51909WB2002PTC094518 Lily Distributors
(Private) Limited U51909
WB2002PTC094515 Merlin Developers
(Private) Limited U95201WB1991PTC051840 Merlin Bhawan
Nirman (Private) Limited U70101WB1994PTC065716 Hesky Suppliers
(Private) Limited U51909WB2002PTC094516 Integral
Distributors (Private) Limited U51909WB2002PTC094514 Nikhar Suppliers
(Private) Limited U51909
WB2002PTC094512 Raina Marketing
(Private) Limited U51909 WB2002PTC094495 Muskan Commercial
(Private) Limited U51909
WB2002PTC094517 Sanket Agencies
(Private) Limited U51909
WB2002PTC094496 Sipra Supplier
(Private) Limited U51909WB2002PTC094643 Splended
Suppliers (Private) Limited U51909
WB2002PTC094497 Splended
Marketing (Private) Limited U51909WB2002PTC094513 Eeliptic
Financial and Leasing Services (Private) Limited U99999WB1998PTC087502 Best Property
Consultancy Services (Private) Limited U74210WB1989PTC045871 Gopal Courier and
Financier (Private) Limited U67120WB1989PTC045969 Baghamber
Merchandise (Private) Limited U051909WB1995PTC072275 Sunbeam
Merchandise (Private) Limited U51109WB1995PTC076093 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Seo Prakash
Bhatter |
|
510 |
|
Mr. Baldeo Das
Mohta |
|
500 |
|
Mr. Sushil Kumar
Mohta |
|
1265410 |
|
Mr. Sanket Mohta |
|
61800 |
|
Mr. Shiv Kishan
Mohta |
|
57600 |
|
Mr. Santosh
Bhatter |
|
16500 |
|
Mr. Sushil Kumar
Mohta (HUF) |
|
50000 |
|
Mrs. Seema Mohta |
|
42100 |
|
Merlin
Consultants Private Limited |
|
17000 |
|
Curio Traders and
Holding Company (Private) Limited |
|
5000 |
|
Exxon Holding
Private Limited |
|
7000 |
|
Daga Damani Developers
Private Limited |
|
47000 |
|
New Alopore
Trexim Private Limited |
|
60000 |
|
MPL Agencies
Private Limited |
|
55000 |
|
Merlin Leisures
Private Limited |
|
64000 |
|
Merlin Recreation
Private Limited |
|
65000 |
|
Riddhi Properties
and Investments Private Limited |
|
45000 |
|
Sushil Kumar Jain |
|
10000 |
|
|
|
|
|
Total |
|
1869420 |
(As on
31.03.2006)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate
(Not mentioned above) |
|
29.99 |
|
Directors or
relatives of directors |
|
69.74 |
|
Other top fifty
shareholders (other than listed above) |
|
0.27 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Develops,
Develop Residential and Commercial Property. |
|
|
|
|
Terms : |
|
|
Selling : |
CAD |
|
|
|
|
Purchasing : |
CAD |
GENERAL
INFORMATION
|
No. of Employees : |
100 |
|
|
|
|
Bankers : |
·
State Bank
of India Commercial Branch,
244/1/1 Alipore Road, Kolkata – 700027, West Bengal, India ·
Indian
Overseas Bank Bhowanipore
Branch, 84 Chowringhee Road, Kolkata – 700020, West Bengal, India ·
HSBC Bank Shekslsphere
Branch |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B C Jain and
Company Chartered
Accountant |
|
Address : |
26, Strand Road,
Kolkata – 700001, West Bengal, India |
|
|
|
|
Group Companies : |
|
|
|
|
|
Associates/ Subsidiary: |
Billenium
Commercial (Private) Limited U51909WB2002PTC094493 Collossus
Suppliers (Private) Limited U51909WB2002PTC094494 Gautam Commercial
(Private) Limited U51909WB2002PTC094518 Lily Distributors
(Private) Limited U51909
WB2002PTC094515 Merlin Developers
(Private) Limited U95201WB1991PTC051840 Merlin Bhawan
Nirman (Private) Limited U70101WB1994PTC065716 Hesky Suppliers
(Private) Limited U51909WB2002PTC094516 Integral
Distributors (Private) Limited U51909WB2002PTC094514 Nikhar Suppliers
(Private) Limited U51909
WB2002PTC094512 Raina Marketing
(Private) Limited U51909
WB2002PTC094495 Muskan Commercial
(Private) Limited U51909
WB2002PTC094517 Sanket Agencies
(Private) Limited U51909
WB2002PTC094496 Sipra Supplier
(Private) Limited U51909WB2002PTC094643 Splended
Suppliers (Private) Limited U51909
WB2002PTC094497 Splended Marketing
(Private) Limited U51909WB2002PTC094513 Eeliptic
Financial and Leasing Services (Private) Limited U99999WB1998PTC087502 Best Property
Consultancy Services (Private) Limited U74210WB1989PTC045871 Gopal Courier and
Financier (Private) Limited U67120WB1989PTC045969 Baghamber
Merchandise (Private) Limited U051909WB1995PTC072275 Sunbeam
Merchandise (Private) Limited U51109WB1995PTC076093 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6616825 |
Equity Shares |
Rs.10/- each |
Rs.66.168 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
66.168 |
18.694 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
224.389 |
72.937 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
290.557 |
91.631 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
100.591 |
50.514 |
|
|
2] Unsecured Loans |
|
2.001 |
0.000 |
|
|
TOTAL BORROWING |
|
102.592 |
50.514 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.104 |
|
|
|
|
|
|
|
|
TOTAL |
|
393.149 |
142.249 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.319 |
3.276 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
143.118 |
29.484 |
|
|
DEFERREX TAX ASSETS |
|
0.128 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
382.748 |
159.251 |
|
|
Sundry Debtors |
|
7.171 |
8.540 |
|
|
Cash & Bank Balances |
|
4.152 |
2.956 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
43.032 |
29.295 |
|
Total
Current Assets |
|
437.103 |
200.042 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
185.692 |
86.591 |
|
|
Provisions |
|
5.874 |
3.973 |
|
Total
Current Liabilities |
|
191.566 |
90.564 |
|
|
Net Current Assets |
|
245.537 |
109.478 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.047 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
|
393.149 |
142.249 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
218.475 |
397.527 |
|
|
Other Income |
|
263.543 |
6.967 |
|
|
Total Income |
|
482.018 |
404.494 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
54.942 |
37.297 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
54.942 |
37.297 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
405.608 |
146.274 |
|
|
Increase/(Decrease) in Finished Goods |
|
0.000 |
148.406 |
|
|
Salaries, Wages, Bonus, etc. |
|
2.515 |
1.309 |
|
|
Managerial Remuneration |
|
0.000 |
0.000 |
|
|
Payment to Auditors |
|
0.045 |
0.044 |
|
|
Interest |
|
0.111 |
0.017 |
|
|
Insurance Expenses |
|
0.020 |
0.014 |
|
|
Power & Fuel |
|
0.000 |
0.000 |
|
|
Depreciation & Amortization |
|
1.055 |
0.627 |
|
|
Other Expenditure |
|
17.723 |
70.506 |
|
Total Expenditure |
|
427.077 |
367.197 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
11.40 |
9.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
25.15 |
9.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
12.45 |
18.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.01 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.28 |
2.21 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8:
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number (CIN) Foreign company registration number |
U70109WB1984PLC038040 |
|
Name of the
Company |
MERLIN PROJECTS
LIMITED |
|
Address |
79 Sambhunath Pandit
Street, PS Bhowanipore, Kolkata – 700020, West Bengal, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
State Bank of
India Commercial Branch,
Alipore, 244/1/1 Alipore Road, Kolkata – 700027, West Bengal, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum for Recording
Extension of Mortgage by deposit of Title Deeds Covering Enhanced Limits. |
|
Date of the
instrument creating or modifying the charge |
30.11.2007 |
|
Amount secured by
the charge |
Rs.978.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As Stipulated by
the Bank from time to time as per the banking norms and RBI Guidelines. Term of
Repayment: Term Loan of Rs.7.850
Millions is repayable in 5 Quarterly installments, out of which first
installment of Rs.1.250 Millions and last four installments of Rs.1.650
Millions each, Commencing from 31.01.2001 and last installment falls due on
31.01.2012. Margin: As situated by
the Bank for the respective assets from time to time. Extent and
operation of the charge: First Charge on
the whole of the mortgaged properties. |
|
Short particulars
of the property charged (including location of the property) |
All that piece
and parcel of land measuring 25 cottah more or less with structures at
Municipal Holding No.14, S N Roy Road, Being Postal Address No.28, S N Roy
Road, P S Behala, Kolkata – 38, Ward No.118, Book No.I, Vol – 105, Pages 212
to 243, Sale Deed No.I07684. All that piece
and parcel of land and construction thereon known as “IBIZA” The club at
Merlin Greens at Mouza Kriparampur, District South 24 Paraganas, J L No.72,
Touzi 1088, R S 26 measuring 18.35 Bigha (14 Title Deeds) |
|
Particular of the
present modification |
By this
modification, the overall limit is enhanced by Rs.8.750 Millions from
Rs.1.030 million to Rs.9.780 Millions. Additional Security has been created
by way of equitable mortgage by fresh deposit of additional Title Deeds of
“IBZA” at Mouza Kriparampur, measuring 18.35 Bigha (14 Title Deeds). All other terms
and conditions including existing properties continue to remain as before in
full force and effect. |
Profile:
Subject had a humble beginning thirty years ago but has over the years,
moved from strength to strength and achieved great heights, not in terms of
building height but in its recognition as a renowned Real Estate Developer
in eastern India.
All along their motto has been
“Quality Homes. By Quality People” and to deliver what we promise. This has
only been possible by meticulous planning of their projects,
keeping in mind the need and essential requirement, importance of location,
connectivity and convenience, budget limitation of the customer, backed by
quality material and workmanship, timely delivery, after sales service and
above all complete transparency, followed by value addition.
Subject has committed itself, not only to upkeep its
tradition but to strive to improve its offering and service and be part of
every Indian’s desire of “A Home for Every Indian”.
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.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.34 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|