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MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TIGER STEEL INDIA DIVISION OF TIGER STEEL ENGINEERING (INDIA) PRIVATE
LIMITED |
|
|
|
|
Registered Office : |
Unit No.203-204, 2nd Floor, Building No.5, Sector 2,
Millennium Business Park, Mahape, Navi Mumbai – 400709, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
27.10.1995 |
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|
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Com. Reg. No.: |
11-93973 |
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|
|
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CIN No.: [Company
Identification No.] |
U28112MH1995PTC093973 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT05073F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACT2537J |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Manufacturer, Design, Engineering,
Fabrication and Erection of Pre-Engineered Metal Building Systems. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 800000 |
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|
Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company is a subsidiary of Tiger Steel Engineering LLC, U.A.E. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Unit No.203-204, 2nd Floor, Building No.5, Sector 2,
Millennium Business Park, Mahape, Navi Mumbai – 400709, Maharashtra, India |
|
Tel. No.: |
91-22-27780574 |
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Fax No.: |
91-22-27780539 |
|
E-Mail : |
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Website : |
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Factory : |
Plot No. K-9, Addl. MIDC, Kudavali
Village, Murbad Dist. Thane -421201, India |
|
Tel. No.: |
91-2524 -224818 |
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Fax No.: |
91-2524 -222621 |
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E-Mail : |
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|
|
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Marketing Office 1: |
Unit no. 203-204, 2nd Floor, Building No. 5, Sector – 2, Millennium
Business Park, Mahape, Navi Mumbai – 400 710, India |
|
Tel. No.: |
91-22 -27780574 |
|
Fax No.: |
91-22- 27780539 |
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E-Mail : |
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Marketing Office 2: |
6, 3rd Floor, Fagun Chambers 26,
C –In – C Road Egmore, Chennai – 600105 |
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Tel. No.: |
91-44-52146563 |
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Fax No.: |
91-44 -52146562 |
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E-Mail : |
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Marketing Office 3: |
709 B Wing, Mittal Towers, 7th
Floor, MG Road, Bangalore – 560 001, India |
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Tel. No.: |
91-80 - 51133359 |
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|
|
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Marketing Office 4: |
18, Lsc, 303, 3rd Floor, Bhanot Apartments, Pushp Vihar,
Behind Espn Star Sports, New Delhi – 110062, India |
|
Tel. No.: |
91-11 - 51671567/ 77 |
|
Fax No.: |
91-11 - 51671587. |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Robert Said Nasr |
|
Designation : |
Chairman |
|
Address : |
P. O. Box 6169, Sharjah Industrial Area, Shatjah, UAE |
|
Date of Birth/Age : |
05.03.1936 |
|
Date of Appointment : |
21.06.2004 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Claude R. Nasr |
|
Designation : |
Managing Director |
|
Address : |
P. O. Box 6169, Sharjah Industrial Area, Shatjah, UAE |
|
Date of Birth/Age : |
20.07.1969 |
|
Date of Appointment : |
27.09.2005 |
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Email : |
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|
|
|
Name : |
Mr. Aziz Said Nasr |
|
Designation : |
Director |
|
Address : |
P. O. Box 6169, Sharjah Industrial Area, Shatjah, UAE |
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Date of Birth/Age : |
12.06.1947 |
|
Date of Appointment : |
09.09.2003 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Dinesh K. Bhasin |
|
Designation : |
Director |
|
Address : |
B-1/175, Janak Puri, New Delhi – 110058, India |
|
Date of Birth/Age : |
08.08.1965 |
|
Date of Appointment : |
21.10.2002 |
|
Email : |
KEY EXECUTIVES
|
Name : |
Mr. P. K. Nagarajan |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Kulbhushan Aggarwal |
|
Designation : |
Company Secretary |
|
Address : |
8/901, Seawoods, Estate, Nerul Navi Mumbai – 400706, Maharashtra,
India |
|
Date of Birth/Age : |
03.05.1961 |
|
Date of Appointment : |
26.02.2001 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Tiger Steel Engineering LLC |
|
9999997 |
|
Tiger Steel Engineering LLC and Robert Nasr |
|
1 |
|
Tiger Steel Engineering LLC and Claude R. Nasr |
|
1 |
|
Tiger Steel Engineering LLC and Aziz Said Nasr |
|
1 |
|
|
|
|
|
Total |
|
10000000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Design, Engineering,
Fabrication and Erection of Pre-Engineered Metal Building Systems. |
|
|
|
|
Imports : |
|
|
Products : |
Ř Steel Aluzinc Ř Mill Finished
Coils Ř G.I. Coils Ř Carbon Steel
Plates |
|
Countries : |
Ř Australia Ř South Korea Ř UAE |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
250 |
|
|
|
|
Bankers : |
Commercial Branch, Sion Trombay Road, Chembur, Mumbai – 400071,
Maharashtra, India
Smalle Enterprises Group – ACC, 4th Floor, South Tower,
ICICI Bank Tower, Mumbai – 400051, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
6th Floor, Express Towers, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
|
|
|
Parent/ Holding Company: |
Tiger Steel Engineering LLC Sharjah, UAE |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16849957 |
Equity Shares |
Rs.10/- each |
Rs.168.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
168.500 |
168.500 |
144.253 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
249.302 |
192.910 |
71.472 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
417.802 |
361.410 |
215.725 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
385.486 |
324.406 |
170.495 |
|
|
2] Unsecured Loans |
1.345 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
386.831 |
324.406 |
170.495 |
|
|
DEFERRED TAX LIABILITIES |
26.152 |
17.926 |
13.199 |
|
|
|
|
|
|
|
|
TOTAL |
830.785 |
703.742 |
399.419 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
583.104 |
349.125 |
135.432 |
|
|
Capital work-in-progress |
26.541 |
209.903 |
11.376 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
294.078
|
203.539 |
98.271 |
|
|
Sundry Debtors |
337.799
|
291.011 |
207.435 |
|
|
Cash & Bank Balances |
70.727
|
46.160 |
27.558 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
118.035
|
46.233 |
29.129 |
|
Total
Current Assets |
820.639
|
586.943 |
362.393 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
577.307
|
430.775 |
198.892 |
|
|
Provisions |
22.973
|
11.875 |
11.606 |
|
Total
Current Liabilities |
600.280
|
442.650 |
210.498 |
|
|
Net Current Assets |
220.359
|
144.293 |
151.895 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.281 |
0.421 |
0.716 |
|
|
|
|
|
|
|
|
TOTAL |
830.785 |
703.742 |
399.419 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
900.091 |
571.738 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
900.091 |
571.738 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
26.704 |
29.740 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
26.704 |
29.740 |
|
|
|
|
|
|
|
|
Export Value |
|
2.991 |
3.830 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interests |
|
19.164 |
11.156 |
|
|
Depreciation & Amortization |
|
11.083 |
7.413 |
|
|
Other Expenditure |
|
843.140 |
523.429 |
|
Total Expenditure |
|
873.387 |
541.998 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
NA
|
2.97
|
5.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.97
|
5.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.85 |
5.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
2.12 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.33 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U28112MH1995PTC093973 |
|
Name of the
company |
TIGER SEEL ENGINEERING (INDIA) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Unit No.203-204, 2nd Floor, Building No.5, Sector 2,
Millennium Business Park, Mahape, Navi Mumbai – 400709, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of
India Commercial
Branch, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan for Increase in the overall limit Supplemental
Agreement of Hypothecation of Goods and assets for increase in the overall
limit Letter regarding
the grant of individual limits within the overall Limit |
|
Date of
instrument Creating the charge |
23.01.2007 |
|
Amount secured by
the charge |
Rs.898.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests: Cash and Credit
2% Over SBAR Term Loan : At
SBAR SLOC:1% Over
Interests Rate Applicable To DCC Margin: Raw Materials:
35% Stock in Process:
40% Finished Goods :
50% Book Debts/
Receivables : 50% |
|
Particulars of
the present modification |
Now by the
present modification Date: 23.01.2007 The Limit Increased From Rs.748.000
Millions to Rs.898.000 Millions |
Website Details:
Profile:
Subject is wholly owned subsidiary of Tiger Steel Engineering
Llc., Sharjah (UAE) specialized in Design, Engineering, Fabrication and
Erection of Pre-Engineered Metal Building Systems. The Group is
well known in the Middle East & India for the quality of the products and
services offered.
In 1998, Company started its journey in India by setting up
State of Art manufacturing facility at Murbad, near Mumbai. Design and
Detailing work is carried out by highly skilled Engineers with computed aided
design and drafting facilities at the Company’s Head Office at Mahape, Navi
Mumbai.
Their Objective is to deliver cost effective, quality
Pre-Engineered Metal Buildings within agreed time schedules to their Customers.
Company maintains high degree of professionalism at all
levels, a commitment needed to maintain highest possible standards. Every
project is executed with Micro Planning, to achieve the Milestones set out in
the contract. This combined with quality of their products has earned us
reputation in the Market Place.
Corporate giants, both National and Multinational, have
complimented their strategy of providing single point responsibility for Supply
and Erection with highly motivated and trained In House Project Management Team
to handle projects, whether it is small or big, simple or complex.
More than 500 Pre-Engineered Buildings have been installed
across the length and breadth of their Country. This experience
corroborates their claim.
Regional / Area offices across the Country are fully
equipped to provide pre-order and post order service to their valued Customers.
Manufacturer Facility:
The State-of-the-art manufacturing facility is located at
Murbad (30 Kms from Kalyan) near Mumbai, Maharashtra. It houses special
equipments to produce quality pre-engineered buildings such as:
- Automatic Beam Welding Line
- Plate Shearing Line
- Radial Drilling Machine
- Cold Roll Forming Line
- Hydraulic Press Break Line
- Automatic Shot Blasting Line
·
The welding process is as per American Welding Society
Standards. (AWS). All welders are qualified to required standards.
·
Well defined process on the shop floor ensures smooth flow
of material and productivity.
·
All structural components to complete Pre-engineered
building are produced in-house and go through stringent quality checks prior to
dispatch.
·
All major raw materials and bought out items are sourced
from a Panel of approved supplier to ensure quality and timely supplies.
Pre-Engineered Building:
Pre-Engineered steel buildings are designed and fabricated to client’s
requirements in accordance with the Universal standards. A pre-engineered steel
building consists of four major groups of components namely primary members,
secondary members, metal roofing/wall cladding and connection fasteners. These
components are designed that they are compatible with each other. The
fabrication of these components is carried out in factory under strict quality
control as per detailed shop drawing. These components are transported to
site with proper markings and assembled at site as per erection drawings.
Primary Member:
Primary members consists of columns, rafters, beams etc. These are fabricated from high strength Gr. 50 HR plates. Plates are cut to size and shape. Built up sections a re made form these Plates in Automatic Beam Welding Line by submerged arc welding.
Secondary Member:
Secondary members used in a PEB include purlins, side runners, eave struts, fascia channels, door posts, window posts, rafter stays, column stays base angles and other miscellaneous structural parts.
Purlins and girts are cold roll formed light gauge ‘Z’
sections varying in depth from 180 to 300 mm and in thickness
from 1.5 to 2.5 mm as per design requirement.
Connection Fasteners:
All primary connection fasteners will be with High Strength bolts of grade 8.8 conforming to the physical specification of ASTM A 325 or equivalent. These fasteners shall be hot dipped electro-galvanized to ensure total corrosion protection.
All secondary connection fasteners shall be with machine bolts of grade 4.6 conforming to the physical specification of ASTM A 307 or equivalent.
The fasteners for the cladding / roofing includes GI self tapping screws / GI self drilling screws in varying sizes to suit the roofing / cladding requirement. These are accompanied with neoprene or EPDM washers to obtain long service and maximum weather resistance.
Panel Configuration:
Tiger Steel offers the following profiles for application in the building.
- Tiger
Trapezoidal profile TR 32/333 - for
roofing and sides
- Tiger
Standing Seam Profile TS 50/370 - for
roofing
- Tiger
Liner Panel TR 8/100
- Flat
panel 200 F
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|