MIRA
INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
CST VALINOX LIMITED (w.e.f. 14.08.2006) |
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Formerly Known
As : |
C S T LIMITED |
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Registered
Office : |
D.No. 9-14, IsnapurVillage, Beside IDE Pashamylaram, Patancheru
Mandal, Medak-502307, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.10.1996 |
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Com. Reg. No.: |
01-25571 |
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CIN No.: [Company Identification
No.] |
U99999AP1996PLC025571 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDC00616A |
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PAN No.: [Permanent Account No.] |
AAACC8221G |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Titanium Welded Tubes, Stainless Steel Welded tubes
and Nickel and Copper Alloys Welded tubes. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 580000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. There appears some accumulated
losses recorded by the company. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Chenchaiah |
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Designation : |
Manager- Accounts and Finance |
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Date : |
15.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
D. No. 9-14, IsnapurVillage, Beside IDE Pashamylaram, Patancheru
Mandal, Medak-502307, |
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Tel. No.: |
91-8455-224900/ 224902/ 224903/ 91-8455-224918/ 916/ 919 (Purchase) 91-8455-224920 (HR) 91-8455-224913/ 224912/ 915 (Finance) 91-8455-224928/ 929 (Quality) 91-8455-224950 (Logistics) |
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Fax No.: |
91-8455-224906/ 224911/ 224904 |
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E-Mail : |
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Website : |
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Corporate Office : |
# 74A, Road # 9, Jubilee Hills, Hyderabad-500033l, |
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Tel. No.: |
91-40-23540764/ 68 |
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Fax No.: |
91-40-23540926 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Shashank Kumar Jauhri |
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Designation : |
Managing Director |
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Address : |
8/5, |
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Date of Birth/Age : |
17.10.1958 |
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Date of Appointment : |
21.12.2009 |
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Name : |
Mr. G. Ram Chaitanya Reddy |
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Designation : |
Director |
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Address : |
Plot No. 1000, Road No. 49, Jubileehills, Hyderabad-500033, |
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Date of Birth/Age : |
08.03.1969 |
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Date of Appointment : |
30.10.1996 |
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Name : |
Mr. Gilles Paul Robert Dussart |
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Designation : |
Director |
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Address : |
23, Chemin Sous La ville Rochefort en Yvelines, Paris-78730, |
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Date of Birth/Age : |
27.02.1962 |
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Date of Appointment : |
30.09.2009 |
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Name : |
Mr. Gerard Michel Terneyre |
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Designation : |
Director |
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Address : |
49, Rue De La Tour, Issyles Moulineaux, Paris-75016, |
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Date of Birth/Age : |
21.07.1951 |
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Date of Appointment : |
05.04.2006 |
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Name : |
Mr. Jean Paul Attard |
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Designation : |
Director |
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Address : |
17 Bis, Rue Jacques Dulud, Neuillyn Sur Siene, Paris-92200, |
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Date of Birth/Age : |
03.12.1952 |
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Date of Appointment : |
05.04.2006 |
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Name : |
Mr. Dominique Richardot |
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Designation : |
Director |
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Address : |
7 Rue Garanciere 75006, Paris-75017, |
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Date of Birth/Age : |
01.11.1952 |
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Date of Appointment : |
06.07.2010 |
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Name : |
Mr. Moic Roger Floris Charles Toulemonde |
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Designation : |
Director |
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Address : |
27 Rue De Tocqeville, Paris-75017, |
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Date of Birth/Age : |
12.07.1957 |
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Date of Appointment : |
20.07.2007 |
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Date of Ceasing: |
01.07.2010 |
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Name : |
Mr. Antoine Pourquery |
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Designation : |
Managing Director |
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Address : |
9-14, Isnapur, Patancheru Mandal, Medak District, Hyderabad-502307, |
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Date of Birth/Age : |
06.11.1949 |
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Date of Appointment : |
24.07.2008 |
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Date of Ceasing: |
18.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Chenchaiah |
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Designation : |
Manager- Accounts and Finance |
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Name : |
Mr. Vasavi Siddineni |
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Designation : |
Company Secretary |
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Address : |
D.No. 31-10/4, 2nd Floor, |
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Date of Birth/Age : |
08.03.1976 |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Equity Shares |
|
Valtimet SAS |
|
21780670 |
|
G. Ram Chaitanya Reddy |
|
100 |
|
Alian Honnart |
|
1 |
|
Arnaud Behr |
|
1 |
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Beatrice Pocham Vaudeleau |
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1 |
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Francois Xavier Vaudeleau |
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1 |
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Herve Delhon Bugard |
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1 |
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Jean Paul Attard |
|
1 |
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Total |
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21780776 |
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Names of Shareholders |
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No. of Preference
Shares |
|
Valtimet SAS |
|
10675612 |
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Total |
|
10675612 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Titanium Welded Tubes, Stainless Steel Welded tubes
and Nickel and Copper Alloys Welded tubes. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Stainless Steel Tubes |
KMs |
|
7000 |
2012 |
|
Stainless Steel Tubes |
MTs |
|
3500 |
973 |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Tukaram And Company Chartered Accountant |
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Address : |
3-6-69, Flat No. 209, |
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Tel. No.: |
91-8455-23221536/ 23228785 |
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Fax No.: |
91-8455-23221474 |
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E-Mail : |
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Related Parties: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
33000000 |
Equity Shares |
Rs. 10/- each |
Rs. 330.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2178076 |
Equity Shares |
Rs. 10/-
each |
Rs. 217.808
Millions |
|
10675612 |
5% Non Cumulative Preference Shares |
Rs. 10/-
each |
Rs. 106.756
Millions |
|
12853688 |
Total |
|
Rs. 324.564 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
324.564 |
217.808 |
217.808 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
82.830 |
82.830 |
82.830 |
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4] (Accumulated Losses) |
[262.131] |
[209.284] |
[184.761] |
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NETWORTH |
145.263 |
91.354 |
115.877 |
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LOAN FUNDS |
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1] Secured Loans |
127.575 |
1.473 |
18.891 |
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2] Unsecured Loans |
47.843 |
47.843 |
45.336 |
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TOTAL BORROWING |
175.418 |
49.316 |
64.227 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
320.681 |
140.670 |
180.104 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
220.544 |
134.237 |
145.270 |
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Capital work-in-progress |
0.000 |
56.810 |
51.173 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
94.139
|
32.881 |
87.261 |
|
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Sundry Debtors |
111.181
|
56.101 |
57.445 |
|
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Cash & Bank Balances |
10.524
|
60.561 |
15.419 |
|
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Other Current Assets |
0.000
|
4.730 |
1.960 |
|
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Loans & Advances |
46.443
|
27.121 |
24.693 |
|
Total
Current Assets |
262.287
|
181.394 |
186.778 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
121.440
|
198.950 |
168.198 |
|
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Other Current Liabilities |
16.989
|
12.383 |
12.897 |
|
|
Provisions |
23.721
|
20.438 |
22.022 |
|
Total
Current Liabilities |
162.150
|
231.771 |
203.117 |
|
|
Net Current Assets |
100.137
|
[50.377] |
[16.339] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
320.681 |
140.670 |
180.104 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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|
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|
|
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Income |
233.717 |
490.148 |
470.110 |
|
|
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Other Income |
10.219 |
13.143 |
0.760 |
|
|
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TOTAL (A) |
243.936 |
503.291 |
470.870 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
176.940 |
331.596 |
359.783 |
|
|
|
Manufacturing Expenses |
50.682 |
64.915 |
40.617 |
|
|
|
Personnel |
30.555 |
33.737 |
28.712 |
|
|
|
Administrative Expenses |
11.877 |
28.702 |
46.857 |
|
|
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Selling and Distribution Expenses |
15.302 |
26.486 |
32.758 |
|
|
|
Decretion/ Accretion in stocks |
[21.699] |
15.531 |
3.588 |
|
|
|
Prior Period Adjustment |
0.523 |
0.080 |
0.077 |
|
|
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TOTAL (B) |
264.180 |
501.047 |
512.392 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[20.244] |
2.244 |
[41.522] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.977 |
8.303 |
14.839 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[31.221] |
[6.059] |
[56.361] |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.627 |
17.916 |
15.309 |
|
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PROFIT BEFORE
TAX (E-F) (G) |
[52.848] |
[23.975] |
[71.670] |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
0.000 |
0.548 |
0.757 |
|
|
|
|
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PROFIT AFTER TAX
(G-I) (J) |
[52.848] |
[24.523] |
[72.427] |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
127.700 |
119.000 |
NA |
|
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TOTAL IMPORTS |
127.700 |
119.000 |
NA |
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
[4.11] |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[21.66]
|
[4.87] |
[9.01] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[22.61]
|
[4.89] |
[15.25] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[10.94]
|
[7.60] |
[21.58] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.36]
|
[0.26] |
[0.62] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.32
|
3.08 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
0.78 |
0.92 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
SUNDRY CREDITORS |
|
|
|
|
Creditors for Capital Goods |
0.565 |
0.000 |
62.979 |
|
Creditors for Raw Material |
100.013 |
183.845 |
98.508 |
|
Creditors for Packing Materials and Consumables |
20.862 |
15.105 |
6.711 |
|
Total |
121.440 |
198.950 |
168.198 |
Operational
Performance:
During the company recorded net turnover of Rs. 233.717 Millions as
against Rs. 490.148 Millions in the corresponding previous year. There was
52.32% decrease in the net turnover as compared to the previous year. The
Earning before interest, depreciation and tax (EBIDTA) at Rs. (19.720 Millions)
was considerably downward during the year compared to the corresponding
previous year’s EBIDTA of Rs. 2.324 Millions. The EBIDTA considerably downward
form 0.48% to 8.44%. The main reasons for the decrease in EBIDTA, is due to low
turnover and margin and fixed cost. The net results ended in a loss of Rs.
52.848 Millions during the year (Previous year loss of Rs. 24.523 Millions) due
to financial charges and depreciation.
Outlook for the
current year:
The company has stabilized the two new mills purchased from Oppermann
Contingent
Liabilities not provided for:
i) Working capital limits of Rs. 205.000 Millions Is sanctioned by
Soceite Generale, Mumbal based on guarantee issued by Socite SGenerale Paris,
on the request of the company.
ii) No estimated amount of contracts remaining to be executed on capital
account (M/s Oppermaan GmbH, Germany) as on March 2010 (Previous year: 6.748
Millions).
iii) The commissioner of Central Excise and Customs passed an order
claiming excise duty payment of Rs.18.25 million. The department has also
levied a penalty of Rs. 18.25 million, interest is not ascertained. Department
raised the demand against the company under the contention that material was
supplied to BHEL, Hardwar without payment of central excise duty under the
claim that the goods supplied are against International Competitive Bidding”,
claiming exemption under Notification 48/2004-CE dated 10-09-2004 and amended
notification 6/2002-CE.
The contention of the Department is that supplies to projects “against international
competitive bidding” are exempt form excise duty and such exemption is
available only to contractors and not to sub-contractor’s and since, CST
Valinox is a sub-contractor, tife exemption is not applicable.
The company appealed to the Customs, Excise and Service Tax Appellate
Tribunal, Bangalore (CESTAT) against the order of the commissioner and the
Hon’ble Tribunal passed a final order on 12.06.2007 allowing the appeal made by
the Company with consequential relief, if any, and setting aside the impugned
order passed by the Commissioner of Central Excise and Customs. The order
passed states that according to the notification there is no reason to deny
exemption to sub-contractors supplying to projects under International
Competitive Bidding for mega power projects.
The commissioner issued another order on similar grounds in Decembet
2006 for an amount of Rs. 12.64 million fr Excise Duty and Rs.12.64 million
towards penalty and The Hon’ble Tribunal has passed an order allowing the
Company’s appeal on the same grounds as explained above.
Another order for Rs.7.192 Millions with equal amount towards penalty
was passed by the Hon’ble commissioner in April 2007.
Bankers Charges
Report as per Registry
|
Name of the company |
CST VALINOX LIMITED |
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|
Presented By |
Mr. G Ram Chaitanya Reddy, Managing Director |
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1) Date and description of instrument creating the change |
25.10.1999 Agreement of Loan for overall limit, Agreement
of hypothecation of goods and assets, executed by Chitrakoot Speciality Tubes
Limited (herein after referred to as the company ) in favour of State Bank of
|
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit- Rs. 339.000 Millions Letter of Credit – Rs. 2120.000Millions Bank Guarantee – Rs. 250.000 Millions Total- Rs. 576.000 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 |
First charge on 1. Stock of Raw Materials 2. Stock in Process 3. Finished Goods 4. Stocks of Consumbales Spares 5. Book Debts and Receivables |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) Interest @ 1.75% over SBAR, minimum 14.75% p.a. excluding interest tax. Current effective rate including interest tax to be 15.04% p.a. with quarterly rests. b) The company to maintain sufficient quantity of goods to provide margin of security and the goods to be insured against loss or damage |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Letter regarding individual limits within the overall limit dated 30.04.2001 and arrangement letter. (Rs. in Millions)
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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. |
Overall limits were revised to Rs. 52.500 Millions from previous level of Rs. 57.600 Millions Interest @ 2.25 over SBAR minimum 13.75% p.a. at quarterly rests. |
Fixed Assets:
·
Computer Wall and Roads
·
Computers
·
Electrical Equipments and Installation
·
Furniture and Fixture
·
·
Land and Site Development
·
Office Equipments
·
Plants and Machinery
·
Vehicles
AS PER WEBSITE
Introduction:
Subject is a part of Valtimet, SAS (www.valtimet.com) a subsidiary of
Vallourec Group (www.vallourec.fr/uk/). Valtimet is an internationally recognized
expert in the manufacture of titanium welded tubes, stainless steel welded
tubes and nickel and copper alloys welded tubes. Valtimet has six manufacturing
facilities around the globe.
Assimilating advances in technology as they occur, absorbing resourceful
human resource, acquiring high quality materials, adopting operational
methodologies of proven efficiency and observing stringent ISO 9001 quality
norms. CSTV ensures its customers welded tubes of world-class quality and
peerless performance.
CSTV 's state-of-the-art manufacturing facility is located near the city
of
Profile:
CST Valinox Limited is a part of Valtimet, SAS (www.valtimet.com) a
subsidiary of Vallourec Group (www.vallourec.fr/uk/). Valtimet is an
internationally recognized expert in the manufacture of titanium welded tubes,
stainless steel welded tubes and nickel and copper alloys welded tubes.
Valtimet has six manufacturing facilities around the globe.
Assimilating advances in technology as they occur, absorbing resourceful human
resource, acquiring high quality materials, adopting operational methodologies
of proven efficiency and observing stringent ISO 9001 quality norms. CSTV
ensures its customers welded tubes of world-class quality and peerless
performance.
CSTV 's state-of-the-art manufacturing facility is located near the city of
Products:
·
CSTV tubes are available in sizes ranging from 9.00
mm (0.354”) to 63.50 mm (2.50”) Outer Diameter with wall thickness from 0.5 mm
(0.0197”) to 4.0 mm (0.157”)
·
CSTV has an advanced ‘U’ bending facility with a
capacity to cold bend tubes of 12.5 mm (0.4921”) OD to 25.4 mm (1”) OD and upto
3.05 mm (0.12”) wall thickness with 22.2 mm (0.8750”) to 1220 mm (48.03”)
centerline radius and with leg length up to 20 meters (65.62 feet).
·
CSTV’s Speciality welded tubular products satisfy
high quality application requirements like corrosive high temperature chemical
processing environments, saltwater corrosion resistant tubing etc. In addition
to feed water tubing CSTV also manufactures high quality mechanical, pressure,
space and general engineering tubing.
CSTVs' products are available in the Following conditions :
·
As welded
·
Annealed / Unannealed
·
U-Bent
·
Bead Rolled
·
O.D. Conditioned
·
Straight Lengths
·
Integral Finned Tubing
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.