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Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
XINYI GROUP (GLASS) CO. LTD. |
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Registered Office : |
3/F., Harbour View 2, 16 Science Park East Avenue, Phase 2, Hong Kong Science
Park, Pak Shek Kok, Tai Po, New Territories |
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Country : |
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Date of Incorporation : |
02.06.1989 |
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Com. Reg. No.: |
12887133 |
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|
|
Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Wholesaling of Automotive and Architectural Glass. |
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No of Employees : |
50 |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
|
Source
: CIA |
XINYI GROUP (GLASS) CO. LTD.
ADDRESS: 3/F., Harbour View 2, 16
Science Park East Avenue, Phase 2, Hong Kong Science Park, Pak Shek Kok, Tai Po,
New Territories, Hong Kong.
PHONE: 852-2673
3122
FAX: 852-2668
4861, 2668 6178
E-MAIL: info@xinyiglass.com.hk
admin@xinyiglass.com.hk
Chairman: Mr. Lee Yin Yee
Incorporated on: 2nd June, 1989.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Manufacturing
and wholesaling of automotive and architectural glass.
Group Revenue: HK$11,782,406,000 (Year ended 31-12-2013)
Employees: 50. (Hong Kong)
Group Employees: 13,385.
(As at 30-06-2014)
Main Dealing Bankers: Bank of
China (Hong Kong) Ltd., Hong Kong.
The
Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
XINYI GROUP (GLASS)
CO. LTD.
Registered Head
Office & Factory:-
3/F., Harbour View 2, 16 Science Park East Avenue, Phase 2, Hong Kong
Science Park, Pak Shek Kok, Tai Po, New Territories, Hong Kong.
Retailing Outlets
& Workshop:-
DD 109, Lot 4664, 182 Kam Tin Main Road, Tai Kong Po Tsuen, Yuen Long,
New Territories, Hong Kong.
[Tel: 2443 9488, 2499 0982; Fax: 2499
0986]
G/F., 5 Watson Road, Causeway Bay,
Hong Kong.
[Tel: 2546 6281; Fax: 2546 6582]
Shop E & F, G/F., Lucky Court, 38 Mok Cheong Street, Tokwawan,
Kowloon, Hong Kong.
[Tel: 2711 3998; Fax: 2711 3922]
Mailing Address:-
P.O. Box 236, Yuen Long, New Territories, Hong Kong.
China Factories:-
Shenzhen [Operated by Xinyi Automobile Glass
(Shenzhen) Co. Ltd.]
25 Xinyi Road, 228 Industrial Zone, Henggang Town, Longgang, Shenzhen,
China. [Postal code: 518115]
Tel: (86-755) 2863 1333, 2863 1638
(16 lines)
Fax: (86-755) 2863 0993
E-mail: kan@xinyiglass.com
jack@xinyiglass.com
Dongguan [Operated by Xinyi Automobile Glass
(Dongguan) Co. Ltd.]
Xinyi Glass Industrial Zone, Humen Town, Ludong, Dongguan, Guangdong Province,
China. [Postal code: 523935]
Tel: (86-769) 8523 7381, 8526 6666
Fax: (86-769) 8523 7351, 8526 8888
E-mail: oem@xinyiglass.com
marketing@xinyiglass.com
Wuhau [Operated by Xinyi Automobile Parts (Wuhu)
Co. Ltd.]
Taishan Road, Wuhu Economic & Technological Zone, Wuhu, Anhui Province,
China. [Postal code: 241009]
Tel: (86-553) 531 7111, 589 9999
Fax: (86-553) 531 7099, 590 6888
Tianjin [Operated by Xinyi Glass (Tianjin) Co. Ltd.]
North of Guangyuan Road, Wuqing Development Area, Tianjin, China.
[Postal code: 301700]
Tel: (86-22) 8219 2222, 8215 9888
Fax: (86-22) 8217 7773, 8217 7773
Immediate
Holding Company:-
Xinyi Automobile Glass (BVI) Co. Ltd.,
British Virgin Islands/Hong Kong.
Ultimate
Holding Company:-
Xinyi Glass Holdings Ltd., Cayman
Islands/Hong Kong.
Associated/Affiliated
Companies:-
Xinyi Group of Companies
Beihai Yiyang Mineral Co. Ltd., China.
Dongguan County Xinhuali Quatz Sand Co. Ltd., China.
Kangchen Plastic (Shenzhen) Co. Ltd., China.
Maoming City Yindi Construction Material Co. Ltd., Chia.
Shenzhen Benson Automobile Glass
Co.Ltd., China.
Tianjin Wuqing District Xinke Natural Gas Investment Co. Ltd., China.
Xinyi Auto Glass (North America) Corporation, Canada.
Xinyi Automobile Glass (Dongguan) Co. Ltd., China.
Xinyi Automobile Glass (Shenzhen) Co. Ltd., China.
Xinyi Automobile Glass Co. Ltd., Hong Kong.
Xinyi Automobile Parts (Dongguan) Co. Ltd., China.
Xinyi Automobile Parts (Tianjin) Co. Ltd., China.
Xinyi Automobile Parts (Wuhu) Co. Ltd., China.
Xinyi Electronic Glass (Wuhu) Co. Ltd., China.
Xinyi Energy Smart (Sichuan) Co. Ltd., China.
Xinyi Energy Smart (Wuhu) Co. Ltd., China.
Xinyi Glass (America) Development Inc., Canada.
Xinyi Glass (Jiangmen) Co. Ltd., China.
Xinyi Glass (North America) Inc., Canada.
Xinyi Glass (Tianjin) Co. Ltd., China.
Xinyi Glass (Xiamen) Co. Ltd., China.
Xinyi Glass (Yingkou) Co. Ltd., China.
Xinyi Glass Engineering (Dongguan) Co. Ltd., China.
Xinyi Glass Japan Co. Ltd., Japan.
Xinyi International Investments Ltd., Hong Kong.
Xinyi Plastic Products (Shenzhen) Development Co. Ltd., China.
Xinyi Solar Holdings Ltd., China.
Xinyi Ultra-clear Photovoltaic Glass (Dongguan) Co. Ltd., China.
Xinyi Ultra-thin Glass (Dongguan) Co. Ltd., China.
XYG (HK) Ltd., Hong Kong.
12887133
0254197
Chairman: Mr. Lee Yin Yee
Vice Chairman: Mr. Tung Ching Bor
Chief Executive Officer: Mr. Tung
Ching Sai, Gerry
HK$1,000,000.00
(As per registry dated 02-06-2014)
|
Name |
|
No. of shares |
|
Xinyi Automobile Glass (BVI) Co. Ltd. P.O. Box 438, Road Town, Tortola,
British Virgin Islands. |
|
1,000 ==== |
(As per registry dated 02-06-2014)
|
Name (Nationality) |
Address |
|
TUNG Ching Sai (Chinese) |
House 108-110, Pinaceae Drive, Westwood, Palm Springs, Yuen Long,
New Territories, Hong Kong. |
|
LEE Shing Kan |
No. 21, Kapok Street, Palm Springs, Yuen Long, New Territories, Hong
Kong. |
|
LEE Yin Yee (Chinese) |
No. 12 Kapok Street, Palm Springs, Yuen Long, New Territories,
Hong Kong. |
|
TUNG Ching Bor (Chinese) |
2 Carmel Avenue, Royal Palms, Phase A, Yuen Long,
New Territories, Hong Kong. |
(As per registry dated 02-06-2014)
|
Name |
Address |
|
LAU Sik Yuen |
Flat C, 6/F., 7 Grampian Road, Kowloon, Hong Kong. |
The subject was incorporated on 2nd June, 1989 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Fat Chin Car Accessories
Co. Ltd., name changed to the present style on 29th April, 1998.
The subject was formerly located at Room 1119, 11/F., Landmark North,
39 Lung Sum Avenue, Sheung Shui, New Territories, Hong Kong, moved to Room
2007, 20/F., Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon,
Hong Kong in 2001, to 95-99 Fuk Hi Street, Yuen Long Industrial Estate, Yuen
Long, New Territories, Hong Kong in November 2002 and further moved
to the present address in December 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer;
Installator; Investment Holding.
Lines:-
Automotive Safety Glass
Items include flat, bent tempered and laminated
glass, and heating glass.
Tempered
and Curved Tempered Glass
Tempered glass is widely used in curtain walls, hotels, shopping centers,
entertainment buildings and furnitures while curved tempered glass is widely
used in glass curtain walls, sight viewing lifts and skylights,
Insulated
Glass
The insulated glass is a prefabricated unit made of two or more glass panes,
which have been edge-sealed together.
This edge seal not only binds the individual sheets of glass together to
maintain the mechanical strength of the joint but also protects the space
between the glass from outside influences.
Laminated
Glass and Bullet-Resistant Glass
Laminated glass is widely used in banks, jewellery shops, schools, villas with
a high standard of safety requirement.
Bullet-resistant glass is not only the properties of ordinary glass, but
also has additional functions such as providing protection against bullets,
attacks and robberies. These glasses
have been installed in banks and financial institution and supplied to the
special purpose vehicle manufacturers under OEM agreement.
Architectural
Glass and Electrical Glass
Architectural glass is widely used in airports, railway stations, seaports,
museums, exhibition centres, shopping centres and residential projects. Electrical glass is used for producing home
appliances such as microwave oven, electronic scale, precision instruments and
display refrigerators.
Housewares
Glass and Decorative Glass
Housewares glass – In view of the glass technology innovation, more glass
products are being used at home. In
order to capture this trend, Xinyi’s R&D and market development staff have
developed and introduced a series of new glass products to the market. Tempered Glass Chopping Pad: Elegant,
lightweight, hygienic and durable. Safety Glass Shower enclosure: crystal,
spacious, and easy to clean.
Decorative Glass – Xinyi provides a variety of decorative glass, for instance,
the sand spraying glass, artificial patterned glass, color-printed glass, and
fire-resisting glass to meet requirements of interior designers in decorating
shopping centers, restaurants, night clubs,
Trade Marks: XINYI GLASS and
XYG.
Office & Factory Space:
160,000 sq.ft. in Hong Kong.
Employees: 50. (Hong Kong)
Group Employees: 13,385. (As at 30-06-2014)
Major Production
Lines & Machineries Equipped:-
CBTS Production Line – TAMGLASS of Finland.
ESU Production Line – TAMGLASS of Finland.
HTBS Production Line – TAMGLASS, Finland.
HTF Production Line – TAMGLASS of Finland.
Insulated Glass Production Line – LISEC of Austria.
SBF Production Line – TAMGLASS of Finland.
Autoclave – TAMGLASS of Finland.
Automatic Drilling Machine
Cutting Machine – LISEC, Austria.
Double-Edges Grinding Machine – Korea.
Grinding Machine – Italy.
Silk-screen Printing Machine – YFM.
Materials/Commodities: Sourced from
China, Taiwan, Malaysia and other Southeast Asian countries.
Markets: Hong Kong,
China, Japan, Europe, US, Australia, Canada
Group Revenue: HK$ 3,957,957,000
(Year ended 31-12-2009)
HK$ 6,364,314,000 (Year ended 31-12-2010)
HK$ 8,226,651,000 (Year ended 31-12-2011)
HK$ 9,785,209,000 (Year ended 31-12-2012)
HK$11,782,406,000 (Year ended
31-12-2013)
HK$5,034,069,000 (6 months ended
30-06-2014)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Hong Kong Auto Parts Industry Association Ltd., Hong Kong.
Issued Share Capital: HK$1,000,000.00
Group Profit
Attributable to Equity Holders:-
HK$ 773,526,000 (Year ended 31-12-2009)
HK$1,571,198,000 (Year ended
31-12-2010)
HK$1,265,371,000 (Year ended
31-12-2011)
HK$1,188,142,000 (Year ended
31-12-2012)
HK$3,521,938,000 (Year ended
31-12-2013)
HK$ 762,159,000 (6 months ended 30-06-2014)
Profit or Loss: Maintaining a
good profit every year.
Condition: Business is active.
Facilities: Making active use of
general banking facilities.
Payment: Met on time.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Very Good.
Xinyi Group (Glass) Co. Ltd., founded in June 1989, is a wholly-owned
subsidiary of Xinyi Automobile Glass (BVI) Co. Ltd. [Xinyi BVI], a BVI‑registered
firm. In turn, Xinyi BVI is a
wholly-owned subsidiary of Xinyi Glass Holdings Ltd. [Xinyi], a Cayman
Islands-registered company with shares listed on the Main Board of the Stock
Exchange of Hong Kong Ltd. bearing stock code 868 on 3rd February,
2005. Xinyi is an investment holding company
of the Xinyi Group.
The subject is a member of the Xinyi Group while its main factory in
Shenzhen, China is known as Xinyi Automobile Glass (Shenzhen) Co. Ltd. The subject specialises in producing and
marketing safety glass which is used for automobile, architecture, furniture,
electric appliances, sanitary wares, technology process, bullet-resistance, as
well as trains, ships, planes
The Group manufactures and sells a wide range of glass products,
including automobile glass, energy-saving construction glass, high quality
float glass, solar glass and other glass products for different commercial
applications. These products are
manufactured at production facilities strategically located in Shenzhen,
Dongguan and Jiangmen in Guangdong Province, Wuhu in Anhui Province and
Tianjin, all in China. In addition to
the glass products, the Group also manufactures automobile rubber and plastic
components.
The Group’s glass products are sold to customers in more than 120
countries and territories, including China, Hong Kong, the United States, Canada,
Australia and New Zealand, as well as the Middle East, Europe, Africa and
Central and South America.
The Group’s customers include companies in the businesses of automobile
glass manufacturing, automobile glass wholesale and distribution, automobile
repair, motor vehicle manufacturing, construction and furniture glass
manufacturing, float glass wholesale and distribution and solar module
manufacturing.
Occupying an area of 165,000 sq.m., Xinyi Automobile Glass (Shenzhen)
Co. Ltd. is one of the largest automobile safety glass enterprises that
manufacture laminated windshield, curved tempered glass for side window and bus
glass with advanced equipment and processing technique imported from Germany,
America and Austria. It has the largest
nation-wide workshop specified in automobile laminated glass with an annual
output of 4 million pieces.
Covering an area of about 100,000 sq.m., Xinyi Auto mobile Parts (Wuhu)
Co. Ltd. is a co-operative automobile safety glass production base for
automobile manufacturers. The annual
production capacity of this firm is 300,000 sets of automobile safety glass and
equivalent automobile sealing parts.
The Group continued to maintain its leading position in the global glass
industry in 2013 with strong demand for (a) energysaving low-emission (“Low-E”)
construction glass and (b) high-quality float glass in the PRC. As the Spin-off was only completed in
December 2013, the strong performance of the solar glass business of the Group
in 2013 also benefitted the Group. In
2013, the sales and the net profit attributable to equity holders of the
Company reached HK$11,782.4 million and HK$3,521.9 million, respectively,
representing a year-on-year increase of 20.4% and increase of 196.4%, as
compared with HK$9,785.2 million and HK$1,188.1 million, respectively, in
2012. The compound annual growth rate of
the Group’s sales and net profit attributable to equity holders of the Company
for the five-year period including 2013 was 31.4% and 46.1%, respectively.
In 2013, the sales of the Low-E glass, the high-quality float glass
products and the solar glass of the Group recorded strong growth. The Group
captured the business opportunities emerged from the energy-saving targets in
the PRC’s Twelfth Five Year Plan by focusing on the production of high
performance Low-E construction glass and hence, the Group increases its overall
market share in the PRC. The
urbanisation of the rural areas in the PRC and the strong demand for double
glazing Low-E glass in the PRC also contributed to the high growth of the
Group’s float glass sales in 2013.
During the six months ended 30th June, 2014, the revenue and profit of
the Group were HK$5,034.1 million and HK$762.2 million, respectively,
representing a decrease of 7.4% and 24.1% as compared with HK$4,574.1 million
and HK$1,003.7 million, respectively, for the six months ended 30th June,
2013.
One of the reasons for the decrease in the revenue for the six months
ended 30th June, 2014 was the spin-off of Xinyi Solar Holdings Limited for
separate listing on the main board of The Stock Exchange of Hong Kong Limited
in December 2013. The six months ended
30th June, 2014 was the first reporting period of the Group without the revenue
contributed by the solar glass business previously operated by the Group.
In addition, the tightened PRC property market policy slowdowns the
level of construction activities in the PRC during the first six months ended
30th June, 2014. This reduced the
level of demand for construction glass.
As of 30th June, 2014, the Group had 13,385 full-time employees of whom
13,300 were based in China and 85 were based in Hong Kong and other countries
and territories.
The subject is fully supported by the Group.
On the whole, in view of the parentage of the subject, consider it good
for normal business engagements.
Brief introduction
on the principal directors:-
Mr. LEE Yin Yee, aged 61, is Xinyi’s Chairman and founder, responsible
for the Group’s business strategy. Mr.
Lee has 20 years experience in the automobile glass industry. Prior to establishing the Group, Mr. Lee was
involved in the trading of automobile parts.
He is a committee member of The Chinese People’s Political Consultative
Conference and an honorary citizen of Shenzhen in China. Mr. Lee was appointed in December 2003 as the
first Chairman of Shenzhen Fujian Corporate Association. He is also the Life Honorary Chairman of the
Hong Kong Quanzhou Clans United Association and the Fukienese Association Ltd.
in Hong Kong. Mr. Lee is the
brother-in-law of Mr. Tung Ching Bor, Xinyi’s Vice-Chairman and Executive
Director; and brother-in-law of Mr. Tung Ching Sai, Xinyi’s Chief Executive
Officer and Executive Director. He was
appointed as Xinyi’s Executive Director on 25th June, 2004.
Mr. TUNG Ching Bor, aged 51, is Xinyi’s Vice-Chairman and Chief
Purchasing Officer, responsible for managing Xinyi’s daily operations and
overseeing Xinyi’s purchasing functions.
Prior to joining Xinyi in January 2000, Mr. Tung had over 15 years
experience in automobile parts purchase.
He is a member of The Chinese People’s Political Consultative Conference
Nanping Committee of Fujian Province.
Mr. Tung was appointed as Xinyi’s Executive Director on 25th June, 2004.
Mr. TUNG Ching Sai, Gerry, aged 48, is Xinyi’s Executive Director and
Chief Executive Officer. Mr. Tung has
been with Xinyi for 20 years since Xinyi’s inception in November 1988 and is
responsible for overseeing Xinyi’s daily operations. He is also a committee member of The Chinese
People’s Political Consultative Conference of Fujian Province, a committee
member of The Chinese People’s Political Consultative Conference Nanping
Committee of Fujian Province, the Chairman of the Shenzhen Federation of Young
Entrepreneurs, Vice President of The Automobile Association of Shenzhen and the
Third Shenzhen Municipal Ten Outstanding Young Entrepreneur. Mr. Tung graduated from the Sun Yat-Sen
University with an Executive Master degree of Business Administration. He was appointed as Xinyi’s Executive
Director on 25th June, 2004.
Mr. LEE Shing Kan, aged 34, is our executive Director, the general
manager of Xinyi Plastics Products (Shenzhen) Development Company Limited from
9th May, 2008 and the deputy general manager of Xinyi Automobile Glass
(Shenzhen) Company Limited from January 2007.
Mr. Lee Shing Kan joined the Company in January 2005 as an
assistant to Mr. Tung Ching Sai, the chief executive officer of the
Company. Mr. Lee Shing Kan holds a
bachelor’s degree in commerce from The University of Melbourne, Australia and a
master’s degree in applied finance from Monash University, Australia. Mr. Lee
Shing Kan is the member of the Fourth Longguan Committee of Chinese People’s
Political Consultative Conference. Mr.
Lee Shing Kan is the son of Mr. Lee Yin Yee, M.H., nephew of Mr. Tung
Ching Bor and Mr. Tung Ching Sai and cousin of Mr. Lee Yau Ching, our
executive Director. Mr. Lee Shing Kan was appointed as our executive Director
on 15th October, 2008. Save as disclosed above, Mr. Lee Shing Kan has no
relationship with any Directors, senior management or substantial shareholders
(as defined in the Listing Rules) or controlling shareholders (as defined
in the Listing Rules) of the Company. Save as disclosed above, Mr. Lee Shing
Kan has not held any directorship in other publicly listed companies in the
last three years.
Property
information of director:-
1. Property Location: House Type B4, No. 12 Kapok Path, Palm
Springs, Phase 1C, Yuen Long, New Territories, Hong Kong.
Owner: Tung Ching Sai
Date of Purchase: 24-11-1994
Purchased Price: HK$6,963,400
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-09-1997 |
- |
Kincheng Banking Corporation, Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Mortgage to secure general banking facilities |
2. Property Location: Flat D on 10/F. of Block 6, Sheung Shui
Centre,
3 Chi Cheong Road, Sheung Shui, New Territories, Hong Kong.
Owner: Tung Ching Sai
Date of Purchase: 26-04-1995
Purchased Price: HK$3,260,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
26-04-1995 |
- |
Kincheng Banking Corporation, Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.