|
Report Date : |
05.02.2014 |
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Tel. No.: |
00442074050865 |
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Fax No.: |
00442074050914 |
IDENTIFICATION DETAILS
|
Name : |
EMDICO (LONDON) LTD. |
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Registered Office : |
100 Hatton Garden London, EC1N 8NX |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
03.10.1985 |
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Com. Reg. No.: |
01952530 |
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Legal Form : |
Private Independent |
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Line of Business : |
Importers, exporters and sale of precious stones, semi precious stones and jewellery |
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No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED KINGDOM - ECONOMIC
OVERVIEW
The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase
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Source
: CIA |
EMDICO (LONDON) LTD.
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About Emdico About Emdico Emdico is one of the largest diamond and jewellery wholesalers in the UK. Emdico deals in polished diamonds, colored gemstones and diamond jewellery in gold and platinum. Emdico stocks certificated diamonds with GIA, HRD, IGI, EGL certificates. Emdico has a vast stock of non certificated diamonds, especially in the commercial qualities from 0.01 carats to 10 carats. Emdico are a global leader in the cutting, design, manufacturing, and the distribution of fine diamonds and jewellery. Emdico has a very loyal and long standing personel and we pride ourselves on providing an excellent service. Emdico conforms to the Kimberly process only dealing in conflict free diamonds. Achievements Emdico have by unbroken record of profits since inception serving over 600 jewellery manufacturers and retailers for the last 25 years. Emdico won the 2012 Most Commercially Appealing Design from the Platinum Guild International for its Platinum Range. Emdico has been consistently ranked in the top 5 UK diamond merchants measured by sales growth, sales per employee and profit growth. Emdico has been heavily involved in charity work, joining forces with the National Osteoporosis Society (NOS), we created the Dazzler campaign for which three new diamond cuts were created, ‘Shiva, ‘Heera and ‘Amity. A percentage of every sale, both wholesale and retail, have been pledged to the NOS. Emdico London specialises in coloured stones such as Emeralds, Sapphires & unheated Sapphires and Rubies from commercial to high quality in all cuts and carat weights. Some of our stocks of loose diamonds and loose coloured stones are produced in our cutting factory in Mumbai The majority of our loose diamonds and loose coloured stones stock is purchased via our Bombay buying office as well as Antwerp and Tel Aviv |
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
423990 - Other Miscellaneous Durable Goods Merchant Wholesalers |
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UK SIC 2007: |
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US SIC 1987: |
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Registered No.(UK): 01952530
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6329098
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6591356
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Importers, exporters and sale of precious stones, semi precious stones and jewellery
More Business Descriptions
Diamond Cutters Merchants and Polishers
About Emdico About Emdico Emdico is one of the largest diamond and jewellery wholesalers in the UK. Emdico deals in polished diamonds, colored gemstones and diamond jewellery in gold and platinum. Emdico stocks certificated diamonds with GIA, HRD, IGI, EGL certificates. Emdico has a vast stock of non certificated diamonds, especially in the commercial qualities from 0.01 carats to 10 carats. Emdico are a global leader in the cutting, design, manufacturing, and the distribution of fine diamonds and jewellery. Emdico has a very loyal and long standing personel and we pride ourselves on providing an excellent service. Emdico conforms to the Kimberly process only dealing in conflict free diamonds. Achievements Emdico have by unbroken record of profits since inception serving over 600 jewellery manufacturers and retailers for the last 25 years. Emdico won the 2012 Most Commercially Appealing Design from the Platinum Guild International for its Platinum Range. Emdico has been consistently ranked in the top 5 UK diamond merchants measured by sales growth, sales per employee and profit growth. Emdico has been heavily involved in charity work, joining forces with the National Osteoporosis Society (NOS), we created the Dazzler campaign for which three new diamond cuts were created, ‘Shiva, ‘Heera and ‘Amity. A percentage of every sale, both wholesale and retail, have been pledged to the NOS. Emdico London specialises in coloured stones such as Emeralds, Sapphires & unheated Sapphires and Rubies from commercial to high quality in all cuts and carat weights. Some of our stocks of loose diamonds and loose coloured stones are produced in our cutting factory in Mumbai The majority of our loose diamonds and loose coloured stones stock is purchased via our Bombay buying office as well as Antwerp and Tel Aviv
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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|
Current |
24 Dec 1940 |
85 Briar Avenue, |
10 Dec 1991 |
NA |
Current:4 |
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Current |
18 Sep 1966 |
3Rd Floor Chapel House, 18 Hatton Place, |
10 Dec 1991 |
NA |
Current:6 |
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Corporate
Directors |
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There are no corporate directors for this company. |
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Individual
Secretaries |
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
24 Dec 1940 |
85 Briar Avenue, |
10 Dec 1991 |
NA |
Current:4 |
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Corporate
Secretaries |
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There are no corporate secretaries for this company. |
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Individual
Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
Krishna Gopal Khandelwal |
75050 Ordinary GBP 1.00 |
Ordinary |
75,050 |
1.00 |
75,050.00 |
50.00 |
|
Sanjay Kumar Khandelwal |
75050 Ordinary GBP 1.00 |
Ordinary |
75,050 |
1.00 |
75,050.00 |
50.00 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Turnover (UK) |
9.1 |
8.5 |
9.0 |
8.7 |
13.2 |
|
Turnover (Exports) |
3.4 |
5.1 |
4.8 |
3.7 |
0.0 |
|
Total Turnover |
12.5 |
13.6 |
13.8 |
12.3 |
13.2 |
|
Cost of Sales |
11.1 |
12.1 |
12.4 |
11.0 |
11.9 |
|
Gross Profit |
1.3 |
1.5 |
1.4 |
1.3 |
1.3 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Expenses |
1.3 |
1.4 |
1.0 |
0.9 |
1.2 |
|
Operating Profit |
- |
- |
- |
0.4 |
0.1 |
|
Other Income |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Interest Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit Before Taxes |
0.1 |
0.1 |
0.5 |
0.4 |
0.1 |
|
Tax Payable / Credit |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Profit After Taxes |
0.0 |
0.0 |
0.3 |
0.2 |
0.1 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Number of Employees |
10 |
11 |
11 |
- |
11 |
|
Employees Remuneration |
0.7 |
0.7 |
0.5 |
- |
0.6 |
|
Directors Remuneration |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Fixtures & Fittings |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Plant & Vehicles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Tangible Fixed Assets |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.5 |
0.5 |
0.2 |
0.2 |
0.2 |
|
Total Fixed Assets |
0.6 |
0.6 |
0.2 |
0.2 |
0.2 |
|
Stocks |
5.1 |
4.5 |
4.8 |
5.0 |
4.9 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
5.1 |
4.5 |
4.8 |
5.0 |
4.9 |
|
Trade Debtors |
3.9 |
4.8 |
3.5 |
3.2 |
3.3 |
|
Other Debtors |
0.1 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Total Debtors |
4.0 |
4.9 |
3.8 |
3.3 |
3.5 |
|
Cash and Equivalents |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
9.3 |
9.7 |
8.8 |
8.5 |
8.4 |
|
Total Assets |
9.9 |
10.2 |
9.1 |
8.7 |
8.6 |
|
Trade Creditors |
5.6 |
5.9 |
4.8 |
4.2 |
5.0 |
|
Bank Overdraft |
- |
0.8 |
0.6 |
0.8 |
0.6 |
|
Director Loans (Current Liability) |
0.1 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Accruals/Deferred Income (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Social Security/VAT |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Corporation Tax |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Other Current Liabilities |
1.0 |
0.1 |
0.1 |
0.6 |
0.3 |
|
Total Current Liabilities |
6.8 |
7.0 |
5.9 |
5.9 |
6.2 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
2.9 |
3.0 |
3.0 |
2.5 |
2.2 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
3.1 |
3.2 |
3.2 |
2.8 |
2.4 |
|
Net Worth |
3.1 |
3.2 |
3.2 |
2.8 |
2.4 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
- |
- |
- |
- |
0.7 |
|
Net Cash Flow from ROI and Servicing of Finance |
- |
- |
- |
- |
0.0 |
|
Taxation |
- |
- |
- |
- |
0.0 |
|
Capital Expenditures |
- |
- |
- |
- |
-0.2 |
|
Acquisitions and Disposals |
- |
- |
- |
- |
0.0 |
|
Paid Up Equity |
- |
- |
- |
- |
-0.1 |
|
Management of Liquid Resources |
- |
- |
- |
- |
0.0 |
|
Net Cash Flow From Financing |
- |
- |
- |
- |
0.0 |
|
Increase in Cash |
- |
- |
- |
- |
0.5 |
|
Annual Ratios |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.38 |
1.38 |
1.51 |
1.43 |
1.35 |
|
Liquidity Ratio |
0.62 |
0.73 |
0.68 |
0.58 |
0.57 |
|
Stock Turnover |
2.36 |
2.98 |
2.94 |
2.33 |
2.30 |
|
Credit Period (Days) |
118.91 |
128.34 |
91.03 |
100.30 |
108.49 |
|
Working Capital by Sales |
21.22% |
19.63% |
20.98% |
21.72% |
19.41% |
|
Trade Credit by Debtors |
1.44 |
1.25 |
1.36 |
1.31 |
1.49 |
|
Return on Capital |
4.26% |
3.78% |
15.92% |
14.75% |
4.95% |
|
Return on Assets |
1.35% |
1.19% |
5.64% |
4.70% |
1.38% |
|
Profit Margin |
1.11% |
0.90% |
3.60% |
3.49% |
1.06% |
|
Return on Shareholders Funds |
4.26% |
3.78% |
15.92% |
14.75% |
4.95% |
|
Borrowing Ratio |
3.39% |
28.66% |
23.35% |
36.93% |
39.49% |
|
Equity Gearing |
31.56% |
31.52% |
35.44% |
31.90% |
27.94% |
|
Sales by Tangible Assets |
15,806.00 |
30,825.00 |
31,273.00 |
22,778.00 |
19,037.00 |
|
Average Remuneration per Employee |
0.1 |
0.1 |
0.0 |
- |
0.0 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Sales per Employee |
1.2 |
1.2 |
1.3 |
- |
1.0 |
|
Capital Employed per Employee |
0.3 |
0.3 |
0.3 |
- |
0.2 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Total Assets per Employee |
1.0 |
0.9 |
0.8 |
- |
0.8 |
|
Employee Remuneration by Sales |
5.42% |
5.02% |
3.32% |
- |
4.45% |
|
Creditor Days (Cost of Sales Based) |
191.61 |
180.04 |
137.52 |
147.40 |
179.19 |
|
Creditor Days (Sales Based) |
171.10 |
160.28 |
123.43 |
131.55 |
161.35 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond production
in India can be traced back to almost 8th Century B.C. India,
in fact, remained undisputed leader till 18th Century when Brazilian
fields were discovered in 1725 followed by emergence of S. Africa, Russia and
Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import –
export, inter-company transactions, financially assisted by banks. In the
process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds
started falling month-wise after the imposition of 2 % of import duty on the
polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US,
the UK, Japan and China. India’s polished diamond export is expected to
cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.68 |
|
|
1 |
Rs.101.98 |
|
Euro |
1 |
Rs.84.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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%)