MIRA
INFORM REPORT
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Report Date : |
15.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
GENO PHARMACEUTICALS LIMITED |
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Registered Office : |
Pharmaceutical Complex,
Tivim Industrial Estate, P. O. Karaswada, Mapusa - 403 526, Goa |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.12.1975 |
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Com. Reg. No.: |
24-250 |
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CIN No.: [Company
Identification No.] |
U24239GA1975PLC000250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08901E |
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PAN No.: [Permanent
Account No.] |
AAACG5887G |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing of pharmaceutical drugs and formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
350000 |
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Status : |
Satisfactory
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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. Financial position is satisfactory. Payments are usually correct and as
per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Head Office / Factory : |
Pharmaceutical
Complex, Tivim Industrial Estate, P. O. Karaswada, Mapusa - 403 526, Goa,
India |
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Tel. No.: |
91-832-2299216 / 217 / 2254697 / 2254698 / 2257216
/ 2257217 |
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Fax No.: |
91-832-2299215 / 2257215 |
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E-Mail : |
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Website : |
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C & F Depots : |
Located at : +
354/B, Nehru Road, Tilakwadi, Belgaum – 590 006 +
Godown No. 13, Gala No. 3, Ground Floor, Arihant
Compound, Purna Village, Bhiwandi, Taluka Thane, Maharashtra +
P-143, C. I. T. Road, Kolkata – 700 054, West Bengal +
C/o. Monica Pharma, Town Hall Road, Cuttack – 753
009, Orissa +
49, First Floor, Navyug Market, Ghaziabad – 201 001,
Uttar Pradesh +
5, Gopal Road, Panbazar, Guwahati – 781 001, Assam +
D. No. 1-1-710, Street No. 9, Gandhi Nagar, Hyderabad
– 500 080, Andhra Pradesh +
E-199, Transport Nagar, Lucknow – 226 012, Uttar
Pradesh +
Ground Floor, Sona Towers, 10 West, Avani Moola
Street, Madurai – 625 001 +
Dhardhara Kothi, Naya Tola, Patna – 800 004, Bihar +
K, 51/1, Visheshwarganj, Varanasi – 221 001, Uttar
Pradesh +
401/2, Akshat Building, Opp. Crossword, Near
Rajendra Patel Orthopaedic Hospital, Mithakali Six Road, Naurangapura – 380
009, Ahmedabad, Gujarat +
9-508, Abdullah Building, Gurunanak Market, Haldwani
(Nainital) – 263 139, Uttaranchal +
Old Sales Tax Premises, 1st Floor, J. K.
Building, Hamidia Road, Bhopal – 462 001, Madhya Pradesh +
XXXV/908, North Janatha Road, Palarivattom, Kochi –
682 025, Kerala +
Behind Bihar Club, Court Road, Ranchi – 834 001,
Bihar |
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Branches
: |
Located at : +
701, Acme Plaza, 7th Floor, Andheri (East), Mumbai –
400 059 Tel No. 91-22-28271613 /
28271614 Fax No. 91-22-28271612 E Mail : genomum@vsnl.net
+
F/D6, Flat No. 2, Salt Lake City, Sector III, Kolkata - 700 091,
West Bengal Tel. No. 91-33-23377671 Fax No. 91-33-23376245 +
G-1259, C. R. Park, New Delhi – 110 019 |
DIRECTORS
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Name : |
Mr. Dilip R. Salgaocar |
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Designation : |
Managing
Director |
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Address : |
Sharuan
Near Sports Complex Pedem, Mapusm, North Goa – 403507, Goa |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
01.01.1980 |
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Name : |
Mr. Anand R. Salgaocar |
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Designation : |
Director
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Address : |
Rajeshwar
Baina, Vasco-Da-gama Goa, South Goa – 403802, Goa |
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Date of Birth/Age : |
04.02.1950 |
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Date of Appointment : |
31.01.1980 |
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Name : |
Mr.
Pradip P. Mahatrme |
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Designation : |
Director
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Address : |
Opp.
All India Radio, Altinho – ‘Mahatme’, Panaji Goa, North Goa – 403001, Goa |
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Date of Birth/Age : |
03.11.1951 |
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Date of Appointment : |
22.04.1980 |
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Name : |
Mr.
Sridhar Rama Tamba |
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Designation : |
Director
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Address : |
‘Altinho’,
Santosh – Altinho, Panji, North Goa – 403001, Goa |
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Date of Birth/Age : |
21.06.1923 |
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Date of Appointment : |
22.04.1980 |
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Name : |
Mr.
Ramnath Gouind Kare |
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Designation : |
Director
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Address : |
Post
Box No. 42, Kare House, margao, South Goa – 403601, Goa |
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Date of Birth/Age : |
18.10.1934 |
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Date of Appointment : |
04.12.1975 |
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Name
: |
Mr.
Vinayak Hari Vaze |
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Designation
: |
Director
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Address
: |
‘Girish’,
tarabai Chowk, Kolhapur, Maharashtra |
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Date
of Birth/Age : |
09.10.1927 |
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Date
of Appointment : |
04.12.1975 |
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Name
: |
Mrs.
Pallavi S. Salgao |
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Designation
: |
Director
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Address
: |
Sharvani
Near Sports Complex Pedem, Mapusa, North Goa – 403507, Goa |
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Date
of Birth/Age : |
20.02.1977 |
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Date
of Appointment : |
30.09.2004 |
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Name
: |
Mr.
Rajendra S. Kholkar |
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Designation
: |
Director
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Address
: |
T – I
/ A, 3rd Floor Santa Rita Mansion Stinez, Panji, North Goa –
403001, Goa |
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Date
of Birth/Age : |
22.04.1955 |
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Date
of Appointment : |
12.05.2000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of pharmaceutical drugs and formulations. |
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Products : |
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Brand Names : |
"SINEOF" |
GENERAL INFORMATION
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No. of Employees : |
505 |
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Bankers : |
v
Syndicate Bank, Mapusa, Goa v
The Goa Urban Co-operative Bank Limited, Mapusa - 403507, Goa v
HDFC Bank v
ICICI Bank Limited, Panji, Panji Goa – 403001, Goa,
India v
ICICI Bank Limited, ICICI Towers, Bandra Kurla Complex,
Mumbai, Maharashtra |
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Banking Relations : |
Satisfactory
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Auditors : |
Ganesh & Ganesh Chartered Accountants G – 7, Vaikunth Apartments, P O Box 49, Comba, Margao, Goa – 403
601 |
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Tel. No.: |
91-832-2731018
/ 2730728 |
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Res. No.: |
91-832-2759733 |
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Fax No.: |
91-832-2732408 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
150000 |
Redeemable
preference Shares |
Rs. 100/- each |
Rs. 15.000 millions |
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Total
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Rs. 65.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
60.265 |
47.357 |
35.969 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
90.265 |
77.357 |
65.969 |
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LOAN FUNDS |
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1] Secured Loans |
106.261 |
92.671 |
104.500 |
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2] Unsecured Loans |
36.701 |
31.966 |
25.327 |
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TOTAL BORROWING |
142.962 |
124.637 |
129.827 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
233.227 |
201.994 |
195.796 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.642 |
65.675 |
59.146 |
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Capital work-in-progress |
2.037 |
1.584 |
1.739 |
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INVESTMENT |
0.522 |
0.522 |
0.522 |
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DEFERREX TAX ASSETS |
2.017 |
1.734 |
2.035 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
110.916
|
87.603 |
101.036 |
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Sundry Debtors |
63.269
|
55.063 |
86.379 |
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Cash & Bank Balances |
40.459
|
44.379 |
28.913 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
49.241
|
25.105 |
18.107 |
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Total Current Assets |
263.885
|
212.150 |
234.435 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
104.967
|
66.990 |
88.368 |
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Provisions |
24.909
|
12.681 |
13.713 |
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Total Current Liabilities |
129.876
|
79.671 |
102.081 |
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Net Current Assets |
134.009
|
132.479 |
132.354 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
233.227 |
201.994 |
195.796 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
670.832 |
499.544 |
526.404 |
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Profit/(Loss)
Before Tax |
5.217 |
24.169 |
17.459 |
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Provision
for Taxation |
10.269 |
6.487 |
4.726 |
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Profit/(Loss)
After Tax |
[5.052] |
17.682 |
12.733 |
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Export
Value |
5.771 |
0.206 |
Nil |
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Import
Value |
NA |
5.905 |
5.228 |
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Total
Expenditure |
665.615 |
475.375 |
508.946 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
[0.75]
|
3.54 |
2.42 |
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Net
Profit Margin (PBT/Sales) |
(%) |
0.78
|
4.84 |
3.32 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
1.46
|
8.70 |
5.95 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.31 |
0.26 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
3.02
|
2.64 |
3.51 |
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Current
Ratio (Current
Asset/Current Liability) |
|
2.03
|
2.66 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
The company’s fixed assets of important value include Leasehold
Land, Buildings, Plant & Machinery, Factory Tools & Equipments,
Furniture & Fixtures, Air Conditioners, Typewriters And Office Equipments,
Data Processing Equipments, Refrigetors, Vehicles, Research & Development
Equipments, Boilers And Gensets.
The company’s product range includes :
v
Algina Syrup
v
Algina Tablets
v
Bencid Tablets
v
Brupal Tablets
v
Brupal Forte Tablets
v
Brupal Kid Tablets
v
BG Cream
v
Betahist Tablets
v
Cipti Tablets
v
Cipti Forte Tablets
v
Cypon Drops
v
Cypon Capsules
v
Desol Ear Drops
v
Cortisal Ointment
v
Endos Capsules
v
Eleron Capsules
v
Eleron Syrup
v
Frumil Tablets
v
Frusenex Tablets
v
Floban Tablets
v
Fusigen Ointment
v
Fusigen B Cream
v
Genogyl F Tablets
v
Genogyl F Suspension
v
Genogyl N Suspension
v
Genophane Tablets
v
Genoplex Forte Injection
v
Genozyme Syrup
v
Gery Ointment
v
Inflaryl AD Tablets
v
Lamonte Cream
v
Lamonte B Cream
v
Lobak Tablets
v
Lobak Forte Tablets
v
Myolaxin Ointment
v
Mosagen – 2.5 Tablets
v
Paracetamol Tablets I. P.
v
Pamela Tablets
v
Pamela Suspension
v
Peptica Tablets
v
Peptica Gel
v
Pipcol Drops
v
Protectone Liquid
v
Respira Liquid
v
Respira D Liquid
v
Sarpalzino Tablets
v
Septinix Paediatric
v
Septinix Tablets
v
Septinix Forte
v
Vertigon Tablets
v
Vertidom Tablets
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U24239GA1975PLC000250 |
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Name of the company |
GENO PHARMACEUTICALS LIMITED |
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Address |
Pharmaceutical
Complex, Tivim Industrial Estate, P. O. Karaswada, Mapusa - 403 526, Goa |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
ICICI
Bank Limited, Panji, Panji Goa – 403001, Goa, India |
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Nature or description of the instrument creating charge |
Unattested deed of hypothecation |
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Date of the instrument creating charge |
03.07.2006 |
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Amount Secure by the charge |
Rs. 1.278 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The loan availed for purchased of vehicles Toyota camry will be repaid in 36 monthly instalments of Rs. 0.040 millions each The property hypothecated is the absolute property of the company. |
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Description of the property charge whether it is a charge on |
Vehicles |
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Particulars of the Property charged |
Toyota Cambry Vehicles |
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Name of the company |
GENO
PHARMACEUTICALS LIMITED |
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Presented By |
Mr. R S Kholkar, Company Secretary |
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1) Date and description of instrument creating the change |
Composite hypothecation and charge and hypothecation of debts agreements both dated 23.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 81 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 Stock in Trade and Book debts, stock in trade comprising of raw materials in the form of medicines, drugs, tablets, ingestible, packing, materials and all other stock in trade used by the company and second charge on plant and ,machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 13 % p.a. or such rate as charged by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Sybdicate Bank Dempo Mansion, Mapusa Goa |
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6) Date and brief description of instrument modifying the charge |
Memorandum of Deposit of Title deed by way of constructive delivery for creation of second charge in favour of bank dated 04.06.2005 |
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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. |
At the time of depositing Title deed by the company with the Goa Urban Cooperative Bank Limited Mapusa pertaining to lease deed dated 01.03.1977 In respect of the leasehold land of the company belonging to the Goa, daman and Diu industrial Corporation Panji has ceded second charge in favour of bank pertaining to the all that Plot of Land No. 1, adm. 21364 m 2, in the property bearing plot No. 160 cadastral Survey No. 502 parts situated within the municipal limits of Mapusa. Goa for the total facility granted by the bank to the company of Rs. 81 millions There is no change in the charge amount of Rs. 81 millions |
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Name of the company |
GENO
PHARMACEUTICALS LIMITED |
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Presented By |
Mr. R S Kholkar, Company Secretary |
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1) Date and description of instrument creating the change |
Composite hypothecation and charge and hypothecation of debts agreements both dated 23.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 81 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 Stock in Trade and Book debts, stock in trade comprising of raw materials in the form of medicines, drugs, tablets, ingestible, packing, materials and all other stock in trade used by the company and second charge on plant and ,machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 13 % p.a. or such rate as charged by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Sybdicate Bank Dempo Mansion, Mapusa Goa |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the company |
GENO
PHARMACEUTICALS LIMITED |
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Presented By |
Mr. R S Kholkar, Company Secretary |
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1) Date and description of instrument creating the change |
Agreement for Auto Loan dated 12.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 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 |
Hypothecation of Maruti Esteem Vehicle Chassis No. 180077 Engine No. 422303 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The loan amount will be repaid over a period of 36 months, one instalments advance |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank, Mumbai |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
GENO Pharmaceuticals Limited
was established in December1975. It commenced commercial
operations in March 1977 initiating manufacture of it's
formulations on contract basis in Mumbai and Goa.
Simultaneously, GENO initiated
construction of it's own formulation
manufacturing facility at Karaswada, Mapusa, Goa
in the picturesque environment, eco-friendly
ambience of Goa on the west coast of India, roughly
600 kms. south of Mumbai.
GENO has been the pioneer and leader in Anti Migraine, Anti
Vertigo and family health pharmaceutical products in India.
Over the years, GENO Pharmaceuticals Limited has built
strong brands, which include Cypon®, Vertigon ®, Vertidom ®, Myolaxin ® and
many more.
Manufacturing
Geno presents a co-existence of high
technology and pristine environment. It's state of the art factory at Mapusa,
Goa is a classic example of the company’s conscious effort to be in tune with
nature while assimilating technological innovations. Cleanliness and hygiene
assume top priority in the manufacturing complex. Each production module
functions in compliance with the schedule M of Drugs and Cosmetics Act and
Rules of India and in accordance with the established WHO cGMP practices. The
manufacturing facility was created over a space of five acres
with built-up area of 9585 square metres.
GENO’s Formulations are
produced by well trained and expert Pharmacists who are obsessed with a
passion for excellence and adhere scrupulously to current Good Manufacturing
Practices. The Plant is equipped to manufacture a
complete variety of Formulations in the dosage forms of Tablets, Liquid
Orals, Hard gelatin Capsules, Topical Ointments, Small Volume Parenterals,
Otics, etc.
The various Sections are
equipped for an annual output on single shift of 8
hours working per day as follows:
|
TABLETS |
400
Million Tablets |
|
LIQUID ORALS |
13
Million Bottles |
|
CAPSULES |
75
Million Capsules |
|
TOPICALS |
6 Million Tubes |
|
INJECTABLES |
24
Million Ampoules |
The Plant was
commissioned in the Year 1979 and since then has been
producing entire requirement of the Company as well as
manufacturing Products for other Companies on
Contract manufacture or Loan License basis.
The various Companies with
which GENO Pharmaceuticals Limited has been associated over the
years for such a manufacturing activity are :
v
Pfizer Limited
v
Tata Pharma.
v
Torrent Pharmaceuticals.
v
Searle (India) Limited
v
Blue Cross Laboratories Limited
v
Okasa ( A Division Of Cipla)
v
Wallace Pharmaceuticals Limited
v
Cosme Pharma Limited
v
Ashwini Pharmaceuticals Limited
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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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/normal. |
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 |
|