MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MACLEODS PHARMACEUTICALS LIMITED |
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Registered Office : |
304, 3rd
Floor, Atlanta Arcade, Marol Church Road, Near Leela Hotel, Andheri-Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India. |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of Incorporation : |
05.06.1989 |
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Com. Reg. No.: |
11-52049 |
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CIN No.: [Company Identification
No.] |
U24239MH1989PLC052049 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMM19656A |
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PAN No.: [Permanent
Account No.] |
AAACM4100C |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing,
Importing, Exporting and Dealing of drugs, pharmaceuticals, alkalies, acids,
essences, petrochemicals and chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having fine track. Directors are reported as experienced, respectable
and resourceful industrialist. Their
trade relations are reported as fair. Financial position is good. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
304, 3rd
Floor, Atlanta Arcade, Marol Church Road, Near Leela Hotel, Andheri-Kurla
Road, Andheri (East), Mumbai – 400 059, Maharashtra, India. |
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Tel. No.: |
91-22-56762800 |
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Fax No.: |
91-22-28266229 |
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E-Mail : |
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Website : |
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Cable : |
FORECOX |
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Location : |
Owned |
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Factory 1 : |
˜
Mahim Road,
Near Kuldeep Hotel, Palghar (West) - 401404, District Thane, Maharashtra,
India ˜ Daman, Union Territory |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rajendra Murlidhar Agarwal |
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Designation : |
Director |
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Address : |
5, Vinayak Heights, Upper Govind Nagar, Malad (E), Mumbai; 400097,
Maharahstra |
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Date of Birth/Age : |
25.02.1959 |
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Date of Appointment : |
05.06.1989 |
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Name : |
Mr. Banwarilal Murildhar Bawri |
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Designation : |
Director |
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Address : |
5, Vinayak Heights, Upper Govind Nagar, Malad (E), Mumbai; 400097,
Maharahstra |
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Date of Birth/Age : |
02.04.1953 |
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Date of Appointment : |
05.06.1989 |
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Name : |
Mr. Girdharilal Murlidhar Bawri |
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Designation : |
Director |
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Address : |
5, Vinayak Heights, Upper Govind Nagar, Malad (E), Mumbai; 400097,
Maharahstra |
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Date of Birth/Age : |
03.08.1947 |
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Date of Appointment : |
22.05.1990 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Rajendra Agrawal |
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1542180 |
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Banwarilal Bawri |
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3022080 |
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Girdharilal Baawri |
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1117680 |
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Sudha Bawri |
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190200 |
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Ajay Agarwla |
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2127900 |
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Anju Agarwal |
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1628100 |
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Anushree Agarwal |
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114600 |
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Ruchi Agarwa |
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96420 |
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Vijay Agarwal |
|
180 |
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Rajendra Agarwal (HUF) |
|
60000 |
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Taradevi Bawri |
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81000 |
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Total |
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9980340 |
Equity share Break up
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Category |
Percentage |
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Directors or relatives of directors |
100.000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing,
Importing, Exporting and Dealing of drugs, pharmaceuticals, alkalies, acids,
essences, petrochemicals and chemicals. |
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Products : |
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Exports : |
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Countries : |
Europe, Latin America, Myanmar, Malaysia and Vietnam |
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PRODUCTION STATUS
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Particulars |
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Production in Millions |
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Tablets |
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957.908 |
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Capsule |
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18.578 |
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Syrups |
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5429.771 |
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Vials |
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3119.673 |
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GENERAL
INFORMATION
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No. of Employees : |
850 |
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Bankers : |
State Bank of India, Industrial Finance Branch, S. V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India. |
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Facilities : |
Rs. 2.950 millions dated 11th October, 1990 against hypothecation of book debts and other assets. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Ashok Bansal and Company Chartered Accountant |
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Address : |
26, Kakkad Corner, Below Hotel Sun-n-Sheel, jKondivita Lane , Andheri
(East), Mumbai;400059, Maharashtra, India |
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Associates/Subsidiaries : |
Macleods Laboratories Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Sahres |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19960680 |
Equity Shares |
Rs.10/- each |
Rs.199.606
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 |
199.606 |
99.803 |
99.803 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1452.653 |
1091.739 |
828.677 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1652.259 |
1191.542 |
928.480 |
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LOAN FUNDS |
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1] Secured Loans |
232.548 |
84.206 |
105.554 |
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2] Unsecured Loans |
43.506 |
42.044 |
41.199 |
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TOTAL BORROWING |
276.054 |
126.250 |
146.753 |
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DEFERRED TAX LIABILITIES |
70.915 |
42.468 |
34.453 |
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TOTAL |
1999.230 |
1360.260 |
1109.686 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
554.185 |
495.971 |
391.000 |
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Capital work-in-progress |
60.402 |
9.440 |
18.500 |
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INVESTMENT |
25.067 |
25.067 |
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 |
592.623
|
416.869 |
265.272 |
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Sundry Debtors |
294.548
|
152.032 |
313.152 |
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Cash & Bank Balances |
698.380
|
431.127 |
338.374 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
280.375
|
212.356 |
138.565 |
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Total
Current Assets |
1865.926
|
1212.384 |
1055.363 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
414.509
|
314.904 |
355.177 |
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Provisions |
91.841
|
67.698 |
0.000 |
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Total
Current Liabilities |
506.350
|
382.602 |
355.177 |
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Net Current Assets |
1359.576
|
829.782 |
700.186 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1999.230 |
1360.257 |
1109.686 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
3509.299 |
2631.057 |
2598.951 |
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Other Income |
80.312 |
45.682 |
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Total Income |
3589.611 |
2676.739 |
2598.951 |
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Profit/(Loss) Before Tax |
546.879 |
308.333 |
439.616 |
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Provision for Taxation |
69.091 |
33.890 |
70.646 |
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Profit/(Loss) After Tax |
477.788 |
274.443 |
368.970 |
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Expenditures : |
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Raw Material Consumed |
1235.380 |
1063.834 |
0.000 |
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Purchases made for re-sale |
140.633 |
156.402 |
0.000 |
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Consumption of stores and spares parts |
8.580 |
10.080 |
0.000 |
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Increase/(Decrease) in Finished Goods |
31.802 |
(157.160) |
0.000 |
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Salaries, Wages, Bonus, etc. |
452.828 |
355.062 |
0.000 |
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Managerial Remuneration |
3.600 |
1.080 |
0.000 |
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Payment to Auditors |
1.290 |
1.059 |
0.000 |
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Interest |
7.782 |
8.711 |
0.000 |
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Insurance Expenses |
3.552 |
2.966 |
0.000 |
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Power & Fuel |
33.434 |
12.042 |
0.000 |
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Depreciation & Amortization |
26.103 |
25.608 |
0.000 |
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Other Expenditure |
1097.741 |
888.717 |
859.691 |
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Total Expenditure |
3042.725 |
2368.401 |
859.691 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
13.31
|
10.25 |
14.20
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Net Profit Margin (PBT/Sales) |
(%) |
15.58
|
11.71 |
16.92
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.59
|
18.04 |
30.39
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
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0.25 |
0.47
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Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.32 |
0.54
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Current Ratio (Current Asset/Current Liability) |
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3.68
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3.16 |
2.97
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LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Creation of
charge |
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Charge
identification number of the charge to be modified |
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Corporate
identity number of the company |
U24239MH1989PLC052049 |
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Name of the
company |
MACLEODS
PHARMACHEUTICALS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
304,Atlanta
Arcade, Marol Church Road, Near, Andheri (East), Mumbai – 400 059,
Maharashtra, India. |
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Type of charge |
Book Debts and
Others |
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Particular of
charge holder |
State Bank of
India Commercial
Branch, Horniman Circle, Mumbai:400023, Maharahstra, India |
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Nature of
description of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation dated 29th November, 2006 Working capital consortium
Agreement dated 29th November,2006 |
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Date of
instrument Creating the charge |
29.11.2006 |
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Amount secured by
the charge |
Rs.900.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of
Interest : 9% p.a Terms of
Repayments : Working capital
Loan Margin :
Particular %, Raw Material25%,
Work in Progress 25%,Finished
Goods 25%, Packing Materials
25%, Stores and Spares 25%,
Book Debts upto 90 days 30% Extent and
operation of the charge: First Charge by
way of hypothecation and or pledge of the Borrower’s Current Assets, namely,
Stocks of Raw Material, Semi- Finished and Finished Goods, Stores and Spares
nor relating to Plant and machinery (Consumables Stores and Spares), Bill
Receivables and Book Debts and all other movables of the Borrower both
present and future excluding such movables as may be permitted by the said
banks from time to time Others: Also by a Charge
in favour fo the said Banks Ranking after the Charges created and/or to be
created in favors of the Term Lenders oft eh Borrower on the Borrower’s plant
and Machinery both Present and Future. |
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Short particulars
of the property charged |
-- |
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Date of latest
modification prior to the present modification |
-- |
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Particulars of
the present modification |
-- |
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Name of the company |
MACLEODS
PHARMACHEUTICALS LIMITED |
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Presented By |
State Bank of
India Industrial Finces
Branch, MAlad(Wet), Mumbai:400064 |
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1) Date and description of instrument creating the change |
All the above agmts are dt. 11.10.1990 and excuted for the creation of
a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.950 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
all movables, bookdebts, and other assets whether present or future with
restriction against the creation of any further charge thereon for all
indebtedness and liability of the company to the bank by way of working
coapital present and future the present and future the present limit having
been determined at Rs.2.950 Milliosn |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI: 1% below
SBAR. Min .15.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Malad (West),
Branch, Mumbai-400064 |
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6) Date and brief description of instrument modifying the charge |
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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. |
The original charge
was created on11.10.1990 for Rs.2.950 Milliosn 1stly modified on 21.02.1994
for Rs.9.300 Millions. 2ndly modified on 30.10.1990 for Rs. 41.700 Millions
3rdly modified the company offered an addl. Security by fix the mortage at
Rs. 41.700 Millions 4thlymodified dt. 18.12.2000 for Rs. 125.000 Millions .
5thly modified on dt. 18.12.2000 by giving an additional collateral security
, 6thly modified on dt.11.10.2003 for Rs.175.000 Millions Now by the present
modi. Dt. 30.10.2003 the company creates collateral security by way of
Equitables Mortage by deposits of title deeds created earlier on dt.
18.12.2000 as a continuing security to secure its enchace credit facilities
of Rs. 50.000 Millions aggregating to Rs. 175.000 Millions . The limit as as
Follows:
Together with
interest ,compound interest, in case of default, commission, comment charges, expenses, premium on pre payment
redemption liquidated damages, costs, charge expenses etc. paid or incurred
by the Bank The term and conditions of the mortgage terms unchanged. |
The company's fixed
assets of important value include land, factory building, plant and machinery,
vehicles, training and office equipment, factory equipments and computers.
Its product range
includes :
v Anti – Diabetic
v Anti – Diarrahea
v Generic
v Antibiotics
v Anti Osteoporotics
v Cardiovasculars
v Corticosteroids
v Nutraceuticals
v R & D
v Anti – HIV Products
v Thyroid & Anti – Thyroid
v Gastro
v Non – Steroidal Anti – Inflammat Drugs
The company’s
products are already registered in Africa (Kenya), CIS (Russia and Ukraine),
Latin America (Peru and Chile), Myanmar and Vietnam
We visited the
office of the company where following observations were carried on:
˜
Name Board
could be sighted and visibility of the Name Board is High.
˜
The company’s
office is easy to locate.
˜
Subject is
located in an Up market area.
˜
Items such as
Telephone, Fax Machines, Telex, Computers, Air Conditioners and Xerox Machines
could be seen at the company’s office.
WEBSITE DETAILS ATTACHED
The
Company History
A vision,
a mission & a will to succeed were the basic ingredients in the foundation
of Macleods Pharmaceuticals Ltd.
Subject.
was incorporated in 1986. The vision of Dr. R. Agarwal , Managing Director was
to build a strong & indigenous pharmaceutical company, & the mission
was to provide quality health care to the humanity, especially, the essential
& difficult to manufacture drugs with an emphasis on individual country's
needs.
The Marketing Structure
An almost 1800 strong,
dynamic brand marketing team of field personnel agressively market the products
in the Indian market. This team in turn is supported and guided by highly
qualified and experienced marketing & medical professionals at the Head
Office.
Indian market Achievements
Macleods
is ranked 24th and is the fastest growing pharmacuetical company in India.
Currently, Macleods is growing at 30.5% against industry growth of 5.7%. In the
financial year 2004-2005, Macleods has achieved a sales turnover of Rs. 3
billion (US$ 60 Million including exports).
ACNielsen (Known earlier
Org-Marg) which conducts the retail audit for Pharmaceutical products in India
ranks Macleods Pharmaceuticals as the 2nd largest Indian company markeitng
Anti-TB drugs with a market share of 17.2%. Another accomplishment of great significance
is that, Macleods Pharmaceuticals is the No. 1 in multi-drug TB segment in
India with a marketshare of 42%
VISION.
A
vision, a mission & a will to succeed were the basic ingredients in the
foundation of Macleods Pharmaceuticals Limited
The vision
of Dr. Agarwal, Company’s Managing Director was to build a strong &
independent company to provide quality health care to the masses, especially,
the essential & difficult - to - manufacture drugs.
Macleods is ranked 24th and
is one of the fastest growing companies. The company has achieved a sales
turnover of Rs 3 billion (US$ 60 Million) by the close of financial year
2004-2005.
According
to IMS they are the 2nd largest Indian Company marketing Anti TB drugs with
market share of 42% in the multi drug anti-TB segment in India.
MISSION
Their
mission is to focus on the most essential drugs with major thrust on
Tuberculosis leading cause of mortality in India and world wide.
Under the flagship of
MACLEODS PHARMACEUTICALS they have four division focusing on Indian market with
a field force strength of 1800.
Macleods Pharma - the
division holds its main foray in the marketing of Anti- infectives,
Gastrointestinal products marketing through GPs, Physician, Gastroentrologist
and Paediatrician.
TB Care - is the dedicated
division for catering to TB and Chest specialists
Procare - is a speciality
division in the field of chornic care with special focus on cardiology and
gynaecology
Gencare - is launched with
a purpose to spread health care across all generations. It focuses mainly on
products for Orthopaedics, Surgeons & Physician
Macleods Commitment to the control of TB
Since
the inception of the company, they have always contributed significantly in
fighting Tuberculosis.
Macleods
is the only company to market every Anti-Tuberculosis drug including drugs for
Multi Drug Resistance Tuberculosis; PAS, Cycloserine, Kanamycin, Prothionamide,
Ethionamide, Capreomycin, Ciprofloxacin, Sparfloxacin, Ofloxacin, Levofloxacin,
Moxifloxacin and Gatifloxacin.
The company's endeavour has
been to ensure availability of these products, all the time and at an
economical cost. Every possible recommended dosage of R,H,E & Z, required
by the Physician in the treatment of TB, are formulated here. A path-breaking
venture of bio-available Fixed Dose Combination of 2, 3 and finally 4 drugs, is
one example which is formulated to take care of non-compliance of patients, a
major cause for TB treatment failure. Macleods is the pioneer to launch a Four
Drug Fixed Dose Combination of R,H,E&Z (FORECOX) & in correlating
plasma bioavailability with urine excretion study for Rifampicin which is now
endorsed by WHO & IUATLD. NIPER (National Institute of Pharmaceutical
Education and Research), Chandigarh had undertaken the bio equivalence study on
FORECOX. ( NIPER is one of the only two WHO accredited laboratories for
conducting bioavailability / bioequivalence studies). In the studies, NIPER has
concluded that Rifampicin in Forecox is bioequivalent to single drug
formulations.
Macleods Commitment to the control of HIV AIDS
Macleods
believes that HIV/ AIDS & TB may have a potentially devastating effect on
human capital, economic development and health systems reform. The threat of
HIV looms large and invariably results in increased incidences of TB. The
enormous progress and contributions Macleods have made to control TB, has
bolstered the enthusiasm of the company to foray into development of low cost
Anti-Retroviral drugs to counter this threat. Macleods is ready with single/ double/
triple drug formulations for HIV / AIDS.
GLOBAL PRESENCE
CIS
markets
Russia,
Ukraine, Kazakisthan, Azarbezan, Kyrigistan, Uzbekistan, Belarus
South East Asia
Malaysia,
Vietnam, Myanmar, Thailand, Philippines, Srilanka, Hongkong
Africa
Ethopia,
Kenya, Ghana, Malawi, Zambia, Tanzania, Ivory Coast, Nigeria, Mauritius,
Algeria, Sudan, Uganda, Zimbabwe.
Latin America
Peru,
Colombia, Chile, Caribbean Islands, Venezuela, Bolivia, Ecuador
Products registered in 32
countries (315 product registrations). Sales mainly through global tenders of
Anti TB products.
Anti TB products contribute
80% of the International business.
Accreditations/Approval
recieved for manufacturing facility from WHO-Geneva,
Colombia,
kenya, Tanzania, Zimbabwe, Uganda and Belarus.
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.40.97 |
|
UK Pound |
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.56.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
|