MIRA
INFORM REPORT
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Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
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Name : |
GENOVATE BIOTECHNOLOGY CO LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
March 24, 1993 |
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Com. Reg. No.: |
84149006 |
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Legal Form : |
Public Company |
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Line of Business : |
Manufacturers of biopharmaceutical products. |
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 : |
Up To USD 200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name &
address
GENOVATE BIOTECHNOLOGY CO LTD
1 HUKOU HSIANG HSINCHU HSIEN 303,
TEL : 886-3-5982221
FAX : N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 24, 1993
REGISTRATION NO. :
84149006
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
DR. IRENE AI-YING CHOW CHANG (CHAIRMAN)
STAFF STRENGTH :
131
CAPITAL :
US$ 27,646,130
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 139,225,000 (AS OF 2006)
EQUITIES :
NTD 668,570,000 (AS OF 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 32.88605 = US$1 AS OF 2007-8-7
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M – million
TWD –
*Company History*
=================
December 1996 - Established the Clinical Research Division to
respond the growing need of Good Clinical
Practice (GCP) level clinical trials related work for drug development
or/and registration.
July 1997 - Acquired the BRISTOL MYERS SQUIBB (BMS)
plant which was established by SQUIBB
in May 1985.
March 1998 - Acquired a ten-year old distributor, JIU
CHENG CO which has an established sales and
marketing network in major medical centers and regional hospitals.
Company Registration*
===================
(1)
License number : 84149006
Date issued : 24 March,
1993
Issuing authority : Ministry of
Economic Affairs (MOEA)
(2)
License number : 84149998
Date issued : 25 June,
1997
Issuing authority : Ministry of
Economic Affairs (MOEA)
Type of license : For Hsinchu
Science-Based Industrial Park Branch
*Company Name*
=============
Incorporated as :
GENELABS BIOTECHNOLOGY CO LTD
Date of incorporation : 24
March, 1993
Changed name to : GENOVATE
BIOTECHNOLOGY CO LTD
Date of change : 1
January, 2002
*Capital Details*
=============
Initial registered capital
: NTD 13,750,000.00
Capital increases as follows :
Date
Increase (NTD)
------
---------------------
November 1995
437,500,000
April 1998
657,500,000
August 1999
875,000,000
Paid-up capital : NTD 831,000,000
*Office & Facilities*
================
Size : 160 sq
meters (Approx)
Location : Hsinchu
Hsien
Property status : Owned by
GENOVATE BIOTECHNOLOGY CO LTD
Type of building : Industrial
building
Comment : Serves as
office and warehouse
Other contact details:
----------------------------
E-mail address : williechiang@genovape-bio.com
Website :
www.genovate-bio.com
*Corporate & Organization Structure*
============================
The company is NOT listed on the TSE (Taiwan Stock Exchange) or OTC
(Over-the-counter Exchange) but rather just a "public company"
belonging to the category of "Shin gui" (Public company applying for
Listing in OTC).
Organization and management of the company is divided into the
following :
- Research and Development Department
- GMP Plant
- Medical Affairs Department
- Marketing and Sales Department
- Financial Department
- Clinical Research Division / Contract Research Organization (CRO)
Breakdown of employees as per position as follows :
Position No. of Employees
------------
-------------------------
Study Coordinators
14
Clinical Research
Associates
7
Doctor 5
Consultants 4
Ph.D.'s 3
Data Management 3
Specialist
Biostaticians 2
Regulatory & Int'l Affairs
2
Project Manager
1
Chief Medical Officer
1
*Factories, Size & Locations*
======================
Size : 4,162 sq
meters (Approx)
Location : Hsinchu
Hsien
Property status : Owned by
GENOVATE BIOTECHNOLOGY CO LTD
Type of building : Industrial building
Details : Obtained a
GMP raw material certificate in order to synthesize and purify raw materials.
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Underwriters*
============
YUANTA CORE PACIFIC SECURITIES
Web
site: www.genovate-bio.com The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-mail: u374@mail.genelabs.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
================
Shareholders' Name No. of Shares
---------------------------
-------------------
Mr. Yu-pao Chen
26,749,589
Mr. Yu-sheng Chao 26,749,589
Ms. Nin-sun Yang
26,749,589
Ms. Yu-ching Su
26,749,589
Mr. Shih-li Huang
12,000,000
Ms. Ju-hsin Kung
10,721,328
Ms. Jung-chiang Liang
10,721,328
Dr. Irene Ai-ying Chow Chang 7,149,594
Mr. Chin-shui Lin 4,054,499
Mr. Chi-neng Chang
4,054,499
Ms. Fu-mei Wang
186,615
Mr. Cheng Chen
164,680
Management: Mr. Shu-liang Ting,
Assist. Analyst
Dr. Cheng Chen, General Manager
Mr. Chien-lung Lin, Vice General Manager
Name Nationality
Job Description Dept. / Division
Mr. Shu-liang Ting Taiwanese
Assist. Analyst Financial
Dr. Cheng Chen Taiwanese General Manager -
Mr. Chien-lung Lin Taiwanese
Vice General Manager -
Mr. Wei-min Chiang Taiwanese Vice General Manager -
Mr. Wei-ming Chiang Taiwanese Vice General Manager -
*Key Personnel*
==============
(1)
Irene Ai-ying Chow Chang
Founder :
Co-founder
Work experience : More than
15 years
Responsibilities : Daily
operation of the firm including all financial, sales and legal matters.
Resident status :
Work experience : Senior
Vice-President of Drug Development at CIBA-GEIGY.
Qualification :
Doctor
(2)
Cheng Chen
Work experience : Project
Leader and Senior Scientist at CIBA-GEIGY.
Qualification :
Doctor
*Main Products & Services*
======================
Specializes in the following areas of work :
1. Acts as a fully integrated biopharmaceutical company which
manufactures the following products :
Product/Drugs Generic Name
Description
--------------------
------------------- ----------------
Antimicrobial drugs
Geniquin (Hydroxychloroquine)
Antifungal agents
Genazole (Fluconazole) Antifungal agents
Robatrol (Ribavirin)
Antiviral
Genaxol (Paclitaxel) Antineoplastic
agents
Anticancer drugs Genataxyl
(Paclitaxel) Anticancer agents
Alimentary tract and
Metabolic drugs Glusafe
(Glimepiride)
Antidiabetic agents
Diabetrol SR (Glipizide) Antidiabetic agents
Cardiovascular system drugs
Genzosin (Doxazosin) Antihypertensive agents
Genopril (Lisinopril) Antihypertensive agents
Felopine-SR (Felodipine) Antihypertensive agents
Gentolol (Acebutolol) Antihypertensive agents
Genzosin
(Doxazosin mesylate) Antihypertensive agents
Gendobu (Dobutamine) Shock agents
Dopovate (Dopamine
HCL) Shock agents
Angidil (Isosorbide) Angina agents
Digestive system drugs
Genurso (Ursodiol) Anticholelithic agents
Genalamine
Bowel inflammatory suppressant
External drugs Acure Gel 0.1%
(Adapalene) Dermatological agents
Tazarol Gel 0.1% (Tazarotene)
Dermatological agents
Respiratory drugs Genadine
(Loratadine) Antihistamine agents
Nervous system drugs
Gendergin (Alprazolam) Antianxiety agents
Gendergin-SR (Alprazolam)
Antianxiety agents
Genclone Hypnotics
Midazo (Midazolam) Sedatives
Musculoskeletal drugs
Genesafe (Mephenoxalone)
Skeletal muscle
relaxants
Genso (Atracurium) Skeletal muscle relaxants
Non-addictive analgesics
and anti-inflammatory drugs
Geniquin
(Hydroxychloroquine) Antirheumatic agents
Orphan dugs Ritek
(Riluzole)
Amyotrophic lateral
sclerosis
Levocarnitine (Levocarnitine) Carnitine
deficiency
Urinary system drugs
Genzosin (Doxazosin) BPH Therapy agents
Vitamins
Urotrol (Propiverine) Urinary
incontinence agents
Genester-C Chewable tablet
Vitamin C
Ester-C FCT Vitamin C
Genester-C FCT Vitamin C
Mint-C Chewable Tablet Vitamin C
2. Provides contract manufacturing service with the following companies
for marketing products in the country:
- BMS
- ABBOTT
- HONEY BEAR
3. Contract Research Organization (CRO) offers the following services in
accordance with International
Conference on
Harmonization-Good Clinical Practice (ICH-GCP) guidelines :
- protocol design
- case report form design
- informed consent form
- IRB submission/approval
- Department of Health (DOH)
submission/approval
- Investigator meetings
- Trial monitor
- Data management
- Statistic analysis
- Draft clinical and
statistical report
- Clinical trial final meeting
- Status reports
- Audit of clinical trials
- Submission of new drug
registration to Department of Health (DOH)
4. Conducted 50 clinical trials in 15 different therapeutic fields,
which include :
- Cardiovascular
- Anti-infectives
- Gastroenterology
- Neurology
- Hematology
- Oncology
- Metabiology
- Immunology and Rheumatology
- Otolaryngology
- Obstetrics and Gynecology
- Pulmonary
- Osteology
- Psychology
- Pediatric
- Anesthesia
Maintains 20 drug approvals in which 7 products were secured by BE
studies.
The following drugs are undergoing clinical trials :
1. GL701 - a drug for systemic lupus erythematosus which include:
- AsleraTM -
prasterone
2. GL331 - a drug for gastric and small cell lung cancer
3. Genetaxyl - an anticancer drug which is a new formulation of
paclitaxel is less toxicity than Taxol in animal
study.
4. PPV - a drug for urinary incontinence
5. GSR - a drug for slow-release agent for managing Type 2 diabetes
6. ASR - a drug for slow-release mucolytic agent
Also developed the following :
- Drugs for the treatment of diabetes, dementia and other aging related
disorders.
- A series of slow-release products using patentable advanced delivery
systems.
Also produced the following drugs in bulk:
- Adapalene
- Paclitaxel
- Proplverine Hydrochloride
- Riluzole
Products: Analgesics
Ant-inflammatory
analgesic
Anti-acne
agents
Anti-allergic
drugs
Anti-bacterial
agents
*Brand*
=======
Genovate
*Payment Terms*
=============
Sales
------
Local : Cash
30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer
(T/T)
Purchases
--------------
Local : Cash
30-60 days credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Competitors*
===========
The following locally based firms supply similar range of products :
- AB GENOMICS CORP
- CHENG PU CO LTD
- GLAXO WELLCOME TAIWAN LTD
- MEDIGEN BIOTECHNOLOGY CORP
- PHYTOHEALTH CORP
*Quality Certification*
==================
Products are GMP certified.
*Domestic Customers*
===================
Major local customers include:
- Medical centers
- Major regional hospitals
- Areas hospitals and clinics
*Machinery & Equipment*
=====================
Maintains upgraded machinery and equipment in order to comply with GMP
standard to manufacture high quality products.
*Deal Making*
============
Date of deal : March 1997
Nature of deal : Purchasing
Agreement
Parties involved :
Details : GBL
signed an agreement with BRISTOL MYERS SQUIBB (BMS) to purchase their GMP plant
in order to assist the new drug development and to offer a state-of-art
manufacturing facility in
*Domestic Agents & Distributors*
===========================
- UNIVERSAL INTEGRATED CORP
*Local Distribution Network*
=======================
95% of the annual turnover is attributed to local sales.
Products including cardiovasculars, diabetics and anti-allergics are distributed
through channels in medical centers, major regional hospitals, areas hospitals
and clinics in
*Export Markets*
=============
5% of the annual turnover is attributed to export.
*Overseas Customers*
==================
Clinical research team maintains contracts with the following
international pharmaceutical companies :
- BOEHRINGER INGELHEIM
- ELI LILLY
- ASTRA
- ORGANON
- TANABE
- SCHERING PLOUGH
- CHIRON
- WYETH
- DAINIPPON
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : GENOVATE BIOTECHNOLOGY CO LTD (HSINCHU SCIENCE-BASED INDUSTRIAL
PARK BRANCH) -
Branch Address : 2Fl Hsinchu Science-Based Industrial Park
Branch Tel : [+886] 3-5775474
*IMPORTER AGENCY LISTING
=========================
Supplier : BRISTOL-MYERS SQUIBB CO
Country of Origin :
Product Description : Pharmaceutical products
Brand : Bristol-Myers Squibb
Year : 1998
Supplier : NIPPON KAYAKU CO LTD
Country of Origin :
Product Description : Pharmaceutical products
Brand :
Year : 1998
Supplier : RHONE-POULENC RORER SA
Country of Origin :
Product Description : Pharmaceutical products
Brand : RHONE-POULENC
Year : 1998
Supplier : RATIOPHARM GMBH
Country of Origin :
Product Description : Pharmaceutical products
Brand : RATIOPHARM
Year : 1998
*Strategic Partners & Alliances*
=========================
Maintains excellent network with prominent Taiwanese Investigators at
the following medical centers :
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- VETERANS GENERAL HOSPITAL in
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- EN
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PAYMENT RATING : 3 OBTAINED SCORES : 62
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
|
NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers of
SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for
MODERATE amounts depending on individual judgement experience.
(1)
Balance Sheet
Currency : NTD
Denomination : in thousands
2000 2001 2002 2003 2004
------ ------ ------- ------ ------
Current Assets 372,967 286,906
474,827 442,550 409,921
Funds & Long-Term Investments
- - 3,488 33,407
33,181
Property 262,835 281,647
254,251 253,427 270,303
Intangible Assets
8,910 4,950 990 - -
Other Assets
84,163
65,416 81,862 77,178
73,026
Total Assets 728,875 638,919
815,418 806,562 786,431
Current Liabilities (Before)
92,094
36,323 53,972 72,658
75,658
(After) 92,094 36,323 53,972 72,658 -
Long-term Liabilities
99,165 113,408
108,796 78,459 45,102
Other Liabilities
4,447 5,750 7,513 10,096 16,312
Total Liabilities (Before) 195,706 155,481
170,281 161,213 137,072
(After) 195,706 155,481
170,281 161,213 -
Common Stock 875,000 875,000
831,000 831,000 831,000
Capital Reserve
Retained Earnings (Before) -341,831 -391,562
-185,863 -185,651 -181,641
(After) -341,831 -146,562
-185,863 -185,651 -
Total Shareholder's Equity (Before) 533,169 483,438
645,137 645,349 649,359
(After) 533,169 483,438
645,137 645,349 -
Income Statement
Currency : NTD
Denomination : in thousands
2000 2001 2002 2003 2004
------ ------ ------- ------ ------
Operating Revenue 264,116 220,598
257,847 276,516 274,294
Gross Profit 78,330
50,033 66,696 89,348
116,720
Operating Income -90,146
-63,001 -45,682 -8,538 605
Non-Operating Income 22,327
22,248 12,368 12,293 6,947
Non-Operating Expense 9,681 8,978 5,987 3,543 3,542
Net Income -77,500 -49,731 -39,301 212 4,010
Earnings (Losses) per Share (1.24) (0.79) (0.62) 0.05
(2)
Condensed Balance Sheet
Currency : NTD
Denomination : In thousands
2006
---------
Current Assets
332,918
Funds and Long-term Investment 52,944
Property, Plant, and Equipment 335,717
Current Liability
48,430
Other Liabilities 14,803
Capital stock 831,000
Additional Paid-in Capital
0
Retained Earnings (162,430)
Total Stockholders' Equity 668,570
Book Value per share(NT) 8.05
Condensed Income Statement
Currency : NTD
Denomination : In thousands
2006
--------
Sales Revenue(Net)
139,225
Gross profit
47,834
Operating income 1,341
Income Before Income Tax 3,656
Income Tax 0
Net income
3,805
Net income after tax per share(NT) 0.05
*Financial Ratios*
===============
2000 2001 2002 2003 2004
------ ------ ------- ------ ------
Ratio of Liabilities to Assets % 26.85 24.34 20.88 19.99 17.43
Ratio of Long-Term Capital to Fixed Assets% 240.58 211.91 296.53 285.61 256.92
Current Ratio%
404.99 789.87 879.77 609.09 541.81
Quick Ratio% 377.94 719.83 826.39 568.43 493.88
Interest Coverage
-7.96 -7.67 -10.22 1.08 3.00
Turnover of Receivable (Times) 3.49 2.99 0.26 2.95 2.77
Average Collection Period of Receivable 105.00 123.00 112.00 124.00 132.00
Turnover of Inventories (Times) 6.39 6.91 7.51 7.27 5.00
Turnover of Payable (Times)
Turnover of Expense (Times) 3.97 4.83 6.85 6.07 5.90
Average Days of Sales
58.00 53.00 49.00 50.00 73.00
Turnover of Fixed Assets (Times) 1.00 0.81 0.96 1.09 1.05
Turnover of Total Assets (Times) 0.36 0.35 0.35 0.34 0.34
Return on Total Assets%
-8.76 -6.43 -4.92 0.35 0.76
Return on Shareholder's Equity% -13.55 -9.78 -6.96 0.03 0.62
Operating Income
-10.30 -7.20 -5.50 -1.03 0.07
Net Income Before Tax
-8.86 -5.68 -4.73 0.03 0.48
Profit Margin%
-29.34 -22.54 -15.24 0.08 1.46
Retroactive
-1.24 -0.79 -0.62 0.05
Cash Flows Ratio%
4.80 31.38
Cash Flows Adequacy%
3.64 25.28
Cash Reinvestment Ratio%
0.43 3.00
Degree of Operating Leverage -0.97 -1.00 -1.72 -0.88 25.14
Degree of Financial Leverage 0.91 0.92 0.93 0.77 -0.43
*Financial Summary (Currency:
==============================
Year Sales Assets Net Income
1999 $7,812,500.00 n/a n/a
2000 $8,215,116.64 $22,671,073.09 -$2,410,575.43
2001 $6,401,567.03 $18,540,887.99 -$1,443,151.48
2002 $7,411,526.30 $23,438,286.86 -$1,129,663.70
2003 $7,973,356.40 $23,257,266.44 $6,113.03
2004 $8,249,443.61 $23,652,060.15 $120,601.50
2005 $9,415,481.83 n/a n/a
2006 $4,208,736.40 n/a $115,024.18
*Int´l Trade Activity (Currency:
===============================
Year Imports Exports Total
1999 n/a $390,625.00
$390,625.00
2000 n/a $410,755.83
$410,755.83
2001 n/a $320,078.35 $320,078.35
2002 $400,000.00 $100,000.00 $500,000.00
2003 $600,000.00 $100,000.00 $700,000.00
2004 $800,000.00 $100,000.00 $900,000.00
SC is considered medium-sized in its line with fairly stable financial conditions.
It is considered a credit line up to USD 200,000 appears to be within SC’s
capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2869 Industrial
organic chemicals,
Manufacturing 2800 Chemicals
and Allied Products
Manufacturing 2834 Pharmaceutical
preparations
Manufacturing 2899 Chemical
preparations,
Manufacturing 5122 Drugs/Druggists'
Sundries
Manufacturing 5169 Chemicals/Allied
Prdts, NEC
Service 8071 Medical
Laboratories
Service 8734 Testing
Laboratories
Trading 2834 Pharmaceutical preparations
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3004906022 Analgesics,
antipyretics and nonhormonal anti-inflammatory agents; tolmetin
Importing 2933592100 Antihistamines,
including those principally used as antinauseants
Importing 2934905000 Other
non-aromatic or non-modified aromatic heterocyclic compounds
Importing 2942000000 Organic
compounds
Manufacturing 1211908025 Substances
having anesthetic/prophylactic or therapeutic properties, principally
used
as medicaments or ingredients in medicaments, fresh/dried
Manufacturing 2922501500 Aromatic
cardiovascular drugs
Manufacturing 2933592100 Antihistamines,
including those principally used as antinauseants
Manufacturing 2933592500 Other
antihistamines, including those principally used as antinauseants
Manufacturing 2933902800 Other
anti-infective agents
Manufacturing 2933905300 Other
cardiovascular drugs
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Medical
pharmaceuticals
Manufacturer Pharmaceutical
chemicals
Manufacturer Pharmaceutical
drugs
Manufacturer Pharmaceutical
preparations
Manufacturer Pharmaceutical
products
Manufacturer Biochemicals
Manufacturer Chemical
preparation
Manufacturer Chemical
products
Manufacturer Chemicals
Manufacturer Drugs
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to
Exporting to
Exporting to
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
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 |
|
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%)