MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
FERMENTA
BIOTECH LIMITED |
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Registered Office : |
DILComplex, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.07.1986 |
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Com. Reg. No.: |
11-134021 |
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CIN No.: [Company
Identification No.] |
U99999MH2001PTC134021 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00613E |
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PAN No.: [Permanent
Account No.] |
AAACF2503N |
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Legal Form : |
A
closely held public limited liability company |
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Line of Business : |
Manufacturing
of Formulations, Drug, Intermediates and Biocatalyst |
RATING
& COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD
398336 |
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Status : |
Moderate
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though
subject is an old company it continue to incur losses. If has huge
accumulated losses. Payments are reported as slow and delayed. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Dil Complex,
Opposite Vidyapeeth, |
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Tel. No.: |
91-22-55980888 |
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Fax No.: |
91-22-55980999 |
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E-Mail : |
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Website : |
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Administrative Office : |
Duphar-Interfan
Limited, Dil Complex, Opposite Vidyapeeth, S. V. Road, Majiwada, Thane (West)
– 400 607, Maharashtra, India |
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Tel. No.: |
91-22-67980827 |
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Fax No.: |
91-22-67980999 |
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E-Mail : |
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Website : |
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Factory
1 : |
Village
Takoli, P. O. Nagwain, District Mandi, Himachal Pradesh – 175 121 |
DIRECTORS
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Name : |
Mr. Vasant Kumar Datla |
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Designation : |
Chairman |
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Address : |
Flat No. 113, Plot No. 2A, Windermere off, Link
Road, Andheri (West), Mumbai 400 058, Maharashtra, India |
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Date of Birth/Age
: |
24.06.1949 |
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Date of
Appointment : |
11.07.1986 |
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Name : |
Mr Govind TUnanath Desai |
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Designation : |
Director |
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Address : |
Kedar Apartment, 2nd Floor, Bhandar
Lane, Mahim, Mumbai 400 016, |
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Date of Birth/Age
: |
04.06.1933 |
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Date of
Appointment : |
03.03.1987 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
42 – B, Presidency Colony, |
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Date of Birth/Age
: |
17.12.1980 |
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Date of
Appointment : |
01.02.2002 |
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Name : |
Mr. Irfan Rafik Bandukwalla |
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Designation : |
Director |
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Address : |
D / 53, Flower Queen, |
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Date of Birth/Age
: |
22.08.1971 |
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Date of
Appointment : |
23.08.2003 |
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Name : |
Mrs. Sumanta Banerjee |
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Designation : |
Wholetime Director |
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Address : |
701, Palladio, Hiranandani Estate, Off |
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Date of Birth/Age
: |
17.12.1969 |
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Date of
Appointment : |
23.08.2003 |
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Name : |
Mr. Rajendra Gajtonde |
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Designation : |
Wholetime Director |
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Address : |
505, Santoor Society, Lokpuram Thane (West) 400
601, Maharashtra, |
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Date of Birth/Age
: |
01.06.1962 |
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Date of
Appointment : |
04.10.2004 |
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Name : |
Mr. Satish Varma |
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Designation : |
Director |
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Address : |
Flat No. 704, A/22, Bakers Field, Shastri Nagar,
Andheri, Mumbai 400 058, |
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Date of Birth/Age
: |
21.03.1970 |
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Date of
Appointment : |
04.10.2004 |
KEY
EXECUTIVES
|
Name
: |
Mr.
Rama Subramanian |
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Designation
: |
Company
Sectary |
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Address : |
85 A /
4, Brindavan Society, Majiwade, Thane (West) 400 601, Maharashtra, |
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Date of Birth/Age
: |
30.07.1966 |
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Date of
Appointment : |
02.08.2004 |
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Name
: |
Mr. V W Rajasekar |
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Designation
: |
Research Group Head |
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Email |
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Name
: |
Mrs.
Prajkta Mandar Deshpande |
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Designation
: |
Company
Secretary |
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Address : |
302,
Sanskriti A, Cosmos Heritage, Chitalsar Manpada, |
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Date of Birth/Age
: |
24.03.1980 |
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Date of
Appointment : |
13.01.2007 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
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Mr K H
Kashid |
|
10 |
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Datla
Investment And Finance Company Private Limited |
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87024 |
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Mr.
Manphool Singh |
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10 |
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Mr.
Vasant Kumar Datla |
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27000 |
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Mr. Dr
V K Raju |
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12 |
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Mr. D
G Rajan |
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12 |
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Mr. O
Swaminatha Reddy |
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12 |
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Dil
Limited |
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7677500 |
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V R
Investment And Finance Private Limited |
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15000 |
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Mrs. D
Rajeshwari |
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85338 |
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Mr.
Govind Desai And Mr Gunanath Govind Desai |
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2500 |
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Mr Govind
Desai And Mr. Damodar Govind Desai |
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1000 |
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Mrs. Shaila
Givind Desai And Mr. Damodar Govind Desai |
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1500 |
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Mr. S Krishnan
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10 |
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Mr. K
H Kashid |
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10 |
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Mr Kumar
Subramainan |
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10 |
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DVK Investment
Private Limited |
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87024 |
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Mr.
Prashat Kutty |
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20 |
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Mr.
Rohit Chugani |
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10 |
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Mr. S
Raman |
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10 |
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Mr. S
C Uniyal |
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10 |
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Ms Preeti
Datla |
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3012 |
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Mr. |
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27000 |
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Mr. K
R Kaushal |
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10 |
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Dupen Laboratories
Private Limited |
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100000 |
Equity
share breakup (percentage of total equity)
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S.
No. |
Category
|
Percentage |
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1 |
Bodies corporate (not mentioned above) |
98.49 |
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2 |
Directors or relatives of directors |
1.50 |
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3 |
Other top fifty (50) shareholders (other than
listed above) |
0.01 |
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Total
|
100.00 |
BUSINESS
DETAILS
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Line of Business : |
Manufacturing
of Formulations, Drug, Intermediates and Biocatalyst |
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Products
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Imports from : |
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Terms : |
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Purchasing : |
L/C,
D/A or D/P terms |
GENERAL INFORMATION
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No. of Employees : |
238 |
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Bankers : |
Ø
State Bank of Ø
The British Bank of the |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
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Name : |
A F
Ferguson & Company Chartered
Accountants |
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Address : |
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Associates: |
Ø
Standard Oil Additives Limited Ø
Duphar Interfran Limited, Thane, Ø
Vasvik Biosearch Private Limited |
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Holding Company |
Dil Limited (Prior August 28, 2003, an associate) |
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Associates/Subsidiaries : |
Name of The Company: G I Biotech Private Limited CIN No.: U24230MH2004PTC148220 Name of The Company: Fermenta Biotech ( |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
9,010,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 90.100 Millions |
|
990,000 |
Preference
Shares |
Rs. 10/- Each |
Rs. 9.900 Millions |
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Total
|
|
Rs. 100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8,000,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 80.000 Millions |
|
700,000 |
Preference
Shares Non-Convertible Preference Shares
of Rs.10 each fully paid-up held by the holding company, DIL Limited, issued
on a preferential basis at a premium of Rs.90 per share. The shares would be
redeemed either fully or in more than one instalment at the option of the
company, at any time after 12 months from the date of
allotment, i.e. December 23, 2004 but before 84 months from the aforesaid
date at a premium of Rs.100 per share at the end of 12 months or Rs. 110 per
share at the end of 24 months or Rs.120 per share at the end of 36 months and
so on. |
Rs. 10/- Each |
Rs. 7.000 Millions |
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Total
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Rs. 87.000 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
|
87.000 |
19.800 |
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2]
Share Application Money |
|
0.000 |
0.000 |
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3]
Reserves & Surplus |
|
66.337 |
3.337 |
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4]
(Accumulated Losses) |
|
(53.753) |
(5.039) |
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NETWORTH |
|
99.584 |
18.098 |
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LOAN
FUNDS |
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1]
Secured Loans |
|
0.000 |
0.000 |
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2]
Unsecured Loans |
|
32.443 |
155.402 |
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TOTAL BORROWING |
|
32.443 |
155.402 |
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DEFERRED
TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
132.027 |
173.500 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
|
69.535 |
68.360 |
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Capital
work-in-progress |
|
3.447 |
0.252 |
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INVESTMENT |
|
0.040 |
0.040 |
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DEFERREX
TAX ASSETS |
|
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
|
51.021 |
30.624 |
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Sundry
Debtors |
|
31.302 |
57.273 |
|
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Cash
& Bank Balances |
|
4.468 |
2.088 |
|
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Other
Current Assets |
|
0.000 |
0.000 |
|
|
Loans
& Advances |
|
10.404 |
16.835 |
|
Total Current
Assets |
|
97.195 |
106.820 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current
Liabilities |
|
34.632 |
38.660 |
|
|
Provisions |
|
3.558 |
3.643 |
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Total Current
Liabilities |
|
38.190 |
42.303 |
|
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Net Current Assets |
|
59.005 |
64.517 |
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MISCELLANEOUS
EXPENSES |
|
0.000 |
40.331 |
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TOTAL |
|
132.027 |
173.500 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
272.981 |
70.781 |
32.053 |
|
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Other Income |
0.000 |
68.401 |
35.406 |
|
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Total
Income |
272.981 |
139.182 |
67.459 |
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Profit/(Loss) Before Tax |
52.372 |
(48.714) |
(68.524) |
|
|
Provision for Taxation |
3.860 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
48.512 |
(48.714) |
(68.524) |
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Expenditures : |
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Raw Materials |
84.306 |
0.000 |
0.000 |
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Purchases made for resale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spare parts |
3.787 |
0.000 |
0.000 |
|
|
Increase or decrease in finished goods work in
progress |
(3.515) |
0.000 |
0.000 |
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Salaries wages and bonus |
13.819 |
0.000 |
0.000 |
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Managerial remuneration |
0.980 |
0.000 |
0.000 |
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Payment of auditors |
0.838 |
0.000 |
0.000 |
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Insurance expenses |
1.200 |
0.000 |
0.000 |
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Power and Fuel Cost |
9.046 |
0.000 |
0.000 |
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Other expenditure |
101.178 |
0.000 |
0.000 |
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|
Cost of Goods Sold |
0.000 |
47.700 |
25.859 |
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|
Manufacturing Expenses |
0.000 |
17.410 |
18.041 |
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Personnel Expenses |
0.000 |
13.066 |
16.017 |
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Selling and Distribution Expenses 12.723 |
0.000 |
8.523 |
0.000 |
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Administration Expenses |
0.000 |
15.071 |
16.949 |
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Provision for doubtful debts |
0.000 |
24.728 |
16.526 |
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Provision for doubtful advances |
0.000 |
2.601 |
2.281 |
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Loss on sale of fixed assets |
0.000 |
0.038 |
0.042 |
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Interest |
1.612 |
7.438 |
13.882 |
|
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Depreciation & Amortization |
7.358 |
6.788 |
4.805 |
|
Total
Expenditure |
220.609 |
143.363 |
114.402 |
|
SUMMARISED BALANCE
SHEET AS ON 31.03.2006
|
Secured Loan |
0.460 |
|
Unsecured Loan |
10.120 |
|
Net Fixed Assets |
75.804 |
|
Capital Work-In-Progress |
0.965 |
|
Investments |
0.140 |
|
Sundry Debtors |
32.714 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
17.77
|
(35.00) |
(101.57) |
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Net Profit Margin (PBT/Sales) |
(%) |
19.18
|
(68.82) |
(213.78) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(29.21)
|
(39.11) |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.48) |
(3.78) |
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Debt Equity Ratio (Total Liability/Networth) |
|
NA
|
0.70 |
10.92 |
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Current Ratio (Current Asset/Current Liability) |
|
NA
|
0.39 |
0.39 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
v
Building
v
Plant & Machinery
v
Office Equipment
v
Furniture & Fixture
v
Vehicles
|
Corporation identity number or foreign company registrations number of the company |
U99999MH2001PTC134021 |
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Name of the company |
FERMENTA BIOTECH LIMITED |
|
Address |
Dil Complex, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
Union Bank of |
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Nature or description of the instrument creating charge |
First schedule of memorandum of deliver and deposit of title deeds of land situated at Mandi Himachal Pradesh |
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Date of the instrument creating charge |
06.06.2007 |
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Amount Secure by the charge |
Rs. 70.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Term Loan @ 12.25% Cash Credit @ 11.75% Terms of Repayment: Term Loan Repayable in 48 monthly instalments of Rs. 0.625 million each Margin: Cash credit margin @ 25% of stock and 20% book debts Term Loan @ 30% Extent and operation of the charge: Term loan is operational for 48 months and cash credit operation is perpetual The charge covers all the mentioned property of the company and is applicable to all the present and future borrowings of the company |
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Particulars of the Property charged |
All the property as mentioned in the second schedule to the memorandum of deposit of title deeds of land belonging to the company situated at Mandi in Himachal Pradesh |
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Name of the company |
FERMENTA BIOTECH
LIMITED |
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Presented By |
MR. D VASANT KUMAR, DIRECTOR |
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1) Date and description of instrument creating the change |
28.11.1987. Deed of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of Rs. 9.000 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 |
For the consideration aforesaid all the plant and machinery and equipment fixture and fittings, electrical installations, furnitures, cars, trucks vehicles, tractors, trollies, pipe line, typewriters, calculating machines, refrigerators, coolers, air conditioners modern electric and other appliances and all other tangible moveable properties and assets of the Borrower acquired or to be acquired from time to time and which are lying or hereafter from time to time during the continuance of this agreement be acquired or brought into or stored in or about at Takoli, Mandi. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
i) Rate of interest @ 6.5% above the bank rate with minimum of 16% p. a. with a rebate of 3% p. a. in respect of the loan for punctual payment of instalments. ii) Repayable in half yearly instalments as under
iii) Extent of Operation – 100% |
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5) Name and Address and description of the person entitled to the charge. |
Himachal Pradesh State Industrial Development Corporation Limited.
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HISTORY
The
company was incorporated on 11th July, 1986 at Mandi in Himachal
Pradesh having Company Registration Number 6933.
The
company shifted its registered office to Mumbai in the year 2000-01 and a new
Company Registration Number 134021 of Mumbai R.O. C. was obtained.
The company is in trade terms with:
v
Vasvik Biosearch Private Limited
v
The Industrial Finance Corporation of Indian Limited
About Them
Subject, a 100%
subsidiary of DIL Group of companies was incorporated in 1986. FBL’s core area
of interest has been biotechnology products, particularly industrial enzymes.
FBL went into commercial production in 1989, at its manufacturing facility
located at an idyllic village on the banks of river
FBL has combined state-of-the-art imported technology and processes to deliver
consistency in quality. Over the years, FBL has tied up with various research
laboratories in
From being a purely biotech company, FBL is now growing into a multifaceted
chemical biotech company.
MILESTONES
Ø
June 1986
- Foundation of Fermenta Biotech Ltd
Ø
November
1987 - Pioneered the launch of Immobilized Penicillin G amidase catalyst
Ø
May 1998 -
Launch of improved enzyme catalyst
Ø
October
2003 - Setting up of Bulk drug facility for Vitamin D3, Phenyramidol HCl
Ø
November
2004 - Manufacture of Vitamin D3, Phenyramidol HCl, Isoxsuprine HCl
Ø
Jan 2006 -
Improved and novel enzyme catalyst(s), Bulk Drug facility expansion,
etc.,
Products
Subject manufactures it's products in its GMP
facility at Kullu in Himachal Pradesh. Uncompromising product quality
underlines the core competence of the Company.
Total Quality Management is the very essence of subject every detail is
subjected to scrutiny – be it cGMP compliance, validation, stability studies,
documentation, safety, health or environmental issues. This steadfast adherence
to TQM has been highly rewarding and ensures that all products are world class.
Their Facilities
Ø
High
Performance Liquid Chromatography (HPLC) systems with UV-PDA Detectors -
(Waters)
Ø
Gas
Chromatograph with Head space for OVI - (Varian)
Ø
Potentiometric
Titrator – Metrohm
Ø
Polarimeter
- Jasco
Ø
Ultra
Violet-Visible Spectrophotometers (UV-Vis) - (Shimadzu)
Ø
Moisture
balance (Sartorius)
Ø
Analytical
balances(Mettler)
Ø
Karl-Fisher
Titration units etc.
Unit
Operations
Ø
Normal
Distillation
Ø
High
Temperature Distillation
Ø
High
Temperature High Vacuum Distillation
Ø
Solid
/Biomass separation using Centrifuge and Nutsch Filter
Ø
Fluidized
bed drying /Vacuum Drying
Ø
Solvents
extraction and recovery
Ø
Reflux
Reactions
Ø
Micro and
Ultra Filtration of biomolecules
Ø
Chromatographic
purification of biomolecules
Unit processes
Ø
Hydrogenation
Ø
Reduction
Ø
Bromination
Ø
Saponification
Ø
Hydrolysis
Ø
UV-Irradiation
Ø
Acid
chlorination
Ø
Esterification
Ø
Fermentation
Infrastructure
Ø
Appr. 20
M3 reaction capacity vessels (SS and Glass lined)
Ø
Nutch
filters, Centrifuges, Sparkler filters
Ø
Tray
dryers, Fluidized bed dryers
Ø
Fermenter/Bioreactor
SS 316 4000 Lit : 1 nos
Ø
Fermenter/Bioreactor
SS 314 3000 Lit ; 1 nos
Ø
High Speed
Disc stack Centrifuge –VNPX 510: 1 nos
Ø
Disc Stack
centrifuge – BRPX : 2 nos
Ø
High
pressure homogenizer GAULIN-Manton : 1 nos
Ø
Ultra
filtration system ( EFA 15 & 30 Sq.M) : 2 nos
Ø
Process
scale biocolums 20 L : 6 nos
Ø
Basket
centrifuge 48” : 2 nos
Ø
Boiler 600
kgs per hour @ 10 kg/Cm2 - No.3
Ø
Water Ring
Vacuum Pump - 5
Ø
Chilling
Plant - 20TR - No. 2
Ø
Chilling Plant
- 10TR - No. 2
Ø
Brine
Plant – 30 TR –No. 1
Ø
Air
Compressor – 1
Ø
Nitrogen
Plant -1
Ø
Cooling
Tower 100 TR
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
1] INFORMATION
ON DESIGNATED PARTY
No 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.40.86 |
|
|
1 |
Rs.81.62 |
|
Euro |
1 |
Rs.55.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
37 |
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 |