MIRA
INFORM REPORT
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Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MANGALAM DRUGS AND ORGANICS LIMITED |
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Registered Office : |
292, Princess Street, 2nd Floor, Near Flyover Bridge, Mumbai-400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.04.1972 |
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Com. Reg. No.: |
116413 |
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CIN No.: [Company
Identification No.] |
L24230MH1972PLC116413 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19790B |
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PAN No.: [Permanent
Account No.] |
AAACM7880P |
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Legal Form : |
Public limited liability company.
The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of bulk drugs, Organic and Inorganic, Specialty Intermediates. |
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 1488928 |
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Status : |
Satisfactory |
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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 satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
292, Princess Street, 2nd Floor, Near Flyover Bridge, Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22-22087969/7489/7411 |
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Fax No.: |
91-22-22087074 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.187, GIDC Vapi, District – Bulsar – 396195, Gujarat |
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Factory 2: |
Plot No.1203, GIDC Vapi, District – Bulsar – 396195, Gujarat |
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Tel No.: |
91-260-2430598/2143 |
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Fax No.: |
91-260-2431919 |
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Factory 3 : |
Sangamner Audyogik Vasahat Limited, Sangamner – 422805, Ahmednagar,
Maharashtra |
DIRECTORS
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Name : |
Mr. Goverdhan Dhoot |
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Designation : |
Whole Time Director, Chairman |
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Address : |
214, Ozeana, 5th Floor, Marine Drive, Mumbai-400020, Maharashtra, India |
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Date of Birth/Age : |
21.10.1953 |
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Date of Appointment : |
16.04.1996 |
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Name : |
Mr. Ashok Boob |
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Designation : |
Whole Time Director |
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Address : |
Boob Niwas, Ashok Chowk, Sangamner, Ahmedabad-422605, Gujarat, India |
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Date of Birth/Age : |
16.04.1996 |
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Date of Appointment : |
02.03.1952 |
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Name : |
Mr. Ramnivas R. Dhoot |
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Designation : |
Director |
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Address : |
Shri Niketan, 86-A, 2nd Floor, N. S. Road,
Marine Drive, Mumbai-400002, Maharashtra, India |
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Date of Birth/Age : |
05.03.1941 |
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Date of Appointment : |
27.11.1997 |
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Name : |
Mr. Rajkumari R. Dhoot |
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Designation : |
Director |
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Address : |
86-A, Shree Niketan, N. S. Road, Marine Drive, Mumbai-400020 |
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Date of Birth/Age : |
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Date of Appointment : |
01.12. 2003 |
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Name : |
Mr. Ajay R. Dhoot |
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Designation : |
Director |
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Address : |
86-A, Shree Niketan, N. S. Road, Marine Drive, Mumbai-400020 |
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Date of Birth/Age : |
09.03.1964 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Aditya R. Dhoot |
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Designation : |
Director |
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Address : |
86-A, Shree Niketan, N. S. Road, Marine Drive, Mumbai-400020 |
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Date of Birth/Age : |
09.03.1964 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Brijmohan M. Dhoot |
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Designation : |
Whole Time Director |
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Address : |
214, Ozeana, 5th Floor, Marine Drive, Mumbai-400020, Maharashtra, India |
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Date of Birth/Age : |
10.07.1968 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Krishna R. Boob |
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Designation : |
Director |
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Address : |
Navin Nagar Road, Shubham, Sangamner, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
31.05.1955 |
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Date of Appointment : |
01.10.2000 |
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Name : |
Mr. Subhash C. Khattar |
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Designation : |
Director |
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Name : |
Mr. Rajendraprasad Mimani |
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Designation : |
Director |
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Name : |
Mr. Rajendraprasad K. Mimani |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters and
promoter Group |
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Individual / Hindu Undivided Family |
3000403 |
22.7678 |
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Bodies Corporate |
2410320 |
18.2901 |
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Others |
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Private Corporate |
3468130 |
26.3171 |
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Individuals |
4258134 |
32.3119 |
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NRIs / OCBs |
26853 |
0.2038 |
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Clearing Members |
14408 |
0.1093 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of bulk drugs, Organic and Inorganic, Specialty Intermediates. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Installed
Capacity |
Actual
Production |
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Basic Drugs / Bulk Drugs |
1260 |
783.18 |
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Dyes and Intermediates |
750 |
312.84 |
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Aluminium Chloride |
3350 |
44.22 |
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Phenyl Ethyl Alcohol, Phenyl Ethyl Methyl, Ether and Allied Products |
350 |
165.03 |
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Meta Chlora Aniline and Allied products |
250 |
231.44 |
Note : The Production of MCA includes captive consumption
of 156.23 mt in current years and 147.55 mt in previous years
GENERAL
INFORMATION
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No. of Employees : |
450 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Milwani Associates Chartered Accountants |
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Address : |
Bagaria house, 1st Floor, Kolbhat Lane, Mumbai-400002, Maharashtra, India |
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Associate: |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13178248 |
Equity shares |
Rs.10/- each |
Rs.131.782
Millions |
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NOTE:
- Pursuant to acquisition of business with undertaking of Mangalam
Organics Private Limited, Mangalam Rasayan FVt. Limited and Shree Mangalam
Pharma Private Limited, 10,38,000 Equity Shares for value Rs.10/- each
were alloted to shareholders of such companies without payment being
received in cash.
- During financial year 2002-03, 11,13,000 Equity Shares of face
value of Rs.10/- each fully paid up were alloted as bonus shares without
payment being received in cash by capitalisation of General Reserve.
- During the year 2003-04, 44,52,000 Equity shares of Rs.10/- each
fully paid up were Alloted, by way of Bonus shares by Capitalisation of
General Reserves.
- During the year 2005-06, 65,00,248 Equity shares of Rs.10/- each
fully paidup were alloted by way of Initial Public Offer, at a premium of
Rs.12/- per share.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
131.782 |
131.782 |
66.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
240.450 |
233.815 |
131.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
372.232 |
365.597 |
198.300 |
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LOAN FUNDS |
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1] Secured Loans |
228.505 |
204.591 |
229.800 |
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2] Unsecured Loans |
58.513 |
47.584 |
72.000 |
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TOTAL BORROWING |
287.018 |
252.175 |
301.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
659.250 |
617.772 |
500.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
342.930 |
318.261 |
244.900 |
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Capital work-in-progress |
0.000 |
0.000 |
2.000 |
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INVESTMENT |
4.805 |
26.479 |
1.900 |
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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 |
131.196
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139.358 |
122.900 |
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Sundry Debtors |
270.948
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223.166 |
193.000 |
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Cash & Bank Balances |
4.818
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5.724 |
5.900 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
20.527
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10.132 |
8.200 |
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Total
Current Assets |
427.489
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378.380 |
330.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
123.225
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115.016 |
77.900 |
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Provisions |
0.000
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0.000 |
2.600 |
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Total
Current Liabilities |
123.225
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115.016 |
80.500 |
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Net Current Assets |
304.264
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263.364 |
249.500 |
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MISCELLANEOUS EXPENSES |
7.251 |
9.668 |
1.800 |
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TOTAL |
659.250 |
617.772 |
500.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
884.047 |
1033.371 |
900.200 |
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Other Income |
6.491 |
9.866 |
2.100 |
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Increase/(Decrease) in stocks |
(3.076) |
3.736 |
34.300 |
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Total Income |
887.462 |
1046.973 |
936.600 |
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Profit/(Loss) Before Tax |
7.856 |
31.523 |
31.300 |
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Provision for Taxation |
1.221 |
4.615 |
11.000 |
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Profit/(Loss) After Tax |
6.635 |
26.908 |
20.300 |
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Earnings in Foreign Currency : |
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Raw Materials |
138.318 |
188.541 |
N.A. |
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Commission Earnings |
2.181 |
1.754 |
N.A. |
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Travelling Expenses |
1.171 |
0.352 |
N.A. |
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Other Earnings |
17.954 |
15.074 |
N.A. |
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Total Earnings |
159.624 |
205.721 |
N.A. |
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Expenditures : |
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Raw Materials |
0.000 |
0.000 |
719.000 |
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Power and Fuel Cost |
0.000 |
0.000 |
46.100 |
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Excise Duty |
0.000 |
0.000 |
32.800 |
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Cost of Goods Sold |
594.373 |
789.303 |
20.600 |
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Manufacturing Expenses |
192.649 |
147.611 |
17.700 |
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Administrative Expenses |
22.851 |
19.442 |
40.100 |
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Selling
Expenses |
18.432 |
17.432 |
0.500 |
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Financial Expenses |
28.259 |
23.422 |
59.800 |
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Depreciation |
20.625 |
15.823 |
16.200 |
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Preliminery expenses written off |
2.417 |
2.417 |
43.600 |
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Other Expenditure |
0.000 |
0.000 |
12.300 |
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Total Expenditure |
879.606 |
1015.450 |
1008.700 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
|
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
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Sales Turnover |
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214.900 |
247.400 |
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Other Income |
|
1.100 |
1.300 |
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Total Income |
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216.000 |
248.700 |
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Total Expenditure |
|
199.300 |
235.300 |
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Operating Profit |
|
16.700 |
13.400 |
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Interest |
|
8.700 |
5.300 |
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Gross Profit |
|
8.000 |
8.100 |
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Depreciation |
|
5.500 |
5.700 |
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Tax |
|
0.500 |
0.500 |
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Reported PAT |
|
2.000 |
1.900 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.74
|
2.57 |
2.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.88
|
3.05 |
3.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.01
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4.52 |
5.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
|
0.08 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.10
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1.00 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
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3.46
|
3.28 |
4.09 |
LOCAL AGENCY
FURTHER INFORMATION
DIRECTORS REPORT
REVIEW OF PERFORMANCE:
During the year under review, a company made Sales of Rs.
884.047 Millions as compared to Rs. 1033.371 Millions made in the previous
year, a reduction of 14.45% than the previous year. The reasons for reduction
in sales were mainly on account of closure of their Aluminium plant at
Sangamner. The company made a profit before tax of Rs. 7.855 Millions as
compared to Rs. 31.522 Millions made in the previous year. On account of
additional revenue expenditure incurred for EDQM approval, increase in the cost
of power, raw material and marginal increase in the cost of borrowing etc. has
resulted in reduction of profits.
During the year, their company has been certified by EDQM
(European Directorate for the quality of Medicine) Authority as well as
successfully audited by Multinational Companies like Pfizer Limited, Dr.Reddys
Labs. Limited Sanofi Aventis and Lupin Limited. The company received WHO-GMP
certification.
EXPORTS:
The company has achieved exports sales of Rs. 140.487
Millions (Previous year Rs. 163.115 Millions). Constant efforts are being made
to boost exports.
FUTURE
OUTLOOK:
The Indian Pharmaceutical Sector is growing at a very rapid
pace. It is fast emerging as preferred manufacturing location with its strong technical
skills and low cost manufacturing. India is fast becoming a preferred
outsourcing choice for knowledge based chemicals. The Indian budget of 2006-07
took a significant step to boost the domestic pharmaceutical sector. The budget
provided for the reduction of customs duty on certain life-saving drugs. These
drugs will also be exempted from excise duty and counter-vailing duty (CVD).
Moreover there is increased allocation for health and family welfare by 22%.
The Directors are pleased to inform they that during the year under review the
company has launched anti-malarial bulk drugs like:
- LUMEFANTRINE
- PIPERAZINE
- FUROSOMIDE IP.
The company is shortly introducing following new bulk drugs:
- CLOPIDROGEL BI-SULPHATE
- LANSAPRAZOLE
- MELOXICAM
Contingent Liabilities:
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Particulars |
31.03.2007 (Millions) |
31.03.2006 (Millions) |
|
Guarantee executed in favor of
assistant collector of customs |
Rs.1.217 Millions |
Rs.1.659 Millions |
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Guarantee executed in favor of
Export Parties |
Rs.0.381 Million |
Rs.0.577 Million |
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Guarantee executed in favor of
Central Excise |
Rs.0.112 Million |
Rs.0.112 Million |
|
Guarantee given to GPCB |
- |
Rs.0.600 Million |
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Guarantee given to Corporate |
Rs.561.934 Millions |
Rs.561.934 Millions |
Fixed Assets:
- Land
- Factory Building
- Other Building
- Plant and Machinery
- Motor Car
- Furniture and Fixture
- Office Equipment
- Computers
- Laboratory Equipment
- Air Conditioner
- Building under construction
- Capital work in process
Website Details:
Vision
- To be a well respected company in the businesses and geographies we
operate in and
- To become an admired bulk-drug (API) manufacturing company with
strong focus on research
Mission
- To achieve growth in business by
- Attaining globally competitive cost levels
- Enhancing the value we deliver to stakeholders
- Commitments to corporate responsibility
Employees are their strength and we will create an
environment that fosters achievement, innovation and teamwork.
Quality Policy
Subject is committed to customer satisfaction by offering quality products and
services meeting their specifications and expectations at competitive prices by
customer – employee – vendor in involvement and adopting good manufacturing
practices and quality subject systems.
It aims to create and maintain safe and healthy working conditions, protect the
environment, strive for continual improvement of our personnel, quality and
processes of products and meet regulatory requirements.
Core
Values
- Excellence
- Innovation
- Fairness
- Transparency
- Encouraging Initiative
Commenced its business in 1977 of manufacturing of chemicals such as perfumery,
organic/inorganic chemicals, disperse dye intermediates, bulk drugs and bulk
drugs intermediates at VAPI-Gujarat State. It has a multi-product manufacturing
facility and a in-house research and development (R and D) Base.
This Group is engaged in the manufacturing production of following:
- Bulk Drugs and Intermediates
- Prefumery / Specialty Chemicals
- Disperse Dye Intermediates
- Bye Products
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The company has a diversified product range having synergies
in operations and substantial economies of scale. It is amongst the top three
manufacturers in India in almost all the products that it manufactures.
Subject has received the WHO GMP certificate for its Bulk Drug manufacturing plant. This
implies that the company carries out good manufacturing practices and this is
in-turn useful in export promotion.
The company has also been awarded the ISO 9001:2000 management system certificate
from DNV for design development, Manufacture and supply of Bulk Drugs, Organic
and Inorganic, Specialty Chemicals and Dyes Intermediates. This reflects the
companies commitment towards quality and standards.
Today Mangalam Drugs and Organics Limited enjoys a very
strong brand name in the domestic market. It has over two decades of experience
in the industry with a very wide and satisfied customer base.
Management
Mr. Govardhan M. Dhoot : Has
studied commerce has over three decades of experience in the Chemical Industry.
He is the overall in charge of marketing, both domestic and exports.
The management is ably assisted by a team of professionals who are well
qualified and have the relevant experience in their work related areas.
If you would like more information about the organisation you can mail us at mangalam_drugs@vsnl.com
Outstanding Features
- A multi product manufacturing company
- Bulk drugs facility is WHO-GMP certified
- ISO 9001:2000 accredited company
- Strong in-house R and D base
- A leading manufacturer of each of its products in India
- More than 2 decades of experience with satisfied customer base
globally
- Recipient of various awards
- Toll manufacturing facilities available
Bulk Drugs and Intermediates
ANTIMALARIAL
- CHLOROQUINE PHOSPHATE I.P. / B.P. / E.P. (50-63-5)
- CHLOROQUINE SULPHATE I.P. / B.P. / E.P. (132-73-0)
- AMODIAQUINE HCL U.S.P. / I.P. (6398-98-7)
- AMODIAQUINE BASE USP (86-42-0)
- ARTESUNATE (88495-63-0)
- ARTEETHER (75887-54-6 )
- ARTEMETHER (71963-77-4)
- DIHYDROARTEMISININ (81496-81-3)
ANALGESIC / ANTI INFLAMMATORY
- NIMESULIDE E.P./B.P. (51803-78-2)
INTERMEDIATES
- 4,7, DICHLORO QUINOLINE (86-98-6)
- META CHLORO ANILINE (108-42-9)
- SUCCINIMIDE (123-56-8)
- ORTHO PHENOXY ANILINE (2688-84-8)
- ORTHO PHENOXY METHANE SULFONANILIDE (51765-51-6)
- 4(2-AMINOETHYL) MORPHOLINE (2038-03-1)
- PHENYL ETHYL CHLORIDE (622-24-2)
Technology
The backbone of progress and diversification of every
industry lies in its technological strength. From a one product company in
1977, today Subject has built up
a diversified range of products involving varied chemistry applications. This
has been achieved by their in-house technical strength.
Pilot Plant
The company also has a pilot plant facility. This helps in
scaling up operations. New Processes and improvements developed by R and D are
regularly tested here.
Toll Manufacturing
They also offer toll manufacturing facilities for following
reactions.
- Acetylation
- Chlorination
- Ethylation
- Condensation
- Cyanoethylation
- Friedel Craft Reaction
- Cyclisation
- Decarboxylation
- Hydrogenation
- Ethoxylation
- Hydrolysis
- Methylation
- Reduction
- Oxidation
- Nitration
Plant Equipment and Facilities
- TOTAL REACTORS : 50 NOS
TOTAL CAPACITY : 150 M3
M.O.C : SS,GL,MS,LEAD LINED ETC.
- HIGH VACUUM FRACTIONAL DISTILLATORS: 3 NOS
(UPTO 40
STAGES)
M.O.C :
SS,MS.
1500-4000
LTRS. REBOILER.
- CONTINUOUS FRACTIONAL DISTILLATION COLUMNS FOR SOLVENTS LIKE
METHANOL and ETHANOL
- EQUIPMENT FOR FILTRATION ,DRYING, FLASH DISTILLATION ETC.
- REACTION TEMPERATURES FROM -10° TO +275°
- PILOT PLANT FACILITY WITH S.S. and GL REACTORS, DRIER, FILTRATION
EQUIPMENT ETC.
ABLE TO HANDLE PRESSURE REACTIONS UPTO 10 KG/Cm2
Research and Development
Subject has its own R and D
team, which is engaged in striving for world class quality standards for its
various products. Consistently the R and D of the company has yielded
innovative and economically viable technologies for various products.
Their R and D Division is mainly responsible for developing
the entire range of products in-house. The R and D center has manpower strength
of 18 persons.
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.39.35 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.57.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|