MIRA
INFORM REPORT
|
Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VITAL HEALTHCARE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
24, Jobalia Mansion, 2nd Floor, Mahant Road, Vile Parle (East), Mumbai-400057, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
19.01.1998 |
|
|
|
|
Com. Reg. No.: |
11-113058 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24230MH1998PTC113058 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV06794E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Suppliers of Pharmaceuticals, Bulk Drugs, Medicines etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 620000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company engaged in the business as manufacturers and suppliers of Pharmaceuticals, bulk drugs, medicines etc. Its major products are Quinine Sulphate and Quinine Hydrochloride etc. The company’s business is growing satisfactorily, as compared to the previous period. Financial position of the company can be considered as satisfactory. Trade relations are reported as fair. Payments are usually made as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
24, Jobalia Mansion, 2nd Floor, Mahant Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
Tel. No.: |
91-22-26183641 / 26145652 |
|
Fax No.: |
91-22-26136945 |
|
E-Mail.: |
|
|
Website: |
|
|
|
|
|
Factory 1 : |
Plot No. 1417/19, 3rd Phase, G. I. D. C., Vapi-396195, Gujarat, India |
|
Tel. No.: |
91-260-2424744 |
|
Fax No.: |
91-260-2430587 |
|
|
|
|
Registered Office : |
Venkatesh Mahant Road, Extension, Uttkarsh Mandal Circle, Vile Parle
(East), Mumbai – 400 057, Maharashtra, India |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Kunal Mukesh Mehta |
|
Designation : |
Director |
|
Address : |
602, Juhukishnak Co-Operative Society Limited, 29/30, Gulmohar Road,
JVPD Scheme, Andheri (West), Mumbai – 40 049, Maharashtra, India |
|
Date of Birth/Age : |
31.03.1982 |
|
Date of Appointment : |
01.01.2006 |
|
|
|
|
Name : |
Mr. Jayantilal Raichand Mehta |
|
Designation : |
Director |
|
Address : |
28/30 Juhu Krishnak Chs Limited, Jvpd Scheme, Gulmohar Road, Mumbai –
400 049, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1926 |
|
Date of Appointment : |
31.03.2001 |
|
|
|
|
Name : |
Mr. Laltaprasad Shrinath Maurya |
|
Designation : |
Director |
|
Address : |
Ashok Nagar, Chanod Colony, Vapi – 396 195, Gujarat, India |
|
Date of Birth/Age : |
26.07.1955 |
|
Date of Appointment : |
15.05.2005 |
|
|
|
|
Name : |
Mr. Shrigopal Rangnath Bajaj |
|
Designation : |
Director |
|
Address : |
Venkatesh Mahant Road, Extension, Uttkarsh Mandal Circle, Vile Parle
(East), Mumbai – 400 057, Maharashtra |
|
Date of Birth/Age : |
04.01.1943 |
|
Date of Appointment : |
31.03.2001 |
|
|
|
|
Name : |
Mr. Shri Gopal Rangnath Bajaj |
|
Designation : |
Director |
|
Address : |
24, Jobalia Mansion, 2nd Floor, 24 Mahant Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
04.01.1943 |
|
Date of Appointment : |
31.03.2001 |
|
|
|
|
Name : |
Mr. Rajiv Shri Gopal Bajaj |
|
Designation : |
Director |
|
Address : |
24, Jobalia Mansion, 2nd Floor, 24 Mahant Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
10.01.1965 |
|
Date of Appointment : |
31.03.2001 |
|
|
|
|
Name : |
Mr. Mukesh Jayantilal Mehta |
|
Designation : |
Director |
|
Address : |
557 Jss Marg, Chira Bazar, Mumbai – 400 002, Maharashtra, India |
|
Date of Birth/Age : |
28.06.1952 |
|
Date of Appointment : |
31.03.2001 |
KEY EXECUTIVES
|
Name : |
Ms. Shilpa Shirgaonkar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. S R Bajaj |
|
6720 |
|
Mr. S R Bajaj HUF |
|
3500 |
|
Mr. Rajiv Bajaj |
|
3500 |
|
Mr. Rajiv Bajaj (HUF) |
|
3500 |
|
Mrs. Dipika R Bajaj |
|
427000 |
|
Mrs. Ginnidevi R Bajaj |
|
306250 |
|
Mr. J R Mehta HUF |
|
2500 |
|
Mr. Mukesh J Mehta |
|
350000 |
|
Mr. Kunla Mehta |
|
3500 |
|
Mr. Bijal M Mehta |
|
3500 |
|
Mrs. Meenakshi M Mehta |
|
350000 |
|
Mr. Suresh S Todi |
|
3500 |
|
R P Trading Company |
|
1750 |
|
Lalataprasad S Maurya |
|
1750 |
|
Ruhur Chemicals |
|
1750 |
|
Arpan Enterprises Limited |
|
20000 |
|
A B Overseas Private Limited |
|
52500 |
|
Cindy Engineering Private Limited |
|
25000 |
|
Deepraj Vinimay Private Limited |
|
40000 |
|
Escort Finvest Private Limited |
|
10000 |
|
Fedder Tie –Up Private Limited |
|
75000 |
|
Ganapati Vincolm Private Limited |
|
121000 |
|
Inchook Tracon Private Limited |
|
235000 |
|
Jajodia Textiles Mills Private Limited |
|
20000 |
|
Jewellock Trexim Private Limited |
|
20000 |
|
Kronze Commercial Private Limited |
|
25000 |
|
Mrigiya Electronic Industries Private Limited |
|
190000 |
|
Mukund Mercandise Private Limited |
|
25000 |
|
Nalimbur Suppliers Private Limited |
|
65000 |
|
Niyati Industries Limited |
|
135000 |
|
Natural Stone Exports Limited |
|
95000 |
|
Pan India Drug And Chemicals Limited |
|
80000 |
|
Realm Technologies Private Limited |
|
37500 |
|
Remo Engineering Works Private Limited |
|
55000 |
|
Rishabh Fin Trade Limited |
|
20000 |
|
Shree Granites Private Limited |
|
20000 |
|
Sunflower Vinimay Private Limited |
|
30000 |
|
Top Grain Management Private Limited |
|
75000 |
|
Taral Vincolm Private Limited |
|
15000 |
|
Udhav Commercial Private Limited |
|
25000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of Pharmaceuticals, Bulk Drugs, Medicines etc |
||||||||
|
|
|
||||||||
|
Products : |
Its generic names with its principal products are :
|
||||||||
|
|
|
||||||||
|
Exports to : |
Bangladesh, Belgium, China, Germany, Ghana, Hong Kong, Indonesia, Kenya, Netherlands, Pakistan, U.S.A. |
GENERAL
INFORMATION
|
Suppliers : |
v Advance Microdevices Private Limited v Agrotech Project Engineering v Dee Cee Corporation v Dipali Enterprises Private Limited v Eagle Chemicals v Excel India Private Limited v Galaxy Micronising Company v Mohit Chemical and Pharma v Padma Pharmaceuticals Private Limited v Priya Enterprise v Venus Chemical Centre v Sun Chem v Blue Dart Express Limited v Glaxo Smith Kline Pharmaceuticals v Nest Filters v Ocean Trade Corporation v Solaris Corporate Services Private Limited v Union Enterprises |
|
|
|
|
Customers : |
v Maan Pharmaceuticals Limited v Mahawr Pharma Private Limited v Mapin Corporation v Margin Money v Naxpar Lab Private Limited v Prime Pharmaceuticals Limited v Rexin Laboratories v Sanket Pharmaceuticals Private Limited v Unimex v Zenufa Laboratories v Zest Pharma v Arch Pharmaceuticals v Aventis Pharma v Deepen Drug v M. G. Pharma v GSV Labs v Healthy Life Pharma Private Limited |
|
|
|
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
v ICICI Bank Limited v Bank of Baroda v Corporation Bank (Amboli) v EEFC Corporation (Amboli) v Corporation Bank, Mumbai v State Bank of India Address: Industrial Finance Branch, Lekhraj , Saki Vihar Road, Saki Naka, Mumbai – 400 072, Maharashtra, India |
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors: |
|
|
Name: |
Shantilal Chandaliya and Company Chartered Accountants, |
|
Address: |
158/164, Kalbadevi Road, Laxmi Bhavan, 5th Floor, Mumbai – 400002 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity shares |
Rs.10/- each |
Rs.45.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3281000 |
Equity shares |
Rs.10/- each |
Rs.32.810
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
32.810 |
29.810 |
2.100 |
|
|
2] Share Application Money |
52.100 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
68.077 |
87.060 |
12.729 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
152.987 |
116.870 |
14.829 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.003 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
29.874 |
19.639 |
29.659 |
|
|
TOTAL BORROWING |
50.877 |
19.639 |
29.659 |
|
|
DEFERRED TAX LIABILITIES |
7.499 |
5.657 |
1.176 |
|
|
|
|
|
|
|
|
TOTAL |
211.363 |
142.166 |
45.664 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
134.463 |
79.172 |
39.888 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.005 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
53.642 |
53.642 |
26.026 |
|
|
Sundry Debtors |
59.140 |
59.140 |
33.782 |
|
|
Cash & Bank Balances |
4.891 |
4.891 |
0.176 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
31.669 |
31.669 |
8.768 |
|
Total
Current Assets |
282.775
|
149.342 |
68.752 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
205.498
|
85.966 |
|
|
|
Provisions |
0.382
|
0.382 |
|
|
Total
Current Liabilities |
205.880
|
86.348 |
62.976 |
|
|
Net Current Assets |
76.895
|
62.994 |
5.776 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
211.363 |
142.166 |
45.664 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover (Including Other Income) |
465.387 |
314.663 |
188.208 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
9.117 |
12.591 |
5.461 |
|
Provision for Taxation |
0.000 |
4.864 |
1.975 |
|
Profit/(Loss) After Tax |
9.117 |
7.727 |
3.486 |
|
|
|
|
|
|
Total Expenditure |
456.270 |
313.992 |
182.747 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.95
|
2.45
|
1.85
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.95
|
4.00
|
2.90
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
5.50
|
5.03
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.10
|
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
0.90
|
6.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.72
|
1.09
|
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
VITAL HEALTHCARE PRIVATE LIMITED |
|
Presented
By |
Mr. S R Bajaj |
|
1) Date and
description of instrument creating the change |
Dated 26.02.2005 · Agreement of loan for overall limit · Agreement of hypothecation of goods and assets Deed of guarantee for overall limit · Letter regarding the grant of individual limits within the overall limit · Memorandum of deposit for creation of charge for Term Loan / overall limit |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 102.000
millions |
|
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 |
Demand Cash
credit limit, Stand by line of credit Import / Inland L/C, Limit Export
Packing credit limit Security :
hypothecation of the company current assets, etc Colleteral: the
limit will be collaterally secured by the EM of and Building and plant and
machinery |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
As per sanction letter No.
AGM/CPC/SPK/2504 Dated 01.01.2005 |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Address: Industrial Finance Branch Sakinaka, Andheri (East), Mumbai – 400
072, Maharashtra, India |
|
Corporation identity number or foreign company registrations number of
the company |
U24230MH1998PTC113058 |
|
Name of the company |
VITAL HEALTHCARE
PRIVATE LIMITED |
|
Address |
24, Jobalia Mansion, 2nd Floor, Mahant Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
A charge on immovable property |
|
Particular of the charge holder
|
State Bank of India Address: Industrial Finance Branch, Lekhraj , Saki vihar Road, Saki Naka,
Mumbai – 400 072, Maharashtra, India Email ID: kamalax_saraf@hotmail.com
|
|
Nature or description of the instrument creating charge |
Memorandum of deposit for creation of further charge for term loan /
overall limit where the initial charge is created by way of mortgage by
deposit of title deeds. |
|
Date of the instrument creating charge |
24.04.2007 |
|
Amount Secure by the charge |
Rs. 212.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: As would be determined by the bank from time to time. |
|
Shorts particulars of the Property charged |
Hypothecation of the cost entire stocks of imported / indigenous raw
material consumable spares and stock in process finished goods and packing
materials book debts and goods in transit, etc in favour of the bank. A
Equitable mortgage of land and building of factory At plot No. 1416, 1417,
1418 and 1507 at GIDC Estate, phase – III, Vapi – 396 195 Gujarat, (B)
hypothecation of plant and machinery at the company above mentioned factory
premises hypothecation of the company stock book debts and other current assets. |
|
Particulars of the present modification |
The original charge was created on 26.02.2005 for Rs. 102.000 millions
1stly modified on 20.10.2005 for Rs. 193.500 millions 2ndly modified on
20.03.2007 for Rs. 212.000 millions now by this modification the company
offered following immovable properties as an collateral security to secure the enhanced credit facilities
of Rs. 212.000 millions details of the immovable properties is as follows
plot nos. 1416, 1417, 1418, and 1507 1 and 2 at 1601, GIDC Estate, phase –
III, Vapi – 396 195, Gujarat, India |
WEBSITE DETAILS:
Subject is a Leading
Manufacturer and exporter of new generational Active Pharmaceutical Ingredients
(API). Founded in 1999, Subject set up a unit with a modest installed capacity
of 24 Tonnes p.a. for manufacturing Quinine Salts and alkaloids. It is
recognized as a star export house.
Within a short span of 7 years of inception, subject, by ,taking a rapid
stride and continuing its journey of growth turned their dream into
a reality by expanding a plant with land area of 22057.99 sq.meter and built
up area of 9513.53 square feet thereby increased the product portfolio by
enhancing the manufacturing capacity to 240 Tonnes per annum. This was possible
and could be achieved because of quality and cost effective products with
timely scheduled deliveries backed by continual innovations and development.
With cent percent reliable indigenous technology, financial support and
strength, flavored with continual innovation, openness for new thoughts
and ideas coupled with transparency in business policy and practices and a
strong self-confidence led Subject to a path of Global Reach,
contributing 50% of the company’s turnover from exports hence Subject has
become driving force to reckon with.
Subject being geared up in the path of growth has to its credit list of
esteemed clientele from major pharmaceutical companies including MNCs.
Subject created a name
in the manufacture and development of bulk actives, its area of core competence
backed by tireless efforts has made the company a preferred supplier in global
arena .It is recognized as a star export house.
Efforts are afoot to increase their market base in the large and remunerative
European markets, for which ‘Subject’ has accelerated the ‘DMF’ filing
programme to build and nurture the new and existing clientele. DMF of 2 or 3
products are in the final phase of gaining approval.
‘Subject’ has seen exports growth over the last 2 to 3 years. Contribution of
exports to overall turnover is almost 40-50% now. By middle of 2008, they hope
to have accredition of USFDA APPROVAL.
With these key factors in progress,'Subject’ will see substantial growth in
exports in the years to come, resulting into a rise in contribution of exports
significantly to overall turnover.
Subject’s international coverage to various countries by way of export
is as follows United kingdom, Germany, Korea, Hongkong, Bangladesh, Dubai,
Syria, Turkey, Sudan, Kenya, Tanzania, Nigeria, Uruguay, Congo, Columbia, USA,
China, Mexico, Japan, Pakistan.
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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|