MIRA INFORM REPORT
|
Report Date : |
30.12.2006 |
IDENTIFICATION DETAILS
|
Name : |
MACLEODS
PHARMACEUTICALS LIMITED |
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|
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Registered Office : |
304,
3rd Floor, Atlanta Arcade, Marol Church Road, Near Leela Hotel,
Andheri-Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India. |
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Country : |
India
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
05.06.1989 |
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Com. Reg. No.: |
11-52049 |
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CIN No.: [Company Identification No.] |
U24239MH1989PLC052049 |
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|
TAN No.: [Tax Deduction & Collection Account No.] |
MUMM19656A |
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|
PAN No.: [Permanent Account No.] |
AAACM4100C |
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|
Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing,
Importing, Exporting and Dealing of drugs, pharmaceuticals, alkalies, acids,
essences, petrochemicals and chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear
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Comments : |
Subject
is a well-established and reputed company having fine track. Directors are reported as experienced,
respectable and resourceful industrialist.
Their trade relations are reported as fair. Financial position is
good. Payments are usually correct
and as per commitments. The company can be considered good for normal
business dealings. It can be regarded as a promising business partner in a
medium to long run. |
LOCATIONS
|
Registered Office : |
304,
3rd Floor, Atlanta Arcade, Marol Church Road, Near Leela Hotel,
Andheri-Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India. |
|
Tel. No.: |
91-22-28213339/28214636/28214637/28214638
/ 28911319 / 28914636/56764757/56762800 |
|
Fax No.: |
91-22-28216599
/ 28916599/28266229 |
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E-Mail : |
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Website : |
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Cable : |
FORECOX |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
˜
Mahim Road, Near Kuldeep Hotel, Palghar (West) - 401404, District
Thane, Maharashtra, India ˜
Daman, Union Territory |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr.
Rajendra M. Agarwal |
|
Designation : |
Director |
|
Address : |
5,
Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai – 400 097,
Maharashtra, India. |
|
Date of Birth/Age : |
25/02/1959 |
|
Date of Appointment : |
05/06/1989 |
|
|
|
|
Name : |
Mr.
Banwarilal M. Bawri |
|
Designation : |
Director |
|
Address : |
5,
Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai – 400 097,
Maharashtra, India. |
|
Date of Birth/Age : |
02/04/1953 |
|
Date of Appointment : |
05/06/1989 |
|
|
|
|
Name : |
Mr.
Girdharlal M. Bawri |
|
Designation : |
Director |
|
Address : |
5,
Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai – 400 097,
Maharashtra, India. |
|
Date of Birth/Age : |
03/08/1947 |
|
Date of Appointment : |
22.05.1990 |
|
|
|
|
Name : |
Mr.
Shiv Hari Jalan |
|
Designation : |
Company
Secretary |
|
Address : |
Mumbai-
400002, Maharashtra |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mrs.
Taradevi G. Bawri |
81,000 |
|
Mrs.
Sudha Bawri |
190,200 |
|
Mr.
Ajay G. Agarwal |
2,127,900 |
|
Mrs.
Anju R. Agarwal |
1,628,100 |
|
Ms. Anushree B. Bawri |
114,600 |
|
Rajendra
M. Agarwal (HUF) |
60,000 |
|
Ms.
Ruchi R. Agarwal |
96,420 |
|
Mr.
Vijay G. Agarwal |
180 |
|
Mr.
Rajendra M. Agarwal |
1,542,180 |
|
Mr.
Banwarilal M. Bawri |
3,022,080 |
|
Mr.
Girdharilal M. Bawri |
1,117,680 |
|
TOTAL |
9,980,340 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Importing, Exporting and Dealing of drugs, pharmaceuticals, alkalies, acids,
essences, petrochemicals and chemicals. |
|
|
|
|
Products : |
˜
Anti-Tuberculosis Drugs ˜
Anti-Tuberculosis Drugs, Cardiovascular Drugs, Orthopaedic Drugs ˜
Anti-Infectives, Cortiocosteroids, Thyroid Drugs ˜
Anti-Oxidants, Nutraceuticals ˜
Ethambutol ˜
Rifampicine ˜
Pyrazinamide |
|
|
|
|
Exports to : |
CIS, Europe, Latin America, Myanmar, Malaysia and
Vietnam |
PRODUCTION STATUS
|
Particulars |
|
|
|
Production
in Millions |
|
Tablets |
|
|
|
957.908 |
|
Capsule |
|
|
|
18.578 |
|
Syrups |
|
|
|
5429.771 |
|
Vials |
|
|
|
3119.673 |
GENERAL INFORMATION
|
No. of Employees : |
850 |
|
|
|
|
Bankers : |
State Bank of India, Industrial Finance Branch,
S. V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India. |
|
|
|
|
Facilities : |
Rs. 2.950 millions dated 11th October,
1990 against hypothecation of book debts and other assets. |
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Banking Relations : |
Good |
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Auditors : |
Ashok
Bansal & Company Chartered
Accountants, 26, Kakad Corner, Below Sun-n-Sheel, Kondivita
Lane, Andheri (East) Mumbai – 400 059, Maharashtra, India. |
|
Tel. No.: |
91-22-28225374 |
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Associates/Subsidiaries
: |
Macleods Laboratories Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,980,240 |
Equity Shares |
Rs.10/- each |
Rs. 99.803 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
99.803 |
16.600 |
16.634 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
828.677 |
544.700 |
388.120 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
928.480 |
561.300 |
404.754 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
105.554 |
70.500 |
10.790 |
|
|
2] Unsecured Loans |
41.199 |
34.200 |
31.042 |
|
TOTAL
BORROWING
|
146.753 |
104.700 |
41.832 |
|
|
DEFERRED TAX LIABILITIES |
34.453 |
0.000 |
6.748 |
|
|
|
|
|
|
|
TOTAL
|
1109.686 |
666.000 |
453.334 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
391.000 |
288.400 |
164.608 |
|
Capital work-in-progress
|
18.500 |
0.000 |
1.154 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
265.272 |
277.000 |
200.022 |
|
|
Sundry Debtors
|
313.152 |
194.000 |
182.067 |
|
|
Cash & Bank Balances
|
338.374 |
75.100 |
66.968 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
138.565 |
162.900 |
118.842 |
Total Current Assets
|
1055.363
|
709.000 |
567.899 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
355.177 |
331.400 |
280.327 |
|
|
Provisions
|
|
|
|
Total Current Liabilities
|
355.177 |
331.400 |
280.327 |
|
Net Current
Assets
|
700.186 |
377.600 |
287.572 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
1109.686 |
666.000 |
453.334 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
2598.951 |
2001.100 |
1314.480 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
439.616 |
226.200 |
70.215 |
Provision for Taxation
|
70.646 |
16.700 |
5.112 |
Profit/(Loss) After Tax
|
368.970 |
209.500 |
65.103 |
|
|
|
|
|
Total Expenditure
|
859.691 |
1774.900 |
1243.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
14.20
|
10.47 |
4.95 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
16.92
|
11.30 |
5.34 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
30.39
|
0.23 |
9.59 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.47
|
0.40 |
0.17 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
0.54
|
0.78 |
0.80 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.97
|
2.14 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
The
company's fixed assets of important value include land, factory building, plant
and machinery, vehicles, training and office equipment, factory equipments and
computers.
Its
product range includes :
v
Anti
– Diabetic
v
Anti
– Diarrahea
v
Generic
v
Antibiotics
v
Anti
Osteoporotics
v
Cardiovasculars
v
Corticosteroids
v
Nutraceuticals
v
R
& D
v
Anti
– HIV Products
v
Thyroid
& Anti – Thyroid
v
Gastro
v
Non
– Steroidal Anti – Inflammat Drugs
The
company’s products are already registered in Africa (Kenya), CIS (Russia and
Ukraine), Latin America (Peru and Chile), Myanmar and Vietnam
They
visited the office of the company where following observations were carried on:
˜
Name
Board could be sighted and visibility of the Name Board is High.
˜
The
company’s office is easy to locate.
˜
Subject
is located in an Up market area.
˜
Items
such as Telephone, Fax Machines, Telex, Computers, Air Conditioners and Xerox
Machines could be seen at the company’s office.
|
Name
of the company |
MACLEODS PHARMACEUTICALS LIMITED |
||||||||||||||||||
|
Presented By |
State Bank of India, Industrial Finance Branch,
S. V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India |
||||||||||||||||||
|
1)
Date and description of instrument creating the change |
General
Agreement for the grant of small industrial advance and hypothecation of
movable, book debts and others assets
|
||||||||||||||||||
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.950 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 |
Hypothecation
of all movable, book debts and other assets whether present or future with
restriction against the creation of any future charge thereon for all
indebtedness and liability of the company to the bank by way of working
capital present and future the present limit having been determined at Rs.
2.950 Millions |
||||||||||||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
ROI
– 1% below SBAR min 15.5% |
||||||||||||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
State Bank of India, Industrial Finance Branch,
S. V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India |
||||||||||||||||||
|
6)
Date and brief description of
instrument modifying the charge |
No
installment dated 30.10.2003 |
||||||||||||||||||
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
The
original charge was created on 11.10.1990 for Rs. 2.950 Millions. Firstly
modified on 21.02.1994 for Rs. 9.300 Millions, Secondly modified on
30.10.1994 for Rs. 41.700 Millions, Thirdly modified on 05.11. the company
afforded an add. Fourthly modified dated 18.12.2000 for Rs. 125.000 Millions,
fifthly modified on dated 18.12.2000 by giving at additional collateral
security, sixthly modified on dated 11.10.2003 for Rs. 175.000
Together
with interest, compound interest, paid or incurred by the bank. The terms and
conditions or the mortgage terms unchanged |
WEBSITE DETAILS ATTACHED
The Company History
A vision, a mission
& a will to succeed were the basic ingredients in the foundation of
Macleods Pharmaceuticals Ltd.
Macleods
Pharmaceuticals Ltd. was incorporated in 1986. The vision of Dr. R. Agarwal ,
Managing Director was to build a strong & indigenous pharmaceutical
company, & the mission was to provide quality health care to the humanity,
especially, the essential & difficult to manufacture drugs with an emphasis
on individual country's needs.
The Marketing Structure
An almost 1800 strong,
dynamic brand marketing team of field personnel agressively market the products
in the Indian market. This team in turn is supported and guided by highly
qualified and experienced marketing & medical professionals at the Head Office.
Indian market Achievements
Macleods is ranked
24th and is the fastest growing pharmacuetical company in India. Currently,
Macleods is growing at 30.5% against industry growth of 5.7%. In the financial
year 2004-2005, Macleods has achieved a sales turnover of Rs. 3 billion (US$ 60
Million including exports).
ACNielsen (Known
earlier Org-Marg) which conducts the retail audit for Pharmaceutical products
in India ranks Macleods Pharmaceuticals as the 2nd largest Indian company
markeitng Anti-TB drugs with a market share of 17.2%. Another accomplishment of
great significance is that, Macleods Pharmaceuticals is the No. 1 in multi-drug
TB segment in India with a marketshare of 42%
VISION
A vision, a mission
& a will to succeed were the basic ingredients in the foundation of
Macleods Pharmaceuticals Limited
The vision of Dr.
Agarwal, Company’s Managing Director was to build a strong & independent
company to provide quality health care to the masses, especially, the essential
& difficult - to - manufacture drugs.
Macleods is ranked
24th and is one of the fastest growing companies. The company has achieved a
sales turnover of Rs 3 billion (US$ 60 Million) by the close of financial year
2004-2005.
According
to IMS they are the 2nd largest Indian Company marketing Anti TB drugs with
market share of 42% in the multi drug anti-TB segment in India.
MISSION
Their mission is to
focus on the most essential drugs with major thrust on Tuberculosis leading
cause of mortality in India and world wide.
Under the flagship of
MACLEODS PHARMACEUTICALS they have four division focusing on Indian market with
a field force strength of 1800.
Macleods Pharma - the
division holds its main foray in the marketing of Anti- infectives,
Gastrointestinal products marketing through GPs, Physician, Gastroentrologist
and Paediatrician.
TB Care - is the
dedicated division for catering to TB and Chest specialists
Procare - is a
speciality division in the field of chornic care with special focus on
cardiology and gynaecology
Gencare - is launched
with a purpose to spread health care across all generations. It focuses mainly
on products for Orthopaedics, Surgeons & Physician
Macleods Commitment to the control of TB
Since the inception of the company, they have always
contributed significantly in fighting Tuberculosis.
Macleods is the only company to market every
Anti-Tuberculosis drug including drugs for Multi Drug Resistance Tuberculosis;
PAS, Cycloserine, Kanamycin, Prothionamide, Ethionamide, Capreomycin,
Ciprofloxacin, Sparfloxacin, Ofloxacin, Levofloxacin, Moxifloxacin and
Gatifloxacin.
The company's
endeavour has been to ensure availability of these products, all the time and
at an economical cost. Every possible recommended dosage of R,H,E & Z,
required by the Physician in the treatment of TB, are formulated here. A path-breaking
venture of bio-available Fixed Dose Combination of 2, 3 and finally 4 drugs, is
one example which is formulated to take care of non-compliance of patients, a
major cause for TB treatment failure. Macleods is the pioneer to launch a Four
Drug Fixed Dose Combination of R,H,E&Z (FORECOX) & in correlating
plasma bioavailability with urine excretion study for Rifampicin which is now
endorsed by WHO & IUATLD. NIPER (National Institute of Pharmaceutical
Education and Research), Chandigarh had undertaken the bio equivalence study on
FORECOX. ( NIPER is one of the only two WHO accredited laboratories for
conducting bioavailability / bioequivalence studies). In the studies, NIPER has
concluded that Rifampicin in Forecox is bioequivalent to single drug formulations.
Macleods Commitment to the control of HIV
AIDS
Macleods believes that
HIV/ AIDS & TB may have a potentially devastating effect on human capital,
economic development and health systems reform. The threat of HIV looms large
and invariably results in increased incidences of TB. The enormous progress and
contributions Macleods have made to control TB, has bolstered the enthusiasm of
the company to foray into development of low cost Anti-Retroviral drugs to
counter this threat. Macleods is ready with single/ double/ triple drug
formulations for HIV / AIDS.
GLOBAL PRESENCE
CIS markets
Russia, Ukraine,
Kazakisthan, Azarbezan, Kyrigistan, Uzbekistan, Belarus
South East Asia
Malaysia, Vietnam,
Myanmar, Thailand, Philippines, Srilanka, Hongkong
Africa
Ethopia, Kenya, Ghana,
Malawi, Zambia, Tanzania, Ivory Coast, Nigeria, Mauritius, Algeria, Sudan,
Uganda, Zimbabwe.
Latin America
Peru, Colombia, Chile,
Caribbean Islands, Venezuela, Bolivia, Ecuador
Products registered in
32 countries (315 product registrations). Sales mainly through global tenders
of Anti TB products.
Anti TB products
contribute 80% of the International business.
Accreditations/Approval
recieved for manufacturing facility from WHO-Geneva,
Colombia,
kenya, Tanzania, Zimbabwe, Uganda and Belarus.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the
subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 44.23 |
|
UK
Pound |
1 |
Rs. 86.91 |
|
Euro |
1 |
Rs. 58.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
This score
serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
RATING
|
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 |