MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SUPRIYA CHEMICALS |
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Registered Office : |
‘Prabhat’ Flat No. 4, Plot no. 9, H F Society Road, Jogeshwari (East),
Mumbai – 400 060, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS22825F |
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PAN No.: [Permanent
Account No.] |
AABFS7676M |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and Exporters of Bulk Drugs. |
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 200000 |
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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 concern having satisfactory
track. Partners 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 concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
‘Prabhat’ Flat No. 4, Plot no. 9, H F Society Road, Jogeshwari (East),
Mumbai – 400 060, Maharashtra |
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Tel. No.: |
91-22-28737220 / 28378512 |
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Mobile No.: |
91-9821013997 |
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Fax No.: |
91-22-28378512 |
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E-Mail : |
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Website : |
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Corporate Office : |
207-208 Udyog Bhavan, |
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Tel. No.: |
91-22-26860012/ 66942507/66942508/09 |
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Fax No.: |
91-22-26860011 |
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Area : |
2500 Sq. fts. |
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Location : |
Owned by the Company |
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Factory 1 : |
A-5/2, Lote Parshuram Industrial Area, MIDC, Taluka Khed, District –
Ratnagiri – 415 722, |
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Tel. No.: |
91-2356-272299 |
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Fax No.: |
91-2356272178 |
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Area : |
4000 Sq. mtrs. |
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Location : |
Owned by the Company |
PARTNERS
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Name : |
Mr. Satish Wagh |
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Designation : |
Partner |
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Date of Birth/Age : |
49 years |
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Qualification : |
B.Sc. |
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Experience : |
28 years |
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Name : |
Mr. Asha Waman Wagh |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. S S Karmarkar |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. D V Talsania |
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Designation : |
Purchase Director |
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Name : |
Mr. A N Tawar |
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Designation : |
General Manager |
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Name : |
Mr. Jaykumar |
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Designation : |
Export Manager |
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Name : |
Mr. Satyen Trivedi |
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Designation : |
Finance Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Bulk Drugs. |
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Exports : |
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Countries : |
South America, North America, South-east Asia, Pakistan, Bangladesh,
Sri Lanka, Malaysia, Thailand, Vietnam, Singapore, Myanmar, South Korea,
Middle-East (Egypt, Iran) |
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Imports : |
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Products : |
v
Vitamin B2 v
2 Chlorine v
Pyridine v
Erythromycine v
Thiocyanate |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit (30 days – 150 days), Open payment |
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Purchasing : |
L/C, Credit (30 days – 120 days) |
GENERAL INFORMATION
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Customers : |
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Wholesalers v
Retailers |
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No. of Employees : |
85 |
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Bankers : |
v
Saraswat Co-operative Bank Limited Overseas Branch, Marine Lines, Mumbai, v
Saraswat Co-operative Bank Limited Goregaon (East) Branch, Mumbai, |
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Facilities : |
WC: Rs. 160.000 Millions (Funded and Non-Funded) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. P K Mutha and Company Chartered Accountants |
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Address : |
Masjid Bunder, Mumbai, |
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Tel. No.: |
91-22-23436467 |
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Memberships : |
v
FIEO v
CHEMEXIL v
DDMA v
Basic Chemicals v
Pharmaceuticals and Cosmetics Export Promotion
council |
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Associates/Subsidiaries : |
Swastik Industries Address: District – Ratnagiri, Line of Business: Manufacturers of intermediates for captive use. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 20.000 Millions |
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Borrowed : |
Rs. 30.000 Millions |
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Total : |
Rs. 50.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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Around 240.000 |
Around 200.000 |
Expected Sales (2007-08) : Around Rs. 480.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade References
v
Nicholas Pyramids
v
Cipla
v
Glaxo Limited, Mumbai
v
Novatis
v
BASF,
v
Website details attached:
Subject entered the bulk drugs industry in 1993.
Promoted by Mr. Satish Wagh, a highly experienced and widely traveled
technocrat, who has a hands-on approach to business. The company is managed by
a team of well qualified, experienced professionals.
The Company's head office is situated in Mumbai, the commercial capital
of
In this very well equipped manufacturing facility the company
manufactures bulk drugs for therapeutic segments like antihistamine,
antibacterial, antiasthmatic and vitamins.
Over the last decade the company has spread its wings all over the globe and is
today a significant player in many markets the world over.
During the last few years the company has also diversified its business into
other areas such as exports of commodities, natural products, Ayurvedic
products and formulations.
The business
continues to grow rapidly and the company has achieved significant market
penetration in various markets the world over.
Entrepreneur
Profile
Shri Satish Waman Wagh comes from a typical middle class working family.
Initially he did his graduation in Economics; he again registered himself for a
degree in science and passed his B.Sc. Hons. Degree in Chemistry from
He started working
as a plant Supervisor in a Bulk Drug manufacturing company. After for about 5-6
years in that capacity and gaining valuable experience and feel of a
manufacturing industry, probably with his basic background of economics, the
idea of starting his own unit started taking shape in his mind.
In 1987 he took a
bold decision and quit the job and jumped into the vast world of chemicals
manufacture on his own. With extremely meager financial support out of his own savings,
due to the enthusiasm and dynamic ideas he could successfully convince the
authorities and could garner financial support from MSFC. The formalities of
purchasing a piece of land in remote place like Lote Parshuram Industrial Area
of MIDC ware completed and small shed was erected out of available funds. The
necessary machinery and equipments were brought and Mr. Satish W Wagh started
manufacturing Textile Auxiliaries and was successful in developing a market for
his products despite the tough competition from large business houses in that
field. However, as the things changed aneed to diversify the activities were
felt.
While the search
for new direction was going on a valuable guidance come from one of the most
respected personality in the field. It was come from one of the most respected
personality in the field. It was Padmashri Dr. M. M. Sharmawho really showed
the path for success and the idea of diversifying into bulk drug manufacturing
took roots and once again there was a Turning Point.
The opportunity
was located and now it was a question of grabbing it on a right time. Once
again the drive from within could not keep Mr. Satish Wagh passive and he took
a bold step Mr. Satish Wagh passive and he took a bold step ahead and entered
the field of manufacture of bulk drugs in 1993 starting his activities with
Chlorpheniramine Maleate with initial manufacturing reactor of a capacity
initial 0f 350 Ltrs only.
It was a difficult
period for initial couple of years but towards the end of 1996 the Sun of 1997
rose in the skies with bright promises and it was in this year that matters
changed radically and the business really zoomed, scaling new heights with
opportunities growing in export and then Mr. Wagh never looked back.
Products
Bulk Drugs
Pheniramine Maleate - European DMF in
CTD- Available
Dexchlorpheniramine Maleate - European
DMF in CTD- Available
Dexbrompheniramine Maleate - Technical
Documents Available
Mepyramine Maleate/Pyrilamine -
European DMF in CTD - Available
Brompheniramine Maleate - Technical
Documents Available
Cetirizine Di Hydrochloride - European
DMF in CTD - Available
Diphenhydramine Hcl - European DMF in
CTD - Available
Salbutamol Sulphate - Technical
Documents Available
Salbutamol Base - European DMF under
Process
Terbutaline Sulphate - European DMF
under Process
Tramadol Hydrochloride - European DMF
in CTD – Available
Riboflavin 5- Phosphate Sodium
- European DMF (Vitamin B2 5 Phosphate Sodium) Under Process
Ketamine Hcl - Technical Documents
Available
INTERMEDIATES
v
Dimethylamino Ethyl Chloride Hydrochloride
v
(DMC. HCL)
v Diethylamino Ethyl
Chloride Hydrochloride
v (DEC. HCL)
Management
The company's management being sensitive to changing customer requirements is very dynamic, flexible and open to new ideas. Customers deal directly with senior management personnel who ensure quality response in terms of products and service.
The company has a team of highly qualified and skilled professionals who are committed to excellence in terms of product quality, productivity, cost-efficiency and delivery.
Every year the company invests a substantial amount in continuous training of its personnel both by in-house lectures and practical hands on experience. The company provides excellent working conditions resulting in high motivation levels and hence better productivity and commitment to quality.
Manufacturing Facility
The company has a modern manufacturing facility at Khed, in
Ratnagiri District, which is about 250 km. away from Mumbai. This location
enjoys full connectivity with both Mumbai and
The plant located in the picturesque environment of Konkan
is fairly close to the container handling port at Nhava Sheva, Mumbai and
Built on a 5100 sq. mtrs. Plot the plant has delineated areas for production, finished products area, quality control and assurance, R&D and maintenance and is adequately ventilated.
Built in accordance with WHO GMP guidelines the plant has a number of stainless steel 316 glass lined reactors supported by centrifuges, dryers, blenders etc. all made stainless steel 316 to maintain high quality standards during manufacturing.
The plant has capacity to carry out various complex chemical reactions. Services like water, steam, thermic fluid boilers, stand by generators, inert gases are abundantly available for smooth and efficient production
Awards
The business continued to grow and Supriya Chemicals was Awarded District Award in the year 1999-2000 followed by State award for best performance from Konkan Division for the year 1999-2000.
National Award in the year 1999-2000 given by Ministry of Small Scale and Agro & Rural Industries, Government of India, for excellent performance in Research & Development.
Export Achievement Award in respect of Basic Chemicals,
Pharmaceuticals & Cosmetic Products (SSI) for the year 1999-2000 given by Directorate
of Industries, (Export Promotion Cell)
» He is a regular member for one of the
reputed International Trade Fare of the industries namely CPhI Worldwide (Chemicals and Pharmaceuticals
Ingredient) since 1995 at the different venue of the world.
» National
Corporate Excellence Award in the year 2000-2001 given by International
Integration & Growth Society for Individual Achievements & National
Development.
» National
Integration Growth Award in the year 2000-2001 given by International
Integration & Growth Society for Individual Achievements & National
Development.
» Udyog
Excellence Award in the year 2000-2001
given by Indian Institute of Economic
Entrepreneur Council for Improvement for Medical Strategy in India.
» Udyog
Pratibha Award in the year 2000-2001
given by International Integration
& Growth Society for
Individual Achievements & National Development.
» Vikas
Ratan Gold Award in the 2000-2001
given by International Integration
& Growth Society for Individual
Achievements & National Development.
» Gem
of India Award - 2001 in the year 2000-2001 given by All
India Achievers, Conference for Individual
Achievements & National Building.
» Outstanding
National Citizen Award-2001 in the year 2000-2001 given by National
Citizens Guild for
» Arch
of Excellence (Business) Award-2001 (Gold medal) in the year 2000-2001 given by All India Achievers, Conference for Individual Achievements & National
Building.
» National
Udyog Excellence Award in the year 2000-2001 given by International
Institute of Education & Management for Outstanding achievements in the
field of Chemicals Technology.
» International
Excellence Award in the year 2000-2001
given by International Business Council
for Outstanding Achievements.
» Nirman
Rattan Award in the year 2000-2001 given by International Institute of Education & Management for Outstanding
Achievements.
» National
Gold Star Award in the year 2000-2001
given by International Business Council
for Outstanding Achievements.
» National
Level Business Award in the year 2001-2002 given by Jagtik Marathi Chamber of
Commerce & Industries for Outstanding Achievement in the Industry.
» He
was elected in 2002 as Chairman on Chemexcil Government of India's Exports
Promotion Council under Ministry of Commerce.
» National
Award for Quality Presented by Hon. Dr. Abdul Kalam to Mr. Satish Wagh at New
Delhi on 28th October, 2005.
>>Bhartiya
Udyog Ratan Award in respect of Individual
Achievements & National Development for the year 1999-2000 given by Indian Economic Development & Research
Association.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.73 |
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|
1 |
Rs. 81.37 |
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Euro |
1 |
Rs. 56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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