MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUVEN NISHTAA PHARMA PRIVATE LIMITED |
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Registered Office : |
Door No 8-2-334, 6th Floor, SDE Serene Chambers, Road No.
5, Banjara Hills, Hyderabad – 500034, Andhra Pradesh |
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Country : |
India |
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Date of Incorporation : |
20.02.2007 |
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Com. Reg. No.: |
52851 |
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CIN No.: [Company
Identification No.] |
U24232AP2007PTC052851 |
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IEC No.: |
0906020662 |
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PAN No.: [Permanent
Account No.] |
AAKCS5942A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Pharmaceutical Formulations
R&D services like:
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RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is promoted by Suven Life Sciences Limited [Sales Rs. 1130.63
Millions in 2006-07]. Trade relations are fair. Payments are usually correct
and as per commitments. As the subject is a new company, no financials are yet available. The company can be considered for normal business dealings at usual
trade terms and conditions with slight caution. |
INFORMATION PARTED
BY
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Name : |
B.V.Srinivasa Rao |
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Designation : |
Manager – Business Planning & Coordination |
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Contact No.: |
9989588202 |
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Date : |
12.08.2008 |
LOCATIONS
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Registered Office : |
Door No 8-2-334, 6th Floor, SDE Serene Chambers, Road No. 5,
Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India |
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E-Mail : |
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Corporate Office
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Plot Nos 267 and 268, Phase – II,
IP - Pashamylaram, Patancheru (Mandal), Medak (Dist),AP – 502307,
India. |
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Tel. No.: |
91-8455-326021 / 6022 / 6023 |
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Mobile No.: |
91-9989588202 [Mr. B. V. Srinivasa Rao] |
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Fax No. |
91-8455-224228 |
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E-Mail : |
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Website |
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Area : |
Owned - 5 acres |
DIRECTORS
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Name : |
Mr. Venkateswarlu Jasti |
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Designation : |
Director |
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Address : |
396, Road No. 22 B, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh,
India |
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PAN No.: |
ACEPJ1919K |
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Date of Birth/Age : |
01.07.1949 |
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Qualification : |
M. Pharm |
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Experience : |
30+ Years |
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Date of Appointment : |
20.02.2007 |
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Other Directorship : |
Suven Life Sciences Limited CIN No : L24110AP1989PLC009713 Designation : Vice-Chairman and CEO |
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Name : |
Mr. Ravula Sayisiva Prasad |
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Designation : |
Director |
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Address : |
72, Sowbhagya, Bhagya Nagar Co-operative Housing Society, Phase II,
Kukatpally, Hyderabad – 500072, Andhra Pradesh, India |
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PAN No.: |
ACPPR3432C |
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Date of Birth/Age : |
17.09.1948 |
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Qualification : |
M. Pharm |
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Experience : |
35+ Years |
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Date of Appointment : |
20.02.2007 |
KEY EXECUTIVES
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Name : |
Mr. B. V. Srinivasa Rao |
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Designation : |
Business Planning and Coordination |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Suven Life Sciences Ltd |
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Allotment in
process |
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R.S.Prasad |
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BUSINESS DETAILS
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Line of Business : |
Providing Pharmaceutical Formulations
R&D services like: 1. Product
development for global markets 2. Analytical
Services 3. NCE
formulations 4. NDDS 5. Regulatory Services |
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Services Provide : |
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Exports : |
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Products : |
Equipments |
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Countries : |
USA, Korea and China |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C and Credit [60 days] |
GENERAL
INFORMATION
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Customers : |
Pharmaceutical Innovator Companies and Generic companies |
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No. of Employees : |
35 |
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Bankers : |
Overseas Branch, 5-9-200, Abids, Hyderabad – 500001, Andhra Pradesh,
India |
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Facilities : |
Term Loan sanctioned for Rs 237.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Karvy and Company Chartered Accountants |
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Address : |
No.2, Bhooma Plaza, Avenue 7, St No. 4, Banjara Hills, Hyderabad – 500
034 |
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Tel. No.: |
91-40-23358625 |
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Fax No.: |
91-40-23358507 |
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Associates/Subsidiaries : |
Suven Life
Sciences Limited Serene Chambers, Road No. 5, Avenue - 7,
Banjara Hills, Hyderabad-500 034, A.P., INDIA Phone
: 91-40-2354-1142, 2354-3311,3292-1694/97 CIN No : L24110AP1989PLC009713 [A Listed Pharma Company on Stock Exchange] |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Nil |
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FINANCIAL DATA
[all figures are in Rupees Millions]
As the subject is a new company no financials are yet available.
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10067209 |
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Corporate
identity number of the company |
U24232AP2007PTC052851 |
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Name of the company
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SUVEN NISHTAA PHARMA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Door No 8-2-334, 6th Floor, SDE Serene Chambers, Road No. 5,
Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India |
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Type of charge |
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Particular of
charge holder |
State Bank of
India Mid Corporate
Loan Administration Unit 3/6/281/A/1 1st
Floor, Hyderguda Main Road, Hyderabad – 500001, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of Deposit
for creation of charge for term loan / Over all limit C – 9 dated 26.02.2008
for Rs. 237.500 Millions |
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Date of
instrument Creating the charge |
26.02.2008 |
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Amount secured by
the charge |
Rs. 237.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest SBAR, Present
effective rate at 12.75 % with monthly rests subject to charge in SBAR from
time to time Terms of
Repayment Payable in 25 Quarterly
Installments from March 2009 to March 2015 Margin 35.37 % [Overall] Extent and
Operation of the charge Form C-9, dated
26.02.2008; A mortgage by deposit of title deeds by constructive delivery was
created by the company in favour of State Bank of India, verseas Branch,
Abids, Hyderabad under its loan agreement for Term Loan |
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Short particulars
of the property charged |
Open plot bearing
Nos. 265 & 266 in sl. Nos. part of 219,252,253 and 246 adm. 12624.02 sq.
yards situated at IDA, pashmylaram, Patanchery Mandal North : 18.30 m
inside road South : Plot nos.
267 and 266 East : Plot No
264 West : 24.0m
inside road |
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Particulars of
the present modification |
Form C-9, dated 26.02.2008,
A mortgage by deposit of title deeds by constructive delivery was created by
the company in favour of State Bank of India in respect of the land situated
at IDA, pashmylaram. Patanchery mandal, for the overall limits of Rs. 237.500
Millions by the company to SBI, Overseas Branch, Abids, Hyderabad under its
loan agreement for Term Loan |
AS PER WEBSITE
Subject is a joint venture company of Suven Life Sciences, is a Pharmaceutical Formulations Contract Services provider.
Subject is a 100% Export Oriented Unit, is engaged in providing end-to-end Drug Product Development services, viz.
- Product Development for the Global Markets
- (New Chemical Entity) Product development for Pre-Clinical and Clinical Testing (Multi Manufacturing and Packaging for Phase – I, II, III Placebo)
- New / Novel Drug Delivery Systems
- Analytical Services including Analytical Development and Validation, Impurity Profiling, Stability studies and
- Management
- Regulatory Management Services, Pre-Post submission and Approval
Subject is committed to Quality delivery as per the timelines with a value addition.
Subject is committed to a transparent working with a high level of Integrity.
Subject values the Intellectual Property and committed to maintaining the Confidentiality.
NISHTAA, which means Passion, Dedication, Devotion & Commitment, stand as poll bearer to Suven Nishtaa's work culture and values.
The Suven Nishtaa team is led by Mr.R.S.Prasad, a Pharmaceutical Technologist with 35 years of experience, spent a major part of his career (about 16 years) in creating capabilities for Indian foray into highly regulated markets like USA, Europe. He is ably supported by a team of experts with a high quality and valuable experience in various specialized functional areas.
Subject believes in Collaboration-Partnership model for delivering value to the customers.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.58 |
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UK Pound |
1 |
Rs.81.43 |
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Euro |
1 |
Rs.64.52 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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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 |
NO |
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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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35 |
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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