MIRA
INFORM REPORT
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Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
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Name : |
KEMWELL BIOPHARMA PRIVATE LIMITED |
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Registered
Office : |
Kemwell House No. 11, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.05.2008 |
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Com. Reg. No.: |
08-046341 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U24232KA2008PTC046341 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provider of contract manufacturing and development
services for pharmaceutical products globally. |
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No. of Employees
: |
1000 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [45] |
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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 573000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Head Quarters : |
Kemwell House No. 11, |
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Tel. No.: |
91-80-39286200 |
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Fax No.: |
91-80-23379152 |
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E-Mail : |
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Website : |
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Biokem Site / Factory |
34th KM, |
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Tel. No.: |
91-80-27733441 |
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Fax No.: |
91-80-24433273 |
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Overseas Office : |
Located at : |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Anurag Bagaria |
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Designation : |
Managing Director |
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Address : |
157A, RMV Extension, 8th |
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Date of Birth/Age : |
02.11.1976 |
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DIN : |
00111917 |
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Date of Appointment : |
07.05.2008 |
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Name : |
Mr. Shriram Chandak |
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Designation : |
Director |
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Address : |
Ramasadan, 758/21, 7th Main, Mahalaxmi Layout, |
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Date of Birth/Age : |
02.03.1948 |
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DIN : |
00130919 |
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Date of Appointment : |
08.03.2010 |
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Name : |
Mr. Rolf Guenter Werner |
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Designation : |
Additional director |
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Address : |
Hugo Haring Strasse 72, Biberach An Der Riss, Baden |
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Date of Birth/Age : |
07.06.1946 |
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DIN : |
03468202 |
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Date of Appointment : |
08.03.2011 |
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Name : |
Mr. Per Ake Oldentoft |
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Designation : |
Additional director |
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Address : |
Fagelsangsvagen 10, 247 31 S Sandby, Sandby 000000 |
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Date of Birth/Age : |
11.02.1942 |
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DIN : |
01001029 |
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Date of Appointment : |
08.03.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Kum Kum Bagaria on behalf of Subhash Family Trust |
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29130 |
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Kum Kum Bagaria |
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23620 |
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Anurag Bagaria |
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20170 |
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Karan Bagaria |
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23630 |
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Neha Bagaria |
|
3450 |
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Total |
|
100000 |
As on 27.12.2010
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Names of Allottees |
Equity Shares |
No. of Shares
Allotted |
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Kum Kum Bagaria on behalf of Subhash Family Trust |
90324 |
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Kum Kum Bagaria on behalf of Subhash Bagaria Estate |
123200 |
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Kum Kum Bagaria |
84800 |
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Anurag Bagaria |
117000 |
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Karan Bagaria |
137076 |
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Neha Bagaria |
20000 |
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Kum Kum Bagaria on behalf of Savitri devi Agrawal Estate |
7600 |
580000 |
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Preference
Shares |
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Chemsworth Private Limited, |
2000 |
2000 |
As on 08.03.2011
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Names of Allottees |
Equity Shares |
No. of Shares Allotted |
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Kum Kum Bagaria on behalf of Subhash Family Trust |
1313994 |
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Kum Kum Bagaria on behalf of Subhash Bagaria Estate |
1355200 |
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Kum Kum Bagaria |
1192620 |
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Anurag Bagaria |
1508870 |
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Karan Bagaria |
1767766 |
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Neha Bagaria |
257950 |
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Kum Kum Bagaria on behalf of Savitri devi Agrawal Estate |
83600 |
7480000 |
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Preference
Shares |
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Chemsworth Private Limited, |
2198000 |
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Bioworth India Private Limited, |
2000000 |
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Kum Kum Bagaria on behalf of Subhash Bagaria Estate |
800000 |
4998000 |
As on 27.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of contract manufacturing and development
services for pharmaceutical products globally. |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
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Pharmaceutical Formulation |
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Liquid |
Klt |
13200 |
13200 |
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Solids and Semi Solids |
Kgs |
805200 |
805200 |
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Tablets |
Nos.- Crores |
200 |
200 |
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Capsules |
Nos.- Crores |
-- |
36 |
Production [As on 31.03.2010]
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Particulars |
Unit |
Actual
Production |
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Pharmaceutical
Formulation |
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Liquids |
Klt |
8447 |
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Liquids [Traded] |
|
1780 |
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Liquids [Loan License] |
|
6663 |
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Liquids [Health Products] |
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4 |
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Solids and Semi Solids |
Kgs |
501020 |
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Solids and Semi Solids [Traded] |
|
162761 |
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Solids and Semi Solids [Loan License] |
|
338259 |
GENERAL INFORMATION
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No. of Employees : |
1000 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G Bagrodia and Company Chartered Accountant |
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Address : |
14/3, 10th C Main, Jayanagar 1st Block, |
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Subsidiary Companies : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital : Rs. 700.000 Millions
Paid-up Capital : Rs. 581.600 Millions
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,000,000 |
Equity Shares |
Rs.10/-each |
Rs.40.000 millions |
|
100,0000 |
Preference Shares |
Rs.10/-each |
Rs.10.000 millions |
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|
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100,000 |
Equity Shares |
Rs.10/-each |
Rs.1.000 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.000 |
0.100 |
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2] Share Application Money |
|
6.000 |
0.000 |
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3] Reserves & Surplus |
|
136.462 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
143.462 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
|
220.662 |
0.000 |
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2] Unsecured Loans |
|
460.320 |
1.037 |
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TOTAL BORROWING |
|
680.982 |
1.037 |
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DEFERRED TAX LIABILITIES |
|
46.011 |
0.000 |
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SALES TAX DEFERMENT |
|
24.220 |
0.000 |
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TOTAL |
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894.675 |
1.137 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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511.323 |
0.133 |
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Capital work-in-progress |
|
80.526 |
0.000 |
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INVESTMENT |
|
52.320 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
63.575
|
0.000 |
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Sundry Debtors |
|
88.185
|
0.000 |
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Cash & Bank Balances |
|
2.114
|
0.106 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
185.495
|
0.414 |
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Total
Current Assets |
|
339.369
|
0.520 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
|
36.945
|
- |
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Other Current Liabilities |
|
29.615
|
0.005 |
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Provisions |
|
22.694
|
0.000 |
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Total
Current Liabilities |
|
89.254
|
0.005 |
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Net Current Assets |
|
250.115
|
0.515 |
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MISCELLANEOUS EXPENSES |
|
0.391 |
0.489 |
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TOTAL |
|
894.675 |
1.137 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
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Income |
|
617.075 |
-- |
|
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Other Income |
|
131.343 |
-- |
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|
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TOTAL (A) |
|
748.418 |
-- |
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|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
|
247.496 |
-- |
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Salaries, Wages, and Other Benefits to employees |
|
148.719 |
-- |
|
|
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Manufacturing and other Expenses |
|
184.920 |
-- |
|
|
|
preliminary and pre operative expense written off |
|
0.098 |
-- |
|
|
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TOTAL (B) |
|
581.233 |
-- |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
167.185 |
-- |
|
|
|
|
|
|
-- |
|
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Less |
FINANCIAL
EXPENSES (D) |
|
29.820 |
-- |
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
137.365 |
-- |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
67.076 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
|
70.289 |
-- |
|
|
|
|
|
|
|
|
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Less |
TAX (I) |
|
17.118 |
-- |
|
|
|
|
|
|
|
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PROFIT / LOSS
AFTER TAX (G-I) (J) |
|
53.171 |
-- |
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|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
-- |
-- |
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BALANCE CARRIED TO
THE B/S |
|
53.171 |
-- |
|
|
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|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales Export |
|
6.950 |
-- |
|
|
|
Database Access and Retrieval Services |
|
17.667 |
-- |
|
|
|
Dividend Received |
|
113.203 |
-- |
|
|
|
Analytical Services |
|
76.127 |
-- |
|
|
TOTAL EARNINGS |
|
213.947 |
-- |
|
|
|
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials and packing materials |
|
53.255 |
-- |
|
|
|
Capital Goods and Components |
|
13.680 |
-- |
|
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TOTAL IMPORTS |
|
66.935 |
-- |
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|
Earnings Per
Share (Rs.) |
|
90.05 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
7.10 |
-- |
|
|
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Net Profit Margin (PBT/Sales) |
(%) |
|
11.39 |
-- |
|
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.26 |
-- |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.49 |
-- |
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|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
5.37 |
10.42 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.80 |
104.00 |
LOCAL AGENCY FURTHER INFORMATION
Scheme
Of Arrangement :
They have pleasure in
informing that the Scheme of Arrangement between the company and Kemwell
Private Limited (KPL) was sanctioned by the Hon'Me Kamataka Tligh Court and
accordingly, the company's has taken over the pharmaceutical business division
and all the assets and liabilities of the pharmaceutical business division of
KPL as per the scheme of arrangement and was transferred at their carrying
amounts to the company from the appointed date 1st Apr 2009, The Scheme has
accordingly been given effect to In current year accounts.
As per the scheme of
arrangement, each shareholder of the erstwhile KPL is entitled to receive in
the ratio of one equity share for every five equity shares held by the shareholders
of Kemwell Private Limited and one 6%
Redeemable Non Cumulative Non
Participating Preference Shares for every one hundred 6% Redeemable Non
Cumulative Non Participating Preference Shares held by the shareholders of
Kemwell Private Limited. This equity shares rank paripassu with the existing
equity shares of the company. Pursuant to the above 580000 equity shares of
Rs.10 each amounting to Rs 5.800 millions and 2,000 6% Redeemable Non
Cumulative Non Participating Preference Shares of Rs.100 each amounting to
Rs.0.200 million are to be issued as fully paid up to the Share holders of
Kemwell Private Limited
The Board adopted the
scheme of arrangement by which all the pharmaceutical business
is now transferred from Kemwell Private Limited to Kemwell Biopharma Private
Limted as this would bring in all the pharmaceutical business under one common
entity and with the intention to optimizing the control and efficiency of
operations.
Review
of Performance
The total income during the year was Rs. 748.417
millions compared to Rs Nil in the previous year. Profit before taxation was
Rs.70.289 millionss as compared to Rs Nil last fiscal year. The net profit
after taxation was Rs. 53.171 millions compared to Rs. Nil last fiscal year.
The company applied for
scheme of arrangement to the Honorable High Court of Karnataka for takeover of
the pharmaceutical business from Kemwell Private Limited as this would bring in
all the pharmaceutical business under one common entity and with the intention
to optimizing the control and efficiency of operations. The same has been
sanctioned by the Honorable high Court of Karnataka on 20th Aug 2010 and appointment date being
1st Apr 2009, The Scheme has accordingly been given effect to in these
accounts. Thereby the total income and profit during the year has arrived from
the takeover of the pharmaceutical division of Kemwell Private Limited Hence
the previous year's figures are not comparable with the current year's figures
The company is poised for
significant growth in the years to come with the State-of-the-art tablet
manufacturing export oriented unit. During the year the Company executed export
orders to
The business of
pharmaceutical development, formulation, analytical services has also improved
and significant growth is expected in ensuing years and enduring relation ship
from
The Company is now entering
into the biopharmaceuticals sector with technical know-how collaboration with
The Company has also felt
the need of expanding the capacity of the Liquid Dosage Unit and therefore the
company has started the construction of the new liquid dosage unit - lI at
Nelamangala,
Capital
Structure:
During the year, the
issued, subscribed and paid-up share capital increased from RS. 0.100 to Rs. 1.000 million by a further issue of
90,000 Equity shares of Rs. 10/- each.
Due to the sanction of
scheme of arrangement of demerger of the pharmaceutical business of Kemwell
Private Limited (KPL) with Kemwell lBiopharma Private Limited As per the scheme
of arrangement, each shareholder of the erstwhile KPT. is entitled to receive
in the ratio of one equity share for every five equity shares held by the
shareholders of Kemwell Private Limited and one 6% Redeemable Non Cumulative
Mon Participating Preference Shares for every one hundred 6% Redeemable Non
Cumulative Non Participating Preference Shares held by the shareholders of
Kemwell Private Limited. This equity shares rank paripassu with the existing
equily shares of the company. Pursuant to the above 5,80,000 equity shares of
Rs.10 each amounting to Rs 5.800 millions and 2,000 6% Redeemable Non
Cumulative Non Participating Preference Shares of Rs.100 each amounting to Rs
0.200 million are to be issued as fully paid up to the Share holders of
erstwhile KPL, without payment being received in cash and pending allotment of
these shares, have been disclosed under the head "Share Capital pending
allotment A/c" in the Balance Sheet.
Long
Term Loan :
Consequent upon giving
effect to the Scheme of Arrangement, the company took over the Term loans from
Kemwell Private Limited and has re-paid the installments of Term loan of US Dollars 0.754 Million to State Bank
of India and US Dollars 0.722 Million to ICICI Bank Limited (Total Loan repayment
of USD 1.476 Million) on due dates as per schedule of repayment, the balance
term loan as on 31.03.2010 is US $2.68 Million (State Bank of India US $ 0.874
Million and ICICI Bank US$1.806 Million)
Subsidiary
Companies;
Consequent upon giving effect
to the Scheme of Arrangement, the Company has two Subsidiary companies. As
below:
- Kemfin Holdings Private Limited,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24232KA2008PTC046341 |
|
Name of the
company |
KEMWELL BIOPHARMA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Kemwell House,
No.11, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
|
|
Particular of charge
holder |
State Bank Of |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of goods and assets Letter regarding
the grant of individual limits within the overall limit. Memorandum of
deposit for creation of charge for term loan/ overall limit (all the documents relate to the same charge) |
|
Date of
instrument Creating the charge |
17.05.2011 |
|
Amount secured by
the charge |
Rs.252.900
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- CC : Interest @ 4.50% above Base Rate, effective rate 13.75% p.a (Base Rate
9.25%) Terms of Repayment
- Repayable on demand Margin – CC : 25% LC : 20% BG : 20% Extent and
Operation of the charge - Charge extends by way of first passu charge on all
the current assets throughout the period of sanctioned limits between SBI and
Citi Bank. Corporate Guarantee of Kemwell Private Limited offered. Others - EM on
freehold rights held by KBPL on the following pieces of land which are in the
name of KPL and situated in Sy. Nos. 37/5, 37/4, 38/1, 38/2, 46/1, 37/2,
37/3, 42, 46/2, 41/2, 41/3, 41/1, 43, Nelamangala Taluk in which the proposed
Biologics and fill and finish units are set up. EM of land
building measuring 13 Acres 14 Guntas in T. Begur Village, Nelamangala Taluk,
belonging to KPL on pari passu basis with ICICI Bank for their existing Term
Loan. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
the whole of the present and future stocks of raw materials, stock in
process, finished goods, book debts, outstanding
monies, receivables, claims, bills and other current assets belonging to the
company on first pari passu charge basis between SBI and Citi Bank.
Hypothecation of unencumbered plant and machinery, on first pari passu charge
basis with ICICI Bank. EM on Free hold rights held by KBPL on all the
following pieces of land situated in Sy. Nos. 37/2, 37/4, 38/1, 38/2
measuring 2 Acres and 37 Guntas, Sy. No. 46/1 measuring 7 Guntas Sy. No.
37/2, 37/3 measuring 16 Guntas, Sy. Nos. 42, 46/2, 41/1, 41/2, 41/3 measuring
3 Acres and 39 Guntas totally measuring 7 Acres and 19 Guntas which are in
the name of Kemwell Private Limited situated in Nelamangala Taluk. EM on
company's immovable properties comprising of land and building measuring 13
Acres and 14.50 Guntas in Khatha No. 845/713 at T Begur Village, Nelamangala
Taluk Bangalore on pair passu basis between SBI and ICICI Bank. |
FIXED ASSETS :
·
Plant and Machinery
·
Tools and Dies
·
Furniture and Fixtures
·
Computer and Peripherals
·
Air, Water and Environmental Equipments
·
Electrical Installations
·
Storage and Handling Equipments
·
Laboratory Equipments
·
Research and Development
·
Office Equipments
·
Vehicles
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.