MIRA
INFORM REPORT
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Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGHAI GELATIN COMPANY LIMITED |
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Registered Office : |
No. 18 Weiyi Road Chengbei District Xining, 810003 |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.09.1996 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of pharmaceutical preparations |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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China |
A2 |
A2 |
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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 |
Company name and address
Qinghai Gelatin Company Limited
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Business
Description
|
QingHai Gelatin Company Limited is principally engaged in
pharmaceutical industry. The Company's major products include traditional
Chinese medicines, gelatin products, hard gelatin capsules and healthcare
products. The Company is also engaged in the provision of investment
services, investment consulting and investment management of traditional
Chinese medicines. the export of raw and accessory
materials, instruments and meters, machinery equipment, parts and technology.
The Company distributes its products mainly in China market. For the six
months ended 30 June 2011, Qinghai Gelatin Company Limited's revenues
decreased 66% to RMB394.6M. The Company's net income totaled RMB33.1M,
decreased from RMB253.8M. Total revenues reflect an increase in the sales volume
from overall business operation as a result of strong market demand. The
Company's net income lso suffered from higher selling expense and increased
business tax and surcharges. |
Industry
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Industry |
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ANZSIC 2006: |
1841 - Human Pharmaceutical and Medicinal Product
Manufacturing |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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US SIC 1987: |
Key Executives
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Significant
Developments
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* number of significant developments
within the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate:
USD 1 = CNY 6.768989
2 - Balance Sheet Item Exchange Rate: USD 1 =
CNY 6.5897
Corporate Overview
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Executives
Report
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Significant Developments
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Lummy, Chongqing V&C to Acquire Hezheng Pharma |
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SinoCast |
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[What follows is
the full text of the news story.] CHONGQING, Mar
10, 2011 (SinoCast Daily Business Beat via COMTEX) -- Chongqing Lummy
Pharmaceutical Co., Ltd. (SZSE: 300006) and its second largest shareholder Chongqing
Venture Capital Co., Ltd. will join hands to acquire all equities in Sichuan
Hezheng Pharmaceutical Co., Ltd. Lummy
Pharmaceutical issued an announcement on March 9, 2011, saying that it will
report the deal to the shareholders' meeting on March 29 for review. On March
2, the Chongqing-based venture capital firm cut the holding in the
Shenzhen-listed company by 2.2 million shares to cash CNY 66 million. Last December 7,
Lummy and inked an equity transfer framework agreement with Qinghai Gelatin
Company Limited (SZSE: 000606), intending to acquire a 100% stake held by the
latter in Hezheng. According to the agreement, Lummy and the shareholder will
respectively buy 60% and 40% shares in Hezheng with investments of CNY 54
million and CNY 36 million. Hezheng mainly
engages in the production and sale of 5 Ester Capsules. Lummy said that the
acquisition is aimed to expand its business scope and integrate high-quality
pharmaceutical assets. |
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Qinghai Gelatin Sells Subsidiary to Lummy Pharmaceutical |
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SinoCast |
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[What follows is
the full text of the news story.] BEIJING, Dec 09,
2010 (SinoCast Daily Business Beat via COMTEX) -- Qinghai Gelatin Company Limited
(SZSE: 000606) announced today that it had entered into a framework agreement
to hand over a 100% stake in its wholly-owned subsidiary Sichuan Hezheng
Pharmaceutical to Chongqing Lummy Pharmaceutical (SZSE: 300006). Under the
agreement, the buyer will pay around CNY 90 million for the stake, according
to the Qinghai-based company, noting that the disposal is part of its ongoing
efforts to integrate its business for an expansion. The deal will
enable Lummy Pharmaceutical to consolidate its pharmaceutical assets to
improve its profitability, said the Chongqing-based company. Hezheng Pharmaceutical, engaged in the production of drugs and
health care products, had had total assets of CNY 207.394 million and net
assets of CNY 72.813 million as of December 31, 2009. Hezheng
Pharmaceutical reported operating revenue of CNY 435.956 million and net
profits of CNY 8.0828 million for the entire 2009. |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
7.972372 |
|
Auditor |
Crowe Horwath
LLP |
Crowe Horwath
LLP |
Wulian Fangyuan
CPA |
Wulian Fangyuan
CPA |
Wulian Fangyuan
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
129.4 |
96.8 |
71.0 |
38.0 |
22.6 |
|
Revenue |
129.4 |
96.8 |
71.0 |
38.0 |
22.6 |
|
Total Revenue |
129.4 |
96.8 |
71.0 |
38.0 |
22.6 |
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Cost of Revenue |
75.2 |
58.5 |
49.2 |
25.1 |
13.4 |
|
Excise Taxes Payments |
0.9 |
0.7 |
0.3 |
0.3 |
0.2 |
|
Cost of Revenue, Total |
76.2 |
59.1 |
49.5 |
25.4 |
13.6 |
|
Gross Profit |
53.2 |
37.7 |
21.5 |
12.6 |
9.0 |
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Selling/General/Administrative Expense |
57.2 |
42.5 |
21.8 |
8.7 |
6.5 |
|
Total Selling/General/Administrative Expenses |
57.2 |
42.5 |
21.8 |
8.7 |
6.5 |
|
Interest Expense -
Operating |
1.9 |
1.9 |
1.8 |
0.8 |
0.8 |
|
Interest Expense - Net Operating |
1.9 |
1.9 |
1.8 |
0.8 |
0.8 |
|
Interest Income -
Operating |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Investment Income - Operating |
-0.1 |
-0.3 |
0.0 |
0.1 |
0.0 |
|
Interest/Investment Income - Operating |
-0.2 |
-0.4 |
-0.1 |
0.0 |
0.0 |
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Interest Expense (Income) - Net Operating Total |
1.8 |
1.5 |
1.7 |
0.8 |
0.8 |
|
Impairment-Assets Held for Use |
0.2 |
0.5 |
0.3 |
0.1 |
0.0 |
|
Unusual Expense (Income) |
0.2 |
0.5 |
0.3 |
0.1 |
0.0 |
|
Other Operating Expense |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Total Operating Expense |
135.5 |
103.6 |
73.4 |
35.0 |
20.9 |
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Operating Income |
-6.1 |
-6.8 |
-2.4 |
3.0 |
1.7 |
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Gain (Loss) on Sale of Assets |
0.0 |
0.1 |
2.4 |
0.0 |
- |
|
Other Non-Operating Income (Expense) |
7.5 |
4.4 |
2.1 |
0.5 |
0.7 |
|
Other, Net |
7.5 |
4.4 |
2.1 |
0.5 |
0.7 |
|
Income Before Tax |
1.4 |
-2.3 |
2.2 |
3.5 |
2.4 |
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Total Income Tax |
0.6 |
1.1 |
0.4 |
0.4 |
0.2 |
|
Income After Tax |
0.8 |
-3.4 |
1.8 |
3.1 |
2.2 |
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Minority Interest |
-0.7 |
0.3 |
0.2 |
0.0 |
0.1 |
|
Net Income Before Extraord Items |
0.1 |
-3.0 |
2.0 |
3.1 |
2.3 |
|
Net Income |
0.1 |
-3.0 |
2.0 |
3.1 |
2.3 |
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Income Available to Common Excl Extraord Items |
0.1 |
-3.0 |
2.0 |
3.1 |
2.3 |
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Income Available to Common Incl Extraord Items |
0.1 |
-3.0 |
2.0 |
3.1 |
2.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
406.0 |
398.2 |
336.1 |
299.6 |
273.1 |
|
Basic EPS Excl Extraord Items |
0.00 |
-0.01 |
0.01 |
0.01 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
0.00 |
-0.01 |
0.01 |
0.01 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Diluted Net Income |
0.1 |
-3.0 |
2.0 |
3.1 |
2.3 |
|
Diluted Weighted Average Shares |
406.0 |
398.2 |
336.1 |
299.6 |
273.1 |
|
Diluted EPS Excl Extraord Items |
0.00 |
-0.01 |
0.01 |
0.01 |
0.01 |
|
Diluted EPS Incl Extraord Items |
0.00 |
-0.01 |
0.01 |
0.01 |
0.01 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.4 |
0.0 |
0.3 |
|
Interest Expense, Supplemental |
1.9 |
1.9 |
1.8 |
0.8 |
0.8 |
|
Interest Capitalized, Supplemental |
- |
- |
-0.3 |
- |
- |
|
Depreciation, Supplemental |
4.6 |
3.9 |
3.7 |
2.6 |
2.7 |
|
Total Special Items |
0.2 |
0.4 |
-2.1 |
0.1 |
0.0 |
|
Normalized Income Before Tax |
1.6 |
-1.9 |
0.0 |
3.6 |
2.4 |
|
|
|
|
|
|
|
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Effect of Special Items on Income Taxes |
0.1 |
0.1 |
-0.4 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.7 |
1.2 |
0.0 |
0.4 |
0.2 |
|
Normalized Income After Tax |
0.9 |
-3.1 |
0.0 |
3.2 |
2.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.2 |
-2.8 |
0.2 |
3.2 |
2.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.00 |
-0.01 |
0.00 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.00 |
-0.01 |
0.00 |
0.01 |
0.01 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Rental Expenses |
0.1 |
0.3 |
- |
- |
- |
|
Advertising Expense, Supplemental |
2.1 |
2.5 |
- |
- |
- |
|
Research & Development Exp,
Supplemental |
0.3 |
0.2 |
- |
- |
- |
|
Normalized EBIT |
-4.1 |
-4.8 |
-0.4 |
3.9 |
2.5 |
|
Normalized EBITDA |
0.7 |
-0.8 |
3.5 |
6.7 |
5.4 |
|
Current Tax - Total |
0.6 |
1.1 |
0.5 |
0.4 |
0.3 |
|
Current Tax - Total |
0.6 |
1.1 |
0.5 |
0.4 |
0.3 |
|
Deferred Tax - Total |
0.0 |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
0.0 |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Income Tax - Total |
0.6 |
1.1 |
0.4 |
0.4 |
0.2 |
|
|
|
|
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Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.5897 |
6.827 |
6.823 |
7.3041 |
7.8051 |
|
Auditor |
Crowe Horwath
LLP |
Crowe Horwath
LLP |
Wulian Fangyuan
CPA |
Wulian Fangyuan
CPA |
Wulian Fangyuan
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
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|
Cash & Equivalents |
19.0 |
21.5 |
8.5 |
7.3 |
3.8 |
|
Short Term Investments |
- |
0.9 |
0.0 |
- |
- |
|
Cash and Short
Term Investments |
19.0 |
22.4 |
8.5 |
7.3 |
3.8 |
|
Accounts
Receivable - Trade, Gross |
26.1 |
25.7 |
18.2 |
13.8 |
7.2 |
|
Provision
for Doubtful Accounts |
-0.5 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Trade Accounts
Receivable - Net |
25.7 |
25.5 |
18.0 |
13.6 |
7.1 |
|
Notes Receivable -
Short Term |
1.7 |
4.3 |
2.1 |
2.2 |
0.8 |
|
Other Receivables |
1.5 |
2.3 |
2.0 |
2.1 |
1.3 |
|
Total
Receivables, Net |
28.9 |
32.1 |
22.1 |
18.0 |
9.2 |
|
Inventories -
Finished Goods |
9.9 |
8.3 |
10.0 |
6.5 |
5.3 |
|
Inventories - Work
In Progress |
4.1 |
3.0 |
4.5 |
1.7 |
1.7 |
|
Inventories - Raw
Materials |
4.5 |
2.8 |
4.7 |
1.9 |
2.7 |
|
Inventories - Other |
0.3 |
0.3 |
0.2 |
-0.2 |
-0.2 |
|
Total Inventory |
18.7 |
14.4 |
19.4 |
9.9 |
9.5 |
|
Prepaid Expenses |
5.7 |
3.6 |
8.6 |
7.5 |
1.2 |
|
Total Current Assets |
72.4 |
72.5 |
58.6 |
42.7 |
23.6 |
|
|
|
|
|
|
|
|
Buildings |
42.7 |
36.0 |
31.7 |
24.4 |
15.9 |
|
Machinery/Equipment |
48.3 |
41.8 |
32.5 |
27.4 |
23.2 |
|
Construction in
Progress |
2.3 |
9.2 |
12.3 |
5.0 |
14.0 |
|
Property/Plant/Equipment - Gross |
93.3 |
87.0 |
76.5 |
56.8 |
53.1 |
|
Accumulated Depreciation |
-19.3 |
-14.3 |
-10.4 |
-7.4 |
-12.7 |
|
Property/Plant/Equipment - Net |
74.0 |
72.8 |
66.1 |
49.4 |
40.4 |
|
Goodwill, Net |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Intangibles - Gross |
7.3 |
7.0 |
6.9 |
4.7 |
4.6 |
|
Accumulated Intangible Amortization |
-1.5 |
-1.3 |
-1.1 |
-0.9 |
-1.0 |
|
Intangibles, Net |
5.8 |
5.7 |
5.8 |
3.9 |
3.6 |
|
LT Investment - Affiliate Companies |
20.6 |
3.1 |
- |
3.7 |
1.2 |
|
LT Investments - Other |
16.1 |
- |
- |
13.6 |
13.1 |
|
Long Term Investments |
36.7 |
3.1 |
- |
17.3 |
14.2 |
|
Deferred Charges |
0.1 |
0.1 |
0.0 |
0.0 |
- |
|
Deferred Income Tax - Long Term Asset |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Other Long Term Assets |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets, Total |
0.5 |
0.5 |
0.3 |
0.3 |
0.3 |
|
Total Assets |
189.5 |
154.7 |
131.0 |
113.7 |
82.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
19.1 |
16.0 |
19.0 |
9.8 |
4.2 |
|
Accrued Expenses |
15.8 |
12.0 |
6.7 |
8.2 |
7.3 |
|
Notes Payable/Short Term Debt |
6.5 |
6.6 |
7.6 |
4.7 |
6.8 |
|
Current Portion - Long Term Debt/Capital Leases |
13.8 |
5.8 |
6.0 |
6.9 |
1.4 |
|
Dividends Payable |
0.1 |
0.4 |
0.0 |
0.1 |
0.1 |
|
Customer Advances |
6.7 |
1.9 |
0.9 |
0.5 |
0.3 |
|
Income Taxes Payable |
1.0 |
2.6 |
0.1 |
1.9 |
1.7 |
|
Other Current Liabilities |
1.2 |
0.6 |
0.3 |
0.9 |
- |
|
Other Current liabilities, Total |
8.9 |
5.5 |
1.4 |
3.4 |
2.1 |
|
Total Current Liabilities |
64.2 |
45.8 |
40.7 |
33.1 |
21.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
10.3 |
18.4 |
17.3 |
15.0 |
14.8 |
|
Total Long Term Debt |
10.3 |
18.4 |
17.3 |
15.0 |
14.8 |
|
Total Debt |
30.6 |
30.7 |
30.9 |
26.6 |
23.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
3.2 |
- |
- |
0.0 |
0.0 |
|
Deferred Income Tax |
3.2 |
- |
- |
0.0 |
0.0 |
|
Minority Interest |
17.7 |
3.5 |
3.2 |
3.2 |
1.0 |
|
Other Long Term Liabilities |
- |
- |
- |
- |
5.1 |
|
Other Liabilities, Total |
- |
- |
- |
- |
5.1 |
|
Total Liabilities |
95.4 |
67.6 |
61.1 |
51.2 |
42.7 |
|
|
|
|
|
|
|
|
Common Stock |
61.6 |
59.5 |
32.8 |
30.7 |
19.4 |
|
Common Stock |
61.6 |
59.5 |
32.8 |
30.7 |
19.4 |
|
Additional Paid-In Capital |
26.0 |
21.3 |
23.2 |
20.8 |
10.1 |
|
Retained Earnings (Accumulated Deficit) |
6.6 |
6.3 |
13.8 |
11.0 |
10.0 |
|
Total Equity |
94.2 |
87.1 |
69.8 |
62.5 |
39.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
189.5 |
154.7 |
131.0 |
113.7 |
82.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
406.0 |
406.0 |
336.1 |
336.1 |
273.1 |
|
Total Common Shares Outstanding |
406.0 |
406.0 |
336.1 |
336.1 |
273.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
1,091 |
1,164 |
1,218 |
1,226 |
768 |
|
Number of Common Shareholders |
40,265 |
45,465 |
36,845 |
33,735 |
18,266 |
|
Accumulated Intangible Amort, Suppl. |
1.5 |
1.3 |
1.1 |
0.9 |
1.0 |
|
Deferred Revenue - Current |
6.7 |
1.9 |
0.9 |
0.5 |
0.3 |
|
|
|
Annual Cash
Flows |
|
Financials in: USD
(mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
7.972372 |
|
Auditor |
Crowe Horwath
LLP |
Crowe Horwath
LLP |
Wulian Fangyuan
CPA |
Wulian Fangyuan
CPA |
Wulian Fangyuan
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
156.0 |
108.4 |
75.3 |
34.6 |
24.1 |
|
Cash Payments |
-102.1 |
-75.5 |
-60.3 |
-25.5 |
-14.4 |
|
Cash Taxes Paid |
-7.9 |
-0.5 |
-4.5 |
-3.3 |
-2.2 |
|
Other Operating Cash Flow |
-44.0 |
-31.6 |
-12.0 |
-3.4 |
-4.4 |
|
Changes in Working Capital |
-44.0 |
-31.6 |
-12.0 |
-3.4 |
-4.4 |
|
Cash from Operating Activities |
2.0 |
0.8 |
-1.4 |
2.4 |
3.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.7 |
-6.5 |
-10.7 |
-15.4 |
-10.7 |
|
Capital Expenditures |
-1.7 |
-6.5 |
-10.7 |
-15.4 |
-10.7 |
|
Sale of Fixed Assets |
0.9 |
2.3 |
17.0 |
0.1 |
3.5 |
|
Sale/Maturity of Investment |
1.6 |
1.0 |
0.6 |
0.0 |
0.0 |
|
Purchase of Investments |
-20.5 |
-4.5 |
0.0 |
-2.6 |
-0.4 |
|
Other Investing Cash Flow |
3.8 |
0.2 |
-0.1 |
-0.1 |
5.0 |
|
Other Investing Cash Flow Items, Total |
-14.2 |
-1.0 |
17.4 |
-2.6 |
8.2 |
|
Cash from Investing Activities |
-15.9 |
-7.5 |
6.7 |
-18.1 |
-2.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
5.1 |
18.9 |
-3.6 |
15.8 |
-1.1 |
|
Financing Cash Flow Items |
5.1 |
18.9 |
-3.6 |
15.8 |
-1.1 |
|
Total Debt Issued |
21.0 |
13.5 |
13.7 |
8.7 |
21.4 |
|
Total Debt Reduction |
-15.4 |
-12.7 |
-14.8 |
-5.7 |
-18.4 |
|
Issuance (Retirement) of Debt, Net |
5.6 |
0.7 |
-1.1 |
3.0 |
3.1 |
|
Cash from Financing Activities |
10.7 |
19.7 |
-4.7 |
18.8 |
2.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-3.1 |
13.0 |
0.7 |
3.1 |
2.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
21.7 |
21.5 |
7.7 |
3.9 |
1.1 |
|
Net Cash - Ending Balance |
18.5 |
34.5 |
8.3 |
7.0 |
3.7 |
|
Depreciation |
4.6 |
3.9 |
3.7 |
2.6 |
2.7 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.95 |
|
|
1 |
Rs.75.76 |
|
Euro |
1 |
Rs.66.01 |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.