MIRA
INFORM REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
VARDHMAN HEALTH SPECIALITIES PRIVATE LIMITED (w.e.f. 06.07.1998) |
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Formerly Known As
: |
RANAKPUR PHARMA PRIVATE LIMITED |
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Registered
Office : |
No.199/ 5, (New 912), 7th Main, 2nd Block,
Jayanagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
21.03.1997 |
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Com. Reg. No.: |
08-22000 |
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CIN No.: [Company Identification
No.] |
U85110KA1997PTC022000 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV00977E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Authorised Distributor and Stockiest of Speciality Drugs. |
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 339000 |
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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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Prasad |
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Designation : |
Finance Head |
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Contact No.: |
91-80-40836600 |
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Date : |
16.02.2011 |
LOCATIONS
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Registered/ Corproate Office : |
No.199/ 5, (New 912), 7th Main, 2nd Block,
Jayanagar, |
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Tel. No.: |
91-80-40836609/ 41506699/ 41126126/ 40836600/ 40836666 |
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Tele Fax No.: |
91-80-40836613 |
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E-Mail : |
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Website : |
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Area : |
10000 sq ft |
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Location : |
Owned |
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Branch Office : |
Located at: ·
·
Pune ·
Mumbai ·
·
Ahmedabad ·
Chennai ·
·
Kolkata |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Jayantilal Bhoormal Chowhan |
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Designation : |
Managing Director |
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Address : |
No. 19, |
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Date of Birth/Age : |
12.10.1954 |
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Date of Appointment : |
23.06.1998 |
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DIN No.: |
01737124 |
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Name : |
Mr. Naresh Jayantilal Chowhan |
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Designation : |
Director |
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Address : |
No. 19, |
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Date of Birth/Age : |
07.08.1962 |
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Date of Appointment : |
21.03.1997 |
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DIN No.: |
01737116 |
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Name : |
Chandra Jayantilal Chowhan |
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Designation : |
Director |
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Address : |
No. 9, |
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Date of Birth/Age : |
22.11.1958 |
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Date of Appointment : |
01.08.2008 |
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DIN No.: |
00331607 |
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Name : |
Mr. Kalpesh Jayantilal Chowhan |
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Designation : |
Director |
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Address : |
No. 9, |
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Date of Birth/Age : |
16.08.1982 |
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Date of Appointment : |
08.11.2004 |
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DIN No.: |
01737119 |
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Name : |
Ms. Nita Kumari Parmar |
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Designation : |
Director |
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Address : |
64, 1st Floor, Flat No. 104, Brigade Vintage Apartments,
Kanakapura Main Road, Basavangudi, Bangalore – 560 004, Karnataka, India |
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Date of Birth/Age : |
26.04.1978 |
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Date of Appointment : |
01.08.2008 |
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DIN No.: |
02399878 |
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Name : |
Mr. Futurmal |
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Designation : |
Director |
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Address : |
30, |
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Date of Ceasing : |
01.04.2006 |
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DIN No.: |
00573887 |
KEY EXECUTIVES
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Name : |
Mr. Prasad |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Jayantilal B. Chowhan |
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300000 |
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Chandra J. Chowhan |
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266250 |
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Naresh J. Chowhan |
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172500 |
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Kalpesh J. Chowhan |
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127500 |
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Nita N. Chowhan |
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105000 |
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Futerman S. Rakhia |
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18750 |
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Basu F. Rakhia |
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41250 |
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Kunal F. Rakhia |
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18750 |
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Total |
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1050000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Authorised Distributor and Stockiest of Speciality Drugs. |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days)
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GENERAL INFORMATION
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Customers : |
End Users, OEM’s and Hospitals |
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No. of Employees : |
500 (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 : |
S.S. Javali and Associates Chartered Accountants |
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Address : |
No.19, Kaveriappa Layout, |
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Tel. No.: |
91-80-41205857/ 41327773 |
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Fax No.: |
91-80-41327773 |
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E-Mail : |
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Associates : |
Vardhman Bio Pharma and Genetics Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5550000 |
Equity Shares |
Rs.10/- each |
Rs.55.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1050000 |
Equity Shares |
Rs.10/- each |
Rs.10.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.500 |
10.500 |
10.500 |
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2] Equity Share Suspense |
45.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.347 |
17.221 |
7.871 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
84.847 |
27.721 |
18.371 |
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LOAN FUNDS |
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1] Secured Loans |
185.435 |
57.879 |
46.399 |
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2] Unsecured Loans |
8.065 |
4.171 |
0.000 |
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TOTAL BORROWING |
193.500 |
62.050 |
46.399 |
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DEFERRED TAX LIABILITIES |
0.338 |
0.000 |
0.000 |
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TOTAL |
278.685 |
89.771 |
64.770 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.120 |
4.332 |
3.201 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.113 |
0.080 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
206.894
|
76.306
|
58.946 |
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Sundry Debtors |
158.213
|
62.293
|
46.171 |
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Cash & Bank Balances |
8.789
|
1.841
|
0.948 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
22.615
|
9.377
|
4.544 |
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Total
Current Assets |
396.511
|
149.817
|
110.609 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
104.573 |
58.718 |
46.087 |
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Other Current Liabilities |
1.038
|
0.260
|
0.218 |
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Provisions |
25.005
|
5.513
|
2.815 |
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Total
Current Liabilities |
130.616
|
64.491
|
49.120 |
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Net Current Assets |
265.895
|
85.326
|
61.489 |
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MISCELLANEOUS EXPENSES |
0.670 |
0.000 |
0.000 |
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TOTAL |
278.685 |
89.771 |
64.770 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
1158.500 |
471.800 |
381.209 |
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Other Income |
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TOTAL |
1158.500 |
471.800 |
381.209 |
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Less |
EXPENSES |
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Cost and Expenses |
1110.900 |
457.000 |
373.652 |
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TOTAL |
1110.900 |
457.000 |
373.652 |
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PROFIT BEFORE
TAX |
47.600 |
14.800 |
7.557 |
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Less |
TAX |
17.700 |
5.500 |
2.818 |
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PROFIT AFTER TAX
|
29.900 |
9.300 |
4.739 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.200 |
7.900 |
NA |
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BALANCE CARRIED
TO THE B/S |
47.100 |
17.200 |
NA |
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Earnings Per
Share (Rs.) |
5.38 |
8.90 |
NA |
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Expected Sales (2010-2011): Rs.2000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.58
|
1.97
|
1.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.65
|
9.60
|
6.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.53
|
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.82
|
4.56
|
5.20 |
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Current Ratio (Current Asset/Current Liability) |
|
3.04
|
2.32
|
2.25 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
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|
- For Purchases |
104.573 |
58.718 |
46.087 |
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AMALGAMATION OF VARDHMAN
BIO-PHARMA AND GENETIC PRIVATE LIMITED MUMBAI, WITH THE COMPANY:
The Management of the Company announce that during the year the Company
has received the Order of the High Court of Karnataka, approving the Scheme of
Amalgamation, whereby the Vardhman Bio-Pharma and Genetics Private Limited,
Mumbai got amalgamated with the Company with effect from 1st April
2009. Accordingly the Accounts of the Company presented for the year is
inclusive of the business of the Mumbai and
The Company had filed a Petition No. 46 of 2009 before the High Court of
Karnataka, for approving the scheme of Amalgamation of Vardhman Bio-Pharma and
Genetics Private Limited Mumbai, with the Company and in this regard the Mumbai
Company too had flied the Petition No. 531 of 2009 before the High Court of
Bombay for approval of Scheme of Amalgamation of Vardhman Bio-Pharma and
Genetics Private Limited (“The Transferor Company”) with Vardhman Health
Specjalities Private Limited (“the Transferee Company”). Both the High Courts
mentioned above have given their order whose details are as follows:
|
High Court |
Date of Passing
Order |
Date of Receipt
of Order |
|
Karnataka |
1st September 2009 |
19th September 2009 |
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|
18th September 2009 |
30th September 2009 |
Soon after getting the above orders as per the provisions of Section 127
of the Companies Act, the company has filed From No.8 with Registrar of Companies
notifying the acquisition of the assets of Vardhman Bio-Pharma and Genetics
Private Limited (“The Transferor Company”) which were already subject to charge
in favour of Citibank NA and other lenders.
Further, in terms of the provisions of Sub-section 3 of Section 394 of
the Act, within 30 days after the making of an order under this section, both
the companies in relation to which the order is made, have flIed the certified
copy of the Order of the High Courts in Form No. 21 with the Registrar of
Companies for registration, along with the Court’s Order for being registered
by ROC.
Subsequent to the Amalgamation of Vardhman Bio-Pharrna and Genetics
Private Limited, Mumbai with the Company and after attending all the required
Compliances they certify that:
(i) All the assets and liabilities of the Vardhman Bio-Pharma and
Genetics Private Limited, Mumbai become, after amalgamation, the assets slid
liabilities of the company.
(ii) Shareholders holding not less than 90%of the face value of the
equity shares of the Vardhman Bio-Pharma and Genetics Private Limited, Mumbai
(other than the equity shares already held therein, immediately before the
amalgamation, by the company or its subsidiaries or their nominees) became
equity shareholders of the Company by virtue of the amalgamation.
(iii) The consideration for the amalgamation receivable by those equity
shareholders of the Vardhman Bio-Pharma and Genetics Private Limited, Mumbai
who agree to become equity shareholders of the Company is discharged by the
Company wholly by the issue of equity shares in the Company, except that cash
may be paid in respect of any fractional shares.
(iv) The business of the Vardhman Bio-Pharma and Genetics Private
Limited, Mumbai is carried on, after the amalgamation, by the Company.
(v) No adjustment is made to the book values of the assets and
liabilities of the Vardhman Bio-Pharma and Genetics Private Limited, Mumbai
when they are incorporated in the financial statements of the Company except to
ensure uniformity of accounting policies.
Arising out of the Amalgamation of the Mumbai Company with the
As per the Scheme of Amalgamation the Board of the Company has decided
to Amalgamate the Vardhman Bio-Pharrna and Genetics Private Limited, Mumbai,
with the Company with effect from lit of April 2009. Accordingly the Accounts
have been consolidated from that date and presented the accounts accordingly.
REVIEW OF
OPERATIONS:
The overall performance of the Company during the year was excellent.
The Combined turnover of the Company after the Amalgamation of Vardhman Bio-Pharma
and Genetics Private Limited, Mumbai with effect from 1st April 2009
is Rs.1158.500 millions. The turnover of the Company without considering the
turnover of the amalgamated company Works out to Rs.652.300 millions compared
to Rs.471.800 millions of the previous year recording an increase of 38.26%
over the last year. Profit before tax is Rs.47.600 millions for the combined
turnover compared to Rs.14.800 millions of the last year.
During the year the Company has opened a branch at Kolkatta, and it is
in the process of establishing the business in that Metropolitan city and
expects to do reasonably good business during the current year. The Company is
attending the formalities and initial issues for opening the Branches in
The Company is making all efforts to get exclusive agency of some of the
most reputed Pharmaceutical Companies of
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U85110KA1997PTC022000 |
|
Name of the
company |
VARDHMAN HEALTH SPECIALITIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.199/ 5, (New 912), 7th Main, 2nd Block,
Jayanagar, E-Mail: kedarnath21jadhav@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10197741 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Axis Bank Limited, No. 55/5, 30th Cross, 13th
Main, 4th Block, Jayanagar, Bangalore – 560 011, Karnataka, India E-Mail: vaishali.anvekar@axisbank.com |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation of Current Assets (Stocks and Book debts) |
|
Date of
instrument Creating the charge |
29/09/2010 |
|
Amount secured by
the charge |
Rs.123.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 3.75% p.a. above
base rate i.e., 11.25% p.a. Terms of
Repayment: Running account
repayable on demand Margin: 25% Extent and
Operation of the charge: The charge shall
operate to the extent of the loan amount plus interest commission costs
expenses and other charges thereon |
|
Short particulars
of the property charged |
Pari passu charge
on current assets of the company present and future with Citi Bank, including
stocks of raw materials, stock in process, finished goods, book debts,
receivables and other current assets stored at company premises at No.199/5
(912), 7th Main, 2nd Block, Jayanagar, Bangalore 560011 or at any
other place |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands enhanced from 100.000 millions to Rs.123.500
millions (all other terms
and conditions remain unchanged) |
|
Corporate
identity number of the company |
U85110KA1997PTC022000 |
|
Name of the
company |
VARDHMAN HEALTH SPECIALITIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
199/5, 912, 7th Main, 2nd Block, Jayanagar,
Bangalore-560011, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citi Bank N.A, UB City, 3rd Floor, |
|
Nature of
instrument creating charge |
Goods Security
Agreement |
|
Date of
instrument Creating the charge |
24.05.2010 |
|
Amount secured by
the charge |
Rate of Interest Interest on
principal amount of the aforesaid fund based facilities advanced and
outstanding form time to time @ 11% p.a. Terms of
Repayment On Demand Margin 30% against
Machinery, Stocks and Book Debts Extent and
Operation of the charge The hypothecated
First pari passu charge on assets, shall be remain as security to the bank
for the due repayment by the borrower to the bank of the credit facilities
together with interest, costs, charges and expenses and other monies payable
by the borrower and also for due payment and discharge of all indebtedness/
liability of the borrower to the bank Others The Borrower
expressly recognized and accepts that the Bank shall be absolutely entitle
and have full power/ authority to sell, assign or transfer in any manner and
on such terms as the Bank may decide nay or all outstandings dues of the
Borrower to any third party of the Bank’s choice without any further
references or intimation to the borrower. The charge of
Citi Bank NA on Assets shall rank first pari passu charge with the charge of
Axis Bank Limited |
|
Short particulars
of the property charged |
First pari passu
charge on whole of the movable assets including plant and machinery both
present and future, stocks of raw
materials, goods in process of manufacture First pari passu
charge on all the present and future book debts, outstanding monies,
receivables claims |
TRADE REFERENCES:
·
Novartis
·
Alkem Laboratories Limited
·
Pharmacia India Private Limited
·
Curie Centre of Oncology,
Contingent
Liabilities not provided for in respect of:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Guarantee/ Counter Guarantee given by a company to its banker |
0.670 |
|
|
|
FIXED ASSETS:
·
Plant and Machinery
·
Computer and Peripherals
·
Furniture and Fixtures
·
Vehicles – Motor Cycle – Active
WEBSITE DETAILS:
The team is always ready to render their services for the betterment of
the social community with a prime objective of service to the man-kind beside
the profit margin. The major clients include all private and government
hospitals, corporate and govt. institutions, all specialty doctors and from
esteemed institutions in respective states. They cater to all Super Specialty
Hospitals through out
Mr. Jayantilal B
Chowhan
Chairman and CEO
of Vardhman Group of Specialities
First generation entrepreneur with more than 20 years of experience in
pharmaceutical industry.
His unique futuristic vision and administrative power has steered
vardhman health Specialities to the top of the market.
He leads his team with high motivation, dynamism and he is an ambitious
person looking for excellence in his field.
Achievements of
Mr. Jayantilal B Chowhan
·
Started Pharmaceutical Distribution in the year of
1988
·
With a starting turnover of 2.5 million/annum
brought it to 140 million/annum by 1998
·
Diversified in to super specialty life saving drugs
in 1998
·
Opened first branch at Vishakapatnam (Andhra
Pradesh) in 2000
·
Opened second branch at Chennai in 2001
·
Opened third branch at Mumbai in 2002
·
Opened Fourth Branch at
·
Brought the total Vardhman Group of Specialities to
250 million/annum in 4 years time
·
Vardhman group of Specialities raised from INR 50
Million/annum to the projected 1000 Million by 2008
Future Plans /
Projections
·
Set up more
·
Reduce overall supply chain costs/savings for
principals
·
Superior Customer Service Levels
·
Set up Radio Pharmacy to handle radio active and
Nuclear Medicine.
·
Medical Tourism
·
Conducting Clinical Trials
·
PET Shipping system for Vial Pig - Designed to
transport a 10 ml or 30 ml vial containing high-energy radionuclides
·
Dose Drawing System - The Dose Drawing System is
used to draw FDG F-18 doses from a vial
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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
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.