MIRA
INFORM REPORT
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Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SYNGENE INTERNATIONAL LIMITED (w.e.f. 19.04.2007) |
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Formerly Known As : |
SYNGENE INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.20010 |
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Date of Incorporation : |
18.11.1993 |
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Com. Reg. No.: |
08-14937 |
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CIN No.: [Company
Identification No.] |
U51909KA1993PLC014937 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS02580E |
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PAN No.: [Permanent
Account No.] |
AABCS9936M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical Products |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7846104 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and a reputed company having good track. Financials position of the
company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular 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 DENIED BY
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Name : |
Mr. Sudarshan Sherigar |
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Designation : |
Accounts Manager |
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Date: |
07.03.2011 |
LOCATIONS
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Corporate Office : |
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Tel. No.: |
91-80-28082808 |
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Fax No.: |
91-80-28083150 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory 1 : |
Plot No. 1013C, Bommasandra Industrial Estate, Bangalore-560100, |
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Area : |
Owned |
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Branches : |
No. 15 Narmada Apartment,
Alaknanda, New India-110019, |
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Tel. No.: |
91-11-26449819 |
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E-Mail : |
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Branches : |
No. 49/1, Rastra Guru
Apartment, Nagar Bazar, Dum Dum, Kolkata-700028, West Bengal, India |
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Tel. No.: |
91-33-25501299 |
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E-Mail : |
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Branch Office : |
485, Route 1 South |
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Tel. No.: |
732-6362950 |
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Fax No. : |
732-7100997 |
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Email ID : |
DIRECTORS
AS ON 22.07.2010
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Name : |
Mr. Kiran Mazumor Shaw |
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Designation : |
Director |
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Address : |
Glenmore, Huskur Gate, Office 20th, |
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Date of Birth/Age : |
23.03.1953 |
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Date of Appointment : |
18.11.1993 |
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Name : |
Mr. J. M Shaw |
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Designation : |
Director |
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Address : |
Glenmore, Huskur Gate, Office 20th, |
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Date of Birth/Age : |
12.04.1949 |
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Date of Appointment : |
24.03.2000 |
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Name : |
Mr. Neville Bain |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.07.1940 |
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Date of Appointment : |
29.06.2000 |
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Name : |
Mr. Catherine Rosenberg |
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Designation : |
Director |
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Address : |
565, |
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Date of Birth/Age : |
23.05.1961 |
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Date of Appointment : |
08.08.2000 |
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Name : |
Mr. Charles Cooney |
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Designation : |
Director |
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Address : |
35, |
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Date of Birth/Age : |
09.11.1944 |
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Date of Appointment : |
19.01.2001 |
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Name : |
Mr. Peter John Bains |
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Designation : |
Director |
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Address : |
Hutchins Barn, |
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Date of Appointment : |
20.01.2010 |
KEY EXECUTIVES
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Name : |
Mr. Prateek Hiremath |
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Designation : |
Secretary |
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Address : |
House No.1194 22nd Cross 24th Main Sector 2 HSR
Layout, |
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Date of Birth/Age : |
01.06.1983 |
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Date of Appointment : |
01.12.2008 |
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Name : |
Mr. Giri |
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Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.07.2010
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Names of Shareholders |
No. of Shares |
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Kiran Masumadar Shaw |
10 |
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Kumud Sampath |
10 |
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Arun Chandavarkar |
10 |
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Shrikumar Suryanar |
10 |
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Ajay Bharadwaj |
10 |
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Murlikrishnana K. N |
10 |
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Gautam Das |
10 |
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Prasad K |
10 |
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Rajgopal N |
10 |
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Ramchandran J |
10 |
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Parag Saxena |
10 |
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10 |
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Anand Kumar |
10 |
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Suresh Subramani |
10 |
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Dev Mazumdar |
10 |
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Sunne Rossell |
10 |
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Charles Cooney |
10 |
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Biocon Limited, Karnataka |
2874830 |
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Total |
2875000 |
AS ON 22.07.2010
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Category |
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Percentage |
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Bodies corporate |
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99.99 |
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Directors or relatives of directors |
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0.01 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Products |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Lab Chemicals and Machinery |
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Countries : |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
Credit ( 30 Days) |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
916 |
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Bankers : |
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Facilities : |
(i) The Company has obtained foreign currency denominated pre-shipment credit loan facility from State Bank of India (SBI) for Rs 700 Million (March 31, 2009 – Rs.800.000 Million), which is secured by a pari passu charge on the present and future current assets comprising inventory, receivables and other current assets and fixed assets. The Company has utilised Rs.0.681 Million (US$15.15 Million) as of March 31,2010, [March 31, 2009 – Rs.0.702 Million (US$ 13.75 Million)]. (ii) The Company has obtained foreign currency denominated buyer's credit loans (short and long term) of Rs.1.026 Millions (US$ 22.85 Million) as of March 31,2010, [March 31, 2009 – Rs.0.755 Million (US$ 14.85 Million)] and pre-shipment credit loan of Rs Nil as of March 31, 2010 [March 31, 2009 – Rs.0.686 Million (US$13.50 Million)] with Hongkong and Shanghai Banking Corporation (HSBC), which are secured by a pari passu charge on the present and future movable plant and machinery and current assets. (iii) The Company has obtained foreign currency denominated buyer's credit loans (short and long term) of Rs.0.072 Million ( US$ 1.60 Million) as of March 31, 2010 [March 31, 2009 – Rs0.051 Million (US$ 1.01 Million)] and pre-shipment credit loans (foreign currency) of Rs 224,750 (US$ 5.00 Million) [March 31, 2009 -Rs Nil] as of March 31, 2010 and pre-shipment credit loans (INR) of Rs Nil (March 31, 2009 – Rs.0.225 Million) from ABN Amro Bank, secured by a pari passu charge on the present and future current assets and fixed assets including inventory, receivables and plant and machinery. |
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Banking
Relations : |
-- |
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Financial
Institution : |
The Honkong and
Shanghai Banking Corporation Limited, |
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Auditors : |
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Name : |
S R. Batliboi and Associates Chartered Accountant |
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Address : |
UB City, |
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Tel. No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Holding Company : |
Biocon Limited, Karnataka |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Share |
Rs.10/- Each |
Rs.35.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2875000 |
Equity Share |
Rs.10/- Each |
Rs.28.750
Millions |
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NOTE:
Of the above 2874830 (March 31, 2009-2874830)
equity shares are held by Biocon Limited, the holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
28.750 |
28.750 |
28.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1932.776 |
1624.632 |
1849.595 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1961.526 |
1653.382 |
1878.345 |
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LOAN FUNDS |
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1] Secured Loans |
2004.882 |
2421.370 |
387.800 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2004.882 |
2421.370 |
387.800 |
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DEFERRED TAX LIABILITIES |
97.902 |
55.843 |
41.877 |
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TOTAL |
4064.310 |
4130.595 |
2308.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4021.331 |
2634.283 |
1424.442 |
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Capital work-in-progress |
70.729 |
1332.989 |
734.631 |
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INVESTMENT |
108.710 |
396.667 |
151.290 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
118.735
|
59.999
|
70.313 |
|
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Sundry Debtors |
327.610
|
449.761
|
225.704 |
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Cash & Bank Balances |
66.260
|
0.462
|
6.451 |
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Other Current Assets |
35.728
|
35.394
|
28.945 |
|
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Loans & Advances |
397.863
|
309.769
|
174.325 |
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Total
Current Assets |
946.196
|
855.385
|
505.738 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
464.695
|
568.918
|
324.708 |
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Other Current Liabilities |
579.359
|
491.037
|
162.427 |
|
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Provisions |
38.602
|
28.774
|
20.944 |
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Total
Current Liabilities |
1082.656
|
1088.729
|
508.079 |
|
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Net Current Assets |
(136.460)
|
(233.344)
|
(2.341) |
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MISCELLANEOUS EXPENSES |
0.00 |
0.000 |
0.000 |
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TOTAL |
4064.310 |
4130.595 |
2308.022 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Contract Research Fees |
2639.222 |
2031.377 |
1580.614 |
|
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Gain on |
0.000 |
0.313 |
0.222 |
|
|
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Dividend Income |
6.435 |
20.827 |
23.419 |
|
|
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Other Income |
30.003 |
12.298 |
0.028 |
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|
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TOTAL |
2675.660 |
2064.815 |
1604.283 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Contract Research and Other Operating Expenses |
1798.095 |
1458.080 |
1086.988 |
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Interest Financial Expenses |
76.490 |
32.034 |
4.620 |
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TOTAL |
1874.585 |
1490.114 |
1091.608 |
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PROFIT
BEFORE DEPRECIATION, EXCEPTIONAL ITEM AND TAX |
801.075 |
574.701 |
512.675 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
450.872 |
230.692 |
158.023 |
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PROFIT BEFORE
TAX AND EXCEPTIONAL ITEM |
350.203 |
344.009 |
354.652 |
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Less |
TAX |
42.059 |
17.211 |
22.880 |
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PROFIT AFTER
TAXES AND BEFORE EXCEPTIONAL ITEM |
308.144 |
326.798 |
331.772 |
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|
EXCEPTIONAL ITEM |
0.000 |
(551.761) |
0.000 |
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|
PROFIT/ (LOSS)
AFTER TAXES |
308.144 |
(224.963) |
331.772 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1578.839 |
1803.802 |
1472.030 |
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|
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|
BALANCE CARRIED
TO THE B/S |
1886.983 |
1578.839 |
1803.802 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Research fees |
2514.670 |
2031.377 |
1153.406 |
|
|
|
Other Earnings |
26.366 |
44.986 |
425.849 |
|
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TOTAL EARNINGS |
2541.036 |
2036.363 |
1579.255 |
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IMPORTS |
|
|
|
|
|
|
|
Chemicals and reagents |
339.810 |
156.616 |
133.870 |
|
|
|
Capital Goods |
407.239 |
956.791 |
502.293 |
|
|
TOTAL IMPORTS |
747.049 |
1113.407 |
636.163 |
|
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|
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|
|
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|
Earnings Per
Share (Rs.) |
107.18 |
(78.25) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.52 |
(10.90) |
20.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.05 |
9.86 |
18.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.21 |
0.19 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57 |
2.12 |
0.48 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.79 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Capital |
145.974 |
371.175 |
|
|
Others |
318.721 |
197.743 |
|
Background
Syngene International Limited (‘Syngene’ or ‘the Company’)
was promoted by Biocon Limited (‘Biocon’) and Ms Kiran Mazumdar Shaw, a
promoter of Biocon, and was incorporated at
The Company is engaged in providing customised research and development services in early stage drug discovery and development to pharmaceutical and biotechnology companies worldwide. Syngene’s services include discovery chemistry and biology services, toxicology, pharmaceutical development, process development /manufacture of advanced intermediates, active pharmaceutical ingredients and bio-therapeutics.
Performance Analysis
For the Financial Year 2009-10, the Company registered a strong growth of 30% in revenues from Rs.2,065.000 millions to Rs.2,675.000 millions. The Operational Margin (EBITDA) increased from Rs.607 .000 millions to Rs.877.000 millions representing a 45 % increase during the year. Depreciation charge increased from Rs.231.000 millions to Rs.451.000 millions. The Company earned a net profit of Rs.308 million for the year against loss of Rs.225.000 millions for the previous year. The increase is primarily attributed to an exceptional forex loss in the previous year.
Sixteen years since inception, the Company has achieved the
largest market share in
During the year the Company also demonstrated its ability to
successfully manage large relationships and has also forayed into Integrated
Drug Discovery services. The commencement of operations the recently
commissioned biologics pilot plant and the AAALAC accredited Vivarium, coupled
with Formulation Development capabilities positions the Company as the ideal
partner for providing high quality discovery services at competitive prices in
both large & small molecules. The Company also partnered with Endo
Pharmaceuticals to develop a novel biological therapeutic molecule against
cancer. This is a first in
Bankers Charges Report
as per Registry
|
Name of the
company |
SYNGENE
INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Murli Krishnan K
N, Director |
|
1) Date and description of instrument creating the change |
Hypothecation
deed dated 29.07.1994 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the stocks of
the company at any point of time including Raw Materials, Work in progress,
Finished goods and all the company’s Book Debts both present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1) OD Facility Rs. 1.000 Millions interest 2) Guarantees Rs. 5.000 Millions 3) Import Rs. 1.000 Million Facility
(Documentary Credits) |
|
5) Name and Address and description of the person entitled to the charge. |
The Honkong and
Shanghai Banking Corporation Limited, |
|
6) Date and brief description of instrument modifying the charge |
Not Available |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Available |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90196748 |
|
Corporate
identity number of the company |
U51909KA1993PLC014937 |
|
Name of the
company |
SYNGENE INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
20th KM, |
|
Type of charge |
Fixed Assets
(plant and machinery) |
|
Particular of
charge holder |
The Honkong and
Shanghai Banking Corporation Limited – Email ID: pratibharsista@hsbc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Fourth
Supplemental Agreement for Hypothecation of present and future Plant and
Machinery (fixed and moveable) and other moveable assets |
|
Date of
instrument Creating the charge |
24.12.2008 |
|
Amount secured by
the charge |
Rs. 1451.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
payable by the Company on the banking facilities as per Bank’s tariff,
subject however that the Bank shall have the right to change the rate of
interest after giving notice to the Company. Terms of
Repayment In consideration
of Banking facilities sanctioned/to be sanctioned by the Bank to the Company,
the Company has hypothecated and charged to the Bank by way of First charge
as a continuing security, the assets mentioned in the Deed of Hypothecation
to secure the repayments of the advances together with interest cost and all
other charges. Margin The Company shall
maintain such margin as may be specified by the Bank from time to time. Extent and
Operation of the charge In case the
Company fails to fulfill its obligations under the Agreement, the Bank shall
be entitled to take possession of the hypothecated properties and sell them
by public auction or private contract and utilize the proceeds in full or
part settlement of its claims. |
|
Short particulars
of the property charged |
First charge on
all the company's Plant and machinery (fixed and moveable), machinery spares,
tools and accessories and other movables |
|
Date of latest
modification prior to the present modification |
29.07.2008 |
|
Particulars of
the present modification |
This modification
is done for increase of first charge on plant and machinery and other
moveable assets as per hypothecation deed attached from Rs.1101.500 millions to Rs.1451.500
millions |
|
Corporate identity
number of the company |
U51909KA1993PLC014937 |
|
Name of the
company |
SYNGENE INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
|
Nature of
instrument creating charge |
First joint
/composite Supplemental hypothecation agreement dated 20.8.2010 for
hypothecation of present and future stock and receivables and plant and machinery |
|
Date of
instrument Creating the charge |
20/08/2010 |
|
Amount secured by
the charge |
Rs.1636.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
payable by the company on the facilities as per bank's tariff, subject
however that the bank shall have the right to change the rate of interest
after giving notice to the company Terms of
Repayment In consideration
of banking facilities sanctioned/to be sanctioned by the bank to the company,
the company has hypothecated and charged to the bank by way of first
paripassu charge as a continuing security on present and future stocks and
receivables , plant and machinery to
secure the repayments of the advances together with interest cost and all
other charges. Margin The Borrower
shall maintain such margin as may be specified by the bank from time to time. Extent and
Operation of the charge In case the
borrower fails to fulfill its obligation under the credit facility, the bank
shall be entitled to take possession of the hypothecated assets and sell them
by public auction or private contract and utilise the proceeds in full or
part. settlement of its claims under
the credit facility Others |
|
Short particulars
of the property charged |
First pari passu
charge on the stocks and receivables, plant and machinery and other movable
assets of the company. |
|
Date of
instrument modifying the charge |
17/02/2009 |
|
Particulars of
the present modification |
The hypothecation
charge on stock and receivables and
plant and machinery is now modified to cover the working capital facility and other banking
facilities upto an amount of Rs. 1636.500 Millions |
TRADE REFERENCES
- Alpha
FIXED
ASSETS
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
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.45.13 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.