MIRA
INFORM REPORT
|
Report Date : |
12.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
WATSON PHARMA PRIVATE LIMITED |
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Registered
Office : |
21-22, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
21.10.2005 |
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Com. Reg. No.: |
11-156968 |
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Capital
Investment / Paid-up Capital : |
Rs.550.025
Millions |
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CIN No.: [Company Identification
No.] |
U24230MH2005PTC156968 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02844C |
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PAN No.: [Permanent Account No.] |
AAACW6074D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
of Drugs and Pharmaceuticals. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 16185000 |
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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
subsidiary of Watson Laboratories Inc., The company can
be considered good for normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Sharma |
|
Designation : |
Finance Department |
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Contact No.: |
91-22-66886801 |
|
Date : |
10.04.2012 |
LOCATIONS
|
Registered Office : |
21-22, |
|
Tel. No.: |
91-22-66886700 |
|
Fax No.: |
91-22-66886799 |
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E-Mail : |
rajesh.sharma@watsonpharm.co.in muralidharan.cs@watsonpharma.co.in
shivshanker.shenoy@watsonpharm.co.in
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Website : |
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Factory 1 : |
Plot No. A/3 to a/6,
Phase I/A, Verna Industrial Estate, Salcette, Goa – 403 173, |
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Factory 2 : |
Plot No.15, MIDC, Additional Ambernath Anand Nagar, Ambernath (East), |
DIRECTORS
As on 22.06.2011
|
Name : |
Mr. Muralidharan Sundaresan Chinnadharavaram |
|
Designation : |
Director |
|
Address : |
302 B Wing, |
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Date of Birth/Age : |
05.02.1963 |
|
Date of Appointment : |
20.05.2010 |
|
DIN No.: |
00014740 |
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|
Name : |
Mr. David Adam Irving Buchen |
|
Designation : |
Director |
|
Address : |
1967, |
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Date of Birth/Age : |
22.06.1964 |
|
Date of Appointment : |
21.10.2005 |
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DIN No.: |
00839184 |
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|
Name : |
Mr. Jayant Shyam Sunder Bapna |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
17.07.1958 |
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Date of Appointment : |
23.05.2011 |
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DIN No.: |
03511093 |
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|
Name : |
Mr. Robert Allan Stewart |
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Designation : |
Director |
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Address : |
Heritage Village VIII, 4 Quail Run BLK 47.02 LT 1.02 |
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Date of Birth/Age : |
03.05.1967 |
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Date of Appointment : |
23.05.2011 |
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DIN No.: |
03515778 |
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Name : |
Mr. Philip Abraham Biju |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
04.11.1969 |
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Date of Appointment : |
23.05.2011 |
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DIN No.: |
03515838 |
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|
Name : |
Ronald Jefferey Morrod |
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Designation : |
Managing Director |
|
Address : |
Hotel Leela Kempinski, |
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Date of Birth/Age : |
20.06.1957 |
|
Date of Appointment : |
03.08.2010 |
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DIN No.: |
03139797 |
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|
Name : |
Patrick Gerard Brunner |
|
Designation : |
Director |
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Address : |
10231, |
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Date of Birth/Age : |
13.06.1963 |
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Date of Appointment : |
20.05.2010 |
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DIN No.: |
03024470 |
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|
Name : |
Francois Andre Menard |
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Designation : |
Director |
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Address : |
12 Governor, Dr. Basking Ridge NJ, New Jersey 07920, United States of
America |
|
Date of Birth/Age : |
02.04.1959 |
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Date of Appointment : |
03.08.2010 |
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DIN No.: |
03081831 |
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|
Name : |
Mr. Chandrashekhar Gopal Kaluskar |
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Designation : |
Director |
|
Address : |
25/2A, Ramkrishna Nagar, Highway, Thane – 400 604, |
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Date of Birth/Age : |
29.02.1952 |
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Date of Appointment : |
23.05.2011 |
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DIN No.: |
03511089 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Watson Laboratories Inc., |
|
55002431 |
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Dhaval Kishore Vussonji |
|
1 |
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Kalpana Vithaldas Merchant |
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6 |
|
Shailesh Vaidya |
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6 |
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Falguni Desai |
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6 |
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Kedar Desai |
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6 |
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Gary Ivan Charles Holloway |
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5 |
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Total |
|
55002461 |
As on 22.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.999945 |
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Directors
or relatives of directors |
|
0.000009 |
|
Other
top fifty shareholders |
|
0.000046 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Drugs and Pharmaceuticals. |
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Products : |
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Exports : |
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Products : |
Pharmaceutical Drugs |
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Countries : |
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Imports : |
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Products : |
Pharmaceutical Drugs |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS (AS ON 31.12.2010)
Licensed and Installed Capacity:
|
Drugs and Pharmaceuticals |
Units |
Licensed
Capacity |
Installed
Capacity @ |
|
|
|
Quantity |
Quantity |
|
Active Pharmaceuticals Ingredients |
Tonnes |
* |
76 |
|
Formulations – Tablets and Capsules |
Million Nos. |
* |
3310 |
* Licensed Capacity is not applicable as
industrial licensing has been abolished in respect of theses products vide
notification No.SO-477 (E) dated 25th July, 1991 as amended vide press
release note No.4 of the 1994 series dated 25th October 1994 issued
by the department of Industrial Development, Ministry of Industry, Government
of India
@ Installed Capacity (active pharmaceuticals
Ingredients at Ambernath plants on triple shift basis, Formulations at Goa
plant on triple shift basis and formulations at Ambernath plant on single shift
basis) being a technical matter, is certified by the management and relied upon
by the auditors.
Production **
|
Drug and Pharmaceuticals |
Units |
31.12.2010 |
|
|
|
Quantity |
|
Active pharmaceuticals ingredients |
Tonnes |
48 |
|
Formulations –Tablets and Capsules |
Million Nos. |
2293 |
** Includes Quantities captively consumed.
GENERAL INFORMATION
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Customers : |
Wholesalers, End Users and Manufacturing Company |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
v
ABN Amro Bank, Branch Fort, Mumbai, v
HDFC Bank Limited, HDFC Bank House Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India v
Standard Chartered Bank, Mumbai Branch, |
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Facilities : |
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NOTE: 1. Term loan – Foreign Currency Loan from a Bank is secured by specific
mortgage / charge on immovable property situated at Plot No. N-15 additional
MIDC Area, Jombivali, Ambernath District, Thane and Hypothecation of all the
movable assets both present and future. 2. Amount repayable within one year Nil. [Previous Year Rs.75.024
Millions]
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
552, Veer Savarkar Marg, |
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Pan No : |
AABFL5878L |
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Holding Company : |
Watson Laboratories Inc., |
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Ultimate Holding Company: |
Watson Pharmaceuticals Inc., |
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Fellow Subsidiaries : |
v
Arrow International Limited, v
Arrow No.7 Limited, v
Cobalt Pharmaceuticals Inc., |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55002461 |
Equity Shares |
Rs.10/- each |
Rs.550.025
Millions |
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|
Notes:
a) 18,965,994 shares were allotted as fully
paid-up pursuant to the scheme of amalgamation with Sekhsaria Chemicals Limited,
Sekhsaria Laboratories Private Limited and Welesearch Drug Monitoring Private
Limited without payments being received in cash.
b) 55,002,432 shares are held by Watson
Laboratories, Inc,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
550.025 |
550.025 |
550.025 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3496.194 |
2840.105 |
2072.648 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4046.219 |
3390.130 |
2622.673 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
75.024 |
159.097 |
|
|
2] Unsecured Loans |
911.000 |
937.800 |
497.178 |
|
|
TOTAL BORROWING |
911.000 |
1012.824 |
656.275 |
|
|
DEFERRED TAX LIABILITIES |
297.753 |
244.208 |
108.209 |
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|
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TOTAL |
5254.972 |
4647.162 |
3387.157 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2991.737 |
2364.651 |
1909.666 |
|
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Capital work-in-progress |
102.923 |
488.221 |
380.994 |
|
|
|
|
|
|
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INVESTMENT |
50.002 |
0.002 |
0.123 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1028.204
|
1349.350
|
781.201
|
|
|
Sundry Debtors |
456.415
|
441.886
|
328.531
|
|
|
Cash & Bank Balances |
400.327
|
90.317
|
582.878
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
727.996
|
640.426
|
407.654
|
|
Total
Current Assets |
2612.942
|
2521.979
|
2100.264
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
448.885
|
689.390
|
462.587
|
|
|
Other Current Liabilities |
17.317
|
29.987
|
529.610
|
|
|
Provisions |
36.430
|
8.314
|
11.693
|
|
Total
Current Liabilities |
502.632
|
727.691
|
1003.890
|
|
|
Net Current Assets |
2110.310
|
1794.288
|
1096.374
|
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5254.972 |
4647.162 |
3387.157 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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Income |
4975.116 |
3697.155 |
2204.251 |
|
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|
Other Income |
|
|
|
|
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TOTAL (A) |
4975.116 |
3697.155 |
2204.251 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
3822.863 |
2529.993 |
1817.074 |
|
|
|
Administrative Expenses |
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Advertising Expenses |
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|
|
|
|
TOTAL (B) |
3822.863 |
2529.993 |
1817.074 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1152.253 |
1167.162 |
387.177 |
|
|
|
|
|
|
|
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Less |
INTEREST (D) |
12.946 |
17.475 |
13.631 |
|
|
|
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1139.307 |
1149.687 |
373.546 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
287.531 |
244.631 |
197.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
851.776 |
905.056 |
175.656 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
195.687 |
137.599 |
44.859 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
656.089 |
767.457 |
130.797 |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1032.113 |
264.656 |
133.859 |
|
|
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1688.202 |
1032.113 |
264.656 |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
3715.991 |
2662.943 |
1564.609 |
|
|
|
Freight and Insurance |
6.085 |
6.486 |
19.301 |
|
|
|
Income from Products Development Activities |
1002.310 |
597.122 |
335.706 |
|
|
|
Recovery towards Manufacturing Site Transfer Activities |
174.026 |
195.459 |
153.559 |
|
|
|
License Fees |
10.138 |
1.440 |
21.916 |
|
|
|
Exchange Gain (Net) |
12.427 |
67.356 |
-- |
|
|
|
Others |
-- |
-- |
0.028 |
|
|
TOTAL EARNINGS |
4920.977 |
3530.806 |
2095.119 |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1842.562 |
1771.963 |
703.193 |
|
|
|
Capital Goods |
186.797 |
273.132 |
236.884 |
|
|
|
Stores |
72.402 |
23.104 |
12.785 |
|
|
TOTAL IMPORTS |
2101.761 |
2068.199 |
952.862 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.93 |
13.95 |
2.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
13.19
|
20.76 |
5.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.20
|
18.52 |
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.27 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.51 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.20
|
3.47 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Micro and Small Enterprises |
2.085 |
1.282 |
0.580 |
|
Others |
446.800 |
688.108 |
462.007 |
|
Total |
448.885 |
689.390 |
462.587 |
Note:
The registered office of the company has been shifted from 201/301, Corporate Enclave, B.D. Sawant Marg Chakala, Andheri (East), Mumbai – 400 099, Maharashtra to the present address w.e.f. 06.05.2011.
BUSINESS
PERFORMANCE:
The Company has registered gross revenue of Rs.4975.116 millions with
Operating Profit (PBIDT) at Rs.1152.253 millions and Profit after tax of
Rs.656.089 millions.
MANUFACTURING
OPERATIONS
FORMULATION
MANUFACTURING
The company has
manufactured 2284 million tablets/capsules at
BULK DRUGS (DRUG
SUBSTANCES)
The company is
strongly focusing on the development and manufacturing of Active Pharmaceutical
Ingredients (API), to meet the objective of being a vertical integrated player.
The facility expansion undertaken during the previous year in Ambernath API
plant shall facilitate in meeting the above objective.
CONTINGENT LIABILITIES:
(Rs. in millions)
|
Particulars |
31.12.2010 |
|
(a) Claims against the company not acknowledged as debts |
|
|
(i) Income-tax
matters decided against the company in respect of which the company has
preferred an appeal |
11.663 |
|
(ii) Excise matters |
34.862 |
|
(iii) Service
Tax matter |
1.022 |
|
(b) Outstanding
Letters of Credit |
2.460 |
|
(c) Export
Obligation in respect of Capital Goods imported under Export Promotion
Capital Goods Scheme |
3.684 |
Form: 8
|
Corporate identity
number of the company |
U24230MH2005PTC156968 |
|
Name of the
company |
WATSON PHARMA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
201/301, Corporate Enclave, B D Sawant Marg Chakala, Andheri, Mumbai –
400 099, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
CIN No: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India E-Mail: aditya.puri@hdfcbank.com |
|
Nature of
instrument creating charge |
Letter of
hypothecation of stock and book debts |
|
Date of
instrument Creating the charge |
23.06.2009 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As communicated
by Bank from time to time Terms of
repayment As per bank
sanction letter Margin As communicated
by Bank from time to time Extent and
operation of the charge Hypothecation by
way of first charge on stock and book debts both present and future |
|
Particulars of
the property charged |
Hypothecation by
way of first charge on stock and book debts both present and future |
FIXED ASSETS:
Intangible Assets:
v
Technical know-how
v
Computer Software
v
Others
Tangible Assets:
v
v
Buildings
v
Plant and Machinery
v
Office Equipments
v
Computers
v
Laboratory Equipment
v
Furniture and Fittings
v
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.51.55 |
|
|
1 |
Rs.81.95 |
|
Euro |
1 |
Rs.67.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
NO |
|
--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 |
|
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.