|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
STADA-VN JOINT VENTURE CO., LTD |
|
|
|
|
Registered Office : |
No. K63/1 Nguyen Thi Soc Str - My Hoa 2 Hamlet - Xuan Thoi Dong
Commune - Hoc Mon District - Ho Chi Minh City - |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Com. Reg. No.: |
46312000307 |
|
|
|
|
Legal Form : |
Liability limited company |
|
|
|
|
Line of Business : |
Manufacturing Pharmaceutical Products. |
|
|
|
|
No. of Employees : |
700 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Viet Nam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
Registered English Name |
|
STADA-VN JOINT VENTURE CO., LTD |
|
Registered Vietnamese Name |
|
CONG TY TNHH LIEN DOANH STADA-VIET NAM |
|
Registered Short name |
|
STADA-VN J.V.
CO., LTD |
|
Type of Business |
|
Liability limited company |
|
Year Established |
|
2002 |
|
Investment Certificate No |
|
411022000404 |
|
Date of Registration |
|
15 Jan 2009 |
|
Date of 1st Adjustment |
|
15 Feb 2011 |
|
Place of Registration |
|
People’s Committee of Ho Chi Minh City |
|
Investment Certificate No |
|
2271/GP |
|
Date of investment |
|
04 Sep 2002 |
|
Registered Investment Capital |
|
USD 20,000,000 |
|
Chartered capital |
|
USD 9,000,000 |
|
Investment Duration |
|
45 years |
|
Tax code |
|
0302737671 |
|
Total Employees |
|
700 |
|
Note |
|
The registered names of subject are in
report. The given name (Stada Vietnam Joint Venture Company Limited) is not
correct. |
ADDRESSES
|
||
|
Head Office |
||
|
Address |
|
No. K63/1 Nguyen Thi Soc Str - My Hoa 2
Hamlet - Xuan Thoi Dong Commune - Hoc Mon District - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 3718 1154 - 3718 2141 - 3863 2083 |
|
Fax |
|
(84-8) 3718 2140 |
|
Email |
|
|
|
Website |
|
|
|
Area |
|
Total: 9240 m2, Including: Office: 1.950 m2 Workshop No.1 (Oral Solids,
Oral Liquids, Technical Floor): 1.651 m2; Workshop No.2 (Topical Drugs,
Packaging, Technical Floor): 1.281 m2; Engineering and Maintenance:
150m2; Warehouse: 2.050m2; Canteen: 810 m2; Others: 1.356 m2 |
|
|
||
|
Branch |
||
|
Address |
|
No.40 Tu Do Boulevard, Vietnam - Singapore
Industrial Park - Thuan An Town - Binh Duong Province - Vietnam |
|
Business Registration No. |
|
46312000307 |
|
Date of Registration |
|
23 Sep 2009 |
|
Telephone |
|
(84-650) 3767470 |
|
Fax |
|
(84-650) 3767469 |
|
Area |
|
Total: 34,300 m2, Including: Office: 1.374m2 Engineering and Maintenance: 712 m2 |
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
CHOO YAN HO |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
A9515745 |
|
ID Issue Date |
|
14 Feb 2006 |
|
Resident |
|
No. 22G, Block 11 –
Laguna City – Kwun Tong – Kowloon - HongKong |
|
Nationality |
|
Malaysian |
|
|
||
|
2.
NAME |
|
Mr.
ONG VAN DUNG |
|
Position |
|
General Director |
|
Date of Birth |
|
18 Apr 1959 |
|
ID Number/Passport |
|
022059079 |
|
ID Issue Date |
|
24 Mar 1998 |
|
Resident |
|
No. 193 Luong Nhu Hoc
Str – Ward 11 – District 5 – Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
DO DUC TAN |
|
Position |
|
Technical Director |
|
Current Resident |
|
HoChiMinh City-Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
PHAN HUY |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
07 Nov 1962 |
|
ID Number/Passport |
|
025029182 |
|
ID Issue Date |
|
29 Nov 2008 |
|
Resident |
|
No. 860/60X/35 Xo
Viet Nghe Tinh Str – Ward 25 – Binh Thanh District – Ho Chi Minh City -
Vietnam |
|
Current Resident |
|
HoChiMinh City-Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Ms.
NGUYEN THI KIM HUONG |
|
Position |
|
Chief Accountant |
|
Current Resident |
|
HoChiMinh City-Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specialized in manufacturing pharmaceutical products. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Product |
|
Materials |
|
·
Market |
|
France, India and Germany |
|
|
||
|
EXPORT: |
||
|
·
Product |
|
Products |
|
·
Market |
|
Cambodia, Thailand, Malaysia, Hong Kong,
Philippines… |
BANKERS
|
||
|
|
||
|
1.
HSBC VIETNAM LTD |
||
|
Address |
|
6th Floor, No. 235 Dong Khoi Str - Ben Nghe Ward - District 1 - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3829 2288 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE |
||
|
Address |
|
No.79A Ham Nghi Str - Nguyen Thai Binh Ward - District 1 - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3829 0715 |
|
Fax |
|
(84-8) 3829 5342 |
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
STADA
PHARMACEUTICALS (ASIA) LTD |
|
Business registration No |
|
356807 |
|
Date of Registration |
|
07 May 1992 |
|
Address |
|
Unit 1601, 16th Floor, Tower A,
Manulife Financial Centrel No. 223-231
– Wai Yip Street – Kwun Tong – Kowloon – Hong Kong |
|
Representer |
|
Mr. CHOO YAN HO |
|
ID Number/Passport |
|
A9515745 |
|
ID Issue Date |
|
14 Feb 2006 |
|
Resident |
|
No. 22G, Block 11 –
Laguna City – Kwun Tong – Kowloon – Hong Kong |
|
Nationality |
|
Malayan |
|
Value
of shares |
|
USD 4,500,000 |
|
Percentage |
|
50% |
|
|
||
|
2.
NAME |
|
M.S.T
PHARMACEUTICALS TRADING CO., LTD (M.S.T PHARM CO LTD) |
|
Business registration No |
|
4102000021 |
|
Date of Registration |
|
25 Jan 2000 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Hochiminh City |
|
Address |
|
No. K63/1 Nguyen Thi Soc Str - My Hoa 2 Hamlet - Xuan Thoi Dong
Commune - Hoc Mon District - Ho Chi Minh City - Vietnam |
|
Representer |
|
Mr. PHAN HUY |
|
Born |
|
07 Nov 1962 |
|
ID
Number |
|
025029182 |
|
ID Issue Date |
|
29 Nov 2008 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
No. 860/60X/35 Xo
Viet Nghe Tinh Str – Ward 25 – Binh Thanh District – Ho Chi Minh City -
Vietnam |
|
Nationality
|
|
Vietnamese |
|
Value of shares |
|
USD 4,500,000 |
|
Percentage |
|
50% |
FINANCIAL DATA
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance
sheet date |
31/12/2010
|
31/12/2009
|
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A –
CURRENT ASSETS |
357,654,000,000
|
335,427,000,000
|
|
I.
Cash and cash equivalents |
14,342,000,000
|
7,859,000,000
|
|
1. Cash |
14,342,000,000 |
7,859,000,000 |
|
2. Cash equivalents |
0 |
0 |
|
II.
Short-term investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III.
Accounts receivable |
64,330,000,000
|
101,958,000,000
|
|
1. Receivable from customers |
59,517,000,000 |
99,825,000,000 |
|
2. Prepayments to suppliers |
4,562,000,000 |
2,133,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
696,000,000 |
0 |
|
6. Provisions for bad debts |
-445,000,000 |
0 |
|
IV.
Inventories |
273,517,000,000
|
223,297,000,000
|
|
1. Inventories |
276,539,000,000 |
226,248,000,000 |
|
2. Provisions for devaluation of inventories |
-3,022,000,000 |
-2,951,000,000 |
|
V.
Other Current Assets |
5,465,000,000
|
2,313,000,000
|
|
1. Short-term prepaid expenses |
766,000,000 |
0 |
|
2. VAT to be deducted |
4,699,000,000 |
2,313,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B.
LONG-TERM ASSETS |
323,129,000,000
|
356,737,000,000
|
|
I.
Long term account receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II.
Fixed assets |
299,222,000,000
|
330,452,000,000
|
|
1. Tangible assets |
288,688,000,000 |
319,474,000,000 |
|
- Historical costs |
422,632,000,000 |
409,551,000,000 |
|
- Accumulated depreciation |
-133,944,000,000 |
-90,077,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
10,534,000,000 |
10,978,000,000 |
|
- Initial costs |
12,442,000,000 |
12,416,000,000 |
|
- Accumulated amortization |
-1,908,000,000 |
-1,438,000,000 |
|
4. Construction-in-progress |
0 |
0 |
|
III.
Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV.
Long-term investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V.
Other long-term assets |
23,907,000,000
|
26,285,000,000
|
|
1. Long-term prepaid expenses |
23,616,000,000 |
25,679,000,000 |
|
2. Deferred income tax assets |
177,000,000 |
492,000,000 |
|
3. Other long-term assets |
114,000,000 |
114,000,000 |
|
TOTAL
ASSETS |
680,783,000,000
|
692,164,000,000
|
|
|
||
|
LIABILITIES |
||
|
A-
LIABILITIES |
412,065,000,000
|
458,939,000,000
|
|
I.
Current liabilities |
392,974,000,000
|
426,075,000,000
|
|
1. Short-term debts and loans |
232,657,000,000 |
253,782,000,000 |
|
2. Payable to suppliers |
142,048,000,000 |
157,482,000,000 |
|
3. Advances from customers |
2,537,000,000 |
19,000,000 |
|
4. Taxes and other obligations to the State Budget |
5,168,000,000 |
3,805,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
9,067,000,000 |
8,470,000,000 |
|
7. Inter-company payable |
1,479,000,000 |
1,764,000,000 |
|
8. Payable according to the progress of construction
contracts |
0 |
0 |
|
9. Other payable |
18,000,000 |
753,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II.
Long-Term Liabilities |
19,091,000,000
|
32,864,000,000
|
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
2,917,000,000 |
18,565,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
5,413,000,000 |
5,589,000,000 |
|
7. Provisions for long-term accounts payable |
10,761,000,000 |
8,710,000,000 |
|
B-
OWNER’S EQUITY |
268,718,000,000
|
233,225,000,000
|
|
I.
OWNER’S EQUITY |
268,718,000,000
|
233,225,000,000
|
|
1. Capital |
145,542,000,000 |
145,542,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
123,176,000,000 |
87,683,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
II.
Other sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
680,783,000,000
|
692,164,000,000
|
PROFIT & LOSS STATEMENT
|
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
590,581,000,000
|
513,079,000,000
|
|
2. Deduction item |
34,000,000 |
0 |
|
3. Net revenue |
590,547,000,000
|
513,079,000,000
|
|
4. Costs of goods sold |
438,469,000,000 |
377,771,000,000 |
|
5. Gross profit |
152,078,000,000
|
135,308,000,000
|
|
6. Financial income |
2,365,000,000 |
2,823,000,000 |
|
7. Financial expenses |
48,196,000,000 |
55,715,000,000 |
|
- In which: Loan interest expenses |
|
|
|
8. Selling expenses |
24,590,000,000 |
14,436,000,000 |
|
9. Administrative overheads |
35,291,000,000 |
33,591,000,000 |
|
10. Net operating profit |
46,366,000,000
|
34,389,000,000
|
|
11. Other income |
1,255,000,000 |
3,235,000,000 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
1,255,000,000
|
3,235,000,000
|
|
14. Total accounting profit before tax |
47,621,000,000
|
37,624,000,000
|
|
15. Current corporate income tax |
11,813,000,000 |
7,651,000,000 |
|
16. Deferred corporate income tax |
-315,000,000 |
-754,000,000 |
|
18. Profit after tax |
35,493,000,000
|
29,219,000,000
|
FINANCIAL RATIOS AND AVERAGE
INDUSTRY RATIOS
|
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
Average
Industry |
|
Current liquidity ratio |
0.91 |
0.79 |
1.74 |
|
Quick liquidity ratio |
0.21 |
0.26 |
1.02 |
|
Inventory circle |
1.60 |
1.69 |
3.74 |
|
Average receive period |
39.76 |
72.53 |
76.97 |
|
Utilizing asset performance |
0.87 |
0.74 |
1.31 |
|
Liability by total asset |
60.53 |
66.31 |
49.32 |
|
Liability by owner equity |
153.34 |
196.78 |
129.21 |
|
Ebit / Total asset (ROA) |
7.00 |
5.44 |
8.55 |
|
Ebit / Owner's equity (ROE) |
17.72 |
16.13 |
18.02 |
|
Ebit / Total revenue (NPM) |
8.06 |
7.33 |
6.82 |
|
Gross profit / Total revenue (GPM) |
25.75 |
26.37 |
21.89 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium/Low |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
Cash, L/C, T/T |
|
Sale Methods |
|
Wholesaler |
INTERPRETATION ON THE SCORES
|
|
STADA-VN
J.V. CO., LTD is a joint venture company between M.S.T Pharmaceuticals
Trading Co., Ltd of Vietnam (50%) and Stada Pharmaceuticals (Asia) Ltd of
Hong Kong (50%). Originally, the subject’s chartered capital and investment
capital were US$ 1,000,000 and US$ 3,000,000 respectively. Currently,
chartered capital of the subject is US$ 9,000,000 and investment capital is
US$ 20,000,000. The subject’s foreign partner in legal form is Stada
Pharmaceuticals (Asia) Ltd - belonged to Stada Group in Germany. Head
office and factory of the subject are located at “No.
K63/1 Nguyen Thi Soc Str - My Hoa 2 Hamlet - Xuan Thoi Dong Commune - Hoc Mon
District - Ho Chi Minh City – Vietnam”.
Besides, the subject also has other factory in Binh Duong. The
subject’s products are mineral vitamins, antibiotic, antiviral, reducing
blood pressure medicine. The subject has produced three kinds of AIDS drugs
including Stadvudine Stada, Lamzidivir Stada and Nevirapine Stada. These
drugs are manufactured in domestic market so it was much cheaper than
imported ones. This is a good achievement of the subject to help the patient
in curing disease. This goal brings the subject a higher position in the
health industry and brings the subject much more profit. Principal materials
sources of the subject are imported from France, India and Germany. In 2003,
Stada - VN started to export its products to Cambodia, Thailand, Malaysia,
Hong Kong, Philippines… During
development process, the subject has gained some great achievements. Its
position in the industry is higher and higher. It is regarded as one of the
well running enterprises in Vietnam recently. Operation of the subject is
being improved and widened well. Its management is good. The subject has
active and creative staffs. Furthermore, it also gets support from foreign
investor - Stada Group in technology. In
general, the subject’s business status is fair strong in comparison with
others companies in the same fields. The subject is reliable for all the
small-medium business transactions. Overview
of Vietnam pharmaceutical industry: Vietnam pharmaceutical industry worths
approximately US$1.54 billion, accounted for 1.47% of the national GDP
Medicine is one of the necessities with demand always on the rise (averagely
20% per year). The average spend on medicine in 2009 was US$19.77, 20% more
than 2008 (US$16.45) and 3 times the figure of 2001 (US$6). The increase of
demand is fundamental for boosting up import and production. The value of
domestic production in 2010 was about US$1.2 billion and accounted for 50% of
domestic consumption market. Competition becomes fiercer within the industry.
Until 2010, Vietnam has had around 200 pharmaceutical manufacturing firms
(state-owned enterprises, joint stock companies and private pharmaceutical
firms) but most are still in small scale (capital, factories and storages).
Most manufacturers produce generic medicine and distribute in same markets
(such as Ho Chi Minh City and Hanoi occupy more than 50% of the total
pharmacies in the country) so the domestic market is becoming increasingly
competitive. Four years since Vietnam joined the WTO in 2007, competition
with foreign enterprises has gotten much stronger. The number of foreign
pharmaceutical firms who registered in Vietnam grew from 300 to nearly 500
firms in 2010. |
|
INDUSTRY
DATA |
||||||
|
Industry
code |
Growth
speed (%) |
Total
employees 2009 (Thousand) |
Total
enterprises |
Annual
average capital of enterprises |
||
|
Predict
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade
and Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population (Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic Products (US$
billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change in
Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.