MIRA
INFORM REPORT
|
Report Date : |
03.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
INDO
THAI FLEXIBLE TUBES LIMITED |
|
|
|
|
Registered Office : |
1, KYD
Street, 17 B, Palace Court, 3rd Floor, Kolkata – 700016, West
Bengal |
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|
Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2005 |
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|
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Date of Incorporation : |
16.10.1995 |
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|
|
|
Com. Reg. No.: |
21-74872 |
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|
|
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CIN No.: [Company
Identification No.] |
U25191WB1995PLC074872 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CAL101363F |
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|
|
|
PAN No.: [Permanent
Account No.] |
AAACI5374E |
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|
|
|
Legal Form : |
A
closely held public limited liability company. |
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|
|
|
Line of Business : |
Manufacturers
and Exporters of Hose and Hose
Assemblies, Flanges / Fittings for Hoses and Hose Assemblies, Metallic
Expansion joints etc. |
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 |
|
Maximum Credit Limit : |
USD
150000 |
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|
|
|
Status : |
Satisfactory
|
|
|
|
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Payment Behaviour : |
Slow
but correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are slow but
correct. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office / Head Office : |
1, KYD
Street, 17 B, Palace Court, 3rd Floor, Kolkata – 700016, West
Bengal, India |
|
Tel. No.: |
91-33-22170035
/ 22295099 / 22498942 |
|
Fax No.: |
91-33-22498942
/ 22297723 |
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E-Mail : |
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|
Website : |
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Area : |
2600
sq. ft. |
|
Location : |
Rented
Commercial |
|
|
|
|
Factory
/ Warehouse –1 : |
J –
51, Howrah Industrial Estate, Baltikui – 711402, Howrah |
|
Area : |
15000
sq. ft. |
|
Location : |
Leased
Industrial |
|
|
|
|
Factory
/ Warehouse - 2 : |
Budge
Trunk Road, Maheshtala, South 24 Parganas. |
|
Area : |
25000
sq. ft. |
|
Location : |
Owned
Industrial |
DIRECTORS
|
Name : |
Mr. C
L Choudhry |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Ankit Choudhary |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Pawan Kumar Ganeriwala |
|
Designation : |
Director
|
|
Address : |
82,
Sarat Bose Road, Kolkata – 700025 |
|
Date of Birth/Age : |
24.02.1958 |
|
Qualification : |
B. Com
|
|
Experience : |
28
Years |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Directors,
Relatives and Friends |
946610 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Hose and Hose
Assemblies, Flanges / Fittings for Hoses and Hose Assemblies, Metallic
Expansion joints etc. |
|
|
|
|
Exports to : |
Europe
and Gulf Countries |
|
|
|
|
Terms : |
|
|
Selling : |
Credit
30 to 60 days and L/C |
|
|
|
|
Purchasing : |
Credit
60 to 90 days |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
|
Installed Capacity |
|
Hose |
Mtrs. |
|
|
1000000 |
|
Hose Assemblies |
Pcs. |
|
|
50000 |
GENERAL
INFORMATION
|
Customers : |
Manufacturers
and Government Bodies Ø
Haldia
Petrochemicals Limited Ø
Indian
Oil Corporation Limited Ø
National
Thermal Power Corporation Limited Ø
Steel
Authority of India Limited Ø
Abb
Abl Limited- Durgapur Ø
Acc-Kaimpur
(Madhya Pradesh) Ø
Aegies
Chemical Industries Limited-Mumbai Ø
Alloy
Steel Plant-Durgapur Ø
Ambuja
Cement-Raipur (Madhya Pradesh) Ø
Ashirwad
Steel Industries Limited -Maharashtra Ø
Assam
Electricity Board-Assam Ø
Assam
Petrochemicals Limited-Assam Ø
Bharat
Aluminium Company Limited-Korba (Madhya Pradesh) Ø
Bharat
Heavy Electricals Limited Ø
Bhilai
Steel Plant-Bhilai Ø
Birla
Tyre-Kolkata. Ø
Bokaro
Steel Plant-Bokaro Ø
Bongaigaon
Refinery & Petro Chemicals Limited-Assam Ø
Bridge
& Roof Company (India)Limited -Kolkata Ø
C.E.S.C.
Limited -Calcutta Ø
Central
Railways-Mumbai Ø
Century
Cement-Madhya Pradesh Ø
Chandrapur
Thermal Power Station-MSEB (Maharashtra) Ø
Coromondal
Fertilizer Limited-Vishakapatnam Ø
Department
Of Atomic Energy-Commission-Bombay. Ø
Development
Consultants Industrial Plant Services-Kolkata. Ø
Durgapur
Steel Plant-Durgapur Ø
Eastern
Railyway-Kolkata Ø
Ferro
Alloys Corpn. Limited -Nagpur Ø
Fertilizer
Corporation Of India Limited-Sindri Ø
Garden
Reach Ship Builders & Engineers Limited-Ranchi Ø
Goa
Shipyard Limited-Goa Ø
Grasim
Cement- Madhya Pradesh Ø
Heavy
Engineering Corporation-Ranchi Ø
Hindalco
Industries Limited-Renukoot, Uttar Pradesh Ø
Hindustan
Copper Limited -Ghatsila / Khetri Ø
Hindustan
Fertilizer Corporation Limited-Durgapur & Barauni Ø
Hindustan
Petroleum Corporation Limited-Mumbai,Kolkata Ø
Hindustan
Shipyard Limited-Vishakapatnam Ø
Hindustan
Zinc Limited -Udaipur Ø
India
Foils Limited-Kolkata Ø
Indian
Farmer & Fertilizer Co-Operative Limited –Uttar Pradesh Ø
Indian
Iron & Steel Company Limited -Burnpur Ø
Indian
Oil Corporation -Barauni, Bihar, Assam Ø
International
Auto Limited-Jamshedpur Ø
ISGEC-John
Thompson Ø
Jaypee
Rewa Cement- Madhya Pradesh Ø
Larsen
& Turbo Limited- Kolkata, Mumbai, Madhya Pradesh Ø
Liquid
Propulsion Systems Limited -Dept. Of Space,Mahanragiri Ø
Lloyds
Steel Industries Limited -Wardha Ø
M.P
Iron Company Limited - Madhya Pradesh Ø
M.
P. Electricity Board-Korba / Sarni / Chachai Ø
Mahindra
& Mahindra Limited -Kolkata Ø
Mangalam
Timber Products Limited-Kolkata Ø
N.P.T.C.-Badarpur
New Delhi Ø
N.P.T.C.-Balco
Captive Power Plant Ø
N.P.T.C.-Farakka Ø
N.P.T.C.-Kahalgoan Ø
N.P.T.C.-Korba Ø
N.P.T.C.-Talcher Ø
N.P.T.C.-Unchahar Ø
N.P.T.C.-Vindyachal
Madhya Pradesh Ø
National
Aluminium Company Limited-Smelter Divn- Orissa Ø
North
Eastern Forntier Railway-Assam Ø
Oil
India Limited-Kolkata, Assam Ø
ONGC-Mumbai Ø
Ordinance
Factory- Ambarnath Ø
Paradeep
Phosphate Limited -Orissa Ø
Raymond
Cement-Raipur Ø
Reliance
Industries Limited -Mumbai Ø
Rourkela
Steel Plant-Rourkela Ø
Satna
Cement Works-(Birla Corporation Unit) Madhya Pradesh Ø
South
Eastern Railway-Kolkata Ø
Southern
Railway-Chennai Ø
Stewarts
& Lloyds (India) Limited -Kolkata Ø
Sunflag
Iron & Steel Company Limited -Bhandara Ø
Tata
Chemicals Limited Ø
Tata
Iron & Steel Plant-Jamshedpur Ø
Tata
Korf Engg. Service Limited -Kolkata Ø
The
Tata Hydro Electric Power Supply Company Limited-Bombay Ø
Tyazhprom
Export (Dsp)-Kolkata Ø
Vishakapatnam
Steel Plant-Vishakapatnam Ø
W.B.P.D.C.L-
Kolaghat Thermal Power Station, West Bengal Ø
W.B.S.E.B.-
Bandel Thermal Power Station, West Bengal Ø
Wesman
Engineering Limited- West Bengal Ø
Western
Railway-Kolkata |
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|
|
|
No. of Employees : |
70 |
|
|
|
|
Bankers : |
UCO
Bank Industrial
Finance Branch Kolkata
– 700001 |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
VKC
and Company Chartered
Accountants Kolkata
- 700000 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
946610 |
Equity
Shares |
Rs. 10/- each |
Rs. 9.466 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.466 |
8.326 |
|
|
2] Share Application Money |
|
8.400 |
4.200 |
|
|
3] Reserves & Surplus |
|
20.721 |
16.075 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
38.587 |
28.601 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
59.245 |
9.391 |
|
|
2] Unsecured Loans |
|
3.700 |
0.835 |
|
|
TOTAL BORROWING |
|
62.945 |
10.226 |
|
|
DEFERRED TAX LIABILITIES |
|
0.194 |
0.158 |
|
|
|
|
|
|
|
|
TOTAL |
|
101.726 |
38.985 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
61.267 |
17.726 |
|
|
Capital work-in-progress |
|
10.606 |
14.047 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
29.368 |
7.235 |
|
|
Sundry Debtors |
|
6.907 |
2.804 |
|
|
Cash & Bank Balances |
|
2.708 |
4.614 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
4.331 |
6.610 |
|
Total Current Assets |
|
43.314 |
21.263 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13.421 |
14.030 |
|
|
Provisions |
|
0.064 |
0.051 |
|
Total Current Liabilities |
|
13.485 |
14.081 |
|
|
Net Current Assets |
|
29.829 |
7.182 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.024 |
0.030 |
|
|
|
|
|
|
|
|
TOTAL |
|
101.726 |
38.985 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.98 |
0.85 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
3.21 |
1.51 |
Sales
Target for March 2006-07 : Rs. 100.000 Millions
And Till
September’06 : Rs. 50.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Management Philosophy
In
keeping with their mission , the management of the company strives hard to
deliver to their customers precision engineered flexible hose assemblies within
specified parameters as regards design, performance , quality and cost. it is
their principal objective to achieve optimum combination of all these parameters
, so as to enable them to provide best value to their customers maintaining the
safety and reliability of the installation.
Belief
The
management firmly believes that the key to success lies with men, materials,
quality and competitiveness.
People
People
are the most vital assets of the company. The management is committed to employ
suitably qualified and experienced people for all job categories and provide
them with proper environment and motivation to make attainment to excellence ,
in all their activities , a reality.
Materials
& Technology
The
Management realises the importance of cost effective technology for various
materials. They at ITFT, are always alert to developments taking place in
manufacture and application of their products , on a world wide basis. They
have the desire and the capability to make suitable changes to accommodate
advanced technology.
Quality
Quality
is the key to satisfying customer aspirations regarding their products ie :
hose assemblies and metallic expansion joints . The matching of quality
parameters versus service parameters is an essential precondition to achieve
cost effective solutions. The management attaches immense importance to
continuous feedback on the performance of the products in the field and use the
data so obtained for making changes to achieve better results.
Global
Competitiveness
It is
their aim to operate on a global basis and they at ITFT , are committed to
become globally competitive in all their products
Product Profile
Metallic
Flexible Corrugated Bellow Type S.S. Hoses & Hose Assemblies
Range:
Ø
Size : 1/2 - 8" NB & up to 14"
Ø
Brading : Single
/ Double / Triple
Ø
Temperature : Up to 800°c. and sub zero temperature
Ø
Pressure : High
pressure depending upon the size of Hose. For example : 200 bar for
1" NB Hose
Steel
Plant Applications:
Ø
Electric Arc Furnace : Hoses for Cooling Water Systems for Water cooled Panels.
Ø
Blast Furnace (Bf) : For Hot Blast Valves in the BF, hot wateroutlets in cooling chambers
(used for shell cooling) and to carry hot air.
Ø
Steel Melting Shop : Oxygen Lance Hoses for LD / BOF Converters.(Open Hearth , LD ,
BOF)Waterline Hoses in Oxygen Lance for LD / BOF Converters.For Open Hearth
Furnaces and Korf Furnaces ( Door Cooling Water Line Hoses & Fuel
Line)Ladle Furnaces - VAD / VOD. Units.
Ø
Continuous Casting : For Mould Cooling System. For Various Cooling (SLAB CASTER,
BLOOM Water to Tundish. CASTER & BILLET CASTER)
Ø
Hot Rolling Mills : For Oil & Air Lines in the Reheating Furnace.
Fertilizer
Plants & Chemical Plants:
Ø
For
carrying steam, fuel, ammonia etc
Ø
Loading
/ unloading of hazardous chemicals and oils
Ø
Carrying
various materials
Ø
Unloading
from ship to storage facility on shore
Power
Plant Applications:
Ø
Turbo
Compressors & Pumps
Ø
For
oil and steam lines in oil burner assembly
Ø
Seal
tube Assembly
Ø
Instrumentation
Hoses
Ø
Ignition
Hoses
Ø
Flame
Scanner Guide Hose Assembly
Ø
Blowing
Mill Hose Assembly for Air Seal Housing & Roller Journal Housing
Petro-Chemical
Plants:
Ø
Steam
Hoses, Commonly used for "Sunffing" (Fire Fighting)
Ø
Transfer
of Media , Ethylene, LPG, Ammonia, Nitrate, Methyl Chloride and others
Ø
Burner
Hose used On pipe still (at crackers and other reforming plant)
Ø
In
centrifuges and pumps, usually to absorb vibration
Ø
Cat
Cracker Hoses, main duty is to cope with Thermal Expansion. Also used in
conveying air to pneumatic slide gate valves and transfer of catalytic dust
Off-Shore
Industries:
Ø
Core
Liner for undersea Flexible Pipes for hydrocarbon transportation and injection
system
Ø
Undersea
Fuel Service Line
Ø
Oil
Sucking Hoses
Automotive
Industry:
Ø
For
exhaust assembly to absorb " start-up" and "Pick-up"
vibration
ITFT
Expansion
Bellows
Applications
:
The
field of application for expansion joints span a vast range. No important
engineering oriented branch of industry can be excluded, because today's
technology is largely a technology of thermally stresses containers and of
piping and conveying systems.
Metallic
Bellows are used for the connection of all these plant components.
For high
pressures , however, particularly with large nominal diameters, the expansion
joint in its various forms and special designs is the only adequate flexible
element which will meet all requirements. Each one of the various available
designs has its own advantages and corresponding field of application.
ITFT's
manufacturing programme compromises of expansion joints for all necessary
diameters, pressures, temperatures and media to absorb disortation and
vibration and accommodate various types of movements like:
Ø
Axial
Movement
Ø
Lateral
Movement
Ø
Angular
Movement
Ø
Corresponding
Combined Movement
A common
characteristic of all ITFT Expansion Joints is the use of an all metal,
corrugated tubular body as the flexible element.
Provided
that they are correctly chosen and expertly fitted, ITFT Expansion Joints are
pressure resistant , vacuum tight, temperature resistant, corrosion proof,
maintenance free, durable reliable in service , and economical. They
manufacture single wall, mutual and heavy wall metal bellows in all suitable
materials . NB from 25 mm to 5000 mm . each one of the various bellow
designs , has its own specific advantages and field of applications.
Expansion Joints
Metallic
Expansion Joints bellows in SS 316, SS 321 and various other special alloys
such as Inconel, Hastelloy and others used as per requirement.
Steel
Plant Application
Ø
Blast
Furnaces
Ø
Hot
Strip Mills Reheating Continuous Costing Plants
Ø
As
expansion Compensator in the tuyers in Blast furnace
Ø
Furnace
Gas Lines for fuel firing system.
Ø
In
all types of continuous casting plants (billet, bloom, slab)
Chemical
Industries & Fertilizer Plants
Ø
Metallic
Expansion Joints for steam condensate
Ø
For
Piping System in Fertilizer plant, Oil Refiners , Metallic Expansion Joints
for tanks settlement.
Ø
Metallic
Expansion Joints for Tanks Settlement
Ø
Metallic
Cryogenic Expansion Joints for Air Separation
Ø
Metallic
Expansion Joints, bellow type, for condensate pipeline
Other
Industries :
Ø
Aluminum
Industry
Ø
Railways
Ø
Miscellaneous
Applications
Ø
Smelling
Plant
Ø
As
a part of Exhaust Bellow Assembly
Ø
Plywood
Industry
ITFT
Flanges & Fittings :
Ø
For
various applications in Steel, Power, Chemical & fertilizer Industries.
ITFT
Hydraulic Hoses And Hose Assemblies :
The most
essential feature of all modern equipment and machinery, ITFT Hydraulic Hoses
and Hose Assemblies are used in many Industries.
Steel
Plant Equipment :
Ø
Cold
Rolling Mills
Ø
Hot
Rolling Mills
Ø
Steel
melting Shops
Mining Industries :
Ø
Earth
Moving Machinery like Dodgers, Dumpers.
Ø
Excavators,
Mobile Cranes.
Ø
Roof
Support Systems.
Engineering
Industry
Many
types of presses, which are hydraulically operated. The applications are
endless.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|