MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ASSOCIATED
CAPSULES PRIVATE LIMITED |
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Registered Office : |
131, Kandivli Industrial Estate, Kandivli (West), Mumbai- 400067,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.07.1961 |
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Com. Reg. No.: |
11-12061 |
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CIN No.: [Company
Identification No.] |
U24239MH1961PTC012061 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA18885G |
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PAN No.: [Permanent
Account No.] |
AAACA4769K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and
Sellers of hard gelatin capsule shells I.P coating on various substracts and
lamination printed / unprinted films / sheets of PVC, PP and other materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 8400000 |
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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 reputed company engaged in manufacturing and
marketing/exporting of hard gelatine capsule shells, HPMC Capsule Shells,
Coated/Laminated Siltted Firms and Cold Form Blisters and PVC films. The company has
been making good progress consistently. Directors are well experienced and
very resourceful industrialists. Trade relations are reported as fair.
Payments are usually made as per commitments. It can be
considered good for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
131, Kandivli Industrial Estate, Kandivli (West), Mumbai- 400067, Maharashtra,
India |
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Tel. No.: |
91-22-28682010 (9
Lines) |
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Fax No.: |
91-22-28686152/28682514/28684515 |
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E-Mail : |
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Website : |
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Area : |
4933 sq.mtr |
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Location : |
Owned |
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Corporate Office : |
10th
Floor, Dalamal House, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Tel. No.: |
91-22-2287
2557/58/59/2288 0461/2/3 /22856666 |
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Fax No.: |
91-22-22872560 |
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E-Mail : |
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Factory 1 : |
131, Kandivli
Industrial Estate, Kandivli (West), Mumbai – 400 067, Maharashtra, India |
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Tel. No.: |
91-22-2868 2010 |
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Fax No.: |
91-22-2868 6152 / 2868 2514 |
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E-Mail : |
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Factory 2 : |
Village
Shindewadi, Shirwal, Taluka Khandala, District Satara, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Ajit Singh
(Foreign) |
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Designation : |
Managing Director |
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Address : |
A 1, Brighton Rungta, Near Petit Hall, Nepeansea Road, Mumbai – 400006 |
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Date of Birth/Age : |
20.11.1941 |
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Date of Appointment : |
15.02.2004 |
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Name : |
Mr. Jasjit Singh
(Foreign) |
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Designation : |
Director |
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Address : |
2 B, Swapnalok, Nepeansea Road, Mumbai – 400006 |
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Date of Birth/Age : |
08.04.1943 |
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Date of Appointment : |
17.08.2004 |
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Name : |
Mrs. Vijaya
Kuverba |
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Designation : |
Director |
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Address : |
Ben Nevis,
Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra |
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Date of Birth/Age : |
02.03.1923 |
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Date of Appointment : |
13.09.1963 |
KEY EXECUTIVES
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Name : |
Mr. Navin C.
Asthana |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (06.12.2004) |
No. of Shares |
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180 |
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Mr.Ajit Singh |
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Mrs. Vijaya K.
Kuverba |
18000 |
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Ms. Singh Jasjit Kavita |
918 |
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120114 |
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Mr. Ajit Singh |
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Ms. Singh Jasjit Kavita |
3600 |
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Mr. Singh Ajit |
144936 |
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Mr. Jasjit Singh |
11502 |
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M/s. Surya Capsules
Private Limited |
177300 |
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M/s. Non Trade
Exports Private Limited |
178200 |
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M/s. Rajasthan
Capsules Private Limited |
179100 |
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M/s. Ashagadh
Trading Investment & Finance Company
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109890 |
31.03.2006
Directors or relatives of directors – 98.42%
Others – 1.58%
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Sellers of hard gelatin capsule shells I.P coating on various substracts and
lamination printed / unprinted films / sheets of PVC, PP and other materials. |
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Products : |
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Imports : |
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Countries : |
Europe |
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Terms : |
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Purchasing : |
L/C and Credit
terms |
GENERAL
INFORMATION
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No. of Employees : |
Around 1800 |
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Bankers : |
v
Standard
Chartered Grindlays Bank Limited, ORD SA, 90, M. G. Road, Mumbai – 400 001,
India v Bank of India v
State Bank
of India, Virani Industrial Estate, Goregaon (East), Mumbai – 400 050,
India |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A. J. Shah &
Company Chartered
Accountants |
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Address: |
Chambers “C” Block, 65, Tamarind Lane, Fort, Mumbai – 400023 |
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Group Companies: |
v Ajas Agrovat Foundation v Amil Enterprises v Associated Traders & Manufacturers v Ajas Components Private Limited v Ascap Holdings v Bulk Buyers v Capsulabs v Custom Capsules Private Limited v Centercops v Dahanu Corporation v Emell Audhyowgik Samshodhan Nigam v Extra Hands v Jasjit Singh (HUF) v Universal Capsules Private Limited v Aries Components Manufacturing &
Company v MNT Will Trust v Laxmi Devi Deity Trust v Lord Krishna Deity Trust v Lord Shiv Shankar Deity Trust v Nepean Holding Private Limited v Pam Pharmaceutical & Allied Machinery
Company Private Limited v Pam Glatt Pharma Technologies Private
Limited v Pam Pac Machines Private Limited v Pharmagents v Universal Capsules (L.l.C.) v Reflection v Sardar Daljit Singh (HUF) v Scitech Centre v PT. Universal Capsules Indonesia v Universal Capsules Philippines Inc. v Fmepean Holding |
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Associates/Subsidiaries : |
v Aries Components Manufacturing Private
Limited v Associated Traders & Manufacturers v Ashagadh Trading Investment and Finance
Company v Bombay Suburban Finance & Investment
Company Private Limited v Nontrade Exports Private Limited v Kandivli Finance Company Private Limited v Navrang Investment and Trading Company
Private Limited v Nepean Holdings Private Limited v Pam Glatt Pharma Technologies Private
Limited Profile: PAM-Glatt was set up as a joint venture between ACG Worldwide
and Glatt GmbH, Germany, pioneers of fluid bed technology, for the
manufacture of world class FBE fluid bed processors in India. The FBE fluid bed processors
provide cost-effective solutions for standard applications in the pharmaceutical,
chemical, food and feed industries. It is versatile over a wide range of
processes including batch granulation, agglomeration of powder products, top
spray film coating and batch drying of moist substances. The plant at Mumbai conforms to
all GMP and safety standards worldwide, including those specific to dust
explosion. A quick action stop valve has been introduced to guarantee optimum
protection of people, equipment and the working environment. v Pam Pac Machines Private Limited PAM-PAC
also represents IWKA in India for an advanced range of high speed machines
for blister packing, cartoning, tube filling and specially customized
machinery. v Pharmagenets v Surya Capsules Private Limited v Western India Pharmaceutical Services
Private Limited v Katol Land Development & Trading
Company Private Limited v Reflections v Universal Capsules Limited v Nontrade Exports Private Limited v Rajasthan Capsules Private Limited v Universal Capsules Private Limited Profile: It is an active member and US subsidiary of ACG Worldwide. It
is one of the few organizations in the world to offer end-to-end solutions in
solid dosage systems. It manufactures from empty gelatine capsules to natural
vegetarian capsules; from capsule-filling machines to packaging films and
blister packing machines. Subject
represents ACG Worldwide in Indonesia and surrounding countries, to market
their entire range of empty hard gelatin capsules, capsule filling and
sorting machines, pharmaceutical grade PVC and PVdC coated PVC films, and
blister packaging machines. Known for its reliable supplies
of high quality capsules, low rejection levels, guaranteed machine
performance and its unswerving dedication to fight spurious drug
manufacturers, the company has established itself in the region as one of the
leading suppliers of solid dosage delivery formulations. The company has had a long-term
relationship with local ethical pharmaceutical manufacturers as well as
herbal manufacturers (JAMU) and even provides for Apotek and pharmacies.
Leading pharmaceutical giants including PT Sanbe, PT Soho, PT Pharos, PT
Medion, PT Indopharma, PT Zenith and many others form a part of the company's
vast clientele. Besides having received certificates of approval from HALAL, Malaysia
and the ISO 9002 Certification, the company is expecting the Indonesian MUI
Certification as well. v ACL Packaging Private Limited Profile:
A pioneer in introducing PVdC coated PVC films in India, the Associated
Capsule Limited - Packaging Films Division provides the complete range of
high quality barrier packaging films for blister packing. It is the only unit
in India, which manufactures rigid substrate PVC films as well as moisture
barrier PVdC coatings and laminations on the film, ensuring total control on
quality. Aluminium Cold Forming Blister Foil and pinhole-free lidding foil is
also marketed in collaboration with VAW, Germany. For extremely hygroscopic
formulations, a W&H laminator manufactures Triplex PVC/PE/PVdC films.
PVC/ACLAR films are laminated in collaboration with world leader Honeywell,
USA. Aluminium Cold Forming Blister Foil is also marketed in collaboration
with VAW, Germany.
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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24,00,000 |
Equity Shares |
Rs 5/- each |
Rs 12.000 Millions |
|
30000 |
12% Non
Cummulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 3.000 Millions |
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Total: |
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Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1138276 |
Equity Shares |
Rs 5/- each |
Rs 5.691 Millions |
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21701 |
12% Non Cummulative
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 2.170 Millions |
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Total: |
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Rs. 7.861 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF
FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.861 |
7.861 |
7.861 |
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2] Reserves & Surplus |
2116.728 |
1798.248 |
1586.797 |
NETWORTH
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2124.589 |
1806.109 |
1594.658 |
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LOAN FUNDS |
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1] Secured Loans |
25.754 |
71.071 |
35.138 |
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2] Unsecured Loans |
244.824 |
219.695 |
150.653 |
TOTAL
BORROWING
|
270.578 |
290.766 |
185.791 |
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DEFERRED TAX
LIABILITIES |
32.998 |
44.585 |
57.330 |
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TOTAL
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2428.165 |
2141.460 |
1837.779 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
616.398 |
592.454 |
509.075 |
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Capital work-in-progress |
10.105 |
34.120 |
54.078 |
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INVESTMENTS |
366.766 |
77.641 |
86.419 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
207.244 |
186.971 |
185.546 |
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Sundry Debtors |
794.793 |
788.442 |
821.177 |
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Cash & Bank Balances |
56.296 |
40.834 |
104.209 |
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Loans & Advances |
938.329 |
639.327 |
431.353 |
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Total Current Assets |
1996.662 |
1655.574 |
1542.285 |
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Less: CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
337.271 |
167.710 |
320.231 |
Provisions
|
229.843 |
59.009 |
33.847 |
Total Current Liabilities
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567.114 |
226.719 |
354.078 |
Net
Current Assets
|
1429.548 |
1428.855 |
1188.207 |
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MISCELLANEOUS
EXPENSES |
5.348 |
8.390 |
0.000 |
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TOTAL
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2428.165 |
2141.460 |
1837.779 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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2608.650 |
2561.074 |
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Total Income |
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2608.650 |
2561.074 |
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Profit/(Loss) Before Tax |
|
347.506 |
566.998 |
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Provision for Taxation |
|
129.756 |
165.778 |
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Profit/(Loss) After Tax |
|
217.750 |
401.220 |
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Earnings in Foreign Currency : |
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Total Earnings |
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870.370 |
919.050 |
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Imports : |
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Total Imports |
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208.48 |
186.010 |
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Expenditures : |
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Other Expenditure |
|
2261.144 |
1994.075 |
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Total Expenditure |
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2261.144 |
1994.075 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total
Income |
(%) |
--
|
8.35 |
15.67
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Net Profit Margin (PBT/Sales) |
(%) |
--
|
13.32 |
22.14
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
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14.73 |
25.87
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Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.19 |
0.36
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Debt Equity Ratio (Total Liability/Networth) |
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0.39
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0.29 |
0.34
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Current Ratio (Current Asset/Current Liability) |
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3.52
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7.30 |
4.36
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LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 13th July 1961 at Mumbai in
Maharashtra under the name and style of Associated Capsules Limited having
Company Registration Number 12061.
The company has converted into the private limited liability company
It is in trade
terms with:-
v
Ameija
Enterprises
v
AVS
Enterprises
v
Avadhoot Paper
Products
v
ID
Technologies Ambika Engineering Works
v
Multifilm
Plastics
v
Protocontrol
v
Primepack
Containrs
v
Suyash
Industries
v
Udit Packaging
v
Lead Edger
Papers
v
ABM
Enterprises
v
Asian
Electronics Limited
v
Udit Packaging
Private Limited
v
M-Con
Engineering Systems Private Limited
v
Roha Dyechem
Private Limited
v
Colorcon Asia
Private Limited
v
Anuradha Plas
& Tex Industries
v
Parekh
Packaging
v
Neelikon Food
Dyes & Chemicals
v
Narayan
Packaging
v
Sejal Plastics
v
Sterling
Gelatin
Fixed Assets:
Land, Buildings,
Plant & Machinery, Vehicles, Furniture / Fixtures, Speed Boat & Office
Equipments.
As Per Website
Profile
ACG
Worldwide is serving the pharmaceutical industry for four decades. They are one
of the largest manufacturers of hard gelatin capsules in the world. Comprising
of ten group companies including subsidiaries in USA and Indonesia, ACG
Worldwide has manpower strength of over 2700.
ACG
Worldwide provides world-class technology, the complete package of solutions -
from empty capsules to granulation and coating, to capsule filling, packaging
films, blister packing and carton packing. Their products are exported to over
65 countries and they have installed over 12,000 machines worldwide. They have
set high standards of quality, with most of their group companies acquiring
major international quality certifications.
ACG
Worldwide is committed to Research and Development for continuous delivery of
innovative solutions. Their research teams continuously strive to develop
innovative technology to offer their customers the competitive edge.
SciTech
Centre, the group's 50,000 sq. ft. R & D Center in the heart of Mumbai, is
a government recognized research institution. Over the last 25 years, it has
been actively engaged in research in the areas of dosage form development
including controlled release, pharmaceutical engineering, veterinary and
agricultural research, particularly in delivery systems.
Awards and Recognitions
ACG
Worldwide has become a name to reckon with in the pharmaceutical industry in a
time span of forty years due to a team effort. Various organizations have
conferred various awards & recognitions upon us. ACG Worldwide is headed by
distinguished personalities & any recognition received by them is an award
for ACG equally.
ACG
Worldwide received the OPPI Best vendor Company award for their contribution
towards saving a good amount of foreign exchange for India.
UK's
topmost capsule manufacturing company Leiner Group visited the Kandivali plant
to purchase its requirements for special purpose equipment for counting, packing
& handling soft gelatin capsules. "You have something to be proud
of" were his words on visiting the plant.
ACG
Worldwide has been a frequent recipient of 'Best Employer' award from the
Maharashtra government.
The
President of India lauded their efforts for incorporating physically challenged
and under privileged persons into their organization. They were conferred the
'Outstanding Employer' award for the physically challenged.
The
company's management was invited by the government to make a special
presentation on employment policies at the Tripartite Labour Conference at
Delhi consisting of public sector heads, union leaders & the government. It
was rare honour for a private sector company.
Partners and Alliances
"In
this new wave of technology, you can't do it all yourself, you have to form
alliances."
-
Carlos Slim Helu,
Mexican
businessman, third richest in the world.
Glatt,
IWKA, Honeywell, Brimrose, Alcan, Sarong, Proditec, Volpak are the eight
companies they have formed partnership & alliances with. All established
companies in their own right; they have contributed immensely to the value
addition of ACG Worldwide. They act as representatives of these global players
in the pharmaceutical industry in India, in a bid to make India proud on the
world map.
Glatt
Fluidized
bed systems is the pioneering product of Glatt.
IWKA
Suppliers
of systems and machines for pharmaceutical industry, IWKA the biggest name in
many other verticals too.
Honeywell
Aclar
film, the star product of Honeywell is the key ingredient in blister packaging.
Brimrose
The
final product quality check is facilitated due to PAT(Process Analytical
Technology). A technology developed by Brimrose.
Alcan
Packshield
is the alliance formed with Alcan, that aids in packaging of the various
products.
Sarong
Sarong
is a leading name in the machinery manufacturing & packaging materials
industry.
Proditec
Their
inspection systems products have helped in sorting & measurement of
capsules.
Volpak
They
are specialists in designing and manufacturing machines for flexible packages,
cartoners and case packers.
News
ACG Worldwide participates in Pharmtech 2006
ACG
Worldwide participated in Pharmtech Moscow, an exhibition held in Moscow,
Russia from 20 – 23rd November 2006.
A range
of engineering & consumable products that included Blister packing, capsule
filling machines and different types of Capsules and Packaging films was
displayed in this exhibition.
Legacy
6100 – the futuristic tabletting machine from Pam was inaugurated in grand
style. The exhibition was a grand success
TROPAC wins the PACMACHINE 2006 award
Tropical
Blister Packing machine – TROPAC, from Pampac Machines Private Limited won the
PACMACHINE 2006 award.
The
award function organized by the Indian Institute of packaging in the Leela
Kempenski Hotel, Mumbai on 13th December 2006. The eminent jury for judging the
entries consisted of Dr. S. D. Awale – Director NITIE, Mr. K. Murari – Addl.
Director ERTL, Dr. K. G. Narayankhedkar – Director, VJTI & Mr. Rajeev Dhar
– Director IIP.
Mr.
Sandeep Kulkarni, VP - Pampac is seen receiving the award.
ACG Worldwide participates in Indiapack 2006
ACG
Worldwide now caters to many sectors and businesses other than Pharmaceuticals.
It participated in a non-pharma exhibition for the first time in Indiapack
2006. The exhibition was held in Mumbai, India from 11 – 14th December 2006.
On the
display were the various barrier and flexible packaging films, online check
weigher, special purpose cartooning machine “AT – Pac” and various samples of
ranging from blisters & cartons to pouches showing their capability.
It won
the second prize for “Technology in Packaging” at the Indiapack show for the
machines exhibited in the stall.
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 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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
66 |
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 |
|