MIRA
INFORM REPORT
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Report Date : |
26.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FISHER SANMAR LIMITED |
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Formerly Known As : |
FISHER XOMOX SANMAR LIMITED |
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Registered Office : |
No.9, Cathedral Road, Chennai-600086, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.02.1985 |
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Com. Reg. No.: |
18-24245 |
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CIN No.: [Company
Identification No.] |
U93090TN1985PLC024245 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEX00002C |
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PAN No.: [Permanent
Account No.] |
AAACF0483F |
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Legal Form : |
Closely held public limited liability company |
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Line of Business : |
Subject is engaged in manufacture of automatic control valves, regulators, steam conditioning values, level transmitters, pressure reducing valves and desuperheater stations needed by process and energy industries. |
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 2100000 |
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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 and a part of Sanmar
Group. The company is progressing well. Directors are reported as experienced
and respectable businessmen. Trade relations are reported as fair. Business
is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising partner in a medium to
long-run. |
LOCATIONS
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Registered/ Corporarate Office : |
No.9, Cathedral Road, Chennai-600086, Tamilnadu, India |
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Tel. No.: |
91-44-28128400/ 600 |
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Fax No.: |
91-44-28112437/ 28112627 |
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E-Mail : |
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Website : |
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Plant/ Factory : |
147, Karapakkam Village, Chennai - 600096, Tamilnadu, India |
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Tel. No.: |
91-44-24504300 |
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Fax No.: |
91-44-24501913 |
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Factory 1 : |
xomos division
89/2, Vadugapatti Village, Viralimalai - 621 316, Padukottai District, Tamilnadu Tel. No. 91-4339-220249 Fax. No. 91-4339-220370 fisher division
147, Karapakkam Village, Chennai - 600096, Tamilnadu, India Tel. No. 91-44-24504000/24960455/24961124 Fax. No. 91-44-24502114 |
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Regional Offices : |
Located at: Ø Harsha Bhavan, 2nd Floor, Block 'E', Connaught Place, New Delhi - 110001 Tel. No. 91-11-23713615 Fax. No. 91-11-23722185 Ø 406-412, Swastik Chambers, 4th Floor, CST and Sion Trombay Road, Chembur, Mumbai - 400 071, Maharashtra Tel. No. 91-22-25229639 Fax. No. 91-22-25229646 Ø 10-C, Middleton Row, 4th Floor, Kolkata - 700 071, West Bengal Tel. No. 91-33-22294712 Fax. No. 91-33-22172395 Ø 47, Developed Plots for Electrical and Electronics, Instronics Estate, Perungudi, Chennai - 600 096, Tamilnadu Tel. No. 91-44-24961074/5 Fax. No. 91-44-24961080 Ø Tower-B, 7th Floor, 701, Alkapuri Arcade, R. C. Dutt Road, Baroda - 390007, Gujarat Tel. No. 91-265-2344144 Fax. No. 91-265-2339748 |
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Branches : |
Located at: Ø 545, 'D' wing, Clover Centre, No. 7, Moledina Road, Pune - 411001, Maharashtra Tel. No. 91-20-24001142 Fax. No. 91-20-24001145 Ø 301, Ashoka Chambers, 3rd Floor, 5-9-22/1/1, Adarsh Nagar, Hyderabad - 500 463, Andhra Pradesh Tel. No. 91-40-23242610 Fax. No. 91-40-23296765 Ø 3, Sungnu Co-operative Housing Society, 1st Floor, Gurukripa Buildings, Rander Road, Surat - 395 009, Gujarat Tel. No. 91-261-2791947 Fax. No. 91-261-2687398 Ø Ratnaveni Complex, 48-9-18/29, 1st floor, Dwaraka Nagar, 1st Lane, Vizag - 530 016, Andhra Pradesh Tel. No. 91-891-2543407 Fax. No. 91-891-2701877 Ø Brite House, Karimpatta Cross Road, Pallimukku, Cochin - 680016, Kerala Tel. No. 91-484-2374768 Fax. No. 91-484-2361785 Ø J-13, West Highcourt Road, Lakshmi Nagar, Nagpur - 440 022, Maharashtra Tel. No. 91-712-2236485 Fax. No. 91-712-22232080 Ø Bihar Club by-lane, (Super Heat Paint), Kutchery Road, Ranchi - 834001, Bihar |
DIRECTORS
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Name : |
Mr. Manachanallur N. Radhakrishnan |
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Designation : |
Director |
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Address : |
12, Besant Avenue, Adyar, Chennai-600020, Tamilnadu |
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Date of Birth/Age : |
03.08.1943 |
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Date of Appointment : |
02.07.2001 |
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Name : |
Mr. Subbaiah Sankaran |
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Designation : |
Director |
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Address : |
25/1, IV Street, Balaji Nagar, Chennai-600014, Tamilnadu |
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Date of Birth/Age : |
07.05.1954 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Pranatharthiharan Natarajan |
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Designation : |
Director |
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Address : |
1/ 2, Nandini, 72, First Main Road, R A Puram, Chennai-600028, Tamilnadu |
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Date of Birth/Age : |
10.10.1955 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Balasubramanian Nataraj |
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Designation : |
Director |
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Address : |
A-5, Sucharta New No.124, Old No.71, Chamiers Road, Chennai-600018, Tamilnadu |
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Date of Birth/Age : |
03.10.1946 |
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Date of Appointment : |
28.12.2005 |
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Name : |
Mr. Terry D Buzbee |
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Designation : |
Director |
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Address : |
406, New Salem Road, Marshall Town, IA 50158, USA |
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Date of Birth/Age : |
15.07.1955 |
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Date of Appointment : |
30.06.2003 |
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Name : |
Mr. Michael Train |
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Designation : |
Director |
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Address : |
1, Pandan Crescent, Singapore-128461 |
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Date of Birth/Age : |
25.01.1962 |
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Date of Appointment : |
30.06.2003 |
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Name : |
Michael J Mason |
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Designation : |
Director |
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Address : |
502, Springfield Drive, Marshall Town, IA-50158, USA |
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Date of Birth/Age : |
22.07.1951 |
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Date of Appointment : |
30.06.2003 |
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Name : |
Mr. Frank De Jong |
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Designation : |
Director |
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Address : |
1, Pandan Cresent, Singapore-128461 |
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Date of Birth/Age : |
08.04.1964 |
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Date of Appointment : |
23.06.2004 |
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Name : |
Mr. S Gopal |
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Designation : |
Director |
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Address : |
47A (Old No.19A), 4th Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu |
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Date of Birth/Age : |
10.09.1950 |
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Date of Appointment : |
28.03.2005 |
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Date of Ceasing : |
28.12.2005 |
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Name : |
Mr. P Chandramouli |
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Designation : |
Director |
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Name : |
Mr. P N Tambe |
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Designation : |
Director |
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Name : |
Mr. S K Ladha |
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Designation : |
Director |
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Name : |
Mr. J M Subramanya |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. V. Ramasubramanium |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
17.02.1953 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 14.06.2006
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Names of Shareholders |
No. of Shares |
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Sanmar Engineering Corporation Limited |
431995 |
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Mr. N Sankar |
1 |
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Mr. Vijay Sankar |
1 |
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Mr. K S Narayanan |
1 |
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Mr. N Kumar |
1 |
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Sanmar Realty Private Limited |
1 |
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Fisher Controls International LLC |
415500 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacture of automatic control valves, regulators, steam conditioning values, level transmitters, pressure reducing valves and desuperheater stations needed by process and energy industries. |
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Products : |
Its product range includes: Products Control valves
Sliding stem Top guided Cage guided 3 way valves
Actuators
Sliding stem Rotary Piston type
Level transmitters
Smart type – electronic Displacement type Rotary valves
Butterfly valves Ball valves Eccentric plug valves
Accessories
Positioners Pneumatic Smart I/P converters
Regulators
Pressure reducing and – Steam – Liquids – Process
gases – Fuel gases
Tank blanketing systems Pressure reducing skids for steam and gases LPG valves and fittings |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Control Values |
Nos. |
15000 |
NA |
4908 |
GENERAL
INFORMATION
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No. of Employees : |
450 |
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Bankers : |
Ø ABN Amro Bank NV Ø Union Bank of India Ø Bank of Baroda, Industrial Finance Branch, 52, Montieth Road, Egmore, Chennai-600008 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
TPL House, Second Floor, 3, Cenotaph Road, Teyampet,
Chennai-600018, Tamilnadu, India |
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Tel. No.: |
91-44-24311440 |
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Fax No.: |
91-44-24311450 |
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Associates/Subsidiaries : |
ASSOCIATES v Fisher Controls International Inc v Xomox Corporation v Sanmar Engineerig Corporation v ASCO India
Limited v BS& B
Systems India Limited v Cabot Sanmar
Limited v Chemplast Sanmar
Limited v Fiisher Sanmar
Limited v Flowserve Sanmar
Limited v Sanmar
Engineering Services Limited v Sanmar Foundries
Limited v Sanmar Shipping
Limited v Sanmar
Spedciality Chemicals Limited v Sensprtronics
Sanmar Limited v Tyco Sanmar
Limited v Xomox Sanmar Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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847500 |
Equity Shares |
Rs.10/- each |
Rs.8.475
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 |
8.475 |
8.475 |
8.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
525.319 |
316.523 |
286.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
533.794 |
324.998 |
295.400 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
2.359 |
17.100 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
2.359 |
17.100 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
533.794 |
327.357 |
312.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.027 |
123.557 |
114.400 |
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Capital work-in-progress |
13.690 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
201.029
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140.682 |
99.900 |
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Sundry Debtors |
295.467
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261.178 |
191.300 |
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Cash & Bank Balances |
40.464
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18.484 |
40.500 |
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Other Current Assets |
18.725
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13.163 |
0.000 |
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Loans & Advances |
36.163
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38.759 |
144.600 |
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Total
Current Assets |
591.848
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472.266 |
476.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
181.432
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193.411 |
120.400 |
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Provisions |
9.339
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75.055 |
157.800 |
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Total
Current Liabilities |
190.771
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268.466 |
278.200 |
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Net Current Assets |
401.077
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203.800 |
198.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
533.794 |
327.357 |
312.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
653.524 |
415.827 |
631.300 |
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Other Income |
1262.761 |
460.948 |
40.300 |
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Total Income |
1263.414 |
876.775 |
671.600 |
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Profit/(Loss) Before Tax |
347.645 |
194.484 |
155.600 |
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Provision for Taxation |
0.000 |
0.000 |
41.400 |
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Profit/(Loss) After Tax |
347.645 |
194.484 |
114.200 |
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Earnings in Foreign Currency : |
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Export Earnings |
557.746 |
416.016 |
NA |
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Commission Earnings |
0.101 |
2.199 |
NA |
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Other Earnings |
22.020 |
21.188 |
NA |
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Total Earnings |
579.867 |
439.403 |
NA |
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Imports : |
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Raw Materials |
229.932 |
182.268 |
NA |
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Stores & Spares |
2.289 |
2.681 |
NA |
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Capital Goods |
5.683 |
0.031 |
NA |
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Total Imports |
237.904 |
184.980 |
NA |
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Manufacturing Expenses |
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39.500 |
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Raw Material Consumed |
603.414 |
441.861 |
265.700 |
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Salaries, Wages, Bonus, etc. |
89.724 |
69.335 |
45.500 |
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Managerial Remuneration |
4.688 |
1.580 |
NA |
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Payment to Auditors |
0.754 |
0.677 |
NA |
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Interest |
2.080 |
1.690 |
5.300 |
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Insurance Expenses |
2.169 |
2.301 |
NA |
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Power & Fuel |
9.576 |
8.078 |
6.900 |
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Depreciation & Amortization |
NA |
NA |
28.600 |
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Miscellaneous Expenses |
NA |
NA |
53.600 |
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Other Expenditure |
203.364 |
156.769 |
48.900 |
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Total Expenditure |
915.769 |
682.291 |
494.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
27.51
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22.18 |
17.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
27.51
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22.18 |
23.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
48.90
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32.64 |
26.34 |
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Return on Investment (ROI) (PBT/Networth) |
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0.65
|
0.60 |
40.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36
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0.83 |
0.14 |
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Current Ratio (Current Asset/Current Liability) |
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3.10
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1.76 |
1.79 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
FISHER SANMAR
LIMITED |
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Presented By |
V V SUBRAMANIAN, DIRECTOR |
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1) Date and description of instrument creating the change |
Agreement for hypothecation of machinery dated 11.12.2002 (W/c) Instrument of hypothecation of goods dated 11.12.2002 (W/c) Agreement for hypothecation of book debts dated 11.12.2002 (W/c) Agreement for hypothecation of machinery dated 11.12.2002 (PC) Agreement for hypothecation of book debts dated 11.12.2002 (PC) FBP Agreement dated 11.12.2002. FCNR (B) Loan Agreement dated 11.12.2002. |
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2) Amount secured by the charge/amount owing on the securities of charge |
(Rs. In millions)
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First charge on the current assets of the company Second charge on the fixed assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
0.5% over BOBSTPLR – II i.e., 11.50% p.a. for Cash Credit. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Industrial Finance Branch 52, Montieth Road Egmore, Chennai-600008 |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of agreement dated 13.11.2004 for enewal of the existing working capital facilities at the existing levels. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The working capital limits have been renewed for a future period of 1 year at the existing levels as under : (Rs. In millions)
The above facilities are now additionally secured by a first charge on the moveable fixed assets of the company. The rate of interest is 0.5% over BPLR, i.e.11% p.a. for Cash Credit. |
BUSINESS
Subject is engaged in as manufacture of automatic control valves, regulators, steam conditioning values, level transmitters, pressure reducing valves and desuperheater stations needed by process and energy industries.
fisher division
This is a joint venture with Fisher Controls International Inc, a subsidiary of Emerson Electric Company, is a reflection of the group's commitment to excellence which incorporates proven and new technology into the design of its products. Its plant is of area admeasuring 28000 sq. fts. and capacity is 10000 valves per annum. This division has been accredited with ISO 9000 certification.
xomox division
This is also joint venure with Xomox Corporation, a subsidiary of Emerson Electric Company, this division an important base for sourcing fluorocarbon-lined valves, sleeved plug valves, butterfly valves, ball valves, check valves and actuators catering to the Asia Pacific, North American and Latin American markets.
Its plant is of area admeasuring 50000 sq. fts. and it production capacity is over 60000 valves per annum. It has been accredited with ISO 9000 certification.
Operations :
Fisher crossed milestone in 2005-06 by crossing a billion rupees in revenue. Order booking from both export and domestic markets increased significantly over the previous year helping the company post a 57% increase in domestic sales and 34% in exports over the previous year. Profits before taxes grew 79% in the same period.
The control Valve division is becoming a significant player in the supply chain of the JV partners. To support the strong growth in business experienced by Fisher International, the company has taken u a major expansion project by setting upon a new plant adjacent to the current plant. This would primarily focus on large valves and a large part of the investment would be in 2006-07. the major challenge ahead of this division is to improve its service metrics to both the domestic market and inter company exports. The company has re launched the lean initiatives to make big improvements in the business process.
The regulator division was able to register an impressive all round performance through continued foicus on improving its supply chain, operational excellence and enhanced range of locally made products. This division is already a major player in the JV supply chain and continues to enhance its role in this through excellent customer service metrics.
The order book position in valves division as well as the Regulators division is healthy and the growth momentum gained in the past two years is expected to continue in the coming year also. The large investments that are being made in terms of new capacity additions and also the lean operational excellence programme should help prepare the company effectively meet the challenges ahead.
Company’s fixed assets include Land, Building, Plant and machinery,
Furniture and Fixtures and Office Equipments, Vehicles.
Contingent
Liabilities :
|
Particulars |
31.03.2006 (Rs.
In millions) |
31.03.2005 (Rs.
In millions) |
|
Claims against the company not acknowledged as debt |
106.458 |
110.006 |
Website Details :
A joint venture with the Control Valve Division of the Emerson Process Group,
Fisher Sanmar provides the full range of Fisher control valves and regulator
products required for the process control industry.
Fisher invented regulators 120 years ago and the millionth Fisher
regulator was shipped as early as in 1943, a pedigree that has contributed in
no small measure to Fisher Sanmar’s leadership position in the market.
The products on offer include control valves, regulators, level
transmitters, pressure reducing valves and desuperheater systems and pressure reducing
skids for steam and gases.
Fisher Sanmar’s LPG products are now approved in India by the Chief
Controller of Explosives (CCOE).
Location : Karapakkam, Chennai
Factory area : 32,000 sq.ft.
Joint venture partner :
Fisher Controls International Inc., USA, a subsidiary of Emerson.
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.41.07 |
|
UK Pound |
1 |
Rs.81.69 |
|
Euro |
1 |
Rs.55.84 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|