MIRA INFORM
REPORT
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Report Date : |
31.07.2007 |
IDENTIFICATION DETAILS
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Name : |
LIPI DATA SYSTEMS LIMITED |
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Registered Office : |
1, Mittal Chambers, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.05.1992 |
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Com. Reg. No.: |
11-66759 |
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CIN No.: [Company
Identification No.] |
U36007MH1992PLC066759 |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing, Importing, Exporting and Trading of
Computer Peripherals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1500000 |
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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 company having satisfactory track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
1, Mittal Chambers, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-2288 2960 / 2961 / 2962 / 2963 |
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Fax No.: |
91-22- 2287 3314 |
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E-Mail : |
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Website : |
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Factory : |
Mewar Industrial Area, Madri, |
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Tel. No.: |
91-294-2492400 |
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Fax No.: |
91-294-2492409 |
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Depot : |
Unit No. 53-56, Building No. 1, Electronic Sadan, T. T. C. Industrial Area, MIDC, Mahape, Thane, Navi Mumbai, Maharashtra |
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Tel. No.: |
91-22-27680030 |
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Fax No.: |
91-22-27670054 |
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Branches : |
Located at:- v
v
v
Chennai v
Kolkata v
Ahmedabad v
v
v
v
v
v
v
Chandni v
v
v
v
Nashik v
Hadapsar v
Thane v
v
Jaipur v
v
v
v
Mangalore v
Trichy v
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DIRECTORS
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Name : |
Mr. Piyush Singhal |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Mukul Singhal |
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Designation : |
Director |
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Name : |
Mr. Sameer Singhal |
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Designation : |
Director |
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Name : |
Mr. Vivek Singhal |
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Designation : |
Director |
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Name : |
Ms. Manjula Singhal |
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Designation : |
Director |
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Name : |
Mr. P. N. Shah |
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Designation : |
Director |
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Name : |
Mr. M. M. Deshmukh |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Chemical Industries Limited |
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3150000 |
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Samuk Holdings Private Limited |
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640000 |
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Mr. Piyush Singhal |
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640000 |
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Mr. Mukul Singhal |
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640000 |
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Mr. Sameer Singhal |
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640000 |
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Ms. Sunita Singhal |
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640000 |
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Mr. Vivek Singhal |
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0 |
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Chemical Industries Limited |
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20 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Importing, Exporting and Trading of Computer Peripherals. |
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Products : |
v
Smart Card Printers & Solution |
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Agencies Held : |
v
Data Products Group v Tally Limited v
Printer Systems International (PSI), v
PBTI, |
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Exports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Line Printers |
Nos. |
27200 |
27200 |
3043 |
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Sub Assembly |
Nos. |
100000 |
100000 |
-- |
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Cartridges |
Nos. |
100000 |
100000 |
7144 |
GENERAL INFORMATION
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No. of Employees : |
450 |
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Bankers : |
v Canara Bank v The Bank of Rajasthan Limited |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M. Bhandari & Company Chartered Accountants, |
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Address : |
Beawar, |
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Associates: |
v
Chemicals International Limited, v Samuk Holding Private Limited, Mumbai v P. P. Singhal & Company, Mumbai v
Computronics International [ v
Chemicals International Mumbai Private
Limited, v
Lipi
Infosoft Limited Lipi Infosoft Limited has
development centers in Navi Mumbai and Website : http://www.lipiinfosoft.com v
Singhal
Pesticides, Singhal Pesticides, Singhal Pesticides, which manufactures agrochemicals mainly for the market in U.P. over the past 25 years, has earned a big reputation among the farmers for the range and quality of its products. Website : http://www.singhalpesticides.com v
Computronics
Financial Services ( Computronics Financial
Services ( Website : http://www.computronicsindia.com |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10.00 each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5400000 |
Equity Shares |
Rs.10.00 each |
Rs. 54.000 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 |
54.000 |
63.500 |
63.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
343.300 |
309.696 |
271.245 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
397.300 |
373.196 |
334.745 |
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LOAN FUNDS |
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1] Secured Loans |
130.800 |
36.967 |
37.015 |
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2] Unsecured Loans |
1.200 |
1.596 |
10.540 |
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TOTAL BORROWING |
132.000 |
38.563 |
47.555 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
529.300 |
411.759 |
382.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
167.300 |
105.389 |
103.474 |
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Capital work-in-progress |
15.200 |
3.333 |
0.000 |
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INVESTMENT |
5.200 |
16.897 |
46.576 |
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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 |
182.200
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139.764
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116.047
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Sundry Debtors |
264.600
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169.046
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129.747
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Cash & Bank Balances |
64.100
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72.528
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62.733
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
37.100
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28.846
|
26.904
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Total
Current Assets |
548.000
|
410.184
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335.431 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
196.800
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124.044
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103.200
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Provisions |
9.600
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0.000 |
0.000 |
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Total
Current Liabilities |
206.400
|
124.044
|
103.200
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Net Current Assets |
341.600
|
286.140
|
232.231 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.019 |
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TOTAL |
529.300 |
411.759 |
382.300 |
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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 |
1117.800 |
718.800 |
644.800 |
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Other Income |
13.300 |
14.100 |
14.100 |
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Stock Adjustments |
48.000 |
1.700 |
52.300 |
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Total Income |
1179.100 |
734.600 |
711.200 |
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Profit/(Loss) Before Tax |
91.800 |
54.200 |
50.800 |
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Provision for Taxation |
2.800 |
17.600 |
14.800 |
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Profit/(Loss) After Tax |
71.000 |
36.600 |
36.000 |
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Expenditures : |
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Raw Materials |
768.800 |
450.800 |
430.900 |
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Excise Duty |
0.000 |
0.000 |
0.100 |
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Power and Fuel Cost |
2.600 |
2.300 |
4.600 |
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Other Manufacturing Expenses |
0.300 |
0.200 |
4.200 |
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Employee Cost |
90.200 |
58.600 |
46.800 |
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Selling and Administration Expenses |
12.800 |
7.800 |
144.900 |
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Miscellaneous Expenses |
185.300 |
136.700 |
6.500 |
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Interest and Financial charges |
10.000 |
7.800 |
12.500 |
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Depreciation |
17.300 |
16.200 |
9.900 |
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Total Expenditure |
1087.300 |
680.400 |
660.400 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
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0.22
|
0.10 |
0.26 |
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Long Term Debt-Equity Ratio |
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0.22
|
0.10 |
0.08 |
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Current Ratio |
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2.90
|
3.31 |
2.03 |
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TURNOVER RATIO |
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Fixed Assets |
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4.28
|
3.23 |
4.19 |
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Inventory |
|
6.94
|
5.14 |
6.39 |
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Debtors |
|
5.15
|
4.25 |
4.68 |
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Interest Cover Ratio |
|
10.18
|
7.95 |
5.06 |
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Operating Profit Margin |
(%) |
10.65
|
10.88
|
11.35 |
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Profit Before Interest and Tax margin |
(%) |
9.11
|
8.63
|
9.82 |
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Cash Profit Margin |
(%) |
7.90
|
7.35
|
7.12 |
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Adjusted Net Profit Margin |
(%) |
6.35
|
5.09
|
5.58 |
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Return on Capital Employed |
(%) |
21.63
|
15.06
|
19.79 |
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Return on Net Worth |
(%) |
18.43
|
9.81
|
14.13 |
LOCAL AGENCY FURTHER INFORMATION
EXPANSION
With a view to reap
the benefit and seize the opportunities of globalization, the directors have
thought to expand the product base either by manufacturing or taking trading
agencies of the well known multinational companies. They have taken distributorship of renowned
multinational companies for marketing their Laser Printers, Thermal Printers
and Scanners.
The Board has
thought that it is advisable to set up a unit at Baddi a backward industrial
zone in Himachal Pradesh to manufacture new range of products. The unit will be eligible for Excise, Sales
Tax and Income Tax benefit. The
industrial shed has been taken on rent and orders for equipment and machinery
have been placed and received. The production
at Baddi has started effective from 26.05.2005.
AWARDS
9th
consecutive year retained their position of “TOP INTERNATIONAL DISTRIBUTOR”
2004 from Tally Genicom.
Principal
Products/Services
Ř Line Printers
Ř Spare and Accessories
Ř High Speed Heavy Duty Printer
Ř Continuous Stationery
Ř LaserJet Printers
Ř Laser Inkjet Printers for continuous stationary
Ř Bank Passbook Printers
Ř Remanufacture of used toner
Ř Cartridges for laser printers and photocopies of all brands and makes
Award for Excellence in Electronics 1998 received from
Government of India, Ministry of Information Technology,
The company’s fixed assets of important value include leasehold land, factory building, plant and machinery, computer and office vehicles.
Website details
attached
Tapping an unexplored realm of business opportunities marks the beginning of any far-sighted business idea. When the Division of Chemical International ventured into diversification, it was also into one such area - engineering of Heavy Duty, High speed Computer Line Printers.
Thus, was born Lipi Data Systems Limited, in 1986 - a time when only
International Computer Giants like IBM and ICL were present in India.
Adjusting to ever changing business environment and prevailing market situation, subject took advantage of the technology license from Data products Corporation of U.S.A and Tally, Germany (both the companies are world leaders in the field of High Speed Computer Printers) and put the right foot forward, capturing the top slot in high speed printing arena.
Subject has built a reputation for its vast range of high speed heavy duty line printers, dot matrix printers, fanfold laser printers and printer suppliers. In fact, subject printers are sold along with all leading computer systems. Its list of customers comprises top Indian OEMs, various government houses and corporate sectors such as banking and finance, airline, insurance, automobile, etc.
Subject has, over the last 15 years gained the distinction of being the pioneer
in its chosen segment.
Their Resources and Strengths
Market
Leader in Heavy Duty High Speed Computer Line Printers
Amongst
the TOP 5 Computer Peripherals Companies in
Solid
Experience - Commenced Production of Computer Printers in 1986
Dynamic
and Innovative Management Team
Strong
Financial Base
Proven
Ability to Assimilate Sophisticated Technology
Excellent
R and D Facilities to ensure International Standards
Excellent
Reputation for Quality of Products and Services
Effective
Manufacturing Infrastructure
Experience
in Export Computer Line Printers
Holds
ISO 9001 and ISO 9002 Certificate Awards Under Various Catagories
Follows
Japanese Management Concepts like Kaizen and JIT apart from Six Sigma
Contract
Manufacturing
Electromechanical / Electronics Products.
Subject has following major strengths related to assimilation of sophisticated technology
Dynamic
and Innovative Management
Ability
to Achieve International Standards
Capacity
for Indigenization of Foreign Technology for Adaptation to local requirements
Effective
Manufacturing Infrastructure
Capability
of handling flexible volumes
Quest
for six sigma quality standards to strengthen ISO9001, TQM, Kaizen and ISO14000
Subject’s infrastructure now spreads to 4 manufacturing sites –
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60,000 sq. ft. |
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New |
30,000 sq. ft. |
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|
6000 sq. ft. |
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Himachal Pradesh |
20,000 sq. ft. |
Suitable for Electronics / IT Industry. It has a work force of over 600 people with Sales and Service network located at over 90 locations covering all major cities of the country.
Subject can organize contract manufacturing on the following Lines
© Design - Hardware and Software
© Parts Procurement
© Inventory Management
© Prototype/Pilot Production
© Low/High volume Production
© Functional and Environment Testing
© Warranty Repairs
Subject has a complete manufacturing facility including SMT line to undertake Contract Manufacturing of Printed Circuit Board (PCB) Assemblies. Expertise exists in all three types: Through-hole, SMT and Mixed Technology based PCB Assemblies.
With Gerber files/ artworks or inputs, subject provides a total solution from Fabricated PCB's to component assembly and final testing. This avoids outsourcing of so many components and related items from different vendors. The PCB Assemblies are supplied in anti-static packaging wherever applicable.
Their excellent vendor base developed over past several years has resulted in good quality and shorter time cycle. They can take up following job work assignment as per specifications demanded.
Sheet
Steel/Press Components
Machined/Turned
Components
Die
Cast Components
Plastic/Rubber
Molded Items
Springs
Wire
Forms
Glass
Fiber Items
Jigs
and Fixtures
Wire
Harness
PCB Assembly
- One Stop shopping for Electromechanical / PCB Assemblies
- PCB fabrication from Gerber files/ artworks
- Global Sourcing of Components
- Through-hole/ SMD/ Mixed type of Components Assembly (Stuffing)
- Double sided mounting of Components
- Functional Testing (Test specifications required preferably)
- Design support for minor modifications
- Turnkey Manufacturing
- Sample/Prototypes on request
- Small and medium level volumes also acceptable
Materials Management
They can work with subject on either a parts consignment basis or complete turnkey parts sourcing arrangement or a mix of both.
Customers and
Industries
Subject is the name trusted by the customers. Customers have audited and approved subject as their outsourced manufacturing partner for Electronics manufacturing. Flexibility and Quality is what it takes to satisfy our broad set of customers from different fields.
PRINTER SUPPLIES
Subject is an ISO 9001 Company. Established in the year 1986
is renowned for its range of high speed heavy duty Line Printers, Dot Printers,
Fan Fold Laser Printers and Consumables. In fact, it is the only company to
manufacture Line printers in
In Keeping with same objective the Company has introduced high quality printer
ribbons and Compatible Inkjet Cartridges for complete range of Dot-matrix and
Inkjet Printer.
They at subject, with a vast experience of 15 years in printers and print
technology, from the days of old hand printers to present dot matrix/line
matrix and future of Inkjet/Laser understand the pulse of the printers.
They ensure that their customers get high quality ribbons and Inkjet Cartridges
at reasonable prices for efficient healthy functioning of printer for years
together.
v LIPI COMPUTER PRINTER REFILL
v HP COMPATIBLE INKJET CARTRIDGES
v EPSON COMPATIBILITY INKJET CARTRIDGES
Compatible Inkjet
Cartridges
Use of Compatible Cartridge is a global trend, accounting for 50% of the international market. Lipi Inkjet Cartridges are compatible with HP, Canon, Epson and Lexmark inkjet printers, ensuring the Lipi quality on the choice of printer.
Product Highlights
Longest Printer Life
Laboratory tests have proved that Lipi Printer Ribbons/Refills have a longer print life as compared to most of the other Ribbons Refills.
High Quality Ink
Extensive research and stringent quality ensures that the performance of Lipi Cartridges is at par with the best of OEM cartridges.
Superior Print
Quality
Due to minimal variation in print density of the Lipi Ribbons / Refills it gives consistently superior print quality throughout the life.
Extra Ink for Extra
Yield (Model Specific)
Their Cartridges have more ink than any other brands available and thus delivers higher number of prints per cartridge.
Strongest Ribbon weld
Special welding technique ensures strongest weld and minimum charter loss at point of weld.
Customer Audit Simulation
Test (CAST)
Before each batch is packed, it goes through "Cast" in a printer with a set of different test patterns to confirm the effective and efficient functioning of its various parts. Only those that pass these stringent tests are released in the market.
Ink Quality
Lipi Ribbons/Refills do not have a special corrosion free ink that does not corrode the metallic parts nor does it deform the rubber rollers of the printer, thus saving on costly replacements. Also Lipi Ribbons/Refills are Oil based which enables self Lubrication of the print head and moving parts in the Ribbon path.
Clear Image
Unmatched clarity in images printed using Lipi cartridges is the result of complete lack of smudging and ink patches.
Winding Torque
Precise winding torque ensures smooth Ribbon movement and prevents motor overloading.
Long and Lasting
Colours
Lipi cartridges produce enhanced colours, thereby enabling photo quality, real images.
Specially Woven Nylon
Lipi Ribbon/Refills use imported, specially woven Nylon having high ink holding capacity for longer print life. The fabric is of optimum thickness and prevents the piercing of pins thus safe guarding the print head.
Long trouble free
operations
100% guaranteed to offer uninterrupted operation and ensures peace of mind.
Proactive services
In adherence to the Company's policy, each dealer offers prompt and effective service support. Backed by subject direct support thought its network of over 50 branches.
Exports
After its inception as a small scale unit, subject is engaged in manufacture of line printers and sub-assemblies.
The unit has been awarded for excellence in export for computer hardware by ESC (The Electronics and Computer Software Export Promotion Council). The Government of Rajasthan State has honored subject by offering Award for the Export Excellence in the year 1995-96.
The unit has been credited with ISO-9000 series certification for designing, manufacturing and trading of printers and related products.
Recently subject has achieved significant progress in export of Compatible Toner Cartridges.
Alliances
To achieve its mission of being the top printing solutions
company, subject has always sought for international tie-ups with world class
technology providers. First it was Data products in
Subject's forte lies in adapting the best of technology to suit Indian
conditions. The alliances have helped subject deliver the most advanced,
technologically superior products to its discerning buyers.
The collaboration with Tally Genicom brings line printers, dot matrix printers
and laser printers. Subject also manufactures and exports compatible printer
/copier cartridges in collaboration with PBT International Limited
Awards
Subject's unending quest for excellence has been appreciated
and honored by the customers, industry and government. Its outstanding performance
has seen Lipi printers finding their way to advanced countries like US, Europe,
v
"Excellence in Exports of Hardware (SSI)
for 1995-96" by Electronics and Computer Software Promotion Council,
Ministry of Commerce, Government of
v "Highest Export" award in Computer Hardware amongst SSI category in 1996-97.
v "Excellence in Export of Engineering and Electronics for 1995-96" by Govt. of Rajasthan.
v
"Top Reseller Award for 1996, 1997 and 1998
for Highest Professional Standards and Customer Support” by their collaborators
v "Outstanding contribution in IT Hardware Exports" awarded by Manufacturers Association for Information Technology for 1996-97.
v "Best Sellers in printers" by IS Computer World (ISCW) Premier 200 Techies '97.
v "Best Exhibitor" for computer exhibition 1997 organized by Computer Society of India, Vadodara Chapter.
v "One of the Best Service Providers" during CSI'97 at Ahmedabad.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.44 |
|
|
1 |
Rs. 82.03 |
|
Euro |
1 |
Rs. 55.42 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|