MIRA
INFORM REPORT
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Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ACE DESIGNERS LIMITED |
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Formerly Known As : |
ANUPAM MACHINE TOOLS PRIVATE LIMITED |
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Registered Office : |
Plot No. 7 and 8, II Phase, Peenya Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.09.1986 |
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Com. Reg. No.: |
08-7816 |
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CIN No.: [Company
Identification No.] |
U29199KA1998PTC007816 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA00221E |
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PAN No.: [Permanent
Account No.] |
AABCA2364F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers, Exporters and Traders of All
Types of CNC Lathes, Plant and Machinery, Components and Accessories, etc. |
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 3800000 |
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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 having satisfactory track
records. Available information indicates satisfactory financial
responsibility of the company. 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. |
LOCATIONS
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Registered Office : |
Plot No. 7 and 8, II Phase, Peenya Industrial Area, Bangalore –
560058, Karnataka, India |
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Tel. No.: |
91-80-22186700 |
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Fax No.: |
91-80-22186723 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 282, IV Phase, Peenya Industrial Area, |
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Tel. No.: |
91-80-28394119 |
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Fax No.: |
91-80-28361507 |
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Area : |
5000sq.mtrs [Owned] |
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Factory : |
Plot No. 533, 10th
Main, IV Main, Peenya Industrial Area, |
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Tel. No.: |
91-80-28361503-06 |
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Fax No.: |
91-80-28361507 |
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E-Mail : |
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Website : |
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Area : |
5000sq.mtrs [Owned] |
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Factory : |
Plot No. A-49, 2nd Main Road, II Stage, Peenya
Industrial Area, |
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Tel. No.: |
91-80-28361601 |
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Area : |
4000sq.mtrs [Owned] |
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Factory : |
Plot GF-1, KSSIDC Flat, Peenya Industrial Estate, |
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Area : |
4000sq.mtrs [Owned] |
DIRECTORS
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Name : |
Mr. Shrinivas Govindrao Shirgurkar |
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Designation : |
Director |
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Address : |
126, Daanya, |
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Date of Birth/Age : |
08.04.1948 |
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Date of Appointment : |
25.05.1986 |
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Name : |
Mr. Benedict Machado |
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Designation : |
Director |
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Address : |
583, 1st Main, 2nd Stage, 3rd Block,
RMV Extension, |
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Date of Birth/Age : |
04.12.1948 |
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Date of Appointment : |
25.09.1986 |
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Name : |
Mr. Shankar Arunachalam |
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Designation : |
Director |
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Address : |
7 / 6, No. A23, 12th Cross, 6th Main, Fascinate
Apartments, Malleswaram, |
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Date of Birth/Age : |
02.12.1959 |
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Date of Appointment : |
09.02.2002 |
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Name : |
Mr. Srinivasan Rangarajan |
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Designation : |
Director |
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Address : |
Dhanya, 126, |
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Date of Birth/Age : |
10.09.1941 |
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Date of Appointment : |
09.02.2002 |
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Name : |
Mr. Ashok Vishwanath Sathe |
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Designation : |
Director |
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Address : |
No. 252, 15th “D” Cross, 2nd Phase, 2nd
Stage, Mahalakshmipuram, |
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Date of Birth/Age : |
17.03.1940 |
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Date of Appointment : |
25.09.1986 |
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Name : |
Mr. H R Sampath Kumar |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
01.01.0955 |
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Date of Appointment : |
18.11.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Manisha Trust |
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13500 |
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Madhavi Trust |
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13500 |
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Preethi Trust |
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13500 |
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Shirgurkar S Bharati |
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108000 |
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Philamena Machado |
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148500 |
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Padma A Sathe |
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162000 |
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G D Shirgurkar (HUF) |
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27000 |
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Shrinivas G Shirgurkar |
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432000 |
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Benedict Machado |
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432000 |
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Ashok Vishnanath Sathe |
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432000 |
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Total |
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1782000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers, Exporters and Traders of All Types of CNC Lathes, Plant and Machinery, Components and Accessories, etc. |
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Products : |
+ Centre lathes + Turning Centres + Vertical Turning Machines + Standard 2 axes CNC Lathes + CNC Lathes with rotary tools and “C” axis + 2 Axes Gang style CNC Chuckers + Front loading twin spindle chucker + Auto Lathes – Modular multi slide machines built around the part to be machined + Bearing Ring Turning Machines + Special machines for the IC engine valve industry |
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GENERAL INFORMATION
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No. of Employees : |
450 (150 persons in office and factory no. 1 and 300 persons in 3 plants i.e. 100 persons in each.) |
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Bankers : |
Syndicate
Bank, Industrial Finance Branch, Tel. No. 91-80-25587294 Fax No. 91-80-25582273 |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
P A Ghatage and Company Chartered Accountants |
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Address : |
124, |
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Associates: |
+ ACE Manufacturing Systems Limited A 153 & 154, 2nd C
Main, II Stage, Peenya Industrial Estate, Tel. No. 91-80-28360508 / 09 / 10 Fax No. 91-80-28362791 E Mail : ams@vsnl.com - Subject’s manufacturing systems is the machining centre manufacturing company of the ACE group. In a short span of time the company has grown rapidly to become the numero ono in the country for sales of vertical machining centers. + ACE Multi Axes Systems Limited A-50, 2nd C Main, II Stage,
Peenya Industrial Estate, Tel. No. 91-80-28360024 Fax No. 91-80-28361507 E Mail : amasinfo@acedesigners.com Contact Person : Mr. H. L. Ramesh – Managing Director - The company caters to the heavy machining requirements of the machine tool industry. This servers as an in-house facility for the ACE group where all the heavy parts like bed column, saddl, etc. are machined to high tolerances in a single set up on a fie face machining center. + Auto CNC Machining Private Limited 356, 9th Cross, 4th
Phase, Peenya Industrial Area, Tel. No. 91-80-28361264 / 1266 Fax No. 91-80-28361265 E Mail : autocnc@vsnl.net Website : http://www.acedesigners.com Contact Person : Mr. B. M. Arvind / Mr. Vinayak Kamat - The company is known in the industry circles is an ACE group company catering to the competitive automotive sector and other manufacturing industries that need precision turned parts in large volumes. - It is equipped with a battery of CNC lathes, machining centres and other general purpose machines like cylindrical grinder, centreless grinder, etc. - Its’ major clients are : + MICO Bosch +
TVS Suzuki + Larsen & Toubro + Pragati Engineering Works Plot 413, 4th Phase,
Peenya Industrial Area, Tel. No. 91-80-28361543 Fax No. 91-80-28361549 E Mail : pragati@cheerful.com Website : http://www.pragati-turret.com Contact Person : Mr. Ashok V. Sathe - Subject was set up in 1975 and was the first manufacturing concern of the group. It is a global provider of key machine tool accessories and sub systems. - It has a modern 10000 sq.fts. manufacturing plant with CNC lathes, machining centres, special grinders, etc. - It exports its products to + Micromatic Machine Tools Private Limited No. 271-272, Udyog Bhjavan, Tel. No. 91-80-28717271 / 2 Fax No. 91-80-2875699 E Mail : mmtbom@bom5.vsnl.net.in Contact Person : Mr. P. A. Pandit – Executive Director - Subject is one of the + Micromatic Grinding Technologies Limited C-257, Tel. No. 91-120-24712137 / 69 / 79 Fax No. 91-120-24717823 / 24716536 E Mail : mgtl@satyam.net.in Website : http://www.acedesigners.com Contact Person : Mr. N. K. Dhand – Managing Director - Subject is one of the premier manufacturers of cylindrical grinders and their machines have been synonymous with precision grinding for the last 2 decades in the country. - From a very humble beginning, today it has a modern manufacturing facility with CNC machines, CAD center, a well equipped metrology lab, etc. - The
company has tie up with Central Manufacturing Technology Institute a premier machine tool
Institute in + Pragarti Automation Private Limited |
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Subsidiaries: |
+ ACE International Inc. 49684, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.100/- each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1782000 |
Equity Shares |
Rs.100/-
each |
Rs.178.200
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
178.200 |
178.200 |
178.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
794.112 |
441.941 |
166.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
972.312 |
620.141 |
345.100 |
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LOAN FUNDS |
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1] Secured Loans |
116.413 |
8.887 |
7.900 |
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2] Unsecured Loans |
46.744 |
47.173 |
45.500 |
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TOTAL BORROWING |
163.157 |
56.060 |
53.400 |
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DEFERRED TAX LIABILITIES |
20.572 |
17.510 |
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TOTAL |
1156.041 |
693.711 |
398.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
302.463 |
274.115 |
226.700 |
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Capital work-in-progress |
6.638 |
0.084 |
0.000 |
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INVESTMENT |
161.894 |
102.634 |
11.900 |
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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 |
346.747 |
242.378 |
236.900 |
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Sundry Debtors |
399.955 |
256.160 |
210.000 |
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Cash & Bank Balances |
159.647 |
180.349 |
60.400 |
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Other Current Assets |
156.356 |
44.860 |
0.000 |
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Loans & Advances |
67.104 |
36.765 |
261.500 |
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Total
Current Assets |
1129.809
|
760.512 |
768.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
431.847 |
354.175 |
332.500 |
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Provisions |
12.916 |
89.459 |
276.400 |
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Total
Current Liabilities |
444.763
|
443.634 |
608.900 |
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Net Current Assets |
685.046 |
316.878 |
159.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1156.041 |
693.711 |
398.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2627.953 |
2066.403 |
1628.600
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Other Income |
48.776 |
29.224 |
3.800 |
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Total Income |
2676.729 |
2095.627 |
1666.600 |
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Profit/(Loss) Before Tax |
714.016 |
579.458 |
339.200
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Provision for Taxation |
229.769 |
192.653 |
122.300
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Profit/(Loss) After Tax |
484.247 |
386.805 |
216.900
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Earnings in Foreign Currency : |
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Total Earnings |
146.068 |
129.541 |
NA |
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Imports : |
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Raw Materials |
79.390 |
51.592 |
NA |
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Total Imports |
79.390 |
51.592 |
NA |
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Expenditures : |
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Interest |
7.896 |
8.203 |
14.500
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Depreciation & Amortization |
26.342 |
21.363 |
30.000
|
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Other Expenditure |
1991.946 |
1526.688 |
1282.900 |
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Total Expenditure |
2026.184 |
1556.254 |
1327.400 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
18.09 |
18.46 |
13.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
27.17
|
28.04 |
20.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
49.85
|
56.01 |
34.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.73
|
0.93 |
0.98 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.81 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
|
2.54
|
1.71 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
History
The subject was originally incorporated on September 25, 1986 as “Anupam
Machine Tools Private Limited” and the name of the subject company had been
changed to “Ace Designers Private Limited” with effect from November 28, 2001.
Subsequently the subject has changed to its present name i.e. “ACE Designers
Limited” with effect from December 27, 2001.
It is in trade terms
with:
+ Shekar Engineering Works
+ Miven Mayfran Conveyors Private Limited
+ Sur Henning Private Limited
+ Bangalore Forge Private Limited
+ Bormill Tech Tools
+ Aegis Industries
+ Tetra Treats
+ Welgrind
Website Details Attached:
Company Profile:
The
Beginning:
Subject was set up in 1979 as a machine tool designing
Service Company. The company began its foray into manufacturing of machine
tools in 1982 when it was commissioned to make a range of special purpose
import substitution machine tools needed by the I. C. Engine valve industry
The Promoters:
Three
engineers, Mr. A.V. Sathe, Mr. Shrinivas G. Shirgurkar and Mr. B. Machado
promoted the company as a partnership. Together, they pooled into their
new venture a total of 35 years of machine tool experience, all of it
accumulated at the central manufacturing technology Institute,
The Journey:
The first product developed by Ace designers was the
Auto Lathe - a multi slide automatic production turning machine, built on the
modular concept around the “component to be machined” and supplied as a
complete machining solution with custom designed work holding and tooling. This
machine became very popular with the auto components and the two-wheeler
industry & the industry leader in its class.
Ace started
manufacture of CNC Machines in 1986 and their first CNC Chucker LC-16 was
adjudged the best-designed machine at the IMTEX 86. “Today, Ace designers
are the largest manufacturer of CNC Lathes in
The company is ISO 9001 certified by RW TUV.
Infrastructure
& Facilities:
The operations were spread over 4 manufacturing facilities
in Peenya Bangalore. Ace has now acquired an 8-Acre plot and is presently
consolidating all of its manufacturing facility in a single location. These facilities include:
· Modern component production
shop with CNC Lathes,
· Sheet metal plant with CNC
bending machines, shearing machines
· Design facility equipped
with CAD infrastructure - Microcadem & Pro E software
· Precision testing &
quality control equipment - Laser interferometer, a Roundness Tester, Surface
Tester, Renishaw Ball bar Tester & CMM
· Detailed documented
manufacture testing & assembly procedures
· State of the art Information
technology infrastructure consisting of a company wide LAN, MRP, CRM & Mail
·
Trained work force with emphasis on correct
processing rather than on post-production inspection.
·
Ethical Business Practices
Research & Development:
· The strong research and development
set-up is the backbone of the Company's growth. The existing products are
continuously improved with user feedback and new products introduced.
· The Department of Scientific and
Industrial Research, Ministry of Science and Technology granted in-house
R&D unit recognition since 1992.
· It’s a matter of pride that Ace
does not rely on any technical collaborator and all product development is
internal
·
The core competence of the company is in converting design concepts into
working products quickly & cost effectively
Exports & Overseas Operations:
As a result of continuous expansion, Ace has kept
looking for new markets; it began its export foray in the eighties with exports
of Auto Lathes with automatic load/unload systems for the bearing Industry. A
large number of these machines are in use and regularly exported to
- Ace
designers has set up a wholly owned subsidiary ACE INTERNATIONAL, INC.
in Michigan USA to establish a foot hold in the competitive US markets.
- Ace
has about two hundred CNC Lathes working with international customers in
Italy Australia,
- Ace
exports machines & have an established distributor network in
- Efforts
are on way to set up a distributor network in
Time line
with major events: (Milestones)
1979: Ace Designers was set up as a machine tool designing Service
Company.
1982: Took up manufacture of special (Import Substitution) machines for the I.
C. Engine Valve Industry.
Displayed the first indigenously produced Friction Welding machine at IMTEX
1984: “Ace Auto Lathe” -A multi slide Automatic turning machine for large
volume production is introduced.
1985: Auto Lathe is established as a production machine of choice in the two
wheeler and auto ancillary sectors.
1986: Developed CNC machines. LT-20 a slant bed CNC Lathe and LC-16 a CNC
Chucker were displayed at IMTEX.
LC-16 CNC bags the PMT/CMTI award for the best design at IMTEX.
1987: “Best Small Scale Entrepreneur” - I Prize National Award. Presented
by the President of
Began Exports. Exported the Auto Lathe to
1988: LC-16 CNC bags the “most innovative product” award at INTEC-88 in
“Best Entrepreneur award” -Awarded by the Rotary Club of Bangalore
1989: “Special Recognition Award” – Awarded by the KLN Foundation Trust.
Became a Private Limited Company.
Developed a Horizontal Machining Center.
1990: Developed an Export model CNC Lathe LT-2 CNC
1991: Plant II Inaugurated. All assembly, testing, tooling & trial
activities moved to a new 4500 sq. meter facility with modern amenities.
1992: In house R&D granted recognition by the Department of Scientific
& Industrial Research - Ministry of Science and Technology.
“Foundation for Industrial Excellence Award” - Awarded at IMTEX for the Auto
Lathe Transfer line exhibited.
Developed the first Indigenous Twin Spindle CNC Chucker LCXT-16
A wholly owned Subsidiary “Ace International, Inc.” was incorporated in
Michigan USA to tap the North American Markets and export Indian Machines to
USA & Canada.
1994: Established Ace Manufacturing Systems Limited to manufacture Horizontal
& Vertical Machining Centers.
1995: “Excellence as an Entrepreneur of Karnataka” - Awarded by K.S.F.C.
“DSIR National Award” - Awarded for R&D efforts in the Mechanical
Engineering Industries by the Government of India.
1996: Established Ace Multi Axes Systems Limited to provide volume heavy
machining facilities. Installed a 5 Face Machining Center.
Largest CNC Lathe manufacturer in
Became a deemed Public Limited Company.
1997: Established Plant III for Sheet Metal Facilities.
Obtained ISO 9001 certification from RW TUV.
Retained the position of the largest CNC Lathe Manufacturer in the Country.
1998: Introduced Jobber a Cost effective full-fledged CNC Lathe for Job shops
at IMTEX 98.
Retained the position of the largest CNC Lathe Manufacturer in the Country.
1999 Jobber becomes the largest selling CNC Lathe model in the country
2000 Participated in the National Machine tool Show. Introduced Colt a flat bed
linear indexing chucker for small parts
Obtained ISO 9000 re-certification from RW TUV
Retained the position of the largest CNC Lathe Manufacturer in the Country.
2002 Acquired an 8 Acre plot with 2 manufacturing shops for consolidation of
facilities
Participated in the National Machine tool Show. Introduced SLG-100 a CNC Lathe
with automatic loading unloading for ring type components.
Retained the position of the largest CNC Lathe Manufacturer in the Country.
2003 Installed Mazak pallet pool machines & introduction of flow line
concept for assembly of JobberXL CNC lathes.
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.41.57 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
60 |
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. |
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 |
|