MIRA
INFORM REPORT
|
Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT GLASS
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
100 Centre Point, P. B. No. 6004, Morarjee Mills Compound,
Dr. Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
06.02.1998 |
|
|
|
|
Com. Reg. No.: |
11-113433 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28992MH1998PTC113433 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTG00256E |
|
|
|
|
Legal Form : |
Private Limited Liability Company. The company is a subsidiary of Nicholas Piramal India Limited. |
|
|
|
|
Line of Business : |
Manufacturing of Glass Containers. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having satisfactory track records. Financial position is good. Payments are
correct and as per commitments. The
company is doing well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
100 Centre Point, P. B. No. 6004, Morarjee Mills Compound,
Dr. Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra, India |
|
Tel. No.: |
91-22-24134653 / 54 / 24144687 |
|
Fax No.: |
91-22-24146006 / 24134651 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Peninsula Corporate
Park, 1st Floor, Nicholas Piramal Tower, Ganpatrao Kadam Marg,
Lower Parel [West], Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30466969 /
56636666 |
|
Fax No.: |
91-22-24908824 /
56636666 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
plant
I
Tel. No.: 91-2629-231701 – 5 Fax No.: 91-2629-231271 E-Mail: mprasad@gujaratglass.co.in plant
ii
Off. Masar Chowkadi, Tel. No.: 91-2644-233313 – 7 Fax No.: 91-2644-233282 E-Mail: sagarwal@gujaratglass.co.in Plant
III
148, Tel. No.: 91-1-2635481 – 83 Fax No.: 94-1-2635484 E-Mail: niraj@ceylonglass.lk |
DIRECTORS
|
Name : |
Mr. Ajay G. Piramal |
|
Designation : |
Chairman |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
03.08.1955 |
|
Qualification : |
B.Sc., M.M.S. (Bom)., A.M.P. (Harvard) |
|
Date of Appointment : |
06.02.1998 |
|
Previous Employment : |
Morarjee and
Goculdas Spinning and Weaving Company Limited – Chairman and Managing
Director |
|
|
|
|
Name : |
Mr. Vijay Shah |
|
Designation : |
Managing Director
|
|
Address : |
Flat No. 25, 22nd
Floor, Kanchanjunga 72, Peddar road, Mumbai – 400026, |
|
E-mail : |
|
|
Date of Birth/Age : |
11.06.1958 |
|
Date of Appointment : |
06.02.1998 |
|
Previous Employment : |
v
Kojam
Fininvest Limited U65999GJ2003PLC042560 v
Piramal
Enterprises Limited U92190MH1999PLC118545 |
|
|
|
|
Name : |
Ms. Urmi Ashok
Piramal |
|
Designation : |
Director |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
19.07.1952 |
|
Date of Appointment : |
12.03.1998 |
|
|
|
|
Name : |
Mr. Bharat Kewalramani |
|
Designation : |
Director |
|
Address : |
232, |
|
Date of Birth/Age : |
03.03.1960 |
|
Date of Appointment : |
02.04.1998 |
|
|
|
|
Name : |
Mr. Shitin Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Swati A.
Piramal |
|
Designation : |
Director |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
28.03.1956 |
|
Date of Appointment : |
12.03.1998 |
|
|
|
|
Name : |
Mr. Ajay Ramdhan
Relan |
|
Designation : |
Director |
|
Address : |
C-21, 2nd
Floor, Defence Colony, |
|
Date of Birth/Age : |
09.12.1953 |
|
Date of Appointment : |
02.04.1998 |
|
|
|
|
Name : |
Mr. Sunil
Kulkarni |
|
Designation : |
Managing Director
|
|
Address : |
6, Sankalpita, |
|
Date of Birth/Age : |
12.05.1947 |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. Gaurav K.
Mathur |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
15.11.1974 |
|
Date of Appointment : |
24.03.2003 |
|
|
|
|
Name : |
Mr. Cyrus D.
Driver |
|
Designation : |
Alternate
Director |
|
Address : |
Flat 3-1, Spenta Chs
Limited, Little GIBS, Malbar Hill, Mumbai – 400006, |
|
Date of Birth/Age : |
14.04.1977 |
|
Date of Appointment : |
29.07.2005 |
|
|
|
|
Name : |
Mr. Umesh Mohan
Asaikar |
|
Designation : |
Manager |
|
Address : |
6, Tirupati Apartments,
|
KEY EXECUTIVES
|
Name : |
Mr.
Prashant Mistry |
|
Designation : |
Company
Secretary |
|
Address : |
E – 401,
Railnagar Co-operative, |
|
Date of Birth/Age : |
26.09.1973 |
|
Date of Appointment : |
01.12.2000 |
|
|
|
|
Name : |
Mr. Partha Sarathi De |
|
Designation : |
President-Finance,Glass
Group |
|
E-Mail: |
|
|
|
|
|
Name : |
Mr. P
Mohanty |
|
Designation : |
General
Manager (Cosmetics & Perfumery) |
|
E-Mail: |
Mobile
00919821893105
Direct
00912230466944 |
|
|
|
|
Name : |
Mr. R
Venkatachalam |
|
Designation : |
General
Manager (Food and Pharma) |
|
E-Mail: |
Mobile
No. 00919821223153 Direct
Number 0091223046945 |
|
|
|
|
Name : |
Mr. Gurvikram Singh |
|
Designation : |
Senior
GM- Manufacturing |
|
E-Mail: |
|
|
|
|
|
Name : |
Mr. Sanjay Tiwari |
|
Designation : |
President |
|
E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Kojam Fininvest
Limited |
|
9300000 |
|
Indocean
Packaging Limited |
|
2170000 |
|
The |
|
4750000 |
|
Indiahold Limited
|
|
1080000 |
|
Total |
|
17300000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Glass Containers. |
|
|
|
|
Products : |
© Cosmetics / Toiletries ©
Stationers |
GENERAL INFORMATION
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
Tel No. : 91-22-2496393 Fax No. : 91-22-24790965 |
|
|
|
|
Facilities : |
- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti & Company Chartered Accountants |
|
Address : |
18 Haribhakti
Colony, |
|
|
|
|
Parent Company : |
Nicholas Piramal Limited |
|
|
|
|
Associates: |
© Rhone-Poulenc
( © Drs. Tribedi & Roy Diagnostic Laboratories Limited © NPIL-Dr. Phadke Pathalogy Laboratory & Infertility Center Limited © NPIL Fininvest Limited © Piramal International |
|
|
|
|
Subsidiaries : |
© Ceylon Glass Company Limited 148, Tel. No.: 91-1-635481 – 83 Fax No.: 94-1-635484 E-Mail: niraj@ceylonglass.lk - incorporated on 17th May 1955, was set up by a consortium comprising of Government of - It manufacturers bottle in flints and amber colour. It is used by beverages, food, pharma, and cosmetic and agrochemical industries. - It bottle range is from 30 ml to 100 ml and in wide and attractive array of shapes. © GG USA Inc. ©
Kojam
Fininvest Limited U65999GJ2003PLC042560 ©
Piramal
Enterprises Limited U92190MH1999PLC118545 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 650.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17300000 |
Equity Shares |
Rs. 10.00 each |
Rs. 173.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
173.000 |
173.000 |
318.000 |
|
|
1] Share Capital |
0.000 |
0.000 |
0.000 |
|
|
2] Share Application Money |
1980.980 |
1684.000 |
1574.800 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
2153.980 |
1857.000 |
1892.800 |
|
|
NETWORTH |
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2258.280 |
2500.600 |
2365.600 |
|
|
2] Unsecured Loans |
1570.770 |
623.700 |
852.400 |
|
|
TOTAL BORROWING |
3829.050 |
3124.300 |
3218.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5983.030 |
4981.300 |
5110.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4055.200 |
3950.900 |
4203.100 |
|
|
Capital work-in-progress |
139.490 |
12.300 |
6.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
425.810 |
290.100 |
290.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
516.420
|
597.900
|
552.700 |
|
|
Sundry Debtors |
667.660
|
502.200
|
293.900 |
|
|
Cash & Bank Balances |
40.550
|
19.100
|
17.600 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
541.370
|
416.600
|
448.100 |
|
Total
Current Assets |
1766.000
|
1535.800
|
1312.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
268.240
|
530.800
|
504.700 |
|
|
Provisions |
145.130
|
290.700
|
215.800 |
|
Total
Current Liabilities |
413.370
|
821.500
|
720.500 |
|
|
Net Current Assets |
1352.630
|
714.300
|
591.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
9.900 |
13.700 |
19.200 |
|
|
|
|
|
|
|
|
TOTAL |
5983.030 |
4981.300 |
5110.800 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
3098.990 |
2799.430 |
2901.100 |
|
|
Other Income |
288.770 |
99.900 |
0.000 |
|
|
Total Income |
3387.760 |
2899.330 |
2901.100 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
311.470 |
232.570 |
165.900 |
|
|
Provision for Taxation |
14.530 |
58.680 |
61.500 |
|
|
Profit/(Loss) After Tax |
296.940 |
173.900 |
104.400 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
695.000 |
650.360 |
|
|
|
Salaries, Wages, Bonus, etc. |
315.950 |
294.730 |
|
|
|
Managerial Remuneration |
9.780 |
8.610 |
|
|
|
Payment to Auditors |
0.560 |
0.510 |
2989.000 |
|
|
Interest |
147.440 |
180.070 |
|
|
|
Insurance Expenses |
13.550 |
14.660 |
|
|
|
Power & Fuel |
495.480 |
371.020 |
|
|
|
Other Expenditure |
1398.530 |
1146.800 |
|
|
Total Expenditure |
3076.290 |
2666.760 |
2989.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
8.77
|
6.00 |
3.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.05
|
8.31 |
5.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.35
|
4.24 |
3.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.13 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.97
|
2.12 |
2.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.27
|
1.87 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 6th February, 1998
at Mumbai in Maharashtra as a private limited liability company under the name
and style of Gujarat Glass (Private) Limited having Company Registration Number
113433. Subsequently, it became a
deemed public limited liability company.
Again the company converted into Private Limited Liability Company.
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U28992MH1998PTC113433 |
|
Name of the
company |
GUJARAT GLASS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Peninsula
Corporate Park, 1st Floor, Nicholas Piramal Tower, Ganpatrao Kadam
Marg, Lower Parel [West], Mumbai – 400013, Maharashtra, India |
|
Type of charge |
Movable property |
|
Particular of
charge holder |
Export – Import
Bank of |
|
Nature of description
of the instrument creating or modifying the charge |
Unattested deed
of hypothecation executed by the company as the guarantor to secure the loan
of USD 30 million ranted to its wholly owned subsidiary, Gujarat glass
international inc. |
|
Date of
instrument Creating the charge |
22.09.2006 |
|
Amount secured by
the charge |
Rs. 1380.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest USD LIBOR + 285
bps p.a. payable quarterly Terms of
repayment Repayable in 17
step up instalments commencing 24 months after the dated of first
disbursement, tentatively from September, 2008 |
|
Short particulars
of the property charged |
Movable plant and
machinery, equipment, appliances, furniture, vehicles, machinery spares and
stores, tools and accessories and related movables now belonging or which may
hereafter belong to the guarantor and wherever situate |
Generic Name of the Principal Product of the company is as under:
|
Item code no. |
Product Description |
|
70109001 |
Glass Containers |
WEBSITE DETAILS
Company Profile
The 100 billion rupee Indian market for packaging material (of which 9 billion is
glass containers) has witnessed the emergence of a company, Gujarat Glass
(Private) Limited (GGL) that has been extremely successful through a strategy
of being "totally fixated" on the needs and expectations of the
customer. Gujarat Glass (Private) Limited is a leading manufacturer of glass
packaging for pharmaceutical and cosmetic products. A dynamic venture of Piramal
Enterprises, Gujarat Glass was acquired in 1984. In 1990-91, the
company was merged into Nicholas Piramal India Limited, a major pharmaceutical
company of the group. In 1998, Gujarat Glass was formed as an independent
subsidiary of Nicholas Piramal, with 54% of the shareholding with Nicholas
Piramal and 46% held by a consortium of international investors.
Since the time Gujarat Glass was acquired, its products were strategically for
the healthcare industry, unlike other glass companies catering to diverse
industries. Gujarat Glass has focused on being the leading provider of
"flaconnage" (glass containers for the quality conscious
pharmaceutical and cosmetics industries). With a compounded annual sales growth
of over 35%, GGL enjoys a leadership position in the niche pharmaceutical
packaging segment that it operates in. Its market share has jumped from about
20% a few years ago to over 40%. GGL is the only company in
Infrastructure
GGL has invested extensively in modern manufacturing facilities. The
company has 3 manufacturing facilities - in Kosamba, near
Their Jambusar plant is the world's largest pharma amber bottles manufacturing
plant at a single location. In all, the 7 furnaces of the company with 27
automatic production lines, many of which are electronically controlled
state-of-the-art machines, produces 7 million glass bottles and vials every day
throughout the year for quality conscious customers in the healthcare and
cosmetics industry. Power is an important input in glass manufacturing. To
ensure regular and high quality power supplies, Gujarat Glass has two natural
gas based captive power plants at Kosamba and Jambusar to meet its power
requirements.
Total Quality Management
In its various business processes, Gujarat Glass has imbibed all the elements of a systematic approach to excellence in results. Gujarat Glass is the first in their industry to receive ISO-9002 certification from the internationally recognized Bureau Veritas Quality International (BVQI) in 1996, and was re-certified for continued adherence in 1999. The company is also the first and only one in our industry to attain the ISO-14001 certification for the Jambusar location. Gujarat Glass has been extremely TQM-focused and has invested extensively in people development and information technology. The ERP system in use is MFG-PRO and aims at bring in increased efficiencies in the various business processes. Very recently, a major B-to-B initiative has been the enabling of transactions between Gujarat Glass and its customers through their website (gujaratglass.com), with the launch of their application: "cyberglassmart". All this is towards enabling us to provide speedy, prompt and better service.
Gujarat Glass has been the proud recipient of the Best Vendor Award in
packaging from the Organization of Pharmaceutical Products of India (OPPI) for
two years in succession (1996 and 1997), leading it closer to becoming the most
admired packaging company in
Gujarat Glass has been relentlessly striving to raise the standards of their performance on the quality front. Working together with many pharmaceutical companies has, indeed, helped us. In some cases, the task forces formed jointly by customers and Gujarat Glass, have led to significantly better performance where objectives were set. Gujarat Glass focuses on the just-in-time concept to ensure that customers do not have to hold huge inventories. Warehousing facilities at their plants and elsewhere are ample evidence of this desire of Gujarat Glass to lower customers' inventory carrying cost.
Future Outlook
Subject seeks to further strengthen its leadership in the
domestic market. The company is keen to increase its shares with existing
customers and looks forward eagerly to new business. There is also a major
thrust planned on the exports front to tap the huge potential that exists in
the international market. Gujarat Glass seeks to consistently meet and exceed
the needs and expectations of its quality conscious customers in
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. 40.86 |
|
|
1 |
Rs. 81.62 |
|
Euro |
1 |
Rs. 55.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
|
55 |
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 |
|