MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
NEW ERA MACHINES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.07.1989 |
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Com. Reg. No.: |
16-9499 |
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CIN No.: [Company
Identification No.] |
U29269PB1989PTC009499 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDN00676E /
JLDN00718E / |
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PAN No.: [Permanent
Account No.] |
AAAFN8057G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of Biscuit
Making Machineries and Accessories. |
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 250000 |
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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. General financial position is
satisfactory. Directors are reported as experienced, respectable and having
satisfactory means of their own. Financial position is satisfactory. Payments
are usually correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-161-2844999 /
2510777 |
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Fax No.: |
91-161-2845352/
2510778 |
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E-Mail : |
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Website: |
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Area : |
18200 sq. meters |
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Location : |
Owned |
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Head Office : |
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Tel. No.: |
91-161-2510777/2510778 |
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Fax No.: |
91-161-2510776 |
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E-Mail : |
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Area : |
1 acre |
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Factory 1 : |
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Tel. No.: |
91-161-2844999 /
2510777 |
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Fax No.: |
91-161-2845352/
2510778 |
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Area : |
18200 sq. meters |
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Location : |
Owned |
DIRECTORS
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Name : |
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Designation : |
Director |
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Address : |
128, |
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Date of Birth/Age : |
15.08.1936 |
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Qualification : |
Graduate |
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Date of Appointment : |
05.07.1989 |
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Name : |
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Designation : |
Director |
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Address : |
128, |
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Date of Birth/Age : |
01.03.1961 |
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Qualification : |
Graduate |
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Date of Appointment : |
05.07.1989 |
KEY EXECUTIVES
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Name : |
M L Arora and
Associates |
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Designation : |
Company Secretary |
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Address : |
43 Lane No. 1,
Model Gram, |
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Tel. No.: |
91-161-2546812,
2773324 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Surinder Kaushal |
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247380 |
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Mr. Sanjeev Kaushal |
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109060 |
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Mr. Rupen Kaushal |
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71820 |
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Mr. S M Kaushal |
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228000 |
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Mr. Udit Kaushal |
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24700 |
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Mr. Ankit Kaushal |
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49020 |
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Mrs. Veena Kaushal |
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94430 |
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Mrs. Ambica Kaushal |
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63840 |
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Mr. Sanjeev Kaushal HUF |
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32300 |
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Mr. Mohan Kaushal |
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29450 |
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Total |
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950000 |
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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 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Biscuit
Making Machineries and Accessories. |
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Products : |
§
Biscuits
Making Plant and Spares §
Cloth
Stitching Machines |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C upto 60 days
basis |
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Purchasing : |
L/C upto 60 days
basis |
GENERAL INFORMATION
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Suppliers: |
§
TUV Sudeeutschland §
Mettler
Toledo India Private Limited §
Kundan
Industries Limited §
Sterco
Digitex Private Limited §
Pi-Tech
International |
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Customers : |
§
Wholesalers
§
End
Users §
Retailers
Ř
Parle
Products Limited North Level Crossing, Near Vile Parle (East), Mumbai 400 057, Maharashtra, Contact Person :- Tel. 91-22-56916922/24 Fax. 91-22-56916927 E-mail. nevatiars@parle.biz Ř
Parle
Products Limited 15th, 3rd,
Kilometer, Mile Stone, Contact Person :- Tel. 91-22-256916922/24 Fax. 91-22-256916927 E-mail. nevatiars@parle.biz Ř
Parle
Biscuits Limited Sankhoi, Bahadurgarh-124 507, Contact Person:- Tel. 91-1276-341220/341547/48/341648 Ř
Parle
Products Limited Neemrana, Contact Person :- Tel. 91-1276-341220/341547/48/341648 Ř
Britannia
Industries Limited 33, Contact Person :- Tel. 91-11-27187184 to 86 Fax. 91-11-7189187 Ř
Bakemans
Industries Limited Factory Area, Patiala-147 001, Contact Person :- Tel. 91-175-364093/362404 Ř
Anmol
Biscuits Private Limited 229, 6th Floor Unit ‘J’, Kolkata -
700 020, Contact Person :- Tel. 91-33-2800739/2801277/78 Fax.
91-33-2242441 Ř
Mukund
Food Private Limited Dunkuni, Hpppghly, West Contact Person :- Tel. 91-33-2800739/2801277/78 Fax.
91-33-2242441 Ř
Anmol
Bakers Limited D-1, Sector-20, Noida, Contact Person :- Tel. 91-120-4533928/4538507 Fax. 91-120-4538507 Ř
Pomsy
Food Products Private Limited P.O. Kollam District, Kerala Contact Person :- Tel. 91-476-690855/694932 Fax. 91-476-691779 Other Customers: © LU, General Biscuits Belgie N. V., © CBL Foods International Private Limited, © Nabisco Arabia Company Limited, © Assudamal and Sons (HK) Limited, © V R Packers © New India Palmer Foods private Limited © Cremica Agro Foods Limited © © Annakut Biscuit Company Private Limited © Raja Biscuit Industries Private Limited © Surya Food and Agro Private Limited |
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No. of Employees : |
195 |
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Bankers : |
v
The
Karnataka Bank Limited Millerganj, v
Punjab
National Bank v
ICICI
Bank Limited v
Standard
Chartered Bank |
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Facilities : |
Ř
The
company enjoys Credit Limit of Rs. 5.000 millions from Karnataka Bank
Limited. Ř
The
company enjoys Credit Limit of Rs. 6.000 millions from Punjab National Bank. |
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Banking
Relations : |
Good |
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Auditors : |
v
Kumar
Sunil and Associates Chartered Accountants Address: 455, Tel. No.: 91-161-2408646 Fax No.: 91-161-2411199 v
A.
Kumar Gupta and Company Chartered Accountants Address: Kismat Complex, Tel. No.: 91-161-2532596, 2539575 |
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Sister
Concerns : |
Line of Business: Manufacturer of Biscuits Making Plant and Spares and
trading of cloth stitching machines.
Line of Business: Manufacturers of Control Panels. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,00,000 |
Equity Shares |
Rs.10.00 each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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950000 |
Equity Shares |
Rs.10.00 each |
Rs. 9.500 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 |
9.500 |
9.500 |
38.853 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.047 |
45.673 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
64.547 |
55.173 |
38.853 |
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LOAN FUNDS |
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1] Secured Loans |
11.247 |
6.465 |
6.242 |
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2] Unsecured Loans |
7.717 |
0.630 |
1.485 |
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TOTAL BORROWING |
18.964 |
7.095 |
7.727 |
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DEFERRED TAX LIABILITIES |
8.643 |
8.439 |
7.845 |
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TOTAL |
92.154 |
70.707 |
54.425 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.412 |
43.165 |
43.846 |
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Capital work-in-progress |
0.000 |
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 |
25.479
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12.787 |
0.000 |
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Sundry Debtors |
18.897
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2.241 |
0.893 |
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Cash & Bank Balances |
23.189
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24.242 |
18.110 |
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Other Current Assets |
0.000
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0.000 |
13.489 |
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Loans & Advances |
11.638
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9.014 |
2.388 |
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Total
Current Assets |
79.203
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48.284 |
34.88 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.593
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20.038 |
23.888 |
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Provisions |
4.900
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0.754 |
0.480 |
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Total
Current Liabilities |
37.493
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20.792 |
24.368 |
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Net Current Assets |
41.710
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27.492 |
10.512 |
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MISCELLANEOUS EXPENSES |
0.032 |
0.050 |
0.067 |
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TOTAL |
92.154 |
70.707 |
54.425 |
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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 |
79.328 |
79.962 |
85.000 |
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Other Income |
2.231 |
1.747 |
0.000 |
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Total Income |
81.559 |
81.709 |
85.000 |
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CHANGE IN STOCK |
12.676 |
(0.702) |
0.000 |
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Profit/(Loss) Before Tax |
15.078 |
22.437 |
1.732 |
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Provision for Taxation |
4.900 |
5.500 |
0.000 |
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Profit/(Loss) After Tax |
10.178 |
16.937 |
1.732 |
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Export Value
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28.443 |
9.891 |
0.000 |
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Imports:
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Raw Material
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3.551
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0.338 |
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Capital Goods
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0.223
|
0.018 |
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Total Imports
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3.774 |
0.356 |
0.796 |
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Total Expenditure
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79.157 |
58.570 |
81.00 |
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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 |
(%) |
12.48
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20.73 |
1.47
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Net Profit Margin (PBT/Sales) |
(%) |
19.01
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28.06 |
1.47
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.63
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24.53 |
2.20
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.41 |
0.04
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Debt Equity Ratio (Total Liability/Networth) |
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0.87
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0.51 |
0.82
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Current Ratio (Current Asset/Current Liability) |
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2.11
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2.32 |
1.43
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LOCAL AGENCY FURTHER INFORMATION
History
Subject was
incorporated in the year 1956 with a vision to be a world leader in it’s’
field. From a humble beginning manufacturing machine tools, the company has now
emerged as a world-class player in the field of Biscuits Manufacturing Company.
The company’s sprawling infrastructure is located at 300 Kms north of
An extension to
heritage is contribution to automation and information technology through
sister concern New Era Control Devices Private Limited. This company is a highly
successful system integrator of Schneider Electric India, which offers a
composite range of industrial automation solution for shop floor to top floor
connectivity, using web based technologies. The SCADA package used is based on
open technology protocol like TCP/IP for user-friendly approach.
The company’s plant
has well equipped facilities for designing, verification and manufacturing.
This includes independent Research and
Subject is engaged
in manufacturing of Biscuits Machinery such as Plant and Machinery for
Biscuits, Cookie and Cracker Production including Dough Mixing Machinery,
Handling Equipment, Pre-baking Equipments, Baking Equipments and Post Baking
Equipment.
It exports
machinery and machinery parts and imports Electronic Products and CNC Machines.
Concept
A new era has begun..............
Advanced mechanization, increasing productivity of wide-ranging goods, has
become the pillars of modern management. Since 1956, New Era Industries has
kept up with this tradition of growth. By sharing experiences with their
customers, they have accumulated abundant, precious know-how by which they
offer superior “efficiency”. In order to keep up with the market, they
constantly develop new products, and also try to decrease production costs.
Originality, creativity and a strong will to grow has helped us to reach height
of success.
No wonder, at New Era,
the future is bright and promising.
To
contribute to the progress of the world and happiness of mankind, through the
production of food processing machinery, and add to the incessant researches
and creative activities associated with it.
Vision
v
To help add in the progress of the world by bringing in the finest
technology.
v
To build up an ideal industry ethos and to bring eternal
prosperity.
v
To achieve a state of complete automation.
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Products |
More
quality than quantity |
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Plant |
Close
supervision before expansion. |
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Technology |
Modern,
deeper and wider. |
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Staff |
Experts
of flexible thought. |
Products range:
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Dough
Mixing and Handling Dough
Mixers §
Horizontal twin arm sigma mixers §
Horizontal high speed single blade mixers §
Horizontal high speed twin blade mixers §
Vertical twin blade mixers §
Hoist cum tipper for tub tilting Dough Sheeters §
Two roll sheeters §
Three roll sheeters Conveyors §
Straight conveyors §
Inclined conveyors §
Various conveyors fitted with metal detectors and ejectors Dough Feeders §
Crumbled dough feeders Pre Baking Equipment Laminators §
Vertical dough laminators §
Horizontal dough laminators §
Vertical cut sheet laminators §
Horizontal cut sheet laminators Forming Section §
Flour/Sugar applicators §
Inclined conveyors §
Gauge roll units
(different types) §
Intermediate webs §
Relaxing webs §
Rotary moulder §
Rotary cutters §
Twin roll rotary cutters §
Rotary cutting and scrap lifting web §
Scrap return conveyor §
Swivelling panner web §
Scrap distributor |
Baking
Equipment §
In-direct radiant ovens §
In-direct radiant ovens with forced convection §
Direct gas fired (DGF) ovens §
Direct and in-direct hybrid ovens Post Baking Equipment Cooling Section §
Stripper unit §
Cooling conveyors §
Stackers
§
Packing tables §
Turn tables §
Oil spray machines PLC Panels of Scada §
PLC Control Systems Others §
Wire-cut biscuit sandwiching machine §
Packing table for sandwiching machine |
Infrastructure
Their Plant has well equipped
facilities for designing, verification and manufacturing. This includes their independent
R and D center. The research activity is carried on with modern CAD/CAM
systems, comprising of 2D drafting, solid modeling, assembly modeling, solid
manufacturing and 4 axis machining software which keeps us abreast with today’s
technology in mechanical engineering.
Their machine shop is well stocked with 4 axis
Attitudinal Dynamism
First in the manufacturing
process is the ‘idea conception’ which is then collectively taken up by their
team of engineers for an involved discussion to eventually take the shape of
conceptualization. Thereafter, this development is passed on to the designers
for drafting, modeling and detailing. In fact, the credit of preparing the
complete in depth details of the whole assembly and as well as of each and
every component goes to the designers. Subsequently, the engineers once again
scrutinize the details and send them for the manufacturing process, along with
their suggestions and comments. Un-doubtly their strata of skilled and
committed technicians ensure the precision and the quality of each product that
is rolled out of the factory. Needless to say, entire product is even then
subjected to rigorous quality tests to maintain ‘their standards’ , before it
is eventually packed for delivery.
Quality Policy
It is the policy of
New Era Machines Pvt Ltd to provide products and services that meet or exceed
the requirements of their customers, contracts, and industry standards. The
specifications of their production program must reflect an edge of the latest
available technology while ensuring customer requirements.
This is achieved
through commitment to precision, quality, innovation, time to market and
customer satisfaction.
They are committed
to:
§
Understanding
their customers' needs and expectations
§
Maintaining
fully integrated Quality Management Systems
§
Designing
products of the highest quality in the most efficient and cost
effective manner
§
Employing
statistical techniques to ensure quality is built into their products and
services
§
Involving
the participation of all employees in the process of continuous
improvement
The company is in
trade terms with:-
- Dalima
Biscult Manufacturing Company Private Limited, Rajopur
- Frontior
Biscult Manufacturing Company,
- Oswal Knit
India Limited,
- Parle
Products Private Limited,Vile Parle (East), Mumbai,
Contact Person –
- Britannia
Industries Limited,
Contact Person –
- G.
Contact Person –
- Olympic
Industries Limited
- Zayer, s.a.
- Spirsin
S.C.L.
Yeong Chin
Machinery Industries Company Limited
The companies over
lock machines electrically operated automatic.
Subject has emerged
with a magnificent tradition of firsts, within the sectors of Electronics and
Mechanical Engineering both vital ingredients of Good Machine manufacturing. It
has stocks world’s latest technologies along with in built flexibility to meet
customized requirements. Subject maintains a clear lead as the largest Biscuit
machinery manufacturers in
Subject is highly
successful systems house of Siemens, Group Shendier and ABB in
Trade References
§
Frontier
Biscuit Manufacturing Company,
§
Dhiman
Engineering, Kapurthala
Features
·
Robust
and Heavy Duty Construction
·
Modular
unit with delivery web
·
Automatic
Web Tracking
·
Easy
Replacement of Web
·
Hygienic
Design
·
Quick
Installation
·
Available
in Various Working Widths
·
Left or
Right hand operator control
·
Rejected
Dough Ejection Systems
·
Centralized
Lubrication
Form 8
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Name of the company |
NEW ERA MACHINES PRIVATE LIMITED |
|
Presented By |
Shri. Sanjeev
Kaushal, Director |
|
1) Date and description of instrument creating the change |
1.
Hypothecation
Agreement for overdraft with pre/post shipment credit/PBP facility, dated 07.09.2000
(Registered on 04.10.2000 2.
Bank
guarantee/ Letter of credit (Inland/Import) Agreement dated 07.09.2000
(Registered on 04.10.2000) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
1.
Rs.
5.000 millions for first agreement. Sub limit of Rs. 3.000 millions created
for a ports on 10.11.2003,Registered on 10.12.2003 2.
Rs.
3.000 millions for second agreement subsequently related to Rs. 5.000
millions on 30.03.2002, registered on 24.04.2002. Further raised to Rs. 7.500
millions on 10.11.2003, registered on 10.12.2003 |
|
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 |
1. For first Agreement: Hypothecation of
exportable stocks for Preshipment credit and export bills for post credit and
export bills for post credit/FBP. Also charge on factory land and building
and other fixed assets. 2. For second Agreement: Hypothecation of Raw
Materials received under BG/LC. Also charge on factory land and building and
other fixed assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
For First
Agreement: ROI – 15.50% as
per circulars in force, as per FEDAI rules Margin – 25% on
stocks and 30% on Book Debts Extent 100% For second
Agreement: Commission as per
prevailing rates Margin – 25% Extent 100% |
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5) Name and Address and description of the person entitled to the charge. |
The Karnataka
Bank Limited |
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6) Date and brief description of instrument modifying the charge |
1.
Hypothecation
Agreement dated 17.02.2005 2.
Export
Credit Agreement dated 17.09.2005 |
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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. |
1.
The
first limit of Rs. 5.000 millions raised to Rs. 7.500 millions with a sub
limit of Rs. 4.00 millions for pre/post shipment LC/MLC, DP/DA Bills ROI –
12% and 9% respectively 2.
Bank
Guarantee / Import/Inland LC (DP/DA) limit raised from Rs. 7.500 millions to
Rs. 10.000 millions Margin – 15% |
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|