MIRA
INFORM REPORT
|
Report Date : |
01.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ANGEL
SARASA E HIJOS SA |
|
|
|
|
Registered Office : |
Poligono
Ind Municipal Sector 6 Parcela, 4, 31261 Andosilla (Navarra) |
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|
|
|
Country : |
Spain |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
27/04/1989 |
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|
Legal Form : |
Joint
Stock Company |
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Line of Business : |
Processing
& preserving of vegetables |
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 |
|
Status : |
Satisfactory
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|
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Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A31241110 |
|
NAME |
ANGEL SARASA E HIJOS SA |
|
ANAGRAM |
ACEITUNAS EL CABILDO |
|
TRADE NAME |
EL CABILDO |
|
BUSINESS
ADDRESS |
POLIGONO IND MUNICIPAL SECTOR 6
PARCELA, 4 |
|
Postcode |
31261 ANDOSILLA (NAVARRA) |
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URL |
|
|
TELEPHONE |
948674500 |
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FAX |
948690176 |
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LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
27/04/1989 |
|
CAPITAL |
138.230,00 Euros |
|
PAID-UP CAPITAL |
138.230,00 Euros |
|
NUMBER OF
EMPLOYEES |
10 |
|
ACTIVITY |
1415100 - Processing &
preserving of vegetables |
|
CNAE |
1533 - Processing and preserving
of fruit and vegetables n.e.c. |
|
* Characteristics of the main address |
|
|
According to our researches
dated 31/01/2007 these are it is
a/an office, factory, warehouse used as owned; with
no official confirmation located in a commercial area and it
is located in an area main . |
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Synthesis
|
FINANCIAL SITUATION (Year
ending: 31/12/2005) |
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PROFITABILITY |
|
Average |
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TREASURY |
|
Excellent |
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BALANCE SHEET |
|
Excellent |
|
DEBT |
|
Low |
|
INCIDENTS |
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|
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COMMITMENTS |
|
Respected |
|
INCIDENTS |
|
None or Negligible |
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PREVIOUS EXPERIENCE |
||
|
|
|
|
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PREVIOUS
EXPERIENCE |
|
Favourable |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 62.998,09
Max. |
Financial Elements
Figures given in
Euros
|
|
Balance
sheet 2.003 (12) |
Balance sheet 2.004
(12) |
Balance sheet 2.005
(12) |
% Sales |
|
|
SALES |
1.017.156,59 |
1.029.393,05 |
1.087.716,76 |
|
|
|
ADDED VALUE |
292.033,97 |
295.045,00 |
321.293,33 |
29,54 |
|
|
BUSINESS RESULT |
54.948,27 |
55.092,66 |
67.829,33 |
6,24 |
|
|
OWN FUNDS |
478.430,54 |
520.873,20 |
565.702,53 |
|
|
|
DEBT |
250.353,47 |
310.501,42 |
666.353,92 |
|
|
|
TOTAL ASSET |
728.784,01 |
831.374,62 |
1.232.056,45 |
|
|
|
The sales of 1.087.716,76
Euros show a change of 5,67% compared with
2.004 . Between 2.003 and 2.004 , this
change was 1,20% . |
|||||
|
Added value grew by 8,90%
compared with the previous year. Shareholders equity are 565.702,53
Euros for an indebtedness of 666.353,92 Euros . |
|||||
|
The result 67.829,33
Euros means financial profitability of 11,99% and
economic profitability of 5,51% . This result means growth of
23,12% compared with the 2.004 . |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: FROM THE MERCANTILE REGISTER |
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DATE: 17/10/2006 |
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Results Distribution |
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Annual Report Year Source: 2.005 |
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Figures given in Euros |
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Distribution Base |
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|
Profit and Loss |
67.829 |
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Total of Amounts to be
distributed |
67.829 |
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Distribution a |
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|
Voluntary Reserve |
44.829 |
||||
|
Dividends |
23.000 |
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Comparative Sector
Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005) |
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
100,00 |
97,75 |
2,25 |
|
ADDED
VALUE |
29,54 |
25,44 |
4,10 |
|
BUSINESS
RESULT |
6,24 |
2,34 |
3,90 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
45,92 |
38,34 |
7,58 |
|
DEBT |
54,08 |
61,66 |
-7,58 |
Compared sector (CNAE): 153 - Preparación y conservación
de frutas y hortalizas
Number of companies: 181
Size (Sales Figure): 0 - 2.800.000,00 Euros
The turnover of the company is 2,25%
above the mean for the sector.
The company’s added value was 29,54% s/
the production value, and 4,10% above the mean for the sector.
The company’s business result was
6,24% of the PV, 3,90% above the mean for the sector.
The company’s own resources are 45,92%
, 7,58% above the mean for the sector.
The company’s outside resources are
54,08% , 7,58% below the mean for the sector.
Legal Actions
No legal
incidences registered for this company in the official source
No claims
registered for this company in the official sources
AFFECTED BY:
No significant elemento
Main Board members,
Directors and Auditor
|
Position |
Surname and name |
Date of appointment |
|
SOLE ADMINISTRATOR |
SARASA SAN MARTIN ANGEL |
18/09/2002 |
Financial Links
|
Shareholders |
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|
Company Name |
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Source |
Information Date |
|
AMBROSI EZQUERRO NOEMI |
|
Indet. |
OWN SOURCES |
31/01/2007 |
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SARASA AMBROSI ANGEL |
|
Indet. |
OWN SOURCES |
31/01/2007 |
|
SARASA AMBROSI NOEMI |
|
Indet. |
OWN SOURCES |
31/01/2007 |
|
SARASA SAN MARTIN ANGEL |
|
Indet. |
OWN SOURCES |
31/01/2007 |
Proceedings published
in the B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2005) |
10/08/2006 |
212565 |
NAVARRA |
|
Registration of accounts
(2004) |
25/08/2005 |
268252 |
NAVARRA |
|
Registration of accounts
(2003) |
11/08/2004 |
201083 |
NAVARRA |
|
Appointments |
27/05/2004 |
244643 |
NAVARRA |
|
Registration of accounts
(2002) |
28/10/2003 |
717184 |
NAVARRA |
Complementary
Information
|
31/01/07 BLOQUE DE INVESTIGACION: |
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- La actividad concreta es la de
fabricacion y comercializacion de |
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aceitunas y encurtidos. |
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- Segun nos indican los titulares el local
donde desarrollan su acti- |
|
vidad comercial es en propiedad (sin
verificacion registral), con |
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una superficie aproximada de 1500 m2. |
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---------------------------------------------------------------------- |
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El bloque de investigacion no esta sujeto
a actualizaciones sistemati- |
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cas. Los datos mostrados fueron aportados
por las fuentes consultadas |
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en la fecha de encabezamiento. |
Remarks for customer
The address included in your enquiry belongs
to a factory.
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Commercial Experience |
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SALES |
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Collection (estimated) |
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Cash sales percentage 60
% |
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Credit sales percentage
40 % |
Bank Entities
|
Entity |
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BANCO DE VASCONIA, S.A. |
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The information on the last account
contained in this report is extracted from the Mercantile Register file of the
legal address of the Company and dated 17/10/2006
Balance Sheet
(ASSETS)
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
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B) FIXED ASSETS |
215.131,82 |
195.336,27 |
175.541,16 |
|
|
I. Establishment expenses |
|
|
|
|
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II. Intangible assets |
590,36 |
176,72 |
|
|
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III. Tangible assets |
214.541,46 |
195.159,55 |
175.541,16 |
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IV. Financial assets |
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V. Owners equity |
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VI. Long term trade liabilities |
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|
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C) DEFERRED EXPENSES |
|
|
|
|
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D) CURRENT ASSETS |
513.652,19 |
636.038,35 |
1.056.515,29 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
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II. Inventory |
241.443,39 |
227.040,01 |
260.853,71 |
|
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III. Debtors |
141.520,59 |
204.486,45 |
523.451,10 |
|
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IV. Short term financial assets |
35.940,90 |
35.943,96 |
197.613,05 |
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V. Short term owners equity |
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|
|
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VI. Cash |
94.747,31 |
168.567,93 |
74.597,43 |
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VII. Prepaid expenses and accrued income |
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|
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|
ASSETS (A + B + C + D) |
728.784,01 |
831.374,62 |
1.232.056,45 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) SHAREHOLDERS EQUITY |
478.430,54 |
520.873,20 |
565.702,53 |
|
|
I. Capital |
138.230,00 |
138.230,00 |
138.230,00 |
|
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II. Premium share account |
|
|
|
|
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III. Revaluation reserve |
|
|
|
|
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IV. Reserves |
285.252,27 |
327.550,54 |
359.643,20 |
|
|
Capital adjustments in Euros |
2,78 |
2,78 |
2,78 |
|
|
Sundry reserves |
285.249,49 |
327.547,76 |
359.640,42 |
|
|
V. Prior year earnings |
|
|
|
|
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VI. Prior year profit or losses |
54.948,27 |
55.092,66 |
67.829,33 |
|
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VII. Dividend paid during the year |
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|
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VIII. Own shares for change in capital |
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B) DEFERRED INCOME |
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|
|
|
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C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
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D) LONG TERM LIABILITIES |
|
|
0,01 |
|
|
E) SHORT TERM LIABILITIES |
250.353,47 |
310.501,42 |
666.353,91 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
728.784,01 |
831.374,62 |
1.232.056,45 |
Profit and Loss
Account
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) EXPENSES (A.1 a A.15) |
|
|
|
|
|
A.1 Operating Expenses |
602.683,21 |
624.436,02 |
648.262,39 |
|
|
A.3. Labor cost |
157.874,91 |
163.631,56 |
177.119,23 |
|
|
Wages |
129.068,70 |
131.188,02 |
143.910,15 |
|
|
Social security expenses |
28.806,21 |
32.443,54 |
33.209,08 |
|
|
A.3. Assets depreciation |
45.513,57 |
45.762,51 |
38.716,12 |
|
|
A.4. Variance in provision for current
assets |
|
1.932,97 |
3.294,72 |
|
|
A.5. Other operating costs |
122.439,41 |
109.912,03 |
118.161,04 |
|
|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
88.645,49 |
83.717,96 |
102.163,26 |
|
|
A.6. Financial expenses |
9.102,08 |
7.360,64 |
7.523,34 |
|
|
Other companies debts |
9.102,08 |
7.360,64 |
7.523,34 |
|
|
A.7. Variation in financial investments
provision |
|
|
|
|
|
A.8. Exchange losses |
|
|
|
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
|
|
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
81.264,79 |
77.767,86 |
97.730,29 |
|
|
A.9. Variation in provision in fixed
assets |
|
|
|
|
|
A.10. Losses in fixed assets |
|
|
|
|
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A.11. Losses from shares and bonds |
|
|
|
|
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A.12. Extraordinary charges |
|
|
|
|
|
A.13. Prior year’s expenses and losses |
26,18 |
|
124,21 |
|
|
A.IV. POSITIVE EXTRAORDINARY RESULT
(B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13) |
|
3,93 |
21,16 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
81.238,61 |
77.771,79 |
97.751,45 |
|
|
A.14. Corporate Taxes |
26.290,34 |
22.679,13 |
29.922,12 |
|
|
A.15. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
54.948,27 |
55.092,66 |
67.829,33 |
|
|
B) INCOMES (B.1 a B.8) |
|
|
|
|
|
B.1. Operating income |
1.017.156,59 |
1.029.393,05 |
1.087.716,76 |
|
|
Turnover |
1.017.156,59 |
1.029.393,05 |
1.087.716,76 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
|
B.2. Financial Income |
1.721,38 |
1.410,54 |
3.090,37 |
|
|
Other |
1.721,38 |
1.410,54 |
3.090,37 |
|
|
B.3. Gains on exchange |
|
|
|
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
7.380,70 |
5.950,10 |
4.432,97 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.4. Gains from disposal of fixed assets |
|
|
|
|
|
B.5. Gains from dealing in own shares |
|
|
|
|
|
B.6. Paid in surplus |
|
|
|
|
|
B.7. Extraordinary income |
|
3,93 |
145,37 |
|
|
B.8. Prior year’s income and profits |
|
|
|
|
|
B.IV. EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
26,18 |
|
|
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS (B.V+A.14+A.15) |
|
|
|
Main Ratios
|
(Figures given in Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
-3,49 |
1,20 |
5,67 |
|
|
Assets Turnover |
1,40 |
1,24 |
0,88 |
|
|
Productivity |
1,85 |
1,80 |
1,81 |
|
|
Increase of the Added Value |
-0,78 |
1,03 |
8,90 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
7,54 |
6,63 |
5,51 |
|
|
Financial Profitability |
11,49 |
10,58 |
11,99 |
|
|
Financial Expenses |
0,90 |
0,72 |
0,69 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
50,00 |
72,00 |
173,00 |
|
|
Suppliers’ Credit (In days of sales) |
|
|
|
|
|
Working Capital (In days of sales) |
93,00 |
114,00 |
129,00 |
|
|
Working Capital Requirement (In days of
sales) |
47,00 |
42,00 |
39,00 |
|
|
Treasury (In days of sales) |
46,00 |
72,00 |
90,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
263.298,72 |
325.536,93 |
390.161,38 |
|
|
Working Capital Requirement |
132.610,51 |
121.025,04 |
117.950,90 |
|
|
Treasury |
130.688,21 |
204.511,89 |
272.210,48 |
|
|
Balance Ratio |
2,22 |
2,67 |
3,22 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
34,35 |
37,35 |
54,09 |
|
|
Own / Permanent Funds |
100,00 |
100,00 |
100,00 |
|
|
Payback Capacity |
0,24 |
0,29 |
0,59 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,05 |
2,05 |
1,59 |
|
|
Immediate Liquidity |
0,52 |
0,66 |
0,41 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,03 |
-0,03 |
|
FIXED ASSETS |
14,25 |
38,07 |
-23,82 |
|
ACCRUED EXPENSES |
0,00 |
0,18 |
-0,18 |
|
CURRENT ASSETS |
85,75 |
61,72 |
24,03 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
45,92 |
38,34 |
7,58 |
|
ACCRUED INCOME |
0,00 |
2,53 |
-2,53 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
0,04 |
-0,04 |
|
LONG-TERM CREDITORS |
0,00 |
12,19 |
-12,19 |
|
SHORT-TERM CREDITORS |
54,08 |
46,88 |
7,20 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,01 |
-0,01 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of
Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
100,00 |
97,75 |
2,25 |
|
Other operating income |
0,00 |
2,25 |
-2,25 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
59,60 |
60,62 |
-1,02 |
|
Other operation expenses |
10,86 |
13,94 |
-3,08 |
|
Added value |
29,54 |
25,44 |
4,10 |
|
Labor cost |
16,28 |
17,66 |
-1,37 |
|
Gross Economic Result |
13,25 |
7,78 |
5,47 |
|
Assets depreciation |
3,56 |
3,46 |
0,10 |
|
Variation in provision
for current assets |
0,30 |
0,19 |
0,12 |
|
Net Economic Result |
9,39 |
4,14 |
5,25 |
|
Financial income |
0,28 |
0,23 |
0,05 |
|
Financial expenses |
0,69 |
1,61 |
-0,92 |
|
Variation in financial
investment provision |
0,00 |
0,00 |
0,00 |
|
Ordinary Activities
Result |
8,98 |
2,76 |
6,23 |
|
Extraordinary income |
0,01 |
0,77 |
-0,75 |
|
Extraordinary expenses |
0,01 |
0,20 |
-0,19 |
|
Variation in provision
in fixed assets |
0,00 |
0,03 |
-0,03 |
|
Results before Taxes |
8,99 |
3,29 |
5,70 |
|
Corporaye taxes |
2,75 |
0,95 |
1,80 |
|
Net Result |
6,24 |
2,34 |
3,89 |
|
Assets depreciation |
3,56 |
3,46 |
0,10 |
|
Provisions fund
variation |
0,30 |
0,22 |
0,09 |
|
Net Self-Financing |
10,10 |
6,02 |
4,08 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
5,67 |
-5,90 |
2,15 |
15,73 |
|
Assets Turnover |
0,88 |
0,85 |
1,23 |
1,86 |
|
Fixed Assets Turnover |
6,20 |
2,07 |
4,59 |
8,46 |
|
Increase of the Added
Value |
8,90 |
-5,91 |
4,73 |
15,01 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,81 |
1,25 |
1,38 |
1,73 |
|
Change of Personnel
Costs |
8,24 |
-3,00 |
7,31 |
17,22 |
|
Average Personnel Costs |
17.711,92 |
11.948,88 |
15.902,06 |
19.598,78 |
|
Value Added by Employees |
32.129,33 |
17.550,63 |
23.420,03 |
31.086,91 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
109.840,17 |
17.829,81 |
37.690,38 |
87.898,38 |
|
Operating Cash Flow |
144.174,10 |
22.519,51 |
54.884,75 |
112.251,52 |
|
Change in Cash Flow |
6,86 |
-20,97 |
1,31 |
17,76 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,50 |
0,67 |
1,91 |
4,31 |
|
Financial Profitability |
11,99 |
2,38 |
6,61 |
16,46 |
|
Financial Expenses |
0,69 |
0,40 |
0,99 |
2,45 |
|
Gross Economic
Profitability |
11,70 |
5,64 |
9,11 |
12,94 |
|
Gross Financial
Profitability |
25,49 |
15,12 |
28,51 |
55,81 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
173,00 |
31,37 |
67,49 |
109,85 |
|
Suppliers’ Credit (In
days of sales) |
|
0,00 |
0,00 |
0,00 |
|
Working Capital (In days
of sales) |
129,00 |
-3,52 |
29,67 |
82,96 |
|
Working Capital
Requirement (In days of sales) |
39,00 |
-30,87 |
13,75 |
59,58 |
|
Treasury (In days of
sales) |
90,00 |
1,43 |
9,79 |
31,87 |
|
Operating Current Assets |
349,00 |
108,54 |
180,25 |
266,53 |
|
BALANCE |
|
|
|
|
|
Working Capital |
390.161,38 |
-5.471,56 |
60.656,36 |
203.663,93 |
|
Working Capital
Requirement |
117.950,90 |
-42.180,30 |
18.367,47 |
134.060,12 |
|
Treasury |
272.210,48 |
2.412,83 |
18.643,97 |
63.391,55 |
|
Balance Ratio |
3,22 |
0,96 |
1,35 |
2,44 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
54,08 |
46,68 |
66,87 |
83,20 |
|
Own / Permanent Funds |
100,00 |
54,90 |
83,03 |
99,26 |
|
Payback Capacity |
0,59 |
0,26 |
0,44 |
0,72 |
|
Long term Indebtedness |
0,00 |
0,25 |
6,63 |
20,90 |
|
Gearing |
217,79 |
187,55 |
301,86 |
595,40 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,01 |
|
Assets Guarantee |
1,85 |
1,16 |
1,44 |
2,10 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,59 |
0,98 |
1,24 |
1,98 |
|
Immediate Liquidity |
0,41 |
0,01 |
0,10 |
0,36 |
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 |
|