MIRA
INFORM REPORT
|
Report Date : |
10.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CRP
INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No.79,
SIDCO Industrial Estate, Thirumudivakkam, Chennai-600044, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.07.1976 |
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Com. Reg. No.: |
18-7174 |
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CIN No.: [Company
Identification No.] |
U25199TN1976PTC007174 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC00954C |
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PAN No.: [Permanent
Account No.] |
AAACC1347F |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Casting
of Iron and Steel |
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
450000 |
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Status : |
Satisfactory |
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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.
Directors are reported as experienced and respectable businessmen. 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
|
Registered Office : |
Plot
No.79, SIDCO Industrial Estate, Thirumudivakkam, Chennai-600044, Tamilnadu,
India |
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Tel. No.: |
91-44-22341102 |
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Fax No.: |
91-44-22340727 |
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E-Mail : |
fi@southern-tools.com, sr@southern-tools.com, up@southern-tools.com |
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Head
Office : |
14-A,
SP Industrial Estate, Guindy, Chennai-600042, Tamilnadu, India |
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Tel.
No.: |
91-44-22340727/
22341102 |
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Fax
No.: |
91-44-22340727 |
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E-Mail
: |
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Factory
1 : |
AC
14B, SIDCO Industrial Estate, Chennai-600044, Tamilnadu, India |
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Tel.
No.: |
91-44-24782500/24782501 |
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Fax
No.: |
91-44-24782503 |
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Factory
2 : |
B 55,
SIPCOT Industrial Estate, Gummidipoondi, India |
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Tel.
No.: |
91-44-27922855 |
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Fax
No.: |
91-44-27922890 |
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Factory
3 : |
Plot
No.79, SIDCO Industrial Estate, Thirumudivakkam, Chennai-600044, Tamilnadu,
India |
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Tel.
No.: |
91-44-65389191/91 |
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Branches
: |
The Southern
Tools Services No :14A(SP) Industrial
Estate, Guindy, Chennai– 600 032, India Southern
Electronics Components Private Ltd No : 101, Developed
Plot Estate, Perungudi, Chennai - 600 096, India. |
DIRECTORS
|
Name : |
Mr. N.
Kunchithapatham |
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Designation : |
Managing
Director |
|
Address : |
B 229,
15th Avenue, Ashok Nagar, Chennai-600083, Tamilnadu |
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Date of Birth/Age : |
30.01.1947 |
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Date of Appointment : |
03.11.1984 |
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Name : |
Mr. K.
Anbuvalli |
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Designation : |
Director |
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Address : |
B 229,
15th Avenue, Ashok Nagar, Chennai-600083, Tamilnadu |
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Date of Birth/Age : |
02.09.1950 |
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Date of Appointment : |
05.06.1984 |
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|
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Name : |
Mr.
Srilakshmi |
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Designation : |
Director |
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Address : |
Old No.153,
New No.95, Defence Officers Colony, Ekkaduthangal, Chennai-600097, Tamilnadu |
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Date of Birth/Age : |
16.05.1973 |
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Date of Appointment : |
01.12.1992 |
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Name : |
Mr.
Adiyapatham Pari |
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Designation : |
Director |
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Address : |
H 21D,
8th Avenue, Manthope Colony, Ashok Nagar, Chennai-600083,
Tamilnadu |
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Name : |
Mr.
Chithapatham |
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Designation : |
Director |
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Address : |
B-229,
15th Avenue, Ashok Nagar, Chennai-600083, Tamilnadu |
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Date of Appointment : |
26.06.2005 |
KEY EXECUTIVES
|
Name
: |
Mr.
Kunja Bihari Pradhan |
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Designation
: |
Company
Secretary |
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Address
: |
AT/P O
Buguda, Ganjam District, Buguda-761118, Orissa, India |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. N.
Kunchithapatham |
8546 |
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Mr.
Srilakshmi |
104 |
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Mr. K.
Anbuvalli |
8220 |
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Mr. A.
Pari |
119 |
|
Mr.
Kumar Chandrashekar |
200 |
BUSINESS DETAILS
|
Line of Business : |
Casting
of Iron and Steel |
GENERAL
INFORMATION
|
No. of Employees : |
About 100 |
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Bankers : |
Ø
Canara
Bank, Teynampet Branch, Anna Salai, Chennai-600018, Tamilnadu, India Ø
The
Tamilnadu Industrial Investment Corporation Limited, No.692, Nandanam,
Chennai-600035, Tamilnadu, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
Mr. M.
R. Gowri Shankar Chartered
Accountants Kamakoti,
3, 80th Street, Ashok Nagar, Chennai-600083, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
108500 |
Equity
Shares |
Rs.1000/- each |
Rs.108.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
58085 |
Equity
Shares |
Rs.1000/- each |
Rs.58.085 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
57.886 |
11.546 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
55.854 |
55.372 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
113.740 |
66.918 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
|
175.312 |
99.112 |
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2] Unsecured Loans |
|
0.288 |
0.000 |
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|
TOTAL BORROWING |
|
175.600 |
99.112 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
289.340 |
166.030 |
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
242.209 |
136.537 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
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|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
20.123 |
9.658 |
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Sundry Debtors |
|
44.349 |
25.850 |
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|
Cash & Bank Balances |
|
0.988 |
0.520 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
26.297 |
11.527 |
|
Total Current Assets |
|
91.757 |
47.555 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
45.510 |
19.388 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
45.510 |
19.388 |
|
|
Net Current Assets |
|
46.247 |
28.167 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.884 |
1.326 |
|
|
|
|
|
|
|
|
TOTAL |
|
289.340 |
166.030 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.94 |
1.77 |
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|
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|
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.02 |
2.45 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
|
Name of the company |
CRP
(INDIA) PRIVATE LIMITED |
|
Presented By |
Mr. Thiru R.
Narayanan, Branch Manager, TIIC Limited |
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1) Date and description of instrument creating the change |
Deed of agreement by deposit of Title deeds by the company on 23.01.2006 in favour of the Tamilnadu Industrial Investment Corporation Limited for its 10th Term Loan of Rs.23.000 millions with the Tamilnadu Industrial Investment Corporation Limited Mortgage by deposit of title deeds by the company on 23.01.2006 in favour of the company for Tamilnadu Industrial Investment Corporation Limited for its 10th Term Loan of Rs.23.000 millions with the Tamilnadu Industrial Investment Corporation Limited. No instrument executed. Unattested hypothecation dated 23.01.2006 for its 10th term loan of Rs.23.000 millions engrossed on Rs.20/- non judicial stamp paper (both 1, 2 and 3 relate to same charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.23.000 millions |
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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 |
All the land and premises present and future situated at B-55, Sipcot Industrial Estate, Gummidipoondi-601201 S.F. No.860/2A1, S.F.No.:860/4A, S.F. No.:860/6A, At Munduvelampatti Village, Dharamapuram Taluk, Erode District. All and singular the plant and machinery erected or to be erected on the above land s at 1(a) and 1(b) and at Plot No.79, SIDCO Industrial Estate, Thirumudivakkam, Chennai-44 and AC 14B, SIDCO Industrial Estate, S. No.: 350/1B, Thirumudivakkam, Chennai-44 Floating charge on all the remaining movable assets of the company including book debts subject to prior charges of the company’s bankers for working finance requirement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation for Rs.23.000 millions. The sum of Rs.23.000 millions is repayable in 28 Quarterly instalments of Rs.0.75 millions each and Next 10 Quarterly instalments of Rs.0.85 millions each and Last 8 Quarterly instalments of Rs.0.875 millions each. The first instalment of Principal will begin immediately after 12 months from the date of first disbursement and will fall due on 1st January/ 1st April/ 1st July/ 1st October as will be applicable the due date of quarterly interest and the subsequent instalments of principal become due at the beginning of the quarter, interest and instalment of principal will become due at the beginning of the Quarter. The rate of interest for the term loan will be 10.5% p.a. under the Industrial Development Bank of India. Small Industrial Development Bank of India rate for refinance scheme. However in case of default an additional interest of 2.5% p.a. will be charged on the defaulted amount for defaulted period. No credit interest will be paid for the amount of principal or interest paid earlier except in those cases where the losses have been fully repaid or the full payment of instalment of principal or interest is made more than 60 days before the3 due date. The interest is payable in quarterly rests for the period ending 28th, 29th February/31st May/31st August/30th November as will be applicable taking into consideration the date of first disbursement. |
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5) Name and Address and description of the person entitled to the charge. |
The Tamilnadu Industrial Investment Corporation Limited, SIDCO Projedct Building, Thiru VLK’s Industrial Estate, Guindy, Chennai-32 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
CRP
(INDIA) PRIVATE LIMITED |
|
Presented By |
Mr. Thiru R.
Narayanan, Branch Manager, TIIC Limited |
|
1) Date and description of instrument creating the change |
Mortgage by deposit of title deeds by the company on 10.11.2005 in favour of the company for Tamilnadu Industrial Investment Corporation Limited for its Open Term Loan of Rs.5.000 millions with the Tamilnadu Industrial Investment Corporation Limited. No instrument executed. Unattested hypothecation dated 10.11.2005 for its Open term loan of Rs.5.000 millions engrossed on Rs.20/- non judicial stamp paper (both 1, 2 relate to same charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 millions |
|
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 |
All the land and premises present and future situated at B-55, Sipcot Industrial Estate, Gummidipoondi-601201 S.F. No.860/2A1, S.F.No.:860/4A, S.F. No.:860/6A, At Munduvelampatti Village, Dharamapuram Taluk, Erode District. All and singular the plant and machinery erected or to be erected on the above land s at 4/129, Mount Poonamllee Road, Manapakkam, Chennai-600089 AC 14B, SIDCO Industrial Estate, S. No.: 350/1B, Thirumudivakkam, Chennai-44 Floating charge on all the remaining movable assets of the company including book debts subject to prior charges of the company’s bankers for working finance requirement. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation for Rs.5.000 millions. The sum of Rs.5.000 millions is repayable in 16 Quarterly instalments. The first five instalments of Rs.0.28 millions each and Next 9 instalments of Rs.0.325 millions each and Last 2 instalments of Rs.0.337 millions each. The first instalment of Principal will begin immediately after 12 months from the date of first disbursement and will fall due on 1st January/ 1st April/ 1st July/ 1st October as will be applicable the due date of quarterly interest and the subsequent instalments of principal become due at the beginning of the quarter, interest and instalment of principal will become due at the beginning of the Quarter. The rate of interest for the term loan will be 10.5% p.a. under the Industrial Development Bank of India. Small Industrial Development Bank of India rate for refinance scheme. However in case of default an additional interest of 2.5% p.a. will be charged on the defaulted amount for defaulted period. No credit interest will be paid for the amount of principal or interest paid earlier except in those cases where the losses have been fully repaid or the full payment of instalment of principal or interest is made more than 60 days before the3 due date. The interest is payable in quarterly rests for the period ending 28th, 29th February/31st May/31st August/30th November as will be applicable taking into consideration the date of first disbursement. |
|
5) Name and Address and description of the person entitled to the charge. |
The Tamilnadu Industrial Investment Corporation Limited, SIDCO Projedct Building, Thiru VLK’s Industrial Estate, Guindy, Chennai-32 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
Website Details :
Subject is
a company that has carved a niche for itself in the High Pressure Die casting
industry as a one stop source for aluminum castings. From concept to
completion, CRP has the capability to provide total solutions. Tool designing,
tool making, pressure die casting, surface finishing, finish machining and
assemblies. Subject meets the complete requirements, under one roof. CRP caters
to low and high volume product requirements for aluminum castings from 10 gms
to over 10 kgs.
Subject was established in 1987 with a vision to cater to the requirements of
High Pressure Die Casting industry. It's parent company, The Southern Tools
Services was set up in 1975 as a commercial Tool Room to meet the demands of
the Pressure Die Casting Tools market. They diversified into High Pressure Die
Casting Products in 1980.
Ø
Crank
Case Doors
Ø
Housing
Oil Seals
Ø
Case
Distributors
Ø
Thermostat
Cases
Ø
Levers
Ø
Rocker
Arms
Ø
Fly
Wheel Magnetos
Ø
Regulator
/ Rectifier Units
Ø
Ignition
Coils
Ø
Distributors
Ø
Oil
Pumps
Ø
Water
Pumps
Ø
Fuel
Pumps
Ø
Case
Speedometers
Auto
Component
Ø
Starters
Ø
Alternators
Ø
Dynamos
Ø
Ignition
Coils
Ø
Small
Motors
Ø
Wipers
Ø
Fog
Lamps
Ø
Head
Lamps
Ø
Filter
Heads
Ø
Filter
Bowls
Ø
Governor
Covers
Ø
Fuel
Rails
Ø
Carburetors
Turbo Chargers and Other Applications
Ø
Turbo
Chargers
Ø
Brakes
Ø
Power
Steering Systems
Ø
Seat
Belts
PRESSURE
DIE CASTING - The Modern Workhouse
Subject uses CNC Pressure Die Casting Machines capable of performing fully
automatic operations viz., Auto laddle, Auto spray, Auto Park pick-up and other
Auto Component. This ensures optimum output with consistent quality.
Temperature controlled electric furnaces ensure efficient melting and holding
while centralized melting takes care of porosity and defect-free castings.
Heat treatment of some aluminum castings are done to improve their hardness and
strength. The process of heat treatment develops more uniform structure
throughout the casting, removes internal stresses and improves both dimensional
stability and mechanical properties like elongation and ductility. The Time and
the Temperature are the critical factors in the Heat Treatment as they
determine the property of the casting.
In-roof facilities are available for Tumblast and Hanger type shot blasting
operations and vibratory deburring operations as per the customer requirements.
CNC
Machining
As a single stop solution provider for aluminum components, Subject has a fully
integrated machine shop comprising of CNC machining centres and CNC turning
Centres. Turning, milling, thread cutting, drilling, tapping are just few of
the operations Subject performs in house on casting to ensure machining
Integrity.
The in-house machine shop operation has reduced overall lead time needed to
complete the order and has enabled us to give better value to their customers.
SPC programs are used with both standard and specialized gauges viz., air plug
gauges to perform first-off inspection and continuously monitor critical
dimensions on machined parts.
INTEGRATED
TOOL ROOM - Sophistication in Tool Manufacturing
Design
and Engineering
Subject's Tool Room is combination of the best of human effort and machine
working together to achieve excellence. Once ideas, sample parts, CAD files or
drawing are received from the customers, their Tool Room expert interacting
closely with the customers, consider all aspects of design and production in
order to improve feasibility optimize manufacturing and achieve cost-
competitiveness.
CAD/CAM
The Tool Room is equipped with the most modern CAD / CAM Software- complete
DELCAM range of products including Power Exchange, Power Shape, Power Mill,
Power Inspect, Copy CAD and Art Cam. Solid Works and pro Engineer Wild Fire are
used to generate complex 3D models and designs. With the software and technical
capabilities, Subject initiates early involvement in the improvement of product
designs, evaluations and analysis.
Subject is capable of translating and using any type of CAD data viz., Catia,
Unigraphics, Ideas, Cimetron, Solid Edge, IGES, STEP, DXF etc. The product
design of the customer can thus be fully integrated with the design activities
of the Tool Room.
Tool
Manufacturing
The Tool Room is equipped with the latest machinery for accurate and swift
manufacturing. These include DECKEL range of CNC machines, Reis spotting press,
TOS horizontal boring machine, WMW rotary grinder and ZNC EDMS. Mitutoyo CMM,
Carl Zeiss programmable digital height gauges conduct precise quality checks,
performing validation and quality control of the pressure die casting moulds
and machining fixtures. Vacuum Hardening Process for distortion free, precise
and homogeneous heat treatment of the inserts and the cast steel for the high
impact strength of the housing; ensure a long working life for the molds.
Supplier
Development:
Operations such as anodizing, painting, polishing, plating etc., are carried out
through the best suppliers. Subject takes total responsibility for providing
parts ready for assembly or even complete assembled parts.
Assembly:
Assembly shop caters to the assembled products as per customer requirements and
it is also equipped with a Power Coating Plant along with pre - Treatment
facilities.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|