MIRA
INFORM REPORT
|
Report Date : |
15th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
IBERDIGEST
S.L. |
|
|
|
|
Registered Office : |
Calle Francesc
Macia, 36 08830 Sant Boi De Llobregat (Barcelona) |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
28/04/2000 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Wholesale
of meat and meat products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Identification and Characteristics
Tax
Number B62277736
NAME IBERDIGEST
S.L.
BUSINESS
ADDRESS CALLE
NORD, 22
Postcode 17700
LA JONQUERA (GERONA)
FORMER
ADDRESS CALLE FRANCESC
MACIA, 36
Postcode 08830
SANT BOI DE LLOBREGAT (BARCELONA)
URL http://www.iberdigest.com
TELEPHONE 972555980
FAX 972554495
LEGAL
FORM LIMITED
LIABILITY COMPANY
DATE
FOUNDED 28/04/2000
CAPITAL 193.280,00 Euros
NUMBER
OF EMPLOYEES 5
ACTIVITY 1612400 - Wholesale
of meat, eggs, poultry, game , etc.
CNAE 5132 - Wholesale
of meat and meat products
EXPORT
COMPANY YES
IMPORT
COMPANY YES
* Characteristics of the
main address
According to our researches
dated 21/03/2006 these are it is
a/an office, warehouse used as shared premises
located in a industrial area and it is located in an
area main .
Synthesis
FINANCIAL SITUATION (Year
ending: 31/12/2005)
PROFITABILITY Nil
TREASURY Excellent
BALANCE
SHEET Excellent
DEBT Medium
INCIDENTS
COMMITMENTS Respected
INCIDENTS None
or Negligible
PREVIOUS EXPERIENCE
PREVIOUS
EXPERIENCE Favourable
Credit Appraisal
CREDIT ACCORDING TO OBJECTIVE
DATA (From 0 to 6.000.000,00 Euros):
FAVOURABLE
TOWARDS 174.000,00 Max. Euros
Analysis made on 05/02/2007
Financial Elements
Figures given in Euros
|
|
Balance sheet 2.003 (12) |
Balance sheet 2.004 (12) |
Balance sheet 2.005 (12) |
% Sales |
|
SALES |
6.011.825,08 |
10.943.477,13 |
13.994.821,69 |
|
|
ADDED VALUE |
485.711,95 |
824.043,24 |
796.702,42 |
5,69 |
|
BUSINESS RESULT |
143.561,49 |
318.656,90 |
98.766,20 |
0,71 |
|
OWN FUNDS |
517.173,01 |
835.829,91 |
672.956,05 |
|
|
DEBT |
1.462.653,61 |
1.874.373,40 |
1.537.863,32 |
|
|
TOTAL ASSET |
1.979.826,62 |
2.710.203,31 |
2.210.819,37 |
|
The sales of 13.994.821,69
Euros show a change of 27,88% compared with
2.004 . Between 2.003 and 2.004 , this change
was 82,03% .
Added value grew by
-3,32% compared with the previous year. Shareholders equity are
672.956,05 Euros for an indebtedness of 1.537.863,32
Euros .
The result 98.766,20
Euros means financial profitability of 14,68% and
economic profitability of 4,47% . This result means growth of
-69,01% compared with the 2.004 .
THE FIGURES FOR THE LAST BALANCE
SHEET ARE RELEVANT:
SOURCE: FROM THE MERCANTILE
REGISTER
DATE: 28/06/2006
Results Distribution
Annual Report Year Source:
2.004
Figures given in Euros
Distribution Base
Profit
and Loss 318.657
Total
of Amounts to be distributed 318.657
Distribution a
Voluntary
Reserve 318.657
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005) |
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
99,58 |
98,18 |
1,40 |
|
ADDED
VALUE |
5,67 |
10,98 |
-5,31 |
|
BUSINESS
RESULT |
0,70 |
1,59 |
-0,89 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
30,44 |
35,24 |
-4,80 |
|
DEBT |
69,56 |
64,76 |
4,80 |
Compared sector (CNAE): 513 - Comercio al por mayor de
productos alimenticios, bebidas y tabaco
Number of companies: 784
Size (Sales Figure): 7.000.000,00 - 40.000.000,00
Euros
The turnover of the company is 1,40%
above the mean for the sector.
The company’s added value was 5,67% s/
the production value, and 5,31% below the mean for the sector.
The company’s business result was
0,70% of the PV, 0,89% below the mean for the sector.
The company’s own resources are 30,44%
, 4,80% below the mean for the sector.
The company’s outside resources are
69,56% , 4,80% above 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 |
FERNANDES PEDROSA INACIO |
21/12/2005 |
Functional Managers
|
Position |
Surname and name |
|
FINANCIAL MANAGER |
SERRAT MARTA |
|
HUMAN RESOURCES MANAGER |
SERRAT MARTA |
|
MANAGER |
FERNANDES PEDROSA INACIO |
Financial Links
|
Shareholders |
||||
|
Company Name |
|
|
Source |
Information Date |
|
FERNANDES PEDROSA INACIO |
|
Indet. |
OWN SOURCES |
03/08/2006 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2005) |
18/05/2006 |
119841 |
GERONA |
|
Appointments |
15/03/2006 |
138800 |
GERONA |
|
Resignations |
21/12/2005 |
537748 |
GERONA |
|
Appointments |
21/12/2005 |
537748 |
GERONA |
|
Change of statutes |
21/12/2005 |
537748 |
GERONA |
Branches
|
Road |
Postal Code |
Town |
Province |
|
TER |
17460 |
CELRA |
GERONA |
Commercial Experience
SALES
Collection
(estimated)
Cash
sales percentage 50 %
Credit
sales percentage 50 %
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
DEUTSCHE BANK, S.A.E. |
0020 |
AV. DIAGONAL, 446 |
BARCELONA |
BARCELONA |
|
BANCO SANTANDER CENTRAL HISPANO, S.A. |
|
|
FIGUERES |
|
|
CAIXA D’ESTALVIS DEL PENEDES |
|
|
FIGUERES |
|
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 28/06/2006
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 |
|
|
|
|
|
B) FIXED ASSETS |
14.584,23 |
12.146,82 |
30.422,73 |
|
|
I. Establishment expenses |
8.307,46 |
6.002,71 |
3.697,96 |
|
|
II. Intangible assets |
|
|
10.232,35 |
|
|
III. Tangible assets |
4.953,97 |
2.928,12 |
9.239,30 |
|
|
IV. Financial assets |
1.322,80 |
3.215,99 |
7.253,12 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
1.965.242,39 |
2.698.056,49 |
2.180.396,64 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
3.129,00 |
|
|
|
|
III. Debtors |
1.320.105,80 |
1.746.115,49 |
2.050.649,29 |
|
|
IV. Short term financial assets |
|
|
|
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
642.007,59 |
951.941,00 |
129.747,35 |
|
|
VII. Prepaid expenses and accrued income |
|
|
|
|
|
ASSETS (A + B + C + D) |
1.979.826,62 |
2.710.203,31 |
2.210.819,37 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) SHAREHOLDERS EQUITY |
517.173,01 |
835.829,91 |
672.956,05 |
|
|
I. Capital |
193.280,00 |
193.280,00 |
193.280,00 |
|
|
II. Premium share account |
23.596,95 |
23.596,95 |
23.596,95 |
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
156.734,57 |
300.296,06 |
357.312,90 |
|
|
Sundry reserves |
156.734,57 |
300.296,06 |
357.312,90 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
143.561,49 |
318.656,90 |
98.766,20 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
D) LONG TERM LIABILITIES |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
1.462.653,61 |
1.874.373,40 |
1.537.863,32 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
1.979.826,62 |
2.710.203,31 |
2.210.819,37 |
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 |
4.938.788,46 |
9.038.988,48 |
12.239.633,96 |
|
|
A.3. Labor cost |
192.266,54 |
296.120,19 |
518.335,14 |
|
|
Wages |
170.457,98 |
265.994,96 |
479.727,40 |
|
|
Social security expenses |
21.808,56 |
30.125,23 |
38.607,74 |
|
|
A.3. Assets depreciation |
6.568,19 |
8.714,44 |
5.641,35 |
|
|
A.4. Variance in provision for current
assets |
49,29 |
37.720,00 |
124.728,00 |
|
|
A.5. Other operating costs |
602.749,03 |
1.107.054,94 |
1.016.860,44 |
|
|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
286.827,93 |
481.488,61 |
147.997,93 |
|
|
A.6. Financial expenses |
601,73 |
2.403,81 |
2.838,70 |
|
|
Other companies debts |
601,73 |
2.403,81 |
2.838,70 |
|
|
A.7. Variation in financial investments
provision |
|
|
|
|
|
A.8. Exchange losses |
|
|
1.032,64 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
1.037,33 |
|
501,37 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II) |
287.865,26 |
480.633,87 |
148.499,30 |
|
|
A.9. Variation in provision in fixed
assets |
|
|
|
|
|
A.10. Losses in fixed assets |
|
|
|
|
|
A.11. Losses from shares and bonds |
|
|
|
|
|
A.12. Extraordinary charges |
292,50 |
1.576,14 |
873,67 |
|
|
A.13. Prior year’s expenses and losses |
50.307,15 |
|
|
|
|
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) |
|
5.263,40 |
1.114,08 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
241.075,50 |
485.897,27 |
149.613,38 |
|
|
A.14. Corporate Taxes |
97.514,01 |
167.240,37 |
50.847,18 |
|
|
A.15. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
143.561,49 |
318.656,90 |
98.766,20 |
|
|
B) INCOMES (B.1 a B.8) |
|
|
|
|
|
B.1. Operating income |
6.027.249,44 |
10.970.086,66 |
14.053.196,82 |
|
|
Turnover |
6.011.825,08 |
10.943.477,13 |
13.994.821,69 |
|
|
Other operating income |
15.424,36 |
26.609,53 |
58.375,13 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
|
B.2. Financial Income |
1.636,68 |
1.549,07 |
1.633,71 |
|
|
Other |
1.636,68 |
1.549,07 |
1.633,71 |
|
|
B.3. Gains on exchange |
2,38 |
|
2.739,00 |
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
|
854,74 |
|
|
|
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 |
3.809,89 |
6.839,54 |
1.987,75 |
|
|
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) |
46.789,76 |
|
|
|
|
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 |
98,44 |
82,03 |
27,88 |
|
|
Assets Turnover |
3,04 |
4,04 |
6,33 |
|
|
Productivity |
2,53 |
2,78 |
1,54 |
|
|
Increase of the Added Value |
42,76 |
69,66 |
-3,32 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
7,25 |
11,76 |
4,47 |
|
|
Financial Profitability |
27,76 |
38,13 |
14,68 |
|
|
Financial Expenses |
0,01 |
0,02 |
0,02 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
79,00 |
57,00 |
53,00 |
|
|
Suppliers’ Credit (In days of sales) |
|
|
|
|
|
Working Capital (In days of sales) |
30,00 |
27,00 |
17,00 |
|
|
Working Capital Requirement (In days of
sales) |
0,00 |
0,00 |
13,00 |
|
|
Treasury (In days of sales) |
38,00 |
31,00 |
3,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
502.588,78 |
823.683,09 |
642.533,32 |
|
|
Working Capital Requirement |
-139.418,81 |
-128.257,91 |
512.785,97 |
|
|
Treasury |
642.007,59 |
951.941,00 |
129.747,35 |
|
|
Balance Ratio |
35,46 |
68,81 |
22,12 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
73,88 |
69,16 |
69,56 |
|
|
Own / Permanent Funds |
100,00 |
100,00 |
100,00 |
|
|
Payback Capacity |
0,24 |
0,17 |
0,11 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,34 |
1,44 |
1,42 |
|
|
Immediate Liquidity |
0,44 |
0,51 |
0,08 |
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 |
0,07 |
-0,07 |
|
FIXED ASSETS |
1,38 |
33,38 |
-32,00 |
|
ACCRUED EXPENSES |
0,00 |
0,27 |
-0,27 |
|
CURRENT ASSETS |
98,62 |
66,29 |
32,33 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
30,44 |
35,24 |
-4,80 |
|
ACCRUED INCOME |
0,00 |
2,16 |
-2,16 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
0,45 |
-0,45 |
|
LONG-TERM CREDITORS |
0,00 |
8,97 |
-8,97 |
|
SHORT-TERM CREDITORS |
69,56 |
53,16 |
16,40 |
|
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 |
99,58 |
98,18 |
1,40 |
|
Other operating income |
0,42 |
1,82 |
-1,40 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
87,10 |
81,58 |
5,51 |
|
Other operation expenses |
7,24 |
7,43 |
-0,20 |
|
Added value |
5,67 |
10,98 |
-5,31 |
|
Labor cost |
3,69 |
7,19 |
-3,50 |
|
Gross Economic Result |
1,98 |
3,80 |
-1,82 |
|
Assets depreciation |
0,04 |
1,23 |
-1,19 |
|
Variation in provision
for current assets |
0,89 |
0,20 |
0,68 |
|
Net Economic Result |
1,05 |
2,36 |
-1,31 |
|
Financial income |
0,03 |
0,33 |
-0,30 |
|
Financial expenses |
0,03 |
0,62 |
-0,59 |
|
Variation in financial
investment provision |
0,00 |
0,00 |
-0,00 |
|
Ordinary Activities
Result |
1,06 |
2,08 |
-1,02 |
|
Extraordinary income |
0,01 |
0,44 |
-0,42 |
|
Extraordinary expenses |
0,01 |
0,18 |
-0,18 |
|
Variation in provision
in fixed assets |
0,00 |
0,02 |
-0,02 |
|
Results before Taxes |
1,06 |
2,32 |
-1,25 |
|
Corporaye taxes |
0,36 |
0,73 |
-0,37 |
|
Net Result |
0,70 |
1,59 |
-0,89 |
|
Assets depreciation |
0,04 |
1,23 |
-1,19 |
|
Provisions fund
variation |
0,89 |
0,22 |
0,67 |
|
Net Self-Financing |
1,63 |
3,04 |
-1,41 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
27,88 |
-3,56 |
5,50 |
13,49 |
|
Assets Turnover |
6,33 |
1,91 |
2,81 |
3,89 |
|
Fixed Assets Turnover |
460,01 |
5,55 |
10,86 |
24,67 |
|
Increase of the Added
Value |
-3,32 |
-4,28 |
5,34 |
15,51 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,54 |
1,29 |
1,49 |
1,91 |
|
Change of Personnel
Costs |
75,04 |
1,37 |
8,44 |
17,12 |
|
Average Personnel Costs |
129.583,78 |
17.412,08 |
22.181,41 |
28.573,30 |
|
Value Added by Employees |
199.175,60 |
26.048,10 |
34.590,48 |
50.345,63 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
229.135,55 |
150.614,70 |
278.165,55 |
512.320,39 |
|
Operating Cash Flow |
278.367,28 |
183.769,81 |
361.991,71 |
648.167,46 |
|
Change in Cash Flow |
-37,24 |
-18,13 |
3,02 |
23,63 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
4,47 |
1,13 |
2,69 |
5,25 |
|
Financial Profitability |
14,68 |
4,88 |
10,31 |
17,09 |
|
Financial Expenses |
0,02 |
0,10 |
0,34 |
0,72 |
|
Gross Economic
Profitability |
12,59 |
5,10 |
8,01 |
12,18 |
|
Gross Financial
Profitability |
41,36 |
18,13 |
30,04 |
44,68 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
52,00 |
33,13 |
53,47 |
78,14 |
|
Suppliers’ Credit (In
days of sales) |
|
0,00 |
41,84 |
77,50 |
|
Working Capital (In days
of sales) |
16,00 |
-2,60 |
10,52 |
31,26 |
|
Working Capital Requirement
(In days of sales) |
13,00 |
-8,57 |
9,84 |
32,20 |
|
Treasury (In days of
sales) |
3,00 |
-13,60 |
2,97 |
17,84 |
|
Operating Current Assets |
56,00 |
63,17 |
90,69 |
129,42 |
|
BALANCE |
|
|
|
|
|
Working Capital |
642.533,32 |
-66.378,21 |
337.190,54 |
1.141.950,94 |
|
Working Capital
Requirement |
512.785,97 |
-262.551,90 |
297.866,52 |
1.246.950,60 |
|
Treasury |
129.747,35 |
-541.580,11 |
85.374,63 |
530.434,14 |
|
Balance Ratio |
22,12 |
0,94 |
1,36 |
2,40 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
69,56 |
54,75 |
71,78 |
82,54 |
|
Own / Permanent Funds |
100,00 |
63,29 |
86,85 |
99,44 |
|
Payback Capacity |
0,11 |
0,15 |
0,23 |
0,33 |
|
Long term Indebtedness |
|
0,07 |
4,19 |
12,53 |
|
Gearing |
328,52 |
221,02 |
354,39 |
572,83 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,02 |
|
Assets Guarantee |
1,44 |
1,17 |
1,33 |
1,76 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,42 |
0,97 |
1,13 |
1,46 |
|
Immediate Liquidity |
0,08 |
0,04 |
0,12 |
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 |
|