MIRA
INFORM REPORT
|
Report Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MACO
CORPORATION INDIA PRIVATE LIMITED |
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Registered Office : |
2/5,
Sarat Bose Road, Sukhsagar, 7th Floor, Kolkata-700020, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.04.2002 |
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Com. Reg. No.: |
21-94503 |
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CIN No.: [Company
Identification No.] |
U99999WB2002PTC094503 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM04075B |
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PAN No.: [Permanent
Account No.] |
AACCM8740L |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Provide services as an Importer of Industrial Equipment and machinery to Indian Industries |
RATING & COMMENTS
|
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
150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. 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/Head Office : |
2/5,
Sarat Bose Road, Sukhsagar, 7th Floor, Kolkata-700020, West
Bengal, India |
|
Tel. No.: |
91-33-24545280/
2475 8371 / 2475 8500/ 2454 3200 / 2454 3281 |
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Fax No.: |
91-33-24543269 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Nagesh M. Patel |
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Designation : |
Director |
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Address : |
25/A, Sarat Bose Road, Kolkata - 700020 |
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Date of Birth/Age : |
25.12.1960 |
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Date of Appointment : |
11.04.2002 |
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Name : |
Mr.
Maganlal A. Tilva |
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Designation : |
Director |
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Address : |
25/A, Sarat Bose Road, Kolkata - 700020 |
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Date of Birth/Age : |
01.02.1930 |
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Date of Appointment : |
11.04.2002
(Retired) |
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Name : |
Mr.
Ramesh V. Patel |
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Designation : |
Director |
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Address : |
15A,
Madhav Chatterjee Lane, Kolkata-700020, West Bengal, India |
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Date of Birth/Age : |
13.06.1947 |
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Date of Appointment : |
11.04.2002 |
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Name : |
Mr.
Prafulla N. Tilva |
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Designation : |
Director |
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Address : |
25/A, Sarat Bose Road, Kolkata - 700020 |
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Date of Birth/Age : |
14.10.1962 |
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Date of Appointment : |
11.04.2002 |
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|
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Name : |
Mr.
Hitesh D. Vasa |
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Designation : |
75A,
Babul Bagan Road, Kolkata-700025 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr.
Ketan Patel |
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Designation : |
Director |
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Address : |
15A,
Madhav Chatterjee Lane, Kolkata-700020 |
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Date of Appointment : |
01.10.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Maganlal Tilva |
2500 |
|
Mr.
Nagesh Patel |
2500 |
|
Mr.
Prafulla Tilva |
2500 |
|
Mr.
Ramesh Patel |
750 |
|
Mrs.
Pravinaben Manaharlal |
1500 |
|
Mrs.
Ramaben Maganlal |
250 |
|
Total |
10000 |
BUSINESS DETAILS
|
Line of Business : |
Provide services as an Importer of Industrial Equipment and machinery to Indian Industries |
|
|
|
|
Products : |
Machinery
and Machinery Spares |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
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|
|
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Bankers : |
v
ABN
Amro Bank, 18A, Braboorn Road Branch, Kolkata-730754 v
Central
Bank of India, Murr v
Dena
Bank, Bhilai v
Dena
Bank, Brabourne Road Branch, 16, Brabourne Road, Kolkata-700001, West Bengal,
India v
HDFC
Bank Limited v
Union
Bank of India, Bokar v
Union
Bank of India, M.G. Road Branch, 134/4, Mahatma Gandhi Road, Kolkata-700007,
West Bengal, India |
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|
|
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Banking Relations : |
Satisfactory |
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|
|
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Auditors : |
D. K.
Madia & Company Chartered
Accountants 29A,
Weston Street, Kolkata-700012, West Bengal, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs.50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2589207 |
Equity
Shares |
Rs.10/- each |
Rs.25.892 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.892 |
25.000 |
9.551 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.075 |
5.351 |
2.761 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
41.967 |
30.351 |
12.312 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
34.385 |
13.966 |
16.279 |
|
|
TOTAL BORROWING |
34.385 |
13.966 |
16.279 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
76.352 |
44.317 |
28.591 |
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
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FIXED ASSETS [Net Block] |
8.897 |
8.561 |
4.349 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.000 |
5.507 |
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DEFERREX TAX ASSETS |
0.279 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
13.308
|
9.368 |
10.570 |
|
|
Sundry Debtors |
84.543
|
79.613 |
46.164 |
|
|
Cash & Bank Balances |
12.346
|
15.751 |
12.421 |
|
|
Other Current Assets |
20.746
|
7.960 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
10.447 |
|
Total Current Assets |
130.943
|
112.692 |
79.602 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
54.793
|
|
61.083 |
|
|
Provisions |
9.147
|
3.199 |
|
|
Total Current Liabilities |
63.940
|
77.080 |
61.083 |
|
|
Net Current Assets |
67.003
|
35.612 |
18.519 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.073 |
0.144 |
0.216 |
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|
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|
|
|
TOTAL |
76.352 |
44.317 |
28.591 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
|
Sales Turnover [including other income] |
|
|
199.348 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
|
2.872 |
|
Provision
for Taxation |
|
|
0.111 |
|
Profit/(Loss)
After Tax |
|
|
2.761 |
|
|
|
|
|
|
Import
Value |
|
|
81.119 |
|
|
|
|
|
|
Total
Expenditure |
|
|
196.476 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA |
1.38 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
1.44 |
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|
|
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|
|
|
Return on
Total Assets (PBT/Total
Assets} |
(%) |
NA
|
NA |
3.42 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.23 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.34
|
2.99 |
6.28 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.05
|
1.46 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U99999WB2002PTC094503 |
|
Name of the company |
MACO
CORPORATION INDIA PRIVATE LIMITED |
|
Address |
2/5,
Sarat Bose Road, Sukhsagar, 7th Floor, Kolkata-700020, West
Bengal, India |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Book debts Movable property (not being pledge) Goods and other assets, plant and machinery, furniture |
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Particular of the charge holder |
Dena
Bank, Brabourne Road Branch, 16, Brabourne Road, Kolkata-700001, West Bengal,
India E-Mail
: brabou@denabak.co.in |
|
Nature or description of the instrument creating charge |
Agreement of hypothecation (Goods, Book Debts and Other movable assets to secure multiple facilities) |
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Date of the instrument creating charge |
01.11.2006 |
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Amount Secure by the charge |
Rs.17.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest As prescribed by bank from time to time Extent and operation of the charge The charge has been created to secure the letter of credit (D/P) facility granted by bank to the borrower. The charge shall operate as first charge in favour of bank. |
|
Particulars of the Property charged |
All present and future : Goods including raw materials, goods in process, finished goods whether in godown at Kollkata or Mumbai or any where else including in course of transit or on high sea or otherwise. Tangible movable properties and assets of the borrower including plant and machinery, tools and accessories, furniture, office equipments, computers etc. Book debts, outstanding, moneys receivables, claims, bills, rights to or in movable properties and movable assets etc. |
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Corporation identity number or foreign company registrations number of the company |
U99999WB2002PTC094503 |
|
Name of the company |
MACO
CORPORATION INDIA PRIVATE LIMITED |
|
Address |
2/5,
Sarat Bose Road, Sukhsagar, 7th Floor, Kolkata-700020, West
Bengal, India |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Movable property (not being pledge) Floating charge Deposits held as margin or otherwise with the Bank |
|
Particular of the charge holder |
Union
Bank of India, M.G. Road Branch, 134/4, Mahatma Gandhi Road, Kolkata-700007,
West Bengal, India |
|
Nature or description of the instrument creating charge |
Composite hypothecation deed (SD-20) |
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Date of the instrument creating charge |
03.01.2007 |
|
Amount Secure by the charge |
Rs.30.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Letter of guarantee limit Rs.30.000 millions, commission usual. Further, rate of commission is subject to Bank’s credit policy fixed from time to time, RBI directives and FEDAI rules. Terms of repayment In terms of the instruments cited under paragraph 8 above. Margin Letter of guarantee limit Rs.30.000 millions, Margin 25% Extent and operation of the charge Hypothecation by way of first charge created on : All existing and future movable goods and current assets including deposits held with Bank as margin or otherwise and a floating charge created on the whole of undertaking of the company. Others To secure the non fund based credit facilities of Bank Guarantee Limit of Rs.30 millions, sanctioned and extended by Union Bank of India, MG Road Branch to Maco Corporation (India) Private Limited the company has inter alia created charge on its assets as mentioned din paragraph 4(a), 12(d) and 14 hereunder, read with the agreement cited in paragraph 8 above and all other supporting security documents executed by the company favouring the Bank. |
|
Particulars of the Property charged |
Hypothecation by way of first charge created on : All existing and future movable goods and current assets lying/stored/held at 2/5 Sarat Road, 7th Floor, 7A, Kolkata-20 or elsewhere the same may be lying/stored/held or are in course of transit including Deposits held with Bank as margin or otherwise and a floating charge created on the whole of undertaking of the company. |
|
Name of the company |
MACO
CORPORATION INDIA PRIVATE LIMITED |
|
Presented By |
Union Bank
of India |
|
1) Date and description of instrument creating the change |
Composite hypothecation deed dated 19.10.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.000 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 |
Hypothecation by way of first charge : All tangible movable machineries, plant, machinery, fixtures, fittings, other installations, cranes, furniture, computers and other accessories, vehicles together with spares, tools and accessories and all other articles installed/lying/stored at the company’s premises/factories/godowns or wherever else the same may be or in course of transit. The whole of the company’s movable goods and assets, both present and future, including all stocks of raw materials, work in progress, semi finished goods and stores and spares etc. packing materials, consumable stores and spares etc. stored/lying at the afforsaid places or wherever else the same may be or in course of transit. All the company’s present and future book debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest/commission as may be fixed by the Bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India MG Road Branch, 134/4, MG Road, Kolkata-700007 |
|
6) Date and brief description of instrument modifying the charge |
Composite hypothecation deed dated 08.02.2005 for Rs.25.000 millions |
|
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. |
By this modification the overall limit has been enhanced from Rs.20 millions to Rs.25 millions Interest/commission as may be fixed by the Bank from time to time. Other terms and conditions remain unchanged. |
Company’s
fixed assets include air conditioner, computer and printer, fax machine, motor
car, office premises, type writer, Xerox machine, furniture, franking machine,
scooter and U.P.S.
Review of Operations :
During
the year under review, total turnover of the company has been Rs. 196.400
millions as against turnover of Rs.101.900 millions in 2002-03. The earnings
before tax also has been increased from Rs.152.800 millions to Rs.287.200
millions. The company has registered impressive growth in the year under review
consisting the second year of operations of the company since its inception in
April 2002. The directors are confident to deliver even better results in
ensuing years.
Website Details :
Subject was established in 1957 by Mr. M. Patel as a
partnership company with a goal to provide services as an Importer of
Industrial Equipment and machinery to Indian Industries. Over the years it has
established its reputation as a company who represents world renowned companies
in India.
In 1984 their associate Sunag Corporation (USA) was established at New Jersey.
In 1992 their associate Sunag
Corporation (Europe) Limited, was established at Middlesex.
In 2002, they are known as Maco Corporation (India) Private Limited; headed by Mr. M. Patel -
Chairman and operations controlled by Mr. Mr. N. Patel-Managing Director with
help of team of experienced and qualified engineers and marketing
professionals.
Since the last 30 years subject is in business and
professionally managed by a strong network of 55 dynamic technical &
commercial personnel. Ten branch offices are strategically placed at key
industrial locations. Apart from these the associate offices in USA and UK act
as a bridge between overseas manufacturers and offices all over India.
RELIABILITY
Nowadays, reliable and trustworthy industrial
suppliers for all kinds of products have become more and more important in the
world of just-in-time-production and flexible markets.
The key competence of subject is in catering to the needs of the core
industries. Though primarily in steel, metal, automobile, power, subject's
clientele includes cement, railways, oil, refineries, petrochemicals - to name
a few.
The following activities have added to the company's
reliability in the minds of its customers :
v Sourcing
high quality industrial products for diverse applications from the global
market
v Advantage
of both rupee and foreign currency payments
v Competitive
prices, prompt delivery and credit facility
v Total
solution including technical assistance before and after sales
They are keen to develop a very special business
partnership with each and every customer.
THE MISSION
v To be the
most customer-friendly Company to do business with.
v Catering
to the customer as per his specific requirement.
v Focus on
his emerging demands.
v Provide
agile services through best-in-class people.
Principals and Products
HYDRATIGHT SWEENEY, USA
Hydratight Sweeney is acknowledged as the only single-source
provider of all bolt tightening and tensioning devices such as :
Hydraulic Torque Wrenches
v
Unique tools for precise and fast torquing of nuts and bolts
v
Torque ranges from 123-28000 ft-lb
v
Versatile - can be used for a wide variety of nuts
v
Lightweight, compact and low maintenance
Other products
v
Bolt tensioners
v
Mechanical Torque Wrench
v
Torque Multiplier
v
Nut Splitter
v
Flange Spreaders
ACE CONTROLS INC. USA
Decelerate loads, prevent impact damage, dampen noise, increase
equipment speeds, improve product performance. ACE Shock Absorbers provide true
linear deceleration that solves shock related problems efficiently and
effectively.
ACE Also manufacturers :
Gas
Springs, Rotary Dampers, Two Bar Snubbers, Cylinders and Valves
ACE Shock Absorber application area :
v
Steel
v
Material Handling
v
Linear Slides
v
Automotive
v
Packaging
v
Food Processing
v
Glass
v
Pick & Place
v
Power Generation
v
Robotics
v
Lumber
v
Foundries
v
Machine Tools
v
Electronics & Instruments
v
Office Equipment
NUMATICS, USA
Air Preparation Group
Numatics are the pioneer manufacturers of pneumatic components for
automated machinery used in Petro-Chemical, Packaging , Marking , Food
Processing , Bottling , Aerospace , Textile , Glass and many more industries.
Their Product range consists of Air Valves , Poppet Valves , FRL's
, Filter Elements , Regulators , Air Dryers.
Clients :
Steel :
SAIL / TISCO / Jindal Vijaynagar / Ispat Industries /
Essar Steel / Jindal Strips / Usha Martin / Bhusan Steel / National Steel
industries.
Petrochemical
:
ONGC / IOCL / Reliance Industries/ Bharat Petroleum /
Oil India / Haldia Petrochemicals / GAIL / Mangalore Refineries / Kochi
Refineries / Hindustan Petroleum / Numaligarh Refineries.
Power :
NTPC / GE Power / BHEL / PSEG PPN Power / GTRE / Tata
Power / State Electric Board / Bakreswar Thermal Power Plant / Essar Power.
Automobile
:
Hyundai / TELCO / Maruti / Mahindra & Mahindra /
Hindustan Motors / LML / Ford India / Bajaj Auto / Hero Honda / General Motors
/ Eicher Tractor / New Holland Tractors / Honda Siel / TVS Suzuki / Ashok
Leyland / Skoda Automobiles / Swaraj Mazda / Tata Cummins / Escorts / Fiat
Defence
:
Rifle Factory / Nuclear Power Corporation / DRDL /
ISRO / Bhaba Atomic / Heavy Vehicle Factory / Naval Aircraft / Ordance Factory
Aviation
:
Hindustan Aeronautics / Indian Airlines / Air India /
Jet Airways / Air Sahara
Railways
:
DLW / DCW / N.F. Railways / S.E.Railways / Rail Coach
Factory / Central Railway / Southern Railway
Machine
Tools :
Widia / Bharat Fitz Water / Hindustan Machine Tools /
ITC / MICO
Others :
Larsen & Toubro / J.K Tyres. / CEAT / Flat
products / Apollo Tyres / Kirloskar / Timken / JCT / Coal India / Neyveli
Lignite / IFFCO / Hindustan Paper / Lafarge / Nalco Chemical / Kudermukh Iron
Ore / KRIBHCO / Currency Note Press / MRF / Manugraph India.
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.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|