MIRA
INFORM REPORT
|
Report Date : |
03.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ANUTONE
ACOUSTICS LIMITED |
|
|
|
|
Registered Office : |
No.
34, Visweswarah Industrial Area, 3rd Mahadevapuram, White Field
Road, Bangalore-560048 |
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|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
15.05.2001 |
|
|
|
|
Com. Reg. No.: |
08-29012 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U20239KA2001PLC029012 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS04888C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCA1269K |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers
of Acoustical Panels and Boards |
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 |
|
Maximum Credit Limit : |
USD
50000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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
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 : |
No.
34, Visweswarah Industrial Area, 3rd Mahadevapuram, White Field
Road, Bangalore-560048, India |
|
|
|
|
Head/
Corporate Office : |
Sai
Darshan, 231, 7th Cross, Indira Nagar, 1st Stage,
Bangalore-560038, Karnataka, India |
|
Tel.
No.: |
91-80-25202803/
2522804 |
|
Fax
No.: |
91-80-25203115 |
|
E-Mail
: |
|
|
|
|
|
Regional
Offices : |
WEST Sai Prasad, 202, 4th Road,
Khar (W),Mumbai -
400 052 Tel.
: 91-22- 2649 9732 Fax
No.:
91-22- 2646 5023 Email : mumbai@anutone.com NORTH Sai Krupa, 63 Masjid Road,
Jungpura Bhogal, New Delhi - 110 014 Tel. No.: 91-11-2437 8061 Fax No.: 91-11-2437 4848 Email : delhi@anutone.com SOUTH Sai Leela, 71, F024 Stonedge
Tower, 1st Avenue, Ashok Nagar, Chennai - 600 083 Tel. No.: 91-44- 2474 0907 Fax No.: 91-44- 2474 0908 Email : chennai@anutone.com |
|
|
|
|
Dealers
: |
SOUTH
INDIA BuildCraft Interiors Private
Limited Tel. No.: 91-44-
5612 0772 Email
: buildcraft@vsnl.com Premier Agencies, Tel. No.: 91-40- 2320 4444 Email : premier_hyderabad@rediffmail.com Cauvery Buildtech Private
Limited Tel. No: 9148 4239 1723 / 4239 4031 Email : cauvery@md5.vsnl.net.in WEST Creations Tel. No.: 91-20- 2544 6420 / 2545 7558 Email : sanjaydiwan@creations.net.in NORTH Navyug Traders Tel. No.: 91-11- 5100 9049 Email : navyugtraders_r@yahoo.com EAST Bose Electro Acoustics Private
Limited Tel. No.: 91-33- 2494 6080 Fax No.: 91-33- 2494 0768 |
DIRECTORS
|
Name : |
Mr.
Sandeep Mittal |
|
Designation : |
Director |
|
Age : |
44
years |
|
Qualification : |
Graduate
from Kolkata University |
|
|
|
|
Name : |
Mrs.
Priyadarshini Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs.
Bindu Mittal |
|
Designation : |
Director |
|
Age : |
35
years |
|
Qualification : |
Engineering
Graduate |
|
|
|
|
Name : |
Prabhas
Chandra Bansal |
|
Designation : |
Director |
|
Age : |
51
years |
|
Qualification : |
Engineering
Graduate |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
Percentage of Holding |
|
Directors
and Family Associates |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Acoustical Panels and Boards |
GENERAL
INFORMATION
|
No. of Employees : |
30 |
|
|
|
|
Bankers : |
Punjab
National Bank, Citi Branch, Bangalore-2, India |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
R.
Murali Associates, Bangalore |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
62000 |
Equity
Shares |
Rs.10/- each |
Rs.0.620 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
6.958 |
7.082 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.095 |
1.012 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
13.053 |
8.094 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
12.268 |
8.043 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
12.268 |
8.043 |
|
|
DEFERRED TAX LIABILITIES |
|
0.355 |
0.191 |
|
|
|
|
|
|
|
|
TOTAL |
|
25.676 |
16.328 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
17.382 |
12.119 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.014 |
0.014 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.895 |
5.179 |
|
|
Sundry Debtors |
|
15.605 |
5.627 |
|
|
Cash & Bank Balances |
|
1.978 |
0.042 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
2.356 |
1.585 |
|
Total Current Assets |
|
24.834 |
12.433 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total Current Liabilities |
|
16.641 |
8.339 |
|
|
Net Current Assets |
|
8.193 |
4.094 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.087 |
0.101 |
|
|
|
|
|
|
|
|
TOTAL |
|
25.676 |
16.328 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
69.938 |
48.625 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
7.980 |
3.765 |
|
Provision
for Taxation |
|
2.277 |
0.436 |
|
Profit/(Loss)
After Tax |
|
5.703 |
3.329 |
|
|
|
|
|
|
Export
Value |
|
4.511 |
0.381 |
|
|
|
|
|
|
Total
Expenditure |
|
61.958 |
44.860 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
8.15 |
6.85 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
11.41 |
7.74 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
18.90 |
15.33 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.61 |
0.46 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
2.21 |
0.02 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.49 |
1.49 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
is India’s foremost acoustics technology company in the speciality construction
sector with advanced, innovative, application-oriented, techno-commercially
superior products, systems and services based on American standards & Euro
norms for Asian conditions - at Indian values
These
meet the needs of the rapidly changing markets of -
v
Architectural
acoustics
v
Noise
management
v
Audio-Visual
systems
to
companies, institutions and individuals in India, Asia and the world.
The twin
programmes, SoundSelec™ and Noizkon™, developed and powered by Subject, serve
speciality construction verticals through design, supply, build solutions. They
are the complete architectural acoustics and noise management value-chains from
a one-stop, single-source Company that result in sound-conditioned spaces for
intelligent buildings and noise-managed industries enabled by smart
architecture. The SoundSelec™ & Noizkon™ programmes are realistic, and
connect to the here and now.
The twin
programmes, SoundSelec™ and Noizkon™, decipher acoustical and noise technology
processes and maximise stakeholder value.
Subject’s
SoundSelec™ and Noizkon™ programmes deliver complete architectural acoustics
and noise management solutions from intent to reality through their Teams
approach that truly realizes sound-conditioned and noise-managed spaces.
Totel™ -
innovative acoustical services from design to validation
Excel™ -
Inorganic Bonded Composites (IBC)-based acoustical systems
Absol™ -
non-IBC, non-metal-based contract acoustical systems
Meta™ -
metal-based noise management systems
Struct™
- project management and execution with superior SCM and logistics
Anutone®’s 360 degrees approach extends
to -
Offices – BPOs, ITeS, tech parks
Performing
spaces – multipurpose auditoria, sports stadia
Entertainment
– retail malls, cinema multiplexes, night clubs
Education
– classrooms, lecture halls
Healthcare
– audiometry rooms
Hospitality
– banquet halls, convention centres
Public
places – assemblies, council halls, galleries
Worship
places – churches, mosques, temples
Small
venues – home theatres, listening rooms, studios
Transport
– rail/road corridors, terminals
Industrial
– mechanical services, light & heavy
Housing
– economical comfortable housing
Anutone® enables construction teams to
realize projects on time, every time
Government
authorities
Clients
– space developers, end-users
Architects
& Designers
Structural
Consultants
Services
Consultants – HVAC, Electrical, Plumbing, Life Safety
Lighting
Consultants
Acoustical
& AV Consultants
Project
Management Consultants
General
Contractors & Sub-contractors
Anutone®’s SoundSelec™ and Noizkon™ programmes enable
Design, Supply, Build solutions are guaranteed to perform. Objective testing
post-install validates the pre-defined design parameters. A SoundSurety™
service warranty certificate accompanies every SoundSite (Project) where
SoundSelec™ and Noizkon™ has been applied to Design, Supply or Build.
Reliability
stems from a tradition that dates 1966, 40 years, and an establishment that
commenced in 1982, 24 years. This makes subject a serious, long-term player in
the acoustics and noise management marketplace. Subject is tried, tested &
proven and the impressive track record is testimony.
Anutone
Acoustics Limited (Anutone®) is a closely held
public limited company incorporated at Bangalore, India in 2001 under Chapter
IX of the Indian Companies Act, 1956 by converting a registered partnership
firm, SSS Wood Industries that was in the business of manufacturing wood wool
boards since 1982. The founder is Virendra Nath Mittal (27.12.1927 –
28.08.1988) who pioneered the manufacture of wood wool boards in India at
Anudyog, Kolkata since 1966.
The
present business of the company, since incorporation in 2001, is in the
speciality construction sector to enable smart architecture to result in
intelligent buildings. The business is enhancing hearing experiences in built
spaces and the environment.
Traditionally,
this was done mainly in cinemas and auditoria where the closed environment with
high sound needed to be managed for better audibility and aural pleasure. Over
the years, advancement in audio visual equipment, other entertainment
technologies and transportation has necessitated development of various types
of acoustical systems and services that enhance the quality of sound in any
built space and the environment. Subject addresses the acoustical systems and
services requirements in such areas.
Historically,
the company developed acoustical systems based on Inorganic Bonded Composites
(IBC) that are used in roofing, panelling, partitions and flooring for
absorption and isolation of noise to make the aural environment a pleasurable
experience. Alongside the traditional systems subject has developed an
international class of non-IBC systems that meet the style needs of the
contemporary environment. Subject has developed a Teams approach – Totel™ ,
Ekcel™ , Absol™, Meta™, Struct™ - of specialty systems and services that are
unique in the market, both international and domestic, enjoying a great
response and brand recall from consumers.
In
January 2006, in its 5th year, Subject has successfully developed
and deployed a unique software for the AEC community - architects, engineers,
consultants - the SoundselecTM and NoiklonTM programmes
that enables the desktop designing of great sounding spaces. SoundSelec™ and
NoizkonTM addresses the current needs
of the user community of providing complete value-chain solutions from design
to installation.
Shortly,
Subject will be launching another exciting website www.noizkon.com, that will enable the AEC
community to design international-class noise-managed industrial facilities.
This has
transformed subject into a one-stop, single source, turnkey corporate for
everything in architectural acoustics and noise management and makes it one of
its kind in India and Asia.
The
Board of Directors boasts of eminent personalities from the corporate world
that represent expertise in building materials, noise management, financial
management etc. The Anutone Board of Directors consists of –
Executive Directors
Mr.
Sandeep Mittal, Director-Technical, 44, a graduate from Kolkata University, has
single-handedly revived the wood wool board industry in India. With great
interest and passion to become a leader in the line of activity, Mr. Sandeep
Mittal has invented many innovative acoustical systems that are well received
by the market.
He
founded Soundesigns in 1999, an acoustical consulting firm. His involvement in
the research and development of new and improved systems and services in
architectural acoustics and noise management has brought him noticeable
recognition among the experts in the field both in India and abroad. He founded
Sandy Media in 1999 that publishes Theatre World and Sound Solutions, two
international publications for the industry. Sandy Media also organises an
annual show, ‘TAAL’.
He is a
member of many professional associations and forum in the industry.
Mrs.
Bindu Mittal, Director–Operations, 35, is an engineering graduate from Nagpur
University. She has been instrumental in developing the management information
systems for Anutone® and looks after the
business operations of the company since 1998. She is based at Bangalore.
Mr.
Prabhas Chandra Bansal, Director-Commercial, 51, is an engineering graduate from Punjab
University. He joined the Board in July 2006 and looks after the commercial
activities of the company. He is based at New Delhi.
Non-executive Directors
Dr.
Ing. BVA Rao, Director, an eminent acoustician and prominent educationist, holds several
professional degrees from India and Germany. He is International Director at
the Vellore Institute of Technology. He advises the Board on architectural
acoustics and noise management. He is the ex-president of the Acoustical
Society of India. He is a member of many professional associations and forum in
the industry. He is based at Bangalore.
Mr.
S. Parthasarathy, Director, an engineering graduate from IIT Chennai, is an eminent personality in
the building material industry. He is an independent consultant on the board of
some prominent companies and ex-president, India Gypsum Limited. He advises the
Board on building applications and systems marketing for the building material
segment of the business. He is based at Chennai.
Though a
closely held public limited company, the management is very professional. The
top-tier management is well supported by qualified, experienced, and trained
personnel in the Finance, HRD, R&D, Purchase, Marketing and other vital
functions of the company.
With the
new TEAMS approach and the SoundSelec™ & Noizkon™ programmes the company
offers the complete value-chain of design, supply, build (DSB) services. This
includes consultancy services as part of its systems supply and site
installation that makes it a total solution provider distinguishing itself from
a pure product player or just a consulting or contracting firm thereby enjoying
market acceptability and preference.
Subject
is now on a fast-track growth path. All fundamentals, internal and external,
are strong and favour the company to achieve unprecedented growth. Subject has
consolidated its position since incorporation in 2001 to leap ahead.
The
Indian economy has been growing the fastest in the world along with China.
Since
2000, India has been recognized as a valuable investment destination by various
international companies. These companies demand world-class infrastructure
requirements in which acoustics also play a major role. Currently there has
been a tremendous growth in quality of infrastructure, particular in the
commercial infrastructure that house giant software developers, BPOs, call
centres, and other IT enabled services. Firms in these lines of businesses
employ a large number of staff, packed within a limited space in a
sophisticated environment. With so many minds and mouths working in an office
environment, acoustics play a very important role in providing much-needed
comfort. Subject’s client list boasts of Fortune 500 bluechips that have set
shop in India.
India is
one of the largest entertainment markets in the world. Passion for cinema in
India has been one of the highest in the world. Bollywood and its regional
cousins show tremendous potential for growth that is obvious from the
recognition given by the Government of India to this sector as an industry with
tax benefits and institutional financing support. During the last few years,
there has been an unprecedented demand for entertainment centres and shopping
malls including multiplexes. Subject has been the major supplier to almost all
the multiplexes in India and the company is well positioned to retain its
position in this segment.
These
changes, are spreading to other infrastructure facilities like colleges,
schools, auditoriums, community halls, prayer halls (many in India), etc. and
for a country as vast as India, the market size is big. It leaves no room to
guess that there is a very good chance for the market booming to unprecedented levels
in the next 5 years in all the above-mentioned segments. All this is further
fuelled by the government allowing FDI in real estate.
Acoustics
is a very vast field, having applications in very many areas. The above
description covers only a certain portion of the acoustical market and there
are many more potential areas that remain unexplored. There exists, a major
market in industrial acoustics, where noise made in process areas require
management.
In fact,
acoustical systems in the advanced countries form a very big market on the
noise control in surface transport. Acoustical technology is used on heavy
traffic highways, flyovers, elevated rail tracks, subways, to reduce the noise
impact by vehicular movement in built spaces. India, becoming on par with the
international infrastructure, living and lifestyle, similar markets as existing
in Europe and other markets, would be duplicated in India and the market size
would expand rapidly.
The
marketing team of Subject is professional and well structured that can
efficiently generate business and results to the company. The centralised
controlling division is based at the Corporate Office at Bangalore. This
controls the marketing management of the team that is located in the three
regional offices at Mumbai, New Delhi, Chennai, representatives and authorised
dealers in other cities and the export markets. All the offices are well
equipped with IT infrastructure and connectivity. All team members are
qualified and experienced with a similar industry background. The team is an
ideal blend of youth, experience and technical capability.
Though
necessary infrastructure in terms of manpower, training, promotion have already
been made in these areas, as a matter of continuous process, Subject, expends a
lot in its marketing activities. The company often conducts seminars, attends
to the seminars conducted by others, and promotes its systems and services
through newsletters of its own.
v
An
ISO 9001 2000 certified company.
v
Only
quality value-chain provider of unique systems in the organized sector.
v
Only
company to develop and deploy unique software for architects.
v
Enjoys
excellent goodwill among consumers and facilitators.
v
Enjoys
excellent rating with its bankers - Punjab National Bank.
v
More
than 75% of the employees serving the company for 5 years.
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.44.20 |
|
UK
Pound |
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.58.53 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
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 |
|
43 |
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 |
|