MIRA
INFORM REPORT
|
Report Date : |
04.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAFIQ
INTERNATIONAL ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
86 –
A, 4th Street, Abirama Puram, Chennai – 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
18.12.2002 |
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Com. Reg. No.: |
18-50057 |
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CIN No.: [Company
Identification No.] |
U45201TN2002PTC050057 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEB04853C |
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PAN No.: [Permanent
Account No.] |
AACCB2393L |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Importers
of all kinds of rubber. |
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
25000 |
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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 : |
86 –
A, 4th Street, Abirama Puram, Chennai – 600018, Tamilnadu, India |
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Tel. No.: |
91-44-22351754 |
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E-Mail : |
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Corporate
Office : |
111/A,
2nd Floor, Mount View, Anna Salai, Chennai – 600032, Tamilnadu,
India |
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Tel.
No.: |
91-44-42023772
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Fax
No.: |
91-44-22351640 |
DIRECTORS
|
Name : |
Mr. A.
M. Rafiq |
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Designation : |
Director
|
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Address : |
86 A,
4th Street, Abiramapuram, Chennai – 600018, Tamilnadu, India |
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Date of Birth/Age : |
26.06.1967 |
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Date of Appointment : |
18.12.2002 |
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Name : |
Mrs A.
Haleela |
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Designation : |
Director
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Address : |
86 A,
4th Street, Abiramapuram, Chennai – 600018, Tamilnadu, India |
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Date of Birth/Age : |
03.07.1950 |
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Date of Appointment : |
18.12.2002 |
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Name : |
Ms.
Ruksana Rafiq |
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Designation : |
Director
|
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Address : |
86 A,
4th Street, Abiramapuram, Chennai – 600018, Tamilnadu, India |
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Date of Birth/Age : |
17.04.1974 |
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Date of Appointment : |
18.12.2002 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Ms. A.
Haleela |
|
170000 |
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Mr. A.
M. Rafiq |
|
310000 |
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Mrs.
Ruksana Rafiq |
|
20000 |
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TOTAL |
|
500000 |
BUSINESS DETAILS
|
Line of Business : |
Importers
of all kinds of rubber. |
GENERAL
INFORMATION
|
Bankers : |
The Lakshmi Vilas Bank Limited 275, T. C. Street, Chennai – 600001 Oriental Bank of Commerce 63, Radhakrishnan Salai, Mylapore,
Chennai – 600004 |
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|
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Banking Relations : |
Satisfactory
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Auditors : |
Tulasidaran
& Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 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 |
|
5.000 |
5.000 |
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|
2] Share Application Money |
|
1.127 |
5.000 |
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|
3] Reserves & Surplus |
|
0.313 |
0.062 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.440 |
10.062 |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
|
2.408 |
3.750 |
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2] Unsecured Loans |
|
3.473 |
4.170 |
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TOTAL BORROWING |
|
5.881 |
7.920 |
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DEFERRED TAX LIABILITIES |
|
0.809 |
0.518 |
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|
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TOTAL |
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13.130 |
18.500 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
|
5.931 |
6.240 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
8.937 |
0.115 |
|
|
Sundry Debtors |
|
17.071 |
6.496 |
|
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Cash & Bank Balances |
|
0.985 |
0.854 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
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Loans & Advances |
|
4.137 |
6.605 |
|
Total Current Assets |
|
31.130 |
14.070 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
|
23.931 |
1.810 |
|
Total Current Liabilities |
|
23.931 |
1.810 |
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|
Net Current Assets |
|
7.199 |
12.260 |
|
|
|
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
13.130 |
18.500 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
87.511 |
91.795 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
|
0.587 |
0.638 |
|
Provision
for Taxation |
|
0.337 |
0.576 |
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Profit/(Loss)
After Tax |
|
0.250 |
0.062 |
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|
|
|
|
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Total
Expenditure |
|
86.923 |
91.157 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
0.28 |
0.06 |
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|
|
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|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
0.67 |
0.69 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
1.58 |
3.14 |
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|
|
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.09 |
0.06 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
4.62 |
0.96 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.30 |
7.77 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U45201TN2002PTC050057 |
|
Name of the company |
RAFIQ INTERNATIONAL ENTERPRISES PRIVATE
LIMITED |
|
Address |
86 – A, 4th Street, Abirama
Puram, Chennai – 600018, Tamilnadu |
|
This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Sundaram Finance Limited No. 21, Patullos Road, Chennai – 600002, Tamilnadu, India E-mail : sf@sundaramfinance.in |
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Nature or description of the instrument creating charge |
Hypothecation agreement bearing Cont No. – BX – 0292 |
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Date of the instrument creating charge |
07.07.2006 |
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Amount Secure by the charge |
Rs. 2.248 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The total amount of Rs. 2.248 millions is repayable in 35 monthly instalments. 1st instalment of Rs. 0.072 million & 34 instalments of Rs. 0.064 million each Rate of Interest – 10.86% |
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Description of the property charge whether it is a charge on |
Plant and machinery |
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Particulars of the Property charged |
1. No. JCB – Excavator, identity no. 1247680 locating at 2nd Floor Block – A, mount view IIIA, Anna Salai, Guindy, Chennai - 600032 |
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Name of the company |
BLUE OCEAN INTERNATIONAL ENTERPRISES
PRIVATE LIMITED |
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Presented By |
BLUE OCEAN INTERNATIONAL ENTERPRISES
PRIVATE LIMITED And Lakshmi Vilas Bank Limited, 275, TC ST., Chennai – 600001 |
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1) Date and description of instrument creating the change |
28.04.2004 Agreement for hypothecation of goods received under LC and co-acceptance etc. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 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 |
Goods and / or documents of title to goods hypothecated and / or to be hypothecated to Bank received / purchased under the Letter of Credit namely imported non – coking steam coal. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The said facility to be secured by the goods / or documents of title to goods hypothecated and / or to be hypothecated to the Bank. Interest at the rate of 3.5% p.a. over / below the PLR of the Bank which is 12.5% at present with a minimum of 16% p.a. with monthly rests or at such rate as may be revised / notified hereafter the bank from time to time, as per banks decisions and / or RBI’s directives. All other terms and conditions as per the agreement entered into with the Bank and the Letter of sanction advised by the Bank |
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5) Name and Address and description of the person entitled to the charge. |
The Lakshmi Vilas Bank Limited 275, T. C. Street, Chennai – 600001 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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Name of the company |
RAFIQ INTERNATIONAL ENTERPRISES PRIVATE
LIMITED |
|
Presented By |
Sundaram Finance Limited, No. 21, Patullos
Road, Chennai – 600002, Tamilnadu |
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1) Date and description of instrument creating the change |
Loan Cont No. : AC2357 Dated 08.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Finance Amount : Rs. 0.475 million Interest : Rs. 0.085 million Total repayable amount : Rs. 0.560 million |
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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 |
On the security of 1 No. General Purpose Equipment – Identity No. 2005004 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 0.560 is repayable in 35 monthly instalments as under : Instalment Amount 1 Rs. 0.016 million 2-35 Rs. 0.016 million Rate of Interest 12.1% 1st Instalment falls due on 08.08.2005 |
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5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai – 600002 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
|
Name of the company |
BLUE OCEAN INTERNATIONAL ENTERPRISES
PRIVATE LIMITED |
|
Presented By |
Rafiq |
|
1) Date and description of instrument creating the change |
Loan cum Hypothecation Agreement Dated 15.09.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.437 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 |
JCB – 3D – Hydraulic Excavator Loader : Engine No. : 4H. 2079 / 3031909 Chassis No. : 3D – 1027545 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per the terms of Loan cum Hypothecation agreement dated 15.09.2003 @ 11.5% p.a. repayable in 35 equal monthly instalments of Rs. 0.048 million each |
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5) Name and Address and description of the person entitled to the charge. |
CITICORP FINANCE [INDIA] LIMITED 1st Floor, Angson Centre, 153, Greams Road, Chennai – 600006 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Name of the company |
BLUE OCEAN INTERNATIONAL ENTERPRISES
PRIVATE LIMITED |
|
Presented By |
BLUE OCEAN INTERNATIONAL ENTERPRISES
PRIVATE LIMITED And Lakshmi Vilas Bank Limited, 275, TC ST., Chennai – 600001 |
|
1) Date and description of instrument creating the change |
28.04.2004 Agreement for hypothecation of goods received under LC and co-acceptance etc. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 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 |
Goods and / or documents of title to goods hypothecated and / or to be hypothecated to Bank received / purchased under the Letter of Credit namely imported non – coking steam coal. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The said facility to be secured by the goods / or documents of title to goods hypothecated and / or to be hypothecated to the Bank. Interest at the rate of 3.5% p.a. over / below the PLR of the Bank which is 12.5% at present with a minimum of 16% p.a. with monthly rests or at such rate as may be revised / notified hereafter the bank from time to time, as per banks decisions and / or RBI’s directives. All other terms and conditions as per the agreement entered into with the Bank and the Letter of sanction advised by the Bank |
|
5) Name and Address and description of the person entitled to the charge. |
The Lakshmi Vilas Bank Limited 275, T. C. Street, Chennai – 600001 |
|
6) Date and brief description of instrument modifying the charge |
Letter of hypothecation [for securing goods / book debts] F. No. 583 Agreement of hypothecation of book debts F No. 303 General power of attorney for book debts F No. 544, All dated 11.06.2004 |
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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. |
Additional limit of Cash credit book debts Rs. 1 million has now been sanctioned besides the LC Limit of Rs. 10 millions existing. The overall credit limit of Rs. 11 millions will be secured by goods / book debts besides goods and / or documents of title to goods hypothecated and / or to be hypothecated to Bank received / purchased under the Letter of Credit namely imported Non-coking steam coal. Margin, interest, commission etc as advised by bank from time to time and as per documents executed |
|
Name of the company |
RAFIQ INTERNATIONAL ENTERPRISES PRIVATE
LIMITED |
|
Presented By |
Sundaram Finance Limited. No. 21,
Patullos Road, Chennai – 600002 |
|
1) Date and description of instrument creating the change |
Loan Agreement dated 18.01.2006. Cont. No. AC – 2701 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total Repayable Amount : Rs. 1.566 millions Finance Amount : Rs. 1.300 millions Interest : Rs. 0.266 million |
|
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 |
On the security of 1 No. 2005 – Model – Honda – Accord E. No. K24A40005771 CH. No. MAKCM552L5N203736 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 1.566 millions is repayable in 59 monthly instalments as under : Instalment Amount 1 Rs. 0.026 million 2-59 Rs. 0.026 million Rate of Interest 8.09% 1st Instalment falls due on 18.01.2006 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai – 600002 |
|
Name of the company |
RAFIQ INTERNATIONAL ENTERPRISES PRIVATE
LIMITED |
|
Presented By |
Sundaram Finance Limited. No. 21,
Patullos Road, Chennai – 600002 |
|
1) Date and description of instrument creating the change |
Loan Agreement dated 18.01.2006. Cont. No. AC – 2701 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total Repayable Amount : Rs. 1.566 millions Finance Amount : Rs. 1.300 millions Interest : Rs. 0.266 million |
|
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 |
On the security of 1 No. 2005 – Model – Honda – Accord E. No. K24A40005771 CH. No. MAKCM552L5N203736 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 1.566 millions is repayable in 59 monthly instalments as under : Instalment Amount 1 Rs. 0.026 million 2-59 Rs. 0.026 million Rate of Interest 8.09% 1st Instalment falls due on 18.01.2006 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai – 600002 |
|
Name of the company |
RAFIQ INTERNATIONAL ENTERPRISES PRIVATE
LIMITED |
|
Presented By |
RAFIQ INTERNATIONAL ENTERPRISES PRIVATE
LIMITED |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation of assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Letter of Credit [Domestic / Foreign] Rs. 20.000 millions Cash Credit : Rs. 1.000 million |
|
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 of current assets of the company including materials imported / procured under LC Hypothecation of fixed assets of the company excluding equipment financed by HDFC Bank |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : LC – 20% in reinvestment deposit to be held under lien to the bank Cash Credit : 25% on stocks and 40% on Book Debts less than 90 days Tenor : Import LC 120 days, Inland LC 90 days Commission : As per schedule of charges / RBI guidelines Rate of Interest for CC : PLR + 1% [i.e. at present 12% p.a.] All other terms and conditions are as per Sanction letter dt. 19.04.2005 and documents obtained by the bank |
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce 63, Radhakrishnan Salai, Mylapore, Chennai – 04 |
|
6) Date and brief description of instrument modifying the charge |
Nil |
|
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. |
Nil |
|
Name of the company |
RAFIQ INTERNATIONAL ENTERPRISES PRIVATE
LIMITED |
|
Presented By |
Sundaram Finance Limited, No. 21, Patullos
Road, Chennai – 600002, Tamilnadu |
|
1) Date and description of instrument creating the change |
Loan Agreement dated 25.08.2005 Cont. No. AC2395 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Finance Amount : Rs. 0.100 million Interest : Rs. 0.018 million Total repayable amount : Rs. 0.118 million |
|
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 |
On the security of 1 No. Plant & Machinery - Identity No. SS/04/2005 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 0.118 is repayable in 35 monthly instalments as under : Instalment Amount 1 Rs. 0.003 million 2-35 Rs. 0.003 million Rate of Interest 12.11% 1st Instalment falls due on 25.08.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai – 600002 |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
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.44.33 |
|
UK
Pound |
1 |
Rs.87.49 |
|
Euro |
1 |
Rs.58.88 |
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 |
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 |
|
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 |
|