MIRA
INFORM REPORT
|
Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SPERRY PLAST LIMITED |
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Registered Office : |
B. M. House H-88
A, Kirti Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.04.1992 |
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Com. Reg. No.: |
55 - 048504 |
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CIN No.: [Company
Identification No.] |
U25209DL1992PLC048504 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS09441F |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Engaged in the
business of manufacturing and exporting of shoe components, TPR soles, thermo
plastic, rubber plastic, engineering plastic blends, alloys and moulds and
injection moulding components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 990000 |
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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 company having satisfactory track. Directors are reported as
experienced, respectable and resourceful industrialists. Their trade
relations are fair. General financial position is satisfactory. Payments are
correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office / Head Office: |
B. M. House H-88
A, Kirti Nagar, |
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Tel. No.: |
91-11-25454063,
25442310, 25412717 |
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Fax No.: |
91-11-25455113,
25117362, 51424375 |
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E-Mail : |
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Website: |
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Cable: |
Arihant |
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Area : |
4000 Sq.ft |
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Location : |
Owned -Commercial
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Factory 1 : |
1121, M. I. E. Bahadurgarh – 124 507, Haryana, |
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Tel. No.: |
91-1276-367154, 367552, 367553, 368040, 368552 |
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Factory 2 : |
Plot No. 16, Udyog Vihar, Greater Noida – 201 306, |
DIRECTORS
|
Name : |
Mr. Vikram Jain |
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Designation : |
Managing Director |
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Address : |
H-45, Kirti
Nagar, |
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Date of Birth/Age : |
03.10.1969 |
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Qualification : |
Graduate |
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Experience : |
14 years |
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Date of Appointment : |
28.04.1992 |
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Other
Directorships |
B. M. Plastic
Industries, Damyanti Exports,
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Name |
Mr. Nawal Mal
Jain |
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Designation |
Director |
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Address |
H-45, Kirti
Nagar, |
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Date of Birth |
07.11.1941 |
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Date of
Appointment |
28.04.1992 |
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Name |
Mr. Chander Mohan
Gandhi |
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Designation |
Director |
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Address |
1/19, East
Punjabi Bagh, |
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Date of Birth |
24.12.1946 |
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Date of
Appointment |
29.08.1994 |
KEY EXECUTIVES
|
Name : |
Mr. Ritesh Malhotra |
|
Designation : |
Finance Manager |
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Mobile No.: |
91-981143222 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Vikram Jain |
|
3753270 |
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Nawal Mal Jain |
|
189500 |
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Damyanti Jain |
|
75210 |
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Nayana Jain |
|
646400 |
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Rajesh Kumar
Bothra |
|
30000 |
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Hem Raj Bothra |
|
50000 |
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Tilok Chan Bothra |
|
10000 |
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Hans Raj Bothra |
|
40000 |
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Tej Lal Solanki |
|
6000 |
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Kanti Lal Solanki |
|
6000 |
|
Arvind Doshi |
|
6000 |
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Aman Lal Mutta |
|
6000 |
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Bharat Kumar |
|
6000 |
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Rasik Lal Singhi |
|
9000 |
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Parsoo Ram
Chowdan |
|
13000 |
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Moti Lal Chowatia |
|
49200 |
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Himanshu Chowatia |
|
81000 |
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Sunil Kumar Joshi |
|
31000 |
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Pawan Kumar Jain |
|
31000 |
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Ram Kumar |
|
31000 |
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Som Natha Rathode |
|
6000 |
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Boora Mal Jain |
|
9000 |
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Ram Lal Solanki |
|
31000 |
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Goomaraj Lal Jain
|
|
31000 |
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Harish Kumar
Chodhuri |
|
65000 |
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Kalpesh Jain |
|
25000 |
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Mohan Kumar
Bokadia |
|
50000 |
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Ramesh Jain |
|
25000 |
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Miki Singhi |
|
62500 |
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Roop Kumar
Solanki |
|
13000 |
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Ramesh Chowatia |
|
29700 |
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Rajan Mutta |
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16000 |
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Rajeev Jain |
|
22000 |
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Sudhir Kumar Garg |
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23000 |
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Sameer Gupta |
|
20010 |
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Sudhir Gupta |
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19000 |
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Vivek Chowatia |
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19000 |
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Shish Kumar Jain |
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13000 |
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Sameer Dutta |
|
208000 |
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Rasik Kumar Doshi |
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12000 |
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Jayanti Lal |
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12000 |
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Dev Kumar Jain |
|
9800 |
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Rakesh Solanki |
|
30800 |
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Prince Kumar |
|
6000 |
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Bawar Dhingra |
|
6000 |
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Suman Patel |
|
6000 |
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Veer Jain |
|
9000 |
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Yeshwant Soni |
|
9000 |
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Girish Chowatia |
|
9000 |
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Dilip Jain |
|
6000 |
|
Vikash Jain |
|
27330 |
|
Vijay Jain |
|
25000 |
|
Longlife Agro
Private Limited |
|
40000 |
|
Multipack
Suppliers Private Limited |
|
20000 |
|
Goldmoon Fiscal
Services Private Limited |
|
30000 |
|
Festino Agro
Private Limited |
|
20000 |
|
Immortal Vinimay
Private Limited |
|
60000 |
|
Gajeshwar Sales
Private Limited |
|
30000 |
|
Monnor
Investments Private Limited |
|
22000 |
|
Pallavi Apartments
Private Limited |
|
22000 |
|
Jabali Commercial
Private Limited |
|
24000 |
|
Rajeev Kumar
Bothra |
|
10000 |
|
Manju Jain |
|
10000 |
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Savita Jain |
|
10000 |
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Sayar Bothra |
|
10000 |
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Tarkeshwar Yadav |
|
8000 |
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Tilok Chand
Bothra |
|
4000 |
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Ghewari Devi
Bothra |
|
10000 |
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Meenaxi Bothra |
|
10000 |
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Tara Chand
Kucheria |
|
10000 |
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Veena Bhatia |
|
257610 |
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Rajesh Bothra |
|
133500 |
|
Pradeep Bothra |
|
33500 |
|
Murat Properties
Private Limited |
|
80000 |
|
Vandana Design Private
Limited |
|
20000 |
|
Submercible Wire
India Limited |
|
30000 |
|
Nandraaj
Commercial Private Limited |
|
10000 |
|
Octal Commercial
Private Limited |
|
30000 |
|
Malvika Merchants
Private Limited |
|
20000 |
|
Uchit Creation
Private Limited |
|
20000 |
BUSINESS DETAILS
|
Line of Business : |
Engaged in the
business of manufacturing and exporting of shoe components, TPR soles, thermo
plastic, rubber plastic, engineering plastic blends, alloys and moulds and
injection moulding components. |
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Products : |
v
SPERENE / KPS v
SPERENE TPO v
SPERENE EP v
Engineering Plastic v
SPERENE CH v
SPERENE AC v
Injection Molding Machines |
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Brand Names : |
"SPERRY"
- (TPR) |
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Exports to: |
Asian Countries |
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Imports from : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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TPR |
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Kgs. |
4894196 |
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HIPS |
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Kgs. |
442250 |
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P.P FIELD |
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Kgs. |
1326280 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 |
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Bankers : |
v
Citi
Bank v
Bank
of v
State
Bank of v
State
Bank of Bikaner & Jaipur, v
State
Bank of Bikaner & Jaipur, Kirti Nagar, v
ICICI
Bank Limited v
Standard
Chartered Grindlays |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. K. Bharti
& Company Chartered
Accountants |
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Address : |
302, Paschim Vihar, |
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Tel. No.: |
91-11-25287361/25287362 |
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Associates/Subsidiaries : |
v
Sperry
Infra Industries Limited v
Sperry
Infra Plast Limited v
Sperry
Industries & Infrastructure Limited v
Sperry
Plat & Infrastructure Limited v
Sperry
Sound Machines |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.
10.00 each |
Rs.
75.000 millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
7651200 |
Equity Shares |
Rs.
10.00 each |
Rs. 76.512.00 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
76.512 |
64.766 |
60.866 |
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2] Share Application Money |
0.000 |
0.000 |
30.653 |
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3] Reserves & Surplus |
173.202 |
85.750 |
0.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
20.640 |
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NETWORTH |
249.714 |
150.516 |
112.259 |
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LOAN FUNDS |
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1] Secured Loans |
188.688 |
176.139 |
164.240 |
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2] Unsecured Loans |
0.000 |
0.000 |
3.541 |
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TOTAL BORROWING |
188.688 |
176.139 |
167.781 |
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DEFERRED TAX LIABILITIES |
20.106 |
14.410 |
11.721 |
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TOTAL |
458.508 |
341.064 |
291.761 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
157.057 |
126.266 |
119.459 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
142.927 |
107.948 |
76.444
|
|
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Sundry Debtors |
217.488 |
118.056 |
113.583
|
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Cash & Bank Balances |
11.664 |
17.056 |
9.965
|
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Other Current Assets |
2.443 |
2.431 |
2.052
|
|
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Loans & Advances |
14.871 |
5.879 |
3.208
|
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Total
Current Assets |
389.394 |
251.370 |
205.252
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
86.616 |
29.354 |
29.901
|
|
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Provisions |
6.569 |
7.219 |
3.049
|
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Total
Current Liabilities |
93.184 |
36.572 |
32.950
|
|
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Net Current Assets |
286.209 |
214.798 |
172.302
|
|
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MISCELLANEOUS EXPENSES |
5.241 |
0.000 |
0.000 |
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TOTAL |
458.508 |
341.064 |
291.761 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
569.686 |
483.296 |
414.158 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
569.686 |
483.296 |
414.158 |
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Profit/(Loss) Before Tax |
32.396 |
27.644 |
19.293 |
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Provision for Taxation |
0.000 |
0.000 |
7.357 |
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|
Profit/(Loss) After Tax |
32.396 |
27.644 |
11.936 |
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Import Value |
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|
173.622 |
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Expenditures : |
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Cost of Sales |
477.235 |
404.072 |
0.000 |
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Depreciation |
7.251 |
5.668 |
0.000 |
|
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Interest |
18.484 |
16.212 |
0.000 |
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Administration and Selling Expenses |
34.320 |
29.700 |
0.000 |
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Other Expenditure |
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|
394.865 |
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Total Expenditure |
537.290 |
455.651 |
394.865 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
5.69 |
5.72 |
2.88
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Net Profit Margin (PBT/Sales) |
(%) |
5.69 |
5.72 |
4.66
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.93 |
7.32 |
5.94
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Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.18 |
0.17
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Debt Equity Ratio (Total Liability/Networth) |
|
1.13 |
1.41 |
1.79
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Current Ratio (Current Asset/Current Liability) |
|
4.18 |
6.87 |
6.23
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Expected Sales (2007-08) : Rs. 850.000 millions – Rs. 900.00 millions
LOCAL AGENCY FURTHER INFORMATION
Operations
During the year
under review the company has achieved impressive results both in term of turnover
and profitability. The company expanded its customer base and was able to
procure orders from
The company has
been successfully running its both units situated at Bahadurgarh ( Haryana) Greater Noida (Uttar Pradesh). The
company has keep operational cost under control.
Future
Prospects
The company is
planning to make its foray into European and neighboring Asian countries to
export its material. The company will be focusing on production value added
products and new product development for the new markets in the domestic
sector.
Fixed Assets:
- Industrial Plot
- Building
- Machinery
- Scooter and Motorcycle
- Car
- Computer
- Furniture
- Water Pump
- Capactor Panel
- Electric Fitting
- Electronic Scales
- Electronic UPS
- Fire Extinguisher
- Generator
- Lab Equipments
- Cooling Tower
- Air Conditioner
- Tata
- Storage tank
- Telephone Instruments
- Transformer
- Vacuum Cleaner
- Time Recorder Clock
- Water Cooler
- Coffee Machine
- Water Softhing Part
- Generator
- Industrial Plot
- Fire Extinguisher
- Water Cooler
- Time Recorder Clock
- Coffee Machine
Contingent Liabilities:
- The company is under contingent liability
to the extent of Rs. 16.618 millions on A/c of Bank Guarantees.
- Outstanding Export Obligation under
Advance License Rs. 19.634 Millions
- Outstanding Export Obligation under
EPCG Scheme Rs. 47.792 millions
|
FORM NO. 8 Registration No of Company 55-48504 THE COMPANIES ACT, 1956 Nominal Capital
Rs. 75.000 millions
FORM NO. 8 Filing Fees Rs.
300 Particulars of Charges created by a
company registered in (Pursuant to sections 125/127/135) Name of the
Company SPERRY PLAST LIMITED Presented by
Mr. Mr. VIKRAM JAIN,
MANAGING DIRECTOR |
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Section letter
dated 21/08/2002 issued by State Bank of |
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Rs. 67.000
millions only |
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Hypothecation of
all kinds of stocks, spares, book debts and other current assets of the
company wherever they are located. Third charge on
the entire assets of the company i.e. Plant and Machinery, Land and Building
and other fixed assets situated at 1121 MIE Bahadurgarh, Haryana. |
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Rate of Interest
: in terms of RBI/SBI Guidelines as
applicable to SB-3 units Margin : Stocks –
25% Debts – 50% L. C. 25 % |
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State Bank of |
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Sanction letter of
the Bank dt. 04.06.2004 |
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Existing Proposed (Rs. in million) Fund Based CC
95.00 95.00 (Hypothecation) CC
(45.00) (45.00) (Book Debts) EPC
--
(6.50) DDP Limit (5.00) (5.00) (Within CC BD) Term Loan 56.00
56.00 Total FB
Limit 151.00 151.00 Non
Fund Based LC (Demand) 45.00
45.00 LC(Usance) 20.00
30.00 BG 16.50 16.50 BG (one time) 5.50 5.50 Total NFB Limit 67.00
67.00 Total FB + NFB 218.00 218.00 Term loan less installmentsz paid balance
56.000 |
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|
Section letter
dated 21/08/2002 issued by State Bank of |
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|
Rs. 67.000
millions only |
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|
Hypothecation
of raw material, goods in process,
finished goods book debts and other
current assets of the company wherever
they are located. Third charge on
Land and Building and other fixed assets situated at 1121 MIE Bahadurgarh,
Haryana. |
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Rate of Interest
as applicable to SB – 3 Unit of SBI |
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State Bank of |
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|
Form C.2-A and
Form C.5 dated 26.10.2005 |
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|
Section letter
dated 21/08/2002 issued by State Bank of |
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|
Rs. 67.000
millions only |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Hypothecation of
all kinds of stocks, spares, book debts and other current assets of the
company wherever they are located. Third charge on
the entire assets of the company i.e. Plant and Machinery, Land and Building
and other fixed assets situated at 1121 MIE Bahadurgarh, Haryana. |
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|
Rate of Interest
: in terms of RBI/SBI Guidelines as
applicable to SB-3 units Margin : Stocks –
25% Debts – 50% L. C. 10 % BG - 10 %
|
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|
State Bank of |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sanction letter
of the Bank dt 01.03.2005 issued by State Bank of |
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Website details attached
Profile
Subject has over 25 years of experience in the field of coloring and
compounding thermoplastic materials, using latest processing machines and
highly sophisticated control equipment.
The synthesis of the company’s activity is their vast range of products,
characterized by the 'SPERENE' brand name, formulated on different polymeric
matrices and finalized to satisfy multiple technical requirements.
The consistency and reproducibility of their quality products specially made
for their customers, combined with
competitive pricing and
specialized technical support, guaranteed for properties by a vigorous quality
control plan, symbolizes Sperry Plast’s zest to achieve superiority in all
operative sectors of reference.
The products offered to their customers are the result of strict control on
various variables, resulting in benchmark quality. Their total commitment to
quality has led to their earning and retaining ISO 9001 certification for their
manufacturing locations and corporate headquarters. They are proud of this
distinction gained by hard work, attention to details, and unrelenting drive
for quality.
Sperry Plast
Limited - What makes Special
Subject
is
Company
has state of the art manufacturing equipment at its two plants located in
Greater Noida and Haryana near
Both
the plants are supported by sophisticated laboratories with excellent testing
and R & D facilities manned by highly competent technical team, both the
plants have ISO 9001:2000 certification.
Subject
has a dominant presence in the foot wear industry, and is
Subject
has also built up its share in international market by offering a world class
product at very competitive prices.
Clients
They, with their experience & thinking philosophy have set for theirselves
highest targets. For satisfaction of market & industry & therefore,
they, at Sperry Plast Limited, have formed a SBT (Strategic Business Team) to
take an in depth view of plastic industry supply chain, so that its products
& solution are directly responsive to each market segments special needs
& challenges.
The SBT always puts themselves into client situation to full understand their
needs, go to the root of the problem, to provide them with the best possible
solution and then assistance in production phase to produce tailor made
products, which exactly meet the requirement of the client.
The SBT comprises of professionals from technical & commercial areas, who
work in tandem with each other to strike a harmony with customers “their SBT is
committed to introduce new technologies, which enables them to share with you a
wide range of updated information, through e-business.
Their SBT always emphasizes on informing the market about multiple advantage of
its products and providing highly professional technical service to promote
optimized usage. The SBT’s tecnet (Technical Support Network) spans the whole
market segments and their SBT is always available to advice & help.
News
Sperry Plast Limited - Going live with SAP
Concern is going live with SAP from the coming financial year as today
more than ever, transforming your business into a customer-centric enterprise
is essential to driving revenue and profit. Yet making your customer-centric
vision a reality requires a CRM solution capable of orchestrating processes
across -- and beyond -- the enterprise.
That's the power of MySAP Customer Relationship Management (MySAP CRM). MySAP
CRM is the only solution that can reliably enable customer-centric, end-to-end
business processes to deliver value around each customer. The solution enables
integrated industry-specific processes to support customer-facing departments
in marketing, sales, and service. Plus, you get a 360-degree view across all
customer touch points and interaction channels -- including the field, the
Internet, interaction centers, and channel partners -- as well as powerful
analytics.
Sperry Plast
Limited - Getting Quality Certification ISO 14001
ISO 14001 is an internationally accepted specification for an
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 40.75 |
|
|
1 |
Rs. 81.63 |
|
Euro |
1 |
Rs. 54.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|