MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ANABOND LIMITED |
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Registered Office : |
R.S.No.26/2, CAD
No.82, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.02.1984 |
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Com. Reg. No.: |
59-249 |
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CIN No.: [Company
Identification No.] |
U99999PY1984PTC000249 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA00689D |
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PAN No.: [Permanent
Account No.] |
AACCA4158Q |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Adhesives
and Sealants (Liquid Form), Lubricants, and Adhesives and Sealants (Paste
Form) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 960000 |
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Status : |
Good |
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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 fine track. Directors are reported as
experienced, respectable and resourceful intermediates. Their trade relations
are fair. Financial position is good. Payments are usually correct and as per
commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
R.S.No.26/2, CAD
No.82, |
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Tel. No.: |
91-413-2640869 |
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E-Mail : |
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Website : |
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Corporate Office : |
No. 15, 2nd
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Tel No.: |
91-44-23460041 /
42 / 43 |
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Fax No.: |
91-44-23460048 |
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E-Mail: |
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Plants: |
Type 2, 36 , VST
Campus, Chennai – 600 041, Tamilnadu Research and Development Centre: 86, Perungudi,
Chennai – 600 096, Tamilnadu, Chennai – 600 096 Tel No.: 91 – 44-
23460064 / 65 Fax No.: 91 –
44-42152145 RS 28/2, CAD 82, Tel No.
91-413-2640868/2640304/2649394 Fax No.
91-413-2640808/2640775 Email : anapropdy@sify.com
Village Baridua,
P. O. Amerigong, No.102, Fax No.: 91-4114 -27478784 |
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Zonal Office: |
311, J. K.
Chambers, Sector 17, Vashi, Navi Mumbai – 400 705, |
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Tel. No.: |
91-22-2789
3500/2789 2711 |
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Fax No.: |
91-22-2789 2696 |
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Branches : |
Room No.101, P-475, II Floor, Phone : 91-33-2466 4447 71, Tel. No. 91-44-24917529/24919493/24917631 Fax. No.
91-44-24919105 133, First Floor,
11th Cross, Malleswaram, Tel. No.
91-80-3315822 Fax. No. 91-80-3361072 E-mail. anabond@bgl.vsnl.net.in PH-13, Plot No. 11,
Kailash Co-operative Housing Society, Sector - 16, Kopar Kharine, Navi Mumbai -400 701, Tel. No. 91-22-27549260 Telefax. No. 91-22-27549270 10 B, Tel. No. 91-33-24667766/9074 Fax. No.
91-33-24666946 1951 -E1, Gounder
Complex, Tel. No. 91-422-2312641 Fax. No. 91-422-2314337 E-mail. vensel_tnd@yahoo.com 102, Sai Bhavan Commercial Complex, Ranjit Nagar, Tel. No. 91-11-25700458/7554 Fax. No. 91-11-25708963 E-mail. anamarkedel@usa.net "Anugraha Co-Housing Society", Building -
"B", Wing - 3, Flat No. 37, Mhada, Morewadi, Pimpri, Pune, Tel. No. 91-20-27440591 Fax. No. 91-20-2748 5677 E-Mail: anabondpune@hotmail.com
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Corporate
Office : |
Old No.55, New. No.38, |
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Marketing - Head
Office : |
No.15, 2nd Phone : 91-44-24402311/12/13 |
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Overseas
Operations : |
A-09-09, Menara Megah, Jalan Kolam Air 51200, |
DIRECTORS
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Name : |
Mr. J.
Vijayakumar |
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Designation : |
Managing Director |
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Address : |
41/2D, Athreya
Apartment, 2nd |
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Date of Birth/Age : |
07.09.1951 |
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Date of Appointment : |
24.02.1984 |
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Name : |
Mr. A. V.
Ramanujam |
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Designation : |
Director |
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Address : |
20, |
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Date of Birth/Age : |
14.04.1951 |
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Date of Appointment : |
24.02.1984 |
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Name : |
Mr. Ashok Ahuja |
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Designation : |
Director |
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Address : |
H-34, Kirti
Nagar, |
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Date of Birth/Age : |
10.06.1956 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Bernard Syiem |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
12.08.1968 |
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Date of Appointment : |
15.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kanthavarayan V |
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10 |
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Mr. Thiagarajan C A |
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34 |
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Susheela B |
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10 |
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Mr. Rajendran B |
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12 |
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Mr. Abel D S |
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21 |
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Mr. Krishnamoorthy M P |
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14 |
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Mr. Ramesh L |
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10 |
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Mr. S. Murli |
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24 |
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Mr. P Kokila |
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10 |
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Mr. P Valiammal |
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3 |
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Mr. V Amirtharaj |
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10 |
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Mr. A Duraisamy |
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11 |
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Mr. Balu Jawalkar B |
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4 |
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Mr. S Haridoss |
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3 |
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Mr. G Ramanathan |
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15 |
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Mr. J K Pooraneeswaran |
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24 |
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Mr. K N Surendran |
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14 |
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Mr. D Yadhavaraj |
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10 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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75.28 |
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Others |
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24.72 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Adhesives
and Sealants (Liquid Form), Lubricants, and Adhesives and Sealants (Paste
Form) |
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Products : |
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GENERAL INFORMATION
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Customers : |
v
Maruti
Udhyog Limited v
Ford
India Limited v
Hindustan
Motors Limited v
Ashok
Leyland Limited v
TVS
Limited v
TATA
Engineering & Locomotive Company Limited v
Tractors
and Farm Equipments Limited v
Premier
Automobiles Limited v
Hyundai
Motor India Limited v
Eicher
Motors Limited v
Bajaj
Auto Limited v
Punjab
Tractors Limited v
Hero
Honda India Limited v
Mahindra
and Mahindra Limited v
Enfield
India Limited v
Bharat
Earth Movers Limited v
Kalyani
Brakes Limited v
BPL
Limited v
Onida
Savak Limited v
Samtel
Color Limited v
Timex
Watches Limited v
Salora
Speaker Limited v
TVS
Cherry v
SPIC
Limited v
Lucas
TVS Limited v
Bharat
Heavy Electrical Limited |
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Bankers : |
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Indian
Overseas Bank, C & I Credit Branch, “Auras Corporate Center” 98-A, Dr.
Radhakrishnan Salai, Mylapore, Chennai
- 600004 v
Indus
Ind Bank Limited |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
R. Srivatsan and
Company Chartered
Accountants, |
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Address : |
Old No. 23, New
No. 2, 1ST Cross Street, Shastri Nagar, Chennai – 600020 ,
Tamilnadu, India |
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Tel. No.: |
91-44-24466781/24911292,
2446-8589/2446 8142 |
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Mobile No.: |
91-44-24466781 |
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Fax No.: |
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Associates/Subsidiaries : |
v
Anadocs IT Solutions Private Limited v
CIN No.: U72200TN2003PTC051954 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 100.00 each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300230 |
Equity Shares |
Rs. 100.00 each |
Rs. 30.023 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
30.023 |
23.003 |
23.029 |
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2] Share Application Money |
2.418 |
15.553 |
0.000 |
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3] Reserves & Surplus |
207.917 |
97.563 |
66.549 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
240.358 |
136.119 |
89.578 |
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LOAN FUNDS |
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1] Secured Loans |
61.504 |
31.734 |
38.486 |
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2] Unsecured Loans |
7.145 |
5.705 |
5.304 |
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TOTAL BORROWING |
68.649 |
37.439 |
43.790 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
309.007 |
173.558 |
133.368 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
152.359 |
68.620 |
49.308 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
33.987 |
22.862 |
15.811 |
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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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Inventories |
51.543
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39.252 |
38.969 |
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Sundry Debtors |
106.584
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85.517 |
65.276 |
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Cash & Bank Balances |
5.283
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5.681 |
7.776 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
32.849
|
30.437 |
19.132 |
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Total
Current Assets |
196.259
|
160.887 |
131.153 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
57.267
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66.133 |
54.692 |
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Provisions |
18.580
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13.318 |
9.170 |
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Total
Current Liabilities |
75.847
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79.451 |
63.862 |
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Net Current Assets |
120.412
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81.436 |
67.291 |
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MISCELLANEOUS EXPENSES |
2.249 |
0.640 |
0.958 |
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TOTAL |
309.007 |
173.558 |
133.368 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
465.260 |
402.320 |
338.059 |
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Other Income |
5.428 |
4.507 |
4.039 |
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Total Income |
513.656 |
406.827 |
342.098 |
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Profit/(Loss) Before Tax |
23.038 |
19.221 |
19.155 |
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Provision for Taxation |
2.113 |
4.100 |
1.400 |
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Profit/(Loss) After Tax |
20.925 |
15.121 |
17.755 |
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Export Value |
42.968 |
0.000 |
0.000 |
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Expenditures : |
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Raw Material Consumed |
272.936 |
215.479 |
181.713 |
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Consumption of stores and spare parts |
70.435 |
62.423 |
0.000 |
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Salaries, wages and bonus |
48.13 |
39.713 |
32.320 |
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Managerial Remuneration |
41.819 |
29.893 |
0.000 |
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Payment of auditors |
0.191 |
0.000 |
0.000 |
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Interest and Finance Charges |
7.775 |
4.587 |
6.387 |
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Insurance Expenses |
0.945 |
0.865 |
0.000 |
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Power and Fuel |
8.258 |
5.843 |
0.000 |
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Depreciation and amortization |
14.414 |
10.301 |
9.513 |
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Other expenditure |
25.832 |
18.502 |
93.009 |
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Total Expenditure |
490.618 |
387.606 |
322.942 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
4.07
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3.72 |
5.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.95
|
4.78 |
5.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.61
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8.37 |
10.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.14 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.60
|
0.86 |
1.20 |
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Current Ratio (Current Asset/Current Liability) |
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2.59
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2.02 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
ANABOND LIMITED |
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Presented By |
Indian Overseas
Bank Commercial and
Institutional Credit Branch “Auras Corporate Center”,
98 – A, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, |
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1) Date and description of instrument creating the change |
07.09.2001 Letter of
Hypothecation (F 110E) |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Pari-passu charge
on stocks, stores, book debts and other current assets of the company with
IndusInd Bank Limited (Letter ceding
pari-passu charge from IndusInd Bank Limited, Chennai, dated 03.09.2001) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit: Rate of Interest:
15.50% (PLR + 3.5%) Letter of Credit: Rate of Interest:
As per Standard Rates in Force Letter of Guarantee: Rate of Interest:
As per Standard Rates in Force. The other terms
and conditions as per the letter of hypothecation and sanction letter of
Indian Overseas Bank, dated 15.05.2001 |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Commercial and
Institutional Credit Branch “Auras Corporate
Center”, 98 – A, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, |
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6) Date and brief description of instrument modifying the charge |
06.10.2004 Confirmation
letters evidencing creation of supplemental mortgage. |
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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. |
The existing
Credit facilities for a sum of Rs. 111.087 millions are additionally secured
by way of extraction of supplemental mortgage of the company’s immovable
properties situated at
There is no
change in the total limits. The other terms
and conditions and security description charged to the earlier creation /
modifications shall apply and extend to the said modification. The other terms
and conditions remain as per the documents enclosed herewith. |
Fixed
Assets:
- Land
- Building
- Plant & Machinery
- Motor Cycles
- Furniture &
Fixture
- Type Writers
- Calculator
- Office Equipment
- Computer
Projects:
HTPB Project
completed the trial production successfully with at the anticipated yield and
for the financial year 2006 already the work order for Rs. 17.200 Millions has
been received from advance technology production of 20000 kgs HTPB
The company has established
its Third manufacturing facility at Meghalaya at an estimated cost of Rs.
12.500 Millions unit has commenced effective from Meghalaya Plant
The specialty
coating division in which the company had already invested Rs. 17.600 Millions over
the past few year Television cabinet coating thereby obtaining major orders
from established TV manufacturer for the FY 2005-06 the sale revenue from this
line of product for this year is expected to be over Rs. 14.000 Millions. Also
the paint Division part of SCD has achieved major orders for industrial paints
from Automotive and Heavy/Special Equipment Manufacturer
Profile
Subject was
established in the year 1979, for the development and manufacture of Engineering
Adhesives and Sealants. Subject is the first Indian company to manufacture
Anaerobic Adhesives & Sealants, RTV Silicone Sealants and Single component
epoxies.
Today Subject in Products include Anaerobics, Epoxies, RTV Silicones,
Polyurethanes, Rubber Based (Chloro & Butyl), Acrylic, Solvent Based
Adhesive, Cyanoacrylate, Specialty Coatings etc with more than 300 products.
These products are used as a raw material for the manufacturing industry or for
the service of different processing industries. Their adhesives find diverse
spectrum of applications in products right from Disposable Syringes to space
vehicles.
Subject still remains to be the largest manufacturer and supplier of liquid
gaskets for Indian automobile engine & transmission in
Ř
Adhesives - 35069910
Ř
Lubricants – 32081020
Ř
Sealants - 32141000
Anaerobic
Adhesives & Sealants
Ř
Thread Locker
Ř
Bearing Retainer
Ř
Pipe Sealants
Ř
Liquid Gaskets
Ř
RTV Silicone Sealants
Ř
Single Part RTV Sealants
Ř
Two Part RTV Potting Compounds
Ř
Silicone Grease
Speciality
Products
Ř
Anti Seize Compound
Ř
Maintenance Spray & Products
Ř
UV Curing Coatings & Lacquers
Ř
Surface Temperature Indicating Products
Ř
Polyurethane Products
Ř
Brake Shoe Bonding Adhesives
Long
After Glow Products
Ř
Nanoparticle Coating Products
Ř
Cyanoacrylate Adhesives
Ř
Epoxy
Ř
Single Part Heat Cure Epoxy
Ř
Two Part Epoxy
Rubber
Based
Ř
Synthetic Rubber Sealant
Ř
Non Curing Mastic
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Butyl Tapes
Features
· Two
decades of expertise in design and manufacture of Adhesives, Sealants &
Coatings.
· Total
Commitment towards Quality & Service- An ISO 9001 company.
· Dedicated
staff & personalized attention.
· Serving
satisfactorily to a wide cross section of industries.
· Manufacturing
facility at Chennai & Pondicherry.
· With wide
network of offices and dealership points
What Anabond Offers
· A wide
range of Adhesives and Sealants for automobile building.
· Products
of at Consistent Quality at competitive Prices.
· Products
manufactured through stringent process & quality procedures.
Conforming to ATMs
(Anabond Test Methods traceable to ASTM, DIN
& JIS etc)
· Reliable
deliveries.
· Tailor
made grades to suit individual need of CUSTOMER.
· Personalized,
efficient service at Customer's doorstep.
Joint Ventures / Collaborations
A joint venture
with US
based company M/s.
Essex Speciality Products Inc., (Dow Automotive),
They have collaborated with Taoka Chemical Company Limited,
DRDO-Ministry
of Defense 100% funded for manufacturing and
supplying of products for their Missile programme.
Subejct has entered
in to a Joint Venture with Stedman Pharmaceuticals Private Limited in the name
of M/s. Anabond Stedman Pharma Research Private Limited for manufacturing and marketing
Dental composites in Domestic and International Markets. These
Dental Composites are used by Dentists for restorative and bonding applications
in Dentistry. The Technology Know-how has developed by Sree Chitra Tirunal Institute for
Medical Sciences and Technology, Thiruvananthapuram.
Subject has started
a new company viz., Anadocs
IT Solutions Private Limited, a one stop IT solution provider,
specialize in Multimedia Solutions, ERP Solutions, Internet Software Solutions,
Web Design and Development, E-Commerce Solutions and Custom Programming.
Anadocs offers migration to creative, open, advanced, flexible, secure,
reliable & highly adopted platform.
Subject is also in
the process of obtaining manufacturing licenses from world leaders in the field
of specialty adhesives and sealants. The key focus is on the requirements of
the Indian automotive and electronic sectors.
The
company’s product range includes:
Goals
& Principles
Subject's goal is to create a prudent organization, which evolves
continuously and thus grows both horizontally and vertically. Through this growth,
it adds value for its shareholders, customers and the employees.
Subject is an open and straightforward organization. People feel free to
develop new approaches and fields of growth. It is a self-learning
organization, wherein people are encouraged to come out with newer ideas, even
if it is against management's perceived and practiced methodologies.
It is also an organization where people at all levels feel happy to be
associated with and are at ease at work and where people do listen to any suggestion
from any quarter of the organization without any barrier.
In a prudent organization people do and are encouraged to learn and
everyone feels from the heart to teach something to their peers and
subordinates.
This process ensures that shareholders automatically get their value for
their investment.
Expansion, diversification and upgradation are not goals; it is the
consequence of the association of such like minded people.
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. 40.41 |
|
|
1 |
Rs. 81.23 |
|
Euro |
1 |
Rs. 55.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
46 |
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 |
|