MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
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Name : |
B V BIO–CORP LIMITED |
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Formerly Known As : |
B. V. FEED SUPPLEMENTS MANUFACTURING COMPANY LIMITED |
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Registered Office : |
Venkateshwara House, S. No. 114/A/2,
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.01.2002 |
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Com. Reg. No.: |
25-16680 |
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CIN No.: [Company
Identification No.] |
U15332PN2002PTC016680 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Poultry Products |
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 410000 |
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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 and reputed company and a part of
Venky’s Group. The company is progressing well. 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. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office / Corporate
Office : |
Venkateshwara House, S.No. 114/A/2, |
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Tel. No.: |
91-20-24251530
to 41 |
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Fax No.: |
91-20-24251077
/ 1060 |
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E-Mail : |
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Investor Services: |
Venkateshwara House, S.No. 114/A/2, |
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Tel. No.: |
91-20-24251530
to 41 / Extn: 287 & 289 |
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Fax No.: |
91-20-24251077 |
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E-Mail : |
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Central Marketing Office : |
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Tel. No.: |
91-20-25448834,
25422876/887 |
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Fax No.: |
91-20-25458797 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Anuradha Jitendra Desai |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mr. Venkatesh B. Vasudev Rao |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
31.12.1965 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mr. Balaji B. Vasudev Rao |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
08.12.1972 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mr. Jitendra Morreshwar |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje, Taluka,
Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
27.04.1962 |
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Date of Appointment : |
15.01.2005 |
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Name : |
Dr. Gendalal Chaaganlal Jain |
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Designation : |
Director |
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Address : |
4, Ramnadhi Co-operative Housing Society Bavdhan, Khurd, Pune –
411027, |
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Date of Birth/Age : |
29.02.1940 |
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Date of Appointment : |
15.01.2005 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
Utopla Fantasia D, Flat No. 2, 2nd Floor, Wanawarie, Pune –
411041, |
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Date of Birth/Age : |
15.03.1962 |
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Date of Appointment : |
16.01.2005 |
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Name : |
Mr. Nageswaran Kuppuswamy Iyer |
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Designation : |
Director |
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Address : |
Flat No. 1104, 11th Floor, Rohan Garima, Near Shivaji
Housing Society, Senapati Bapat Marg, Pune – 411005, Maharashtra, India |
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Date of Birth/Age : |
27.07.1937 |
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Date of Appointment : |
31.10.2003 |
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Date of Ceasing : |
12.10.2004 |
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Name : |
Mr. Murtuza Rasool Ismail Magdum |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
30.07.1946 |
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Date of Appointment : |
31.10.2003 |
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Date of Ceasing : |
12.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Anuradha Jitendra Desai |
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5000 |
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Venkatesh B. Vasudev Rao |
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5000 |
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Balaji B. Vasudev Rao |
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5000 |
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Jitendra Morreshwar |
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5000 |
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Gendalal Chaaganlal Jain |
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5000 |
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Srivenk Investments Private Limited |
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600 |
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Venkateshwara Farms Private Limited |
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24500 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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24.03 |
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Directors of relatives of directors |
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75.97 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Poultry Products |
GENERAL INFORMATION
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Bankers : |
Bank of Head Office Lokmangal 1501
Shivajinagar, Pune – 411005, Branch Office : Agri Hi Tech Branch,
Pune – 117A/2, Mangal Murti Complex, Pune Sinhagad Road, Pune – 411030,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sudit K. Parekh and Company Chartered Accountants |
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Address : |
12, A Suleman Chambers, |
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Associates/Subsidiaries : |
Venkateshwara Hatcheries Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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104,500 |
Equity Shares |
Rs. 10/- each |
Rs. 1.045
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.045 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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103.863 |
26.176 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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104.908 |
26.676 |
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LOAN FUNDS |
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1] Secured Loans |
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127.547 |
70.375 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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127.547 |
70.375 |
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DEFERRED TAX LIABILITIES |
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5.653 |
3.000 |
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TOTAL |
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238.108 |
100.051 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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99.566 |
39.753 |
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Capital work-in-progress |
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0.443 |
0.422 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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81.627 |
39.803 |
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Sundry Debtors |
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231.535 |
65.311 |
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Cash & Bank Balances |
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7.003 |
8.893 |
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Other Current Assets |
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1.197 |
0.330 |
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Loans & Advances |
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9.866 |
6.020 |
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Total
Current Assets |
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331.228 |
120.357 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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192.976 |
60.543 |
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Provisions |
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0.249 |
0.057 |
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Total
Current Liabilities |
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193.225 |
60.600 |
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Net Current Assets |
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138.003 |
59.757 |
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MISCELLANEOUS EXPENSES |
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0.096 |
0.119 |
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TOTAL |
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238.108 |
100.051 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [Estimated] |
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500.000 |
200.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.06 |
4.91 |
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Current Ratio (Current Asset/Current Liability) |
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1.71 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
B. V. FEED SUPPLEMENTS
MANUFACTURING COMPANY LIMITED |
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Presented By |
Mr. O. P. Singh,
Director |
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1) Date and description of instrument creating the change |
26.03.2003 Memorandum of
Equitable Mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 36.260
Millions Term Loan Rs.
21.260 Millions and Cash Credit Rs. 15.000 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 |
Equitable
Mortgage by way of deposit of title deeds relating to the land situated at
gat No. 215 Part adm. About 3HA-BR constructed or to be constructed on all
those pieces of land situate being lying at village Morvadi in the
Registration District Pune, Sub district Pune Bhor area of plot adm about
3HA=8R sq. ft. and bearing Gat No. 215 Part and bounded as below. On or towards the
North Gat No 346 On or towards the East Gat No 215 remained Part On or toward the
East : Gat No. 346 and 215 remaining part. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company has
been sanctioned Term Loan as well as Cash Credit facilities against the
security of the properties as described above in item No 3 Rate of Interest Term Loan : PLR
11.50 % p.a. Cash Credit : PLR
12.00 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Head Office Lokmangal 1501
Shivajinagar, Pune – 411005, Branch Office : Agri Hi Tech
Branch, Pune – 117A/2, Mangal Murti Complex, Pune Sinhagad Road, Pune –
411030, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
22.08.2005 Memorandum of of
equitable mortgage dated 22.08.2005 Composite deed of
hypothecation for all facilities dated 22.08.2005 Clean cash credit
facilities agreement dated 22.08.2005 Term loan
agreement dated 22.08.2005 |
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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. |
By present
modification dated 22.08.2005. The amount secured by the charge has been
increased from Rs 86.260 Millions to Rs. 166.260 Millions the charge has been
modified by means of Memorandum of
record of Equitable Mortgage dated 22.08.2005 by redeposit of title deeds for
immovable properties a detailed below for securing by payment of all
principal amount, interest, penal interest, additional all outstanding
amounts whatsoever due or to become due or to become payable to the Bank from
the mortgage either as borrower or guarantee in or under or in respect of the
accounts, loans, advances, limits or facilities granted or to be granted by
the Bank descried in the Third schedule. Description of
Property All those pieces
of lands at Gat No. 215 Part at village Morvadi Taluka and Sub Registrar
Bhor, pune and bounded as follows : On or toward the
East : Gat No. 346 and 215 remaining part. On or towards the
West : gat Ni 215 remaining part On towards the
North : Dhamgdewadi Border Together with
structure standing thereon. |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90082851 |
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Corporate
identity number of the company |
U15332PN2002PTC016680 |
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Name of the
company |
B V BIO–CORP LIMITED |
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Address of the
registered office or of the principal place of business in |
Venkateshwara House, S.No. 114/A/2, |
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Type of charge |
Immovable Property Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Bank of Agri Hi Tech
Branch, Pune – 117A/2,
Mangal Murti Complex, Pune – 411030, |
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Nature of
description of the instrument creating or modifying the charge |
Composite deed of hypothecation for all facilities dated 31.03.2007 Composite deed of Hypothecation for all dated 31.03.2007 and Memorandum of records of equitable mortgage dated 31.03.2007 The above three constitute a single charge dated 31.03.2007 |
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Date of
instrument Creating the charge |
31.03.2007 |
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Amount secured by
the charge |
Rs. 301.260
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Term Loan I :
BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests For Term Loan II
: BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests For Term Loan III
: BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests For Cash Credit :
BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests Terms of repayment For Term Loan I :
Realigned as 28 Monthly installments of Rs. 0.357 Million w.e.f. April 2007
plus interest For Term Loan II
: Realigned as 36 Monthly installments of Rs. 1.538 Million w.e.f. April 2007
plus interest For Term Loan III
: Moratorium upto March, 2008 48 Monthly installments of Rs. 2.306 Million
w.e.f. April 2007 plus interest For Cash Credit :
Account to be reviewed / revised on annual basis Margin For Term Loan I :
25% For Term Loan II
: 25% For Term Loan III
: 25% For Cash Credit :
25% on stock and book debts outstanding for maximum of 135 days Extent operation of the charge The charge cover
the sanctioned Cash credit and Term Loan facilities aggregating to Rs.
301.260 Millions and interest / penal interest and other bank charges against
the security . |
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Short particulars
of the property charged |
First and
exclusive charge by way of hypothecation of present and future movable plant stock
in process stocks in process semi finished goods stores and spares stock in
trade tangible and intangible assets bills claims receivables book debts and
hypothecation of plant and machinery and charge on current assets and
equitable mortgage of land and building thereon at gat No 215 at Haryana |
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Date of latest
modification prior to the present modification |
22.08.2005 |
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Particulars of
the present modification |
The amount
secured by the charge has been increased form Rs. 166.260 Million to Rs.
301.260 Millions For Term Loan I :
21.260 Millions For Term Loan II
: 60.000 Millions For Cash Credit :
100.000 Millions Letter of Credit
Limit Rs. 20.000 Millions Fresh Term Loan
III of Rs. 100.000 Millions |
AS PER WEBSITE
Profile
Service Oriented Organizations
Dr. BV Rao Institute of Poultry Management and Technology
Venkateshwara Charitable Foundation
BV Feed Supplements Manufacturing Company Limited
Est. 2002
The customer today, not only demands
the highest quality product, but also one that meets his specific needs.
Being customer-oriented and having
an intimate understanding of the market, the VH Group has now entered the
vitamin - premix sector with B. V. Feed Supplements Manufacturing Company
Limited
Dedicated to the manufacture of a
wide range of customized Vitamin Premixes for Layers, Broilers and Breeders, B.
V. Feed Supplements Manufacturing Company Limited has an annual capacity of 10,000 tonnes.
The company employs leading-edge technology and houses some
of the most advanced state-of-the-art infrastructure. Deploying its skilled
manpower to produce premixes of the highest quality.
At
macro-level, the Board reviews national and international policies affecting
poultry and the VH Group. The Board approves and provides thrust for
initiatives such as corporate - strategic planning, fiscal and human resources
allocation and development of Group - wide systems, investments and
diversifications for enhancing overall group performance.
The
Board also reviews financial performance reports and recommends necessary
corrective actions. In addition, the Board advocates and facilitates adoption
of national policies for furthering the development of the poultry sector.
Products Exported
- Egg Powder
(Whole Egg Powder, Albumen Powder, and Yolk Powder)
- Broiler
Hatching Eggs
- Layer
Hatching Eggs
- SPF Eggs
- Commercial
Broiler Chicks
- Broiler
Parent Breeders
- Layer Parent
Breeders
- Poultry
Vaccines
- Poultry
Health Care Products
- Processed
Chicken Products
- Incubation
Systems and Spares
Since past few
years, the VH Group has started exporting through its company, VR Equipment,
Automatic Drinking and Feeding Systems, Feed Bins (Silos), Feed Transportation
Systems and Environmental Control Systems.
VH Group regularly
exports products to SAARC countries, South Asia,
FY 2001 - 02:
4,077.20 Lakhs (almost 400 million)
FY 2002 - 03:
5,190.00 Lakhs (almost 519 million)
(Sustained growth of 25%)
VH Group has
earned several awards from APEDA (Agricultural and Processed Food Product
Export Development Authority)
Agricultural Products Export Development Authority
APEDA Export Award
Presented for Outstanding Contribution to Promotion of Agricultural and
Processed Food Products
Years of Achievement: 1992 - 93, 1993
- 94, 1994 - 95, 1995 - 96
VII
Presented for Quality (The first time anywhere in the world that the poultry
sector has been conferred this prestigious award.)
Year of Achievement: 1993
National Productivity Council
Productivity Awards (Sponsored by Ministry of Agriculture) presented for
Productivity Performance in Poultry Production & Development
Years of Achievement: 1988, 1989,
1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997
Venkateshwara
Hatcheries Private Limited
- The National
Productivity Council awards for best productivity performance in the
poultry sector for 10 consecutive years since 1988.
- The APEDA
Awards for best export performance in the poultry sector for four
consecutive years from 1 993 - 96.
- The VII
Europe Award for Quality awarded in 1993. This was the first time that
this prestigious award was conferred upon the poultry sector, anywhere in
the world.
- Excellence
Award - Certificate of Excellence in Productivity, Quality, Innovation and
Management - by Institute of Economic Studies,
- The FIE
Foundation's Award for 'Outstanding achievement in the Poultry Industry'.
Venco Research and
Breeding Farm Limited
The National Award for Research and Development Efforts, by the
Department of Scientific and Industrial Research, Ministry of Science and
Technology, New Delhi, in 1990
Venkateshwara
Research and Breeding Farm Limited
- The National Award for Research and
Development Efforts, by the Department of Scientific and Industrial
Research, Ministry of Science and Technology, New Delhi, in 1994
- National Productivity Award from
National Productivity Council for Best Productivity Performance, from 1995
- 98.
- National Productivity Award from
National Productivity Council for Second Best Productivity Performance,
from 1995-98.
- Certificate of Appreciation by United
States Department of Agriculture for Comparative Evaluation of Selection
of Broilers, on the basis of growth rate versus feed efficiency, in May
1994.
Individual
Recognitions
- The Padmashree Award conferred by
Government of India for outstanding national service, in 1990
- National Citizen's Award by Shri Rajiv Gandhi
for outstanding Contribution Towards the Development of Rural India
Through Poultry and Innovative Techniques, in 1988
- The Best Woman Entrepreneur Award
conferred by the
- The Best Woman Entrepreneur Award conferred
by the Yuva Bharat in 1996
- Received the Quality
Venkateshwara Research and Breeding Farm Limited
40% equity participation by
Hubbard/ISA,
Venco Research and Breeding Farm Limited
40% equity participation by
Cobb-Vantress, Inc.
VJ Equipment
40% equity participation by Jamesway
Incubator Company,
VR Equipment
45% equity participation by
- Marketing Association with Fancom Agri-Computers, The Netherlands
for Whole House Controllers & Motorized winches
- Marketing Association with Vencomatic, The
- Marketing Association with
- Marketing Association with Dosatron International, France for
Automatic Medicators
- Marketing Association with Abbi-Sun, The
- Marketing Association with Hago Precision Nozzles,
- Marketing Association with Hotraco B.V. The
Venkys (
- Technical collaboration with SPAFAS Inc. USA for production of
Specific Pathogen Free Eggs
- Marketing
Association with Australian
- Marketing
Association with BioSentry Inc. of
- Marketing
Association with LALLEMAND ANIMAL NUTRITION SA, FRANCE for Animal
Nutrition Products
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.40.40 |
|
|
1 |
Rs.82.93 |
|
Euro |
1 |
Rs.55.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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 |
|