MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
JOHN DEERE EQUIPMENT PRIVATE LIMITED |
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Formerly Known As : |
L AND T – JOHN DEERE PRIVATE LIMITED |
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Registered Office : |
L and T House, Ballard Estate, Mumbai – 400 001, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.02.1998 |
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Com. Reg. No.: |
11-113448 |
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CIN No.: [Company
Identification No.] |
U29210MH1998PTC113448 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Tractors. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 8600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered
normal for small business dealings at usual trade terms and conditions, with
slight caution initially. |
LOCATIONS
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Registered Office : |
L and T House, Ballard Estate, Mumbai – 400 001, |
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Tel. No.: |
91-22-22685656/ 22618181 |
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Fax No.: |
91-22-22685871/ 22685893 |
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E-Mail : |
kapoorpramod@johndeere.com
, nadigersatish@johndeere.com
, birlamitilkumar@johndeere.com
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Website : |
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Area : |
112 acres |
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Location : |
Owned |
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Head Office : |
Crawford Bayley and Company, |
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Corporate Office / Factory : |
Gate No.166 to 167, 271 to 291, Off |
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Tel. No.: |
91-2137-252930/33/4/5/7 |
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Fax No.: |
91-2137-252936/253160 |
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Location : |
Owned |
DIRECTORS
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Name |
Mr. Yeshwant Moreshwar Deosthalee |
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Designation |
Director |
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Address |
1001, Prabhu Kutir, 15, |
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Date of Birth |
06.09.1946 |
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Date of Appointment |
02.04.1998 |
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Name |
Mr. Jagdish Pandurang Nayak |
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Designation |
Director |
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ADdress |
Gilder House, 67/F, |
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Date of Birth |
13.11.1943 |
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Date of
Appointment |
02.04.1998 |
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Name |
Mr. Jeam Gilles |
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Designation |
Director (Foreign) |
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Address |
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Date of Birth |
14.08.1957 |
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Date of
Appointment |
09.12.1998 |
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Ceasing Date |
17.08.2001 |
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Name |
Mr. Klaus Dieter Ramsauer |
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Designation |
Director
& Manager (Foreign) |
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Address |
Pune, |
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Date of Birth |
20.06.1952 |
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Date of
Appointment |
06.03.2001 |
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Ceasing Date |
01.04.2002 |
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Name |
Mr. Vanfrank John Landeghem |
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Designation |
Director (Foreign) |
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Address |
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Date of Birth |
25.02.1961 |
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Date of
Appointment |
30.06.2000 |
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Ceasing Date |
17.08.2001 |
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Name |
Mr. Stephen Kent Kruse |
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Designation |
Director (Foreign) |
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Address |
1420, |
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Date of Birth |
07.06.1950 |
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Date of
Appointment |
02.04.1998 |
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Name |
Mr. Adel Aally Zakaria |
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Designation |
Director (Foreign) |
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Address |
2716, |
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Date of Birth |
20.06.1948 |
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Date of
Appointment |
17.08.2001 |
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Name |
Mr. Michael Robert Evitts |
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Designation |
Director (Foreign) |
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Address |
700, |
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Date of Birth |
10.03.1952 |
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Date of
Appointment |
15.02.2002 |
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Name |
Mr. Manjeri Subramanian Krishnamoorthy |
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Designation |
Director |
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Address |
11, Gauri Giridhar, Restom Sagar, Chembur,
Mumbai – 400 089, |
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Date of Birth |
15.08.1946 |
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Date of
Appointment |
15.02.2002 |
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Name |
Mr. Volker Otto Knickel |
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Designation |
Director (Foreign) |
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Address |
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Date of Birth |
06.12.1965 |
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Date of
Appointment |
04.03.2004 |
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Date of Ceasing |
25.08.2004 |
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Name |
Mr. Douglas Edwin Schenk |
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Designation |
Director (Foreign) |
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Address |
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Date of Birth |
17.04.1952 |
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Date of
Appointment |
05.10.2004 |
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Name |
Mr. Henry Arnold Puhl |
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Designation |
Alternate Director |
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Address |
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Date of Birth |
22.11.1970 |
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Date of
Appointment |
04.02.2005 |
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Name |
Mr. Satish Bhimrao Nadiger |
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Designation |
Additional Director |
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Address |
601, BL-A/3, Aditya Shagun Bavdhan, Near |
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Date of Birth |
13.01.1963 |
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Date of
Appointment |
31.07.2006 |
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Name |
Mr. Scott Jay McDonald |
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Designation |
Director |
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Address |
Flat No. A-21/22, Rivernest Society, Lane
E, |
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Date of Birth |
10.12.1971 |
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Date of
Appointment |
17.03.2006 |
KEY EXECUTIVES
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Name : |
Mr. Sravam Kumar V. Yeleshwarpu |
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Designation : |
Company Secretary |
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Address : |
Powai, Mumbai, |
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Date of Birth/Age : |
24.02.1960 |
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Qualification : |
09.12.1998 |
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Ceasing Date : |
17.08.2001 |
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Name : |
Mr. Pramod S. Kapoor |
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Designation : |
Company Secretary |
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Address : |
G-6, Konark Estate, |
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Date of Birth/Age : |
26.03.1959 |
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Date of Appointment : |
17.08.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Larsen & Toubro Limited |
87,500,000 |
50.00 |
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John Deere India Private Limited |
87,500,000 |
50.00 |
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Total |
175,000,000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tractors. |
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Products : |
ˇ
Tractors |
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GENERAL INFORMATION
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No. of Employees : |
-- |
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Bankers : |
State Bank of Pune, BNP Paribas Godrej
Millennium, ICICI Bank
Limited A Export Import
Bank of Centre One, Floor 21, World Trade Centre, Cuffe Parade, Mumbai –
400005, |
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Facilities : |
The company enjoys mortgage loans facilities from BNP Paribas, ICICI
Bank Limited and Export Import Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address : |
Ravindra Annexe, 194, Churchgate Reclamation, |
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Tel. No.: |
91-22-22047722 |
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Holding Company : |
ˇ
John Deere India Private Limited |
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Associates/Subsidiaries : |
Ř
Larsen & Toubro Limited Ř
John Deere India Private Limited Ř
Larsen & Toubro Finance Limited Ř
India Infrastructure Developers Limited Ř
Larsen & Toubro Infotech Limited Ř
Clarity Advertising Agency Ř
Deer & Company, Ř
John Deere Works Mannechiem, Ř
Industrias John Deere, Ř
John Deere Iberica S. A., Ř
John Deere Product Engineering Centre, Ř
John Deere Ř
John DeereTiantyo Company Limited, Ř
John Deer
Asia Pty Limited, Ř
Audco India Limited Ř
EWAC Alloys Limited Ř
Tractor Engineers Limited Ř
L & T Chiyoda Limited Ř
L & T Niro Limited Ř
L & T Sargent & Lundy Limited Ř
L & T Komatsu Limited Ř
L & T Ramboll Consulting Engineers Limited Ř
L & T Case Equipment Limited Ř
Larsen & Toubro ( Ř
Larsen & Toubro ( Ř
International Seaports Pte. Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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287441000 |
Equity Shares |
Rs. 10/- each |
Rs. 2874.410
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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175000000 |
Equity Shares |
Rs.10/- each |
Rs. 1750.000
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1750.000 |
1750.000 |
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2] Share Application Money |
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1124.410 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.020 |
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4] (Accumulated Losses) |
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(727.537) |
(1145.016) |
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NETWORTH |
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2146.873 |
605.004 |
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LOAN FUNDS |
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1] Secured Loans |
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625.002 |
1529.868 |
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2] Unsecured Loans |
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500.000 |
1549.528 |
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TOTAL BORROWING |
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1125.002 |
3079.396 |
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TOTAL |
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3271.875 |
3684.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1960.158 |
2139.461 |
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Capital work-in-progress |
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36.878 |
38.364 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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332.543 |
546.860 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1016.256 |
841.892 |
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Sundry Debtors |
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863.748 |
688.363 |
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Cash & Bank Balances |
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408.211 |
267.637 |
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Loans & Advances |
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769.475 |
362.514 |
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Total
Current Assets |
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3057.690 |
2160.406 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2070.052 |
1164.998 |
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Provisions |
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45.342 |
15.713 |
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Total
Current Liabilities |
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2115.394 |
1180.711 |
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Net Current Assets |
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942.296 |
979.695 |
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TOTAL |
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3271.875 |
3684.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 (Estimated) |
31.03.2005 (Estimated |
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Total Income |
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6000.000 |
5000.000 |
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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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2.51 |
8.04 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Name of the company |
JOHN DEERE
EQUIPMENT PRIVATE LIMITED |
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Presented
By |
Mr. P S Kapoor,
Company Secretary |
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1) Date and description of instrument creating the change |
1] working capital consortium agreement cum joint deed of hypothecation
dated 19.06.2002 executed by L and T John Deere Private Limited (therein and
hereafter referred to as “the borrower”) in favour of BNP Paribas Bank, ICICI
Bank, Standard Chartered Bank and Credit Agricole Indosuez (hereinafter
referred to as “the Earlier Participating Banks”) and 2] modified vide working capital consortium agreement cum joint deed
of hypothecation dated 16.12.2003 executed by L and T – John Deere Private
Limited (therein and hereinafter referred to as “the borrower”) in favour of
BNP Paribas Bank, ICICI Bank and Export Import Bank of India (hereinafter
referred to as “the participating banks”) 3] further modified vide supplemental agreement of hypothecation dated
29.10.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Financial facility aggregating to INR 440 millions fund based and INR
30 millions non fund based for working capital requirement together with
interest, compound interest, additional interest, liquidated damages (in case
of default), costs (legal costs on a full indemnity basis) charges, expenses
and all other monies payable by the borrower to the Earlier Participating
Banks under the working capital consortium agreement banks dated 19.06.2002
made between the borrower and Earlier Participating Banks. Amended / modified vide working capital consortium agreement cum joint
deed of hypothecation dated 16.12.200, executed in favour of the
participating banks, pursuant to which the participating banks have granted /
agreed to grant / continue to grant financial facility aggregating to INR 250
millions plus USD 5 millions fund based and INR 100 millions non fund based. Further amended / modified vide supplemental executed of hypothecation
dated 29.10.2004, executed in favour of participating banks, pursuant to
which the participating banks have granted / agreed to grant / continue to
grant financial aggregating to INR 250 millions or equivalent USD plus USD 10
millions fund based and INR 45 millions non fund based, in the manner and proportion
as follows.
As now amended / modified vide supplemental agreement of hypothecation
dated 13.08.2005, executed in favour of participating banks, pursuant to
which participating banks have granted / agreed to grant / continue to grant
financial facility aggregating to INR 250 millions or equivalent USD plus USD
15 millions fund based and INR 45 millions non fund based, in the manner and
proportion as follows.
Provided the aggregate borrowing under the fund based and non fund based
limit of BNP Paribas shall not executed INR 100 millions at any given point
of time. Each of the participating banks shall at the discretion of the
borrower provide working capital facilities up to the minimum committed limit
as agreed between the participating banks and the borrower and the
utilization of the limit from the Participating Banks shall be at the
discretion of the borrower, provided however that the aggregate limit availed
shall not exceed INR 900 millions fund based ad INR 250 millions non fund
based at any given point of time. For the purpose of calculating this amount,
the co-ordinating bank may given foreign currency outstanding due to the participating banks at such rate
as it deems fit. Which are now being secured under the said supplemental agreement of
hypothecation dated 13.08.2005 |
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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 |
Al the movable assets such as raw material, stock in process, stores
and spares, finished goods, goods in transit, goods lying at various
factories, godowns, warehouses, retail outlets, etc wherever situated, both
present and future belonging to the borrower being movable properties and capable
of passing by delivery. All the book debts, outstanding monies, receivables, claims and bills
which are now due and owing and or which may at any time hereafter during the
continuance of this security become due and owing to the borrower in the course
of its business by any person, firm, company, or body corporate, or by the
Government Departments of the office or any Municipal or Local or Public or
Semi Governmental Body or authority or any body corporate or undertaking or
project whatever in the Public Sector.
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4) Gist of the terms and conditions and extent and operation of the charge. |
The financial
facility aggregating to INR 250 millions or equivalent USD plus 10 millions
fund based and INR 45 millions non fund based granted to the borrower by the
participating banks was secured by hypothecation by way of first charge
ranking parri pasu inter se without any preference or priority to one over
the other(s) over the borrower’s hypothecated stock and book debts, which is
now amended to secure the financial facility aggregating to INR 900 millions
or equivalent USD fund based and INR 250 millions non fund based granted /
agreed to be granted / continue to be granted by the participating
banks, |
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5) Name and Address and description of the person entitled to the
charge. |
BNP Paribas Godrej
Millennium, ICICI Bank
Limited A Export Import
Bank of Centre One,
Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400005, |
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6) Date and brief description
of instrument modifying the charge |
13.08.2005 supplemental agreement of hypothecation The secutiry created for the financial facilities granted by the
participating banks under the supplemental agreement of hypothecation dated
29.10.2004 to working capital consortium sum joint deed of hypothecation
dated 16.12.2003 has been increased in the view of the enhanced/ renewed fund
based and non fund based facilities by the participating banks thought
execution of the supplemental agreement of hypothecation dated 13.08.2005 |
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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.
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The financial facilities granted / agreed to be granted to the
borrower by each of the participating banks are now secured u the borrower by
hypothecation by way of first charge to and in favour of each of the
participating banks ranking parri passu inter se without ay preference or
priority to one over the other(s) on all the hypothecated stock and book
debts. The charge shall secure amounts outstanding in respect of the
participating banks with minimum commitment as under:
Provided the aggregate borrowing under the fund based and non fund
based limit of BNP Paribas shall not executed INR 100 millions at any given
point of time. Each of the participating banks shall at the discretion of the
borrower provide working capital facilities up to the minimum committed limit
as agreed between the participating banks and the borrower and the
utilization of the limit from the Participating Banks shall be at the
discretion of the borrower, provided however that the aggregate limit availed
shall not exceed INR 900 millions fund based ad INR 250 millions non fund
based at any given point of time. For the purpose of calculating this amount,
the co-ordinating bank may given foreign currency outstanding due to the
participating banks at such rate as it deems fit. According references to Name of the Bank and minimum in the working
capital consortium agreement sum joint deed of hypothecation dated 16.12.2003
and supplemental agreement of hypothecation dated 29.10.2004 shall stand
modified as above. |
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The company’s fixed assets of important value include freehold land,
buildings, plant & machinery, furniture & fixtures, vehicles, leasehold
plant & machinery and leased vehicles.
As Per Web:
Profile
Subject is a subsidiary
of Deere & Company, USA in India.Its factory, located near
Pune,manufactures 5000 Series agricultural tractors.
The company has secured ISO 9001:2000 certificates for its compliance to
quality systems and ISO 14001:2004 for its compliance to environmental
management system from RWTUV,
The Indian operations of Deere & Company include a technology
center located at Magarpatta City Pune.The center provides services in the
areas of Information technology, engineering, supply management, embedded
systems and technical authoring for company’s operations world wide.
To expand its global presence in Ag
equipment, John Deere established a green field project in 1999 under a
50:50 joint venture with Larsen & Toubro Limited (L&T) — An engineering
company of repute from
In 2005, Deere & Company
acquired nearly all the remaining shares in this joint venture. The new
enterprise, John Deere Equipment Private Limited, Sanaswadi, Pune,
operates through a network of 15 area offices, 4 zonal offices and 270
authorized dealers spread across the country.
The factory currently produces modern tractors of 35, 40, 42, 47, 50, 55 and 70
Hp capacities for domestic markets. Tractors manufactured in Sanaswadi are also
exported to the
World-Class
Technology
John Deere translates the farmer's interest into superior product features
through its world-class manufacturing facility at Sanaswadi, Pune.
Spread across 112 acres, the factory has a total built up area of around 50,000
sq. meters. Manufacturing is carried out at three inter-linked factories -
Transmission, Engine and Vehicle Assembly.
Modern manufacturing practices like JIT, delivery of components at assembly
stations and movement of tractor parts through an overhead conveyor, ensure
streamlined operations. The total manufacturing effort is geared to provide
total value to the customer through high quality standards.
Transmission Factory
The heart of the factory, the transmission assembly has state-of-the-art
systems adopted from the best assembly practices of renowned leaders. This
provides one of the finest tractor transmission systems.
The 300-odd components in the transmission system are manufactured to precise
tolerances for efficient transmission of power. High precision CNC machines
ensure high quality of components manufactured while CMM machines check
adherence to quality standards.
Engine Factory
The engine assembly line is designed to produce one of the worlds highly fuel
efficient and powerful engines. Each station is ergonomically designed with
built-in features to ensure adherence to exacting quality standards. The
engines are transported during assembly on an overhead conveyor.
A leak test at sub assembly stage and as fully assembled engine is conducted to
ensure a 100% leak proof engine.
Pre-operation and post-operation online quality checks are also carried out to
ensure quality. Critical joints are fastened using electric multi spindle
machines capable of torque, yield and angle control.
Cleanliness of components is continuously maintained using special purpose
washing machines both online as well as offline. Finally, every engine is tested
for performance at the Company's Engine Test Cells which are one of the most
modern in the industry.
Highly sophisticated and well-equipped Metrology and Metallurgy laboratories
support the entire manufacturing operation.
Vehicle Factory
The assembly of John Deere tractors is carried out through an overhead
conveyor system. This ensures high productivity through lower operator fatigue
and greater convenience. Inspection loops carry out random auditing of the
tractors under assembly.
Pneumatic tools and torque wrenches with designated torque for fasteners,
provided at every station, ensure high reliability. And at the end of the
assembly line every tractor undergoes final inspection to ensure that stringent
quality standards are met.
IT at the Workplace
A high levels of computerization underlines the operations at John Deere
equipment. The Company is equipped with state-of-the-art computer and
communication facilities, giving it the interconnectivity and interactivity
imperative in today's increasingly competitive market.
The company has implemented SAP system for sales and distribution as well as
integration of manufacturing processes. Area offices, dealers, depots and C
& F agents are networked to enhance efficiency and customer service.
Training is also provided periodically to employees as well as dealers to
upgrade their skills and perform better.
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.40.98 |
|
|
1 |
Rs.80.98 |
|
Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|