MIRA
INFORM REPORT
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Report Date : |
16.06.2007 |
IDENTIFICATION DETAILS
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Name : |
IJM INDIA INFRASTRUCTURE LIMITED |
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Registered Office : |
H. No 1-90/A, Plot no 20 & 21,
RBI Colony, Madhapur, Hyderabad-500 081,
Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.04.1998 |
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Com. Reg. No.: |
01-29180 |
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CIN No.: [Company
Identification No.] |
U45200AP1998PTC029180 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDI00439F |
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PAN No.: [Permanent
Account No.] |
AAACI7067A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Subject is engaged in the business of providing services of
construction. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
H. No 1-90/A, Plot no 20 & 21,
RBI Colony, Madhapur, Hyderabad-500 081,
Andhra Pradesh India |
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Tel. No.: |
91-40-23114661/2/3/4 |
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Fax No.: |
91-40-23114669 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. NG Chin Meng |
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Designation : |
Whole Time Director |
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Address : |
Bungalow No. 23, |
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Date of Birth/Age : |
15.10.1956 |
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Date of Appointment : |
02.04.1998 |
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Name : |
Mr. B Suryanarayana Raju |
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Designation : |
Director |
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Address : |
201, 2nd Floor, B Block, My Home Hill View Apartments,
Somajiguda, |
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Date of Birth/Age : |
12.05.1958 |
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Date of Appointment : |
02.04.1998 |
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Date of Ceasing : |
25.01.1999 |
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Name : |
Mr. B Rama Raju |
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Designation : |
Director |
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Address : |
Flat No: 106, Park View, Enclave Jubilee Hills, |
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Date of Birth/Age : |
12.05.1958 |
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Date of Appointment : |
02.04.1998 |
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Date of Ceasing : |
25.01.1999 |
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Name : |
Mr. Padmanabhan R Rajahram |
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Designation : |
Director |
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Address : |
Flat No: 5A, Doyen Habitat Apartments, |
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Date of Birth/Age : |
05.09.1969 |
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Date of Appointment : |
25.01.1999 |
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Date of Ceasing : |
21.03.2002 |
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Name : |
Mr. Saroj Kumar Lahori |
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Designation : |
Director |
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Address : |
J-3, |
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Date of Birth/Age : |
07.03.1961 |
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Date of Appointment : |
25.01.1999 |
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Date of Ceasing : |
21.03.2002 |
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Name : |
Mr. Tan Boon Seng Krishnan |
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Designation : |
Director |
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Address : |
22, Leboh Tamarind Taman Selatan – 41200, Selangor Darul Ehsan –
41200, |
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Date of Birth/Age : |
12.12.1952 |
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Date of Appointment : |
21.03.2002 |
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Name : |
Mr. Goh Chye Koon |
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Designation : |
Director |
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Address : |
22, Jalan SS A/6, Damson Sara Jaya, Petalong Jaya, Selangor Darul
Ehsan – 47400, Malaysia |
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Date of Birth/Age : |
29.06.1949 |
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Date of Appointment : |
21.03.2002 |
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Name : |
Mr. B Pritam Teja |
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Designation : |
Director |
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Address : |
Plot No: 1242, Road No. : 62, Jubilee Hills, |
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Date of Birth/Age : |
29.11.1978 |
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Date of Appointment : |
21.03.2002 |
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Date of Ceasing : |
29.03.2003 |
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Name : |
Mr. Chee Khong Liew |
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Designation : |
Director |
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Address : |
Bungalow No : 26, Whisper Valley, Near H S Darga, |
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Date of Birth/Age : |
14.06.1957 |
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Date of Appointment : |
23.12.2003 |
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Name : |
Mr. D Sreenivas Rao |
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Designation : |
Director |
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Address : |
Flat No : 312, Sundaram, Ramraja Nagar, Jeedimetla, Secunderabad –
500855, |
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Date of Birth/Age : |
10.04.1955 |
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Date of Appointment : |
01.06.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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B Suryanarayana Raju |
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200 |
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B Nandini |
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100 |
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B |
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100 |
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B Radha |
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100 |
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IJMI Mauritius Limited |
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6054170 |
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Godavari Greenlands Private Limited |
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55800 |
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Parasnath Greenlands Private Limited |
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55800 |
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Sutluj Biotech Private Limited |
|
55600 |
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D Sreenivasa Rao |
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5100 |
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V Venkat Kumar Raju |
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5100 |
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IJM Constructions Sons BHD |
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70000 |
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Sanjay Agarwal |
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10000 |
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Virinder Kaul |
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4000 |
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Saroj Kumar Lahori |
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4000 |
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K |
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1300 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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97.30 |
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Bodies corporate |
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2.69 |
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Other top fifty shareholders |
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0.01 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of providing services of
construction. |
GENERAL INFORMATION
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Bankers : |
ABN AMRO Bank N.
V Road No. 1,
Banjara Hills, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramasamy Koteswara Rao and Company Chartered Accountants |
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Address : |
222, Amrutha Vile Apartments, Left Wing, Opposite Yashoda Hospital,
Rajbhavan Road, Somajiguda, Hyderabad – 500081, Andhra Pradesh, India |
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Subsidiary Company : |
Swarnandhra Roadcare Private Limited U45203AP2002PTC039544 Swarnadhra – IJMI Integrated Township Development Company Private
Limited U70102AP2003PTC040715 IJM Lingamaneni Township Private Limited U70102AP2005PTC047459 Roadstar India Infrastructure Private Limited U45200AP2004PTC043921 IJM India Geotechniques Private Limited U45200AP2005PTC046429 |
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Parent Company : |
IJM CORPORATION BERHAD |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,221,870 |
Equity Shares |
Rs. 10/- each |
Rs. 62.219
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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62.219 |
62.219 |
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2] Share Application Money |
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220.673 |
0.001 |
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3] Reserves & Surplus |
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527.474 |
417.861 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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810.366 |
480.081 |
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LOAN FUNDS |
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1] Secured Loans |
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352.811 |
364.626 |
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2] Unsecured Loans |
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1082.923 |
0.000 |
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TOTAL BORROWING |
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1435.734 |
364.626 |
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DEFERRED TAX LIABILITIES |
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66.969 |
69.476 |
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TOTAL |
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2313.069 |
914.183 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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845.350 |
532.217 |
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Capital work-in-progress |
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56.040 |
0.000 |
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INVESTMENT |
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203.254 |
69.074 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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116.619 |
18.173 |
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Sundry Debtors |
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689.510 |
271.380 |
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Cash & Bank Balances |
|
23.460 |
12.534 |
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Other Current Assets |
|
116.400 |
79.359 |
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Loans & Advances |
|
721.211 |
359.349 |
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Total
Current Assets |
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1667.200 |
740.795 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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406.869 |
422.184 |
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Provisions |
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51.906 |
5.719 |
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Total
Current Liabilities |
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458.775 |
427.903 |
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Net Current Assets |
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1208.425 |
312.892 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2313.069 |
914.183 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [Estimated] |
|
1000.000 |
800.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.34 |
1.65 |
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Current Ratio (Current Asset/Current Liability) |
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3.63 |
1.73 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been
shifted from 646 A, Road No. 36,
Bankers Charges
Report as per Registry
|
Name of the company |
IJM INDIA
INFRASTRUCTURE LIMITED |
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Presented By |
Mr. M D
Sreenivasa Rao |
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1) Date and description of instrument creating the change |
Facility cum
hypothecation agreement dated the day of 26.07.2005 executed by IJM India
Infrastructure Limited in favour of ABN AMRO Bank N.V |
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2) Amount secured by the charge/amount owing on the securities of charge |
Banking facility
of Rs. 4.031 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 |
L & T PC 200
– 1 No. SI. No: NL11825
Invoice No. 910500748 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of ABN AMRO Bank having agreed to provide the said Banking Facility to the
company agreement and declaration by the company, inter alia as follows : v
Covenant
by the Company to repay the said Banking Facilities and pay interest and all
other monies in the manner set out in the Facility cum Hypothecation
Agreement dated 26.07.2005 between the company and ABN AMRO Bank and to
Comply with the terms and conditions of the facility agreement v
The
construction Equipment were thereby hypothecated to ABN AMRO Bank, as and by
way of first charge as security for and be charged with the repayment of the
facility with all interest, liquidated damages, commitment charge, premia on
prepayment or on redemption costs, premia on prepayment or on redemption,
costs, charges and expenses and all other monies payable by the company to
ABN AMRO Bank in respect thereof The company to
keep the construction equipment in marketable and good condition and also
insured as provided therein. Power of entry,
Power to take charge and possession of seize, recover, receive, appoint
receivers of and remove and sale by public auction or private contract, dispatch
for realization or otherwise dispose off or deal with all or deal with all or
any part of the construction Equipment., etc as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
ABN AMRO Bank
N.V, Gurgaon |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U45200AP1998PTC029180 |
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Name of the
company |
IJM INDIA INFRASTRUCTURE LIMITED |
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Address of the registered
office or of the principal place of
business in |
H. No 1-90/A, Plot no 20 & 21,
RBI Colony, Madhapur, Hyderabad-500 081,
Andhra Pradesh, India |
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Type of charge |
Others |
|
Particular of
charge holder |
ABN AMRO Bank N. V Road No. 1,
Banjara Hills, |
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Nature of
description of the instrument creating or modifying the charge |
Facility Cum Hypothecation
Agreement dated 5th January 2007 |
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Date of
instrument Creating the charge |
05.01.2007 |
|
Amount secured by
the charge |
Rs. 1.823
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 9.40 % Customer
IRR Term of repayment
: Charge operates
as a security for the repayment of the banking facilities together with the
interest thereon. Margin : As specified in
the facility Cum Hypothecation Agreement Extent and
Operation of the charge : 100 % |
|
Short particulars
of the property charged |
JCB 3DX Excavator
Loader Engine No. 4H.2152/0604049 Chassis No. 1252715 |
AS PER
WEBSITE
Profile
IJM (
IJMII
is a Malaysian Multinational, which is a subsidiary of IJM Corporation
Bhd.(IJM),
IJM,
whose core competency is construction, is one of the
IJMII has been actively
participating in the high growth opportunities offered by Indian Infrastructure
Industry, more specifically in the construction sector. IJMII's main
thrust is in construction and upgrading of highways and property development including
world class townships and commercial buildings using modern technology and
equipment.
Projects
Raintree Park is an International Class Integrated Township
incorporating residential units with facilities,lush green landscapes, commercial
and retail elements with distinct design features and character that sets
it apart from other developments and a ' class ' by itself.
DMRC
This Project is for Construction
of Elevated Viaduct between
Mumbai-Pune Expressway Section
‘A’
IJM(
Current Projects
Raintree
Park is an International Class Integrated Township incorporating residential
units with facilities, lush green landscapes, commercial and retail elements
with distinct design features and character that sets it apart from other
developments and a ' class ' by itself.
SPV: Swarnandhra-IJMII
Integrated Township Development Company Private Limited, A Joint Venture
Company between APHB & IJM (
EPC
Contractor: IJM (
Description: Construction and development of
Built up Area:
Approx 32,00,000 sq. ft.
No. of units
:
1,800 (950 sq. ft to 3000 sq. ft.)
Commencement :
February 2004
Expected Completion : August 2006
Status
:
Under Progress
MCD Civic
Client : Municipal Corporation Of
Description : Construction of Civic Centre for
Muncipal Corporation of
Built up Area
:
2,14,260 Sqm (Including Basement area 3 levels)
Number of Floors
: 4 Blocks of G+5 One Block of G+27 and 3
Basement Levels.
Commencement
: 05-05-2005.
Expected Completion : 05-05-2008
Status :
Under Progress
Prestige
Shantiniketan ,
Client: Prestige Estates Projects Private
Limited
Description: Construction of civil and
architectural works for high rise commercial blocks cum multi level car park
development at Prestige Shantiniketan –
Built Up Area:
4.13 Million Sq ft.
Commencement:
April 2006
Expected Completion: March 2008
Status:
Under Progress
Client: Prestige Estates Projects Private
Limited
Description: Construction of
Built Up Area:
6.5 Million Sq.Ft
Commencement:
December -2005.
Expected Completion: July - 2008
Status :
Under Progress
TCS
IT Park, Gachibowli,
Client: TATA Consultancy Services Limited
Description: Construction of General Civil Works,
Road works and site development for proposed office at IT Park, CMC Campus,
Built Up area:
4,76,691/- Sq ft
Commencement : December 2005
Expected completion: November
2006
Status:
Under Progress
Client
:
NHAI
Concessionaire : Jaipur Mahua Tollway Private
Limited.
EPC Contractor: IJM (
Description : Improvement, Operation and
Maintenance, Rehabilitation and Strengthening of existing 2-lan road and
widening to 4-lane,divided highway of Mahua-Jaipur Section of NH-11 from Km 120
to Km 228 in the state of Rajasthan.
Length
:
108 KM
Started :
October 2005.
Expected Completion : October 2008
Status
:
Under Progress
C-4
Section of
Client: NHAI
Description: Rehabilitation and Up gradation to
four laning of existing two lane road Jhansi – Lakhnadon section from Km 132 to
Km 187 on NH-26 in the state of Madhya Pradesh
Length:
55 Km
Commencement:
May 2006
Expected completion: November 2008
Status:
Under Progress
Ulunderpet
-
Client: NHAI
Concessionaire: Trichy Tollway Private
Limited
Description: Design, Engineering, Construction,
Development, Finance,
Operation and Maintenance of 4
laning the existing 2 lane section from Km 192.25 (Near Ulunderpet) to Km 285
(Near Padalur) on NH-45 in the state of Tamilnadu.
Length
: 9 2.75 Km.
The concessionaire entered into concession agreement
with NHAI on 30th June 2006 and awarding an EPC Contract to the Company from
km.239.75 to km.285 (46.25 Km) at a lump sum contract price of Rs.314.50 Crores
Status:
Under Progress
DMRC Phase II - Contract No. BC - 4
Client : DMRC
Description: Part Design and Construction Elevated
Viaduct and structural work three elevated stations on Shahdara –Dilshad Garden
Corridor of Phase II of Delhi MRTS (Contract No.
Length:
2.86 KM
Started on:
May 2006
Expected completion: April 2008
Status:
Under Progress
DMRC Phase II – Contract No. BC
- 8
Client: DMRC
Description:
Part Design and Construction of Elevated Viaduct and structural work
filve elevated stations on Inderlok – Mundka Corridor of Phase II of Delhi MRTS
(Contract No.
Length: 4.505 KM
Started
on:
May 2006
Expected completion: November 2008
Status
:
Under Progress
Awards
& Recognition
11
March 2003
KLSE Corporate Merit Award 2002
IJM Corporation Berhad was presented with the KLSE Corporate Merit
Award 2002 for Construction Sector at the KLSE Corporate Awards 2002
Presentation Ceremony. The Merit Award is to acknowledge companies which
have shown seriousness in achieving exemplary corporate conduct.
14 January 2003
Malaysian Business Corporate Governance Award 2002
IJM Corporation Berhad and Public Bank Berhad were picked joint
winners of the inaugural Malaysian Business Corporate Governance Award
2002. Both companies, which were among five finalists, received the
Award. The other three finalists were Malayan Banking Berhad, Nestle
Malaysia Berhad and Esso Malaysia Berhad.
9 January 2003
IJM (
5 November 2002
IJM Building Systems Sdn Bhd
together with Forest Research Institute Malaysia & Brunsfield Resources Sdn
Bhd has entered their names into The Malaysia Book of Records for
jointly-developed the First LightWeight Oil Palm Fibre Reinforced Cement
Composite Panel as an integral partition in housing and high rise building
construction.
14 September 2001
CIDB Malaysian Construction Industry Award 2001
IJM Corporation Berhad received further recognition from the
Construction Industry Development Board (CIDB) when IJM Construction Sdn Bhd
clinched the 2001 Builder of the Year award. This award came hot on the heels
of the Malaysian International Contractor of the Year Award received in 2000.
23
February 2001
IJM Building Systems Sdn Bhd achieved the ISO Quality Management
Systems certification.
24 November 2000
Prebore Piling & Engineering Sdn Bhd achieved the ISO Quality Management
Systems certification.
3 November 2000
IJM Corporation Berhad and IJM Construction Sdn Bhd achieved the OHSAS
18001:1999 certification by SIRIM, thus becoming the first Malaysian company in
the construction industry to receive this internationally acclaimed
certification.
12 September 2000
CIDB Malaysian Construction
Industry Award 2000
IJM Corporation Berhad was
presented with the first Malaysian International Contractor of the Year Award,
at the Malaysian Construction Industry Awards 2000.
2 October 1996
IJM Corporation Berhad and IJM
Construction Sdn Bhd was awarded the internationally recognised ISO Quality
Management Systems certification "for provision of Construction Services
in Building and Civil Engineering Works, testimony of living up to its motto
"Excellence Through Quality".
18 April 1995
Strong Mixed Concrete Sdn Bhd
achieved the ISO Quality Management Systems certification.
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.40.76 |
|
|
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
|