MIRA
INFORM REPORT
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Report Date : |
27.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BORKAR PACKAGING PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.10.1994 |
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Com. Reg. No.: |
24-01667 |
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CIN No.: [Company
Identification No.] |
U7490GA1994PTCC001667 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB02438C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cartons and Labels. |
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 950000 |
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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 records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payment 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 : |
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Tel. No.: |
91-832-2743680 |
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Fax No.: |
91-832-2743686 |
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E-Mail : |
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Website : |
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Branches: |
A-103, Linkway Apartments, Dr. Charat Singh Colony, Sir M.V. Road,
Chakala, Andheri (E), Mumbai:400 093 |
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Tel. No.: |
91-22-28263640/ 28216294/28216295 |
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Fax No.: |
91-22-28263641 |
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E-Mail : |
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Branches: |
341/5A, Bharat Industrial Estate Area, |
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Tel. No.: |
91-260-2220826/ 6539217/6545271/6539224 |
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Fax No.: |
91-22-2221341 / 2221855 |
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E-Mail : |
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Branches: |
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Tel. No.: |
91-1795-220301/ 220303/ 220304 |
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Fax No.: |
91-1795-220305 |
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E-Mail : |
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Branches: |
Shed D1-1, A16, Margo Industrial Estate, Nessai, Gurtorim,
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Tel. No.: |
91-832-2860385 / 2860355 |
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Fax No.: |
91-832-2860396 |
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E-Mail : |
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Branches: |
Shed D2-8, A16, Margo Industrial Estate, Nessai, Curtorim,
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Branches: |
Shed D2-27, A16, Margo Industrial Estate, Nessai,
Curtorim, |
DIRECTORS
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Name : |
Mr. Prakash Sadanand Borkaer |
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Designation : |
Chairman |
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Address : |
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Date of Birth/Age : |
28.04.1947 |
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Date of Appointment : |
01.08.1995 |
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Name : |
Mr. Pramod Damodar Borker |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.01.1952 |
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Date of Appointment : |
01.06.1996 |
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Name : |
Mr. Vinay Prabhakar Borker |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.01.1952 |
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Date of Appointment : |
01.06.1996 |
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Name : |
Mr. Deepak Prabhakar Borker |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.11.1952 |
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Date of Appointment : |
01.06.1996 |
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Name : |
Mr. Prakash S. Prabhudeasi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.11.1950 |
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Date of Appointment : |
17.021999 |
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Name : |
Mr. Dilip R. Salgaonkar |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
17.02.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ashok Sadanand Borker |
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1022960 |
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Pramod Damodar Borker |
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1064260 |
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Deepak Prabhakar Borker |
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1132160 |
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Prakash Sadanand Borker |
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1076560 |
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Vinay Prabhakar Borker |
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1054460 |
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Avinash Sadanand Borker |
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1023160 |
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Anil Damodar Borker |
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10228860 |
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Shubada Shripad Borker jointly
with Vaishali Shripad Borker Anupa shripad Borker |
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595160 |
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Jayashree Damodar Borker Jointly with Promod Damodar Borker |
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54900 |
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Alka Sunil Joshi |
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20400 |
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Aniket Prakash Achuted |
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5000 |
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Kamal Vishnu Sane Jointly with Vishnu Moreshwar sane Shrihari Vishnu Sane |
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5000 |
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Nalini Bhaskar Nawathe Jointly with Bhaskar Yashwant Nawathe Savita Deepak Borkar |
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2500 |
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Shrinivas Moreshwar Desai Jointly with Siddit Shrinivas Desai Vrinda Shrinivas Desai |
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10000 |
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Swati Vijay Jetkar Jointly with Vinnet Vijay Jetkar |
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6300 |
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Sumita Vasnat Katdare Jointly with Amit Vasant Katdare Achut Vasnat Katdare |
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5000 |
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Sunand Vishwanath Borker Jointly with Madhavi Sunand Borker |
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21000 |
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Tukaram Ramchandra Prabhu Jointly with Neela Tukaram Prabhu |
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15000 |
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Uttamrao Vishwanath Borker |
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95000 |
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Akash and Contracts Private Limited |
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20000 |
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Asha Ashok Bhagat |
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10000 |
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Ashok Ramachandra Nerkar Jointly with Gautam Ashok Nerkar Bonny A Gomes |
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7500 |
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Damkodar Narcina Naik Jointly with Indira Damodar Naik Mario Joseph D’Cruz |
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10000 |
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Padma Prakash Prabhudesai Jointly with Prakash Srirang Prabhudesai |
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20000 |
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Pritesh K.P Malkarnekar |
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5000 |
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Rajendra N Talak |
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5000 |
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Vasant Vasudeo Purohit |
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12500 |
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Jacinta Bertha D’souza Jointly with Elvita Theresa Disa |
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2500 |
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Caetano M. Nicolau D’souza Jointly with Todor Ubaldinho Dias |
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2500 |
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Floria Pinto |
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2500 |
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Dipali Digmber Kamat |
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10000 |
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Asha Digmber Kamt |
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10000 |
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Todor Ubaldinho Dias |
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10000 |
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Dilip Ramkrishna Salgaonkar |
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5000 |
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Shubert Vaz |
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31500 |
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Shrudha Raghu Pikale Jointly with RK Pikale HUF Vinesh Raghu Pikale Shweta Raghu Pikale |
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5000 |
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Akar Creation Private Limited |
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31500 |
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Sunil Purushottam Kunte |
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35856 |
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Sushma PramodBorker |
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2739 |
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Shrihari S Sane |
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11205 |
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Ps Borker and VP Borker |
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2031220 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cartons and Labels. |
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Exports : |
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Products : |
Printed and Laminated and Varnished Paper Board Cartons |
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Countries : |
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Imports : |
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Products : |
Spare Parts of Machinery |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) or other terms. |
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Purchasing : |
L/C or Credit (30 days) terms. |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
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Printed Paper Board Cartons |
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At At |
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Labels |
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GENERAL INFORMATION
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Customers : |
End users |
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No. of Employees : |
285 |
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Bankers : |
The Saraswat Co-operative Bank Limited Margao Branch, Behind Police Station, Facilities: As on 31.03.2003 1. Term Loan : Rs. 32.500 millions 2. Bank Overdraft : Rs. 73.000 millions Citibank NA Facilities: As on 31.03.2003 Credit Limit Rs. 45.000 millions. Corporation Bank, Opposite Margao Municipal Corporation,
Margao-403601, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R K Pikale & Company Chartered Accountant (Ms. Archana Kenkare, Partner, M No.47463) |
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Address : |
206, |
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Tel. No.: |
91-832-2227677/ 221577 |
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Fax No.: |
91-832-2426877 |
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E-Mail : |
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Associates/Subsidiaries : |
Borkar Colorpacks Private Limited -Manufacturers of Printed Board Cartons Borkar Trading Company Private Limited -Retain Trade Outlets Akar Creations Private Limited -Real Estate Developers and Builders |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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11500000 |
Equity Shares |
Rs.10/- each |
Rs.115.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11246200 |
Equity Shares |
Rs.10/- each |
Rs.112.462 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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112.462 |
112.462 |
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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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126.294 |
88.950 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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238.756 |
201.412 |
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LOAN FUNDS |
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1] Secured Loans |
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375.999 |
394.953 |
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2] Unsecured Loans |
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42.850 |
51.108 |
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TOTAL BORROWING |
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418.849 |
446.061 |
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DEFERRED TAX LIABILITIES |
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23.316 |
26.936 |
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TOTAL |
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680.921 |
674.409 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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456.658 |
501.751 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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2.342 |
2.342 |
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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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159.883 |
122.988 |
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Sundry Debtors |
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138.711 |
106.403 |
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Cash & Bank Balances |
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9.271 |
7.329 |
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Other Current Assets |
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16.779 |
25.792 |
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Loans & Advances |
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29.832 |
25.515 |
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Total
Current Assets |
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354.476 |
288.027 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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124.965 |
110.654 |
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Provisions |
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7.590 |
7.055 |
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Total
Current Liabilities |
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132.555 |
117.709 |
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Net Current Assets |
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221.921 |
170.316 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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680.921 |
674.409 |
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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 |
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8.172 |
5.275 |
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Other Income |
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0.091 |
0.169 |
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Total Income |
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8.263 |
5.444 |
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Profit/(Loss) Before Tax |
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0.390 |
0.306 |
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Provision for Taxation |
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0.016 |
(0.012) |
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Profit/(Loss) After Tax |
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0.374 |
0.318 |
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Expenditures : |
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Interest & Depreciation |
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1.190 |
0.900 |
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Other Expenditure |
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5.493 |
3.338 |
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Total Expenditure |
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6.683 |
4.238 |
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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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PAT / Total Income |
(%) |
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4.53 |
5.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.72 |
5.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.05 |
0.04 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.55 |
0.58 |
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Current Ratio (Current Asset/Current Liability) |
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2.67 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
BORKAR PACKAGING
PRIVATE LIMITED (hereinafter referred
to as “the company”) |
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Presented By |
Mr. Deepak Borker Director |
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1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of movables/assets/debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.405.000
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 |
Hypothecation of
raw materials, stock-in-progress, finished goods, consumables stores and
spares, plant and machinery, all fixed assets and receivables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Amount borrowed: Rs.405.000
Millions
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Margao-Goa. |
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6) Date and brief description of instrument modifying the charge |
31.03.2005 No.
instrument was executed. Afirst charge on part-passu basis on the immovable
property as described in scheduled A and Schedule B of the letter dt.
31.03.2005 by deposit of title deeds by way of constructive delivery was
created by tge company in favour of Corporation Bank, Margao, goa, in
respects of: 1. Factory land
at 2. Shed No.D III:
D218 and shed No. A116 in Margoa Indl Estate. 3. Residential
Premises at Ramnagori St. Jose De Areal, Salcette, 4. Office
Premises No.201 to 205, 301, to 305, 401 to 405 and 501 to 505 at Fatorda, Margao, 5. Flat No.103,
first floor, Wing ‘A’ Linkway Apts, Anddheri (E), Mumbai 6. 2-Flats t Sai-Krupa
Society and A Flat at |
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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. |
Corporation Bank’s
various credit facilities totalling to Rs.405.000 Millions together with
interest, additional interest, liquidated damages, and all other moneys
payable by the company to Corporation Bank, in terms of the said common deed
of hypothecation of movable assets/debts dt.31.12.2003 being the original
charge is further secured by the
creation of first on pari-passu by deposits of title deeds by way of
constructive delivery created by the company on 31.03.2005, in favour of
Corporation Bank, Margao, Gao. |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74950GA1994PTC001667 |
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Name of the
company |
Borkar Packaging
Private Limited |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
A charge on: Immovable
property Book debts Movable property Others If others
Specify: Stock in trade,
raw material, semi-finished goods |
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Particular of
charge holder |
Corporation Bank Margao Branch Margao;403601, |
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Nature of
description of the instrument creating or modifying the charge |
Unattested Deed of
Hypothecation Of Movables. Agreement for
term Loans. Common deed of
Hypothecation of Movables/ assets/ debts Contiunity Letter
(2Nos) |
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Date of
instrument Creating the charge |
31.10.2006 |
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Amount secured by
the charge |
Rs.82.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 10.5%p.a being
0.75% below or above BPLR which is 11.25% at present1. All existing
machineries, stock of raw material, finished goods and all movables fixed
assets 2. Hypothecation
of movables consisting of stock of machineries, raw materials, semi finished
goods at fatorda, Margao Industrial Estate, Margao, 3. First charge
on hypothecation of movable/machineries. 4. Properties as
mentioned in the Continuity Letter. Terms of
repayment: Within 60 equal
instalments of Rs.1.375 Million per Moth Margin: 25% Extent and
operation of the charge: Rs.82.500
Millions to be repaid within 60 equal instalments of Rs. 1.375 Millions Per
Month Other: -- |
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Short particulars
of the property charged |
All existing
machineries, Stock of raw materials, finished goods and all movables/fixed
assets. 2. Hypothecation
of movables consisting of stock of machineries raw material , semi finished goods,
finished goods, at fatrda, Margao Industrial Estate, Magrgao, Daman
Nalagaerh, H.P. 3. First Charge
on hypothecation of movables/ machineries 4. Property a smentioned in th Continuity Letters. |
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Date of latest
modification prior to the present modification |
-- |
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Particulars of
the present modification |
-- |
As Per Web Site:
The Company Group was started as a small retail kiosk in the year 1910. In the year 1945 the group diversified into printing which would soon become the group's major business. The group ventured into packaging in the year 1972 and packaging is today the group's core competency.
The group today has a growth rate of 35%. Other businesses in the group include Real Estate, Retailing, and Confectionery. The faith and support of their clients, people and business associates gives them the confidence to march ahead into the 21st century. With lot of innovations and technological acquisitions in the pipeline they offer their clients a very promising future in the highly challenging 21st century.
Company Profile
The company is a group with a diversified presence in
Packaging, Retailing and Real Estate Division. The group has been growing
continuously at the rate of 35 % p.a. The company started off with a small
retail kiosk in 1910 in
Retailing business was eventually expanded and by virtue of their supermarkets
they introduced the concept of one stop shopping in Margao-Goa. Real Estate
division was established in early 1980s. Today their Apartment buildings and
Commercial Complexes dominate
Mastering the fifth 'P'
The company Packaging has successfully transformed itself
from a printing firm to a packaging pioneer.
The powerhouse of the organization is its state-of-the-art factory located in
Daman near the Indian state of
The company have always endeavored to provide the best to their clients, be it
in the area of technology, quality or service. This determination has led to
acquisition of the latest technology coming up in the Packaging industry in all
the areas of packaging development. The BOBST SP-102 BMA Foilmaster is one such
example. This machine, the first of its kind in India, is the most modern
foiling machine with a holographic attachment which serves the purpose of
enhancing the appearance of the carton and with the provision of hot-stamping
of holograms on to the cartons, this proves to be a reliable shield against
counterfeiters who have today contaminated the markets with their fake and
pass-offs, thus damaging the credibility of the real popular brand.
The group is fairly diversified in a few other businesses but it believes that
its core competence is in the area of 'Packaging.' It is in this area; their
"vision" and "mission", statements have been framed and
transmitted to every single link in the Organization. With a planned leap-frog
growth, the The company objectives is to be a very dominant, visible and well
accepted leader in
The company group started by the late Mr. Shripad M. The
company with its forward and positive outlook has grown. Thanks to the
leadership and managerial competence of the successors of Mr. The company.
The Management Team from its earliest days had a vision. And that vision in
brevity was to build a "professionally managed, socially and
environmentally conscious organization committed to customers
satisfaction" at all times.
The members of the management team are well educated from
renowned institutions in
Promotion and sustenance of International Quality Standards.
Meeting the needs of all customers through Highest Response Speed.
Offering the Best Competitive advantage to all customers.
Building mutuality by transparent interactive communication practices.
The Company has established forums within the group as part of the Organizational Development. The hallmark of organizational success of The company has been a high degree of Professional Team Management. Decision making process is team based. The bench marking process has been linked to the style of Multinationals and their practices adapted to international environment. And towards this end, a continuous development process of employees at all layers has been established to upgrade the skills of people to match the new technologies and business environments.
As a vital adjunct to this process, well designed compensation practices,
rewards and recognition systems and other welfare measures form a part of Human
Resource Development.
Today at The company, success is natural, since all are convinced in "What
is right" than "Who is right."
This sector is growing at a very impressive rate. Packaging has assumed tremendous growth in product planning and management. The company have established standards aimed at keeping their production processes in line with the norms of this industry, which has enabled them to deliver hygienically safe and sound packaging to protect the food items. In this field they serve clients like Kellogg's, Tasty Bite, Tata Tetley, Akbar Brothers etc.
In addition many more companies have expressed satisfaction with their operating systems, and these shall soon be placed in their valued list of customers.
Their new factory at Nalagarh, Himachal Pradesh
The year 2005 saw The company setting up their largest project so far in the country. The state of the art Folding cartons Factory at Nalagarh Himachal Pradesh for manufacturing different types of folding cartons, built with a total investment of over Rs. 400 million. The first phase that has been commissioned boasts of capacity build-up capable of converting 800 MT of paperboard per month. The subsequent second phase proposed to be set up over the coming years shall take the total available capacities to whopping 1500 MT of paperboard conversion per month. All this backed by the most sophisticated and state of the art technology and highly effective quality and GMP systems. However it would be appropriate that they let their factory speak for itself rather than they doing the same over here. They therefore would be extremely glad to receive their patrons and interested parties, wishing to utilize their services, to this technological prowerhouse in North India.
The company is in trade terms with:
· Mr. Tanmay Agarwal
Hindustan Lever Limited
6th Floor, West Wing, Lever
House, Backbay Reclamation, Mumbai – 400 021,
· Mr. N. P. Kamath
Balsara
Balsara House, 43,
· Mr. Ajay Choudhary
Nestle India Limited
Nestle House, Jacaranda Marg
M-Block,
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.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|