MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RINAC INDIA LIMITED |
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Registered Office : |
No.5, Saraswathi Nivas, Main Channel Road, Saraswathipuram, Ulsoor,
Bangalore-560008, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.01.1994 |
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Com. Reg. No.: |
08-15169 |
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CIN No.: [Company
Identification No.] |
U52334KA1994PLC015169 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR00790G |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Cold Rooms and Refrigerated Facilities
for Commercial use. |
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 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Financial position is good. Payments are correct and as per
commitments. The company is doing well. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered/ Corporate Office : |
No.5, Saraswathi Nivas, Main Channel Road, Saraswathipuram, Ulsoor,
Bangalore-560008, Karnataka, India |
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Tel. No.: |
91-80-25542929/ 25542998/ 41132998 / 41132929 |
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Fax No.: |
91-80-25511750 |
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E-Mail : |
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Website : |
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Central Admin. & |
Survey No. 128/1
and 128/2, Herohally Village, Vishwaneedam Post, Magadi Main Road,
Byadarahalli, Bangalore – 560 091 |
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Tel. No.: |
91-80-55359823/24/25 |
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Fax No.: |
91-80-23588464 |
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E-Mail : |
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Manufacturing Units |
Unit
I : Survey No: 2, Tavarekere
Hobli, Marenahalli Village, Magadi Road, Bangalore South – 562 120, Karnataka |
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Tel. No.: |
91-80-28434507 /
28434508 / 56950039 |
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Fax No.: |
91-80-28430490 |
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E-Mail : |
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Manufacturing Units |
Unit
II : Survey No. 128/1
and 128/2, Herohally Village, Vishwaneedam Post, Magadi Main Road,
Byadarahalli, Bangalore – 560 091, Karnataka, India |
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Tel. No.: |
91-80-30622061 |
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Telefax No.: |
91-80-23588222 |
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E-Mail : |
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Branches : |
v
Ahmedabad v
Bangalore v
Chandigarh v
Chennai v
Delhi v
Goa v
Hyderabad v
Kochi v
Kolkata v
Mumbai v
Pune |
DIRECTORS
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Name : |
Mr. P V Balasubramanian |
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Designation : |
Whole time Director |
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Address : |
46/4, 1 Cross, Cambridge Layout Extension, Bangalore-560008, Karnataka |
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Date of Birth/Age : |
10.05.1954 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. U Haridas |
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Designation : |
Managing Director |
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Address : |
361/1036, MM Layout, RT Nagar Post, Bangalore-560032, Karnataka |
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Date of Birth/Age : |
23.10.1950 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. P Sukumaran |
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Designation : |
361/1036, MM Layout, RT Nagar Post, Bangalore-560032, Karnataka |
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Address : |
23.07.1957 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. U Balakrishnan |
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Designation : |
Whole time Director |
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Address : |
23, 4th Main Sadhananda Nagara, Indira Nagar Post, NGEF
Layout, Bangalore-560038, Karnataka |
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Date of Birth/Age : |
19.03.1954 |
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Date of Appointment : |
05.04.1995 |
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Name : |
Mr. P V Venkiteswaran |
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Designation : |
Director |
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Address : |
29, 1 Cross Cambridge Layout Extension, Bangalore-560008, Karnataka |
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Date of Birth/Age : |
15.05.1950 |
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Date of Appointment : |
05.04.1995 |
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Name : |
Mr. P K Ganapathy |
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Designation : |
Director |
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Address : |
208, Anjaneya Apartment, 58/1, GM Palaya, New Thippasandra Post,
Bangalore-560075, Karnataka |
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Date of Birth/Age : |
29.11.1952 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. M Alexander Sebastian |
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Designation : |
Director |
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Address : |
Flat No.305, Saraswathi Nivas No.5, Main Channel Road, Ulsoor,
Bangalore-560008, Karnataka |
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Date of Birth/Age : |
01.03.1953 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Augustine Dias |
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Designation : |
Whole time Director |
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Address : |
# 2406, 2nd Main, 2nd Cross, BDA Layour,
Bangalore-560017, Karnataka |
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Date of Birth/Age : |
06.01.1946 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Anbu T Samuel |
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Designation : |
Director |
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Address : |
7/1, 2nd Cross, 8th Main Hanumanthappa Layout,
Sul Tanpalya, Bangalore-560032, Karnataka |
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Date of Birth/Age : |
05.04.1954 |
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Date of Appointment : |
14.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. P V Balasubramanian |
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181000 |
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Mr. U Haridas |
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85630 |
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Mr. P Sukumaran |
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92735 |
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Mr. P V Parameswaran |
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100 |
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Mr. U Bhaskaran |
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100 |
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Mr. U Balakrishnan |
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85235 |
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Mr. P V Venkiteswaran |
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102200 |
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Modular Cold Rooms |
|
4200 |
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Polynate Foams Private Limited |
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18000 |
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Mr. P Sivakumar |
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13300 |
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Mrs. Lakshmi Suresh |
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5000 |
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Mrs. Gracy Paul |
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5000 |
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Mr. Shane Paul |
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5000 |
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Mrs. Girija Moorthy |
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3500 |
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Mr. Krishna Moorthy V S |
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3500 |
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Mr. N Venkatachalam |
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5000 |
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Mr. K R Sivaramakrishnan |
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1300 |
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Mrs. Kamala Narayanan |
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1500 |
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Ms. Meenakshi Balan |
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5000 |
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Mrs. Indira Devi C |
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5000 |
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Mr. Narayanan T |
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2500 |
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Mr. Anil S Rao |
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2500 |
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Mrs. K Geetha |
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2500 |
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Mr. A B Menon |
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5000 |
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Mr. Ambrish M Mehta |
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10000 |
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Mrs. Nalini Sasidharan |
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26600 |
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Mr. K P Sasidharan |
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20000 |
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Mr. V K Menon |
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5000 |
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Mr. Minimol Surjit |
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2500 |
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Mr. Valsala Vijayagopal |
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2000 |
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Mr. P V Sankari |
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2500 |
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Mr. K P Narayani |
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2500 |
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Mr. K Parasuraman |
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2500 |
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Mr. P V Rugmani |
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2500 |
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Mr. P R Krishnan |
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2500 |
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Mr. V Krishnan |
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2500 |
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Mrs. J Mary Rose |
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1000 |
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Mr. C S Rama Krishna |
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500 |
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Mr. T V Manjunath |
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1000 |
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Mr. Shadakshari Devi |
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500 |
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Mr. H K Raju |
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500 |
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Mr. B S Guruprasad |
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1000 |
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Ms. Sujatha Prasad |
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500 |
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Ms. Madhu K R |
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13300 |
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Ms. Lily K Mathew |
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1500 |
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Mr. R Anish Simha |
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13580 |
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Mr. Prakash C Sharma |
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2500 |
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Ms. Leena L Nambiar |
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1500 |
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Mrs. Padmaja P Raikar |
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500 |
As on 31.03.2007
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Names of Shareholders |
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Percentage of
Holding |
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Foreign Holdings |
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20.55 |
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Bodies Corporate |
|
1.74 |
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Directors/ Relatives of Directors |
|
62.56 |
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Other top 50 shareholders |
|
14.57 |
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Others |
|
0.58 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Cold Rooms and Refrigerated Facilities
for Commercial use. |
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Products : |
v Pre- Fab Rooms v Ref Systems v EPS Panels v
Walk-in Cold Room v
Prefabricated v
Sandwich Panels v
Insulated Doors v
Pre Coolers v
Stability Chambers v
Clean Rooms v
Blast Chillers v
Freezers and IQFs |
GENERAL
INFORMATION
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No. of Employees : |
Around 250 |
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Bankers : |
Punjab National Bank, Large Corporate Branch, Centenary Building,
No.28, M G Road, Bangalore-560001, Karnataka |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Venu & Venugopal Chartered Accountants |
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Address : |
1-A, HVS Corner, Lakshmi Road, Shanthi Nagar, Bangalore-560027,
Karnataka |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500000 |
Equity Shares |
Rs. 10/- each |
Rs. 95.000 Millions |
|
900000 |
Preference Shares |
Rs. 50/- each |
Rs. 45.000 Millions |
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Total |
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Rs.
140.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5986215 |
Equity Shares |
Rs. 10/-
each |
Rs. 59.862 Millions |
|
837369 |
Preference Shares |
Rs. 50/-
each |
Rs. 41.868 Millions |
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Total |
|
Rs. 101.730 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
59.762 |
57.574 |
11.514 |
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2] Share Application Money |
0.000 |
0.000 |
0.250 |
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3] Reserves & Surplus |
75.464 |
31.414 |
53.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
135.226 |
88.988 |
64.949 |
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LOAN FUNDS |
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1] Secured Loans |
154.329 |
46.107 |
40.756 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
154.329 |
46.107 |
40.756 |
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DEFERRED TAX LIABILITIES |
0.000 |
7.660 |
5.571 |
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TOTAL |
289.555 |
142.755 |
111.276 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
101.934 |
74.316 |
48.962 |
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Capital work-in-progress |
35.766 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
102.695
|
76.629 |
70.290 |
|
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Sundry Debtors |
186.780
|
119.575 |
121.504 |
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Cash & Bank Balances |
66.218
|
6.728 |
8.468 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
57.071
|
24.879 |
19.747 |
|
Total
Current Assets |
412.764
|
227.811 |
220.009 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
249.101
|
154.471 |
154.335 |
|
|
Provisions |
12.259
|
5.465 |
3.860 |
|
Total
Current Liabilities |
261.360
|
159.936 |
158.195 |
|
|
Net Current Assets |
151.404
|
67.875 |
61.814 |
|
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MISCELLANEOUS EXPENSES |
0.451 |
0.564 |
0.000 |
|
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TOTAL |
289.555 |
142.755 |
111.276 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
712.266 |
535.628 |
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Other Income |
|
1.000 |
0.417 |
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Total Income |
|
713.266 |
536.045 |
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Profit/(Loss) Before Tax |
|
57.124 |
42.190 |
|
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Provision for Taxation |
|
17.228 |
10.531 |
|
|
Profit/(Loss) After Tax |
|
39.896 |
31.659 |
|
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Earnings in Foreign Currency : |
|
|
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Export Earnings |
|
7.599 |
17.158 |
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Total Earnings |
|
7.599 |
17.158 |
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Expenditures : |
|
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Salaries, Wages, Bonus, etc. |
|
43.235 |
31.006 |
|
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Managerial Remuneration |
|
5.592 |
4.340 |
|
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Payment to Auditors |
|
0.350 |
0.303 |
|
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Interest |
|
0.441 |
0.019 |
|
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Insurance Expenses |
|
0.103 |
0.138 |
|
|
Power & Fuel |
|
0.735 |
0.550 |
|
|
Depreciation & Amortization |
|
5.131 |
4.125 |
|
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Other Expenditure |
|
99.760 |
75.761 |
|
Total Expenditure |
|
155.347 |
116.242 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
N A |
5.59 |
5.90 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
N A |
8.02 |
7.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
N A |
18.90 |
15.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
N A |
0.64 |
0.64 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.07 |
2.31 |
3.06 |
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Current Ratio (Current Asset/Current Liability) |
|
1.57 |
1.42 |
1.39 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U52334KA1994PLC015169 |
|
Name of the company |
RINAC INDIA LIMITED |
|
Address |
No.5, Saraswathi Nivas, Main Channel Road, Saraswathipuram, Ulsoor,
Bangalore-560008, Karnataka, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable property |
|
Particular of the charge holder |
Punjab National Bank Large Corporate Branch, Centenary Building, No.28, M G Road, Bangalore-560001, Karnataka |
|
Nature or description of the instrument creating charge |
Letter Re: Deposit of title deeds for creation of equitable mortgage |
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Date of the instrument creating charge |
07.09.2006 |
|
Amount Secure by the charge |
Rs.106.400 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : As applicable to respective limits. Terms of repayment : As applicable to respective limits. Margin : As per bank’s norms from time to time. Extent and operation of the charge : The charge shall operate to the extent of Rs.106.400 millions plus interest and other charges thereon. |
|
Particulars of the present modification |
By the above, the credit limits aggregating Rs.106.400 millions are additionally secured by company’s immovable properties (All other terms remain unchanged) |
|
Date of latest modification prior to the present modification |
29.03.2006 |
|
Particulars of the Property charged |
Charge by way of equitable mortgage of four immovable poperites with all structures thereon, fixtures and fittings thereon situate at Sy. No.9/2 and 8, Marenahalli Village, Tavarekere Hobli, Bangalore Sy. No.2, Marenahalli Village, Tavarekere Hobli, Bangalore Units bearing Nos. 104, 105 and 106 in Bhagtani Enclave, Sonapur Lane, Bhandup, Sub Disterict of Bombay City, Plot No.20, 21, 30 and 31, Sector 4 in Uttaranchal. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80013021 |
|
Corporate
identity number of the company |
U52334KA1994PLC015169 |
|
Name of the
company |
RINAC INDIA LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
No.5, Saraswathi Nivas, Main Channel Road, Saraswathipuram, Ulsoor,
Bangalore-560008, Karnataka, India |
|
Type of charge |
Immovable
Property, Book Debts, Movable Property |
|
Particular of
charge holder |
Punjab National
Bank Large Corporate
Branch, Centenary Building, No. 28, M G Road, Bangalore, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
a)
Agreement of
hypothecation of goods and book debts to secure working capital facility b)
Memorandum
of entry re: Extension of Equitable Mortgage c)
General
Counter Indemnity ( All the above
to the same charge ) |
|
Date of
instrument Creating the charge |
04.12.2006 |
|
Amount secured by
the charge |
Rs. 133.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BG @ 14.25% p.a. Commission on BG
at prescribed rates Terms of repayment CC – Running Account
repayable on demand Margin Stocks – 25%,
Book Debts – 40% Extent operation of the charge The charge on the
properties being charged herein shall operate to the extent of Rs. 133.400
Millions plus Interest, Commission, Costs, Expenses and other charges thereon |
|
Short particulars
of the property charged |
Continuing
security by way of hyp. Of I charge on stocks, raw materials, stock in
process and finished goods, book debts, and other movable stored at
Sataswathi Niwas, Main Channel Road, Saraswatipuram, Ulsoor, Bangalore – 8 or
at any pther place and book debts etc. and equitable mortgage of four
immovable properties. |
|
Date of latest
modification prior to the present modification |
07.09.2006 |
|
Particulars of
the present modification |
By the above
amount secured by charge stands enhanced from Rs. 106.400 Millions to Rs.
133.400 Millions on account of extending additional non fund based limits of
Rs. 27.000 Millions in the form of guarantee limit. ( All other terms
remain uncharged) |
|
Name of the company |
RINAC INDIA LIMITED |
|
Presented By |
Mr. U Balakrishnan ( Director) |
|
1) Date and description of instrument creating the change |
08.12.2005 Hypothecation of
goods and Book Debts to secure Cash Credit facility |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
Millions |
|
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, Work in Process and Finished Goods and Book Debts of the
company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
10.00% p. a. |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Large corporate
branch, M G Road, Bangalore – 560 001 |
Website Details
Attached:
Vision
The Subject vision is focused on excellence, the highest quality in products
and in being the leader in the subcontinent as the provider of Cold Chain and
Clean room infrastructure, ever meeting the aspirations of Investors and
Employees for a Better tomorrow.
Mission
Let us redefine quality day after day, continuously assimilating new skills to
provide world-class products and services, setting higher and higher standards
for a performance that keeps the customer oriented towards us, the Team–Rinac
with an exuberant morale.
Quality Policy
Customer Satisfaction through quality products and services
achieved by thoroughly trained and committed staff and their consistent
adherence to systems, procedures and their improvements.
Clients
They are indebted to the names listed here, who have helped subject
attain its present status of being an organization that provides unique
tailor-made cooling solutions for their complex preservation needs, no matter
what the industry.
Subject has the distinction of being the first company to have successfully
developed a cold room of international standards indigenously. Subject's
Walk-in cold rooms in particular occupy the pride of place in its range.
Subject added yet another feather to its cap by emerging as the first Indian
company to offer continuous cooling solutions by providing the entire cold
chain equipment from one single source.
Owing to its strong association with developments in a wide spectrum of
activities, Subject has naturally become the choice of several leading names
across the country, which has resulted in winning relationships...to treasure.
v
Agro
v
Trucks
v
Pharma
v
Research
v
Dairy
v
Industry
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 39.68 |
|
UK Pound |
1 |
Rs. 82.11 |
|
Euro |
1 |
Rs. 58.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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. |
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 |
|