MIRA
INFORM REPORT
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Report Date : |
07.09.2007 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL GOLD COMPANY LIMITED |
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Registered Office : |
G-48, Gem and Jewellery Complex, Seepz, Andheri (East),
Mumbai – 400 096, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.09.1994 |
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Com. Reg. No.: |
11-81352 |
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CIN No.: [Company
Identification No.] |
L36911MH1994PLC081352 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI02321E |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of Diamonds, Precious Stones
and Jewellery of all Varieties. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 fine track. Financial position is good. Trade relations are fair. Payments are usually correct and as per
commitments. The company can
be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office : |
G-48, Gem and Jewellery Complex, Seepz, Andheri (East),
Mumbai – 400 096, |
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Tel. No.: |
91-22-28291783 / 28292695 / 28291370 |
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Fax No.: |
91-22-28290371 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Harshad Ramniklal Mehta |
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Designation : |
Director |
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Address : |
91/19, Vijaydeep,
31, |
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Date of Birth/Age : |
15.08.1947 |
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Date of Appointment : |
16.12.1997 |
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Name : |
Mr. Amar Kishore
Kothari |
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Designation : |
Director |
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Address : |
B / 8, |
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Date of Birth/Age : |
08.06.1979 |
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Date of Appointment : |
31.08.2002 |
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Name : |
Mr. Nalin
Udayshankar Rajguru |
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Designation : |
Director |
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Address : |
703, Bhoomi
Apartments, Mahavir Nagar, Near Dhanukar Wadi, Kandivali [West], Mumbai –
400067, |
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Date of Birth/Age : |
17.03.1944 |
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Date of Appointment : |
07.04.1988 |
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Name : |
Mr. Akshyakumar
Dayanand Sharma |
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Designation : |
Wholetime
Director cum Chief Executive Officer |
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Address : |
L -3, C/701, Oakland
Park, Yamuna Nagar, Lokhandwala Complex, Andheri [West], Mumbai – 400053,
Maharashtra, India |
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Date of Birth/Age : |
09.01.1963 |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Deval
Lakdawala |
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Designation : |
Director |
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Address : |
B-203, |
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E-Mail: |
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PAN No.: |
ABFPL3842D |
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Date of Appointment : |
30.09.2006 |
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Other Directorship Held: |
v
Luckystar
Jewellery Exports ( CIN No.: U36911MH1991PTC063342 v
Mediatech
India Distribution Private Limited CIN No.: U51395MH2004PTC145137 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Inter Gold ( |
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88596 |
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Mr. Russell Arunkumar Mehta |
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1000 |
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Mr. Arunkumar Ramniklal Mehta |
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479 |
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Mr. Harshad Ramniklal Mehta |
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4800 |
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Mr. Nalin Rajguru |
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100 |
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Mr. Amar Kishore Kothari |
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25 |
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Mr. Hitesh Prakash Mehta |
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4900 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Diamonds, Precious Stones
and Jewellery of all Varieties. |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Licensed
Capacity |
Actual
Production |
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Studded Jewellery |
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242.49 Kgs. |
185943 Nos. |
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Plain Jewellery |
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410.8 Kgs. |
175383 Nos. |
GENERAL INFORMATION
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No. of Employees : |
2200 |
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Bankers : |
v
State Bank of Seepz Branch, Andheri (East), Mumbai – 400 096 v Punjab National Bank Seepz Branch, Andheri (East), Mumbai – 400 096 |
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Facilities : |
- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M. M. Nissim And
Company Chartered
Accountants, |
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Address : |
Barodawala
Mansion, B – Wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli,
Mumbai – 400016, Maharashtra, India |
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Tel. No.: |
91-22-24949991 |
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Fax No.: |
91-22-24949995 |
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E-Mail : |
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Website: |
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Holding Company: |
Shah Mehta Holding Private Limited |
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Parent Company : |
Inter Gold [ |
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Fellow Subsidiary : |
v Josh Diamonds Private Limited v Inter Gold Gems Private Limited v
Lucky Star Jewellery Exports ( |
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Subsidiaries : |
Interlink
Acquisition Inc. |
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Associates : |
v B. Arunkumar and Company v
Rosy Blue [ |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100.00 each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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99900 |
Equity Shares |
Rs. 100.00 each |
Rs. 9.990 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.990 |
9.990 |
9.990 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
159.569 |
145.017 |
129.457 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.0000 |
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NETWORTH |
169.559 |
155.007 |
139.447 |
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LOAN FUNDS |
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1] Secured Loans |
241.335 |
194.425 |
181.067 |
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2] Unsecured Loans |
10.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
251.335 |
194.425 |
181.067 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
420.894 |
349.432 |
320.514 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.027 |
23.574 |
23.248 |
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Capital work-in-progress |
0.000 |
0.000 |
0.393 |
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INVESTMENT |
10.880 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.262 |
0.258 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
262.515
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150.393 |
150.262 |
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Sundry Debtors |
477.808
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406.669 |
467.956 |
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Cash & Bank Balances |
20.073
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27.127 |
19.160 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.997
|
22.279 |
9.226 |
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Total
Current Assets |
783.393
|
606.468 |
646.604 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
391.049
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275.147 |
345.497 |
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Provisions |
7.060
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5.734 |
4.510 |
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Total
Current Liabilities |
398.109
|
280.881 |
350.007 |
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Net Current Assets |
385.285
|
325.587 |
296.597 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.009 |
0.018 |
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TOTAL |
420.894 |
349.432 |
320.514 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
992.871 |
792.231 |
805.835 |
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Other Income |
2.800 |
0.000 |
0.000 |
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Total Income |
995.671 |
792.231 |
805.835 |
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Profit/(Loss) Before Tax |
14.681 |
16.426 |
2.601 |
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Provision for Taxation |
1.008 |
0.867 |
0.352 |
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Profit/(Loss) After Tax |
13.660 |
15.559 |
2.249 |
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Export Value |
NA |
779.613 |
788.778 |
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Import Value |
NA |
141.657 |
212.992 |
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Expenditures : |
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Raw Material Consumed |
833.603 |
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Consumption of stores and spare parts |
10.198 |
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Increase / Decrease in finished goods,
work0in-progress |
(15.040) |
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Salaries, wages and bonus |
82.604 |
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Managerial Remuneration |
2.057 |
775.805 |
803.234 |
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Payment of Auditors |
0.111 |
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Interest |
16.723 |
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Insurance Expenses |
0.514 |
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Power and fuel |
5.242 |
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Depreciation and amortization |
4.507 |
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Other Expenditure |
40.471 |
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Total Expenditure |
980.990
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775.805 |
803.234 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.37
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0.27 |
0.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.48
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0.32 |
0.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.82
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0.38 |
0.46 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.01 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.83
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3.80 |
2.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.97
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1.84 |
2.38 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
Buildings
Plant
& Machinery
Furniture
& Fixtures
Office
Equipments
Vehicles
Computers
FORM 8
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Name of the company |
INTERNATIONAL GOLD COMPANY LIMITED |
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1) Date and description of instrument creating the change |
Working Capital Consortium Agreement Joint Deed of Hypothecation Inter-se Agreement All the above agreement is Dt. 19.09.2001 and executed for the creation of single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 246.000 millions
Inter-se flexibility within the overall fund based limit of Rs. 95 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 |
The whole of current assets of the borrower namely stock of raw materials, stocks in process, semi – finished goods, stores and spares not relating to plant & machinery [Consumable stores & spares, bills receivable and book debts and all other movables, both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the borrowers factories, premises and godowns situate at G – 48, Gems & Jewellery Complex, Seepz, Andheri [East], Mumbai – 400096 in the State of Maharashtra or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order of delivery, howsoever and wheresoever in the possession of the borrower and either by way of substitution and addition |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI 1. Packing
Credit Limit : 10% p.a. * up to 180 days 13% p.a. * beyond 180 days up to 270 days 2. Foreign Bills Purchased / Discounting Limit 9.5% p.a. * up to NTP / 45 days 10% p.a. * beyond 45 days up to 90 days 12% p.a. * beyond 90 days up to 180 days 25% p.a. * beyond 180 days * OR at such other rates as may be notified by the
consortium banks or Reserve Bank of |
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5) Name and Address and description of the person entitled to the charge. |
1. State Bank of SEEPZ Branch, Andheri [East], Mumbai – 400096 2. Punjab National Bank SEEPZ Branch, Andheri [East], Mumbai – 400096 |
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6) Date and brief description of instrument modifying the charge |
Agreement of Hypothecation of movable assets forming part of fixed / block assets executed by the company on 23.09.2002 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By hypothecation agreement executed on 23.09.2002 a first charge on the existing and future movable stock block assets as specified in the schedule of security to the said agreement viz. plant & machinery, furniture and fixtures, office equipments, vehicles and computers including all product goods and movable property of any kind belonging to the borrower which now or hereinafter from time to time during the continuance of this agreement shall be brought in or stored in or about their premises or wherever else was created as security for the total working capital facility of Rs. 246 millions from the consortium of Banks viz. State Bank of India Rs. 130 millions and Punjab National Bank Rs. 116 millions |
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Name of the company |
INTERNATIONAL GOLD COMPANY LIMITED |
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Presented by |
DIRECTOR – Jitendra Jain |
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1) Date and description of instrument creating the change |
Packing credit agreement dated |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 38.125 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 by way of charge of goods and merchandise including all products goods and movable property inclusive of goods / raw materials purchased / to be purchased and belonging to the company which are brought in / stored in or about the premises, godowns or be in transit, stock in process, finished goods comprising rough, cut & polished diamonds, gold, plain and studded jewellery & platinum jewellery and import documents and any other security acceptable by shareholders of Punjab National Bank |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 10% Interest @ 10% p.a. or such rate as may be fixed by the bank from time to time |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank SEEPZ Branch, Andheri [East], Mumbai – 400096 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
INTERNATIONAL GOLD COMPANY LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
Working Capital Consortium Agreement Joint Deed of Hypothecation Inter-se Agreement All the above agreement is Dt. 19.09.2001 and executed for the creation of single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 246.000 millions
Inter-se flexibility within the overall fund based limit of Rs. 95 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 |
The whole of current assets of the borrower namely stock of raw materials, stocks in process, semi – finished goods, stores and spares not relating to plant & machinery [Consumable stores & spares, bills receivable and book debts and all other movables, both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the borrowers factories, premises and godowns situate at G – 48, Gems & Jewellery Complex, Seepz, Andheri [East], Mumbai – 400096 in the State of Maharashtra or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order of delivery, howsoever and wheresoever in the possession of the borrower and either by way of substitution and addition |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI 1. Packing
Credit Limit : 10% p.a. * up to 180 days 13% p.a. * beyond 180 days up to 270 days 2. Foreign Bills Purchased / Discounting Limit 9.5% p.a. * up to NTP / 45 days 10% p.a. * beyond 45 days up to 90 days 12% p.a. * beyond 90 days up to 180 days 25% p.a. * beyond 180 days * OR at such other rates as may be notified by the
consortium banks or Reserve Bank of |
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5) Name and Address and description of the person entitled to the charge. |
1. State Bank of SEEPZ Branch, Andheri [East], Mumbai – 400096 2. Punjab National Bank SEEPZ Branch, Andheri [East], Mumbai – 400096 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
INTERNATIONAL GOLD COMPANY LIMITED |
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Presented By |
State Bank of Seepz Branch,
Andheri (East), Mumbai – 400 096, |
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1) Date and description of instrument creating the change |
a)
General
Agreement for the grant of small industrial advances and hypothecation of
movables, book debts and other assets. b)
Ancillary
Agreement No. 1 c)
Ancillary
Agreement No. 3 d)
Ancillary
Agreement No. 6 All the above
agreements are dated 22.03.2000 and executed for the creation of a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 83.500
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 |
All present and
future goods, book debts and all other movable assets including documents of titles
to goods and other assets such as outstanding moneys, receivables, claims,
bills, invoices, documents, contracts, engagement securities, investments and
rights and the present and future machinery, Raw Material gold Platinum,
findings, cut and polished diamonds, semi finished and finished jewellery,
Export Receivables, Letter of Credit, Guarantees and hypothecation of entire
plant and machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI 2% below SBAR
min 10% per annum Margin:
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Seepz Branch,
Andheri (East), Mumbai – 400 096, |
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6) Date and brief description of instrument modifying the charge |
a.
Supplementary
General Agreement for the grant of /small Industrial Advances and
Hypothecation of Goods, Book Debts and other assets b.
Ancillary
Agreement No. 1 c.
Ancillary
Agreement No. 3 d.
Ancillary
Agreement No. 6 e.
Guarantee
Agreement for small Industrial Advances All the above
agreements are dated 29.09.2000 and executed for the creation of a single modification. |
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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. |
The original
charge was created on 22.03.2000 for Rs. 8.500 millions. Now by the present
modification dated 29.09.2000 the limit increased by Rs. 79.000 millions
making total to Rs. 162.500 millions are as under:
Margin:
Other terms and
conditions remain unchanged. |
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Corporate identity
number (CIN) Foreign company registration number |
L36911MH1994PLC081352 |
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Name of the
Company |
INTERNATIONAL GOLD COMPANY LIMITED |
|
Address |
G – 48, Gems and Jewellery Complex, Seepz, Andheri (East), Mumbai –
400 096, |
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This form is for |
Creation of
Charge |
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Type of Charge |
A charge on: Hypothecation |
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Particulars of
the charge holder |
State bank of Seepz Branch,
Andheri (East), Mumbai – 400 096, E-Mail: sbi03473@sbi.co.in |
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Nature or
description of the instrument(s) creating or modifying the charge |
Form No. C 2
Agreement of hypothecation of goods and assets. Form No. C 1
Agreement of loan overall limit Form No. C 5
Letter within the overall limit. |
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Date of the
instrument creating or modifying the charge |
01.11.2006 |
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Amount secured by
the charge |
Rs. 30.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: 2.75% Below SBAR
(11.00%) i.e. Min 8.25 upto 90 days 1.50% below SBAR (11.00%) i.e. min 9.50%
(for the period beyond 90 days) (b) Terms of
Repayment Not required in
the agreement (c) Margin: EPC: 10% Book Debts /
Receivables 25% (d) Extent and
operation of the charge: Not required in
the agreement (e) Others: PSC-ADHOC – Rs.
30.000 millions All other terms
ands conditions as per the sanctioned letter. |
|
Short particulars
of the property charged (including location of the property) |
All present and
future goods book debts and all other movable assets of the borrower
including documents of title to the goods, outstanding moneys, receivables
including receivables by way of cash assistance and/or cash incentives scheme
or any other scheme claims incentives by way of refund of customs/excise
duties under the duty drawback credit scheme. |
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. 40.71 |
|
|
1 |
Rs. 82.26 |
|
Euro |
1 |
Rs. 55.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|