MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
THE KERALA MINERALS AND METALS LIMITED |
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Registered Office : |
Titanium Dioxide, Pigmant Plant, Sankaramangalam, Chavara
P. O. - 691 583, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.02.1972 |
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Com. Reg. No.: |
09-2399 |
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CIN No.: [Company
Identification No.] |
U14109KL1972SGC002399 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
TVDT00668D |
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PAN No.: [Permanent
Account No.] |
AAACT8118R |
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Legal Form : |
Subject is a public limited liability company, owned by
the Kerala State Government. |
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Line of Business : |
Manufacturing of Titanium Dioxide, Ilmenite, Rutile and
Zircon. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 17000000 |
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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. Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Titanium Dioxide, Pigmant Plant, Sankaramangalam, Chavara
P. O. - 691 583, |
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Tel. No.: |
91-476-2686722 to 2686733 (12 Lines) |
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Fax No.: |
91-476-2680101 / 2686721 |
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E-Mail : |
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Website : |
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Branches : |
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DIRECTORS
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Name : |
Mr. T
Balakrishnan, IAS |
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Designation : |
Chairman |
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Address : |
Ram Nivas, |
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Date of Birth/Age : |
03.10.1951 |
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Date of Appointment : |
02.05.2005 |
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Name : |
Mr. P.H.
Kurien, IAS |
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Designation : |
Director |
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Name : |
Ms. K. R.
Nirmala Devi |
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Designation : |
Director |
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Address : |
TC – 10/1814-A, Soorya, |
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Date of Birth/Age : |
25.09.1952 |
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Date of Appointment : |
06.07.2006 |
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Name : |
Mr. Aswani
Kumar Rai, IAS |
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Designation : |
Director |
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Name : |
Mr. N. R.
Subrahmaniam |
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Designation : |
Managing Director |
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Email : |
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Name : |
Mr. Eappen Joseph |
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Designation : |
Director |
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Address : |
169 D, PTP Nagar, |
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Name : |
Dr. Alok Sheel |
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Designation : |
Director |
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Address : |
B 1-L, Millenium Apartments, jagathy, |
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Name : |
Mr. Athappan Karuppaim Gandhi |
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Designation : |
Director |
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Address : |
Ushus, GG 15 A, 45 Vaduthala, |
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Date of Birth/Age : |
07.12.1948 |
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Date of Appointment : |
19.01.2007 |
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Name : |
Mr. Mohandas Palat |
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Designation : |
Chairman |
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Address : |
TC |
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Date of Birth/Age : |
03.10.1945 |
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Date of Appointment : |
20.04.2005 |
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Name : |
Mr. Rajendran K P |
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Designation : |
Director |
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Address : |
Sabareekrishna, Vittila P O Kochi, Ernakulam – 682010, |
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Date of Birth/Age : |
31.03.1950 |
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Date of Appointment : |
05.04.2002 |
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Name : |
Mr. P Abdul Hameed |
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Designation : |
Director |
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Address : |
Puliyakkuth House, Pattikkao PO Malappuram, |
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Date of Birth/Age : |
15.03.1947 |
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Date of Appointment : |
22.15.2004 |
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Name : |
Mr. G. Padmakumari Amma |
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Designation : |
Director |
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Address : |
No. 46, |
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Date of Birth/Age : |
15.04.1950 |
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Date of Appointment : |
06.08.2003 |
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Date of Ceasing |
28.02.2005 |
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Name : |
Mr. R Rajendran |
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Designation : |
Director |
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Address : |
Sreelakshmy, Cheruvickal, Thiruvananthpuram, |
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Date of Birth/Age : |
20.01.1952 |
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Date of Appointment : |
22.11.2004 |
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Date of Ceasing : |
11.05.2005 |
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Name : |
Mr. K. P. Rajendran |
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Designation : |
Managing Director |
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Address : |
Sabareekrishna, Vyttila, |
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Date of Birth/Age : |
31.03.1950 |
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Name : |
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Designation : |
Director |
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Address : |
Govt. Quarters No. 3, Opp. Saraswathy Nilayam, Jawahar
Nagar, Thiruvananthapuram, |
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Date of Birth/Age : |
11.05.2005 |
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Date of Ceasing : |
03.10.2005 |
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Name : |
Mr. Sivanandan Pillai C. K. |
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Designation : |
Secretary |
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Address : |
Devi-Gandhi Mukkum,
Kottarakara, Kollam, Kerala |
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Date of Birth/Age : |
26.11.1947 |
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Date of Appointment : |
17.08.1996 |
KEY EXECUTIVES
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Name : |
Mr.
George C J |
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Designation : |
Joint General Manager (O & P) |
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E-Mail : |
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Name : |
Mr. Jose Anto
T |
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Designation : |
Deputy General Manager (F & S/Utility) |
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E-Mail : |
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Name : |
Mr. Abraham
V. John |
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Designation : |
Asst. General Manager (Materials) |
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E-Mail : |
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Name : |
Mr. Jayakumar
M C |
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Designation : |
Asst. General Manager (F & S) |
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E-Mail : |
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Name : |
Mr. Prasad K |
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Designation : |
Asst. General Manager (E) |
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E-Mail : |
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Name : |
Mr. Sashi G |
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Designation : |
General Manager (MS) |
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E-Mail : |
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Name : |
Mr. Sreekumar
K P |
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Designation : |
Deputy General Manager(Maintenance) |
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E-Mail : |
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Name : |
Mr.
Ajayakrishnan V |
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Designation : |
Deputy General Manager (PPCC & EDP) |
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E-Mail : |
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Name : |
Mr. Mathew K
M |
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Designation : |
Asst. General Manager (MS) |
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E-Mail : |
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Name : |
Mr. Suresh
Kumar S |
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Designation : |
Asst General Manager (Production) |
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E-Mail : |
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Name : |
Mr. Anil K |
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Designation : |
Asst. General Manager (P&A) |
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E-Mail : |
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Name : |
Mr. Abdulla
Kutty K |
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Designation : |
General Manager (CPE) |
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E-Mail : |
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Name : |
Mr.
Muraleedharan Nair V |
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Designation : |
Deputy General Manager (Proj. & Mktg) |
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E-Mail : |
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Name : |
Mr. Mothi George S |
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Designation : |
Deputy General Manager (Finance) |
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E-Mail : |
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Name : |
Mr.
Radhakrishna Moorthy G |
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Designation : |
Asst. General Manager (I) |
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E-Mail : |
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Name : |
Mr. Kuriakose
Varghese |
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Designation : |
Asst.General Manager (TS) |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Governor of Kerala |
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3093262 |
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K P Rajendran |
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10 |
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Total |
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3093272 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Government [central and State] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Titanium Dioxide, Ilmenite, Rutile and
Zircon. |
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Products : |
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Exports : |
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Products : |
Titanium Dioxide |
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Countries : |
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Imports : |
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Products : |
Tri Methylethane, Tri IsoProponolamine |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Titanium Dioxide |
Tones |
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22000 |
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Ilmenite |
Tones |
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51600 |
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Rutile |
Tones |
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2400 |
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Zircon |
Tones |
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1500 |
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Leucoxene |
Tones |
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300 |
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Monozite |
Tones |
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240 |
GENERAL INFORMATION
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No. of Employees : |
2,000 |
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Bankers : |
Ø
Standard Chartered Bank Ø
State Bank of Ø
Central Bank of Ø
Indian Overseas Bank Ø
State Bank of Travancore Ø
Indusind
Bank Limited, Kollam Branch, Varinjamtowers, Residency Road, Kollam – 691013,
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C B Joseph and Company Chartered Accountants |
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Address : |
Hospital Road, Kollam – 691001, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 350.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3,093,272 |
Equity Shares |
Rs. 100/- each |
Rs. 309.327
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
309.327 |
309.327 |
309.327 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3970.046 |
3883.785 |
3713.249 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4279.373 |
4193.112 |
4022.576 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
29.883 |
29.865 |
16.648 |
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TOTAL |
4309.256 |
4222.977 |
4039.224 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1015.790 |
744.866 |
412.457 |
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Capital work-in-progress |
516.318 |
215.719 |
283.648 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
775.302
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595.488 |
673.324 |
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Sundry Debtors |
261.257
|
92.126 |
212.006 |
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Cash & Bank Balances |
1609.035
|
2130.220 |
2412.871 |
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Other Current Assets |
67.500
|
100.950 |
0.000 |
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Loans & Advances |
1897.596
|
2412.401 |
2225.139 |
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Total
Current Assets |
4610.690
|
5331.185 |
5523.340 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
657.763
|
418.387 |
676.455 |
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Provisions |
1177.542
|
1652.169 |
1506.579 |
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Total
Current Liabilities |
1835.305
|
2070.556 |
2183.034 |
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Net Current Assets |
2775.385
|
3260.629 |
3340.306 |
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MISCELLANEOUS EXPENSES |
1.753 |
1.753 |
2.803 |
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TOTAL |
4309.256 |
4222.977 |
4039.224 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2896.707 |
2855.426 |
2668.920 |
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Other Income |
150.548 |
232..140 |
243.324 |
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Total Income |
3047.255 |
3087.566 |
2912.244 |
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Profit/(Loss) Before Tax |
76.481 |
384.295 |
496.453 |
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Provision for Taxation |
65.818 |
143.217 |
201.606 |
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Profit/(Loss) After Tax |
10.663 |
241.078 |
294.847 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
NA |
541.162 |
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Imports : |
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Raw Materials |
NA |
NA |
17.395 |
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Stores & Spares |
NA |
NA |
63.286 |
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Total Imports |
NA |
NA |
80.681 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
1553.776 |
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Raw Material Consumed |
706.329 |
542.617 |
0.000 |
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Consumption of stores and spares parts |
455.360 |
350.544 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.000 |
167.001 |
1.821 |
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Salaries, Wages, Bonus, etc. |
616.578 |
574.246 |
728.697 |
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Interest |
7.338 |
17.414 |
5.959 |
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Power & Fuel |
965.397 |
839.883 |
0.000 |
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Depreciation & Amortization |
73.863 |
64.884 |
52.273 |
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Other Expenditure |
145.909 |
146.682 |
73.265 |
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Total Expenditure |
2970.774 |
2703.271 |
2415.791 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.35
|
7.81 |
17.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.64
|
13.46 |
18.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.36
|
6.32 |
8.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.09 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.49 |
0.54 |
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Current Ratio (Current Asset/Current Liability) |
|
2.51
|
2.57 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
Subject is engaged in manufacturing of Titanium Dioxide,
Ilmenite, Rutile and Zircon.
The company was incorporated to carry on the business of
mining minerals and metals to purchase and take over existing business. To
carry on research, explore, develop and finance production of minerals and
metals.
It is in trade terms with:-
Ø
Quality Engineering Products
Ø
Cheritol Engineering Pet Limited
Ø
Quality Chemicals
Fixed Assets
- Land
- Building
- Railway
Siding
- Light Railway
- Plant and
Machinery
- Furniture and
Fixture
- Electrical
Fittings
- Office
Equipments
- Vehicles
- Library
- Laboratory
Equipments
- Canteen
Utensils
- Hospital
Equipments
- Water Supply
- Telephone
- Roads and
Bridges
Bankers Charges
Report as per Registry
|
Name of the company |
THE KERALA
MINERALS AND METALS LIMITED |
|
Presented By |
THE KERALA
MINERALS AND METALS LIMITED |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Machinery dated 01.02.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1250.000
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 |
All Plant and
Machinery imported |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First
hypothecation charge for the Letter of credit facility extended by the
bank. |
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5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank 19 Rajaji Salai,
Chennai – 600001 |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Corporate
identity number of the company |
U14109KL1972SGC002399 |
|
Name of the
company |
THE KERALA MINERALS AND METALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Titanium Dioxide, Pigmant
Plant, Sankaramangalam, Chavara P. O. - 691 583, |
|
This form is for |
Creation of
charge |
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Type of charge |
Hypothecation
|
|
Particular of
charge holder |
Indusind Bank
Limited Kollam Branch, Varinjamtowers,
Residency Road, Kollam – 691013, |
|
Nature of
instrument creating charge |
Agreement for
irrevocable documentary letter of credit |
|
Date of instrument
Creating the charge |
25.03.2006 |
|
Amount secured by
the charge |
Rs. 550.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
The title and
ownership of all goods shipped under or in connection with the said credit or
in any way relating thereto, whether or not released and all bills of
leading, policies or certificates of insurance or other documents given
thereto shall remain with the bank as security and all the funds / credit
instruments, property and securities including all collection items and
proceeds thereof now or hereafter handed to the bank or for any purpose left
in the banks possession |
|
Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
In the company’s
premises |
AS PER WEBSITE
PROFILE
Subject is the pioneers in the
field of mineral sand industry in
subject was established by a
private entrepreneur in 1932 as F. X. Perira and Sons (Travancore) Pvt. Ltd.
During 1956 this concern was taken over by the state government and was placed
under the control of its industries department. The unit was converted as a
limited company with effect from 1.4.1972. in the name of “ The Kerala Minerals
and Metals Ltd”.
Subject is the world’s first
fully integrated Titanium Dioxide plant. Since its inception, KMML has made an
indelible mark in the fields of mining, mineral processing and manufacturing.
With the state of art factories at Sangaramangalam and Kovilthottam, KMML has
won national acclaim for its impressive performance. KMML is the
Close access to one of the worlds’ richest beaches helps KMML retain its
leadership. KMML’s Titanium pigments are reputed for their high degree of
gloss, tint retention capacities and ease of dispersion. These qualities give
KMML a formidable identity in the industry KMML is certified ISO 9002 in the
year 2000 for implementing world class quality standards.
KMML to be a world class
producer of mineral sand based value added products.
The Team
Shri
.T BALAKRISHNAN, IAS
CHAIRMAN
Principal Secretary to Government,
Industries Department, Government
of Kerala, Thiruvananthapuram
Shri P.H. KURIEN, IAS
DIRECTOR
Managing Director, Travancore Titanium
Products Ltd, Kochuvali, Thiruvananathapuram
Smt. K.R.Nirmala Devi,
DIRECTOR
Additional Secretary-I, Industries
Department, Govt. of Kerala, Thiruvananathapuram.
Shri. Aswani Kumar Rai, IAS
DIRECTOR
Additional Secretary, Finanace(Expenditure), Finanace Department,
Govt. of Kerala,
Thiruvananathapuram.
Shri N.R.Subrahmaniam
Managing Director
KMML, Chavara.P.O, Kollam.
PRODUCTS
Subject always maintains high
standards of perfection. Achieving technical excellence in every phase of production.
Catering to strict guidelines, KMML offers a wide range of products for quality
conscious customers. The products go into the manufacture of a variety of
products used in every day life. Dress materials, facial creams, tablets,
newsprints, wood paints, emulsions, enamels, plastics, tooth paste, rubber
products, cosmetics, and printing ink – All contain titanium dioxide. Belive
it, you need the products to brighten the life.
Titanium Dioxide Pigment
(Rutile) : Paints, Printing inks, Plastic, Paper, Rubber
Textiles, Ceramics
Titanium Tetra Chloride : Rutile grade Titanium Dioxide
Pigment, Titanium Sponge / Metal, Titanium salts, Butyl
Titanate, Titanium Oxychlorides.
Ilmenite : Synthetic Rutile, Welding Electrodes,
Titanium Tetra Chloride, Titanium Dioxide Pigment, Ferro Titanium
Alloys, Titanium Salt.
Rutile : Welding Electrodes, Titanium Dioxide
Pigment Titanium Components, Titanium Tetrachloride, Titanium
Metal/Sponge.
Leucoxene : Welding Electrodes, Titanium
Tetrachloride Titanium Dioxide Pigment, Titanium
Components.
Zircon : Ceramics, Zirconium, Chemical, Foundaries,
Zirconium Metals, Refractories, Nuclear Technology.
Sillimanite : High temperature refractory, Ceramic
industry
Monazite : Rare Earth Industry, Nuclear Technology.
Iron Oxide Bricks : As building material.
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.39.82 |
|
|
1 |
Rs.80.85 |
|
Euro |
1 |
Rs.56.22 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|