MIRA
INFORM REPORT
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Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEYER ORGANICS PRIVATE LIMITED |
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Registered Office : |
A -303, Road No. 32, Wagle Estate, Thane – 400 604, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.02.1981 |
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Com. Reg. No.: |
11-23845 |
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CIN No.: [Company
Identification No.] |
U24239MH1981PTC023845 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNE07443C |
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PAN No.: [Permanent
Account No.] |
AABCM9346B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Products. |
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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Maximum Credit Limit : |
USD 740000 |
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Status : |
Very 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.
Available information indicates high financial responsibility of the company
and its management. General financial position is good. Fundamentals are
strong and healthy. Payments are reported as 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. |
INFORMATION PARTED
BY
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Name : |
Ms. Prachi Thakkar |
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Designation : |
Accounts |
LOCATIONS
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Registered Office : |
A -303, Road No. 32, Wagle Estate, Thane – 400 604, Maharashtra, India
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Tel. No.: |
91-22-25817000 |
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Fax No.: |
91-22-25817002 / 25817030 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Factory : |
A -177, Road No. 16 (z), Wagle Industrial Estate, Thane – 400 604,
Maharashtra, India |
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E-Mail : |
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Location : |
Leased |
DIRECTORS
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Name : |
Mrs. Uma Kelekar |
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Designation : |
Director |
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Address : |
203, Iris C, Unnati Garden, Opposite Devdaya Nagar, Pokharan Road No.
1, Thane -401 606, Maharashtra, India |
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Date of Birth/Age : |
27.01.1967 / 40 years |
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Date of Appointment : |
14.07.2006 |
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Directorship in other companies: |
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CIN of the Company : |
U24240MH2003PTC138653 |
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Name of the Company : |
Europlex Pharma Private Limited |
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Designation : |
Director |
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CIN of the Company : |
U24231MH2005PTC151985 |
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Name of the Company : |
Vitalife Products Private Limited |
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Designation : |
Director |
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CIN of the Company : |
U24231MH2002PTC134375 |
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Name of the Company : |
Vitabiotics (India) Private Limited |
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Designation : |
Director |
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Name : |
Mrs. Rohini Lalwani |
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Designation : |
Director |
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Date of Birth/Age : |
45 years |
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Name : |
Mr. Harjeet Singh Kabrewal |
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Designation : |
Director |
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Address : |
202 Green Park Yogi Hill, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
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Name : |
Mr. Dattatray Bendre |
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Designation : |
Director |
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Name : |
Mr. C D Bendre |
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Designation : |
Director |
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Name : |
Mr. M D Keny |
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Designation : |
Director |
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Name : |
Mr. Harjeet Singh Kaberwal |
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Designation : |
Director |
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Name : |
Mr. Ashok J Narvekar |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Lalwani T Kartarsingh |
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74096 |
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Mr. Kailsey H pushpa |
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6000 |
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Mr. Lalwani Tej kartarsingh |
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141028 |
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Mr. Ajit K Lalwani |
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141027 |
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Omega Meyer Limited |
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107747 |
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Mr. P Balasubranian |
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1 |
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Mrs. Vasantha Swaminathan |
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1 |
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Mrs. Rohini Lalwani |
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30000 |
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Total
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499900 |
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Equity Share Break Up (as on 31.03.2007) |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
90.70% |
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Directors or
relatives of the directors |
6.00% |
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Other top fifty
(50) shareholders |
3.30% |
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Total |
100.00
% |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of pharmaceuticals products. |
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Exports : |
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Countries : |
UK, Iran, Nigeria |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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No. of Employees : |
1020 (150 in office and 70 in Factory, Field Staff - 800) |
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Bankers : |
Citi Bank NA Address 1 : Citibusiness, Citibank Centre, 2nd Floor,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India Address 2 : Fort Branch |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
GPS and Associates Chartered Accountants |
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Address : |
A – 1, Sindhi Niwas, Sitaladevi Temple Road, Mahim , Mumbai – 400 016,
Maharashtra, India |
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Associates/Subsidiaries : |
Meyer Health Care Private Limited Liability Company limited Address: Bangalore Activity: Manufacturer and Exporter of pharmaceuticals products. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
499900 |
Equity shares |
Rs. 10/-
each |
Rs. 4.999
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.999 |
4.999 |
4.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
179.219 |
135.270 |
106.413 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
184.218 |
140.269 |
111.412 |
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LOAN FUNDS |
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1] Secured Loans |
118.550 |
83.838 |
27.739 |
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2] Unsecured Loans |
17.320 |
17.320 |
0.000 |
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TOTAL BORROWING |
135.870 |
101.158 |
27.739 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.202 |
1.272 |
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TOTAL |
320.088 |
242.629 |
140.423 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.464 |
74.800 |
19.689 |
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Capital work-in-progress |
62.974 |
54.721 |
23.553 |
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INVESTMENT |
0.069 |
0.069 |
0.049 |
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DEFERREX TAX ASSETS |
3.561 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
173.703
|
85.813 |
85.961 |
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Sundry Debtors |
156.473
|
136.759 |
92.686 |
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Cash & Bank Balances |
18.056
|
12.719 |
3.634 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
75.615
|
45.567 |
25.243 |
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Total
Current Assets |
423.847
|
280.858 |
207.524 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
211.724
|
138.593 |
103.718 |
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Provisions |
35.103
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29.226 |
6.674 |
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Total
Current Liabilities |
246.827
|
167.819 |
110.392 |
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Net Current Assets |
177.020
|
113.039 |
97.132 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
320.088 |
242.629 |
140.423 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.08
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1.92 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.71
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1.67 |
1.87 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U24239MH1981PTC023845 |
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Name of the company |
MEYER ORGANICS
PRIVATE LIMITED |
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Address |
A
-177, Road No. 16 (Z), Wagle Industrial Estate, Thane – 400 604, Maharashtra,
India |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Citi Bank NA Address: Citigroup Centre, Bandra Kurla Complex, G Block Bandra
(East), Mumbai – 400 051, Maharashtra, India Email: vlxman@vsnl.com |
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Nature or description of the instrument creating charge |
Constructive Memorandum of entry |
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Date of the instrument creating charge |
12.09.2007 |
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Amount Secure by the charge |
Rs. 176.700 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : The borrower shall pay Interest at such rate as may be determined by
the bank from timer to time Terms of Repayment: On Demand Margin: As may be stipulated by bank from time to time extent and operation of the charge: Equitable mortgage created by deposit of title deeds (by way of
constructive delivery) in respect of
immovable properties including land and building more particularly described
in column No. 14 as security fro repayment of credit facilities together with
Interest , charges, costs, and expenses and other monies due and payable by
the company to the bank. |
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Short particulars of the Property charged |
Equitable mortgage of the property situated at I) Plot No. A -177,
Waghale Industrial Estate, Thane and plot No. A -303, Waghale Industrial
Estate, Thane , II) Plot No. 22, Thane Industrial Area, Waghale Industrial
Estate, Panchapakhadi Road, District, Thane. |
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Particulars of the present modification |
The bank has now increased credit facilities from Rs. 113.500 millions
to Rs. 176.700 millions together with all Interest, costs, charges, expenses
and other monies payable under or in respect of said credit facilities. |
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Name of the
company |
MEYER ORGANICS PRIVATE LIMITED |
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Presented By |
Mr. C D Bendre |
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1) Date and
description of instrument creating the change |
Goods security
agreement dated 10.03.2003, Loan agreement fro property dated 10.03.2003 and
memorandum of entry dated 10.03.2003 and executed by M./s Meyer Organics
Private Limited re3ferred to as the “the company” ) in favour of (hereinafter
referred to as “the Lender” constituted as single charge. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Total facilities
for Rs. 32.500 millions of which Rs. 30.000 millions is funded facilities and
Rs. 2.500 millions in non funded facilities. |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
stocks , book debts forming part of its current assets both present and future , hypothecation of
other movable including (furniture, plant and machinery, vehicles, office
equipment, air conditioner, computer, tools and equipments, generator)
forming part of fixed assets both present and future and equitable mortgage
on property situated at A -177, Road
No. 16Z, Wagle Industrial Estate, Thane – 400 604 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration of the lender having agreed to lend advance to the
company, said facilities under the said agreement and declaration by the
company , inter alia as follows: Covenant by the company to repay the facility at (2) above and pay
Interest and all other monies in the manner set out in the said agreement
between the company and the lender and to comply with the terms and
conditions of the said conditions. Premia on prepayment or on redemption,
cost, charges, and other expenses, payable by the company to the lender in
respect thereof. The companies to keep the said assets in marketable and good condition
and also insured as provided therein. Power of entry , power to take charge and / or possession of seize,
recover, receive, appoint and sell, contract, dispatch for realisations or
otherwise dispose of or deal with all or any part of the said assets, etc as
provided therein. |
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5) Name and
Address and description of the person entitled to the charge. |
Citi Bank NA Address: Bandra Kurla Complex, G Block
Bandra (East), Mumbai – 400 051 |
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6) Date and brief description of instrument
modifying the charge |
Deed of
modification dated 22.09.2005 for enhancement in credit facilities. |
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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 10th March 2003 for Rs. 32.500 millions hypothecated
by way of first exclusive charge on stocks, book debts, plant and machinery
and equipments, etc. forming part of current and fixed assets both present
and future. Subsequently the
bank has enhanced facilities to the company and executed deed of modification
dated 05.09.2005 for Rs. 55.000 millions, secured by first exclusive charge
on stocks, book debts, plant and machinery and equipments, etc forming part
of current and fixed assets both present and future. Now, at the
request of the company, the bank has further enhanced the facilities to the
company and executed a Deed of Modification dated 22.09.2005 for Rs. 65.000
millions, which is an enhancement of Rs. 10.000 millions, secured by first
exclusive charge on current assets and fixed assets of the company. |
TRADE REFRENCES:
· Nirman Impresse Private Limited, thane
· Associated Capusale Private Limited
· Print House India Limited
WEBSITE DETAILS:
Company
Milestones:
1982 Meyer Organics was founded in Mumbai (India) by Dr. K. T. Lalvani.
1984 Meyer commences commercial production in its state-of-the-art production at Thane.
1985 Meyer Organics enters Nigerian Market.
1986 Meyer Organics opens Export to U. K. Market.
1988 Meyer Organics opens Export to Caribbean Island and Latin America.
1989 National launch of its Formulation in the Indian Market.
1995 Meyer Organics enters Ghana Market in Africa.
2000 Pregnacare Clinical trial confirms customer confidence at national level.
2001 Our formulation gets WHO-GMP certification.
2002 Meyer Organics Pvt. Ltd. achieved certificate of quality system assessment from AQA International, USA for establishment of quality management system with international quality system standard ISO 9001 and Q 9001-2000 Government of India - certifies Meyer Organics as Export house
2003 Meyer Organics enters Mauritius, Middle East and Iran Market.
2004 Meyer Organics enters Vietnam and Sri Lankan markets
2005 Meyer Organics enters Cambodia, Kenya, Zambia and Azerbaijan Markets
2006 Meyer Organics enters Sierra Leone, Myanmar
2007 Meyer Organics enters Guatemala, Iraq. Upcoming markets Laos, HongKong, Bangladesh, Cameroon, Mozambique, Yemen, Nepal.
MANAGEMENT TEAM:
Dr. Kartar T. Lalvani
B. Pharm, M.R. Pharm.S. F.R.S.A., (Lon), D. Sc (Bonn) President
Mr. Chandrasekhar D.
Bendre
B. Pharm
Managing Director
INTERNATIONAL
SCIENTIFIC ADVISORS
Professor Arnold H.
Beckett
O.B.E., B. Sc, Ph. D., D. Sc, FRPharm. S., Hon DSc.'s (Heriot Watt, Leuven, Uppsala), Professor Emeritus, King's College, University of London
Dr. Ajit Lalvani
M.A. (Oxon) M.B.B.S. (Hons) M.R.C.P. (Lon), Lecturer in Clinical Medicine, Magdalen College, Oxford
INTERNATIONAL
OPERATIONS
Mr. Tej Lalvani
Vice President
Global Operations
Domestic Sales
Network
They have a Marketing Field Force of 1000+ personnel. Subject has presence all over India. They have their C and F and Super-Distributors in Delhi, Jalandhar, Zirakhpur, Ambala, Ghaziabad, Chandigarh, Jaipur, Dehradun, Kolkata, Cuttack, Gauhati Patna, Ranchi, Raipur, Jabalpur, Bhopal, Baroda, Mumbai, Pune, Hyderabad, Chennai and Cochin. They are handling 800+ stockists through their C and F Headquarters in India.
Human Resources
Subject provides excellent work and growth environment to people coming from diverse backgrounds. Each of these personnel possess an extensive array of experience. The culture thrives on hard work, innovation, mutual respect, and a sense of accountability and responsibility.
The employees are supported by a management team that believes in decentralized control over day - to - day activities, open communication and discussion, cross functional teams and intra-department job rotation.
Employees' performance is regularly evaluated and training and development needs are addressed accordingly. Both in-house and external training is provided to the personnel for effective execution of their responsibilities.
Subject is truly a great place to grow.
Exports
"Subject has a full regulatory affairs department, responsible for pharmaceutical export registrations world-wide.".
Subject is currently involved in establishing or growing existing markets in many countries worldwide. They have the status of Export House - "Certificate of Recognition", awarded by Ministry of Commerce and Industry, Office of the Joint Director General of Foreign Trade.
Their export department offers years of experience in developing strategic international partnerships. Subject aims to work as closely as possible with the leading local representatives, with daily contact and regular visits to local markets.
Subject works with its partner companies to develop marketing strategies tailored to each individual market. This may involve full medical detailing to GPs and hospital specialists, using specially produced detailing aids, or consumer promotion using innovative marketing techniques.
Products:
The company products are developed by a team of highly qualified pharmacists and medical consultants in collaboration with OMEGA - MEYER LIMITED. Jersey, UK and their Global Partners VITABIOTICS.
Each is based on proven clinical research evidence, published in peer reviewed, international journals. MOPL has always been the first to recognize that certain nutrients have a far greater and deeper clinical significance than was ever before imagined.
Ingredients are carefully balanced to maximize their combined effect. This synergistic interaction of vitamins and minerals bring outstanding results, without the need for excessive levels in the formulations. With certain brand leaders in the Indian market, MOPL is one of the fastest growing companies in the Indian nutraceutical market.
· Ingredients in formulations carefully balanced to maximize their combined effect.
· Formulations updated and improved on the basis of the latest research
· Products shown to be highly effective during independent clinical trials
Quality
Well-equipped, modern facilities for Manufacturing, Quality Assurance and Research and Development in Thane (Maharashtra), 30 km east of Mumbai. Another state-of-the-art manufacturing facility has been commissioned in Bangalore (Karnataka) as an expansion of Mumbai facility.
Over 100 Skilled work force to produce quality pharmaceuticals based on latest research and technology using high purity, pharmaceutical grade raw materials as input and quality systems ensuring FDA/ GMP compliance.
All their products are made according to ISO 9001 and Q9001-2000 high pharmaceutical standards of quality control.
Manufacture is fully according to Good Manufacturing Practice (GMP) under conditions approved by relevant authorities such as the MCA, FDA.
The company's Quality control team controls and maintain the quality of all their products with special care to meet FDA/ GMP standards.
Their products are Free from drugs and hormones, ingredients in formulations carefully balanced to maximize their combined effect. Formulations updated and improved on the basis of the latest research.
Products shown to be highly effective during independent clinical trials. Free from artificial colors, gluten, fat, salt and yeast.
The productivity
Originality
It is exhibited through built-in packaging technology:
· preventive measures adopted voids Product Counterfeits
· holographic strips/ omega logo marks / double colored, circular brand - shield printing the techniques of packaging at MOPL protects the customer from counterfeits
Research and
Development:
Their research team produces quality pharmaceutical formulations based on latest research methods using IP (Indian Pharmacopoeia)/ BP (British Pharmacopoeia)/ USP (United States Pharmacopoeia) grade raw materials.
Over the course of their history, the development of new products at the company has been fuelled by a fundamental desire to deliver natural healthcare solutions that are safe, effective, and relevant to their customers needs. The company team draws on a wealth of professional healthcare experience, spanning the fields of nutrition, clinical medicine, biochemistry and pharmaceutical science. This expertise helps us to continue delivering a consistent stream of innovative new products in diverse areas of healthcare, including the menopause, joint mobility, pregnancy, and the circulatory system.
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.39.96 |
|
UK Pound |
1 |
Rs.78.71 |
|
Euro |
1 |
Rs.63.22 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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 |
|