MIRA
INFORM REPORT
|
Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KAYGEE LOPAREX INDIA PRIVATE LIMITED |
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Registered Office : |
20, Golden Beach Society, Ruia
Park, Juhu, Mumbai – 400049, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.01.1997 |
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Com. Reg. No.: |
11-105130 |
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CIN No.: [Company
Identification No.] |
U21010MH1997PTC105130 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK06295C |
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PAN No.: [Permanent
Account No.] |
AAACK3962A |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturing
and selling of release liners (silicon coated paper and films) |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company engaged in manufacturing and marketing of
Silicon Coated Paper and Films, Urea Coated Paper, etc. The company is making
satisfactory progress in its turnover and profits. Trade relations are
reported as fair. 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 : |
35-J, Laxmi Industrial Estate,
New Link Road, Andheri (W), Mumbai - 400 053, Maharashtra, India |
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Tel. No.: |
91-22-26700835 / 26302852/53/54 |
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Fax No.: |
91-22-26206869 / 26302867 |
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E-Mail : |
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Website : |
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Area : |
800 sq. fts. |
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Location : |
Rented |
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Factory 1 : |
Unit No. 1, Gala No. 1 and 2, Amli Industrial Estate, Amli Village,
Silvassa – 396 230, Dadra and Nagar Haveli, India |
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Location : |
Owned |
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Factory 2 : |
Unit 2, Plot
No. 29 & 30, Athal Industrial Estate, Athal, Silvassa – 396 230, Dadra and Nagar Haveli, India |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr.
Pranay Premchand Godha |
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Designation : |
Managing
Director |
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Address : |
20, Golden
Beach Society, Ruia Park, Juhu, Mumbai – 400049, Maharashtra, India. |
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E-Mail: |
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Date of Birth/Age : |
24.03.1972 |
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Date of Appointment : |
15.01.1997 |
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Date of Ceasing : |
01.08.2007 |
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Other Directorship Held: |
v Exon Laboratories Private
Limited CIN
No.: U24211MH1988PTC045776 v Nipra Drums Private Limited CIN
No.: U28129MH1985PTC035974 v Mexin Medicaments Private
Limited CIN
No.: U24100MH1980PTC022105 |
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Name : |
Mr.
Prem Chand Godha |
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Designation : |
Chairman |
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Address : |
20,
Golden Beach Society, Ruia Park, Juhu, Mumbai – 400049, Maharashtra, India. |
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E-Mail: |
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Date of Birth/Age : |
08.01.1947 |
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Date of Appointment : |
18.07.2001 |
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Name : |
Mr.
Imanul Haque |
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Designation : |
Director |
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Address : |
7,
AJC Bose Road, Calcutta – 700017, West Bengal, India. |
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E-mail: |
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Date of Birth/Age : |
19.07.1965 |
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Date of Appointment : |
18.07.2001 |
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Name : |
Mr.
Juhani Virkkunen |
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Designation : |
Director |
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Address : |
Rahapajankala,
1A, 00160 Helginki, Finland |
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Date of Birth/Age : |
29.07.1943 |
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Date of Appointment : |
02.08.2001 |
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Date of Ceasing: |
30.09.2003 |
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Name : |
Mr.
Mikael Back |
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Designation : |
Director |
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Address : |
Laon
Van Westenewl 45, P.O.Box 447, 7300 AK Apeldorn, Ele Netherland |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr.
Pentti Kallio |
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Designation : |
Director
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Address : |
Vyo
Katu 9 B 1600160 Helsinki, Finland |
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Date of Appointment : |
23.11.1949 |
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|
01.09.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Jain |
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Designation : |
Senior General Manager |
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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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Mr. Pranay Godha |
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51270 |
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Mr. Prashant Godha |
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1510 |
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Gudakesh Investments |
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3250 |
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Paranthapa Investments |
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1250 |
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Kaygee Investments |
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75000 |
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Mr. Premchand Godha |
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7720 |
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Loparex Oy |
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190000 |
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Mr. Pranay Godha Joint with Mrs. Neetu Godha |
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50000 |
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Total |
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380000 |
As on 30.09.2007
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Category |
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Percentage
of Holding |
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Foreign holdings (foreign institutional investor (s), Foreign
companie(s), Foreign financial institution(s), Non-resident Indian(s), or
Overseas corporate bodies or Others |
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50.00 |
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Bodies corporate (not mentioned above) |
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20.92 |
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Directors or relatives of directors |
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29.08 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and selling of release liners (silicon coated paper and films) |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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S. C. / U. C. Paper |
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360 M.T |
806327.40 Kgs |
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Film |
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500 M.T |
1188.20 Kgs |
GENERAL
INFORMATION
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No. of Employees : |
70 |
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Bankers : |
Canara Bank 38, Nehru Road, Vile Parle (East), Mumbai, Maharashtra, India |
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Facilities : |
v Cash Credit
Facility v Overdraft
Facility |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain
and Kothari Chartered
Accountants, |
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Address : |
43, Onlooker
Building, Sir P. M. Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22663342 |
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Fax No.: |
91-22-22660267 |
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Associates/Subsidiaries : |
Ø
Gudakesh
Investments and Traders Private Limited Ø
Paranthapa
Investments and Traders Private Limited Ø
Kaygee
Investments Private Limited Ø
Loparex
OY (Finland) |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000 millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 millions |
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Total |
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Rs. 120.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
380000 |
Equity Shares |
Rs. 100/- each |
Rs. 38.000 millions |
|
100000 |
Preference Shares |
Rs. 100/- each |
Rs. 10.000 millions |
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Total |
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Rs. 48.000
millions |
FINANCIAL DATA
[All figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2007 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
48.000 |
48.000 |
48.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
48.258 |
28.674 |
20.707 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
96.258 |
76.674 |
68.707 |
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LOAN FUNDS |
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1] Secured Loans |
80.561 |
107.213 |
87.430 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
80.561 |
107.213 |
87.430 |
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DEFERRED TAX LIABILITIES |
3.667 |
4.057 |
3.792 |
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TOTAL |
180.486 |
187.944 |
159.929 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
64.161 |
67.048 |
61.942 |
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Capital work-in-progress |
7.740 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
56.838 |
45.164 |
59.702 |
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Sundry Debtors |
74.522 |
79.984 |
59.125 |
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Cash & Bank Balances |
4.804 |
4.769 |
3.751 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
21.301 |
17.881 |
7.155 |
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Total Current Assets |
157.465 |
147.798 |
129.733 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
36.884 |
22.459 |
31.746 |
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Provisions |
11.996 |
4.443 |
0.000 |
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Total Current Liabilities |
48.880 |
26.902 |
31.746 |
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Net Current Assets |
108.585 |
120.896 |
97.987 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
180.486 |
187.944 |
159.929 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2007 |
31.03.2007 |
31.03.2006 |
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Sales Turnover [including other income] |
273.667 |
328.570 |
190.401 |
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Profit/(Loss)
Before Tax |
27.441 |
11.970 |
5.300 |
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Provision for
Taxation |
0.000 |
3.310 |
1.455 |
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Profit/(Loss)
After Tax |
27.441 |
8.660 |
3.845 |
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Export Value |
92.187 |
108.993 |
NA |
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Expenditures : |
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Interest |
9.651 |
10.600 |
8.241 |
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Depreciation & Amortization |
6.684 |
8.300 |
8.992 |
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Other Expenditure |
229.891 |
273.464 |
167.868 |
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Total Expenditure |
246.226 |
292.364 |
185.101 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2007 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
10.03 |
2.64 |
2.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
28.50 |
3.64 |
2.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.38 |
5.57 |
2.77 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.16 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.34 |
1.75 |
1.73 |
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Current Ratio (Current Asset/Current Liability) |
|
3.22 |
5.49 |
4.09 |
LOCAL AGENCY
FURTHER INFORMATION
Registered office of the company has been shifted from 20 Golden Beach
Society Ruia Park, Juhu, Mumbai – 400049, Maharashtra to the present address
w.e.f. 19.05.2008
Agreement with Lohjan Paperi OY: -
The company has entered into a
joint venture and agreed 50% equity participation with Lohjan Paperi OY (known
as Loparex OY) Lohja, Finland.
Athal Project: -
Regular production has started
in the month of March 2002.
It is
in trade terms with:
·
UPM
Kymmene Corporation, Finland
·
Loparex
Oy, Finland
·
Ahlstorm
Turin SPA, Italy
·
Cham
Tenro Paper Group, Italy
Fixed
assets
v
Factory
gala
v
Plant
& machinery
v
Office
equipments
v
Furniture
& fixtures
v
Vehicles
v
Factory
land
v
Factory
building.
Form 8
|
Name of the company |
KAYGEE LOPAREX
INDIA PRIVATE LIMITED |
|
Presented By |
Canara Bank and
Kaygee Laporex Private Limited |
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1) Date and description of instrument creating the change |
Dated 25.06.1997 Cash Credit Agreement |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 3.240 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 |
a)
The whole of the Borrower’s present and future stocks of Raw Materials
Goods in process of manufacture and all articles such as Silicone Coated
paper together with all store components and spares which now belong to or
may hereafter from time to time, during the continuance of this security,
belong to the Borrower and which are or small or may be brought into stored
or be in or upon or about the borrower’s factory, godown and / or other
premises at Gala No. 1 and at Amli Industrial Estate, Phase II, Amli Village,
Silvassa, Dadra Nagar Haveli – 396 230 or wherever else the same may be
situated stored or lying or being, including any such raw materials, articles
or goods, stores, spares and components or other similar movable property in
course of transit or delivery. b)
All of the Borrower’s present and future book debts, outstanding
monies, receivables, claims, Bills, rights to or in movable properties and
movable assets and movable assets and which are now due owing or payable or
belonging to the Borrower in the course of its business. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
i)
The Borrower shall pay interest on the outstandings in the cash credit
account at 6.5% per annum over and above RBI rate with a minimum of 17.5% per
annum compounded quarterly on the daily debit balance, provided the interest
payable shall be subject to the charges in the interest rates made by RBI
from time to time and intimated by the Bank to the Borrower. ii) The Borrower
will at all times maintain a sufficient quantity of the said debts and assets
to provide the necessary margin of security (as specified in sanction) and as
may be required by the bank from time to time. iii) This security
shall be a continuing security for the balance from time to time due to the
Bank. |
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank 67, Dhiraj Building, M G Road, Kandivali (West), Mumbai – 400 057,
Maharashtra, India (Now shifted to Canara Bank, Vile Parle (East) Branch) |
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6) Date and brief description
of instrument modifying the charge |
Dated 19.01.2006 a)
Supplemental Collateral Security Agreement and b)
Supplemental Agreement (Collectively constitute a single charge for Rs. 108.500 millions) |
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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. |
a) Past
Modifications: The original charge created on 25.06.1997 Rs. 3.240 millions was
modified as under: i) On 25.06.1997
thereby increasing the charge Rs. 3.440 millions ii) On 26.04.1999
thereby reducing the charge upto Rs. 2.200 millions iii) On 28.04.1999
thereby increasing the charge upto Rs. 3.250 millions iv) On 29.09.1999 thereby
increasing the charge upto Rs. 4.200 millions v) On 06.06.2000
thereby increasing the aggregating charge limit upto Rs. 11.200 millions vi) On 11.04.2001
thereby increasing charge upto Rs. 13.700 millions vii) On 28.01.2002
for shifting/ transferring of all borrowal / credit facilities from Kandivali
(West) Branch to Vile Parle (East) Branch of Canara Bank viii) On 06.02.2002
thereby increasing charge upto Rs. 16.500 millions ix) On 29.09.2002
thereby increasing charge upto Rs. 21.500 millions x) On 11.02.2003
thereby increasing the charge upto Rs. 29.400 millions xi) On 22.09.2003
thereby increasing the charge upto Rs. 56.900 millions xii) On 01.03.2004
thereby increasing charge upto Rs. 62.900 millions xiii)On 09.03.2004
thereby increasing charge upto Rs. 80.400 millions xiv) On 20.11.2004 thereby
increasing charge upto Rs. 101.500 millions (Last
Modification registered on 23.12.2004 under Doc. No. 76) b) Present
Modification: The bank having at the request of the Borrower has increased/ agree to
increase the Limit from Rs. 41.500 millions to Rs. 48.50.0 millions against
hypothecation of all the present and future for stock and book debts and
machineries and fixed assets of the Borrower, Plant and machinery of the
Borrower has been hypothecated by way of collateral sector not only for the earlier
limits of Rs. 101.500 millions but also for the increased OCC limit to Rs.
7.000 millions now sanctioned by the Bank Interest @ 3% over BPLR rate with a minimum of 10.755 per annum.
Compounded monthly. Thus the charge stands secured at Rs. 108.500 millions. |
|
Corporate
identity number (CIN) Foreign company registration number |
U2101MH1997PTC105130 |
|
Name of the
Company |
KAYGEE LOPAREX INDIA PRIVATE LIMITED |
|
Address |
20, Golden Beach Society, Ruia Park, Juhu, Mumbai – 400 049, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
A charge on Immovable Property |
|
Particulars of
the charge holder |
Canara Bank 67, Dhiraj Building,
M G Road, Kandivali (West), Mumbai – 400 057, Maharashtra, India (Now shifted
to Canara Bank, Vile Parle (East) Branch) E-Mail: viaxman@vsnl.com |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Letter Evidencing
Deposit of Title Deeds. |
|
Date of the
instrument creating or modifying the charge |
11.07.2007 |
|
Amount secured by
the charge |
Rs. 149.500
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: As may be stipulated by Bank from time to time. (b) Terms of
repayment: On Demand (c) Margin: As
may be stipulated by the Bank from time to time. (d) Extent and
operation of the charge: The Company
accorded and gave oral consent to bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as mentioned under item No. 14 as security for repayment of
principal, interest liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged (including location of the property) |
The Company gave
and accorded oral consent to the Bank to hold and continue to hold the title
deeds already deposited on 23.06.1997 in respect of (a) Unit bearing No. 1 on
the ground floor of the building known as Amli Industrial Estate No. 2 and
Unit No. 2 on the ground floor of the building known as Amli Industrial
Estate No. 2 standing land. |
|
Particular of the
present modification |
The mortgage
charge now increased from Rs. 134.500 millions to Rs. 149.500 millions |
WEBSITE DETAILS ATTACHED:
Kaygee Loparex is India’s leading Release
Liner manufacturer, and is a joint venture with Loparex, the world’s largest
commercial siliconiser with a turnover of over US $500 million.
The Facilities: Located at Silvassa, 180 km north of Mumbai, their 2,800
sq. mts. factory is equipped with the most modern silicone coating and slitting
machines. A state-of-the-art testing laboratory ensures that everything
produced meets both in-house and customers’ quality requirements. Good
Manufacturing Practices (GMP) and Total Quality Management (TQM) are rigorously
followed to ensure that both their production methods and their product meet
world standards. To strengthen their knowledge base and skills, specialized
training is given to all employees on a regular basis. The factory abides by
all local labour, environmental and health safety regulations and allied
investments have been made in that regard.
Their expertise lies in coating
with Platinum and Tin catalysed silicone systems. They were the first in India
to employ Ultra-violet (UV) radiation curing of silicone. They employ three
coating processes to meet wide-ranging customer requirements, i.e.
solvent-based (30% solids), emulsions with Thermal curing and solvent-less
(100% solids) with both Ultraviolet and Thermal curing. Their coating systems can
be applied to film or paper webs of various widths and grammages.
Industries that use their release
liners include:
Feminine Hygiene, Hologram, Label Stock, Tape, Wound and Healthcare. Needs and
application grow daily as merchandising, product designing and packaging take
quantum leaps. At Kaygee Loparex, they are always open to discussing newer and
innovative application areas. Their size and nimbleness work to great advantage
for clients in an ever-changing marketing scenario.
Their products are widely used and
preferred by a host of respected companies. In India, these include: 3M,
Beiresdorf, Dr. Sabharwal’s, Holoflex, Holostik, Intek Tapes, Interlabels,
Johnson & Johnson, Procter & Gamble, PRS Permacel, SMI Coated Products,
Tesa Tapes and Wrigley.
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 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. 43.73 |
|
UK Pound |
1 |
Rs. 80.31 |
|
Euro |
1 |
Rs. 64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|