MIRA
INFORM REPORT
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Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ORACLE GRANITO LIMITED |
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Registered Office : |
5, Crockery Market, Near Kubereshwer Mahadev, Naroda Road,
Ahmedabad – 382 345, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.08.2003 |
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Com. Reg. No.: |
042718 |
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CIN No.: [Company
Identification No.] |
U14102GJ2003PLC042718 |
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Legal Form : |
A Closely Held Public Limited Liability
Company |
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Line of Business : |
Manufacturer of Vitrified Tiles |
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 1131000 |
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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. Trade relations are fair. Business is active. General financial
position is satisfactory. Payments are reported as usually made as per
commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Jayantibhai Patel |
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Designation : |
Accounts Manager |
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Date : |
08.12.2008 |
LOCATIONS
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Registered Office : |
5, Crockery Market, Near Kubereshwer Mahadev, Naroda Road,
Ahmedabad – 382 345, Gujarat |
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Tel. No.: |
91-2772-239831 |
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Fax No.: |
91-2772-239832 |
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E-Mail : |
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Website : |
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Area : |
1000 sq ft |
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Location : |
Rented |
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Head Office/ Factory : |
Block No. 286, Gadhoda Village, Sabar Dairy-
Talod Road, Dist : Sabarkantha, Himatnagar - 383 001, Gujarat, India |
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Tel. No.: |
91-2772-239831-34-35 |
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Fax No.: |
91-2772-239832 |
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E-Mail : |
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Area : |
8 lac sq ft |
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Location : |
Owned |
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Branch Office : |
MUMBAI 514, Sahar Plaza(Mida), Near Kohinoor Continental, J.B. Nagar, Andheri(East) - Kurla Road, Mumbai - 400059 Ph No: 91-22 – 30971373 Fax No: 91-22 – 28382391 DELHI 309, New Delhi House, 27, Barakhamba Road, New Delhi - 110001 Ph No: 91-11 - 51513661, 51511792 |
DIRECTORS
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Name : |
Mr. Harshadkumar D. Patel |
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Designation : |
Managing Director |
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Address : |
Umiya Parivar Soc., Mahavirnagar, Himatnagar – 383 001, Gujarat, India
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Date of Birth/Age : |
15.07.1969 |
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Qualification : |
BSC |
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Date of Appointment : |
01.09.2003 |
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DIN or Income-tax : |
00160593 |
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Name : |
Mr. Ashwinkumar M. Patel |
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Designation : |
Managing Director |
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Address : |
At-Pruthvipura, Post-Ankola, Ta – Idar, District – Sabarkantha,
Pruthvipura – 383 430, Gujarat, India |
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Date of Birth/Age : |
21.02.1972 |
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Qualification : |
B.E. |
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Date of Appointment : |
01.09.2003 |
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DIN or Income-tax PAN : |
00160536 |
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Name : |
Mr. Manilal P. Patel |
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Designation : |
Whole Time Director |
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Address : |
2/ B, Gayatri Park Society, Mahavirnagar, Himatnagar – 383 001,
Gujarat, India |
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Date of Birth/Age : |
01.06.1962 |
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Qualification : |
B.Com |
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Date of Appointment : |
04.08.2003 |
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DIN or Income-tax PAN : |
00161050 |
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Name : |
Mr. Pragnesh S. Patel |
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Designation : |
Whole Time Director |
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Address : |
Umiya Parivar Soc., Mahavirnagar, Himatnagar – 383 001, Gujarat, India
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Date of Birth/Age : |
31.08.1981 |
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Qualification : |
BB |
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Date of Appointment : |
04.08.2003 |
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DIN or Income-tax PAN : |
00160631 |
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Name : |
Mr. Devchandbhai M. Patel |
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Designation : |
Whole Time Director |
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Address : |
At-Narsinhpura, Post-Kukadiya, Ta-Idar, District – Sabarkantha,
Narsinhpura – 383 410, Gujarat, India |
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Date of Birth/Age : |
01.06.1953 |
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Qualification : |
B.Com |
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Date of Appointment : |
29.08.2004 |
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DIN or Income-tax PAN : |
00160573 |
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Name : |
Mr. Jayantibhai V. Patel |
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Designation : |
Director |
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Address : |
Ganesh Ceramics, College Road, Motipura, Himatnagar – 383 001,
Gujarat, India |
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Date of Birth/Age : |
01.06.1964 |
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Date of Appointment : |
01.04.2006 |
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DIN or Income-tax PAN : |
00160309 |
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Name : |
Mr. Vinodkumar M. Patel |
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Designation : |
Director |
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Address : |
At-Pruthivipura, Post-Ankola, Ta – Idar, District – Sabarkantha,
Pruthivipura – 383 410, Gujarat, India |
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Date of Birth/Age : |
23.10.1967 |
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Date of Appointment : |
01.04.2006 |
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DIN or Income-tax PAN : |
00161154 |
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Other Directorship : |
CIN of company: U24110GJ1987PTC009685 Name of the company: Ajita Soil Chem Private Limited Designation: Director |
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Name : |
Mr. Manoj D. Patel |
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Designation : |
Director |
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Address : |
C/o Vijay Ceramic, Near College, N.H. No.8, Motipura, Himatnagar – 383
001, Gujarat, India |
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Date of Birth/Age : |
18.05.1974 |
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Date of Appointment : |
01.04.2006 |
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DIN or Income-tax PAN : |
00160486 |
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Name : |
Mr. Prakashkumar Patel |
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Designation : |
Additional Director |
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Address : |
At Ankala, Ta – Idar, District – Sabarkantha, Himatnagar – 383 430,
Gujarat, India |
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Date of Birth/Age : |
01.06.1967 |
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Date of Appointment : |
01.03.2008 |
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DIN or Income-tax PAN : |
01859224 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
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Names of Shareholders |
No. of Shares |
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Manibhai Patel |
356000 |
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Girishbhai Patel |
106000 |
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Pragnesh S. Patel |
318000 |
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Maheshbhai Patel |
65000 |
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Prakashbhai Patel |
49019 |
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Ashvinbhai Patel |
387150 |
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Harshadkumar D. Patel |
338000 |
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Dahyabhai Patel |
59850 |
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Dharmendrabhai Patel |
65850 |
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Becharbhai Patel |
42500 |
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Navinchandra Patel |
43500 |
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Robinsons Exim and Finance Limited |
2730000 |
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Kantibhai Patel |
41000 |
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Divyeshkumar Patel |
45000 |
As on 28.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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44.82 |
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Directors
or relatives of directors |
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33.39 |
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Other
top fifty shareholders |
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21.17 |
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Others |
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0.62 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Vitrified Tiles |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS As on 31.03.2007
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Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Vitrified Ceramic Tiles |
65360 |
65360 (in metric
tonne) |
2865723.00 Sq. Mtrs. |
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GENERAL
INFORMATION
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Customers : |
Dealers and Distributors |
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No. of Employees : |
500 (contract workers – approximately 10) |
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Bankers : |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Sunil Poddar and Company Chartered Accountants |
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Address : |
301-305, Vrajbhumi Complex, Near Prathana Flat, B/h Shilp Building, Off
C.G. Road, Navarangapura, Ahmedabad – 380 009, Gujarat, India |
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Tel. No.: |
91-79-26402893/ 26431097 |
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Fax No.: |
91-79-26462614 |
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Associates/Subsidiaries : |
Bajaj Tiles (Partnership) Address: Mehsana Line of Business: Manufacturer of Wall Tiles Safari Gold Tiles Private Limited Address: Mehsana Line of Business: Manufacturer of Wall Tiles Ajita Soil Chem Private Limited |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4250000 |
Equity Shares |
Rs.10/- each |
Rs.42.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4090750 |
Equity Shares |
Rs.10/- each |
Rs.40.907 millions |
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As on 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8250000 |
Equity Shares |
Rs.10/- each |
Rs.82.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6090750 |
Equity Shares |
Rs.10/- each |
Rs.60.907
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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1000.000 |
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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 |
40.907 |
40.908 |
37.500 |
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2] Share Application Money |
0.000 |
0.000 |
13.500 |
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3] Reserves & Surplus |
185.386 |
130.742 |
76.157 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
226.293 |
171.650 |
127.157 |
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LOAN FUNDS |
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1] Secured Loans |
271.253 |
241.498 |
94.190 |
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2] Unsecured Loans |
21.857 |
39.768 |
6.874 |
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TOTAL BORROWING |
293.110 |
281.266 |
101.064 |
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DEFERRED TAX LIABILITIES |
22.603 |
18.834 |
12.571 |
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TOTAL |
542.006 |
471.750 |
240.792 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
282.544 |
272.649 |
130.307 |
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Capital work-in-progress |
0.000 |
0.000 |
2.706 |
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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 |
203.708
|
163.916 |
108.237 |
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Sundry Debtors |
137.271
|
114.639 |
54.755 |
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Cash & Bank Balances |
6.892
|
2.725 |
1.224 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
44.577
|
40.457 |
15.723 |
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Total
Current Assets |
392.448
|
321.737 |
179.939 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
117.439
|
116.646 |
69.676 |
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Provisions |
15.607
|
6.111 |
2.665 |
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Total
Current Liabilities |
133.046
|
122.757 |
72.341 |
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Net Current Assets |
259.402
|
198.980 |
107.598 |
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MISCELLANEOUS EXPENSES |
0.060 |
0.121 |
0.181 |
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TOTAL |
542.006 |
471.750 |
240.792 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
764.472 |
591.408 |
321.005 |
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Other Income |
3.348 |
1.106 |
0.921 |
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Total Income |
767.820 |
592.514 |
321.926 |
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Profit/(Loss) Before Tax |
74.116 |
61.579 |
33.988 |
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Provision for Taxation |
18.663 |
11.574 |
15.216 |
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Profit/(Loss) After Tax |
55.453 |
50.005 |
18.772 |
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Expenditures : |
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Raw Material Consumed |
213.540 |
201.396 |
85.255 |
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Consumption of stores and spares parts |
42.213 |
25.966 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(48.786) |
(72.758) |
(44.090) |
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Salaries, Wages, Bonus, etc. |
26.104 |
18.515 |
16.991 |
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Managerial Remuneration |
0.873 |
0.658 |
0.660 |
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Payment to Auditors |
0.100 |
0.050 |
0.055 |
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Interest |
28.436 |
19.205 |
11.228 |
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Insurance Expenses |
1.380 |
0.780 |
0.442 |
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Power & Fuel |
54.757 |
38.346 |
17.055 |
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Depreciation & Amortization |
28.278 |
17.365 |
10.289 |
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Other Expenditure |
346.809 |
281.412 |
190.053 |
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Total Expenditure |
693.704 |
530.935 |
287.938 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.22
|
8.44 |
5.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.70
|
10.41 |
10.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.98
|
10.36 |
10.86 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.36 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
2.35 |
1.36 |
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Current Ratio (Current Asset/Current Liability) |
|
2.95
|
2.62 |
2.49 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U14102GJ2003PLC042718 |
|
Name of the
company |
ORACLE GRANITO LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
5, Crockery Market, Near Kubereshwer Mahadev, Naroda Road,
Ahmedabad – 382 345, Gujarat, India |
|
Type of charge |
Book Debts Movable Property Other (Goods,
Plant and Machinery and all other Current Assets) |
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Particular of
charge holder |
State Bank of
India, Corporate Finance Branch, 58, Shrimali Society, Navarangpura,
Ahmedabad – 380 009, Gujarat, India E-Mail: amt1.cagahd@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Goods and Assets |
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Date of
instrument Creating the charge |
06.12.2007 |
|
Amount secured by
the charge |
Rs.340.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Cash Credit = 0.50% below BPLR i.e. 12.25% Term Loan = 1.00%
below BPLR i.e. 11.75% Terms of
Repayment: Cash Credit : On Demand Term Loan I of
Rs.80.000 millions : 71 monthly installment each of Rs.1.112 millions and
final installment of Rs.1.048 millions commence after six month from the date
of commercial production or from October 2008 which ever is earlier. Term Loan II of
Rs.120.000 millions : 67 monthly installment each of Rs.1.765 millions and
final installment of Rs.0.017 million commence from the date of commercial
production or from April 2009 which ever is earlier. Margin: Raw
Materials, Stocks in process and Finished Goods : 25% Book Debts : 50% Extent and
Operation of the charge: First charge of the entire current assets of the
company. |
TRADE REFERENCES:
- Regent Tiles,
Himatnagar
- City Tiles,
Himatnagar
FIXED ASSETS:
- Factory
Building WIP
- Office
Building
- Computer
- Office
Equipment
- Vehicle
- Scooter
- Electric
Installation
- Feeder
Machine
- Furniture and
Fixture
- Laboratory
Equipment
- Land
- Plant and
Machinery
OPERATION:
The Directors are to inform that during the year the company has
achieved a turnover of Rs.764.472 millions as against Rs.591.408 millions in
the previous year. During the year the company has earned net profit of
Rs.54.740 millions as against net profit of Rs.54.264 millions in the previous
year.
FUTURE OUTLOOK:
During the current year the Company has undertaken expansion Project to
manufacture Vitrified Tile with Additional capacity of 2500 boxes per day and
venture into the manufacture of Floor Tiles with installed capacity of 6000
boxes per day with estimated total cost of project of Rs.250 millions. The
directors expect to start commercial operation of Vitrified tiles in April 2008
and of Floor Tiles in June, 2008.
The Directors are to inform that the company has decided to set up wind
mill at Gandhidham to reduce power cost at an estimated cost of Rs.65 millions
approximately.
OVERALL PICTURE OF
THE INDUSTRY:
Ceramic tiles as a product segment has grown to a sizeable chunk today at 3.8 Millions tons production per annum. However, the potential seems to be great, particularly as the housing sector, retail, IT and BPO sectors have been witnessing an unprecedented boom in recent times. The ceramic tiles sector has been clocking a robust growth of 12-15% consistently over the last few years. Today, India figures in the top 7 countries in the world manufacturing ceramic tiles.
The key drivers for the ceramic tiles in India are the boom in housing sector
coupled by government policies fuelling strong growth in housing sector. The
retail boom in the Indian economy has also influenced the demand for higher end
products. Overall the bullish growth estimates in the Indian economy has
significantly influenced the growth of the Indian Ceramic tile industry.
The main product segments are the Wall tile, Floor tile, Vitrified tile and
Porcelain tile segments. The market shares are 35%, 53% and 12% respectively
for Wall, Floor and Vitrified/Porcelain tiles. The tiles are available in a
wide variety of designs, textures and surface effects. They cater to tastes as
varied from rustics to contemporary marble designs in super glossy mirror
finishes.
Both, traditional methods of manufacturing (tunnel) and the latest single fast
firing methods are deployed in manufacturing. Some of the latest trends in
manufacturing methods can be seen in India.
The investments in the last five years are approx. Rs.20000 millions. The
industry also enjoys the unique distinction of being highly indigenous with an
abundance of raw materials, technical skills, infrastructural facilities
despite being fairly capital intensive. A total of over 5,50,000 people are
employed in the sector. Out of this, 50,000 people are directly employed and
5,00,000 are indirectly associated. The potential is huge considering the per
capita consumption of ceramic tiles in India. Currently it is at 0.30 square
meters per person in comparison to over 2 square meters per person for like
countries like China, Brazil and Malaysia
The ceramic tiles industry in India has followed similar trends internationally
which have been characterized by excess capacities and falling margins.
Countries like Malaysia, Thailand, Indonesia, Sri Lanka and Vietnam are setting
up their own plants. China has emerged as a major competitor. Producers from
Spain and Italy have the advantage of lower transportation costs while
exporting to USA and Germany. In India, the per capita consumption is as low as
0.30 square meters per person compared to China (2 square meters per person),
Europe (5 to 6 square meters per person) or Brazil (2.5 square meters per
person). Rising disposable incomes of the growing middle class and 40 million
units of housing shortage hold out a great potential.
WEBSITE DETAILS:
INTRODUCTION:
One of the finest Vitrified Tiles manufacturing organization in India, Subject has a totally integrated and automated
facility supported by a skilled and constantly trained workforce. Backed by the
latest and superior technology from M/s. Sacmi, ZItaly, Subject manufactures superior quality Vitrified Tiles in a wide
range of sizes. To ensure that the discerning Indian consumer gets the best,
contemporary vibrant designs are sourced from leading design houses of Italy
and Spain.
The Subject Quality effort works
at several levels. The raw materials used are of approved quality, tested in
Sacmi, Italy. 100%- imported glaze is used to ensure quality finish and
everlasting shine. Intense Frit testing provides a lasting union of glaze and
clay body.
Strategically located with easy access to raw materials, a network of offices
and dealers spanning the country and state-of-the-art communication facilities
enable complete control on the supply chain and the ability to get to the
market faster.
With the production of the largest Vitrified Tiles Measuring 605" x
605" mm, Subject has
created a niche for itself in the highly demanding markets of India.
Maximizing Quality control and innovation in design are ongoing processes at subject.
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.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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 |
|