MIRA
INFORM REPORT
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Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASSOCIATED ROAD CARRIERS LIMITED |
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Registered Office : |
32, Jawaharlal Nehru Road, Kolkata-700071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.05.1972 |
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Com. Reg. No.: |
21-28346 |
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CIN No.: [Company
Identification No.] |
U63090WB1972PTC028346 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA01170B |
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PAN No.: [Permanent
Account No.] |
AACCA4861C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject providing Road Transport Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 7077855 |
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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 leading private road transportations in India. Available
information indicates high financial responsibility of the company. Trade relations
are fair. Financial position is satisfactory. Payments are usually correct
and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Om Towers, 9th Floor, 32, Jawaharlal Nehru Road, Kolkata
700 071, West Bengal, India |
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Tel. No.: |
91-33-22275605/ 32931555/ 2262412/ 2260979 |
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Fax No.: |
91-33-22265795 |
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E-Mail : |
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Website : |
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Corporate Office : |
Surya Towers, 3rd Floor, 105, Sardar Patel Road,
Secunderabad – 500 003, Andhra Pradesh, India |
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Tel. No.: |
91-40-27845400/ 27843582 |
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Fax No.: |
91-40-27848869 |
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E-Mail : |
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Regional Office : |
Located at: Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata
and Mumbai |
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Divisional Office : |
Located at: Allahabad, Baroda, Chandigarh, Coimbatore, Durgapur, Hubli, Indore, Jaipur,
Jamshedpur, Kanpur, Nagpur, Pune, Trichy, U.P.Border and Visakhapatnam |
DIRECTORS
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Name : |
Mr. Ramkumar Banwarilal Goel |
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Designation : |
Chairman and Managing Director
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Address : |
1-8-304/307/6, Pattigadda Road, Begumpet, Secunderabad 500 003, Andhra
Pradesh, India |
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Date of Birth/Age : |
20.11.1942- |
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Qualification: |
Pre Engineer |
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Experience: |
45 Years |
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Date of Appointment : |
01.07.1994 |
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Other Directorship: |
TCI Limited |
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Name : |
Mr. Satyanarayana Raju Kanteti |
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Designation : |
Director |
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Address : |
H. No. 8-2-438/1, Road, No. 4, Banjara Hills, Hyderabad 500 034,
Andhra Pradesh, India |
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Date of Birth/Age : |
04.10.1944 |
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Date of Appointment : |
20.02.2007 |
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Other Directorships : |
Syamala Enterprises Private Limited CIN No.: U17110AP1995PTC021686 |
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Name : |
Mr. Chhabildas Ramjilal Goel |
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Designation : |
Whole Time Director |
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Address : |
Villa Capri, 2nd Floor, V P Marg, Santacruz (West), Mumbai
400 054, Maharashtra, India |
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Date of Birth/Age : |
04.04.1943 |
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Qualification: |
B.A, L.L.B |
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Experience: |
41 Years |
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Date of Appointment : |
01.07.1994 |
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Other Directorship: |
TCI Limited |
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Name : |
Mr. Ramawatar Sanwar Joshi |
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Designation : |
Director |
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Address : |
199, Laketown, Block A, Kolkata 700 089, West Bengal, India |
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Date of Birth/Age : |
01.10.1959 |
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Date of Appointment : |
20.02.2007 |
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Other Directorships : |
AVS Finance and Consultants Private Limited CIN No.: U65993WB1990PTC048725 Swaroop Finance Private Limited CIN No.: U36101WB1990PTC050025 |
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Name : |
Mr. Banwarilal Kedarmal Sharma |
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Designation : |
Director |
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Address : |
Mica House, 3rd Floor, 2A, Pretoria Street, Kolkata 700
071, West Bengal, India |
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Date of Birth/Age : |
26.01.1947 |
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Date of Appointment : |
01.07.1994 |
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Name : |
Mr. C D Goyal |
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Designation : |
Joint Managing Director |
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Name : |
Mr. B L Sharma |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Goel |
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Designation : |
Director |
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Address: |
1188, 4th Crosss, Bangalore-560008, Karnataka, India |
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Date of Birth: |
08.10.1949 |
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Date of Appointment: |
01.07.1994 |
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Name : |
Mr. M K Goel |
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Designation : |
Director |
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Address: |
Road No. 4, Kothi No. 14, East Punjabi Bagh, New Delhi-110026, India |
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Date of Birth: |
15.04.1961 |
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Date of Appointment: |
01.07.1994 |
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Name : |
Mr. Rajeev Goel |
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Designation : |
Director |
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Address: |
Villa, Capri, 2nd Floor, V P Marg, Santacruz (west),
Mumbai-400054, Maharashtra, India |
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Dated of Birth: |
27.01.1972 |
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Date of Appointment: |
05.07.2006 |
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Name : |
Mr. Vinay Goel |
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Designation : |
Director |
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Address: |
1188, 4th Crosss, Bangalore-560008, Karnataka, India |
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Dated of Birth: |
18.11.1976 |
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Date of Appointment: |
05.07.2006 |
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Name : |
Mr. Kailash Chander Chaudhary |
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Designation : |
Director |
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Address: |
50, Pritinagar, Hissar, Haryana-125001, Punjab, India |
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Dated of Birth: |
22.09.1944 |
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Date of Appointment: |
05.07.2006 |
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Name : |
Mr. Raju Sathynarayana Kanteti |
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Designation : |
Director |
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Address: |
8-2-438/1, Road No. 4, Bangajrahills, Hyderabad-500034, Andhra
Pradesh, India |
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Dated of Birth: |
04.10.1944 |
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Date of Appointment: |
20.02.2007 |
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Other Directorship: |
Syamala Enterprises Private Limited U17110AP1995PTC021686 |
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Name : |
Mr. Ramwatar Joshi |
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Designation : |
Director |
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Address: |
199, Lake Town, Block-A, Kolkata-700089, West Bengal, India |
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Dated of Birth: |
01.10.1959 |
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Date of Appointment: |
20.02.2007 |
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Other Directorship: |
AVS Finance and Consultancy Private Limited U65993WB1990PTC048725 Swaroop Finance Private Limited U36101WB1990PTC050025 |
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Name of Other Proprietorship: |
Awatar Joshi and Company |
KEY EXECUTIVES
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Name : |
Mr. Pankaj Kumar Killa |
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Designation : |
Secretary |
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Address : |
238, Chittaranjan Avenue, Kolkata-700006, West Bengal, India |
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Date of Birth/Age : |
01.08.1965 |
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Date of Appointment : |
05.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 25.08.2008
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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16.00 |
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Director or Relatives of Directors |
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77.00 |
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Other Top Fifty (50) shareholders |
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7.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject providing Road Transport Services. |
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Products : |
Transport |
GENERAL
INFORMATION
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Customers : |
Public Sector :
Private Sector :
Multinationals :
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No. of Employees : |
Around 1500 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rustagi and Company Chartered Accountants |
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Address : |
19, R N Mukherjee Road, Eastern Building, 1st Floor,
kolkata 700 001, West Bengal, India |
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Memberships : |
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Associates/ Subsidiaries: |
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CAPITAL STRUCTURE
As on 25.08.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7150000 |
Equity Shares |
Rs. 10/-
each |
Rs. 71.500
millions |
Note:
Of the above 3470000 Equity Shares of Rs. 10 each
had been allotted as fully paid bonus
shares by way of capitalization of reserve.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
71.500 |
71.500 |
66.336 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1344.071 |
298.016 |
192.337 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1415.571 |
369.516 |
258.673 |
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LOAN FUNDS |
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1] Secured Loans |
440.615 |
239.337 |
237.913 |
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2] Unsecured Loans |
143.906 |
94.593 |
98.824 |
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TOTAL BORROWING |
584.521 |
333.930 |
336.737 |
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DEFERRED TAX LIABILITIES |
44.094 |
39.505 |
36.552 |
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TOTAL |
2044.186 |
742.951 |
631.962 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1367.732 |
315.162 |
236.666 |
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Capital work-in-progress |
12.351 |
10.936 |
4.156 |
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INVESTMENT |
0.577 |
0.576 |
0.576 |
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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 |
0.000
|
0.000
|
0.000 |
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Sundry Debtors |
707.937
|
439.263
|
433.684 |
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Cash & Bank Balances |
121.360
|
116.143
|
88.312 |
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Other Current Assets |
0.204
|
0.033
|
0.099 |
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Loans & Advances |
68.677
|
55.198
|
46.385 |
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Total
Current Assets |
898.178
|
610.637
|
568.480 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
222.831
|
184.701
|
168.631 |
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Provisions |
11.821
|
9.659
|
9.285 |
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Total
Current Liabilities |
234.652
|
194.360
|
177.916 |
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Net Current Assets |
663.526
|
416.277
|
390.564 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2044.186 |
742.951 |
631.962 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
4910.122 |
3919.117 |
3136.809 |
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Other Income |
3.295 |
1.593 |
8.463 |
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Total Income |
4913.417 |
3920.710 |
3145.272 |
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Profit/(Loss) Before Tax |
145.965 |
83.533 |
29.764 |
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Provision for Taxation |
53.773 |
32.306 |
10.487 |
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Profit/(Loss) After Tax |
92.192 |
51.227 |
19.277 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
213.036 |
162.897 |
135.889 |
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Managerial Remuneration |
13.104 |
13.104 |
11.424 |
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Payment to Auditors |
0.545 |
0.407 |
0.444 |
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Interest |
32.508 |
25.293 |
20.546 |
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Insurance Expenses |
1.252 |
2.230 |
1.362 |
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Depreciation & Amortization |
47.500 |
37.035 |
28.137 |
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Other Expenditure |
4459.507 |
3596.211 |
2917.705 |
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Total Expenditure |
4767.452 |
3837.177 |
3115.507 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.88
|
1.31
|
0.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.97
|
2.13
|
0.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.44
|
8.92
|
3.67 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
|
0.22
|
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.58
|
2.53
|
3.13 |
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Current Ratio (Current Asset/Current Liability) |
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3.88
|
3.14
|
3.19 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
The company has achieved a turnover or Rs. 4913.417 Millions for the
year ending 31st Marh, 2008 as against Rs. 3920.710 Millions in the previous
year, registering a growth of 25.32%. The company earned Profit after Tax of
Rs. 92.192 Millions as against Rs. 51.227 Millions in the previous year.
Future Outlook:
The contribution of the services sector has increasd significantly over
the years. Globalisation of economy has given tremendous growth in all sectors,
particularly Infrastructure and related functional areas, such as, Roads,
Bridges Ports, Airports, Power Projects, Refineries and Petro Chemical
Projects, Steel Projects, Aluminum Project, Cement and others. Growth in these
sectors will be giving a further boom to the Transport Industry. The company
will be in a position to improve its market share with its network and the same
is already reflected in the current year’s result.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U63090WB1972PTC028346 |
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Name of the
company |
ASSOCIATED ROAD CARRIERS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Om Towers, 9th Floor, 32, Jawaharlal Nehru Road, Kolkata
700 071, West Bengals |
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Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
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Particular of
charge holder |
State Bank of India, Industrial Finance Branch, st Somajiguda,
Hyderabad 500 082, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
1)
Agreement of
Hypothecation of Goods and Assets 2)
Memorandum
of Deposits for Creation of Further charge for term loan/ overall where the
initial charge is created by way of mortgage by depositing of title deeds 3)
Letter of
regarding the grant of individual limits within the overall limit 4)
Agreement of
loan for overall limit |
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Date of
instrument Creating the charge |
08.04.2008 |
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Amount secured by
the charge |
Rs. 25.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Adhoc CC : 1.25%
below SBAR, minimum 11% p.a. with monthly rests. Terms of
Repayment Repayable in 3
months. Margin Book Debts /
Receivables – 35% (Cover Period 90 Days) Extent and
Operation of the charge The charge operates
as security , inter alia, for the due repayment by the company to the State
Bank of India, Industrial Finance Branch, Hyderabad for its limits sanctioned
ot the extent of Rs. 25.000 Millions, together with interest, additional
interest, liquidated damages, commitment charges, premia on prepayment or on
redemption, costs, charges, expenses and all other moneys payable by the
Company to State bank of India, Industrial Finance Branch, Hyderabad |
|
Short particulars
of the property charged |
1)
Hypothecation
of all current assets of the company (namely book debts/ receivables and
others) 2)
Equitable
Mortgage of the properties mentioned in the annexure, standing in the name of
the company. |
|
This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
80019597 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U63090WB1972PTC028346 |
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Name of the company |
ASSOCIATED ROAD CARRIERS LIMITED |
|
Address |
Om Towers, 9th Floor, 32, Jawaharlal Nehru Road, Kolkata
700 071, West Bengal |
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Type of Charges |
Immovable property, book debts |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
State Bank of India Industrial Finance Branch, Somajiguda, Hyderabad 500 082, Andhra
Pradesh, India |
|
Nature or description of the instrument creating or modifying the charge |
Sanction Letter Supplemental Agreement of Hypothecation of goods and assets for increase in the overall limit Letter regarding grant of individual limits within the overall limit Memorandum for recording extension of mortgage by deposit of title deeds |
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Date of the instrument creating charge |
31.01.2008 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 400.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: The rate of interest will be 1.75% below SBAR within 11% p.a. payable at monthly rests.
Terms of repayment: Repayable on demand / renewable every 12 months
Margin: 35% of book debts within a cover period of 90 days
Extent and operation of the charge: to the extent of Rs. 400.000 millions |
|
Short particulars of the Property charged |
Sanction letter from State Bank of India |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
11.12.2006 |
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Particulars of the present modification |
Cash Credit – Rs. 335.000 millions Bank Guarantee – Rs. 65.000 millions Over all limit – Rs. 400.000 millions |
Fixed Assets:
·
Land
·
Leasehold Lands
·
Buildings
·
Lease hold Buildings
·
Motor Trucks
·
Motor Cars
·
Generators
·
Computers
·
Furniture and Fixture
·
Electrical Equipment
·
Office Equipment
·
Weighing Scale and Chain Puleys
·
Air Conditioner/ Coolers
·
Two Wheelers
·
Cycles
AS PER WEB:
Subject is built on the strong pillars of integrity, massive
infrastructure, operational expertise and financial soundness. Subject is a
successful company with a strong will to serve.
A R C in tune with changing times, has adopted the State of the Art Communication
Technology and integrated IT with the latest techniques of management to be
ahead of times. Started by a group of young professionals in the year 1972,
subject has, today, grown into a huge corporate conglomerate with a massive
infrastructure. Over the years, we have been registered with Indian Banks
Association and the registration no. is CAA237. The secret of its success lies
in its adhering to enduring traditions and lasting values.
Subject has nationwide network of 525 outlets
in 350 cities and 250 trucks are spread all over India.
Network, Infrastructure & Service:
As, from little acorns grow mighty oaks, from one truck, five branches
and a staff of fifteen the size and magnitude of subject’s operations grown to
a massive turnover with 1750 dedicated professionals, 550 owned outlets in 350
cities/towns spanning the length and breadth of the nation. At any given point
of time, over 3000 vehicles are traversing the roads, covering 3,00,000 kms.
Everyday, delivering consignments to 4000 destinations. More than 1.5 million
tons of cargo is transported annually, adding upto a whopping Rs. 9,000 crores
worth of material.
Subject has the complete transport expertise to
handle from the smallest Parcel
to heavy and Odd Dimensional Cargo, Project
Transportation, Containers movement & Port Clearance. Serving all
vital areas of Indian industry such as Power and Oil Exploration, Iron and
Steel, Cement and Refractories, Textile and Engineering, Fertilizers and
Chemicals, Petrochemical and Bulk Drugs, Plastics and Fiber and many others.
Fleet:
To facilitate swift movement of cargo to even the farthest corners of
the country, subject has a
well-maintained large fleet comprising Special Trailers, Open Trucks,
Containerised Vehicles, Standard Trucks and LCVs.
Storage & Handling:
For safety of cargo while in transit and while loading / unloading,
subject boasts of all weather proof sealed godown space and the latest handling
equipment and mobile cranes.
Information Technology:
Subject in tune with changing times, has adopted the
State of the Art Communication Technology and integrated IT with the latest
techniques of management to be ahead of times. To harness the power and
capabilities of the latest technologies, subject has invested substantially in
building an extensive communication network and in computerizing its
operations. Over 90% offices are computerized and connected through VPN (Virtual Private Network) and
Broadband connectivity. Customers are provided with web based online consignment
tracking.
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 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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
67 |
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 |
|