MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALPHA CRAFT PRIVATE LIMITED |
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Registered Office : |
15 L M L Colony Ammankulam Road, Coimbatore-641 037, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.05.1990 |
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Com. Reg. No.: |
002701 |
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CIN No.: [Company
Identification No.] |
U17111TZ1990PTC002701 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBA03983A |
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PAN No.: [Permanent
Account No.] |
AABCA8408L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Aluminium Pressure Die Casting Dies and Plastic
Injection Moulds. |
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 101000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
15 LML Colony Yammankulam Road , Coimbatore 641037, Tamilnadu, India |
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Tel No. : |
91-422-2626040 |
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Fax No.: |
91-422-2625190 |
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E-Mail : |
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Website : |
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Factory : |
No. 8&9 Nehru Street B.R. Puram Coimbatore, Tamilnadu, India |
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Tel No.: |
91-422-2571345 |
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Fax No.: |
91-422-2592390 |
DIRECTORS
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Name : |
Mr. M. Ramesh |
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Designation : |
Managing Director |
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Address : |
217 F Raheja Centre 236 , Race Course Coimbatore-641018 |
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Date of Birth/Age : |
30.04.1964 |
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Date of Appointment : |
04.05.1990 |
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Tel No. : |
91-422-2626040 |
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Fax No.: |
91-422-2625190 |
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E-mail: |
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Name : |
Mr. G. Shrinivasan |
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Designation : |
Chairman |
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Address : |
153 ,Tea Estate Compound Race Course
Coimbatore - 641018 |
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Date of Birth/Age : |
19.01.1928 |
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Pan No.: |
AJQPM1542C |
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Passport No.: |
F1048407 |
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Date of Appointment : |
04.05.1990 |
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Name : |
Mr. S. Ravi |
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Designation : |
Directors |
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Address : |
153 , Tea Estate Compound Race Course
Coimbatore- 641018 |
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Date of Birth/Age : |
19.03.1963 |
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Pan No. : |
AEYPR935H |
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Passport Number : |
F8359838 |
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Date of Appointment : |
04.05.1990 |
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Name : |
Mr. S. Murali |
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Designation : |
Director |
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Address : |
153 , Tea estate Compound Race Course
Coimbatore – 641018 |
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Date of Birth/Age : |
07.02.1960 |
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Date of Appointment : |
14.05.1190 |
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Name : |
Mr. K. Gomatheeswaran |
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Designation : |
Directors |
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Address : |
5 Balan Nagar D Colony Pleelamedu Coimbatore–6410 04 |
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Date of Birth/Age : |
03.06.1767 |
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Date of Appointment : |
04.05.1990 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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G. Srinivasan |
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500 |
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S.Ravi |
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500 |
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S. Murali |
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1000 |
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M .Ramesh |
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27500 |
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K. Gomatheeswaran |
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500 |
BUSINESS DETAILS
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Line of Business : |
Design, Development and Manufacturing of Aluminium Pressure, Die
Casting Dies & Plastic injection Moulds. |
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Products : |
Ø Pressure Die Casting Dies o
Crank Case RH o
Handle Pillion o
Bearing Retainer o
Clutch Cover o
Oil Pump Body o
Crank Case LH Ø Plastic Injection Moulds o Fuel Tank Under Cover o Crank Case o Cover Engine Sprocket o Mud Flap o Bearing Caps o Flask Body |
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Brand Names : |
Ø Plastic Injection Moulds Ø Pressure Die Casting Dies |
GENERAL
INFORMATION
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Customers : |
Ø
Bajaj Auto Limited, Pune, India. Ø
Barco Electronics, New Delhi, India Ø
Bonfiglioli Group, Italy Ø
BPL India Limited Ø
Eagle Flask Industries, Pune, India Ø
ESB Schulte, Germany Ø
Funskool India, Goa, India Ø
Godrej Hi Care, Mumbai, India Ø
Gainsborough, Australia Ø
India Pistons, Chennai, India Ø
LML Limited, Kanpur, India Ø
Mico Bosch Group Ø
Philips, Indonesia Ø
Remington Rand, Mysore, India Ø
Rhein Getribe, Germany Ø
Siemens, Germany Ø
Sumi - Motherson, New Delhi, India Ø
Sundaram Clayton, Chennai, India Ø
Sundaram Plastics, Hosur, India Ø
Tadir - Gan Precisions, Israel Ø
TVS Suzuki, Hosur, India Ø
Donaldson India Filter System, New Delhi Ø
Global Autotech, Noida Ø
John Deere, Pune Ø
TVS Motor Company, Mysore Ø
Gardner Denver, United Kingdom Ø
Lebario, Spain Ø
Nash Elmo Industries, Germany Ø
Mitsubishi, Japan Ø
Reynolds, USA |
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Bankers : |
Indian Bank, P.N. Palayam, Coimbatore -641037, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G Shankar Chartered Accountants |
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Address : |
Old No. 45, New No. 38-1. Raghupathy Layout, Coimbatore – 641011,
Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Share |
Rs.100/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Share |
Rs.100/-each |
Rs.3.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.000 |
3.000 |
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2] Share Application Money |
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2.550 |
2.025 |
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3] Reserves & Surplus |
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19.808 |
13.971 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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25.358 |
18.996 |
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LOAN FUNDS |
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1] Secured Loans |
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53.209 |
38.441 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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53.209 |
38.441 |
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DEFERRED TAX LIABILITIES |
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7.001 |
6.344 |
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TOTAL |
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85.568 |
63.781 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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67.706 |
62.408 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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47.428 |
32.579 |
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Sundry Debtors |
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16.417 |
12.233 |
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Cash & Bank Balances |
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1.779 |
3.782 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.100 |
9.294 |
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Total
Current Assets |
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75.724 |
57.888 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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54.473 |
55.487 |
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Provisions |
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3.389 |
1.028 |
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Total
Current Liabilities |
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57.862 |
56.515 |
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Net Current Assets |
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17.862 |
1.373 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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85.568 |
63.781 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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131.474 |
103.012 |
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Other Income |
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Total Income |
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131.474 |
103.012 |
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Profit/(Loss) Before Tax |
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8.855 |
6.681 |
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Provision for Taxation |
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3.018 |
3.166 |
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Profit/(Loss) After Tax |
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5.837 |
3.515 |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
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26.910 |
34.042 |
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Other Earnings |
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Total Earnings |
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26.910 |
34.042 |
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Imports : |
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Raw Materials |
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Stores & Spares |
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6.041 |
20.800 |
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Capital Goods |
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Others |
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Total Imports |
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6.041 |
20.800 |
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Expenditures : |
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Depreciation & Amortization |
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8.953 |
6.009 |
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Financial Charges |
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5.953 |
4.469 |
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Other Expenditure |
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107.713 |
85.853 |
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Total Expenditure |
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122.619 |
96.331 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.44 |
3.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.74 |
6.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.17 |
5.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.38 |
5.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.31 |
1.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
Alpha Craft Private Limited. |
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Presented By |
ALPHA CRAFT
PRIVATE LIMITED AND INDIAN BANK, P.N.PALAYAM, COIMBATORE. |
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1) Date and description of instrument creating the change |
06/10/1999; a. Agreement of hypothecation of movables covering R s0.338 million b. Agreement of hypothecation of movable covering Rs.2.662 millions |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 3.000 Millions (Rupees Three million only) Comprising of : Medium Term Loan million
I 0.338 Medium Tern Loan million. II 2.662 3.000 |
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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. For Medium Term Loan of Rs.0. 338 million:
And items of existing machinery and imported machinery as per annexure
to the said Agreement of Hypothecation. b. For Medium Term Loan Rs.2.662 million : Existing machinery covered under sl No. 7 in the annexure to
Agreement. Proposed domestic machinery covered under sl. No 1 to 4 in the
annexure to Agreement. Proposed machinery to be imported: New vertical machining centre : 1 No., valued at Rs.4.000 million. c. For both the Term Loans: Book debts, receivables and other claims. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest
: 4% over the PRL
rate with a minimum of17 .85 % Repayment : For Term Loan 0.338 million Repayable in 59 monthly instalments of
Rs.0.006 million p.m. and Rs.0.002 million for 60th month. For Term Loan of
2.662 million Repayable in 59
monthly instalments of Rs.0.045millionand Rs.0.007 million for the 60th
month. |
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5) Name and Address and description of the person entitled to the
charge. |
INDIAN BANK , P.N. Palayam , COIMBATORE
-641037. |
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6) Date and brief description of
instrument modifying the charge |
20/122003 ; Extension of equitable mortgage of leasehold rights held by the
company on 20th day of December 2003 [Letter evidencing deposit of
title deeds enclosed.] |
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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. Pursuant to the aforesaid mortgage, the total amount of Rs.29.549
million secured by the existing chare on all present receivables and stocks
also stands secured by a charge on the lease hold rights of the company
belonging to (a) Mr. M. Ramesh in Tirupur Regn. Dist., Sulur Sub Regn. Dist
., Palladam vattam , Mylampatti Village admeasuring an extent of 0.43 ¼ acres
out of the total extent of 2.04 acres of land in G.S No. 2.40 acres of land in G.S. No. 120/2
and GRS No. 120/2A ; (b) Mrs. R. Anandhi in Tirupur Regn.Dist ., Sulur sub Tirupur
Regn . Dist., Sulur sub Regn. Dist., Palladam vattam, My lampatti
Village, .in G.S. No. 120/2 and GRS NO 120/2A admeasuring an Extent of .0.30
acres ; Within the specific boundaries with all rights way and other
appurtenances attached therewith. b. The chare operates as security for the due repayment of all
liabilities in respect of the said loans including cost, charges and expenses
and all other monies due to the company. |
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Name of the company |
Alpha Craft Private Limited. |
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1) Date and description of instrument creating the change |
(a) Agreements of Hypothecation of movables (D- 101) - for open cash Credit. (b) Agreement of Hypothecation of movables (D-101) - for packing credit. (c) Agreement of Hypothecation of movables (D-101) - for Cheques / BP, FBN/ FBP, Inland LC, Bank Guarantee. (d) Agreement for packaging Credit [pre –shipment advance] (D-28) (e) Agreements for Bills Purchased (D-35) – For Che/BP. (f) Agreement for Bills Purchased (D-35) - for FBN/FBP. (g) Agreement for Inland Irrevocable Letter of Credit (D-87) All dated 05th day of March 1999. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.900million Comprising of: Limits (Rs. In million) Open Cash Credit 0.500 Packing Credit 0.500 Cheques / BP 0.500 FBN / FBL 2.000 Inland LC 1.000 Bank Guarantee 1.400
5.900 |
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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 |
For Occ. PC. Cheques / Bp , FBN /FBP Inland LC. Bank Guarantee : All the movables consisting of goods , Produce , merchadies , Stock stored or to be stored from time to time in premises at 535A ,Avanashi Road , P.N. Palayam , Coimbatore – 37. For Cheques /
BP & FBn / FBP Limits All goods covered under railway railway receipts, bills of landing and documents of title to goods and other bills and documents. For In Land LC
Limit: All goods and
documents of title to goods and other documents covered under the said
facility. For Cheques / Bp ,
FBN / FBP , Inland LC & Bank Guarantee : -------------------------------------------------------------------- Milling machine
(Second hand machinery ) as stated in schedule III of the agreement of
hypothecation of movables- |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(a) Limits Interest Margin OCC 18.36% 25% PC 9.00% 28% Chq. BP 18.36% 10% FBN/FBP 9.00% 10% Inland LC -- 10% (Fresh ) Bank Guarantee -- 10% Only for money -- guarantee 25% (b) The Company agree that the Bank is entitled to charge a higher rate of interest than the rate stipulated above and agree to pay the said higher rate of interest in case of default in paying the instalments /dues or non-adhering to any of the terms and conditions stirulated in the agreements and as per Reserve Bank Of India directive / bank rules and agrees to pay interest Notice regarding change of interest and charging of over due interest is waived by the Company. (c) The above charge operates as security for due repayment of the loan and repayment / payment of other monies including all interest. Liquidated damages. Premia on prepayment or on redemption, costs, charges and expenses and all other monies due to the bank under the aforesaid agreements. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Bank : Head Office : 66, Rajaji Salai , Hennai -600001. Branch Office : P.N. Palayam Branch , Avanashi Road , Coimbatore – 641037 |
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6) Date and brief description of instrument modifying the charge |
08/10/2004 a. Agreement for Open Cash Credit (Stock / Book Debts) [D-105] for OCC limit. b. Agreement for Open Cash Credit (Stocks / Book Debts ) [D-105] for a PC Sub-limit under OCC Limit c. Agreement for Packaging Credit (pre – Shipment ) Advance [D-28] for PC Sub – limit under OCC limit d. Letter of the Bank intimating reduction / closure in limit. All the above dated the 8th day of October, 2004. |
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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. The credit facilities granted by the Bank to the company stands reduce from Rs.27.359 million to Rs.183.805 million as per details shown hereunder : Limits Existing Revised (Rs. million) OCC 2.500 6.000 PC 2.500 (1.000) Gtee [Money /Per} 4.062 4. 062 Formance ]} Import / Inland } LC } 1.400 0.014 Money Guarantee 2.400 2 .400 Money Guarantee I 2.968 2 .968 Adhoc CC 2.000 NIL Money Guarantee II 1.550 1.500 Import LC 7.979 NIL 27.359 18.580 # Now a sub-limit to OCC limit if Rs.6.000 millions b. Pursuant to the execution of the agreement referred to in Column Nos. 6(a) and (b) above , the amount secured by the existinf charge on – I. Goods, produce, merchandise, stock stored or to be stored from time to tine at SF. 120 /2A, Karayampalayam, or at any other places informed by the Bank Form time to time. II. Book debts, outstanding monies, recoverable claims bills, contracts, engagements securities, investments, rights and assets. Stands extended to cover to the OCC limit of Rs.6.0 Millions and the PC sub –limit of Rs.1.000 millions.(previously it was a regular limit). c. Pursuant to the execution of the agreement refereed to in column No.6(c) above , the PC limit of Rs.1.0 Millions, sub – limit to OCC limit stands secured by a charge on all types of raw material used for manufacturing of days and aluminium castings . d. There is no charge in the operation of chafe in any other respect. e. Rate of Interest : For OCC limit, interest is at Bank‘s PLR with a minimum of 11%. For PC Limit to OCC limit at minus 3%per annum over Bank’s PLR With a minimum of 8%. f. All other terms and conditions remain the same. g. The charge operates as security for the due repayment of all liabilities in respect of the said limits including costs, charges and expended and all other monies due to the company.
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Business Profile:
Subject is a commercial tool room equipped with all the machines & tools required for the design, development and manufacturing of Aluminium Pressure Die Casting Dies & Plastic Injection Moulds. They can produce dies & moulds for any product ranging from the smallest tools to the machine size of 1000 tons capacity.
Subject aims to produce quality & efficient products that serve the purpose and add value to its customers' money. Right from tool design, the importance of quality is emphasized. All possible efforts are taken to enhance the tool life. The standards followed are DME and HASCO. Any Die or Mould manufactured by Alpha craft is ensured to have a minimum tool life of 100, 000 shots.
v Subject is the largest commercial Die Casting tool room with part production facility in India.
v
A qualified and experienced
team ensures a lasting quality and international class in every aspect of tools
and components. A good blend of youth and experience takes care of finesse and
speed
v
Subject was started in 1993.
v
Today subject is a
renowned name in the country.
v
Modern manufacturing
facility, latest engineering design software and simulation (MAGMA) software
help manufacturing to achieve the intended quality and schedule.
Subject
is involved in;
v High Pressure Die Casting Dies.
v High Pressure Die Castings.
v Machining of High Pressure Die Castings.
v Squeeze Casting Dies.
v Gravity Die Casting Dies.
v Gravity Die Castings.
v Machining Of Gravity Die Castings.
v Manufacture of Prototype Dies.
All Dies are manufactured to highest
standards.
The
company is located in the southern part of India. (360 Kms South of Bangalore
& 500 kms South West of Chennai). Subject is exporting Aluminium HPDC and
GDC parts for the past 10 years to Europe.
Facilities:
The following are available at subject:
v MAKINO S33 CNC Machining Centre
v DAHLIH MCV 1020BA CNC Machining Centre
v Daewoo CNC Horizontal Model –HC400 dia 540
v CNC Wire Cutting Machine Sodick A3 20 Submerged
v MAKINO BMC 60 CNC Machining Centre
v Chevalier Vertical Turet Milling
v Proth Surface Grinding Model 3060 AH
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.27 |
|
UK Pound |
1 |
Rs.76.88 |
|
Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|