MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIDCO LIMITED |
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Registered Office : |
National House, Tilloch Road, Mumbai – 400039, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.11.1949 |
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Com. Reg. No.: |
11-7872 |
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CIN No.: [Company
Identification No.] |
U29300MH1949PTC007872 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20507E |
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PAN No.: [Permanent
Account No.] |
AAACM0149F |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Gasoline Dispensing Units |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 1400000 |
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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 fine track records.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Fundamentals are strong and healthy. Payments are
usually correct and as per commitments.
The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office : |
National House, Tilloch Road, Mumbai – 400039, Maharashtra |
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Tel. No.: |
91-22-22020229 |
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Fax No.: |
91-22-24093572 |
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E-Mail : |
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Website : |
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Head Office : |
Metro Estate, Vidyanagari
Marg, Kalina, Mumbai 400 098, Maharashtra |
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Tel. No.: |
91-22-6771 1333 |
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Fax No.: |
91-22-6771 1444 |
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Factory: |
Station Road, Near Jain Ashram, Vatva, Ahmedabad - 382
445, Gujarat |
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Tel. No.: |
91-79-2589 9999 |
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Fax No.: |
91-79-2583 1860 |
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Export -
Distributors / Buyers : |
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DIRECTORS
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Name : |
Ms. Shah Rasik Jagruti |
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Designation : |
Director |
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Address : |
6-B, Brighton No. 2, Off Napeansea Road, Rungta Lane, Mumbai – 400006,
Maharashtra |
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Date of Birth/Age : |
19.09.1943 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Munim Virendral Kulin |
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Designation : |
Director |
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Address : |
Kanchan Gauri Building, 6 Dr. Bhajekar Street, S V Road, Mumbai –
400004, Maharashtra |
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Date of Birth/Age : |
21.10.1940 |
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Date of Appointment : |
06.10.1998 |
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Name : |
Mr. Chatterjee Arup |
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Designation : |
Director |
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Address : |
Ben Nevis Flat No. 5, 100 Warden Road, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
22.06.1966 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Prabhakar Mangalore |
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Designation : |
Director |
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Address : |
20 Vasundhara Bhulabhai Desai Road, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
06.02.1916 |
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Date of Appointment : |
27.02.2001 |
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Date of Ceasing : |
03.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Ms. Shah Rasik Jagruti |
900 |
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M/s. Zeta Electricals Private Limited |
4783 |
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M/s. Sanscar Holdings Private Limited |
4400 |
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Mr. Chatterjee Arup Mana |
2356 |
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Mr. Shah Rasik Neil |
3190 |
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Ms. Kothari Sanjiv Priya |
2356 |
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Ms. Shah Rasik Falguni |
1990 |
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Total |
19975 |
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Equity Share
Breakup |
Percentage of
Holding |
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Category |
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Bodies corporate |
46.00 |
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Directors or relatives of directors |
54.00 |
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gasoline Dispensing Units |
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Products : |
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Export to : |
Africa, Middle East, South
Asia and the erstwhile USSR |
GENERAL
INFORMATION
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Customers : |
Public Sector Companies
Private Sector Oil Companies
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Bankers : |
Union Bank of India Overseas Branch, Union Bank Bhavan, Ground Floor, 239 Vidhan Bhavan
Marg, Nariman Point, Mumbai – 400021, Maharashtra |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A F Ferguson Associates Chartered Accountant |
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Address : |
Maker Tower E, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Membership : |
Petroluem Equipment Institute (PEI) |
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Associates/Subsidiaries : |
Midco Capital Services Limited CIN No.: L65990MH1994PLC082533 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs. 500/- Each |
Rs. 20.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19975 |
Equity Shares |
Rs. 500/- Each |
Rs. 9.987 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
9.987 |
9.987 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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330.175 |
274.600 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
340.162 |
284.587 |
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LOAN FUNDS |
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1] Secured Loans |
|
47.994 |
34.482 |
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2] Unsecured Loans |
|
3.878 |
12.236 |
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TOTAL BORROWING |
|
51.872 |
46.718 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.853 |
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TOTAL |
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392.034 |
332.158 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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61.843 |
70.372 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
57.006 |
21.120 |
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DEFERREX TAX ASSETS |
|
2.165 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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112.908 |
129.399 |
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Sundry Debtors |
|
219.138 |
233.283 |
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Cash & Bank Balances |
|
87.784 |
88.851 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
79.115 |
60.945 |
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Total
Current Assets |
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498.945 |
512.478 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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199.227 |
245.021 |
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Provisions |
|
28.698 |
26.791 |
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Total
Current Liabilities |
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227.925 |
271.812 |
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Net Current Assets |
|
271.020 |
240.666 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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392.034 |
332.158 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
831.010 |
980.250 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
831.010 |
980.250 |
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Profit/(Loss) Before Tax |
|
87.301 |
116.022 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
87.301 |
116.022 |
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Expenditures : |
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Interest |
|
4.911 |
2.775 |
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Depreciation & Amortization |
|
11.539 |
11.713 |
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Other Expenditure |
|
727.259 |
849.740 |
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Total Expenditure |
|
743.709 |
864.228 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
10.50 |
11.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
10.50 |
11.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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24.19 |
19.90 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.25 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.82 |
1.12 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.19 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80023422 |
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Corporate
identity number of the company |
U29300MH1949PTC007872 |
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Name of the
company |
MIDCO LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
National House, Tilloch Road, Mumbai – 400039, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
Union Bank of India, Overseas Branch, Union Bank Bhavan, Ground Floor,
239 Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra |
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Nature of description
of the instrument creating or modifying the charge |
|
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Date of
instrument Creating the charge |
27.12.2006 |
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Amount secured by
the charge |
Rs. 50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
:
Terms of
repayment : On Demand Margin : 25 % Extent and
operation of the charge : To secure Cash Credit
[Hypothecation] facility of Rs. 50 Millions W/W [Packing Credit / FDBP/ FUDBP
facility of Rs. 5.000 Millions] granted by the Bank to the Company. |
|
Short particulars
of the property charged |
The Borrower
hereby hypothecates by way of first charge in favour of the bank
|
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Date of latest
modification prior to the present modification |
08.08.2005 |
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Particulars of
the present modification |
Vide this
modification as additional sum of Rs. 25 Millions has been granted by the
bank thereby enhancing the Cash Credit [Hypothecation] facility from Rs. 25
Millions to Rs. 50 Millions against security of Stock and Book debts and also
enhancing Sub – limit of Packing Credit and FDBP / FUDBP facility from Rs.
2.500 Millions to Rs. 5.000 Millions against Stock Meant for Exports and
Purchase from or negotiate a Bills. Modification dated : 08.08.2005 was
registered on 29.09.2005 at Serial No. 309
|
AS PER WEBSITE
Profile
- Products: Petroleum Dispensing Units.
- Supplier to Indian petroleum industry since 1950 – first Indian
manufacturer
- Exports to Africa, Middle East, South Asia and the erstwhile USSR
- ISO 9002 certified in April 1998; ISO 9001 in April 2001
- Continuous up gradation of technology in manufacturing, assembly
and information systems
- Alliance with Tatsuno Corporation, Japan, among the world’s top 3
manufacturers of petroleum retailing products.
Marketing-cum-service tie-up in operation since early 1997 Technical Collaboration for manufacture/assembly of Multi-Product Dispensers in India for local and overseas markets.
Collaboration for offering Indian customers turnkey project handling capabilities in respect of new and existing petroleum retailing outlets.
Regular assistance for MIDCO personnel in engineering, manufacturing and
quality processes of Tatsuno.
- Alliance with E.Meurs, B.V., The Netherlands
Since 2000, a technical
collaboration for the purpose of turnkey auto-LPG installations including the
supply of dispensing equipment.
- OEM users and Distributors of Tatsuno and OPW nozzles, swivels,
couplings and breakaways
- Partnership with Hexagon Holdings Bhd and Polymer Composites Asia
Sdn Bhd, Malaysia for all types of signage products and technologies -
mainly focussed on retail petrol stations.
- Distributors of UPP (PetroTechnik) flexible pipework and
containment systems.
- Distributors of STPs and Automatic Tank Gauging systems
- Partnership with Oilco Services (India) Limited - countrywide
installation, commissioning, maintenance and service network focussed on
retail petroleum industry - only company in its field to have servicing
activity ISO 9001 certified. Also, capability to install and maintain
automatic tank gauging systems, STPs, flexible pipeworks, forecourt
automation equipment and all types of signage products.
Affiliations
Midco pumps is an active member of Petroluem Equipment
Institute (PEI).
All PEI members are in the mainstream of the petroleum
marketing equipment industry. Almost every significant U.S firm and other
global firms engaged in the manufacture and distribution of petroleum marketing
equipment is a member of PEI.
Member companies, located throughout the world, are the leading manufacturers,
sellers, and installers of equipment used in service stations, terminals, bulk
plants, fuel oil and gasoline delivery.
Servicing
Midco Pumps are serviced and supported by Oilco Services
(India) Limited.
Oilco Services (India) Limited was incorporated in 1999 and commenced its
operational activities in the year 2000. Oilco has its headquarters in Mumbai,
Regional offices at the 4 metro cities of Mumbai, Delhi, Kolkata and Chennai
and 57 service centres across the country. The branches are located in a manner
that customers can be reached in the shortest possible time and service level
agreements adhered to.
The organisational objective is to supply, install, commission and maintain all
such equipment that are utilized in a petroleum retail station environment. In
that, Oilco aims at becoming the largest service provider to the petroleum
companies in India for their requirement of retail outlet equipment. Currently
Oilco is the only service provider, that works with all the oil companies of
India, both in the public and private sector.
Electronics
Group
The aim of Midco's Electronic Group is to continuously add
value to their existing line of products as well as to design new components,
products and solutions for their customers. The Group has dedicated and
experienced embedded professionals.
Strengths
The type of projects they have executed and have experience
in are:
- Design and Development.
- Maintenance and Support.
- Porting and Migration .
- Proof of Concept (POC).
Awareness
with:
- Project life cycles like SDLC, RAD and V model .
- Project management and monitoring tools .
- Recent Industry trends .
- ISO 9001-2000 Processes
- Software Processes (CMM Levels)
Business
Partners
- Tatsuno Corporation
- E Meurs
- Ryko
- Clipsal Air Technology
- TCI Environment
- Healy Systems, Inc.
Customers
: Public Sector Companies
Bharat
Petroleum Corporation Limited
Bharat Petroleum Corporation Limited (BPCL) is a public
sector undertaking with a 6mtpa refinery at Mumbai and an overall market share
of 20%.
BPCL has a well-spread marketing infrastructure comprising
4489 retail stations, 147 installations/depots, 16 aircraft fueling stations
and 27 LPG bottling plants, which is a prerequisite in a decontrolled scenario.
BPCL is a partially integrated refiner with a total refining
capacity of 17.4 mn ton inclusive of KRL's 7.5 mn ton and NRL's 3 mn ton).
Among the state-owned refineries BPCL has the best product mix. De
bottlenecking has further increased the effective capacity utilization. For
FY00, the plant operated at 127% capacity. The company has an excellent
distribution infrastructure network along with a product pipeline between
Bombay and Manmad.
Hindustan
Petroleum Corporation Limited
Hindustan Petroleum Corporation Limited has a 20% market
share in India backed by a vast marketing and distribution network, which has
been continuously strengthened over the years.
The Corporation is one of the only two companies in India to
have its own product pipelines.
Fuels
Refinery
The HPCL Fuels Refinery at Mumbai, on the west coast of
India.
Lube Refinery
The Lube Refinery was commissioned at Mumbai in 1969 with a
capacity of 1,65,000 tonnes per annum which was expanded to their present
capacity of 3,35,000 tonnes per annum.
It is a mega Public Sector Undertaking (PSU) and is the second largest
integrated Oil Company in India, with Navratna status. It has two refineries
producing a wide variety of petroleum products - fuels, lubricants and
specialty products.
Indian
Oil Corporation Limited
Indian Oil, the largest commercial enterprise of India (by
sales turnover), is the only Indian company to find a place in Fortune's
"Global 500" of the world's largest companies (Rank 232 in 1999).
Among Petroleum Refining companies, it has a global ranking of 16 in terms of
revenue. IOC ranks at 44 by sales amongst 1000 largest companies in Asia in
2000 as per Asiaweek and ranks at 100 in the Forbes International listing of
800 largest non-US companies for the year 2000.
With the backing of over 33% of the country's refining
capacity as of 1st April 2001 (41%, if the capacity of recently acquired
subsidiaries is also added) and 6523 kms of crude/product pipelines across the
length and breadth of the country, Indian Oil's vast distribution network of
over 20,000 sales point ensures that essential petroleum products reach the
customer at the "right place and right time".
IBP
Company Limited
IBP
Company Limited is the Flagship Company of the Rs. 85000 Millions IBP-Blamer
Lawrie Group, consisting of IBP Company Limited, Balmer Lawrie and Company
Limited and Biecco Lawrie Limited Their Business Group (Petroleum) handles
storage and marketing of petroleum products. They have shared 50 years of
progress and industrialization after Independence. And this is the only
Petroleum Company, which has been contributing to the core sector for almost
90+ years.
Assam
Oil Division
Assam Oil Division
P.O. Digboi
Assam Pin 786171
Private
Sector Oil Companies
Essar Oil Limited
The Essar Group is one of India's
largest corporate houses with interests spanning the manufacturing and service sectors
in both old and new economies: steel, oil and gas, power, telecom and BPO,
shipping and construction.
Essar Oil Limited (EOL) is emerging as a leading integrated
oil and gas company spanning the entire value chain, from deep within the earth
all the way to the end-consumer. They have exploration and production (E and P)
rights in some of India's most 
valuable oil and gas blocks. EOL is building a state-of-the-art refinery
and a countrywide network of modern retail fuel outlets.
ONGC/MRPL
ONGC launched its new business of retail marketing of
transportation fuels in Mangalore, touching all the segments of the Hydrocarbon
Value Chain - a dream which was launched in May 2001.
This launch of ONGC Group’s prototype retail Petrol and Diesel outlet outside
the Refinery precincts at Mangalore, arrives two years after taking over MRPL.
OVaL - the latest retail
brand in the country - stands for ONGC Values Limited. It comes with futuristic
features. With this, ONGC becomes the first Group, not only to produce Euro III
fuels in the country, but to deliver it to the Indian customers, two weeks in
advance of the mandatory schedule.
As ONGC’s C and MD Mr. Subir Raha aptly put it “The values which OVaL stands
for are: “Ethics in Business, Excellence in Technology and Sincerity in
Service”.
The Logo of OVaL - designed by the National Institute of Design - stands for
its environment-friendliness. The top half of the Logo represents the wings of
a butterfly – signifying Beauty without Damage to the Environment. The bottom
half stands for the Wheel on the Road, signifying Movement.
The retail outlets - all company-owned (to facilitate a thorough brand
experience for the customers) - would be branded RelaxTop.
The OVaL RelaxTop will not be just another petrol pump. It is expected to bring
in a new experience in retail shopping. Apart from being the first to bring
EURO III Petrol and Diesel to Indian customers, it will deliver a host of other
benefits to customers.
Reliance Industries Limited
The Reliance Group, founded by Dhirubhai H. Ambani
(1932-2002), is India's largest private sector enterprise, with businesses in
the energy and materials value chain. Group revenues add up to USD 20 billion.
The flagship company, Reliance Industries Limited, is a Fortune Global 500
company.
The Group's activities span exploration and production of oil and gas,
petroleum refining and marketing, petrochemicals (polyester, fibre
intermediates, plastics and chemicals) and textiles.
Reliance enjoys global leadership in its businesses, being the largest
polyester yarn and fibre producer in the world and among the top five to ten
producers in the world in major petrochemical products.
Reliance is gearing up to revolutionize the retailing
industry in India. Towards this end, they are aggressively working on
introducing a pan-India network of retail outlets in multiple formats. A world
class shopping environment, state of art technology, a seamless supply chain
infrastructure, a host of unique value-added services and above all, unmatched
customer experience, is what this initiative is all about.
The retail initiative of Reliance will be without a parallel in size and spread
and make India proud. Ensuring better returns to Indian farmers and
manufacturers and greater value for the Indian consumer, both in quality and
quantity, will be an integral feature of this project. By creating value at all
levels, they will actively endeavor to contribute to India's growth.
The project will boast of a seamless supply chain infrastructure, unprecedented
even by world standards. Through multiple formats and a wide range of categories,
Reliance is aiming to touch almost every Indian customer and supplier.
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. 39.73 |
|
UK Pound |
1 |
Rs. 77.01 |
|
Euro |
1 |
Rs. 57.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
74 |
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 |
|