MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ESSEL MINING AND INDUSTRIES LIMITED |
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Registered Office : |
10, Camac Street,
Kolkata - 700 017, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.04.1950 |
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Com. Reg. No.: |
21-18728 |
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CIN No.: [Company
Identification No.] |
U51109WB1950PTC018728 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS00358B |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturing of
Low Carbon Ferro Alloys and HDPE/PP Woven Sacks |
RATING &
COMMENTS
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MIRAs 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 69379316 |
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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 of Aditya Birla Group. Available information indicates high financial
responsibility of the company.
Financial position is good.
Payments are usually correct and as per commitments. The company can
be considered good for any normal business dealings. It can be regarded as a promising business
partner in a long run. |
LOCATIONS
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Registered Office : |
10, Camac Street,
Kolkata - 700 017, West Bengal, India |
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Email: |
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Website : |
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Head Office : |
Industry House,
18th Floor, 10, Camac Street, Kolkata - 700 017, West Bengal |
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Tel. No.: |
91-33-22828339/6378/6398 |
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Fax No.: |
91-33-2824998 |
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E-Mail : |
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Website : |
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Factory : |
Keonjhar, Barbil 758035, Orissa, India |
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Warehouse: |
Ferro Chem Unit : Plot No. 165 / 166,
G.I.D.C.,Vapi - 396 195, Dist. Valsad, Gujarat, India Tel. No.
91-260-2423199/2436520 Fax No.
91-260-431099 E-Mail: info@emilvapi.com HDPE / PP Woven Sacks Unit : Plot A-6, Sector
20, Industrial Area, Jagdishpur - 227 817, Uttar Pradesh, India. Mines : ·
Post Barbil
- 758035, Dist - Keonjhar, Orissa-758035, India Tel. No.: 91-6767-275224/237 ·
Industry
House, 45, Race Course Road, Ground Floor, Bangalore-560001, Karnataka ·
14/3 Mile Stone,
Mathura Road, Faridabad, Haryana ·
Ezra Street,
Kolkata-700001, West Bengal |
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Branches : |
·
Industry
House, 45, Race Course Road, Ground Floor, Bangalore-560001, Karnataka Tel. No.
91-80-2268441 Fax No.
91-80-2253920 E-Mail: hgi.blr@rme.sril.in ·
Mittal
Court, B Wing, 12th Floor, 224, Nariman Point, Mumbai 400021,
Maharashtra Tel. No.
91-22-282-6456/2844241/2822918 Fax No. 91-22-28844214 E-Mail: hgi.mum@rme.sril.in ·
UCO Bank
Building, Parliament Street, New Delhi-110001 Tel. No. 91-11-3359634/3739657 Fax No. 91-11-3323022 E-Mail: hgi.del@rme.sril.in |
DIRECTORS
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Name : |
Mr. Kumar
Mangalam Birla |
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Designation : |
Director |
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Address: |
17-A, IL Palazzo,
Little GIBBS Road, Malabar Hills, Mumbai 400006, Maharashtra, India |
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Date of Birth : |
14.06.1967 |
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Date of Appointment : |
09.05.2004 |
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Name : |
Mr. Sunil Kumar
Daga |
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Designation : |
Director |
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Address: |
Rajanigandha, 25
Ballygunge Park, Flat No, 14 W, Kolkata - 700 019, West Bengal, India |
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Date of Birth : |
06.03.1941 |
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Date of Appointment : |
18.07.1975 |
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Name : |
Mr. Manish Newar |
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Designation : |
Director |
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Address: |
Kusum Apartments,
11 Gurusaday Road, 6th Floor, Flat No. 63/64, Kolkata 700019,
West Bengal |
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Date of Birth : |
30.03.1969 |
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Date of Appointment : |
08.12.1993 |
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Name : |
Mr. Ravindra
Kastia |
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Designation : |
Director |
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Address: |
125, Satnam
Apartments, Cuffe Parade, Colaba, Mumbai 400005, Maharashtra, India |
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Date of Birth : |
12.06.1955 |
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Date of Appointment : |
31.07.2004 |
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Name : |
Mr. Nagendra
Chandra Shah |
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Designation : |
Director |
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Address: |
1, Burdwan Road,
Alipore, Kolkata - 700 027, West Bengal, India |
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Date of Birth : |
10.08.1935 |
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Date of Appointment : |
05.11.1973 |
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Name : |
Mr. Ashwin Kumar
Kothari |
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Designation : |
Director |
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Address: |
Gold Cornet, Flat
No.4, 1st Floor, 11 Nawroji Gamadia Road, Mumbai 400026,
Maharashtra, India |
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Date of Birth : |
14.09.1942 |
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Date of Appointment : |
08.12.1993 |
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Name : |
Mrs. Rajashree
Birla |
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Designation : |
Director |
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Address: |
16-A, IL Palazzo,
Little GIBBS Road, Malabar Hills, Mumbai 400006, Maharashtra, India |
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Date of Birth : |
15.09.1945 |
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Date of Appointment : |
09.05.2004 |
KEY EXECUTIVES
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Name : |
Mr. H C Daga |
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Designation : |
Senior President |
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Name : |
Mr. R P Pansari |
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Designation : |
Senior President
and Chief Finance Officer |
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Name : |
Mr. Ramesh
Aggarwal |
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Designation : |
Senior Vice President
(F and C) |
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Name : |
Mr. G K Ravinder |
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Designation : |
Senior Vice
President HR |
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Name : |
Mr. R S Sharme
(Mining Division) |
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Designation : |
Jt. Executive
President |
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Name : |
Mr. Ravi Bansal
(Ferro Chem Division) |
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Designation : |
Vice President |
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Name : |
Mr. M P Dhanuka
(Nitrogen Gas Division) |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ajanta Offset and
Packaging Limited |
|
30000 |
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Digital Equipment
Limited |
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100 |
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Gold Motor Vyapar
Corporation Limited |
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57500 |
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Himachal
Futuristic Corporation Limited |
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15180 |
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J. J. Finance
Limited |
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50000 |
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Mangalam Carbide
Limited |
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20000 |
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M. K. J.
Enterprise Limited |
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2000 |
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Prag Jyoti
Construction Company Limited |
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40000 |
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Category |
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Percentage |
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Public Financial
Companies |
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0.01 |
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Bodies Corporate
(Not Mentioned above) |
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96.51 |
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Directors or relatives
of directors |
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1.84 |
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Other top fifty
(50) shareholders (other than listed above) |
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1.64 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Low
Carbon Ferro Alloys and HDPE/PP Woven Sacks |
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Products : |
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Terms : |
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Selling : |
Cash, Contract,
Credit or L/C terms |
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Purchasing : |
Cash, Contract,
L/C or Credit terms |
GENERAL
INFORMATION
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Customers : |
·
Manufacturers ·
Wholesalers ·
Government
bodies |
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No. of Employees : |
2000 |
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Bankers : |
·
ICICI Bank ·
HDFC
Bank, Kolkata, West Bengal ·
Indian
Overseas Bank, Free School
Street Branch, 6, Royd Street, Kolkata - 700 016, West Bengal ·
State Bank
of India, Commercial Branch,
24, Park Street,Kolkata - 700 016, West Bengal ·
United Bank
of India, Kolkata, West Bengal |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi
and Company Chartered
Accountant |
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Address : |
36, Ganesh
Chandra Avenue, Kolkata - 700 013, West Bengal, India |
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Subsidiary Company
: |
·
IGH Holding Private Limited ·
Kanishtha Finance and Investment Private Limited ·
Aditya Birla Retail Limited ·
Trinethra Superretail Private Limited ·
H A S Two Holdings Private Limited ·
Fabmall (India) Private Limited ·
Terrafirma Agroprocessing (India) Private Limited |
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Affiliates: |
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CAPITAL STRUCTURE
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 |
|
299000000 |
Preference shares |
Rs.100/-
each |
Rs.29900.000
Millions |
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Total |
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Rs.30000.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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492695 |
Equity Shares |
Rs.10/- each |
Rs.4.926 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.927 |
2.900 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17339.902 |
11515.900 |
5883.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17344.829 |
11518.800 |
5888.300 |
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LOAN FUNDS |
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1] Secured Loans |
3042.069 |
3236.500 |
710.300 |
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2] Unsecured Loans |
5007.693 |
1465.400 |
23.100 |
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TOTAL BORROWING |
8049.762 |
4703.900 |
733.400 |
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DEFERRED TAX LIABILITIES |
528.576 |
0.000 |
0.000 |
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TOTAL |
25923.167 |
16222.700 |
6621.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4543.825 |
4711.600 |
1438.300 |
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Capital work-in-progress |
78.500 |
30.200 |
193.400 |
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INVESTMENT |
2959.122 |
3525.000 |
3710.300 |
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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 |
919.542 |
1101.700 |
805.900 |
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Sundry Debtors |
722.159 |
1365.000 |
1259.200 |
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Cash & Bank Balances |
885.835
|
71.500
|
88.100 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
16654.170
|
7378.100
|
671.300 |
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Total
Current Assets |
19181.706
|
9916.300
|
2824.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
757.262
|
1925.600
|
1520.700 |
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Provisions |
82.724
|
34.800
|
24.100 |
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Total
Current Liabilities |
839.986
|
1960.400
|
1544.800 |
|
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Net Current Assets |
18341.720
|
7955.900
|
1279.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25923.167 |
16222.700 |
6621.700 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
18588.117 |
17740.600 |
11321.900 |
|
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Other Income |
268.760 |
388.400 |
124.100 |
|
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Total Income |
18856.877 |
18129.000 |
11446.000 |
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|
|
|
|
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Profit/(Loss) Before Tax |
8675.498 |
7536.100 |
5664.900 |
|
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Provision for Taxation |
2839.920 |
1895.200 |
2066.900 |
|
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Profit/(Loss) After Tax |
5835.578 |
5640.900 |
3598.000 |
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Export Value |
6957.468 |
7595.877 |
N.A. |
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Import Value |
N.A. |
N.A. |
N.A. |
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Expenditures : |
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|
|
|
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Manufacturing Expenses |
1.748 |
997.300 |
703.300 |
|
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Administrative Expenses and Selling Expenses |
209.251 |
6146.900 |
2915.700 |
|
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Raw Material Consumed |
2129.140 |
2362.200 |
1345.600 |
|
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Employees Cost |
377.198 |
218.200 |
186.900 |
|
|
Increase/(Decrease) in Finished Goods |
231.116 |
231.900 |
550.500 |
|
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Interest and Financial Charges |
386.462 |
147.500 |
21.700 |
|
|
Depreciation & Amortization |
289.967 |
178.900 |
57.400 |
|
|
Other Expenditure |
6556.497 |
310.000 |
0.000 |
|
Total Expenditure |
10181.379 |
10592.900 |
20464.279 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
30.95
|
31.11 |
31.43 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
46.67
|
42.48 |
50.03 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.57
|
51.52 |
132.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.65 |
0.96 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.58 |
0.39 |
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Current Ratio (Current Asset/Current Liability) |
|
22.83
|
5.06 |
1.83 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8 :
|
Corporate
identity number (CIN) Foreign company registration number |
U51109WB1950PTC018728 |
|
Name of the
Company |
ESSEL MINING AND INDUSTRIES LIMITED |
|
Address |
10, Camac Street,
Kolkata - 700 017, West Bengal, India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Movable Property
(Not being Pledge) |
|
Particulars of
the charge holder |
Unit Trust of
India Investment Advisory Services Limited UTI Tower GN Block
Bandra Kurla Complex, Bandra (E), Mumbai 400051, Maharashtra, India CIN :
U65993MH1988PLC047756 |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation (DOH) for foreign currency loan of USD 11.50 Million dated
13.03.2007 |
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Date of the
instrument creating or modifying the charge |
13.03.2007 |
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Amount secured by
the charge |
Rs.470.350
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: The aggregate of
the applicable margin (1.00% p.a.) and 6 month LIBOR Terms of
Repayment : Repayable in
Eleven equal semi-annual installments with 1st installment being
due on the 1st anniversary of the date of Average Draw down of the
facility. Margin : 1.0
% p.a. Extent and
operation of the charge : Exclusive first
charge on the company all movable property both present and future related to
15 MW wind power project situated at Dhulia in the state of Maharashtra as
detailed in schedule II of the DOH dated 13.03.2007 Others : Disbursement has
been made US$ i.e. USD 11.500 Millions. The loan amount has been converted
into Rupee @1 US$=Rs.40.90 on the date of filling this form the completion of
this form. |
|
Short particulars
of the property charged (including location of the property) |
Whole of the
moveable property of the company including movable plant and machinery,
factories, premises and godowns related to the 15 MW wind power project
situated at Dhulia in the state of Maharashtra as described in schedule II of
the DOH dated 13.03.2007 |
|
Particular of the
present modification |
N.A. |
Profile :
Established
in 1950-
- Subject is today one of the India's largest Iron ore mining
companies in the non captive private sector.
- India's largest producer of Noble Ferro Alloys like Molybdenum,
Vanadium, Tungsten and Titanium.
Subject is part of Aditya Birla
Group, which is among India's largest business houses.
- The Group has 40 state-of-the-art manufacturing units and sectoral
services, anchored by 72,000 employees.
- The Group has operations in 18 countries including Thailand,
Indonesia, Malaysia, Philippines, Egypt, Canada, USA and UK.
- A premium conglomerate, the Aditya Birla Group's annual revenues
today are in excess of US$ 5.6 billion with net earnings of US$ 500
million per annum.
- AV Birla Group is the world's largest producer of Viscose Staple
Fibre.
- It is among the world's largest producers of White Cement.
- It is the world's largest single location refiner of Palm oil.
- It is a leading producer of Insulators in the world.
- It is the fifth largest producer of Carbon Black in the world.
- It is among the lowest cost producers of Aluminium globally.
Subject
is driven by an endeavor to convert all waste produced during mining process to
usable form so that neighboring population is not affected by the waste. This
sums up our Mining Philosophy
Mining
Beyond Mines... that is Generating Wealth from Waste.
Some
of the community development initiatives are:
School
- A model school which will have the highest standards of excellence.
- It will act as an important tool for the socio-economic development
of the region.
Mobile Health Club
Total beneficiary 773 people
DDT Spraying
Total beneficiary 14000 people
Sports Promotion
Total beneficiary 160 people
Rest Shed
Total beneficiary 3000 people
Tubewell repairing
Total beneficiary 1050 people
Family Planning Camp
Total beneficiary 55 people
Eye camp
Total beneficiary 109 people
Dental Camp
Total beneficiary 400 people
Malaria Awareness and
Blood Group
Total beneficiary 500people
Wool Knitting
Training
Total beneficiary 16 people
Street Play for
Social Awareness
Total beneficiary 8200 people
AWARDS AND RECOGNITION
The Company received several accolades both from government
and non-government organizations / associations.
A selective list is as follows:-
* Received IMC Ramakrishna Bajaj National Quality Commendation
Certificate for the year 2005
* Mines Environment and Mineral Conservation Week for the year
2005-06
* FIMI - Environment Award
* Mines Environment & Mineral Conservation Week - Awarded the first
prize for afforestation; waste dump management; air quality management; noise,
vibration reduction and scientific studies; second prize for management of sub
grade, and third prize for top soil management, sedimentation and water
management and air quality management
* The Company's Nitrogen Gas Division was honored by the Department of
Commercial Taxes, Karnataka State with 'Honest Tax Payer Award'
* Green Tech Safety Silver Award for the Year 2005-06
* Rajiv Gandhi National Quality Award - 2005 Commendation
Certificate
* CII HRD Award 2005-06, Eastern Region
* CII Sustainability Award - 2006
* 2006 Commendation Certificate for Significant Achievement
* Star winner of 'Group wide WCM Case Study Competition - 2005
* 1st Prize 'Group wide WCM Team Competition - 2005' - Regional
Competition
* Won 'Best House Keeping Award - 2005' from Baroda Productivity Council
FUTURE
PROSPECTS
With the Indian economy growing at a rate of around 8%, many new opportunities
are coming up in infrastructure, coal and iron ore sectors. The management is
constantly monitoring the macro economic scenario and is gearing itself for the
developments.
With double-digit growth predictions in steel and infrastructure sector
the outlook appears positive. Prospects of growth in the Mining Division and
the Ferro Chem Division seems buoyant. Chinese demand for iron ore will
continue to add to the export revenues of the Company.
The contract with MRPL for supply of nitrogen gas expires on 31st
December 2006. With the expiry of the contract with MRPL, the Nitrogen Gas
Division's future prospects depend upon the renewal of the contract. Unless
renewed, the Company may have to take a strategic decision in this
regard.
The 75 MW Wind Power Division of the Company is expected to achieve the
rated performance.
HUMAN RESOURCES DEVELOPMENT
They fully recognize that people are the lifeline of their Organisation. Hence,
they invest heavily in people, people processes and in skill development. In
the Chairman's letter, Group-wide initiatives to build a meritocracy have been
detailed. All these processes, such as Value Workshop, talent management, job
analysis and evaluation, and performance management, among others, have been
implemented at the Company as well.
The importance of continuous learning, re-learning is a thrust area. At
Gyanodaya, their Management Learning Institute, several executives underwent
training programmes that helped build new competencies and hone current
competencies.
Some of these programmes focus on keeping employees abreast of technological
and technical developments that take place, behavioural competencies and
Six-sigma as well.
They continue to make strides in HR ERP under the umbrella of 'Poornata'. It
aims at improving the service delivery time of the HR function by standardizing
and digitizing the way data is maintained for all HR processes spanning
recruitment, workforce administration and position management, talent
management, etc.
To strengthen the Performance Management Process, Performance Management
Workshops have been conducted based on Corporate H.R. guidelines, to cover all
management staff at various locations. Performance Champions have been
identified to strengthen the process.
In line with their people vision of being an achievement focused, development
oriented and people sensitive organization, the Company endeavors to create an
environment of holistic growth.
MAKING
A DIFFERENCE: THEIR COMMITMENT TO UNDERPRIVILEGED PEOPLE
The philosophy of caring, giving, developing and empowering an under-served
people is part of their Group's DNA. It is a common strain that courses through
the veins of all their Group Companies.
The Company's social projects in India's hinterland are carried out under the
aegis of the Aditya Birla Centre for Community Initiatives and Rural
Development, led by Mrs. Rajashree Birla, the director.
The Company's work is based on the felt needs of the communities. It is in
tandem with the Group's social vision which is 'to make a qualitative
difference to the lives of the weaker sections of society in proximity to their
plants and in doing so improve the human development index of their nation'.
The Company organized Healthcare camps, inclusive of mother and childcare, oral
health, malaria prevention. The Company is engaged in sustainable livelihood
programmes to enable the weaker sections of society, make out a living,
extensive training is provided to hone people skills.
The Company also supports infrastructural projects such as repairing of roads,
check dams, bridges, panchayat halls and community buildings.
In these humanitarian endeavors, the Company partners with the Government,
District Authorities, Village Panchayats and other like-mined NGOs, and above
all the communities, who seek to serve. They believe only through collective
efforts can they usher in a more equitable society. The Board and the Company's
employees are committed to this process.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl
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 companys 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.39.56 |
|
UK Pound |
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.57.89 |
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 |
|