MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CAPARO ENGINEERING INDIA PRIVATE LIMITED |
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Registered Office : |
5th Floor Rajendra Bhawan 210, Deen Dayal Upadhyay Marg,
New Delhi – 110 002 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
9.05.2000 |
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Com. Reg. No.: |
55-105609 |
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CIN No.: [Company
Identification No.] |
U74101DL2000PTC105609 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC07038D |
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PAN No.: [Permanent
Account No.] |
AABCC7862N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal Components, Panels, Fasteners, Tubes. |
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 5800000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
This is a subsidiary of Caparo Group, United Kingdom Available information indicates high financial responsibility of the
company. Their trade relations are fair. Payments are reported as correct and
as per commitments. It can be considered good for any normal business dealings at usual
trade terms and conditions. Mr. Manoj Kumar (09329852020) and others of the company denied
business and financial details. |
LOCATIONS
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Registered Office / Factory: |
5th Floor Rajendra Bhawan 210, Deen Dayal Upadhyahy Marg,
New Delhi - 110 002, India |
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Tel. No.: |
91-124-4318000 / 5016825 |
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Mobile No.: |
91-9329852020 |
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Fax No.: |
91-124-5016829 |
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E-Mail : |
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Website : |
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Corporate Office : |
9B, Sector II, AKVN Industrial Area, Pithampur - 454774, District
Dhar – 454775, Madhya Pradesh India |
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Tel. No.: |
91-729– 2507300 / 2252821 |
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Fax No.: |
91-729-2507300 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Madhu Bhalla Ahluwlia |
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Designation : |
Director |
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Address : |
A -168, New Friend Colony, New Delhi – 110 065, India |
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Date of Birth/Age : |
14.05.1964 |
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Date of Appointment : |
19.05.2000 |
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Date of Ceasing: |
02.05.2007 |
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Name : |
Mr. Colin G Steele |
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Designation : |
Director |
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Address : |
Hindrum Cokes Lane, Chalfont St Giles, Bucks, London, United Kingdom |
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Date of Birth/Age : |
12.11.1946 |
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Date of Appointment : |
19.05.2000 |
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Date of Ceasing: |
02.05.2007 |
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Name : |
Mr. John Godfrey Wood |
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Designation : |
Director |
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Date of Birth/Age : |
09.08.1949 |
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Date of Appointment : |
02.12.2003 |
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Name : |
Mr. John Franklin wood |
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Designation : |
Director |
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Address : |
27, oak Hill Drive, Edgbaston, Birmingham, West Midlands, England
B153UG |
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Date of Birth/Age : |
25.02.1951 |
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Date of Appointment : |
02.1.22003 |
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Date of Ceasing: |
02.05.2007 |
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Name : |
Mr. Dinesh Chhabra |
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Designation : |
Director |
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Date of Birth/Age : |
16.05.1963 |
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Date of Appointment : |
02.05.2007 |
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Name : |
Mr. Richard Gareth John Butler |
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Designation : |
Director |
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Date of Birth/Age : |
22.03.1969 |
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Date of Appointment : |
02.05.2007 |
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Name : |
Mr. Sunil Pahilajani |
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Designation : |
Director |
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Address : |
A -1/54, Ground Floor, Safderjung Enclave, Delhi – 110 023, India |
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Date of Birth/Age : |
16.08.1962 |
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Date of Appointment : |
09.05.2002 |
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Name : |
Mr. Anil Kumar Asthana |
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Designation : |
Director |
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Address : |
C -603, Ambience Island, National Highway No. 8, Gurgaon, Haryana,
India |
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Date of Birth/Age : |
06.07.1950 |
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Date of Appointment : |
19.05.2000 |
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Name : |
Mr. John Godfrey Smith |
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Designation : |
Director |
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Address : |
Chequerfield House, 32 Showell Lane, Lower Penn, Wolverhampton , West
Midlands, England WV44TT |
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Date of Birth/Age : |
09.08.1949 |
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Date of Appointment : |
02.12.2003 |
KEY EXECUTIVES
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Name : |
Mr. Angad Paul |
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Designation : |
Chairman |
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Address: |
6, Ambika House 9A, Portland Place, London Win 3AA, London, United
Kingdom |
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Date of Birth/Age : |
04.06.1970 |
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Date of Appointment : |
19.05.2000 |
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Name : |
Mr. Ashish Malkotia |
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Designation : |
Company Secretary |
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Date of Appointment : |
15.06.2006 |
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Name : |
Mr. Vivek Mittal |
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Designation : |
Secretary |
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Address : |
67 A, Humaun Pur, Safderjung Enclave, Delhi – 110 029, India |
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Name : |
Mr. Prabhat Gupta |
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Designation : |
Secretary |
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Address : |
25, Mohini Marg, Near airport, tonk Road, Jaipur, Rajasthan, India |
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Date of Birth/Age : |
18.07.1971 |
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Date of Appointment : |
10.06.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.12.2006) |
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No. of Shares |
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Mr. Sunil Pahilajani |
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10 |
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Mrs. Madhu Bhalla |
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10 |
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Caparo India Private Limited |
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6450655 |
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Caparo India Limited |
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71400923 |
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Total
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77851598 |
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Equity Share Break Up (as on 31.12.2006) |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial institutions
, non residents or Overseas corporate bodies or others |
91.71 % |
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Bodies corporate |
8.29% |
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Total |
100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal Components, Panels, Fasteners, Tubes. |
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Products : |
Sheet Metal Stamping |
GENERAL
INFORMATION
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Suppliers : |
· Unique Poly Pack Private Limited · Weldon India Private Limited · Push Up Tools Udyog Private Limited · V M Automats |
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Customers: |
· Maruti Suzuki · General Motors · Honda Motors · Delphi Automotive · Eicher Motors · Ford India · Hindustan Motors · Bajaj Tempo |
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No. of Employees : |
1500 |
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Bankers : |
· State Bank of India Address: Industrial Finance Branch, Near GPO Indore, India
· ICICI Bank Limited · Standard Chartered Bank Address: Narain Manzil, 23 Barakhamba Road, New Delhi – 110 001, Delhi, India · Bank of Baroda · Canara Bank · HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Lodha and Company Chartered Accountants |
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Address : |
12, Bhagat Singh Marg, New Delhi – 110 001, Delhi, India |
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Parent Company: |
Caparo India Limited , United Kingdom |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000000 |
Equity Shares |
Rs. 10/- each |
Rs.1500.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
77851598 |
Equity Shares |
Rs. 10/- each |
Rs. 778.516 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2006 [9 Months] |
31.03.2006 [12 months] |
31.03.2005 [12 months] |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
778.516 |
316.197 |
49.000 |
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2] Share Application Money |
377.000 |
97.250 |
65.506 |
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3] Reserves & Surplus |
[9.089] |
36.255 |
24.983 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1146.427 |
449.702 |
139.489 |
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LOAN FUNDS |
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1] Secured Loans |
1774.698 |
604.883 |
142.324 |
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2] Unsecured Loans |
0.000 |
0.000 |
7.500 |
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TOTAL BORROWING |
1774.698 |
604.883 |
149.824 |
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DEFERRED TAX LIABILITIES |
0.000 |
12.411 |
8.915 |
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TOTAL |
2921.125 |
1066.996 |
298.228 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1512.935 |
286.996 |
139.923 |
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Capital work-in-progress |
765.540 |
677.191 |
80.642 |
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INVESTMENT |
83.444 |
10.267 |
6.543 |
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DEFERREX TAX ASSETS |
14.298 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
250.147
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89.568 |
22.342 |
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Sundry Debtors |
212.113
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71.561 |
38.381 |
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Cash & Bank Balances |
341.142
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6.499 |
22.555 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
155.913
|
108.038 |
12.251 |
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Total
Current Assets |
959.315
|
275.666 |
95.529 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
399.441
|
177.907 |
24.409 |
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Provisions |
14.966
|
5.217 |
0.000 |
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Total
Current Liabilities |
414.407
|
183.124 |
24.409 |
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Net Current Assets |
544.908
|
92.542 |
71.120 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2921.125 |
1066.996 |
298.228 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.12.2006 [9 Months] |
31.03.2006 [12 months] |
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Sales Turnover |
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671.679 |
274.091 |
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Other Income |
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25.543 |
23.652 |
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Total Income |
|
697.222 |
297.743 |
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Profit/(Loss) Before Tax |
|
[67.065] |
18.058 |
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Provision for Taxation |
|
[21.721] |
6.787 |
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Profit/(Loss) After Tax |
|
[45.344] |
11.271 |
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Export Value |
|
17.792 |
0.050 |
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Import Value |
|
325.812 |
109.867 |
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Expenditures : |
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Financial Charges |
|
143.964 |
34.373 |
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Depreciation & Amortization |
|
58.952 |
17.913 |
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Other Expenditure |
|
561.371 |
227.399 |
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Total Expenditure |
|
764.287 |
279.685 |
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KEY RATIOS
|
PARTICULARS |
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31.12.2006 [9 Months] |
31.03.2006 [12 months] |
31.03.2005 [12 months] |
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PAT / Total Income |
(%) |
[6.50]
|
3.79 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
[9.98]
|
6.58 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[2.07]
|
1.44 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.06]
|
4.02 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
1.75 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
|
2.31
|
1.51 |
3.91 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company
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CAPARO ENGINEERING INDIA PRIVATE LIMITED |
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Presented By |
Mr. Prabhat
Gupta, Company Secretary |
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1) Date and
description of instrument creating the change |
· Agreement of loan for overall limit · dated 4th August 2003 · Agreement of hypothecation of goods and assets · dated 04.08.2003 · Agreement of pledge goods and assets · Letter regarding grant of individual limits within overall limit. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 192.200
millions |
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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 |
Entire current
assets of the company , both present and future situated at 9B, Sector II,
AKVN Industrial Area, Pithampur, District Dhar, Madhya Pradesh, India |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
All the security shall be kept property insured by the company and
insurance policy shall be assigned in favour of the bank The company shall submit periodic stock reports to the banks The company shall maintain margins as may be specified by the bank
from time to time. Interest @ State Bank Advance Rate will be charge on Cash credit and State
Bank Medium Term Loan Lending Rate will be charged on Term Loan at monthly
rest. Commission on Bank guarantee will be charge as per State Bank of India
effective instructions. Bank of India effective instructions Bank reserves the right to charge penal Interest in case any of the
accounts of the company is irregular Repayment of term loan is spread over 25 quarterly installments
starting from September 2003. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch Near GPO Indore |
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6) Date and brief description of instrument
modifying the charge |
Equitable
mortgage by depositing title deeds on 6th September 2005 |
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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. |
Term Loan II
(Pithampur) is secured by equitable mortgage on property situated at 9B,
Sector II, AKVN Industrial Area,
District Dhar, Madhya Pradesh, India Term Loan III
(chopanki) is secured by equitable mortgage on property situated at Plot No.
A 7 to 9 and E 3 to 34 chopanki Industrial Area, District Alwar, Rajasthan. So now the title
limits and their respective charges on assets of the company are as below:
Conditions
regarding Keeping all the security properly insured and assigning insurance
policies in favour of Bank, submitting periodic stock statement, Bank rights to
charge penal Interest in certain circumstances remain same. |
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Corporation identity number or foreign company registrations number of
the company |
U74101DL2000PTC105609 |
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Name of the company |
CAPARO ENGINEERING India PRIVATE LIMITED |
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Address |
5th Floor Rajendra Bhawan 210, Deen Dayal Upadhyahy Marg,
New Delhi - 110 002, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Book Debts Others |
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Particular of the charge holder
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Standard Chartered Bank Credit Risk Control Narain Manzil, 23 Barakhamba Road, New
Delhi – 110 001, India |
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Nature or description of the instrument creating charge |
Unattested Memorandum of hypothecation |
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Date of the instrument creating charge |
18.02.2008 |
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Amount Secure by the charge |
Rs. 220.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest : As per agreement Terms
of repayment as per agreement Margin: as per agreement Extent
and Operation of the charge Pari passu charge Others: As per agreement |
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Short particulars of the Property charged |
First Pari passu charge on the entire current assets of the company
stored or to be stored at the company godowns or premises or wherever lese
the same may be. |
WEBSITE DETAILS:
The company focus is always
on customer. They take pride in offering Total solutions to metal stamping
worries. With clear understanding of
customers' needs and business processes and deep knowledge and competence in
metal forming technology, they present the best mix of Quality, Cost
and Delivery, exclusively for every customer.
Quality
The TS: 16949 certified
facility is equipped with industry quality assurance equipments. Their team is
committed to exceed the Customer benchmarks.
Cost
Lean enterprising, short
SOP time, focus on efficiency, and continuous process improvements mean
competitive advantage to customers and year on year cost improvements.
Delivery on-time
every-time
They understand
every customer has unique supply chain practices.
Products:
Sheet Metal
Stamping
They specialize in
automotive stampings in steel and aluminum. Their customers rely on them for a
vast range of products including body parts, chassis parts, reinforcements,
brackets, frame add-on parts, and other general stampings. Product range spans
from thin as 0.5 mm to thick as 4 mm, small as a few centimeters to large as
2.5 meter x 2.0 meters.
They provide total
solutions for metal stamping needs of their customers. Starting right from
process design stage to development, proving tools, migration to mass
production and then effective delivery management, they team up with customers
to complement their strengths and provide a tailored solution.
Facilities:
Facilities
for Creating Global Quality Products
Their long
experience in metal stamping business has helped them in putting up facilities
for present and future requirements of their customers. They have chosen
right combination of technologies to address their specific needs in a cost
effective manner and have set-up a versatile facility to support manufacturing
a vast range of products.
Plant is located at
Pithampur in Central India over 7 acre land. Incidentally, it is very
close to a few automobile companies in India and offers them proximity
benefits. It started production in year 2002.
They are ever
willing to invest on commitments of their customers and are continuously
enhancing their capabilities and capacities.
· Stamping
Quality
They know high
quality stampings are vital to success of their customers' business. To give
them right parts every time, they have imbibed quality in their work culture at
every level in the organization. They always target ZERO defect parts and
control every process to impart the same world class quality to each and every
part going out to customer.
The company quality
management systems are TS:16949 compliant and certified by Underwriters
Laboratories.
The company's
extensive management development programs play an important part in ensuring a
good flow of management talent to their businesses. A stimulating work
environment also creates the drive for excellence and innovation .
PRESS RELEASES:
Targeting Niche
Segment: Deb Mukherji
(centre), CEO, Caparo India and Choi Han Young
(right), President, Hyundai Commercial Vehicles, South Korea at the signing
function of a technical agreement in Chennai on Monday. Sunil Pahilajani,
Managing Director, Caparo, looks on.
CHENNAI: The Caparo group on Monday signalled its foray into the luxury bus segment by penning a technical pact with Hyundai Motor Company of South Korea to set up an assembly plant in India. Hyundai has already running a largely successful passenger car subsidiary in India.
The luxury bus plant will come up at an yet-to-be-identified location in South India.
The proposed facility will have annual capacity of 1,500 luxury buses. To begin with, it will be an assembly unit of CKD (completely knocked down) parts imported from South Korea.
In an informal chat with presspersons here after the signing of the technical agreement between the two companies, Deb Mukherji, Chief Executive Officer (New Projects), Caparo India, said the luxury bus unit would be a Caparo venture and promoted through an independent company.
Mr. Mukherji declined to reveal the investment details of the project. He merely said, “It would be a few hundred crore rupee project.”
Asked under what badge the luxury buses would be sold, he said it could sport both Caparo and Hyundai badges.
He said the proposed plant would require at least 20 acres, he said.
The CEO said the luxury buses would be for the domestic market and export possibilities could be explored at subsequent stages. Asked about the local content in the luxury bus, he said chassis and the like could be sourced from within the country. Mr. Mukherji said the engine would come from South Korea.
On the size of the engine, he said it could range from 320 hp to 380 hp.
A release from the Caparo group said the plant would go on stream in the last quarter of 2008-09. “The buses will have world-class technology, looks and luxury,” the release quoted Angad Paul, Chairman, Caparo India, as saying. The buses, the release said, would be fitted with powerful and efficient Euro III/IV engines, air-wide suspension and ABS systems. “We are offering a product on a par with global quality standards. We believe our buses will transport people in comfort and style,” Mr. Mukherji said.
While the Caparo official said the location of the project was still to be finalised, agency reports from Seoul suggested that the plant would come up in the vicinity of the Hyundai car facility at Sriperumbudur near here. These reports also said Hyundai would provide Caparo parts and production technology for making Aero buses in India.
Caparo Group to invest
Rs. 10000.000 millions in India
New Delhi, January 10: NRI industrialist Swraj Paul-led Caparo India said it plans to invest Rs 10000.000 millions in the Indian market over the next three years to become the largest automotive technology company in the country.
"The company will invest Rs 10000.000 millions over the next two to three years time. We plan to rake in USD 500 million sales from the country by then," Caparo India CEO Angad Paul told reporters at the 9th Auto Expo.
The company has already invested Rs 10000.000 millions in the country toward setting up 22 manufacturing facilities, including in Pune, Chennai and Singur in West Bengal.
Paul said the company would review the investment figures as and when required. The investment would be made in setting up manufacturing units near the existing ones in Chennai and Singur as also in expanding capacity at the Pune unit.
A major portion of the USD 1.5 billion revenues of Caparo Group comes from the UK and US. India accounts for about USD 150 million. "In future, we would like that all the three regions contribute equally to our revenues," Paul said.
Asked about its planned compact car concept, he said the group is open to bringing it to the Indian market. The group is in the process of introducing a ‘city car’ concept in Europe by this year-end, where Caparo would provide the design and assembling services to carmakers.
"We have a city car concept with us and are working toward it. We would provide the basic design services for the car, which would target the mid-segment."
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 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.43.13 |
|
UK Pound |
1 |
Rs.85.02 |
|
Euro |
1 |
Rs.67.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
54 |
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 |
|