MIRA
INFORM REPORT
|
Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TIMES INTERNET
LIMITED |
|
|
|
|
Registered Office : |
Times Tower, Kamla City, Kamla Hills Compound, Lower Parel, Mumbai – 400018,
Maharashtra |
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.05.1999 |
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|
Com. Reg. No.: |
11-119707 (Old) 55-135531 (New) |
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|
CIN No.: [Company
Identification No.] |
U74999DL1999PLC135531
/ U99999MH1999PTC119707 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMTO6658B/DELT03156G |
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|
Legal Form : |
A closely held
public limited liability company. The company is a subsidiary of Bennett Coleman
and Company Limited, Mumbai |
|
|
|
|
Line of Business : |
The company
provides comprehensive information relating to news, sports, entertainment,
health, infotech, lifestyle, astrology etc. The company also provides electronic
commerce and online services such as web-site, chat, e-mail and message
boards |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a
subsidiary of Bennett Coleman and Company Limited, Publishers of Times of India as well known daily
newspaper. Available information indicates high financial responsibly of the
company. Trade relations are fair. Payments are correct and as per
commitments. The company can
be considered good for any normal business dealings at usual trade
terms. |
LOCATIONS
|
Registered Office : |
Times Tower, Kamla City, Kamla Hills Compound, Lower Parel, Mumbai – 400018,
Maharashtra |
|
|
|
|
Head Office : |
The Times of
India Building, Ground Floor, Dr, D N Road, Mumbai – 400001, Maharashtra,
India |
|
Tel. No.: |
91-22-28872324 /
28872930/66353535 |
|
Fax No.: |
91-22-22731223 |
|
|
|
|
Corporate Office : |
I World Tower,
DLF City, Phase V. (opp. DLF Golf Course), Gurgaon – 122002, Haryana |
|
Tel. No.: |
91-124-4187000 |
|
Website : |
DIRECTORS
|
Name : |
Mr. Pradeep Guha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A P Parigi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P K Ghosal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra S
Swarup |
|
Designation : |
CEO and Managing
Director |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
MBA |
|
Experience : |
29 years |
|
Date of Appointment : |
01/01/2005 |
|
Previous Employments : |
Bennett, Coleman and company Limited |
|
|
|
|
Name : |
Mr. S Sivakumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh
Sawhney |
|
Designation : |
Director |
|
Address : |
39 years |
|
Date of Birth/Age : |
BE, MBA |
|
Experience : |
17 years |
|
Date of
Appointment : |
04.01.2000 |
|
Previous Employments : |
Bennett, Coleman and company Limited |
|
|
|
|
Name : |
Mr. Upen Roop Rai
|
|
Designation : |
Vice President |
|
Address : |
45 years |
|
Date of Birth/Age : |
BA, MA |
|
Experience : |
17 years |
|
Date of
Appointment : |
19.03.2001 |
|
Previous Employments : |
Bueno Vista
Television India Limited |
KEY EXECUTIVES
|
Name : |
Mr. Manish Jain |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
90.00 |
|
Directors or relatives of directors |
|
10.00 |
BUSINESS DETAILS
|
Line of Business : |
The company provides
comprehensive information relating to news, sports, entertainment, health,
infotech, lifestyle, astrology etc. The company also provides electronic
commerce and online services such as web-site, chat, e-mail and message
boards |
|
|
|
|
Products : |
Running Portal |
GENERAL
INFORMATION
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
Not Available e |
|
Auditors : |
|
|
Name : |
BSR and
Associates Chartered
Accountants |
|
Address : |
4B, DLF Corporation Park, DLF City Phase – III, Gurgaon – 122002,
Haryana |
|
|
|
|
Holding company : |
Bennett, Coleman and company limited |
|
|
|
|
Associates/Subsidiaries : |
Ø
Times Online Money
Limited Ø Netcarrots.com Private Limited Ø Fabwoman.com Private Limited Ø Brandquiver Dotcom Limited Ø Optimal Media Solutions Private Limited (Formerly Fabwoman.com Private Limited ) Ø Entertainment Network India limited |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
73750328 |
Equity Shares |
Rs. 10/- Each |
Rs. 737.503 Millions |
|
2396000 |
Preference Shares |
Rs. 10/- Each |
Rs. 23.960 Millions |
|
|
Total |
|
Rs. 761.463 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
761.463 |
761.463 |
737.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
308.324 |
420.291 |
244.657 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1069.787 |
1181.754 |
982.157 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Stock Option Outstanding |
5.823 |
4.359 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1075.610 |
1186.113 |
982.157 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
151.396 |
173.800 |
118.722 |
|
|
Capital work-in-progress |
16.528 |
16.528 |
61.282 |
|
|
|
|
|
|
|
|
INVESTMENT |
417.468 |
740.687 |
692.544 |
|
|
DEFERREX TAX ASSETS |
0.000 |
27.755 |
13.753 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
3.975
|
|
|
Sundry Debtors |
636.851
|
360.759
|
315.943
|
|
|
Cash & Bank Balances |
278.163
|
82.546
|
40.241
|
|
|
Other Current Assets |
35.461
|
17.749
|
38.602
|
|
|
Loans & Advances |
203.855
|
131.601
|
253.968
|
|
Total
Current Assets |
1154.330
|
592.655 |
652.729
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
640.763
|
345.410
|
334.340
|
|
|
Provisions |
23.349
|
19.902
|
222.533
|
|
Total
Current Liabilities |
664.112
|
365.312 |
556.873
|
|
|
Net Current Assets |
490.218
|
227.343 |
95.856
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1075.610 |
1186.113 |
982.157 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1335.834 |
1129.772 |
1289.230 |
|
|
Other Income |
73.297 |
76.334 |
0.000 |
|
|
Total Income |
1409.131 |
1206.106 |
1289.230 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(78.611) |
(108.476) |
331.174 |
|
|
Provision for Taxation |
33.356 |
7.313 |
121.248 |
|
|
Profit/(Loss) After Tax |
(111.967) |
(115.789) |
209.926 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
NA |
NA |
67.081 |
|
Total Earnings |
NA |
NA |
67.081 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
NA |
0.064 |
|
Total Imports |
NA |
NA |
0.064 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
328.858 |
224.251 |
0.000 |
|
|
Managerial Remuneration |
12.258 |
20.828 |
0.000 |
|
|
Payment to Auditors |
0.928 |
0.676 |
0.000 |
|
|
Insurance Expenses |
1.237 |
0.712 |
0.000 |
|
|
Depreciation & Amortization |
72.204 |
69.429 |
0.000 |
|
|
Other Expenditure |
1060.189 |
932.589 |
958.056 |
|
Total Expenditure |
1475.674 |
1248.485 |
958.056 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(7.94)
|
(9.60) |
16.28
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.88)
|
(9.60) |
25.69
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.02)
|
(14.15) |
42.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.09) |
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.30 |
0.57
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.62 |
1.17
|
LOCAL AGENCY
FURTHER INFORMATION
The company was
originally incorporated in Mumbai having Company Registry No. 119707. Later, the
registered office was transferred to Delhi and a new company Reg. No. 55-135531
of Delhi ROC was obtained.
Fixed
Assets :
Ø
Computer
and computer equipments
Ø
Office
equipments
Ø
Furniture
and fixtures
Ø
Vehicles
A Brief
History
The first edition
of The Bombay Times and Journal of Commerce, later to be called The Times of
India, was launched in Bombay in 1838. After several years of change, evolution
and growth in the paper's character, Bennett, Coleman & Co. Ltd, the
proprietors of The Times of India Group, was established with the principal
objective of publishing newspapers, journals, magazines and books.
Today, Bennett,
Coleman & Co. Ltd is India's largest media house. The Times Group is a
multi-edition, multi-product, multi-media organisation, and has to its credit
several leading publications. Among the publications are The Times of
India, The Economic Times, Navbharat Times,
Maharashtra
Times, Femina and Filmfare.
The Group also has interests in the entertainment and media industry in the
form of Radio Mirchi, Planet M, Times Music and Times Multimedia.
In April 2000,
Times Internet Ltd, a wholly owned subsidiary of Bennett Coleman & Co. Ltd,
was floated to handle the Group's Internet properties. Times Internet Ltd's
mother brand is Indiatimes.
The Times of India
The Times of India
is the flagship brand of the Group. It is India's premier English daily and
world’s largest circulated English broadsheet daily. It is published from ten cities
across India, has a circulation of over 21,44,842 copies, and is read by over
4.42 million people.
(Website: www.timesofindia.com)
The Economic Times
The Economic Times, started in 1961, is India's largest and among the world's
top three English business dailies. The Economic Times is published
simultaneously from seven cities across India, has a circulation of 400,000
copies, and is read by over 1 million people every day. (Website: www.economictimes.com)
.
Navbharat Times
Navbharat Times, launched in 1950, is a widely read and influential Hindi
daily. It is published from Delhi and Mumbai, and has a combined circulation of
over 430,000 copies and a readership of over 1.7 million. (Website: www.navbharattimes.com)
Maharashtra Times
Maharashtra Times is a Marathi newspaper published from Mumbai. It has a
circulation of over 200,000 copies, and a readership of over a million.
(Website: www.maharashtratimes.com)
Filmfare has
evolved as an entertainment medium in itself. The monthly magazine covers the
amut of happenings in show biz, including movies,music and television. Gossip, interviews, previews, reviews, profiles - it's
all there. The magazine also sponsors the annual Filmfare awards for excellence
in Indian cinema. (Website: filmfare.indiatimes.com)
Femina
The No. 1 women's magazine in India, Femina caters to the woman of substance.
Femina also organises and sponsors the Miss India pageant annually. The winners
of these contests represent India in the Miss Universe, Miss World, and Miss
Asia-Pacific contests. (Website: femina.indiatimes.com)
Indiatimes
Indiatimes.com is India's online nerve centre for new, information,
entertainment, cricket, shopping, services and much more. The USP is Content,
Commerce and Community. And with over a billion page views a month, they are
simply Number 1. Indiatimes has a host of firsts to its credits. Among them:
8888: The SMS service was launched in 2002 with 1.1 million users a day.
It has since grown steadily by over 20 per cent each month.
24x7 News: The only round-the-clock online news operation, Indiatimes
has over 10 million people logging in to Timesofindia.com and Economictimes.com
every day.
Director
Vineet Jain
(Chairman)
A hands-on leader, Vineet Jain, Chairman, TIL, Managing Director, Bennett
Coleman & Co. Ltd. (BCCL), is among the pioneer-believers in the future of
the digital media. Vineet’s optimism and faith in Team Indiatimes has helped
motivate each member to give his very best. His attention to details combined
with a creative verve converts ideas into powerful implantation tools. His
personal passion has helped create a unique combination of enthusiasm with
entrepreneurship.
An ideas man, Vineet has pioneered the Times Group’s forays into new areas
including the Internet (Indiatimes), radio (Radio Mirchi), retail (Planet M)
and television (Zoom, Times Now). He is also credited with taking the group’s
flagship newspaper, The Times of India, to younger customers, helping make it
the largest-read English broadsheet morning daily in the world.
A. P. Parigi
(Director)
A.P Parigi is the Managing Director and Chief Executive Officer of
Entertainment Network (India) Ltd (ENIL). Parigi’s role and responsibilities
include spearheading the Times Group’s foray into FM radio broadcasting, event
management, out-of-home advertising and filmed entertainment. Parigi leads and
manages businesses and brands like Radio Mirchi, 360 Degrees and Times OOH
Media. Parigi is also the Managing Director and CEO of Times Infotainment Media
Limited, which is a subsidiary of BCCL.
In the last three decades, he has held senior positions in various industries,
including telecom. Prior to joining the Times Group, Parigi was the CEO of BPL
Mobile, Mumbai. He has been an active member of the Confederation of Indian
Industry (CII) and Federation of Indian Chambers and Commerce Industry (FICCI).
He holds a Master’s degree in Business Administration from the Faculty of
Management Studies, University of Delhi and a Bachelor’s degree in Economics
and a Masters degree in Sociology from the Delhi School of Economics.
Sumir Chadha
(Director)
Sumir Chadha is a nominee of Sequoia Capital India, a foreign venture capital
investor, and is a Managing Director with the company. Sequoia Capital India
has been formed with WestBridge Capital Partners which Sumir co-founded in
2000.
Sumir has eight years of venture capital investing experience in India and
focuses on services and software companies. Prior to co-founding WestBridge,
Sumir was a key member of the Principal Investment Area at Goldman Sachs &
Co, based in New York and Singapore, where he focused on venture capital
investments in services and software companies in both the United States and
India.
He was a key member of the investment team for over 17 technology investments,
including high-profile success stories such as FreeMarkets, webMethods and
Techspan. His career began as a management consultant at Mckinsey & Co.,
based in New York and New Delhi, where he specialised in the Internet and
wireless industries. Sumir is the co-founder and Chairman of the US-India
Venture Capital Association (US-IVCA) and also a Charter Member of The Indus
Entrepreneurs (TiE)’s Silicon Valley chapter.
Sumir received an M.B.A. from Harvard University with distinction and a B.S.E.
in Computer Science from Princeton University.
Dinesh Wadhawan
(Managing Director
& Chief Executive Officer)
Dinesh
Wadhawan is MD and CEO of Times Internet Ltd. Dinesh has over 28 years of
varied experience, including his previous assignment at Microsoft USA - Servers
& Tools division. He was earlier President and CEO of Paramark Inc, a
Sunnyvale, California-based company which develops real-time optimization technology
for online marketing campaigns.
Dinesh has worked for Vicinity Corporation as Senior Vice-President, Worldwide
Sales and Services. He was a key member of the executive team to take the
company public on NASDAQ. He has also worked for companies like Systems Union,
an enterprise software company in the US and Europe, and UK-based Systime Ltd,
one of the largest OEMs of Digital Equipment Corporation. He has held
management positions at Hindustan Computers Ltd.
Dinesh is known for his strong business, technical and marketing background,
joint venture and alliance proficiencies and significant global expansion
experience.
Surendra Jain
(Observer)
Surendra Jain is a nominee of Sequoia Capital India, a foreign venture capital investor,
and is also a Managing Director of that company.
Sequoia Capital India has been formed with WestBridge Capital Partners, which
Surendra joined in 2001. Prior to working with WestBridge, Surendra was
co-founder and CEO of MeraNet, an application service provider offering contact
management solutions to wireless service providers and portals. He has earlier
worked with the Pentium Pro Design Group at Intel and the Semiconductor Product
Group at Motorola. Surendra has also worked with Booz-Allen & Hamilton, a
leading management consultancy firm.
Surendra received an MBA from Indian Institute of Management, Ahmedabad where
he was awarded the President's Gold Medal. He also holds a B.Tech. in
Electrical Engineering from IIT Delhi as well as an MS in Electrical
Engineering from the University of Minnesota
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.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|