MIRA
INFORM REPORT
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Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASHIMA DYECOT LIMITED |
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Registered Office : |
Texcellence Complex, Khokhara- Mehmedabad, Ahmedabad-380021, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.04.1995 |
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Com. Reg. No.: |
04-25537 |
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CIN No.: [Company
Identification No.] |
U17110GJ1995PLC025537 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA00591D |
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PAN No.: [Permanent
Account No.] |
AACCA2753K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Garments |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Unknown |
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Comments : |
Management remained non- co-operative sent mails to top level
management without divulging name of inquirers. Ways and mean position of the company is difficult. It has huge
accumulated losses. Payments are delayed. The company is almost sick and can be considered for any business
dealings on safe and secured trade terms and conditions only. |
LOCATIONS
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Registered Office/factory: |
Texcellence Complex, Khokhara- Mehmedabad, Ahmedabad-380021, Gujarat,
India |
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Tel. No.: |
91-79-26575165 |
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Fax No.: |
91-79-26576090 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chintan N Parikh |
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Designation : |
Chairman and Managing Director |
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Address : |
Shakuntal , Ramkrishna Kunj Society, B/H Swar Vihar Flat, Dr. V.S
Road, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
25.05.1957 |
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Date of Appointment : |
20.04.1995 |
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Name : |
Mr. Bakul H Dholakia |
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Designation : |
Director |
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Address : |
House No. 502, IIM Campus, Vastrapur, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
15.07.1947 |
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Date of Appointment : |
25.04.2001 |
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Name : |
Mr. Devan V Parikh |
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Designation : |
ALT. Director to Mr. Chandrakant Maniar |
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Address : |
B/H Khadayata Colony, Ellisbridge, Ahmedabad-380006, Gujarat, India |
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Date of Birth/Age : |
19.02.1961 |
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Date of Appointment : |
25.08.1999 |
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Date of Ceasing: |
03.12.2004 |
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Name : |
Mr. Deepak P Parulekar |
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Designation : |
Director (Technical) |
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Address : |
62, Asopalav Bungalow, Near Vishwabharati High School, Thaltej,
Ahmedabad-380059, Gujarat, India |
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Date of Birth/Age : |
18.02.1955 |
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Date of Appointment : |
25.08.1995 |
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Name : |
Mr. Hiren S Mahadevia |
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Designation : |
Director |
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Address : |
10, Amrakadam Bunglows, Near Super Society, Ramdev Nagar Road,
Ahmedabad-380054, Gujarat, India |
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Date of Birth/Age : |
23.06.1963 |
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Date of Appointment : |
17.11.2003 |
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Name : |
Mr. K V Chandrasekhara |
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Designation : |
Director |
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Address : |
B-204, Twin Towers, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
21.09.1946 |
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Date of Appointment : |
13.05.2003 |
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Date of Ceasing: |
31.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Dipak Thaker |
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Designation : |
Company Secretary |
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Address : |
E-23, Karthikeya nagar- 1, B/G/H . Mother School, Gotri Road,
Baroda-390015, Gujarat, India |
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Date of Birth/Age : |
14.04.1959 |
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Date of Appointment : |
30.11.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Name of Share holders |
No of Shares |
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Mr. Parikh Chintan |
154 |
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Mr. Parekh Nitin Dalsukhray |
200 |
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Mr. Bhargav Harshadray Jani |
150 |
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Mr. Hiren Mahadevia |
150 |
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Mr. Ravi |
150 |
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Mr. Parikh Shefali |
150 |
|
Ashima limited |
12150000 |
|
Indocean fund co- investment
(Mauritius)limited |
2100000 |
|
Oldfields holdings limited |
4500000 |
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Indus east holdings limited |
2792375 |
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Nachmo knitex limited |
4687500 |
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Sutter hill investments (Mauritius) limited |
178225 |
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Paridhan apparels private limited |
1725000 |
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Mr. Nitin parekh |
100 |
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Mr. Gobind Rupachand Gumnani |
743399 |
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Thomas Thomas |
741900 |
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Asset reconstruction company (India) Limited |
11250000 |
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General insurance corporation of India |
49835 |
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National insurance corporation Limited |
24917 |
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The new India assurance company limited |
41529 |
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The oriental Insurance Company Limited |
24917 |
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United India Insurance Company Limited |
33223 |
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Life insurance corporation of India |
342615 |
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United trust of India |
140161 |
As on 31.12.2005
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Names of Debenture holders |
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No. of Shares |
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Life insurance corporation of India |
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700000 |
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General insurance corporation of India |
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100000 |
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The new India assurance company limited |
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100000 |
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National insurance company limited |
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60000 |
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The oriental insurance company limited |
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60000 |
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United India insurance company limited |
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80000 |
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Industrial development bank of India |
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550000 |
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United trust of India |
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300000 |
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Equity Share Break Up As On 29.09.2007
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Particulars |
Percentage |
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Foreign Holdings |
16.04 |
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Bodies Corporate |
32.15 |
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Public Financial Companies |
51.74 |
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Mutual Funds |
0.07 |
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Total: |
100.00 |
Debenture Break Up As on 29.07.2007
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Type of Debenture |
Number of Debentures |
Value |
Amount (Rs. In millions) |
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Non Convertible |
4813331 |
Rs.193.49/- each |
Rs.931.333 millions |
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Total: |
Rs.931.133 millions |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Garments |
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Products : |
Processed Cotton fabrics, Ready made Garments ITC Code:5208 |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
58, Shrimali
Society, Navrangpura, Ahmedabad-380009, Gujarat, India
Vanjiya Bhavan
Branch Kankaria,
Ahmedabad
Corporate Banking
Branch Netaji Marg,
Mithakhali, Ahmedabad-380009, Gujarat, India |
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Financial
Institution: |
IDBI Trusteeship Services Limited |
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Address: |
Asian Building, Ground Floor, 17, R Kamani Marg, Ballard Estate,
Mumbai-400001, Maharashtra, India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Dhirubhai shah and company (Chartered Accountant) |
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Address : |
401-404, Aditya Building, 4th Floor, Near Mithakhali Six
Road, Ahmedabad-380006, Gujarat, India |
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Associates/Subsidiaries : |
CIN No. :U18109GJ1996PTC030701 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
22980350 |
Equity Shares |
Rs.10/- each |
Rs.
229.803millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
30.06.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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229.804 |
214.803 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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59.500 |
59.500 |
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4] (Accumulated Losses) |
|
(1132.535) |
(1093.374) |
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NETWORTH |
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(843.231) |
(819.071) |
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LOAN FUNDS |
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1] Secured Loans |
|
2256.169 |
2329.321 |
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2] Unsecured Loans |
|
34.000 |
0.000 |
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TOTAL BORROWING |
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2290.169 |
2329.321 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1446.938 |
1510.250 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1127.254 |
1197.173 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
2.102 |
3.602 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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405.814 |
340.700
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Sundry Debtors |
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29.781 |
47.411
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Cash & Bank Balances |
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15.088 |
6.313
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Other Current Assets |
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120.510 |
126.371
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Loans & Advances |
|
38.940 |
38.185
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Total
Current Assets |
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558.980
|
610.133 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
299.321 |
239.439
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Provisions |
|
1.337 |
1.959
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Total
Current Liabilities |
|
241.398
|
300.658 |
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Net Current Assets |
|
317.582
|
309.475 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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1446.938 |
1510.250 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
30.06.2006 |
|
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Sales Turnover |
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1209.805 |
1641.214 |
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Other Income |
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13.174 |
1.318 |
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Total Income |
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1222.979 |
1642.532 |
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Profit/(Loss) Before Tax |
|
(51.656) |
(98.270) |
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Provision for Taxation |
|
0.611 |
1.018 |
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Profit/(Loss) After Tax |
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(52.267) |
(99.288) |
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Expenditures : |
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Raw Material Consumed |
|
664.371 |
919.423 |
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Purchases made for re-sale |
|
55.061 |
105.980 |
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Consumption of stores and spares parts |
|
204.311 |
301.691 |
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Increase/(Decrease) in Finished Goods |
|
15.485 |
(22.051) |
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Salaries, Wages, Bonus, etc. |
|
93.023 |
120.273 |
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Managerial Remuneration |
|
3.764 |
4.336 |
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Payment to Auditors |
|
0.500 |
0.504 |
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Interest |
|
4.893 |
5.511 |
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Insurance Expenses |
|
6.030 |
7.868 |
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Power & Fuel |
|
88.159 |
120.240 |
|
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Depreciation & Amortization |
|
72.772 |
97.551 |
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Other Expenditure |
|
66.266 |
79.476 |
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Total Expenditure |
|
1274.635 |
1740.802 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
30.06.2006 |
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PAT / Total Income |
(%) |
|
(4.27) |
(6.04) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(4.27) |
(5.99) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.06 |
5.43 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
(3.00) |
(3.21) |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.31 |
2.03 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The registered office of the company shifted from 200, Ashima House Near
M J Library, Ellisbridge, Ahmedabad-380006, Gujarat, India To Texellence Complex,
Khokhara Ahmedabad-380021, Gujarat, India with effect from 01.07.2007
Website Details
Attached:
Review of
performance:
The performance of the company for the year has continued to remain
under pressure since the demand for the products and margins did not show
improvement. The anticipated improvements of the quota free regime have not
materialized in the manner envisaged an hence did not contribute to the
betterment of the profitability. In the times to come the subject expects that
the garment division will not become important contributor to the fortunes of
the company.
As the restructuring debt of the subject is complete, it would enable
the subject to be able to be back in the black in near future.
Restructuring Of
the debts:
The company had during the financial year under review undergone
comprehensive restructuring of its debts. The company had filed necessary
scheme of compromise between the company an its secured lenders an equity
shareholders of the companies act 1956 with honorable high court of Gujarat.
The honorable high court of Gujarat between the company has approved the scheme
of compromise and its secured lenders and equity shareholders its order dated
27.07.2006. The final package is beneficial to the company and would help in improving
the overall performance of the company in all respects.
Form No. 8:
Bankers Charges
Report as per Registry
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Name of the company |
ASHIMA DYECOT
COMPANY LIMITED |
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Presented By |
Asset reconstruction company (India)
limited |
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1) Date and description of instrument creating the change |
Joint deed of hypothecation dated 31.03.1997
entered into between the company and State Bank Of India the deed bank acting
for itself and on behalf of Punjab National Bank And Bank of Baroda |
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2) Amount secured by the charge/amount owing on the securities of charge |
The working
capital facilities to the tune of Rs. 787.200 millions sanctioned by SBI in
consortium with PNB and BOB as per details given below, together with
interest, additional interest, liquidated damages , premier on prepayment or
redemption, costs, charges, expenses amount owing on security of the charge
(herein after referred to as “ the working capital facilities”) Break up of
working capital facilitiesLRs. In millions)
Above based limits
are subject to interchangeability at any time as per company’s request and
RBI guidelines under loan delivery system. |
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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 |
The whole of the
current assets of the company namely, stocks of raw materials, stocks in
process, semi finished goods, stores and spares not relating to plant and
machinery, bills receivable and book debts and all other movables, both
present and future, whether now lying or stored in or about or shall
hereinafter from time to time during the continuance of the security of these
present be brought into or upon or be stored or be in about the company’s
factory, premises and god owns situated at different places in Gujarat or
wherever else the same may be or held by any party to the order , or
delivery, howsoever and where over in the possession of the company and either
by way of substitution or addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The said fund
based and non fund based limits have secured against hypothecation 1st
charge on all current assets of the company. The details of
conditions is as below: Rate of interest: State bank of
India: Cash credit:
2.25% above SBAR (Min. 17.5%) (excluding tax) WCDL:2% above
SBAR min. 17.25% EPC: 3% FBD:13% Import / inland L/C :As per
RBI/FEDAI rules Guarantee
limit:2% performance + Rs.100 Commission:3%
financial + Rs.100 Plus service
charges as are applicable to the said facilities from time to time. Punjab National
Bank: Cash credit:2%
above PLR WCDL:17.75% EPC: 13% Local B/D: 17.75% FBD:13% Import / inland L/C :As per RBI/FEDAI
rules Guarantee
limit:2% performance + Rs.100 Commission:3%
financial + Rs.100 Plus service
charges as are applicable to the said facilities from time to time. Bank of Baroda: Cash credit: 2%
above PLR. Min 18% WCDL: :2% above
PLR. Min 18% EPC: 13% Local B/D: 18% FBD:13% Import / inland L/C :As per
RBI/FEDAI rules Guarantee
limit:2% performance + Rs.100 Commission:3%
financial + Rs.100 Plus service
charges as are applicable to the said facilities from time to time. The rate of
interest and commission as stated above are subject to revision due to
changes in RBI rules from time to time as presented by the banks. Margin: State bank of
India: Export Packing
Credit: Raw Material: 25% Stock In
process:40% Finished
Goods:40% Working Capital Demand
Loan: Raw Material: 25% Stock In
process:40% Finished
Goods:40% Inland Letter of
Credit:15% Import Letter of
credit:15% Punjab National
Bank: Cash Credit, WCDL
and EPC Raw Material: 25% Stock In
process:40% Finished
Goods:40% FOUBP/FOUBNLC
DD/BD/OBD- Nil Inland Letter of
Credit:15% Import Letter of
Credit:15% Inland bank of
Guarantee:15% Bank of Baroda: Cash Credit, WCDL
and EPC Raw Material: 25% Stock In
process:40% Finished
Goods:40% FOUBP/FOUBNLC
DD/BD/OBD- Nil Inland Letter of
Credit:15% Import Letter of
Credit:15% Inland bank of
Guarantee:15% |
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5) Name and Address and description of the person entitled to the charge. |
Sate bank of
India Corporate
accounts group branch, 58, Shrimali
Society, Navrangpura, Ahmedabad-380009, Gujarat, India Lead Bank acting
for itself and on behalf of Punjab National
Bank Vanjiya Bhavan
Branch Kankaria,
Ahmedabad Bank of Baroda Corporate Banking
Branch Netaji Marg,
Mithakhali, Ahmedabad-380009, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
28.09.2005,
assignment agreement entered into between Punjab National Bank and Asset
Reconstruction Company (India) limited as trustee of Acril- Ashima Dyecot
Private Limited trust (herein after referred to as “Arcil” |
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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. |
By the said
assignment agreement dated 28.09.2005, PNB as the true, legal and beneficial
owner of the working capital facilities and for the consideration therein
mentioned and upon for the consideration set forth therein, unconditionally
and irrevocably sold, assigned , transferred and released to and unto arcil
u/s 5 of the securitization and reconstruction of financial assets and
enforcement of securities interest act 2002, the working capital facilitates
with the underlying security interest and al its rights, title and interest
in the working capital facilities for ever to hold the same absolutely IN
TRUST for the benefit of the holders of the security receipts as therein
provided to the end and intent that arcil shall thereafter be deemed to be
the full and absolute legal owner and the only person legally entitled to the
working capital facilities and the underlying security in tersest or any part
thereof free from all encumbrances and to the recover and received all amounts due from the
company under the working capital facilities including the rights to file the
suit or institute such other recovery proceedings and take such other action
as may be required for the working capital facilities in its own name and
right as an assignee and to exercise all other rights of PNB in relation
thereto. Consequent upon
and with effect from the date of the said assignment agreement for the virtue
of section 5(2) of the SRF AESI act, arcil has become the lender and all the
rights of PNB in relai6ton to the working capital facilities and the
underlying security interest are vested in arcil. By virtue of the
provisions of section 5(3) of the act
, all contracts, deeds, bonds, agreements, powers of attorney,
representations, permissions, approvals, consents or ion oyjer objection
under any law or otherwise and other instruments of whatever nature which
they relate to the working capital facilities and underlying security
interests and which sure substituting
which are in favor of PNB, shall with effect from the date of the said
assignment be enforced or acted upon as fully and effectually as if in the
place of PNB, arcil had been a party thereof or the same were procured for
its benefit |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90103022 |
|
Corporate identity
number of the company |
U17110GJ1995PLC025537 |
|
Name of the
company |
ASHIMA DYECOT
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
200, Ashima House
Near M J Library, Ellisbridge, Ahmedabada-380006 , Gujarat, India |
|
Type of charge |
Immovable property Book debts Movable property(
not being pledge) |
|
Particular of
charge holder |
Asset
reconstruction company (India) limited Express towers
17th floor, Nariman Point, Mumbai-400021, Maharashtra, India, L65999MH2002PLC134884 |
|
Nature of
description of the instrument creating or modifying the charge |
The financial institution/
banks/ lenders have individually and / or collectively rearranged/
restructured the debt through sanction letter and or through the scheme of
compromise and arrangement approved by high court of Gujarat. |
|
Date of
instrument Creating the charge |
27.07.2006 |
|
Amount secured by
the charge |
Rs. 300.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: As per the sanction
letter and or scheme of compromise and arrangement5 approved by the high
court of Gujarat. Terms of
repayment: As per the
sanction letter and or scheme of compromise and arrangement5 approved by the
high court of Gujarat. Margin: As per the sanction
letter and or scheme of compromise and arrangement5 approved by the high
court of Gujarat. Extent and
operation of the charge: As per the
sanction letter and or scheme of compromise and arrangement5 approved by the
high court of Gujarat. |
|
Short particulars
of the property charged |
Not Applicable |
|
Date of latest
modification prior to the present modification |
20.10.2004 |
|
Particulars of
the present modification |
Not Applicable |
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. 42.23 |
|
UK Pound |
1 |
Rs. 83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
--- |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
---- |
|
--LEVERAGE |
1~10 |
---- |
|
--RESERVES |
1~10 |
---- |
|
--CREDIT LINES |
1~10 |
---- |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
08 |
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 |
|