MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SARLA PERFORMANCE FIBERS PRIVATE LIMITED |
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Formerly Known As : |
SARLA POLYESTER LIMITED |
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Registered Office : |
Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar
Nagar Haveli – 396230 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
23.11.1993 |
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Com. Reg. No.: |
000056 |
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CIN No.: [Company
Identification No.] |
L31909DN1993PLC000056 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS54912E |
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PAN No.: [Permanent
Account No.] |
AABCS1322B |
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Legal Form : |
Public Limited Liability Company. The Company's Shares are Listed on
the Stock Exchange. |
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Line of Business : |
Manufacturer of Polyester Yarn |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2566870 |
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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 : |
Subject is a well established company having satisfactory track. The company
is doing well. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Miss. Geeta |
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Designation : |
Assistant Account Manager |
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Date : |
28.07.2008 |
LOCATIONS
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Registered Office/ Plant 1 : |
Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar
Nagar Haveli – 396230, India |
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Tel. No.: |
91-22-22834116 |
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Mobile No.: |
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Fax No.: |
91-22-22834116 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Plant 2 : |
Survey No. 64/2/3/4, Amli, Piparia Industrial Estate, Silvassa, Dadar
Nagar Haveli – 396230, India |
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Plant 3 : |
Shed No. A1/48, 100 Shed Area, GIDC, Vapi – 369195, Gujrat |
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Corporate Office : |
304, Arcadia, Nariman Point, Mumbai – 400021, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Madhusudhan Jhunjunwala |
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Designation : |
Director (Chairman) |
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Name : |
Mr. Krushna Kumar Jhunjunwala |
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Designation : |
Director |
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Name : |
Mr. Arun Vaid |
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Designation : |
Director |
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Name : |
Mr. Sanjay Karandikar |
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Designation : |
Director |
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Name : |
Mr. Jigar Shah |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter |
3809860 |
54.816 |
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Mutual Fund and UTI |
2000 |
0.029 |
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Nationalised Bank |
0 |
0.000 |
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FII(S) |
74231 |
1.068 |
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Private Corporate Bodies |
704265 |
10.133 |
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Indian Public |
2012782 |
28.960 |
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Non Resident Indian |
343084 |
4.936 |
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Any Other (Foreign – Companies) |
647 |
0.009 |
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Clearing Member |
3431 |
0.049 |
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Total |
6950300 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polyester Yarn |
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Products : |
Polyester / Nylon / Spandex / Lycra – Texturised, Twisted and Dyed
Yarns. High / Medium Tenacity Nylon Yarns, Monofilament Yarns, Covered
Yarn. |
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Imports : |
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Products : |
Capital Goods Raw – Materials Training Goods Trading Machinery Stores, Packing materials and Consumables |
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Countries : |
Malaysia, Thailand, Singapore, China.
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUES
QUANTITATIVE AND OTHER INFORMATION REGARDING
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Capacities |
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31.03.2007 |
31.03.2006 |
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a) Polyester, Polyamide (Nylon) Polypropylene, Acrylic and Viscose Filament Yarn, Textures and / or Crimped and or twisted and
or Dyed, Medium / High Tenacity Nylon
Polyester flat Yarns Nylon /
Polyester Monofilament Yarns |
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Licensed |
11999 M.T. |
9839 M.T. |
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b)
Knitted Fabrics (Grey / Processed) Made out of Synthetics
Yarn / Man – made Fibre / Cotton Yarn and
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480 M.T. |
480 M.T. |
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c)
Polyester / Nylon/ Cotton Covered Spandex / Lycra Yarn
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Installed |
927 M.T. 10541.19 M.T. |
427 M.T. 6935 M.T. |
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d)
Dyed Synthetics Yarn |
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Licensed Installed |
2400 M.T. 2400 M.T. |
2400 M.T. 2400 M.T. |
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PRODUCTION MANUFACTURE AND DEALT IN BY THE COMPANY
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Polestar, Polyamide (Nylon), Texturised,
Twisted, Dyed, Medium/ High Tenacity Nylon/ Flat Yarns, Nylon/ Monofilament
Yarns, Polyester/ Nylon, Spandex/ Lycra Yarn and Dyed Synthetics Yarn. |
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Actual Production * # |
5600.469 M.T. |
5110.09 M.T. |
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* Net of inter unit transfer 2,481.935
M.T. (PREVIOUSE YEAR 2513.980M.T.) |
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GENERAL
INFORMATION
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Customers : |
Wholesaler |
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No. of Employees : |
150 |
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Bankers : |
Andhra Bank CitI Bank Corporation Bank HSBC Bank HDFC Bank Indusind Bank |
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Rs. In Millions |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sundarlal Desais and Kanodia Chartered Accountant |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs. 10/- Each |
Rs.80.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6950300 |
Equity Shares |
Rs. 10/- Each |
Rs.69.503 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
69.503 |
69.503 |
69.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
443.871 |
359.829 |
269.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
513.374 |
429.332 |
339.200 |
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LOAN FUNDS |
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1] Secured Loans |
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147.800 |
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2] Unsecured Loans |
293.602 |
185.870 |
21.400 |
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TOTAL BORROWING |
293.602 |
185.870 |
169.200 |
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DEFERRED TAX LIABILITIES |
45.719 |
42.974 |
0.000 |
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TOTAL |
852.695 |
658.176 |
508.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
353.798 |
334.229 |
322.700 |
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Capital work-in-progress |
24.932 |
2.095 |
0.900 |
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INVESTMENT |
40.000 |
32.106 |
36.400 |
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INTANGIBLE ASSETS |
0.174 |
0.198 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
166.598 |
143.006 |
107.900 |
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Sundry Debtors |
246.390 |
231.897 |
164.600 |
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Cash & Bank Balances |
133.396 |
92.622 |
58.400 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
100.040 |
82.461 |
98.100 |
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Total
Current Assets |
646.424
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549.986 |
429.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
188.792 |
236.586 |
224.900 |
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Provisions |
23.840 |
23.852 |
55.700 |
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Total
Current Liabilities |
212.632
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260.438 |
280.600 |
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Net Current Assets |
433.791 |
289.548 |
148.400 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
852.695 |
658.176 |
508.84 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1010.400 |
885.700 |
730.000 |
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Other Income |
20.900 |
13.700 |
11.900 |
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Total Income |
1003.278 |
876.513 |
741.900 |
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Profit/(Loss) Before Tax |
148.102 |
141.679 |
124.900 |
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Provision for Taxation |
34.350 |
28.485 |
24.700 |
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Profit/(Loss) After Tax |
113.752 |
113.194 |
100.200 |
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Earnings in Foreign Currency : |
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Export Earnings |
609.472 |
527.940 |
0.000 |
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Total Earnings |
609.472 |
527.940 |
0.000 |
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Imports : |
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Raw Materials |
506.424 |
473.207 |
0.000 |
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Stores & Spares |
2.339 |
7.596 |
0.000 |
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Capital Goods |
16.642 |
17.677 |
0.000 |
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Others |
0.000 |
5.475 |
0.000 |
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Total Imports |
525.405 |
503.955 |
0.000 |
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Expenditures : |
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Raw Material Consume |
550.823 |
490.969 |
364.900 |
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Manufacturing Expenses |
183.775 |
163.524 |
74.300 |
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Cost of Goods/ Material Resold |
0.000 |
7.073 |
0.000 |
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Increase/(Decrease) in Finished Goods |
2.300 |
(30.500) |
(9.700) |
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Employees Remuneration |
12.385 |
10.194 |
0.000 |
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Administrative and Other Expenses |
60.508 |
55.750 |
58.200 |
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Finance Charges |
15.968 |
11.953 |
12.100 |
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Depreciation & Amortization |
29.448 |
25.902 |
23.700 |
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Other Expenditure |
323.428 |
739.432 |
93.500 |
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Total Expenditure |
855.176 |
734.834 |
617.000 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
31.03.2008 |
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Type |
1st Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
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Sales Turnover |
235.700 |
274.100 |
298.100 |
300.700 |
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Other Income |
5.200 |
4.400 |
0.600 |
05.400 |
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Total Income |
240.900 |
278.500 |
298.700 |
306.100 |
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Total Expenditure |
180.100 |
215.400 |
234.000 |
284.000 |
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Operating Profit |
60.800 |
63.100 |
64.700 |
22.100 |
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Interest |
5.100 |
2.900 |
5.600 |
5.200 |
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Gross Profit |
55.700 |
60.200 |
59.100 |
16.900 |
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Depreciation |
7.700 |
9.100 |
13.000 |
8.700 |
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Tax |
12.700 |
13.800 |
3.100 |
(0.500) |
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Reported PAT |
34.800 |
37.300 |
43.000 |
8.700 |
KEY
RATIO
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity
Ratio |
0.51 |
0.46 |
0.47 |
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Long
Term Debt-Equity Ratio |
0.00 |
0.03 |
0.05 |
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Current
Ratio |
1.15 |
1.07 |
0.98 |
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TURNOVER
RATIOS |
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Fixed
Assets |
2.19 |
2.12 |
1.98 |
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Inventory |
6.53 |
7.06 |
7.35 |
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Debtors |
4.22 |
4.47 |
4.99 |
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Interest
Cover Ratio |
7.58 |
9.54 |
11.32 |
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Operating
Profit Margin(%) |
19.79 |
20.80 |
22.01 |
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Profit
Before Interest And Tax Margin(%) |
16.88 |
17.87 |
18.77 |
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Cash
Profit Margin(%) |
14.17 |
15.71 |
16.97 |
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Adjusted
Net Profit Margin(%) |
11.26 |
12.78 |
13.73 |
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Return
On Capital Employed(%) |
23.99 |
28.18 |
31.28 |
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Return
On Net Worth(%) |
24.14 |
29.46 |
33.57 |
LOCAL AGENCY
FURTHER INFORMATION
Operations
During the year the sales of the company were
Rs.986.289 Millions as against Rs.858.104 Millions in 2005 – 06 registering an
annual growth of 14.94%. the FOB value of exports increase by 15.44% from
Rs.527.946 Millions to Rs.609.472 Millions.
Profitability
The profit before depreciation, Interest and
Tax were Rs.193.518 Millions as comp-are to Rs.179.534 Millions in the previous
year. After providing for depreciation of Rs.29.448 Millions (Previous year
Rs.25.902 Millions) and provision for taxation of Rs.34.350 Millions (Previous
Year Rs.28.485 millions) there was a profit of Rs.113.752 Millions as compare
to Rs.113.194 Millions in the previous year.
Contingent Liability Not Provided For :
Letter of Credit
Letter of Credit issued by the bank on the
behalf of the company Rs.217.015 Millions (Previous Year Rs.127.985 Millions) these are covered by
the charged created in favor of the company’s Banker by way of Hypothecations
of Stocks, Receivable and Machineries.
Guarantees
Bank guarantees issued by Banks on behalf of
the company Rs.22.630 Millions (Previous Year
Rs.13.880 Millions) these are secured by the charge created in favor of
the company’s Bankers by way of pledge of Fixed Deposit receipts.
The claim against company not acknowledged as
debt, comprises of exercise duty and custom duty deputed by company relating to
issued of applicability and classification aggregating to Rs.178.138 Millions
(Previous Year Rs.175.447 Millions)
Bill discounted not matured Rs.95.234 Millions
(Previous Year Rs.89.245 Millions). The contingent liability in respect of Bank
guarantees and other matters arising in the ordinary course of business from
which it is anticipated that no material liabilities will arise
The demand received from income tax under
contention are : Rs.2.391 Millions (Previous Year Rs.2.077 Millions)
Fixed Assets
- Land
- Building
- Plant and Machinery
- Furniture
- Office Equipments
- Vehicle
- Electrical Installation
- Other Fixed Assts
- Computers
Intangible Assets
- Software
Corporate Notice
Source: NSE - Subject has informed the Exchange regarding information in respect of Company's Audited Accounts for the year ended March 31, 2008 approved in the meeting of the Board of Directors held on June 28, 2008. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements)
Source: NSE
- Subject has informed the Exchange that Board of Directors, at their meeting
held on June 28, 2008 has recommended for payment of dividend @ 35% on the
equity share capital for the year ended March 31,
2008. Date: 2008-06-30
Source: BSE
– Subject has informed BSE that the Board of Directors of the Company at its
meeting held on June 28, 2008, inter alia, has recommended for payment of
dividend @ 35% on the equity share capital for the year ended March 31,
2008. Date: 2008-06-30
Source: BSE
- Subject has informed BSE that a meeting of the Board of Directors of the
Company will be held on June 28, 2008, to approve annual Accounts of the
Company for the year ended March 31, 2008 & to recommend Payment of
Dividend, if any and to consider and take record the Audited Financial results
of the Company for the year ended March 31, 2008. Date:
2008-06-18
Source: BSE
- Subject has informed BSE that the Company will publish its Audited Results
for the financial year ended March 31, 2008 by June 30, 2008 instead of
publishing un-audited Financial Results for the quarter ended March 31, 2008. Date:
2008-04-29
Source: NSE
- Subject has informed the Exchange that : "Company will publish its
Audited Results for the financial year ended 31st March 2008 by 30th June 2008 instead
of publishing un-audited Financial Results for the quarter ended 31st March
2008." Date: 2008-04-22
Source: BSE
- Subject has informed BSE that in the limited review report of the Company for
the quarter ended December 31, 2007, the Auditors of the Company have made the
following observations: "Non compliance of Accounting Standard AS-15
(Revised) of Accounting for Employee Benefits."
Date: 2008-02-29
Source: NSE
- Subject has informed the Exchange that: "The Board of Directors have
decided to issue 12,00,000 warrants of Rs. 152/- each, aggregating Rs 1824
Lakhs (6,00,000 warrants to the Promoter group and 6,00,000 warrants to others,
through a preferential offer on a private placement basis with a right
exercisable by the warrant holders to subscribe 1 Equity Share of the Company
of Rs.10/- each, at a premium of Rs 142/- per Share i.e. Rs 152/- per share,
against 1 warrant, which price has been arrived at with respect to the
'Relevant date' i.e. 25th February, 2008, in accordance with the Guidelines for
preferential issues contained in chapter XIII of the SEBI (Disclosure and
Investor protection) Guidelines, 2000, which is 30 days prior to the Extra
Ordinary General Meeting of the Company to be held on 26th March 2008. The
details of the same shall be available on the NSE website
(http://www.nseindia.com) under: Corporates > Latest Announcements and on
the Extranet Server (/Common/Corporate Announcements).
Date: 2008-02-26
Source: BSE
- Subject has informed BSE that the Board of Directors of the Company at its
meeting held on February 22, 2008, has decided to issue 12,00,000 warrants of
Rs 152/- each, aggregating Rs 1824 Lakhs (6,00,000 warrants to the Promoter
group and 6,00,000 warrants to others, through a preferential offer on a
private placement basis with a right exercisable by the warrant holders to
subscribe 1 Equity Share of the Company of Rs 10/- each, at a premium of Rs
142/- per Share i.e. Rs 152/- per Share, against 1 warrant, which price has
been arrived at with respect to the 'Relevant date' i.e. February 25, 2008, in
accordance with the Guidelines for preferential issues contained in chapter
XIII of the SEBI (Disclosure and Investor protection) Guidelines, 2000, which
is 30 days prior to the Extra Ordinary General Meeting of the Company to be
held on March 26, 2008. The subscribers of the warrants will have an option to
subscribe for Equity Shares of the Company any time from April 15, 2008 but not
later than 18 months from the date of allotment of Warrants. The Board has
decided to convene an Extra Ordinary General Meeting of the Members of the
Company on March 26, 2008 to obtain consent of the Members for proposed issue
of Warrants & to increase the Authorized Share Capital of the Company. The
object/s of the preferential issue to part finance the cost of expansion
programme of the Company at Unit No. 2 in Silvassa to the extent of Rs 200
Lakhs and to make investment to the extent of Rs 1624 Lakhs in a special
purpose vehicle formed viz. 100% Subsidiary Company 'Sarla Overseas Holdings
Ltd, BVI' in British Virgin Island to invest in a joint venture Company 'Sarla
Fiber Honduras, S.A. de C.V.' at Honduras, with 60% Share holding, to put up a
project to manufacture FDY, POY & Textured Yarn with an estimated cost of
Rs 7500 Lakhs.
Date: 2008-02-26
Source: BSE
- Subject has informed BSE that a meeting of the Board of Directors of the
Company will be held on February 22, 2008, inter alia, to decide issue of
Equity Shares / Warrants on preferential basis. Date:
2008-02-19
Source: BSE
- Subject has informed BSE that in the limited review report of the Company for
the quarter ended September 30, 2007, the Auditors of the Company have made the
following observations: "Compliance of AS 15 (Revised) Accounting for
Employees Benefits, AS 21 on Consolidated Financial Statement & AS 27 on
Financial Reporting of Interest in Joint Venture."
Date: 2007-12-11
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.54 |
|
UK Pound |
1 |
Rs.84.86 |
|
Euro |
1 |
Rs.66.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|