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MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ENERCON (INDIA) LIMITED |
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Registered Office : |
Plot No.33, Daman Patalia Road, Bhimpore – 396 210, Daman |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.05.1993 |
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Com. Reg. No.: |
003236 |
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CIN No.: [Company
Identification No.] |
U31200DD2003PLC003236 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00726F/SRTE00116E |
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Legal Form : |
A closely held Public Limited Liability
Company |
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Line of Business : |
Manufacturer of Wind Turbines |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 19335545 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established and reputed company having satisfactory track. Directors are reported
as experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Plot No. 33 Daman
Patalia Road, Bhimpore, Daman – 396210, UT of Daman, India |
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Tel. No.: |
91-260 – 2220624 / 2221219
/ 2221220 / 2220321 / 2220628 |
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Fax No.: |
91-260 - 2221508 |
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E-Mail : |
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Website: |
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Corporate Office : |
Enercon Tower, A-9, Veera Industrial Estate, Veera Desai Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
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Tel No.: |
91-22-66924848 |
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Fax No.: |
91-22-66990940 |
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Email : |
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Factory : |
Concrete Tower Factory : Plot No 610 / 611, Village Sadodar,Taluka : Jamjodapur, Dist
Jamnagar, Gujrat - 360520. Tel : 91-2898 - 262372 /
262545/ 262547 Fax : 91-2898 - 262374 Manufacturing Plant (E48): Plot No. 33, Daman Patalia Road, Bhimpore, Daman - 396210. Tel : 91-260 - 22 20 624/
22 21 219,22 21 220/22 20 321 Fax : 91-260 - 2221508 Manufacturing Plant (E33): 87-B, Silver Industrial Estate, Bhimpore, Daman - 396210. Tel : 91-260 - 22 20 624/
22 21 219,22 21 220/ 22 20 321 Fax : 91-260 - 2220188 |
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Branches/Marketing Office: |
Bangalore Tel : 91-80-5197 8000 Fax : 91-80-5197 8080 Email: sales.banglore@enercoindia.net New Delhi 513/514, World Trade Centre, Barakhambha
Lane, New Delhi - 110 001 Tel .:91-11-51528317 / 18 / 19 Fax. 91-11-51528590 Email: newdelhi@enercoindia.net Pune Tel: 91-20-26051992/3 Fax: 91-20-24030524 Email: pune@enercoindia.net Coimbatore T-3,
Manchester Square, 12 Puliyakulam Road, P N Palayam, Coimbatore - 641037 Fax: 91-422-4390902 Email: sales.coimbatore@enercoindia.net Jaipur Tel
:91-141-2741887/2741959 Fax :91-141-2741959 Email: sales.jaipur@enercoindia.net Hyderabad Tel : 91-40 – 5584 9999 Fax : 91-40-23328619 Email: sales.hyderabad@enercoindia.net Ahmedabad Tel :
91-79-26574839/64505949 Email: sales.ahmedabad@enercoindia.net Chennai Tel : 91-44-52147910/52057008 Fax :91-44-52057009 Email: sales.chhenai@enercoindia.net Vadodara Tel : 91-265-233 5541 /
233 5478 Fax : 91-265-234 0439 Email: sales.vadodra@enercoindia.net Bhopal Tel :91-755-5252425 Chandigarh Tel : 91-172-2669852 Porbandar Tel : 91-286 – 2214985 Fax : 91-286 – 2241628 |
DIRECTORS
|
Name : |
Mr. Yogesh Mehra |
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Designation : |
Managing Director |
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Address: |
201, Hare Krishna, Presidency Soceity, North South Road, Vile Parle
West, Mumbai – 400049 |
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Previous Employment |
20 Years |
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Qualification |
B.Com |
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Experience |
8 Years in Related Field |
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Date of
Birth/Age : |
01.12.1959 |
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Date of
Appointment: |
22.05.203 |
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Email: |
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Name : |
Mr. Ajay Mehra
Jogindernath |
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Designation : |
Director |
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Address: |
301, Hare Krishna, Presidency Soceity, North South Road, Vile Parle
West, Mumbai – 400049 |
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Date of
Birth/Age : |
06.12.1955 |
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Date of
Appointment: |
22.05.2003 |
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Email: |
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Name : |
Ms. Juanita
Fromme |
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Designation : |
Director |
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Name : |
Mr. Fromme Junita
|
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Designation : |
Director |
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Address : |
Bremen, Germany |
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Date of
Birth/Age : |
23rd
June, 1961 |
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Name : |
Mr. Monnerjahn
Martin |
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Designation : |
Director |
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Address : |
Aurich, Germany |
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Date of
Birth/Age : |
26th
January, 1968 |
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|
|
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Name : |
Mr. Kettwing
Hans-Dieter |
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Designation : |
Director |
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Address : |
Dreekamp – 5,
26605, Aurich, Germany Kolsite House,
Plot No. 31, Shah Industrial Estate, Veera Desai Road, Andheri (West).
Mumbai-400053, Maharashtra, India |
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Date of
Birth/Age : |
23.11.1957 |
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Date of
Appointment: |
11.03.2002 |
KEY EXECUTIVES
|
Name |
Mr. Manoranjan
Karmakar |
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Designation |
Company Secretary |
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Address: |
Flat No.1404, Raj
Manor, B Wing, Liberty Garden,Malad (West), Mumbai – 400064 |
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Date of Birth |
29.04.1956 |
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Date of
Appointment: |
22.05.2003 |
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Email: |
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Name : |
Dr. Aloys Wobben |
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Designation : |
Chairman |
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Address : |
Dreekamp – 5,
26605, Aurich, Germany Kolsite House, Plot
No. 31, Shah Industrial Estate, Veera Desai Road, Andheri (West).
Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
22.01.1952 |
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Date of Appointment: |
24.02.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Equity shares |
|
|
Enercon GmbH,
Germany |
4032000 |
|
Mr. Mehra
Jogidernath Ajay |
680000 |
|
Mr. Mehra J
Minakshi |
432000 |
|
Mr. Yogesh Mehra |
832000 |
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Mrs. Radhika Yogesh Mehra |
304000 |
|
Mr. Mehra Ajay Sitakshi |
16000 |
|
Mr. Mehra Ajay Siddharth |
8000 |
|
Mr. Mehra J Sudarshan |
896000 |
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Total |
7200000 |
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|
Preference shares |
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Enercon GmbH |
900000 |
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Category |
Percentage |
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Foreign Holding FIIs, FCs, FFIs, NRIs, or OCB |
74.00 |
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Directors or relatives of directors |
26.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Wind Turbines |
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Products : |
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Brand Names : |
“E-30” and “E-40” |
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Exports : |
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Countries : |
Germany |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
90% locally and 10%
in international market against 100% payment on commissioning. |
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Purchasing : |
Credit locally
(90 days) and for overseas (180 days) terms.
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PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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E-30 |
Nos. |
200 |
59 |
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E-40 |
Nos. |
100 |
37 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
900 |
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Bankers : |
Address: Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellis Bridge, Ahmedabad – 380006, Gujarat,
India
Address: BA, 77
Robinson Road, #09-00 SIA Building, Singapore, NA –SG 06896. |
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Facilities : |
Cash Credit – Rs.
170.024 Millions Working Capital –
Rs. 677.500 Millions Interests on Rs.
1.652 Millions Foreign Currency Loan
– Rs. 878.799 Millions ST Loan – Rs.
250.000 Millions Vehicle Loan –
Rs. 14.980 Millions Plant and Mach
Loan – Rs. 5.655 Millions Office Equip Loan
– Rs. 16.674 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
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Address : |
12, Annie Besant
Road, Opposite Shivsagar Estate, Worli, Mumbai – 400018 |
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Associates/Subsidiaries : |
· Enercon Exports (India) Limited Address: Kolsite House, Plot No. 31, Shah Industrial Estate, Veera Desai Road, Andheri (West), Mumbai-400053,
Maharashtra, India Activity: Manufacturers and Exports printed circuit boards, control
panels, Pitch boxes and relay boxes to Enercon GmbH. Shareholding’s of parent company – 100% · Enercon Wind Farms (India) Limited Address: Kolsite House, Plot No. 31, Shah Industrial Estate, Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India Activity: Generation of Power Shareholding’s of Parent Company – 26% · Enercon Wind Farms (Krishna) Limited · Enercon Wind Farms (Karnataka) Limited · Enercon Wind Farms (Jaisalmer) Private Limited · Enercon Financial Consultancy Private Limited · Enercon Wind Farms (Rajasthan) Private Limited · Enercon India Power Development Private Limited · Enercon Winds Farms (Hindustan) Private Limited · Enercon Wind Farms (Prithvi) Private Limited · Enercon Wind Farms (Nettur) Private Limited · Enercon Wind Farms (Chitradurga) Private Limited · Eil South Africa Power Development Pty. Limited · Enercon Lanka Power Development Private Limited · Gi Wing Farms Limited · Enercon India Infrastructure Private Limited |
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Parent Company
: |
Enercon GmbH,
Germany |
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Address: |
Dreekamp 5,
D-26605, Aurich, Germany |
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Tel No.: |
91-49/4141/927-0 |
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Line of Business: |
Manufacturers and Selling of Wind Turbines Shareholding’s of
parent company – 56% |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity shares |
Rs.10/- each |
Rs.90.000 Millions |
|
1500000 |
Equity shares |
Rs.100/- each |
Rs.150.000 Millions |
|
|
|
|
|
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Total |
|
Rs.240.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7200000 |
Equity shares |
Rs.10/- each |
Rs.72.000
Millions |
|
450000 |
Equity shares |
Rs.100/-
each |
Rs.45.000
Millions |
|
|
|
|
|
|
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Total |
|
Rs.117.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
117.000 |
162.000 |
207.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3750.109 |
2586.611 |
2024.484 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3867.109 |
2748.611 |
2231.484 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3283.564 |
2015.284 |
1152.279 |
|
|
2] Unsecured Loans |
569.024 |
1315.492 |
487.728 |
|
|
TOTAL BORROWING |
3852.588 |
3330.776 |
1640.007 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
208.280 |
94.079 |
|
|
|
|
|
|
|
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TOTAL |
7719.697 |
6287.667 |
3965.570 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
2887.111 |
1200.538 |
531.939 |
|
|
Capital work-in-progress |
698.843 |
90.268 |
17.049 |
|
|
|
|
|
|
|
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INVESTMENT |
1178.294 |
1071.608 |
524.056 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3438.058
|
3951.785 |
1195.351 |
|
|
Sundry Debtors |
3967.497
|
4085.839 |
3813.590 |
|
|
Cash & Bank Balances |
2097.460
|
261.249 |
623.778 |
|
|
Other Current Assets |
26.835
|
7.301 |
14.502 |
|
|
Loans & Advances |
2529.035
|
1350.682 |
1182.417 |
|
Total
Current Assets |
12058.885
|
9656.856 |
6829.638 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
8596.306
|
5373.948 |
3590.421 |
|
|
Provisions |
507.130
|
357.655 |
346.691 |
|
Total
Current Liabilities |
9103.436
|
5731.603 |
3937.112 |
|
|
Net Current Assets |
2955.449
|
3925.253 |
2892.526 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7719.697 |
6287.667 |
3965.570 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
16733.427 |
8831.890 |
7096.132 |
|
|
Other Income |
478.930 |
1662.260 |
0.000 |
|
|
Total Income |
17212.357 |
10494.150 |
7096.132 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1418.142 |
749.224 |
704.289 |
|
|
Provision for Taxation |
233.165 |
174.200 |
71.400 |
|
|
Profit/(Loss) After Tax |
1184.977 |
575.024 |
632.889 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
36.495 |
34.227 |
0.000 |
|
|
Other Earnings |
0.000 |
0.000 |
65.035 |
|
Total Earnings |
36.495 |
34.227 |
65.035 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Components and Spares Parts |
4276.102 |
3511.545 |
0.000 |
|
|
Capitals Goods |
177.449 |
585.525 |
0.000 |
|
|
Others |
0.000 |
0.000 |
2134.450 |
|
Total Imports |
4453.551 |
4097.070 |
2134.450 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation |
150.891 |
80.731 |
0.000 |
|
|
Financial Charges |
439.600 |
269.860 |
13.126 |
|
|
Other Expenditure |
14613.233 |
9043.744 |
0.000 |
|
Total Expenditure |
15203.724 |
9394.335 |
13.126 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
6.88
|
5.47 |
8.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.47
|
8.48 |
9.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.06
|
6.84 |
9.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.27 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.35
|
3.29 |
2.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.68 |
1.73 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The address of
the registered office of company has been shifted from Kolsite House, Plot No. 31, Shah Industrial
Estate, Veera Desai Road, Andheri (West). Mumbai - 400 053, Maharashtra, India to Plot No.33,
Daman Patalia Road, Bhimpore – 396 210, Daman, India w.e.f. 22.05.2003.
Note:
As confirmed Mr. Yogesh Mehra is one of the directors for Vish Wind and
has membership with Indian Wind Turbine Association.
But he is in no way connected to the following companies:-
- Trinity
Electro Mechanicals Private Limited
- Wind
Polyplast Private Limited
- Wind River
Farms Private Limited
- Wind Turbine
Systems Private Limited
- Wind Farm
Hire Purchase and Leasing Private Limited
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U74999MH1993PTC071899 |
|
Name of the
Company |
ENERCON (INDIA)
LIMITED |
|
Address |
Plot No. 33,
Daman Patalia Road, Bhimpore, Daman – 396210, India |
|
This form is for |
Modification of charge |
|
Type of Charge |
|
|
Particulars of
the charge holder |
Axis Bank Limited Trishul 3rd
Floor, Opposite Samartheshwar Temple, Law Garden Ellis Bridge, Ahmedabad –
380006, Gujarat, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Sixth
Supplementary Joint Deed of Hypothecation of Stock and Book Debts dated 31st
January, 2007. |
|
Date of the instrument
creating or modifying the charge |
31.01.2007 |
|
Amount secured by
the charge |
Rs. 14000.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
|
|
Short particulars
of the property charged (including location of the property) |
|
|
Particular of the
present modification |
By way of the
present modification the lenders have agreed to enhance the limits from
Rs.6700.000 Millions to Rs. 14000.000 Millions Refer Annexure D. |
Corporate
Profile:
Subject is ISO-9001: 2000 certified for manufacturing,
installation and services. It is supported with the latest design and
development from its Principals, subject GmbH.
- Subject’s commercial operations commenced in 1995.
- Providing end to end solution to the customer from identification
of good potential site, developing project, installing Wind Turbine
Generator and maintaining the Wind Turbine Generator over 20 years
lifespan.
- It is an ISO 9001:2000 certified company for manufacturing,
installation and services.
- Has successfully implemented SAP and connected all sites with
V-SAT.
- Has four manufacturing plants at Daman for different parts of Wind
Energy Converter and concrete tower segment manufacturing facilities at Sadodar,
Gujarat and at Shirhatti (near Hubli) at Karnataka.
- More than 3500 employees are working for EIL.
- At present manufactures and markets two models with ratings 330 KW
(E-33) and 800 KW (E-48 SL).
- Turnover was 17212.300 Millions in the year 2006-07 subject’s Net
Worth was more than 3867.100 Millions as at 31st March 2006
- Total Gross block of the company as on 31st March 2007,
3532.800 Millions.
Presence in major high potential states viz. Gujarat,
Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamilnadu, and Andhra
Pradesh.
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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|