MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
D R POLYMERS
LIMITED |
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Registered Office : |
101, D. R. Complex,
Mansarover Garden, New Delhi - 110 015 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.04.1991 |
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Com. Reg. No.: |
55-43773 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PLC043773 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD02448F |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Importers and
Traders of Plastic Raw Material |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 280000 |
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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. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade relations are fair.
Payments are usually correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. The company has
not filed its latest financials with the Government departments and the
management refused to part same. |
INFORMATION PARTED
BY
|
Name : |
Mr. M S Bandari |
|
Designation : |
Head in Accounts |
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Date : |
21.05.2008 |
LOCATIONS
|
Registered
Office : |
101, D. R.
Complex, Mansarover Garden, New Delhi - 110 015, India |
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Tel. No.: |
91-11-45023000 |
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Fax No.: |
91-11-25923001/25923009 |
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Mobile No.: |
91-9312291474 |
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E-Mail : |
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Website : |
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Area: |
400 sq ft (Owned) |
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Head Office
(New Delhi): |
C-24, Mansarover
Garden, New Delhi-110015, India |
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Tel. No.: |
91-11-45023000 |
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Fax No.: |
91-11-25923009 |
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Mobile No.: |
91-9312291474 /
9811061233 |
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E-Mail : |
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Warehouse |
The subject is having
six Warehouses in and around Delhi with a storage capacity of more than 3000
MT |
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Branch Offices
: |
Plot No. 52, Sector -18, Gurgaon, Haryana |
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Tel. No.: |
91-124-2348485/2345836/2399880 |
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Mobile No.: |
91-9312272630 |
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Tele Fax No.: |
91-124-4014877 |
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Email ID: |
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Branch Offices
: |
A-13, Phase-II, Near Phoenix, Noida |
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Tel. No.: |
91-120-3208908 |
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Fax No.: |
91-120-3043438 |
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Mobile No.: |
91-9311882323 / 9811167330 |
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E-Mail ID: |
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Branch Offices
: |
M-32, Harilok Jwalapur, Haridwar, Uttarakhand |
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Tel. No.: |
91-120-3208908 |
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Fax No.: |
91-120-3043438 |
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Mobile No.: |
91-9811167330 |
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E-Mail ID: |
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Branch Offices
: |
Village Gularwala, Post-Karunava, Near Aurobindo School, Sai Road,
Baddi, Himachal Pradesh, India |
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Tel. No.: |
91-179-5322461 |
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Mobile No.: |
91-9318672277 |
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E-Mail ID: |
DIRECTORS
|
Name : |
Mr. Dinesh Kumar
Jain |
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Designation : |
Managing Director |
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Address : |
GB- 24 Shivaji
Enclave, New Delhi - 110 015. |
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Date of
Birth/Age : |
22.01.1961 |
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Qualification: |
Graduate |
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Date of
Appointment : |
03.04.1991 |
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Name : |
Mrs. Rekha Jain |
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Designation : |
Director |
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Address : |
GB- 24 Shivaji
Enclave, New Delhi - 110 015. |
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Date of
Birth/Age : |
21.10.1966 |
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Qualification: |
Graduate |
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Date of
Appointment : |
15.04.1994 |
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Name : |
Mr. Raghunath
Samrath Doshi |
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Designation : |
Director |
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Address : |
6B- 24 Shivaji
Enclave, New Delhi - 110 015. |
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Date of
Birth/Age : |
22.01.1961 |
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Date of
Appointment : |
15.07.2006 |
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Name : |
Mr. Shreyas Jain |
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Designation : |
Director |
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Date of
Birth/Age : |
18 Years |
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Qualification: |
Under Graduate |
KEY EXECUTIVES
|
Name : |
Rajiv Singh and
Company |
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Designation : |
Company Secretary |
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Address : |
615 Sanjay
Enclave, Opposite GTK Bus Depot, Delhi – 110033 |
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Tel. No.: |
91-11-27631955 |
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Name : |
Mr. Kiran bala |
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Designation : |
Company Secretary |
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Address : |
113, D. D. A.
Flats, New Ranjit Nagar, New Delhi – 110008, India |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh Kumar Jain |
|
101371 |
|
Rekha Jain |
|
37295 |
|
Raghunathmal
Samratmal Doshi |
|
379 |
|
Madhu Doshi |
|
450 |
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Mukesh Bakodia |
|
535 |
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Bhoop Singh |
|
1000 |
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Champa Lal |
|
1990 |
|
Geeta Devi |
|
995 |
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G. P. Chopra |
|
1495 |
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Ruchika Chopra |
|
1495 |
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Radhika Chopra |
|
995 |
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Pankaj Arora |
|
1995 |
|
Gir Dhar Prakash |
|
1000 |
|
Kaushalya Bhojak |
|
1000 |
|
Ratan Singh |
|
995 |
|
Harish Chander |
|
995 |
|
Mahipal Jain |
|
865 |
|
Vibhakar |
|
1000 |
|
Shriram |
|
1000 |
|
Puran Singh |
|
1000 |
|
Mehraban Bhandari |
|
1000 |
|
Arihant
Enterprises Limited |
|
40000 |
|
Dhiren Shah |
|
25000 |
|
Ashish Begwani |
|
10 |
|
Ashish Begwani
[HUF] |
|
10 |
|
Electric Engineering
Company |
|
10 |
|
Kaur Gurdeep |
|
10 |
|
Gurpal Singh |
|
10 |
|
Electronics J
R |
|
10 |
|
Kaur Kuldeep |
|
10 |
|
Marudhar Garments
|
|
10 |
|
Nayak Ratogi |
|
10 |
|
Sunil Kumar
Rastogi |
|
10 |
|
Rasiklal &
Company |
|
10 |
|
Parmjit Singh |
|
10 |
|
J R Shah (HUF) |
|
10 |
|
Asu Ben |
|
6350 |
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Total |
|
230330 |
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Equity Share
Breakup |
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|
Category |
|
Percentage of
Holding |
|
Directors of relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers and
Traders of Plastic Raw Material |
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Products : |
v PP Polypropylene v PPCP v HDPE High-Density Polyethylene v LLDPE Linear Low-Density Polyethylene v LDPE Low-Density Polyethylene v Delrin v Poly Carbonate v SAN v Nylon6 v Acrylic v Ethyl Vinyl Acetate (EVA) v Acrylonitrile – Butadiene-Styrene
Copolymer (ABS) v General Purpose Polystyrene (GPPS)
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Imports : |
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Products : |
Raw materials,
ABS Powder, Polystryne Powder PVC, Poly Carbonate Nylon and Acrylic |
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Countries : |
Germany,
Thailand, Korea and also from domestic market |
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Terms : |
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Purchasing : |
L/C |
GENERAL
INFORMATION
|
Customers : |
Retailers v Maruti Udyog Limited v Hyundai v Samsung India v Whirlpool v Hero Honda Motors Limited v L. G. Electronics |
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No. of Employees : |
50 |
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Bankers : |
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Facilities : |
All the facilities from all bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chander Parkash
& Company Chartered
Accountants |
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Address : |
207, Padma Tower
– II, 22 Rajendra Place, New Delhi – 110008 |
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Tel. No.: |
91-11-25731059/25731060 |
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Mobile No.: |
91-9810056108 |
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Fax No.: |
91-11-25741070 |
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E-Mail : |
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Associates/Subsidiaries : |
v Jain Polymers v Doshi Plastic Industries and Investment v D R Builders and Promoters Private Limited v D R International Private Limited v D R Plastics v Asu Ben v
Gems
International |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 100/- Each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190330 |
Equity Shares |
Rs. 100/- Each |
Rs. 19.033 Millions |
|
|
Share Application
Mooney |
|
Rs. 4.000 Millions |
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Total |
|
Rs. 23.033 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 |
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|
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1] Share Capital |
23.033 |
23.033 |
19.033 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves &
Surplus |
49.205 |
41.095 |
33.264 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
72.238 |
64.128 |
52.297 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
262.671 |
44.812 |
43.629 |
|
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2] Unsecured
Loans |
40.185 |
147.406 |
89.467 |
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TOTAL BORROWING
|
302.856 |
192.218 |
133.096 |
|
|
DEFERRED TAX
LIABILITIES |
0.738 |
0.000 |
0.000 |
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|
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TOTAL
|
375.832 |
256.346 |
185.393 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
26.529 |
10.044 |
7.653 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.122 |
0.073 |
|
|
|
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
174.298
|
146.389
|
83.666 |
|
|
Sundry Debtors
|
190.516
|
148.151
|
102.676 |
|
|
Cash & Bank Balances
|
2.693
|
1.084
|
1.156 |
|
|
Other Current Assets
|
44.937
|
19.465
|
50.580 |
|
|
Loans & Advances
|
23.072
|
59.540
|
14.234 |
Total Current Assets
|
435.516
|
374.629
|
252.312 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
82.567
|
123.864
|
72.320 |
|
|
Provisions
|
3.656
|
4.607
|
2.357 |
Total Current Liabilities
|
86.223
|
128.471
|
74.677 |
|
Net Current Assets
|
349.293
|
246.158
|
177.635 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.010 |
0.022 |
0.032 |
|
|
|
|
|
|
|
TOTAL
|
375.832 |
256.346 |
185.393 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
1116.089 |
835.519 |
|
|
Other Income |
|
9.899 |
|
|
|
Total Income |
|
1125.988 |
835.519 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[132.484] |
6.402 |
|
|
Provision for Taxation |
|
4.558 |
6.339 |
|
|
Profit/(Loss) After Tax |
|
[137.042] |
0.063 |
|
|
|
|
|
|
|
|
Import Value |
|
479.290 |
-- |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
|
1068.505 |
800.147 |
|
|
Increase/(Decrease) in Finished Goods |
|
146.391 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
|
3.125 |
0.000 |
|
|
Managerial Remuneration |
|
0.840 |
0.000 |
|
|
Payment to Auditors |
|
0.150 |
0.000 |
|
|
Interest |
|
10.811 |
0.000 |
|
|
Insurance Expenses |
|
0.321 |
0.000 |
|
|
Power & Fuel |
|
0.349 |
0.000 |
|
|
Depreciation & Amortization |
|
1.161 |
1.328 |
|
|
Other Expenditure |
|
26.818 |
27.641 |
|
Total Expenditure |
|
1258.471 |
829.116 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
[12.17] |
0.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
[11.87] |
0.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
[34.44] |
2.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
[2.07] |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.39
|
5.00 |
3.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.05
|
2.92 |
3.38 |
LOCAL AGENCY
FURTHER INFORMATION
The subject is an
authorised distributor to the following companies:
- Bayer ABS
Limited
- Supreme
Petrochem Limited
- Gas
Authority of India Limited
- Reliance
Industries Limited
- Haldia
Petrochemicals Limited
- L. G.
Chemicals
- Korea
Engineering Plastics, Korea
- Mitsubishi,
Korea
- Bayer,
Germany
- Bharti
- Sansung
- Maruti
BUSINESS
The subject is
engaged in the business of Importers and Traders of Plastic Raw Material,
Plastic Granules and specialised in Engineering Plastic Raw Material.
The Company is dealing
in ABS Polystyrene Powder, Polycarbide & Polythene Power. They are direct
importers of Polystryne Powder PVC & ABS Powder.
They are authorised
distributors for Bayer ABS Limited, Supreme Petrochem Limited and Celcon Acetal
Copolymer.
|
Name of the company |
D R POLYMERS LIMITED |
|
Presented By |
ING Vysya Bank Limited |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation of goods, assets, Machinery dated
24.6.2004 Letter of Hypothecation to secure time trust loan against goods
24.6.2004 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 100.000 millions |
|
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 |
Good procured under LC and Hypothecation of stock of polymers and
plastic materials and book debts, stored and elsewhere from time to time First charge on book debts of the company from time to time on pari
passu basis with Citibank |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
The charged on above assets is to secure the cash credit limit of Rs. 100.000
Millions sanctioned to the company. The sub limits of WCDL Rs. 80.000
Millions and import LC,DA,DP (DA 90 days) Rs. 100.000 Millions at min 11.25%
and 7.50% on CC limit and WCDL respectively or at such other rates be fixed
by the bank from time to time |
|
5) Name and Address and description of the person entitled to the
charge. |
ING Vysya Bank Limited, Kirti Nagar Branch, New Delhi |
|
6) Date and brief description
of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
|
|
|
Name of the company |
D R POLYMERS LIMITED |
|
Presented By |
|
|
1) Date and description of instrument creating the change |
Goods security agreement dated 11.12.2002 which was registered on
13.12.2002 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Working facility Fund Based – Rs. 50.000 Millions Non Fund Based – Rs. 20.000 Millions |
|
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 |
First exclusive charge all present and future stocks and book debts of
the company |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Repayable on demand Cash credit at 13.0% Other interest rates as per RBI mandated from time to time |
|
5) Name and Address and description of the person entitled to the
charge. |
Citi Bank, Jeevan Vihar 3, Sansad Marg, New Delhi – 110001 |
|
6) Date and brief description
of instrument modifying the charge |
Deed of Modification – 18.03.2004 |
|
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. |
Working facility – Rs. 110.000
Millions Fund Based – Rs. 95.000 Millions Non Fund Based – Rs. 15.000 Millions |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1991PLC043773 |
|
Name of the
company |
D R POLYMERS
LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
101, D. R.
Complex, Mansarover Garden, New Delhi - 110 015 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Centurion Bank of
Punjab Limited, J-2/4, Rajouri Garden, New Delhi – 110027, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods, vehicles, plant an machinery, stocks and book debts |
|
Date of
instrument Creating the charge |
17.04.2007 |
|
Amount secured by
the charge |
Rs. 121.750
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as per
loan agreement and bank norms from time to time. Terms of
repayment Repayment as per
bank Norms Margin As per bank Norms Extent and operation
of the charge The charge
operates as continuing security inter alia, for the due repayment by the company to the bank to the extent of Rs.
12175 Millions sanctioned to the company together with interest, additional
interest, liquidated damages, premia on repayment costs, charges, expenses
and all other moneys payable to the Bank in terms of the loan agreement an
Bank norms from time to time |
|
Short particulars
of the property charged |
First charge on Stocks,
Book debts, plant and machinery, furniture, fixture stores and spares etc. to
agreement of hypothecation of goods, vehicles, plant an machinery, stocks and
book debts dated 17.04.2007. |
As per Website
Details:
Profile :
The management
and team promoted by Mr. Dinesh Jain (Marwari Breed) in 1991 as a first
generation entrepreneur.
TEAM: Marketing executives/financial/accounts personal supported by a
team of agg. 50 odd peoples working in a fully computerised environment and a
supply chain at all three places to ensure an uniterrupted and timely execution
of orders catering to Delhi, Haryana and U.P. customers. They have their own
fleet of four own trucks for smooth logistics functions.
Branches: In Noida and Gurgaon feeding MNC's (viz. Maruti, Hyundai,
Samsung, Whirlpool, Hero Honda, L.G. and other big names in auto, appliances
and other plastics related industry) and its OEM.
Infrastructure: The corporate office situated at Delhi in their own
building and owned three very big warehouses in Delhi, two in Gurgaon, a quite
large warehouse at Noida.
Their main focus is on single window solutions to the needs of small/big
customers for their all polymer needs.
Associations: They are authorized distributors for the BAYER ABS, GAIL,
GSFC, KOREA ENGINEERING PLASTIC LIMITED Company imports from Bayer AG
(Germany), Mitsibushi, Marubani Chemicals and LG.
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|