MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AMARTARA PRIVATE
LIMITED |
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Registered Office : |
Saki Vihar Road, Mumbai
– 400072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.06.1964 |
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Com. Reg. No.: |
11-012950 |
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CIN No.: [Company
Identification No.] |
U20290MH1964PTC012950 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA20255E |
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PAN No.: [Permanent
Account No.] |
AADCA9217F |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturers of
Cellulose and synthetic films based adhesive tapes, cloth tapes, paper tapes,
rigid PVC film plain / coated. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company, controlled by Sarup family, who made huge
money by disposing their precious land to Hiranandani’s for real estate
development. Market people estimate that Sarup’s sold the land of nearly Rs.
4000 millions few years back. Available
information indicates satisfactory financial responsibility of the company.
Trade relations are fair. The company was successful in wiping out its
accumulated losses during 2002-03. Payments are usually made as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions |
LOCATIONS
|
Registered
Office / Corporate Office / Factory : |
Saki Vihar Road,
Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28571092 /
28570884 / 28573663 |
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Fax No.: |
91-22-28570470 /
28570379 |
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E-Mail : |
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Website : |
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Branches : |
Located At : Ø Delhi Ø Chennai Ø
Ahmedabad Ø Bangalore Ø Baroda Ø Kolkata Ø Hyderabad Ø
Cochin |
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Overseas Sales Offices : |
Richmond Tower, 2nd Floor, 75/5 Sukhumvit S5126, Klongtoey Bangkok - 10110 ,Thailand Tel : 66-22-59 4041-45 Fax : 66 22 59 4046 Emails : amartara@loxinfo.co.th Jardemon S.L. Barcelona Spain Tel : 34-93-630 6892 Fax : 34-93-650 7241 Emails : jmv@jardemon.com |
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Sales offices : |
Ahmedabad 13, Friends Society, Jawaharchowk, Sabarmati, Ahmedabad – 380 005 Mobile:91- 9825205813 Email: atlahmd@amartara.com Bangalore MR. NORMAN D’SOUZA 21/2, Church Road, Basavangudi, Bangalore—560004, India Telefax: 91-80-26577139 Mobile : 91-9845140633 Email : atlblore@amratara.con Chennai MR. S AUNANDAKUMAR 208, Poonamalee High Road, Flowers Road, Chennai-600084, India Tel : 91-44-26261210
(R), 91-44-26412782 (O) Fax : 91-44-26412254
(O) Mobile : 91-9884073717 Email : atclcchennai@amrtara.com Delhi MR VIJAY KUMAR 133, P.O. Building, Sadar Bazar, Delhi-110006, India Tel : 91-11-23674043 Fax : 91-11-23674043 Mobile : 91-9823013300 Email : atldelhi@amrtara.com Goa MR CARLTON FORTES Excel Residency, Kernet Carnazalen, Goa-403002 Tele : 91-832-2416352 Mobile : 91-9823013300 Email : atlgoa@amartara.com Haryana Email: atlchd@amartara.com Himachal Pradesh Email: atlbaddi@amartara.com Hyderabad Email: atlhyd@amartara.com
Email: atlindore@amartara.com Kolkatta Email: atlkol@amartara.com Vadodara Email: atlbaroda@amartara.com |
DIRECTORS
|
Name : |
Mrs. Tara Sarup |
|
Designation : |
Director |
|
Address : |
Powai House Bangalow, Saki Vihar Road, Powai, Mumbai-400072,
Maharashtra, India |
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Date of Birth/Age : |
02.04.1921 |
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Qualification : |
B.Com |
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Date of Appointment : |
12.11.1984 |
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Name : |
Mr. Arun Sarup |
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Designation : |
Director |
|
Address : |
Aashiana, Powai Park Drive, Saki Vihar Road, Powai, Mumbai-400072,
Maharashtra, India |
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Date of Birth/Age : |
27-02-1945 |
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Qualification : |
BE Farm USA |
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Date of Appointment : |
29-06-1984 |
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|
Name : |
Mrs. Geeta A.
Sarup |
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Designation : |
Director |
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Address : |
91-E, Bharat Bhawan, Walkeswar Road, Mumabi-400006, Maharashtra,
India |
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Date of Birth/Age : |
20-03-1947 |
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Qualification : |
B Com |
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Date of Appointment : |
16-08-2000 |
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|
|
|
Name : |
Mr. Arjun Sarup |
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Designation : |
Director |
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Date of Birth : |
30 Years |
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Qualification : |
BE Farm |
KEY EXECUTIVES
|
Name : |
Mr. V.
Sahasranaman Iyer |
|
Designation : |
Company Secretary
|
|
Address : |
12 Vani, Road No.
17, Plot No. 54, Chembur, Mumbai – 400 071, India. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Tara Sarup |
|
3000 |
|
Arun Sarup Director |
|
43000 |
|
Geeta A. Sarup |
|
4004 |
|
Ajay Industrial Packagings Limited |
|
39,980 |
|
Arjun Sarup |
|
10005 |
|
Seema Sarup |
|
5 |
|
Aarti Sarup |
|
5 |
|
Total |
|
99,999 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage of
Holding |
|
Bodies corporate |
|
40.00 |
|
Directors or relatives of directors |
|
60.00 |
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Total |
|
100.00
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Cellulose
and synthetic films based adhesive tapes, cloth tapes, paper tapes, rigid PVC
film plain / coated. |
|
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Products : |
v Rigid PVC Films v Self Adhesive Tapes v Publicity Vinyl Films v Processing of PVC Products |
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Exports : |
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Countries : |
All over the World |
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Imports : |
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Countries : |
·
China ·
France ·
USA |
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Terms |
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Selling: |
L/C Out of India and Credit in India |
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Purchasing: |
L/C out of India and Credit in India |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Cellulose and other Synthetic films based
Adhesive Tapes, Cloth Tapes and Paper Tapes |
Linear Mtrs. p.a. |
6,00,000 |
|
Synthetic Films
based Self Adhesive Tapes |
Million sq.mtrs. p.a. |
2.400 |
|
Rigid PVC Film Plain/Coated |
M.Tonnes p.a. |
2500 |
GENERAL
INFORMATION
|
Customers : |
Direct Pharma
Company |
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No. of Employees : |
123 |
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Bankers : |
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Facilities : |
Cash Credit (Rs. 98.500 Millions from Bank of Baroda) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Pramod H. Shah
and Company Chartered
Accountant |
|
Address : |
113, Doctors House,
Borabzaar, Fort, Mumbai - 400001,
Maharashtra, India |
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Tel. No.: |
91-22-22695403 |
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E-Mail : |
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Associates/Subsidiaries : |
Ø
Amartara
Limited Line of Business - Manufacturers of Taxi Tapes. Ø
ICM Plastics
Private Limited Ø
ATA
Investments Private Limited and several others. |
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|
|
|
Holding Company : |
Ajay Industrial Packaging Private Limited U28129MH1970PTC014677 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99999 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
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|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share
application money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves &
Surplus |
44.041 |
51.344 |
43.193 |
|
|
4) (Accumulated
Loss) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
54.041 |
61.344 |
53.192 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
60.876 |
41.975 |
33.945 |
|
|
2] Unsecured
Loans |
10.436 |
10.563 |
3.836 |
|
TOTAL BORROWING
|
71.312 |
52.538 |
37.780 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
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TOTAL
|
125.353 |
113.882 |
90.974 |
|
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
44.707 |
48.178 |
34.849 |
|
Capital work-in-progress
|
0.450 |
0.000 |
10.880 |
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|
|
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INVESTMENT
|
5.632 |
12.192 |
0.176 |
|
DEFERREX TAX ASSETS
|
4.156 |
3.910 |
4.415 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
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Inventories
|
22.516 |
23.420 |
24.074 |
|
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Sundry Debtors
|
65.201 |
43.832 |
34.518 |
|
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Cash & Bank Balances
|
21.125 |
6.282 |
3.282 |
|
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
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Loans & Advances
|
6.352 |
6.611 |
17.202 |
Total Current Assets
|
115.194 |
80.145 |
79.076 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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|
Current Liabilities
|
42.036 |
28.856 |
36.076 |
|
|
Provisions
|
2.750 |
2.201 |
3.374 |
Total Current Liabilities
|
44.786 |
31.057 |
39.450 |
|
Net Current Assets
|
70.408 |
49.088 |
39.626 |
|
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|
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|
MISCELLANEOUS EXPENSES
|
0.000 |
0.514 |
1.028 |
|
|
|
|
|
|
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TOTAL
|
125.353 |
113.882 |
90.974 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
196.424 |
151.206 |
106.386 |
|
|
Other Income |
|
|
|
|
|
Total Income |
196.424 |
151.206 |
106.386 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(4.336) |
13.459 |
(5.465) |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
(4.336) |
13.459 |
(5.465) |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
7.999 |
|
Total Earnings |
|
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|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
|
|
|
Finished Goods |
0.000 |
0.000 |
|
|
Total Imports |
|
|
52.921 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interest |
8.595 |
5.376 |
|
|
|
Depreciation & Amortization |
4.180 |
2.929 |
111.851 |
|
|
Other Expenditure |
187.985 |
129.442 |
|
|
Total Expenditure |
200.760 |
137.747 |
111.851 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[2.21]
|
8.90
|
[4.17] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[2.21]
|
8.90
|
[4.83] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[2.71]
|
10.48
|
[4.79] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.08]
|
0.21
|
[0.10] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
1.36
|
1.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.57
|
2.58
|
2.00 |
LOCAL AGENCY
FURTHER INFORMATION
The company’s fixed
assets of important value include goodwill, land, building, plant &
machinery, motor vehicles, furniture and fixtures, air conditioners, office
equipments, computers, laboratory equipments and tube well
Trade References:
- Intus,
Ahmedabad
- Lupin, Mumbai
- Rainbaxy,
Indore/ Malaysia
- Aresto
Pharma, Indore/ Mumbai
Bankers Charges Report as per Registry
|
Name of the company |
AMARTARA LIMITED |
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Presented By |
Bank of Baroda,
Sakinaka Branch, Mumbai-400072, Maharashtra, India |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 32.500 Millions |
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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 |
All the Piece and parcel of Land being 1st floor, admeasuring 10300sq ft and the entire 2nd floor, admeasuring 7008.50 sq ft. together with an enclosed terrace admeasuring 9000 sq ft. of Building No. 1 comprising of Ground plus 3 storey standing on property bearing original Survey No. 26 (pt), 25 (pt), 13(pt) and 15(pt) CTS No. 190 and 191, New Survey No. 7/H-1 and 7/2(B) of Village Tungwa, being at Saki Vihar Road, Andheri (East), Mumabi-400072, Maharashtra, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Change is created to secure following credit facilities together with interest/commission and margin as stated below:
|
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Sakinaka Branch, Mumbai-400072, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental Memorandum Entry dated 8th April 2005 |
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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. |
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|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U20290MH1964PTC012950 |
|
Name of the
company |
AMAR TARA PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Saki Vihar Road,
Powai, Mumbai – 400072, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of charge
holder |
ICICI Bank
Limited, Bandra-Kurla Complex, ICICI Bank Tower, Bandra (East),
Mumabi-400050, Maharashtra, India |
|
Nature of
instrument creating charge |
Indenture of
mortgage |
|
Date of
instrument Creating the charge |
17.08.2007 |
|
Amount secured by
the charge |
Rs. 20.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.75% as on date Terms of Repayment Equated monthly
installments of Rs. 0.484 Millions |
|
Short Particulars
of the Property Charged (Including location of the property) |
Ground, Mezzanine
and 1st Floor, 47B, Plot No.73/a, and 2,73,74 Tunga Village,
Saki-Vihar Road, Opposite Land T Gate No. 7, Powai, Mumbai-400072,
Maharashtra, India |
AS PER
WEBSITE
Amartara, or ATL as they are more commonly known, is a name synonymous
with primary packaging. Their product range includes
v
Plain &
PVdC Coated Pharma & Food Grade Rigid PVC Film
v
Pharma &
Food Grade Triplex Composite Films
v
A-PET Film
v
Cold Form
Blister
v
Rigid PVC Film
(General Purpose)
v
Vinyl Film for
Signage, and
v
Self Adhesive
PVC Tapes
Aside from the
Pharmaceutical & Food industries, these products are also used for general purpose
applications such as vacuum forming for the packaging of industrial products,
Fold Moulding for production of boxes, metalizing, printing, decoration and
lamination, and in the Signage Industry for banners, hoardings and billboards.
Their tapes are used for both stationery and packaging applications
ATL has a wide
product range, replete with world-class products at competitive prices.
They
offer a complete range of material for packaging pharmaceutical, food and
industrial products, as well as for other applications.
For
the outdoor signage industry, they offer Vinyl film for signage.
And
for general packaging applications, they manufacture Self Adhesive PVC Tape.
At ATL, they are
proud of their commitment to quality. Quality of the product design. Quality of
their manufacturing. And, quality of their after-sales service. This is the key
that enables they to meet the demanding and ever-changing needs of their
customers
A measure of this commitment to quality is their ISO9000 certification.
From a control on the quality of inputs for their production, to a firm grip on
the quality of the end products, the company’s quality assurance philosophy
involves a judicious blend of technical expertise and sophisticated
instrumentation, as also total commitment of each employee to ensure that
products that bear the mark of “ATL” stand up to the scrutiny of world quality
standards.
In their manufacturing facilities, they are well on their way to replicating
the “Clean Air” environment of their Pharma customers, by installing the most
sophisticated air filtration and air conditioning methods. Ensuring that they
are truly a part of “Pharma Culture”.
Both manufacture and use of their packaging material is complex. While they
have total control of manufacturing, it is the customer who is the ultimate
proof of the quality of the product. Therefore, they ensure a close interaction
with their customers, to allow them to tap the depth of their experience with
the usage of their products.
At one level, this customer interaction is achieved by their technical teams
visiting the customers. This allows them to see first-hand the machine settings
and the conditions of storage and usage of their material and customise their
products to meet specific requirements of the customer.
At another level, customer interaction is achieved by customers visiting their
manufacturing facilities. This allows them to tap customer experience by taking
suggestions on specific improvements in raw material, manufacturing, testing,
storage and transportation.
Quality is an ongoing process. And at Amartara, they are constantly adapting to
new requirements, innovating new solutions and adopting the best industry
practices, to bring their customers reliable products. Always!
Amartara’s manufacturing
plant at Mumbai is equipped with the latest machinery.
Modern manufacturing practices are followed in the entire production process,
right from the selection of raw materials, to the packing of finished products.
In their manufacturing facilities, they are well on their way to replicating
the “Clean Air” environment of their Pharma customers, by installing the most
sophisticated air filtration and air conditioning methods. Ensuring that they
are truly a part of “Pharma Culture”.
Environment consciousness is an integral part of the Amartara philosophy. They
ensure that their processes are pollutant free and where necessary, they have
installed waste recovery and pollution control systems.
Their Quality Control Laboratory is equipped with state-of-art instruments to
ensure high quality at every stage of production.
The products are manufactured with precisely determined characteristics through
the use of integrated process control.
Their technical expertise
enables them to offer custom made solutions.
They firmly believe that continuous product development is the path to
consistent growth. They therefore continually keep their selves abreast of new
developments in their industry world-wide, and adapt new technologies that are
best suited to their customers’ requirements.
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.42.81 |
|
UK Pound |
1 |
Rs.83.75 |
|
Euro |
1 |
Rs.66.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|