MIRA
INFORM REPORT
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Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FENO PLAST LIMITED |
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Registered Office : |
306-308, 3rd
Floor, Chenoy Trade Center, Park Lane, Secunderabad – 500003, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.10.1975 |
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Com. Reg. No.: |
01-1942 |
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CIN No.: [Company
Identification No.] |
L25209AP1975PLC001942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDF00369F |
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PAN No.: [Permanent
Account No.] |
AAACF3076C |
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Legal Form : |
Public Limited
Liability Company. The company’s shares
are listed on the Stock Exchanges |
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Line of Business : |
Manufacturing of
PVC Leather Cloth and PVC film. |
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 1300000 |
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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 normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
306-308, 3rd
Floor, Chenoy Trade Center, Park Lane, Secunderabad – 500003, Andhra Pradesh,
India |
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Tel. No.: |
91-40-27840322/27840722/27814651 |
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Fax No.: |
91-40-27721739 |
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E-Mail : |
hyd2_fenplast@sancharnet.in
/ fenplast@hd2.dot.net.in / fenoexports@eth.net |
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Website : |
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Factory : |
Unit-I PlotNo.21/A,
Industrial Development Area, Patancheru, Medak Dist., Andhra Pradesh. Unit-II Survey No. 132
and 133, Nandigoan Village, Patancheru Mandal, Medak Dist., Andhra Pradesh. Unit-III - Survey No. 165
and 166, Nandigoan Village, Patancheru Mandal, Medak Dist., Andhra Pradesh. |
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Branches /
Marketing Office : |
Located AT :- Mumbai A/11, Parle
Colony, CHS, Near Garware House, Sahakar Road, Vile Parle (East) Mumbai - 400
057. Hosur 2,3and4, Sri
Lakshmi Narasimhaswamy Complex, Venkateswara Temple Road, Hosur - 635109,
Tamilnadu. Kolkata P-175, Kalindi Housing Estate,
Kolkata - 700 089 Gurgaon Shiv Ashram, Near
Jwalla Mills, Palam-Gurgaon Road, Dundahera, Gurgaon -15. New Delhi 35B and 36, Samaspur Village,
Patpargunj, New Delhi -110 091. Ahmedabad 544/B, Sitaram Chowk, Moti Hamam Pole, Gheekanta, Ahmedabad - 360001. Chennai Kolkatta |
DIRECTORS
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Name : |
Mr. H. Narsaiah |
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Designation : |
Chairman |
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Name : |
Mr. H. Kishen |
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Designation : |
Managing Director |
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Qualification : |
B.Com. |
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Date of Appointment : |
16.10.1975 |
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Previous Employment |
Textile Business |
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Name : |
Mr. H. Krishna
Kumar |
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Designation : |
Whole-time
Director |
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Qualification : |
M.A. |
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Date of Appointment : |
01.09.1982 |
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Name : |
Mr. R.
Shankarnarayanan |
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Designation : |
Director |
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Name : |
Mr. B. Kamalaker
Rao |
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Designation : |
Director |
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Name : |
Dr. K. Malhar Rao |
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Designation : |
Director |
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Name : |
Mr. H. Dayakiran |
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Designation : |
Whole Time Director |
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Qualification |
B.Sc |
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Date of Appointment : |
10.07.1979 |
KEY EXECUTIVES
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Name : |
Mr. Sk. Khadar Vali |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters' holding |
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1. Indian
Promoters |
2635300 |
57.29 |
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Foreign Promoters |
-- |
-- |
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2. Persons acting
in concert |
-- |
-- |
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Sub-Total |
2635300 |
57.29 |
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B.
Non-Promoters' holding |
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3. Institutional
Investors |
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a) Mutual Funds
& UTI |
-- |
-- |
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b) Banks,
Financial Institutions, Insurance Companies |
-- |
-- |
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c) Foreign
Institutional Investors |
-- |
-- |
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4. |
-- |
-- |
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Sub - Total |
-- |
-- |
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Others |
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a) Private
Corporate Bodies |
380938 |
8.28 |
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b) Indian Public |
1417458 |
30.81 |
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c)NRIs/ OCBs |
166304 |
3.62 |
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Sub-Total |
1964700 |
42.71 |
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GRAND TOTAL |
4600000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
PVC Leather Cloth and PVC film. |
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Products : |
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Exports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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PVC Leather Cloth
/ Cellular Sheets |
LLM |
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75.00 |
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PVC Film |
MT |
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5000.00 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
600 |
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Bankers : |
Ř Canara Bank Ř Syndicate Bank Ř The Lakshmi Vilas
Bank Limited Ř
Union Bank of India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. Anandam and
Company Chartered
Accountants |
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Address : |
7A, Surya Towers,
S. P. Road, Secunderabad. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
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60,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
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TOTAL |
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Rs. 120.000 millions |
Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,600,000 |
Equity Shares |
Rs. 10/- each |
Rs. 46.000 Millions |
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Less: |
Calls in Arrears |
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Rs.
0.032 Million |
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Total
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Rs. 45.968 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 |
45.968 |
45.968 |
45.967 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
217.033 |
204.699 |
202.675 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
263.001 |
250.667 |
248.642 |
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LOAN FUNDS |
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1] Secured Loans |
244.868 |
239.451 |
247.925 |
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2] Unsecured Loans |
3.808 |
3.810 |
4.756 |
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TOTAL BORROWING |
248.676 |
243.261 |
252.681 |
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DEFERRED TAX LIABILITIES |
22.271 |
24.499 |
26.159 |
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TOTAL |
533.948 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
205.472 |
220.928 |
234.908 |
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Capital work-in-progress |
10.398 |
0.000 |
0.000 |
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INVESTMENT |
4.673 |
4.672 |
4.672 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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107.716
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78.207
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Sundry Debtors |
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290.137
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278.488
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Cash & Bank Balances |
544.309
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32.866
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25.974
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Other Current Assets |
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0.000
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0.000
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Loans & Advances |
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85.786
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86.393
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Total
Current Assets |
544.309
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516.505 |
469.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
231.637
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205.177
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169.021
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Provisions |
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18.758
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12.139
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Total
Current Liabilities |
231.637
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223.935 |
181.160 |
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Net Current Assets |
312.672
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292.570
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287.902
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MISCELLANEOUS EXPENSES |
0.733 |
0.257 |
0.000 |
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TOTAL |
533.948 |
518.427 |
527.482 |
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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 |
1005.250 |
1001.564 |
862.456 |
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Other Income |
2.862 |
1.806 |
1.259 |
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Total Income |
1008.112 |
1003.370 |
863.715 |
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Profit/(Loss) Before Tax |
33.439 |
18.755 |
3.802 |
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Provision for Taxation |
12.203 |
17.920 |
1.558 |
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Profit/(Loss) After Tax |
21.236 |
0.835 |
2.244 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
140.835 |
134.866 |
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Total Earnings |
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140.835 |
134.866 |
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Imports : |
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Raw Materials |
0.000 |
95.704 |
87.336 |
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Stores & Spares |
0.000 |
0.000 |
0.028 |
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Others |
0.000 |
0.816 |
0.969 |
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Total Imports |
0.000 |
96.520 |
88.333 |
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Expenditures : |
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Manufacturing, Administrative and Selling
Expenses |
161.737 |
772.380 |
687.023 |
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Raw Material Consumed |
753.055 |
156.070 |
123.758 |
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Interest and Finance Charges |
48.264 |
44.926 |
47.271 |
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Depreciation & Amortization |
11.617 |
11.240 |
10.861 |
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Total Expenditure |
974.673 |
984.616 |
868.913 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
31.12.2007 3rd
Quarter |
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Sales
Turnover |
241.200 |
245.800 |
247.700 |
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Other
Income |
0.900 |
0.200 |
0.800 |
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Total
Income |
242.100 |
246.000 |
248.500 |
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Total
Expenditure |
215.900 |
221.000 |
224.000 |
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Operating
Profit |
26.200 |
25.000 |
24.500 |
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Interest |
13.700 |
11.800 |
12.000 |
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Gross
Profit |
12.500 |
13.200 |
12.500 |
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Depreciation |
2.900 |
3.000 |
3.000 |
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Tax |
3.300 |
3.600 |
0.200 |
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Reported
PAT |
6.100 |
6.700 |
9.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
1.67 |
1.89 |
2.04 |
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Long Term Debt-Equity Ratio |
0.52 |
0.66 |
0.77 |
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Current Ratio |
1.26 |
1.27 |
1.30 |
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TURNOVER RATIOS |
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Fixed Assets |
3.63 |
3.81 |
3.47 |
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Inventory |
9.99 |
11.89 |
12.23 |
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Debtors |
3.80 |
3.89 |
3.83 |
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Interest Cover Ratio |
1.69 |
1.42 |
1.08 |
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Operating Profit Margin(%) |
8.43 |
6.77 |
6.49 |
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Profit Before Interest And Tax Margin(%) |
7.39 |
5.75 |
5.35 |
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Cash Profit Margin(%) |
2.97 |
2.04 |
1.38 |
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Adjusted Net Profit Margin(%) |
1.92 |
1.02 |
0.24 |
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Return On Capital Employed(%) |
20.82 |
16.78 |
13.53 |
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Return On Net Worth(%) |
14.46 |
8.62 |
1.85 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Incorporated by H Kishan and K Seshagiri Rao as a private
limited company in 1975, Fenoplast was converted into a public company in Aug.'94.
Initially, the company started its operations in 1977 by setting up a PVC
leather cloth unit with an installed capacity of 30 lac sq mtr pa at
Patancheru, Andhra Pradesh. The success of its first unit encouraged the
company to set up a second unit in 1983 at Nandigaon (Medak district) with an
installed capaity of 30 lac mtr pa of PVC leather cloth at a project cost of Rs
12.100 Millions.
The company is presently engaged in the manufacture of PVC leather cloth with
an installed capacity of 60 lac sq mtr pa and PVC calendered film with an
installed capacity of 5000 TPA.
The company received awards as the second best exporter in the PVC leather
cloth Industry for two consecutive years in 1991-92 and 1992-93 from the
Plastic and Linoleum Export Council (PLEXOCIL). In 1991-92, the company under
the diversification programme, took up the manufacture of 5000-tpa PVC calender
film which was part financed through a public issue in Oct.'94. Commercial
production commenced in Aug.'93.
OPERATIONS:
For the year production of PVC Leather Cloth was 6.572 Millions Ln.Mtrs.
as against the previous year's production of 74.64 Ln.Mtrs. Production of PVC
Film was 5919.11 MT as against the previous year's production of 5360.39.
MARKETING:
It is heartening to state that the demand for PVC Leather Cloth and PVC
Film are showing healthy signals, as both automobile and pharmaceutical
industry are doing well. Efforts are being made to increase the Company's share
in both the segments.
EXPORTS:
During the year 2006-2007, the Company made exports to various countries
aggregating to Rs.132.316 Millions as against the previous year exports of
Rs.143.854 Millions
Fixed Assets:
- Land and Land Development
- Buildings
- Plant and Machinery
- Electrical Instillations
- Office Equipments
- Furniture and Fixture
- Bore well
- Motor Vehicles
- Factory Equipment
AS PER WEBSITE
Profile
They were incorporated in 1975. In the last quarter of the century They
have expanded their product range from manufacture of PVC Leather Cloth to manufacture
of Non-toxic Rigid PVC Film for blister packaging, meant primarily for
Pharmaceutical Industry and Rigid and Soft PVC Films for stationery and other
applications
Nearly 30 % of the volumes produced are being exported to over 28
countries through out the world. The speciality of the company is to
manufacture quality products, meeting national and international standards for
various applications ranging as wide as Automobile Upholstery to Shoe uppers
for leather cloth and Blister packaging for Pharmaceutical industry to door
trims and Automobile interiors for PVC films. The whole operations of Fenoplast
Limited have been tuned to manufacture products as per customers' requirements.
The products are tailor-made to the specifications of the buyers, solely with
the objective of customer's satisfaction. They have the unmatchable capability
to manufacture more than 950 shades of Leather Cloth, with the shades matching
exactly to the master samples given by the customers. They can also
consistently reproduce the shades matching the shades of the earlier lots, when
the repetitive orders are placed.
Their strengths include two transfer coating lines with coating heads,
imported from Stork of Holland and RCM of Italy, for manufacturing coated PVC
Leather Cloth and also one calender line imported from Battenfield
Extrusiontechnik GmbH, Germany, for manufacturing PVC Films.
They have knitting machines to manufacture knitted fabrics. In total,
three machines are dedicated for the purpose, out of which two are from MAYER
& CIE, GERMANY and other is from TERROT STRICKMASCHINEN GMBH, GERMANY,
manufactured in India by M/s Lakshmi Automatic Loom Works Limited, Coimbatore.
Fenoplast-The
name behind the finest automotive upholstery
Often,
the elegance and comfort of an automobile is best reflected in its upholstery.
Whether it is a tiny two-wheeler or powerful four-wheeler, among all the parts
of an automobile, what lends easily for an aesthetic touch is the upholstery
with which people are in intimate touch.
For
decades now, Fenoplast is a name that has been at the core of the finest
automotive upholstery. Known for making world-class quality PVC Leather Cloth,
Fenoplast has been preferred by many Indian as well as International
automobile majors for automotive upholstery. Today, Fenoplast has a formidable
presence far and wide - in over 20 countries, including UK, USA, Germany,
France, Holland, South Africa and Singapore. Since its inception, Fenoplast has
come a long way. The single-product unit it was in 1975 has grown to become a
multi product, multi-unit group.
Fenoplast - The genesis of Growth
1976 -- Fenoplast begins manufacture of PVC
Leather Cloth
Investment
: Rs. 7 million
Production
Capacity : 3 million square meters per annum
Technology : Direct Coating
1983 -- Fenoplast new unit setup
Production Capacity : 3 million square
meters per annum
Technology : Transfer coating using Release Paper
Machinery : imported from Italy, Japan,
Taiwan
1987 -- First plant modernized assimilating
the Transfer Coating technology.
1988 -- Fenoplast new unit setup to
manufacture PVC Rigid/Soft Film
Investment : Rs. 150 million
Technology : Calendering with two stage planetary
extrusion.
Machinery : from Battenfeld Extrusions
Technic GmbH, Germany
It is
to the credit of Fenoplast to acquire and adopt, for the first time in India,
the fully automatic and advanced technology, known as C7 Calenderette.The
project is equipped with fully automatic no-break generator with a capacity of
1300 kva, enough to run the entire plant and machinery, to ensure optimal and
uninterrupted utilization of the plant.
Fenoplast
- The plants and Products Presently, the Fenoplast Group has
five manufacturing units in its ambit, each producing a specialized range of
PVC and PVC - related products. Together, the five units of Fenoplast
constitute an integrated facility, enabling the company reap rich economies of
scale in production and ensure excellent quality in its products, which in turn
get passed on to the end-users.
Fenoplast
- The Quality Control Fenoplast places special accent on the quality of its
products. Fenoplast has adopted a comprehensive quality control process to
ensure excellence at every stage of production, The 8 - stage quality control
system leaves virtually no aspect to chance.
PRODUCT.
PROCESS. TECHNOLOGY
THE PRODUCT RANGE OF FENOPLAST
LIMITED CAN BE BROADLY CLASSIFIED AS FOLLOWS
I. PVC LEATHER CLOTH
II. PVC FILM
I.
PVC (Poly Vinyl Chloride) Leather Cloth
This product is internationally classified under Chapter No. 59.03
of the Harmonised System of Nomenclature.
Indian trade jargon for this product is "Rexine" - which is
similar to how copiers are mentioned as "Xerox".
I. PVC Leather Cloth can be made by direct coating process, transfer coating
process or by lamination with a calendered flexible film. The product PVC
Leather Cloth is also referred to as expanded vinyl Artificial Leather Cloth or
Synthetic Leather.
The original technology to manufacture PVC Leather Cloth was by
direct coating method, where the backing fabric is usually woven fabric. In
direct coating method, at three different stations, the Plastisol is directly
coated on to the fabric and passed through ovens simultaneously and later
embossed in line for the end product. But the application for direct coated
product was limited - was extensively and mostly used for travel bags and
luggage industry.
In the early 70s, there was a demand for a more supple and softer PVC Leather
Cloth, which can be used in wider applications such as domestic upholstery,
automobile upholstery, ladies bags, footwear industry, garment lining, belts,
etc. This gave birth to a new technoloy called transfer coating technology by
release paper method. In the transfer coating technology, the coating is done
on a release paper and different substrates (backing fabric) can be used and
not just fabric. The substrates in the transfer coating technology is usually
knitted fabric. Since the knitted fabric did not have the dimensional
stability, coatings were done on release paper and later on, the film was
released by the release paper and laminated on to the fabric. This product
finds wide applications such as upholstery, ladies bags, foot wear, etc.
Today most of the coaters in the world over, use transfer coating
method using release paper for the manufacture of PVC Leather Cloth.
Modifications to this technology has mostly been subtle and are more in terms
of having better coating heads at different stations, different surface finish
machines, various types of release paper and a whole new family of additives
which enhance the life and finish of PVC Leather Cloth, such as those which
help incorporation of properties such as flame retardancy, cold flex, anti
oxidants, UV stability , anti fog agents, micro biocides and other processing
aids which can sustain this product to extreme weatherable conditions.
Fenoplast limited, based at hyderabad, has two transfer coating
lines having a capacity to manufacture a maximum of 500 thousand meters of pvc
leather cloth per month. Fenoplast limited is producing high quality pvc
leather cloth for export and domestic markets.
Fenoplast limited has imported a state-of-the-art coating head,
fully automatic, in the year 1996 and has kept itself abreast of the latest
techniques of production in transfer coating technology.
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.42.87 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|