MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
TITAN ENERGY SYSTEMS LIMITED |
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Registered Office : |
16, Aruna Enclave,
Tirumalghery, Secunderabad - 500015, 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 : |
13.01.1995 |
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Com. Reg. No.: |
01-19206 |
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CIN No.: [Company
Identification No.] |
U31200AP1995PLC019206 |
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IEC No.: |
0995000875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDT00913D |
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PAN No.: [Permanent
Account No.] |
AAACT8885B |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturers and
Exporter of Titan Solar Photovoltaic Modules and Pannels. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is
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. |
INFORMATION PARTED
BY
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Name : |
Mrs. Renuka |
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Designation : |
Front Executive |
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Contact No.: |
91-9942788425 |
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Date : |
27.05.2008 |
LOCATIONS
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Registered Office : |
16, Aruna
Enclave, Trimulgherry, Secunderabad - 500 015, Andhra Pradesh, India. |
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Tel. No.: |
91-40-27791085 /
0751 |
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Mobile No.: |
91-9391006086 |
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Fax No.: |
91-40-27795629 |
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E-Mail : |
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Website : |
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Area : |
253 sq. sq. ft. |
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Location : |
Owned |
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Branch/
Factory : |
P. O. Box No. 6,
Ravalkole Village, Medchal – 501 401, Andhra Pradesh, India |
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Tel. No.: |
Tel.
91-8418-22855 |
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Area
: |
30000 sq.ft. in 6
acres of land |
DIRECTORS
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Name : |
Mr. Chodagam
Santhi Yogananda Sankar Rao |
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Designation : |
Managing Director |
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Address : |
Plot No.16, Aruna
Enclave, Trimulgherry, Secunderabad - 500015, Andhra Pradesh, India. |
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Date of
Birth/Age : |
29.12.1948 |
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Qualification
: |
B.E., Graduate |
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Experience : |
02.02.1995 |
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Name : |
Mr. M. S. Sastry |
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Designation : |
Director |
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Address : |
42, Anand Nagar
Colony, New Bavenpally, Secunderabad - 500 015, Andhra Pradesh, India. |
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Date of
Birth/Age : |
59 years |
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Qualification
: |
M.Com |
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Experience : |
30 years |
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Name : |
Mr. P. Sudheer
Kumar |
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Designation : |
Director |
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Address : |
18, New
Sainikpuri Colony, E.L.I.L. Secunderabad - 500 015, Andhra Pradesh, India. |
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Date of
Birth/Age : |
57 years |
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Qualification
: |
B.E. |
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Experience : |
30 years |
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Name : |
Mr. Ravi Chodagam |
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Designation : |
Director |
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Name : |
Mr. M. Veera
Raghavulau |
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Designation : |
Director |
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Name : |
Mr. S. Srinivasa
Rao |
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Designation : |
Director |
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Name : |
Mr. M. M. Pullam
Raju |
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Designation : |
Director |
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Name : |
Mr. Rama mohan Rao |
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Designation : |
Director |
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Address : |
Flat No. C -1. Shilpa Residency Plot no.90, phase -1, Kavur hills, Jubilee
hills check post, Hyderabad – 500 033, Andhra Pradesh , India |
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Date of Birth/Age : |
15.06.1946 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Chodagam Santhi |
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Designation : |
Director |
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Address : |
Plot No. 16, Arun enclave, Trimulgherry, Secunderabad – 500 015,
Andhra Pradesh , India |
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Date of Birth/Age : |
29.12.1948 |
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Date of Appointment : |
02.02.1995 |
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Name : |
Mrs. Aruna Chodagam |
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Designation : |
Director |
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Address : |
Plot No. 16, Arun enclave, Trimulgherry, Secunderabad – 500 015,
Andhra Pradesh , India |
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Qualification
: |
B.A., Graduate |
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Experience : |
10 years |
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Date of Birth/Age : |
13.12.1954 |
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Date of Appointment : |
02.02.1995 |
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Name : |
Mr. Mulukutla Sambasiva Sastry |
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Designation : |
Whole Time Director |
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Address : |
Plot No.42, Anand Nagar Colony, New Bowenpally, Secunderabad – 500011,
Andhra Pradesh, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders (As on 31.03.2005) |
No. of Shares |
|
Titan Consultants Services |
440000 |
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Titan
Technocrafts Limited |
330000 |
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Mr. C. Sasidhar |
210400 |
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Mr. C. S. Y. S. Rao |
171800 |
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Mr. C. Ravi Kiran |
38400 |
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Mrs. C. Aruna |
10400 |
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Total
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1201000 |
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Category (As on 31.03.2007) |
Percentage |
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Foreign Holdings (Foreign Institutional Investor(s),
Foreign Companie(S), Foreign Financial Institution(s), Non Resident Indian(s)
Or Overseas Corporate Bodies Or Others |
10.00 |
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Directors or relative of directors |
90.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturers and
Exporter of Titan Solar Photovoltaic Modules and Pannels. |
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Products : |
· Titan Solar Photovoltaic Modules · Pannels. |
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Exports : |
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Countries : |
·
Germany · USA · Canada · Italy · Spain · United Kingdom · South Africa · Australia ·
South East Asian Countries |
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Imports : |
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Countries : |
·
Germany ·
Austria |
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Terms : |
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Selling : |
L/C, Cash and
Credit (15-20 days) |
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Purchasing : |
L/C, Cash and
Credit |
PRODUCTION STATUS
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Particulars |
|
Unit |
Installed Capacity |
Actual Production |
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Crystalline
Modules |
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M.W. |
12 |
4 |
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S P Amorphous |
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K.W. |
10 |
9.28 |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of
Employees : |
240 (In Office 40
and in Factory 200) |
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Bankers : |
· State Bank of Hyderabad Address: Overseas Branch, Somajiguda Branch, Hyderabad, Andhra
Pradesh, India Facility: Rs. 44.400 millions · Union Bank Of India Address: Somaji Guda
Branch, 6-3-347/9/4, Dwarkapuri Colony, Hyderabad – 500 082, Andhra Pradesh,
India Email ID: bm-khairatabad@hydro.unionbank.com · CITI Bank N.A Address: Hyderabad, Andhra Pradesh, India ·
Axis Bank Address: Hyderabad, Andhra Pradesh, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name: |
P. R. V.
Associates Chartered
Accountants |
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Tel. No.: |
91-40-23227651 /
23227114 |
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Address : |
3-6-203, Ground Floor,
Himayatnagar, Hyderabad – 500029,
Andhra Pradesh, India |
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Fax No.: |
91-40-23223289 |
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Sister Concern
: |
·
Titan
Consultants and Services Limited 16, Aruna Enclave, Trimulgherry, Secunderabad - 500015, Andhra
Pradesh, India ·
Titan Technocrats
Private Limited 16, Aruna Enclave, Trimulgherry, Secunderabad - 500015, Andhra
Pradesh, India |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2669778 |
Equity shares |
Rs. 10/-
each |
Rs.26.697
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
26.697 |
26.697 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
103.670 |
86.309 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
130.367 |
113.006 |
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LOAN FUNDS |
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1] Secured Loans |
|
63.322 |
54.280 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
|
63.322 |
54.280 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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SHARE PREMIUM |
|
8.367 |
8.366 |
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TOTAL |
|
202.056 |
175.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
40.643 |
37.949 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
115.052
|
74.425 |
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Sundry Debtors |
|
92.913
|
47.444 |
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Cash & Bank Balances |
|
0.328
|
21.803 |
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Other Current Assets |
|
7.276
|
12.825 |
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Loans & Advances |
|
1.302
|
0.073 |
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Total
Current Assets |
|
216.871
|
156.570 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
49.684
|
16.524 |
|
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Provisions |
|
5.774
|
2.343 |
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Total
Current Liabilities |
|
55.458
|
18.867 |
|
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Net Current Assets |
|
161.413
|
137.703 |
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
|
202.056 |
175.652 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
276.268 |
615.713 |
|
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Other Income |
|
1.768 |
0.184 |
|
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Total Income |
|
278.036 |
615.897 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
20.261 |
66.543 |
|
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Provision for Taxation |
|
2.900 |
1.000 |
|
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Profit/(Loss) After Tax |
|
17.361 |
65.543 |
|
|
|
|
|
|
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Export Value |
|
170.115 |
594.404 |
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|
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Expenditures : |
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Raw Material Consumed |
|
177.562 |
477.553 |
|
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Salaries, Wages, Bonus, etc. |
|
20.687 |
1.894 |
|
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Managerial Remuneration |
|
1.984 |
1.636 |
|
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Payment to Auditors |
|
0.056 |
0.056 |
|
|
Insurance Expenses |
|
7.995 |
2.255 |
|
|
Power & Fuel |
|
0.823 |
1.047 |
|
|
Depreciation & Amortization |
|
0.982 |
5.036 |
|
|
Other Expenditure |
|
47.686 |
59.877 |
|
Total Expenditure |
|
257.775 |
549.354 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
6.24
|
10.67 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.33
|
10.81 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.87
|
34.20 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.15
|
0.58 |
|
|
|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.91
|
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.91
|
8.29 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
·
Kernex Micro Systems
(India) Limited, Hyderabad, Andhra Pradesh, India
Tel: 91-40-23113192/94
Mr. Anjencyalu
·
ITC
Secunderabad - 500 015, Andhra Pradesh,
India.
Tel: 91-40-27801024-274(Ext.), Mr.
Vamidrishna
·
Enoar Systems
Marketing Private Limited
Tel: 91-80-232888555, Mr. Pradeep
·
CMS Limited,
Mumbai, Maharashtra, India
·
Pronics
Limited, Mumbai, Maharashtra, India
Form 8:-
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Corporation identity number or foreign company registrations number of
the company |
U31200AP1995PLC091206 |
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Name of the company |
TITAN ENERGY SYSTEMS LIMITED |
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Address |
16, Aruna
Enclave, Trimulgherry, Secunderabad - 500015, Andhra Pradesh, India. |
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This Form is for |
Creation of charge |
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Type of Charges |
· Immovable property · Book debts · Movable property (not being pledge) |
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Particular of the charge holder
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Union Bank Of India Address: Somaji Guda Branch, 6-3-347/9/4,
Dwarkapuri Colony, Hyderabad – 500 082, Andhra Pradesh Email ID: bm-khairatabad@hydro.unionbank.com
|
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Nature or description of the instrument creating charge |
Equitable Mortgage by deposited of title deeds relating to the immovable property mentioned in the agreement |
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Date of the instrument creating charge |
30.03.2007 |
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Amount Secure by the charge |
Rs.150.000 Millions |
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Brief particulars of the principal terms and conditions and extent and
operation of the charge |
Rate
of interest
Terms of repayment: 22nd February 2007: -on demand Titan Energy systems limited promises to
pay to Union Bank of India or order
sum of Rs. 10.000 millions only together with interest on such sum at the
rate of 15% with monthly rests, for value received 8th March 2007: - on Demand promise to pay or order sum of
Rs. 60.000 millions only together with interest on such items sums at the
rate of 8.25% with monthly rests for value received. Margin:
Extent and operation o charge
: Exclusive charge |
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Short particulars of the
property charged (including location of the property) |
Hypothecation of plant and machinery, raw material, finished goods
stored at factory premises, titan Energy Systems Limited in S.No. 753/F Ravalakole
Village, Medhchal Mandal and at regd
Office 16, Arun enclave, Trimulghrery , Secunderabad and BD . Houser property
art Plot No. 16 Arun Enclave, Trimulgherry, Secunderabad – Agl land of 1 acre
and 20 guntas located at 753 /B and 753 /F at ravalkole village Factory Land and buildings admeasuring 1 acre 39 guntas located at S.
No. 753/C Ravalkole Village |
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Particular of the present modification |
No Charge in the limits. The Credit limits sanctioned to the company
are further secured by equitable Mortgage by deposit of title deeds relating
to the immovable property mentioned in the agreement. |
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Name of the
company |
M/s TITAN ENERGY SYSTEMS LIMITED |
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Presented
By |
Mr. C.S.Y.S Rao |
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1) Date and description
of instrument creating the change |
Goods security
agreement dated 05.08.2005Term loan agreement dated 05.08.2005 Memorandum of
Entry dated 05.08.2005 (all facility are
secured by common security) Executed by M/s Titan Energy System Limited (Hereinafter
referred to as “the company”) in favour of Citibank NA hereinafter referred
to as “the Lender”) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Total working
capital credit Facilities Rs. 85.000 millions Total Term loan
facilities of Rs. 20.000 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 |
The whole of
movable assets, including plant and machinery, both present and future,
stocks of raw materials, goods in process of manufacture , semi finished
goods and articles together with all stores, component and spares which now
belongs to and pertains to , or may hereafter from time to time during the continuance
of this security belong to and pertains to. The borrower and which are shall
or may be brought into stored or be in or upon or about the borrower factory
godowns and / to their premises wherever else the same may be situated ,
stored, or lying or being including any such raw materials, inventories,
article or goods, any stored spares land components or other similar movable
assets in course of transit or delivery to the borrower and all of the
borrower present and future book debts, outstanding monies, receivables,
claims, bills, investments, rights to or on movable properties and movable
assets forming part of current and movable fixed assets which are now due
owing or payable or belonging to or pertaining to the borrower or which may
at any time hereafter during the continuance of this security become due ,
owing payable or belonging to or pertaining to the borrower in the course of
its business and together with all benefits, advantage and legal incidence
thereof Immovable
properties being land and building / Land and all immovable plant and
machinery embedded to earth owned by the borrower located at Survey no. 753/F,
Ravalkole Village, Medhchal, Andhra Pradesh Survey No. 753/G
, Ravalkole Village, Medchal, Andhra Pradesh |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
In consideration of the lender having agreed to lend advance to the
company , said working capital and term loan credit facilities agreement and
declaration by the company, interalia, as follows: Covenant by the company to repay the working capital facility at above and pay interest and all other
monies in the manner set out in the said goods security agreement between the
company and the lender and to comply with the terms and conditions of the
said agreement i.e, to be repayable on demand at an interest rate of 9% per
annum Covenant by the company to repay the said term loan facility at above and pay interest and all other
monies in the manner set out in the said Term Loan agreement between the
company and the lender and to comply with the term and conditions of the said
agreement i.e to be repayable within 3 years in quarterly installments from
the date of drawdown at an interest rate of 9% per annum The said current assets and fixed assets hypothecated to the lender by
way of first exclusive charge created in favour the bank, as security for and
be charged with the repayment of the working capital and term loan facilities
with all interest, liquidated, damages, premia on prepayment or on
redemption, cost, charges, and other expenses payable by the company to the
lender in respect thereof. The company to keep the said assets in marketable and good condition
and also incurred as provided therein Power of entry, power to take charge and / or possession of seize,
recover, receive appoint and sell, contract, dispatch for realization or otherwise dispose of deal with all or
any part of the said goods; etc, as provided therein. |
|
5) Name and
Address and description of the person entitled to the charge. |
CITI Bank N.A Address: Hyderabad |
WEBSITE DETAILS: -
Company Profile:
Subject has the expertise in making Crystalline and Amorphous Solar Photovoltaic
Modules of power rating 2 – 300 Wp. These modules are reputed for its use in
Off-grids and On-grid applications all over the world and have the
certification as per IEC 61215:2005 standards.
The company an ISO certified company is the leading Indian manufacturer
and exporter of Solar Photovoltaic (SPV) Modules. It is the only company of its
kind in India to have established International credibility in the manufacture
of Modules using Crystalline, Thin film and CIGS based Technologies. Subject
has over 11 years of experience of manufacturing the Solar Photovoltaic Modules
of all types.
Subject
is one of India’s largest and oldest manufacturers and exporter of Solar
Photovoltaic (SPV) Modules and specialty solar products. With a track record of
over 16 years, Subject has demonstrated strengths in manufacturing products of
high quality that comply with various international reliability and quality
standards.
Subject's
state of the art manufacturing center is located in Hyderabad, India, a leading
solar hub in India. Subject has an installed moduling capacity of 50MW and is
currently expanding to 200MW by end of 2008.
Product profile:
The
company designs, manufactures and sells solar photovoltaic modules using
crystalline cells and thin film plates. The company manufactures standard and
customized crystalline, amorphous and CIGS modules in both standard and
customized configurations. As of 2007, nearly 80% of Subject’s total sales came
from crystalline modules. The Company expects crystalline modules to continue
to be its largest selling product family in coming years and has plans to
invest significantly in this product line to meet the demand. In the Indian
market, Subject also does some business as a systems integrator for some major
projects from private and government firms.
Subject’s
products are certified to meet IEC 61215 and Safety Class II standards by
European certification agencies. Subject is the only Indian company to have
received certification for power modules with a rating upto 240Wp; a product
which meets the demanding requirement of the European Solar market. Company is
also in the process of obtaining approvals from the Underwriter’s Laboratories
of USA, which will help the company to launch its products in the United States
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.42.82 |
|
UK Pound |
1 |
Rs.84.72 |
|
Euro |
1 |
Rs.66.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/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 |
|