MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MATHRUBHUMI PRINTING & PUBLISHING COMPANY LIMITED |
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Registered Office : |
Mathrubhumi Building, K. P. Kesava Menon Road, Calicut – 673 001, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.02.1922 |
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Com. Reg. No.: |
001522 |
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CIN No.: [Company
Identification No.] |
U22110KL1922PLC001522 |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
The company is engaged in printing and publishing of
newspaper. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 1672400 |
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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 a well-established and reputed Marathi Daily, a local
language in Maharashtra India. Available information indicates high financial
responsibility of the company. Trade relations are fair. Fundamentals are
strong and healthy. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Mathrubhumi Building, K. P. Kesava Menon Road, Calicut – 673 001, Kerala |
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Tel. No.: |
91-495-2356655 / 2356252 / 2356544 |
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Fax No.: |
91-495-2356656 |
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E-Mail : |
2) mathrclt@md2.vsnl.net.in |
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Website : |
http://www.mathrubhumi.com |
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Branches Located At : |
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DIRECTORS
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Name : |
Mr. M. P. Veerendrakumar |
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Designation : |
Chairman and Managing Director |
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Address : |
Puliyarmala Estate, Kalpetta North, Wayanad |
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Date of Birth/Age : |
22-07-1936 |
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Name : |
Mr. P V Chandran |
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Designation : |
Director |
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Address : |
Keralakala Azhachavattom, Calicut, Kerala |
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Date of Birth/Age : |
23-11-1939 |
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Name : |
Mr. V Bhaskara Menon |
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Designation : |
Director |
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Address : |
Advocate FF 6B29, Maruti, Vasanthi Nagar, Cochin, Kerala |
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Date of Birth/Age : |
15-08-1938 |
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Name : |
Mr. M J Vijaya Padman |
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Designation : |
Director |
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Address : |
Vjaya Mahal, Kalpetta North, Wayanad |
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Date of Birth/Age : |
17-04-1951 |
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Name : |
Mr. P V Nidhish |
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Designation : |
Director |
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Address : |
Keralakala Azhachavattom, Calicut, Kerala |
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Date of Birth/Age : |
07-03-1970 |
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Name : |
Mr. M N Ravi Varma |
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Designation : |
Director |
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Address : |
Varma & Company, Warriam Road, Cochin, Kerala |
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Date of Birth/Age : |
04-03-1941 |
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Name : |
Mrs. Kalpana Krishna Mohan |
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Designation : |
Director |
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Address : |
Vijaya Mohan, Kalpetta north, Wayanad |
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Date of Birth/Age : |
07-08-1949 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. M. P. Veerendra Kumar |
225 |
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Mr. D. V. Chandran |
213 |
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Mr. J. V. Jaya Padman |
208 |
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Mr. P. V. Gangadharan |
200 |
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Ms. Kalpana Krishna Mohan |
132 |
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Mr. P. V. Hemalatha |
43 |
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Mr. P. K. Krishna Menon |
40 |
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Mr. Madhavan Kutty |
29 |
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Mr. T. K. Jayaraj |
28 |
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Mr. Ammu Menon |
25 |
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Ms. Shobha Karunakaran Seethmain Haji |
25 |
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Mr. Janmohhammed Chotani |
20 |
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Mr. N. A. Viswanathan |
20 |
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Mr. K. V. Kunhammed |
8 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in printing and publishing of
newspaper. |
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Terms : |
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Selling : |
Cash or Credit terms. |
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Purchasing : |
L/C, Cash or Credit terms. |
GENERAL
INFORMATION
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Customers : |
Wholesaler |
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No. of Employees : |
1500 |
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Bankers : |
Facility : Rs. 34.500 millions
Facility : Rs. 16.900 millions
Facility : Rs. 9.100 millions
Facility : Rs. 4.500 millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
K K Thampan & Company Chartered Accountants |
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Address : |
Madhavan Nair Road, Chelapuram, District Calicut - 673 002, Kerala |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- Each |
Rs.3.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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171517 |
Equity Shares |
Rs.10/- Each |
Rs.1.715 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 |
1.700 |
1.700 |
1.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
416.400 |
377.100 |
341.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
418.100 |
378.800 |
343.400 |
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LOAN FUNDS |
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1] Secured Loans |
514.900 |
440.800 |
380.300 |
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2] Unsecured Loans |
227.100 |
231.900 |
224.500 |
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TOTAL BORROWING |
742.000 |
672.700 |
604.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1160.100 |
1051.500 |
948.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
787.900 |
782.100 |
680.400 |
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Capital work-in-progress |
41.600 |
0.400 |
61.700 |
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INVESTMENT |
0.700 |
0.700 |
0.800 |
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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 |
262.400
|
201.800 |
193.000 |
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Sundry Debtors |
319.500
|
328.000 |
282.900 |
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Cash & Bank Balances |
102.600
|
64.200 |
45.400 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
194.500
|
149.900 |
77.100 |
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Total
Current Assets |
879.000
|
743.900 |
598.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
397.300
|
387.700 |
343.600 |
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Provisions |
155.200
|
87.900 |
49.500 |
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Total
Current Liabilities |
552.500
|
475.600 |
393.100 |
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Net Current Assets |
326.500
|
268.300 |
205.300 |
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MISCELLANEOUS EXPENSES |
3.400 |
0.000 |
0.000 |
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TOTAL |
1160.100 |
1051.500 |
948.200 |
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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 |
2466.800 |
2146.700 |
1819.500 |
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Other Income |
12.700 |
45.100 |
44.500 |
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Total Income |
2479.500 |
2191.800 |
1864.000 |
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Profit/(Loss) Before Tax |
98.300 |
75.800 |
30.200 |
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Provision for Taxation |
42.900 |
28.700 |
19.000 |
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Profit/(Loss) After Tax |
55.400 |
47.100 |
11.200 |
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Expenditures : |
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Manufacturing Expenses |
231.900 |
242.900 |
220.000 |
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Administrative Expenses |
251.700 |
221.700 |
196.400 |
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Raw Material Consumed |
1247.700 |
1032.300 |
892.700 |
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Increase/(Decrease) in Finished Goods |
(0.500) |
(1.500) |
(1.100) |
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Miscellaneous Expenses |
18.000 |
24.300 |
11.400 |
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Employee Cost |
389.300 |
351.300 |
328.800 |
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Interest |
71.800 |
52.400 |
45.000 |
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Power & Fuel |
37.500 |
38.100 |
33.300 |
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Depreciation & Amortization |
133.800 |
154.500 |
107.300 |
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Total Expenditure |
2381.700 |
2117.500 |
1834.900 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.23
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2.14 |
060 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.98
|
3.53 |
1.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.89
|
4.96 |
2.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.20 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.09
|
3.03 |
2.90 |
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Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.56 |
1.52 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The company is engaged in printing and publishing of newspaper "MATHRUBHUMI DAILY" and reproduction of recorded media.
Generic Names of Principal Products / Services are:
K Printed Newspapers & Books
K Advertisement
K Scrap
K Periodicals
The company is proprietor of printing and publishing:
K Mathrubhumi (Daily)
K Mathrubhumi – Illustrated Weekly
K Grihalakshmi
K Chitrabhumi
In addition, they print wall calendars and pocket diaries.
All printing is done in Malayalam script and caters main to the population of Kerala State.
Web Details Attached
About Company
Mathrubhumi is one of the front-runners among the
Malayalam newspapers. The first copy of Mathrubhumi was published on 18th of March 1923 -- the
day before the first anniversary of Mahatma Gandhi’s arrest for the first time
by the British police.
Led by K.P.Kesava Menon,
the prominent freedom fighter, as Editor and K. MadhavanNair as Managing
Director, Mathrubhumi was
envisaged for spreading the message of the great National Movement. In the
beginning, the paper was published a week and had just one edition from Kozhikode
(Calicut). A newspaper born out of relentless passion of freedom fighters, Mathrubhumi
went on to become an inalienable
part of Kerala's social fabric.
Now with thirteen editions, including the
ones at New Delhi, Bangalore, Chennai and Mumbai it has an impressive
circulation of over one million copies.
The history of Mathrubhumi
is synonymous with the history of
the state's freedom movement, and that of Indian National Congress. Before Mathrubhumi
came into being, there were four
Malayalam News Papers (‘Kerala Patrika’, ‘Kozhikodan Manorama’ , ‘Kerala
Sanchari ’ and ‘Mithavadi ’) and three English News Papers (‘Champion’, ‘West
Coast Reformer ‘and ‘Spectator’), which were being published from Kozhikode.
But none of these papers favoured the freedom movement spearheaded by the
Congress. Instead, they supported the British Rule.
K.P Kesava Menon,
who was then Secretary of Kerala State Congress Committee, realized the need
for a pro-freedom movement publication from the Malabar region. And he, along
with his confidants like K.Madhavan Nair, Kuroor Neelakandan Nampoothirippad,
K. Kesavan Nair and P. Achuthan, resolved to register The Company with
an authorized capital of Rs.1, 00,000/- in 20,000 shares of Rs.5/- each.
However, the Company was able to collect an amount of Rs.15, 000/- only. And
the registration took place on 15th of February 1922.
K. Madhavan Nair
became the first Managing Director of the Company. But, months later, he
resigned from the position due to reasons very personal, replaced by K.P Kesava
Menon. On 13th of November 1922, the Company acquired the Empress Victoria
Press owned by Kuruppathu Kesava Menon.
The first edition
of the paper carried a strong message of support for the National Movement and
a pledge to unify the un-organized Malayalees. The editorial had an intense
patriotic tone; stressing on the need for real freedom from disparity,
divisions and distortions. Moreover, it expressed a willingness to stand with
the commoners during their trials and tribulations in life. Built on strong
journalistic ethics and high aesthetic outlook, Mathrubhumi soon excelled all other newspapers of that
time; and in the process rewriting the history of Malayalam newspapers.
Great Poets like
Vallathol Narayana Menon often expressed their patriotic feelings through the
columns of the The Company , inspiring the freedom fighters. Many patriotic
songs, stories and features were popularised among the commoners as well as the
news and facts about the freedom movement.
Since then the Mathrubhumi
has not looked back. All along the
line, it has consistently played crucial roles in social reformation movements
such as the 'Vaikom Satyagraha' and the 'Guruvayur Satyagraha'. The day the
Vaikom Satyagraha began (April 1, 1924), the Mathrubhumi came out with a harsh and sharp criticism
against the social discrimination practiced in Kerala. Moreover, while actively
participating in the Satyagraha, K.P Keasava Menon was arrested and sent to the
Pujappura Central Jail at Thriuvananthapuram. Eminent personalities like P.
Ramunni Menon, K. Kelappan, P. Narayanan Nair, C.H. Kunjappa, V.M Nair, K. A
Damodara Menon and so forth served as Editors of the paper.
On a number of
occasions Mathrubhumi had run
into trouble for supporting the National movement. The Madras Government
ordered to endow a bail of Rs.2000/- for an editorial piece that appeared on
7th September 1932, which reprobated the British rule. As a result the paper
was forced to publish without the editorials until January 11, 1933. Similarly,
during the Quit India movement in 1942 the Mathrubhumi had to abandon the editorial column. And for
publishing a feature on the European soldiers' misbehaviour with women in
Kochi, the Government had the Mathrubhumi banned. But strong protests against the decision made the
Government cancel the order. Similarly, the newspaper was banned in the
Travancore region for nine years for a series of articles it wrote against the
dictatorship of Diwan Sir. C.P Ramaswami Iyer.
In 1932, with the
launch of 'Mathrubhumi Illustrated Weekly', the company entered a new
era that nurtured the careers of most titans of Malayalam literature, like
Jnanpith laureates G.Sankara Kurup, S.K.Pottakkad, Thakazhi Sivasankara Pillai
and M.T Vasudevan Nair. And it still is the premier literary magazine in
Malayalam, publishing some of the most exciting voices in the poetry and
fiction.
In 1940, the Mathrubhumi
launched a humorous magazine, Viswaroopam,
with Sanjayan (M.R.Nair) as the Editor. Yugaprabhat, a bi-monthly in
Hindi, was also published with N.V Krishna Warrier as Editor. These two
publications are no longer in print.
In 1979 the
Company launched Grihalakshmi, a magazine exclusively for the women of
Kerala. Chitrabhumi in 1982, a magazine catering the interests of the
Malayalam movie buffs, followed it. The weekly for job prospects Thozilvartha
was launched in 1992. After two years, it was the turn of Mathrubhumi Sports
Masika, a monthly exclusively for the sports lovers. Balabhumi for
children came out in 1996 and in 1997 the health magazine in Malayalam, Mathrubhumi
ArogyaMasika happened.
Mathrubhumi Books, the publishing house, has already made a
mark of its own in Malayalam Publishing industry. The house has published both the
fictions and non-fictions of almost all the well known writers in Malayalam.
On 5th September,
1997 the Company launched the online edition of the (www.mathrubhumi.com)
for the global Malayalees. And in the month of June, 2005 the internet edition
was upgraded as a portal with many channels.
Today, the
Mathrubhumi Group is not only a
fast growing publishing house of repute but also a corporate entity in the mass
communication industry, and has struck deep roots in the hearts of Malayalees
wherever they are. It has also put an indelible stamp on the art and cultural
horizons of Kerala with annual mega events such as 'Mathrubhumi Kalotsavam' and 'The Mathrubhumi Film Award Functions'.
The company
entered the world of television and telecasting with a significant production
house, MBTV (The Company Television),
which has been producing Serials and Telefilms of the highest quality. Taking a
step into the world of broadcasting, the group is now in the midst of hectic
preparations for the launch of FM stations in four major districts of Kerala,
namely Thiruvananthapuram, Kochi, Thrissur and Kannur. The stations guarantee
great music and greater fun -- an effective blend of soul-stirring melody and
fast numbers for the youth. Round the clock it enchants you with scintillating
music, peppered with tips of fitness, fashion, beauty, quiz and lot more.
MILESTONES
18th of March, 1923
Mathrubhumi newspaper appeared for the first time. It was conceived as a paper
published thrice in a week (Tuesday, Thursday and
Saturday).
21st of October, 1924
The slogan Truth Equality Freedom was first published on the masthead.
6th of April, 1930
Mathrubhumi became a Daily. It was the day when Mahatma Gandhi defied the Salt
Law and walked from Sabarmati Ashram to Dandi, Gujarat, for Salt Satyagraha.
18th of January, 1932
Mathrubhumi Illustrated Weekly was in print for the first time. The cover page
was that of Mahatma Gandhi.
13th of January, 1934
Mahatma Gandhi visited the Mathrubhumi office at Kozhikode.
28th December, 1955
Pandit Jawaharlal Nehru visited the Mathrubhumi office at Kozhikode.
25th May, 1962.
Second edition started from Kochi.
1st July, 1979
Grihalakshmi published for the first time.
24th of November, 1980
Third edition started from Thiruvananthapuram with offset press colour photo
facilities.
11th of April, 1982
Chitrabhumi was in print for the first time.
16th of July, 1992
Fourth edition started from Thrissur.
18th of July, 1992
Thozilvartha published for the first time.
13th of May, 1993
Fifth edition from Kannur started.
15th of June, 1994
Mathrubhumi Sports Masika was in print for the very first time.
14th May 1995
Sixth edition from Kottayam.
1st of May, 1996
Balabhumi printed for the first time.
19th of February, 1997
Arogya Masika published for the first time.
5th of September, 1997
The online edition www.mathrubhumi.com launched.
7th October, 2000
Seventh edition from Malappuram.
1st of December, 2000
Eight edition started from Kollam.
19th February, 2002
Ninth edition of the paper started from Mumbai.
18th of April, 2002
Tenth edition from Chennai.
22nd of June, 2002
Eleventh edition started from Bangalore.
22nd August, 2004
Twelfth edition from Palakkad.
12th of February, 2007
Thirteenth edition started from New Delhi.
MATHRUBHUMI ILLUSTRATED WEEKLY
Launched on 18th of January, 1932 Mathrubhumi Illustrated Weekly is
still the number-one literary weekly in Malayalam. All through the years the
magazine has served the task of bringing out the best in Malayalam Literature
for the readers.
GRIHALAKSHMI
An exclusive magazine for the women of Kerala, Grihalakshmi, was
launched in the year 1979. And it was an initial success. Still, it's a
comprehensive magazine covering almost all aspect of feminine psyche.
CHITRABHUMI
Chitrabhumi, a magazine for cinema lovers, was in print for the first
time in the year 1982. Conceived as a film magazine which carries news and
feature from the movie world, Chitrabhumi is one of the popular publications in
Kerala.
THOZILVARTHA
The first employment paper in Malayalam, Thozilvartha, was an instant
triumph among the youths of Kerala. Reporting almost every employment
opportunities in Kerala, the paper proves to be an alternative for the State's
informative cell in service sector.
MATHRUBHUMI SPORTS
MASIKA
A complete monthly for the sports lovers of Kerala, Mathrubhumi Sports
masika, was launched on 15th of June, 1994. It's greatly contributed for
providing an insight into the national and international sports events.
BALABHUMI
Balabhumi was launched in the year 1996. It's a comprehensive children's
magazine. With comics, cartoons, series, stories and proverbs, this tiny
magazine is a all time favorite among the children's of all age groups.
AROGYA MASIKA
Arogya Masika is a monthly focusing mainly on health related features
which was printed for the first time in the year 1997.
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.40.29 |
|
UK Pound |
1 |
Rs.79.98 |
|
Euro |
1 |
Rs.61.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
|