MIRA INFORM
REPORT
|
Report
Date : |
11.03.2008 |
IDENTIFICATION DETAILS
|
Name : |
KATTI -
MA EXPORTS PRIVATE LIMITED |
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Registered
Office : |
Office – A, 9th Floor, “The Raintree Place”,
No. 9, Mcnichols Road, Chetpet, Chennai – 600031, Tamilnadu |
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Country
: |
India |
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Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
11.04.1991 |
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Com.
Reg. No.: |
18-42081 |
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CIN
No.: [Company
Identification No.] |
U51399TN1999PTC042081 / U14299TN1991PTC020601 |
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PAN
No.: |
CHEK00778B |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturers,
Exporter and Importer of granite monuments cut and polished, granite slabs |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
940812 |
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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 company and a
part of Katti – Ma Group. Trade relations are fair. General financial position
is satisfactory. 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. |
INFORMATION PARTED BY
|
Name: |
Mr.
Srinivasan |
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Designation
: |
Finance
Manager |
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|
Name: |
Mr.
Venkata |
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Designation
: |
Chartered
Accountants |
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Date : |
11.03.2008 |
LOCATIONS
|
Registered
Office : |
Office – A, 9th Floor, “The Raintree Place”, No.
9, Mcnichols Road, Chetpet, Chennai – 600031, Tamilnadu, India |
|
Tel.
No.: |
91-44-28269894 / 28363545 (4 lines) |
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Fax
No.: |
91-44-28363552 / 3 / 4 |
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E-Mail
: |
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Website
: |
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Location : |
Rented |
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Corporate
Office : |
9 MC Nicholas
Road, Chetpet, Chennai – 600 031, Tamil Nadu, India |
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Tel.
No.: |
91-44-28237505/2822206 |
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|
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Factory
: |
803/5,
DIC, Kuthambakkam, Chennai Bangalore High Road, Chettipet, Thiruvalluvar
District, Tamilnadu – 602107, India |
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Tel.
No.: |
91-44-26273313 |
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Location : |
Owned |
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Branches: |
Katti Ma Centre, 2001 Indra Nagar, 100 Feet Road, HAL, 2nd
Stage, Bangalore – 560 038, Tamilnadu – 602107, India |
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Tel
No.: |
91-80-41469912/25279382 |
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Overseas
Offices: |
1309, 2-3-6 Tate , Shiki City, 353 - 0006, Saitama,
Prefecture, Japan |
DIRECTORS
|
Name : |
Mr. Kanaparambil Sadasivadas Gokuldas |
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Designation
: |
Managing Director |
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Date
of Birth : |
20th October 1936 |
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Address
: |
18 Sulaiman Zackhria Avenye, Casa Major Road, Egmore –
600008, Tamilnadu, India |
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Date
of Birth/Age : |
20.10.1936 |
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Date
of Appointment : |
18.03.1999 |
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|
|
|
Name : |
Mr. G. Kalyan Kumar |
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Designation
: |
Director |
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Address
: |
18 Sulaiman Zackhria Avenye, Casa Major Road, Egmore –
600008, Tamilnadu, India |
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Date
of Birth/Age : |
23.01.1967 |
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Date
of Appointment : |
18.03.1999 |
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|
Name : |
Mrs. Hema Malini |
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Designation
: |
Director |
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Date
of Birth : |
26.06.1969 |
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Address
: |
18 Sulaiman Zackhria Avenye, Casa Major Road, Egmore –
600008, Tamilnadu, India |
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|
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|
Name : |
Mr. S. Kadowaki |
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Designation
: |
Director (Japanese) |
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Date
of Birth : |
20.06.1948 |
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Address
: |
3-6-1309 Tata 2 Chome, Ku Tokya, Japan |
KEY EXECUTIVES
|
Name : |
Mrs. S
Lalitha |
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Designation
: |
Company
Secretary |
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Address
: |
Old No.
36, New No. 98, 3rd Floor, Halls Road, Kilpauk, Chennai – 600 010,
Tamil Nadu, India |
|
Tel
No.: |
91-44-42183466 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. K S
Gokuldas |
|
510000 |
|
Mr. G
Gokuldas |
|
490000 |
|
|
Total |
1000000 |
Equity
Shares Breakup (Percentage of Total Equity):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers,
Exporter and Importer of granite monuments cut and polished, granite slabs |
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|
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|
Products
: |
v
Granite
Cut & Polishing v
Quarrying
of Granite v
Granite
Slabs |
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Exports
: |
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Countries : |
Europe,
US, Germany, Japan |
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Imports
: |
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Products : |
Consumables
|
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Countries : |
Germany |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Granite |
|
M2 |
18754 |
14968 |
GENERAL INFORMATION
|
No. of
Employees : |
400 |
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|
|
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Bankers
: |
·
State
Bank of India Overseas Branch, 39 Rajaji Salai,
Chennai – 600 001, Tamilnadu, India ·
The
Karur Vysya Bank Limited Address: 46, Armenian Street,
Chennai Main Branch, Chennai – 600 001, Tamilnadu, India |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Venkat
and Raghunathan Chartered Accountants |
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Address 1 : |
43/6, Mejestic Agency Apartments, Natha Muni Street, T
Nagar, Chennai – 600 017, Tamilnadu,
India |
|
Address 2 : |
10/3A, J N Road, Opposite Municipal Office, Thiruvallur,
Chennai – 602 001, Tamil Nadu, India |
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Associates
: |
v
Katti
Ma v
Kaisei
Shoji Kaisha v
Katti
Ma Exports Private Limited |
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Sister
Concerns : |
v
Katti
Ma Exports Private Limited v
Katti
Ma Private Limited v
Zircon
Soft Tech Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs.10/-
each |
Rs.
10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs.10/-
each |
Rs.
10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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|
3]
Reserves & Surplus |
225.203 |
221.046 |
210.371 |
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|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
235.203 |
231.046 |
220.371 |
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|
LOAN
FUNDS |
|
|
|
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|
1]
Secured Loans |
33.597 |
64.562 |
12.910 |
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|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
33.597 |
64.562 |
12.910 |
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|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
268.800 |
295.608 |
233.281 |
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APPLICATION
OF FUNDS |
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|
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FIXED
ASSETS [Net Block] |
29.661 |
34.203 |
38.059 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
77.829 |
104.661 |
94.231 |
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|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.073
|
38.151 |
20.826 |
|
|
Sundry
Debtors |
46.627
|
40.018 |
51.289 |
|
|
Cash
& Bank Balances |
11.312
|
55.369 |
14.857 |
|
|
Other
Current Assets |
1.568
|
1.618 |
1.165 |
|
|
Loans
& Advances |
85.741
|
66.801 |
83.194 |
|
Total Current Assets |
184.321
|
201.957 |
171.331 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
23.011
|
45.213 |
60.078 |
|
|
Provisions |
0.000
|
0.000 |
10.493 |
|
Total Current
Liabilities |
23.011
|
45.213 |
70.571 |
|
|
Net Current Assets |
161.310
|
156.744 |
100.760 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.231 |
|
|
|
|
|
|
|
|
TOTAL |
268.800 |
295.608 |
233.281 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales
Turnover |
|
122.199 |
131.170 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total
Income |
|
122.199 |
131.170 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
12.248 |
18.640 |
|
|
Provision for Taxation |
|
[14.714] |
[18.841] |
|
|
Profit/(Loss) After Tax |
|
26.962 |
33.481 |
|
|
|
|
|
|
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|
Export Value |
|
122.199 |
123.619 |
|
|
|
|
|
|
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Import Value |
|
6.819 |
6.871 |
|
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|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
1.783 |
0.847 |
|
|
Depreciation & Amortization |
|
4.872 |
5.381 |
|
|
Other Expenditure |
|
96.641 |
100.074 |
|
Total
Expenditure |
|
103.296 |
106.302 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT /
Total Income |
(%) |
22.06 |
25.52 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.02 |
14.21 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.19 |
8.90 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.08 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24
|
0.48 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.01
|
4.47 |
2.43 |
LOCAL AGENCY FURTHER
INFORMATION
OTHER INFORMATION:
The company has acquired another shed
for manufacturing German Monuments. It's Japanese Collaborators are
Kaisei-Shojhi Kaishawts, 1, BS Building, 9-6 Shibuya – 3 Chame, Shibuya-Ku,
Tokyo, Japan holding 50% of the Equity Shares.
It exports granite monuments and imports spares and components
for machinery.
The company is a 100% Export Oriented Unit.
CMT REPORT (Corruption, Money
Laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India
Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any
of its beneficial owners, controlling shareholders or senior officers as
terrorist or terrorist organization or whom notice had been received that all
financial transactions involving their assets have been blocked or convicted,
found guilty or against whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the
subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset
Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available information exist that suggest that
subject or any of its principals have been formally charged or convicted by a
competent governmental authority for any financial crime or under any formal
investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or
indirect owners, controlling shareholders, director, officer or employee of the
company is a government official or a family member or close business associate
of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of
compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No press reports /
filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM
as part of its Due Diligence do provide comments on Corporate Governance to identify
management and governance. These factors often have been predictive and in some
cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is
not known to have contravened any existing local laws, regulations or policies
that prohibit, restrict or otherwise affect the terms and conditions that could
be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.44 |
|
UK Pound |
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.62.90 |
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 |
|