MIRA
INFORM REPORT
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Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUGUNA POULTRY FARM LIMITED |
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Registered Office : |
5th
Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore - 641018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.03.1994 |
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Com. Reg. No.: |
18-4951 |
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CIN No.: [Company
Identification No.] |
U01222TZ1994PLC004951 |
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IEC No.: |
3295001022 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS03633A |
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Legal Form : |
A Closely Held Public Limited Liability company |
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Line of Business : |
Manufacturing and Selling of Poultry Feeds (in Pellet Form) and Broiler or Processed Chicken. |
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 5058800 |
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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 having satisfactory track. Available information indicates satisfactory financial responsibility of the company. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealing
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Corporate Office : |
5th Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore 641 018, Tamilnadu, India |
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Tel. No.: |
91-422-4392503,
5392504, 5392505, 4343000 |
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Fax No.: |
91 –422- 5392507 |
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E-Mail : |
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Website : |
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Area : |
8000 sq. ft. |
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Location : |
Owned |
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Head Office : |
R S No. 124/3, Thirubhunvani Village, Pondicherry - 605107 |
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Feed Unit: |
Kottamangalam,
Udumalpet – 642 126, Coimbatore, Tamilnadu |
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Feed Unit : |
Varatharajapuram,
Udumalpet – 642 126, Coimbatore, Tamilnadu |
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Meat Unit : |
Pallapalayam,
Udumalpet – 642 126, Coimbatore, Tamilnadu |
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Regional Office
: |
Tamilnadu Karnataka Location
- Rented Maharashtra Location – Owned Andhra Pradesh Location
- Rented West Bengal |
DIRECTORS
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Name : |
Mr. Bangarusamy Soundararajan |
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Designation : |
Managing Director |
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Address : |
B-408, Reheja Enclave, Coimbatore – 641018, India |
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Date of Birth/Age : |
12.04.1961 |
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Experience : |
22 Years |
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Date of Appointment : |
01.10.2000 |
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Email : |
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Name : |
Mr. G.B. Sundararajan |
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Designation : |
Joint Managing Director |
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Address : |
D – 201, Raheja
Enclave, Race Corse Road, Coimbatore – 641018 |
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Date of Birth : |
12.04.1963 |
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Experience : |
25 Years |
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Date of Appointment : |
23.04.2003 |
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Email : |
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Name : |
Mr. B Ramjee |
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Designation : |
Director |
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Address : |
1075, 1 – B, Pioneer Apartment, Avinashi Road, Coimbatore – 641018 |
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Experience : |
32 Years |
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Date of Birth : |
12.08.1943 |
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Date of Appointment : |
09.08.2003 |
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Email : |
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Name : |
Mr. C N Srivatsan |
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Designation : |
Director |
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Address : |
A – 19, Hallmark, Parsn Sesh Nestle Apartment, Nanjundapuram, Coimbatore |
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Experience : |
22 Years |
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Date of Birth : |
25.05.1957 |
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Date of Appointment : |
02.06.2004 |
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Name : |
Mr. V Bangarusamy |
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Designation : |
Director |
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Address : |
3-25, Ganapathypalayam, Pulankinar, Udumalpet, TK – 642122 |
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Name : |
Mr. K Jayakumar |
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Designation : |
Director |
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Address : |
No.4, Shivaram Nagar, South Enclave, Ramanathapuram, Coimbatore – 641018, Tamilnadu. |
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Date of Birth : |
30.04.1949 |
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Date of Appointment : |
24.12.2000 |
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Name : |
Mr. Dr. Sethumadhavan |
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Designation : |
Nominee Director – Ireda |
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Address : |
4, Rani Annadurai Street, Raja Annamalaipuram, Chennai – 600028, India |
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Date of Birth : |
16.06.1957 |
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Date of Appointment : |
05.09.2000 |
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Name : |
Mr. Koyambedu Subramani Ramesh |
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Designation : |
Director |
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Address : |
No.3, Cedar Wood Apartment, Flat No. II, 4th Main Road, R A Puram, Chennai – 600028, Tamilnadu |
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Date of Birth: |
13.08.1951 |
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Date of Appointment : |
15.07.2006 |
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Email : |
KEY EXECUTIVES
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Name : |
Mr. Subbiah Gounder Mahalingam |
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Designation : |
Company Secretary |
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Address : |
No.16, Dr. Munusamy Nagar, Ramanathapuram, Coimbatore – 641045, Tamilnadu, India |
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Date of Birth: |
25.09.1959 |
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Date of Appointment : |
28.09.2006 |
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Email : |
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Name : |
Mr. T K Swaminathan |
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Designation : |
Company Secretary |
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Name : |
Mr. Pramod Kumar Bhardwaj |
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Designation : |
General Manager (Accounts and Finance) |
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Name : |
Mr. P. K. Kutty |
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Designation : |
General Manager (Layers) |
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Name : |
Mr. Dharmender Bhayana |
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Designation : |
General Manager (Purchase) |
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Name : |
Mr. Krishnakumar S |
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Designation : |
General Manager, Tamilnadu Region |
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Name : |
Mr. Ashok Kumar Tyagi |
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Designation : |
General Manager, Karnataka Region |
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Name : |
Dr. Chitti Babu Chala |
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Designation : |
General Manager, Maharashtra Region |
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Name : |
Mr. Sudhir Kumar Babharey |
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Designation : |
General Manager, Andra Pradesh Region |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
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Names of Shareholders |
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No. of Shares |
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Mr. B. Soundararajan |
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4634841 |
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Mr. G.B. Sundararajan |
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3235333 |
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Mr. R
Vasanthamani |
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3465450 |
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Ms. D Renuga Devi
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2027016 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate
(not mentioned above) |
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0.02 |
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Directors or
relatives of directors |
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99.10 |
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Others |
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0.88 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Poultry Feeds (in Pellet
Form) and Broiler or Processed Chicken.
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Products : |
Item Code No. Production 200099000 Meat Product (other than canned) 23099009 Poultry Food 01059300 Live Poultry |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Documents through Bank and Cash and L/C upto 60 days terms. |
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Purchasing : |
L/C and Supplier's Cash Upto 90 to 120 days and Cash plus Credit upto 30 days terms |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
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Meat Plant |
Birds / Days |
4000 |
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Dressed Meat |
MT |
-- |
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Poultry Feed |
MT |
-- |
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Broiler Birds |
Nos. |
-- |
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Live Commercial Birds |
Birds per Week |
4.000 |
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Poultry Feed |
Tons |
900000 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
3000 |
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Bankers : |
Commercial Branch, 1246, Trichy Road, Coimbatore – 641 018, Tamilnadu
84, Radhakrishnan Road, Chennai
ICICI Towers, Santhome, Chennai
Cheran Plaza, First Floor, 1619, Trichy Road, Coimbatore – 641018, Tamilnadu,
Mariam Centre, Anna Salai, Chennai – 600002
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T S Maniam and Associates Chartered Accountants |
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Address: |
No. 63, 2 Floor, Sarojini Street, Ram Nagar, Coimbatore – 641012, Tamilnadu, India |
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Tel. No.: |
91-422-5377659 |
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E-Mail.: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital : (As on 28.11.2007)
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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800000 |
Preference Shares |
Rs.300/- each |
Rs.240.000 Millions |
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Total |
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Rs. 490.000 millions |
Issued, Subscribed & Paid-up Capital : (As on
31.03.2007)
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
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789480 |
Preference Shares |
Rs.300/- each |
Rs.236.800 Millions |
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Total |
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Rs.386.800 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
150.000 |
150.000 |
150.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1114.700 |
547.504 |
341.026 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1264.700 |
697.504 |
491.026 |
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LOAN FUNDS |
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1] Secured Loans |
2155.500 |
1382.877 |
846.353 |
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2] Unsecured
Loans |
768.700 |
632.818 |
363.447 |
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TOTAL BORROWING
|
2924.200 |
2015.695 |
1209.800 |
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DEFERRED TAX
LIABILITIES |
0.000 |
170.609 |
191.191 |
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TOTAL
|
4188.900 |
2883.808 |
1892.017 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1236.000 |
924.064 |
815.166 |
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Capital work-in-progress
|
353.200 |
97.522 |
11.580 |
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INVESTMENT
|
35.300 |
46.228 |
25.538 |
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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
|
2299.300 |
1500.850 |
1025.712 |
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Sundry Debtors
|
112.400 |
469.277 |
135.599 |
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Cash & Bank Balances
|
532.400 |
110.994 |
93.619 |
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
700.600 |
239.459 |
155.956 |
Total Current Assets
|
3644.700
|
2320.580 |
1410.886 |
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Less : CURRENT LIABILITIES &
PROVISIONS
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Current Liabilities
|
745.600 |
510.771 |
373.910 |
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Provisions
|
340.400 |
0.000 |
0.000 |
Total Current Liabilities
|
1086.000
|
510.771 |
373.910 |
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Net Current Assets
|
2558.700 |
1809.809 |
1036.976 |
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MISCELLANEOUS EXPENSES
|
5.700 |
6.185 |
2.857 |
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TOTAL
|
4188.900 |
2883.808 |
1892.017 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
10757.600
|
8190.500
|
5573.400
|
|
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Other Income |
252.900
|
28.900
|
19.800
|
|
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Total Income |
11010.500 |
8219.400 |
5593.200 |
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Profit/(Loss) Before Tax |
842.100
|
320.900
|
212.700
|
|
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Provision for Taxation |
223.600
|
52.000
|
100.900
|
|
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Profit/(Loss) After Tax |
618.500
|
268.900
|
111.800
|
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
0.175 |
44.891 |
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Imports : |
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Total Imports |
NA |
100.846 |
44.868 |
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Expenditures : |
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Raw Materials |
7170.600
|
5870.200
|
3847.000
|
|
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Excise Duty |
0.000
|
0.000
|
00.000
|
|
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Power & Fuel Cost |
157.200
|
63.000
|
61.200
|
|
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Other Manufacturing Expenses |
00.000
|
1248.000
|
886.800
|
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Employee Cost |
297.400
|
91.900
|
47.600
|
|
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Selling and Administration Expenses |
124.700
|
406.000
|
228.500
|
|
|
Stock Adjustments |
0.000
|
[51.700]
|
104.300
|
|
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Miscellaneous Expenses |
2283.300
|
70.100
|
38.800
|
|
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Interest & Financial Charges |
135.200
|
117.900
|
99.200
|
|
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Depreciation |
0.000
|
83.100
|
67.100
|
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Total Expenditure |
10168.400 |
7898.500 |
5380.500 |
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KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
2.31 |
2.71 |
2.46 |
|
Long Term Debt-Equity Ratio |
2.31 |
2.29 |
1.72 |
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Current Ratio |
3.36 |
2.13 |
1.52 |
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TURNOVER RATIOS |
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Fixed Assets |
6.70 |
7.42 |
5.52 |
|
Inventory |
4.68 |
6.48 |
5.43 |
|
Debtors |
95.71 |
27.08 |
41.10 |
|
Interest Cover Ratio |
7.23 |
3.72 |
3.14 |
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Operating Profit Margin(%) |
9.08 |
6.37 |
6.80 |
|
Profit Before Interest And Tax Margin(%) |
9.08 |
5.36 |
5.60 |
|
Cash Profit Margin(%) |
5.75 |
4.30 |
3.21 |
|
Adjusted Net Profit Margin(%) |
5.75 |
3.28 |
2.01 |
|
Return On Capital Employed(%) |
23.36 |
19.92 |
18.37 |
|
Return On Net Worth(%) |
48.90 |
45.25 |
22.77 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Suguna Poultry Product Limited was originally incorporated under the name and style of Suguna Feeds Private Limited as a Private Limited company and was converted into a deemed public limited company later.
The name of the company was subsequently changed to present w.e.f. 4th January, 1999.
Letter w.e.f. 1st April, 2003, the company Suguna Poultry Product Limited was merged with Suguna Poultry Farm Limited
Trade Reference:
- Bio-Vet Industries
Shop No. 9, B-Wing
Devki Nagar, Eksar Road, Borivali (West), Mumbai – 400 103
- Siddaganga Oil Extractions Limited
Plot No. 1, B. K.
Industrial Area, Poona Road, Belagum – 590 010
- Ruchin Soya Industries Limited
301, Mahakosh
House, 7/5, South Tukogani, Indore, Madhya Pradesh
- Sakthi Sugar Limited (Soya Division)
180 Race Course
Road, Coimbatore, Tamil Nadu
- Degussa AG, Germany
FIXED ASSETS
- Land
- Plant and Machinery
- Plastic Containers
- Pre Fabricated Freezer
- Furniture and Fittings
- Office Equipments
- Electrical Equipments
- Solar Energy Devices
- Building
- Vehicles
AS PER WEBSITE
Management
Subject
is the brain child of the two
innovative entrepreneurs and visionaries in the field of Poultry
Industry. Without any backup force the self propelled Dynamic Duo foresaw the
possible growth in Poultry Industry in India. The Balls were rolled back
decades ago in the form of Integration
or otherwise known as Contract Farming.
The target community is from Rural India.
Presently covered in 8000 villages
of 10 Indian states embracing 13000
farmers and the effort is relentless. No place in India is considered to
be unfit for Poultry activity. Mostly by invitation from each state Government
subject makes its expansion. The model has attracted the people from across the
border also to visit subject facility and observe the activities, only to be
adopted in their place.
Ultimately it is going to be subject
model farming rather than Contract Farming. They have mastered the
concept of Poultry Integration and have revolutionized the Poultry Industry.
With the strong commitment to upgrade the quality of life of the Rural India
they have conceptualized the Contract Farming Process. The two brothers hailing
from a village and born in a teachers family have reached the business zenith with the zeal to excel.
The management has made a mark in the corporate arena by continuously improving
the standards and professionalism.
Milestone
|
Year |
Achievement |
|
1986 |
Suguna Group Was Founded by M/s. B. Soundararajan and G. B. Sundararajan. The Company Began Trading Layer Eggs. |
|
1991 |
Introduced New Concept of Franchise Farming in India |
|
1992 |
First Hatchery Was Started |
|
1993 |
First Breeder Operation |
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1995 |
Hatchery and Breeder Operations Expansion |
|
1998 |
Extruder Plant to Produce Full Fat Soya |
|
1998 |
Semi Automatic Meat Processing Unit with Cold Storage |
|
1999 |
Fully Automatic, Micro Processor Controlled Feed Mill |
|
2000 |
Inclusion of Grand Parents |
|
2001 |
Expansion of Operations into other States |
|
2004 |
Soya Unit Operation in Nagpur |
|
2006 |
Foundation for Asia's Biggest Feed mill Laid at Hoskote, Karnataka |
|
2006 |
Successful implementation of Oracle ERP |
|
2007 |
Layer Launch |
|
2007 |
Asian Livestock Industry Award |
Partners – Ross [UK]
Ross is the brand of Aviagen.
Aviagen has three chicken breeding brands Arbor Acres, L.I.R., and Ross. Suguna
Poultry Farm Ltd uses the chicken Breeding brand – Ross in delivering day old grandparent and
parentstock chicks for the production of broiler chicks.
- The Ross package is one of the world's most successful combinations of male and female lines.
- A male contributes rapid growth, excellent feed conversion and meat yield.
- A highly reproductive female produces persistent hatchability combined with excellent liveability and lots of healthy day old broiler chicks.
- The breeder package adapts to all management and husbandry methods.
The Ross 308 satisfies the demands of
customers who require a bird which performs consistently well and has the
versatility to meet a broad range of end product requirements. The Ross 308 is
recognised globally as a broiler that will give consistent performance in the
broiler house. Integrated and independent producers value the growth rate, feed
efficiency and robust performance of the Ross 308.
Partners – Lohmann [Germany]
With a history as old as 1932, Lohmann
Tierzucht Gmbh is today the world's Number one Primary Breeding Company
for Layers under the umbrella of Erich Wesjohann Group of Companies
headquartered in Cuxhaven, Germany.
Lohmann commands 25% share of the
international layer market and have a strong prsence in Europe, UK,
North America, Latin America, Far East, Middle East and African markets.
State-of-the-art
technology, High standard of Bio-security, Experienced and Skilled people,
Excellent Chick Quality, Quality controlled Raw materials, Time and Temperature
management and Excellent feed quality defines a typical Lohmann facility.
Lohmann invests highly on research and
development and in human capital to sustain and maintain high quality
standards.
By
concentrating on its core competency, innovation and sustained competitivenes,
Lohmann envisages achieving a strategic goal of 35% market share in the near future.
Partners – International Finance Corp [US]
The International Finance Corporation,
the private sector arm of the World
Bank Group, is the largest multilateral provider of financing for
private enterprises in developing countries.
IFC finances private sector investments,
mobilizes capital in international financial markets, facilitates trade, helps
clients improve social and environmental sustainability, and provides technical
assistance and advice to business and governments.
Awards
Suguna
Poultry Group is the proud six time recipient of the National
Productivity Awards in a decade for "Excellence in Domestic Broiler Birds
Marketing, Hatching, Eggs Export, Processed Meat Export, Quality Consciousness,
Research & Development and Continual Development of Value Added
Products".
|
S.No |
Name of the Award |
Year |
Award From |
|
1 |
National Trade Excellence Award |
1994 - 1995 |
The Minister for - Power, Government of India |
|
2 |
Best Performance Award |
1995 - 1996 |
National Productivity Council - New Delhi |
|
3 |
International Excellence in Economic Performance Award |
1996 - 1997 |
Greece |
|
4 |
Best Performance Award |
1997 - 1998 |
National Productivity Council - New Delhi |
|
5 |
Best Performance Award |
1998 - 1999 |
National Productivity Council - New Delhi |
|
6 |
Best Performance Award |
1999 - 2000 |
National Productivity Council - New Delhi |
|
7 |
Best Performance Award |
2000 - 2001 |
National Productivity Council - New Delhi |
|
8 |
Best Performance Award |
2001 - 2002 |
National Productivity Council - New Delhi |
|
9 |
Vocational Excellence Award |
2001 - 2002 |
Rotary International |
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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
67 |
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 |
|