MIRA
INFORM REPORT
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Report Date : |
21.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
FOSROC CHEMICALS INDIA PRIVATE LIMITED |
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Formerly Known As : |
BURMAH CASIROL COMPANY PRIVATE LIMITED |
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Registered Office : |
41st, KM, N. H. 4, Kuluvanahalli Post,
Nelmangala Taluk, Bangalore - 562111, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.12.1980 |
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Com. Reg. No.: |
08-4053 |
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CIN No.: [Company
Identification No.] |
U02411KA1980PTC004053 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLR00782F |
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PAN No.: [Permanent
Account No.] |
AAACF2300D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Selling of Chemicals for Strengthening, Concreting, Cementing and Adhesives, Paints, Sealant, etc |
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 1092612 |
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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 fine track. Financial position is good. Payments are correct and as per commitments. Trade relations are fair. The company can be considered good for any normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office / Factory : |
41st KM, NH4, Nelamangala Taluk, Kuluvanahalli Post,
Bangalore - 562 111, Karnataka, India |
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Tel. No.: |
91 80 27733340 / 41 / 42 / 2356 3188 / 83 |
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Fax No.: |
91 80 27733518 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Rented |
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Corporate Office : |
No.10, 'Vishnu Chittam', 1st Floor and 2nd
Floor, Sirur Park B Street, |
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Tel. No.: |
91 80 2356 3188 / 2356
3197/98, 2356 3182 |
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Fax No.: |
91 80 2356 1178 |
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E-Mail : |
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Factory 2 : |
Plot No. 6204, GIDC Estate, P O Box. No.208, Ankleshwar –
393002 |
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Tel. No.: |
91 2646 220704 / 224691 |
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Fax No.: |
91 2646 250724 |
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E-Mail : |
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Factory 3 : |
Kichha Road, Udham Singh
District, Rudrapur – 236148 |
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Tel. No.: |
91-5944 280 879 / 280 882 |
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Located at :
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. F. A. A Jasdanwalla |
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Designation : |
Chairman |
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Address : |
No. A – 21,
Fascinate Homes, 6TH Main, 12th Cross, Bangalore –
560001, Karnataka, India |
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Date of
Birth/Age : |
13.07.1926 |
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Date of Appointment : |
26.12.1980 |
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Name : |
Mr. G. G. Desai |
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Designation : |
Director |
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Address : |
120, Hole House Road, Mumbai - 400025, Maharashtra, India |
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Date of Birth/Age : |
04.06.1933 |
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Date of Appointment : |
09.08.1989 |
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Name : |
Mr. John Scott |
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Designation : |
Director |
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Address : |
120, Hole House Road, Mumbai - 400025, Maharashtra, India |
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Date of Birth/Age : |
13.06.1950 |
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Date of Appointment : |
23.05.2005 |
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Name : |
Mr. R Shridhar |
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Designation : |
Director |
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Address : |
No A-21, Fascinate Homes, 6th Main, 12th Cross, Bangalore – 560001, Karnataka, India |
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Date of Birth/Age : |
14.12.1956 |
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Date of Appointment : |
29.06.2005 |
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Name : |
Mr. Abjijit Dutta, BE MIE |
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Designation : |
Managing Director |
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Address : |
907, Olympus 3
Prestige, Acropolis Hosur Road, Bangalore - 560029, Karnataka, India |
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Date of Birth/Age : |
28.07.1950 |
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Date of Appointment : |
11.11.1997 |
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Name : |
Ms. Suzanne EI Zainy |
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Designation : |
Director |
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Address : |
PB 12276, Dubai |
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Date of Birth/Age : |
23.08.1958 |
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Date of Appointment : |
28.08.1998 |
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Name : |
Mr. Sedky Adel |
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Designation : |
Director |
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Address : |
Fosroc International Limited, Middle East Dho, PB 12276, Dubai |
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Date of Appointment : |
06.06.1999 |
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Name : |
Mr. K. S. Narayanan |
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Designation : |
Director |
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Name : |
Mr. Tawfic Ghandour |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. S. R. Babu Shankar |
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Designation : |
Company Secretary |
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Name : |
Mr. D. Sitaramiah, M. Tech. |
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Designation : |
Chief Executive |
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Name : |
Mr. R. Sridhar |
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Designation : |
General Manager (South and East) |
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Address : |
Rahimatoola
House, No. 7, Street Fort |
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Date of Birth/Age : |
14.12.1956 |
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Date of Appointment : |
29.06.2005 |
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Name : |
Mr. P. K. Pasty |
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Designation : |
General Manager (West and North) |
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Name : |
Mr. R. N. Lavania |
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Designation : |
Operations Manager |
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Name : |
Mr. Sridhar S. Hegde |
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Designation : |
Corporate Finance Manager |
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Name : |
Mr. S R Prakash |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Fosroc International Limited, Middle East, Dho PB 12276, Dubai |
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799,999 |
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Jhh, UK |
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1 |
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Total |
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800,000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Chemicals for Strengthening,
Concreting, Cementing and Adhesives, Paints, Sealant, etc |
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Imports : |
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Product : |
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Countries : |
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Terms : |
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Selling : |
Credit (120 days) |
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Purchasing : |
Credit (180 days) |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
240 |
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Bankers : |
No. 7 Mahatma Gandhi Road, Bangalore – 560 001, Karnataka, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
14, Government Place East, Kolkata – 700069, West Bengal, India |
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Membership : |
Confederation of Indian Industry |
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Associates/Subsidiaries : |
Subsidiaries
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Shares |
Rs.10/- each |
Rs. 16.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs.10/- each |
Rs. 8.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 (9 Months) |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
8.000 |
8.000 |
8.000 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
265.153 |
200.405 |
179.404 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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273.153 |
208.405 |
187.404 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured
Loans |
32.037 |
40.106 |
40.046 |
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TOTAL BORROWING
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32.037 |
40.106 |
40.046 |
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DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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305.190 |
248.511 |
227.450 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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73.382 |
53.582 |
60.366 |
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Capital work-in-progress
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1.946 |
0.000 |
0.000 |
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INVESTMENT
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0.025 |
0.025 |
0.045 |
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DEFERREX TAX ASSETS
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8.822 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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111.638 |
70.825 |
65.652 |
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Sundry Debtors
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323.613 |
244.192 |
205.998 |
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Cash & Bank Balances
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25.929 |
43.887 |
21.419 |
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Other Current Assets
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15.770 |
11.896 |
10.103 |
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Loans & Advances
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38.731 |
23.050 |
43.338 |
Total Current Assets
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515.681 |
393.850 |
346.510 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities &
Provisions
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292.718 |
194.844 |
174.442 |
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Provisions
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1.948 |
4.102 |
5.029 |
Total Current Liabilities
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294.666
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198.946
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179.471 |
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Net Current Assets
|
221.015 |
194.904 |
167.039 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
0.000 |
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TOTAL
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305.190 |
248.511 |
227.450 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 (9 Months) |
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Sales Turnover |
13.275 |
9.488 |
600.651 |
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Other Income |
0.796 |
0.578 |
0.000 |
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Total Income |
14.071 |
10.066 |
600.651 |
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Profit/(Loss) Before Tax |
1.539 |
1.345 |
84.328 |
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Provision for Taxation |
0.482 |
0.445 |
0.000 |
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Profit/(Loss) After Tax |
1.057 |
0.900 |
84.328 |
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Total Expenditure |
12.532 |
8.721 |
516.323 |
KEY RATIOS
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
31.12.2004 (9 Months) |
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PAT / Total
Income |
(%) |
7.51
|
8.94 |
14.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.59
|
14.18 |
14.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.26
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0.30 |
20.73 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.01 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.20
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1.15 |
1.17 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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1.98 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The company was incorporated on 22nd December, 1980 at Bangalore in Karnataka having Company Registration Number 4053.
The company was originally incorporated under the name and style of "Burmah Casirol Company" private limited and it became a deemed into pubic limited liability company with the present name.
The company is the Indian operation of Fosroc International Limited., U K, a part of B P Amoco, a lubricant and Speciality chemical giant with worldwide operations. Fosroc and Technik merged in 1990 under the Fosroc banner to create the largest UK based construction and mining chemical company.
Subject, is the first multinational construction chemicals company to start its operation in India way back in 1981. Since then, the company has been introducing international quality products into the Indian market, making it the Numero Uno Construction Chemicals Manufacturer in the country.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Vehicles
MILESTONES:
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1981 |
Fosroc
India started its operation as a joint venture between Mumbai based
industrialist and Fosroc International Limited, UK |
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1983 |
Established Stockists Network |
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1987 |
Established Regional Offices at all Metros |
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1990 |
Burmah Castrol Plc (Expandite) merged with Foseco (Parent company of Fosroc) Worldwide, and formed largest UK based construction chemical and mining company |
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1990 |
Second manufacturing unit at Ankleshwar put into operation |
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1993 |
Established Regional Marketing Department to cater to the needs of the customer regionally |
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1997 |
Expansion of Ankleshwar Unit with modern manufacturing facilities |
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1997 |
Fosroc India certified for ISO9002 Quality Management System by Bureau Veritas Quality International on all India basis |
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1998 |
Bangalore plant was moved to its present location with modern
manufacturing facilities making it as one of the modern Construction Chemical
Manufacturing plant in India |
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1999 |
Established Research & Development |
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2000 |
Burmah Castrol's Worldwide lubricants business has become part of BP Amoco Plc. following the successful completion of BP Amoco's cash offer for Burmah Castrol. |
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2002 |
Fosroc India certified for ISO9001 2000 series by Bureau Veritas Quality International on all India basis including R&D |
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2003 |
Fosroc Global was acquired by Dr. James Hay, Chairman of JMHfzco Group of Companies |
BUSINESS:
Subject is also engaged in
as manufacturer and seller of construction chemical products such as Concrete
Admixtures, Surface Treatment Products, Grouts and Anchors, Mortars,
Industrial/Commercial floor treatment products, Protective coatings, Joint
Sealants, Waterproofing Systems, Jelly Filling Compounds, etc.
Subject is reported to be a leader in its product lines.
The company is also engaged in as manufacturers, processors, importers, exporters and dealers of all kinds of speciality chemicals, compounds, coatings, etc.
The company has been accredited with ISO 9002 certification.
The company is a Joint Venture with Forsoc International, U.K.
The company has traditional expertise in Concrete Admixtures, Industrial Flooring, Repair and Protection, Grouts and Anchors. The company has operations in over 28 countries with 2500 employees making it one of the world’s major companies in the construction chemical market.
The company's geographical diversity is one of the company’s strengths with operations in Europe, Americas, Oceania, South and East Asia, The Middle and Near East. Fosroc also exports to over hundred additional countries giving it a total global coverage.
The company's strength lies in concrete, cement and polymer technologies. These technologies are under continuous scrutiny by its technical and marketing experts, developing products to give innovative and lasting solutions for any construction requirements.
The company has invested valuable resources over the years to acquire the ability to test and simulate the most demanding site conditions giving accurate predictions of product performance and its life expectancy in differing climatic conditions.
Over the years, the company has accumulated a wealth of experience on raw materials and product performance. This data enables the company to manufacture products of very high quality, keeping pace with global technical advances, marketing trends and application needs under diverse geographical and climatic conditions.
As the company's, customer focus goes hand in hand with quality people, the company believe that its must give the customers what its require and when their need it. The company had over 200 employees out of which, 50% are marketing and technical support staff. Thus, the company ensures that a comprehensive sales and technical support will always be available to its' customers anywhere in the country.
International leverage gives the company the opportunity to offer tried and tested solutions from one geographical region to another with great confidence.
The company in India has a specially trained team spread all over the country that can execute large application jobs. Its' trained engineers and sales staff, oversee the execution of the work. The company associate with the consultants and the clients right at the specification stage to offer product support and advice. The supply chain consists of a countrywide network of stockists.
Caption factory premises of area admeasuring 9,916 sq. metres. is also owned by the company and is situated in a rural area.
Bankers Charges
Report as per Registry
|
Name of the company |
FOSROC CHEMICALS
INDIA PRIVATE LIMITED |
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Presented By |
The Hongkong
Shanghai Banking Corporation Limited, No. 7 Mahatma Gandhi Road, Bangalore –
560 001 |
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1) Date and description of instrument creating the change |
Agreement for
overdraft / cash / Credit Loan against hypothecation of revolving stocks and
also present and future book debts dated 10 March 2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 22.000
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 |
All the Company’s
stock-in-trade both present and future including stocks raw materials, raw
materials, work in progress, spares and stores and finished goods factory,
Godown or premises or in the Godown or premises of the company’s agents or
representatives or held in any bonded Godown or warehouse at Bangalore or
wheresoever in the Republic of India and / or in transit / awaiting transit
by ship, rail or otherwise and all documents of title, negotiable
instruments, policies of insurance and other documents and / or instruments
relating thereto. And all the
company’s present and future book debts, outstanding monies, receivables,
claims due and owing or which may at any time become due and owing to the
company in the course of its business by any person, firm, company or body
any State Government Department or office or any Municipal or local or semi –
Governmental body or authority or any undertaking or project in the Public
Sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of Overdraft / Loan / Guarantee / Import / Foreign Exchange and / Or any
other banking facilities sanctioned / to be sanctioned by the bank to the
Company the Company has hypothecated and charged to the bank by way of first
charge as a continuing security the assets mentioned in item No. 3 above to
secure the repayment of the advances together with interest cost and all
other charges. Interest at the rate of Hongkong Bank Prime Lending Rate currently
at 13 % p.a. shall be payable by the Company, subject however that the Bank
shall have the right to change the rate of interest after giving notice to
the company. The Company shall maintain such margin of security as may be
specified by the Bank from time to time. In case the company fails to fulfill
its obligations under the Agreement, the bank shall be entitled to take
possession of the hypothecated properties and sell them by public auction or
private contract and utilize the proceeds in full or part settlement of its
claims. |
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5) Name and Address and description of the person entitled to the charge. |
The Hongkong Shanghai Banking Corporation Limited, No. 7
Mahatma Gandhi Road, Bangalore – 560 001 |
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6) Date and brief description of instrument modifying the charge |
The First
Supplemental Agreement dated 18.11.2004 made between the Company and the Bank
for Rs. 30.160 Millions |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the First
Supplemental Agreement at the request of the Company, the Bank agreement to
increase the maximum drawing limit under the facilities from Rs. 22.000
Millions to Rs. 30.160 Millions and in consideration thereof the Company
agreed to extent the charge to Rs. 30.160 Millions. The company agreed to pay
interest at the rate of Hongkong Bank Prime Lending Rate currently at 13 %
p.a. and agreed to maintain margin over the assets as advised by the Bank
from time to time. All other terms and conditions of the Principal Agreement
of Hypothecation dated 10 March 2000 shall remain unchanged. |
Press clipping:
CFO Asia / Pricewaterhouse Coopers Awards Babu Shankar
S R Babu Shankar, General Manager (Commercial) cum Company Secretary has won the Award for the category of Managing Finance in Small to Medium Enterprises for the year 2002.
CFO Asia is a Finance Magazine published from Hong Kong and is part of The Economist Group. The award is jointly presented by CFO Asia magazine and Pricewaterhouse Coopers an international audit firm.
The Award is presented for introduction of best practices in Management Information Systems, Treasury Management, contribution to the Company’s Growth plans and creativity of initiatives. Full details are available in their web site CFOasia.com.
Fosroc India continues to be the great Leader in Indian market of Construction Chemicals. Fosroc always has been the first to accelerate its Quality with an ultimate aim of meeting the ever changing requirement of its customers. Fosroc India has upgraded its Quality Management System in line with ISO9001-2000 series and announces that the certificate of ISO9001-2000 series has been awarded. Thus Fosroc India has become ISO9001-2000 series certified Company
Fosroc International Limited, U.K, a part of BP Amoco a lubricant and speciality chemical giant with Worldwide operations, Fosroc and Technic merged in 1990 under the Fosroc banner to create a largest UK based construction chemical company.
Over 60 years of pioneering experience have been devoted to finding new and better solutions to meet modern construction, civil engineering and mining needs. Fosroc products are contributing to the success of major projects worldwide and consistently delivering lasting results.
FOSROC - working for
successful construction & mining around the world.
Fosroc International Limited, UK, is one of the world's major manufacturers and suppliers of construction Chemicals. The company has operations - with local service - in over 28 countries and exports to about 100 others.
Fosroc is a member of the BP Amoco Group - a truly global force with over 15,000 employees in 50 countries and selling to 100 other nations. The world wide sale is around 3 billion pounds.
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 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|