MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
V. V. F. LIMITED |
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Registered Office : |
Plot No.109, Opposite Sion (East), Off. Sion Fort Garden, Mumbai – 400022, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.09.1939 |
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Com. Reg. No.: |
002994 |
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CIN No.: [Company
Identification No.] |
U99999MH1939PLC002994
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTV00663F |
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Legal Form : |
A
Closely Held Public Limited Liability company |
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Line of Business : |
Manufacturing
and Sale of Processed Oils, Fatty Acid and Allied Products, Soaps Noodles/
Soaps, Shaving Cream and Wind Mills. |
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 9459668 |
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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 in its’ field. Available
information indicates high financial responsibility of the company. Financial
position of the company is good. Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. It
can be regarded as a promising business partner in a long-run. |
LOCATIONS
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Registered Office : |
Plot No.109, Opposite Sion (East), Off. Sion Fort Garden, Mumbai – 400022, Maharashtra, India |
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Tel. No.: |
91-22-24073221-23/ 24093882/ 24030802/ 24016749 |
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Fax No.: |
91-22-24091554/ 24073771 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Oleochemicals/ Soaps
Plot
109 and 109-B, Opposite Sion Fort Garden, 109, Sion (East), Mumbai – 400022,
India Tel.
No. 91-22-24073221-3 Fax
No. 91-22-24091554 E-Mail doy@vvfltd.com
Soaps/Personal Care Products/
Oleochemicals
NOP
Compound, Maneklal Road, Navsari, Dist. Bulsar – 396445, Gujarat, India Tel.
No. 91-2637-250227/47498 Fax
No. 91-2637-256622 E-Mail vvfltd@ad1.vsnl.net.in
Personal Care Products/ Soaps
141,
Survey No. 194/4, Panchal Udyog Nagar, Bhimpore, Nani Daman (Union
Territory), India Tel. No. 91-260-2263075 Fax
No. 91-260-2263790 E-Mail vita@ad1.vsnl.net.in
Storage Tank Farm
Plot
Nos. 1779 and 1098, Hay Bunder Road, Sewree, Mumbai –
400033, India Tel.
No. 91-22-23721967/3728035 Fax
No. 91-22-23726238 E-Mail tankfarms@vvfltd.com
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Location : |
Owned |
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Works : |
·
Survey No.65, Meghpar Borichi, Galpadar Anjar Road, Gandhidham, Gujarat
– 370201, India
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Wind
mills: |
Located
at Satara,
Maharashtra, India |
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Branches : |
214,
DDA Commercial Complex, Phase I, Jhandewalan, New Delhi – 11005, India |
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Tel. No.: |
91-11-3517800/3523536/3537800 |
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Fax No.: |
91-11-3545475 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Rustom Godrej Joshi |
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Designation : |
Chairman
and Managing Director |
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Address : |
Flat 50, Marker Mansion, 623, Lady Jehangir Road, Parsee Colony,
Dadar, Mumbai 400014, Maharashtra, India
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Date of Birth/Age : |
05.05.1953 |
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Date of Appointment : |
24.11.1972 |
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Name : |
Mr.
Faraz Godrej Joshi |
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Designation : |
Whole Time Director |
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Address : |
40 – A, Hill Stone, B. G. Kher Marg, Malabar Hill, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
21.07.1946 |
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Date of Appointment : |
24.11.1972 |
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Name : |
Mr. Rajamani Subramaniam Iyer |
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Designation : |
Director |
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Address : |
3/99, Kaushalya Mahal, Sion [West], Mumbai 400022, Maharashtra, India |
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Date of Birth/Age : |
25.12.1927 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr.
Julio Frederick Ribeiro |
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Designation : |
Director |
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Address : |
51, 5th Floor, Sagar Tarang, Worli Seaface, Mumbai 400025,
Maharashtra, India |
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Date of Birth/Age : |
05.05.1929 |
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Date of Appointment : |
23.01.2001 |
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Name : |
Rashmin
Balakrishna Joshi |
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Designation : |
Whole-time Director |
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Address : |
1005, ‘B’ Wing, Raj Residency, Mahavir Nagar, Kandivali 400067,
Maharashtra, India |
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Date of Birth/Age : |
25.11.1962 |
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Date of Appointment : |
01.10.2001 |
KEY EXECUTIVES
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Name : |
Mr. Makarand Purushottam Karnataki |
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Designation : |
Company Secretary |
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Address : |
606, Royal Ashar Residency, Alwares Glades Road, Off Pokhran Road No.
2, Thane 400610, Maharashtra, India |
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Tel No. : |
91-22-24016749 |
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Fax No. : |
91-22-24091554 |
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Date of Birth/Age : |
12.04.1970 |
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Date of Appointment : |
12.06.2002 |
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Name : |
Mr. Mr. Jagmohan Agarwal |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. Mohan Parshuram Sonar |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
15.06.1967 |
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Date of Appointment : |
16.07.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Vita Oil Private Limited |
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200000 |
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R. F. Exports Private Limited |
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1000000 |
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Rustom Godrej Joshi |
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2007750 |
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Faraz Joshi |
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2007850 |
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Neville Rustom Joshi |
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100 |
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Navshri Oil Products Private Limited |
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100 |
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Godsil Investments Private Limited |
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200 |
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Inter Rec Products Limited |
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996000 |
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Total |
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6212000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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23.01 |
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Directors or relatives of the Directors |
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76.99 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Sale of Processed Oils, Fatty Acid and Allied Products, Soaps Noodles/
Soaps, Shaving Cream and Wind Mills. |
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Products : |
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Brand Names : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Processed Oils, Fatty Acids & Allied Products
[Non-Edible] |
MT |
42,000 |
41,086.3246 |
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Oils |
MT |
250 |
- |
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Soaps Noodles/Soaps, etc. |
MT |
54,100 |
14,461.7580 |
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Shaving Cream |
MT |
400 |
175.3063 |
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Wind Mills |
MW |
3.5 |
344,570 |
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Soap Cakes, etc. |
MT |
- |
14,414.8385 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
724 |
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Bankers : |
D. N.
Road, Mumbai – 400 001, Maharashtra, India
Free
Press Journal Road, Nariman Point, Mumbai – 400 021, India
Commercial
Branch, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India
Mumbai Large
Corporate Branch, Bank of India Building, 70/0, M. G. Road, Mumbai 400023,
Maharashtra, India
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
H. N. Mehta Associates Chartered Accountants |
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Address : |
50-51, Ali Chambers, Tamarind Lane, Flora Fountain, Mumbai 400023,
Maharashtra, India |
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Associates |
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Subsidiaries : |
CIN No. : U24230MH2004PTC145489
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
1050000 |
Preference Shares |
Rs. 100/- each |
Rs. 105.000 Millions |
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Total |
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Rs. 205.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5216000 |
Equity Shares |
Rs. 10/-
each |
Rs. 52.160
Millions |
|
996000 |
Preference Shares |
Rs. 100/-
each |
Rs. 99.600
Millions |
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Total |
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Rs. 151.760 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 |
151.760 |
156.760 |
162.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2213.157 |
1965.195 |
1469.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2364.917 |
2121.955 |
1631.800 |
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LOAN FUNDS |
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1] Secured Loans |
3984.880 |
2182.053 |
1654.100 |
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2] Unsecured Loans |
1416.952 |
1329.345 |
1252.600 |
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TOTAL BORROWING |
5401.832 |
3511.398 |
2906.700 |
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DEFERRED TAX LIABILITIES |
377.549 |
348.350 |
0.000 |
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TOTAL |
8144.298 |
5981.703 |
4538.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4116.582 |
3526.483 |
3386.600 |
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Capital work-in-progress |
618.644 |
845.197 |
0.000 |
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INVESTMENT |
200.834 |
21.054 |
21.100 |
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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 |
2978.737
|
2957.460 |
1536.300
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Sundry Debtors |
1574.854
|
864.732 |
953.300
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Cash & Bank Balances |
86.787
|
116.982 |
98.000
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
1190.359
|
647.957 |
293.800
|
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Total
Current Assets |
5830.737
|
4587.131 |
2881.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2539.028
|
2909.430 |
1678.300
|
|
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Provisions |
83.471
|
88.732 |
72.300
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Total
Current Liabilities |
2622.499
|
2998.162 |
1750.600 |
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Net Current Assets |
3208.238
|
1588.969 |
1130.800
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8144.298 |
5981.703 |
4538.500 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
8518.398 |
6787.750 |
5464.400 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total
Income |
8518.398 |
6787.750 |
5464.400 |
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Profit/(Loss)
Before Tax |
391.133 |
610.425 |
534.100 |
|
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Provision for
Taxation |
112.672 |
78.215 |
179.900 |
|
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Profit/(Loss)
After Tax |
278.461 |
532.210 |
354.200 |
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Export Value |
2690.021 |
2625.794 |
0.000 |
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Import Value |
3008.786 |
3501.344 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
400.407 |
263.620 |
0.000 |
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Other Expenditure |
7726.858 |
5913.705 |
4930.300 |
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Total Expenditure |
8127.265 |
6177.325 |
4930.300 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.27
|
7.84 |
6.48
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Net Profit Margin (PBT/Sales) |
(%) |
4.59
|
8.99 |
9.77
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.93
|
7.52 |
8.52
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.29 |
0.32
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Debt Equity Ratio (Total Liability/Networth) |
|
3.39
|
3.07 |
2.85
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Current Ratio (Current Asset/Current Liability) |
|
2.22
|
1.52 |
1.64
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LOCAL AGENCY
FURTHER INFORMATION
Fixed
assets
- Land
- Building
- Plant and Machinery
- Electrical
Installation
- Furniture and Fixtures
- Office Equipments
- Air Conditioners
- Cooling Machine
- Laboratory Apparatus
- Vehicles
- Boiler
- Water Cooler
- Weigh Bridge/Scale
- Process
Vessel and Lift
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Creation of charge |
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Corporate
identity number of the company |
U99999MH1934PTC002994 |
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Name of the
company |
V. V. F. LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
109, Sion East, Mumbai – 400 022, Maharashtra India |
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Type of charge |
Movable Property Floating Charge |
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Particular of
charge holder |
Bank of India Mumbai Large
Corporate Branch, Bank of India Building, 70/0, M. G. Road, Mumbai 400023,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Term
Loan and hypothecation of movable assets, goods, property, Plant and
Machinery |
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Date of
instrument Creating the charge |
23.03.2007 |
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Amount secured by
the charge |
Rs. 200.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest 2.25%
p.a. below bank rate subject to a minimum of 10.25% p.a. or at such other
rate as may be notified by the bank to the company from time to time. [b] Terms of
repayment repayment in 11
quarterly installments of Rs. 16.500 Millions each and 12th
quarterly installment of Rs. 18.500 Millions each, with six months moratorium
from the date of first disbursements [c] Margin as may be
stipulated by the bank from time to time. [d] Extent and
operation of the charge the security and
charge created over the properties shall be a security by way of first charge
for due repayment of credit facilities together with all accessories, stores
and spares and other monies due and payable thereon. |
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Short particulars
of the property charged |
First charge by
way of hypothecation on all movable assets, goods, property, plant and
machinery together with all
accessories, stores and spares relating thereto, now belonging or hereafter
to belong to the company situated at Survey No. 635, Sim or Anjar , District
Kutch 370110 [Kutch – II Property] |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
NA |
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Name of the company |
V. V. F. Limited |
|
Presented By |
Mr. Makarand
Karnataki, Company Secretary |
|
1) Date and description of instrument creating the change |
Memorandum of Entry creating equitable mortgage by deposit of title deeds
with Bank of India on 12.01.2006. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 100.000
Millions |
|
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 |
Equitable
mortgage created by deposit of title deeds by way of constructive delivery
with Bank of India, BOI acting as agent of State Bank of Patiala in respect
of Kutch I immovable Property. [a] All that
piece and parcels of industrial land or ground terrace with messauges
hereditaments, tenements standing thereon situate lying and being upon the
land bearing Revenue Survey No. 65 admeasuring Acres 5, Gunthas 22 being
22460 sq. mtrs. At village Meghpar Borichi, Taluka Anjar, District Kutch. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Mortgage created
by way of 1st charge on Kutch I property to secure working capital
term loan of Rs. 100.000 Millions with interest, cost, expenses, charges,
commission etc, |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of
Patiala Commercial
Branch, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India |
|
6) Date and brief description
of instrument modifying the charge |
NA |
|
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. |
NA |
New Projects:
The Company has commissioned Acid Stripper (Thermal De-acidulation) and
Hydrogenation units at Taloja and Second Oil Splitting unit Kutch. The
De-bottleneck of Fatty Alcohol plant in Taloja is in progress. Civil
construction of personal care products plant at Baddi, Himachal Pradesh has
been complete. The Plant is expected to start commercial production in November
2007.
AS
PER WEBSITE
HISTORY
The company is a global player in the Oleochemicals
and Personal Care industries. They are also India’s leading contract
manufacturer of toiletries and cosmetics for some of the world’s most popular
brands.
Over a proud history of more than 60 years, they have
created an organization steeped in traditional values of honesty, integrity,
customer centricity and a rigorous work ethic. They have also fostered a
culture focused on excellence which has resulted in their cutting edge
expertise in research and product development. Their factories boast of
state-of-the-art technology, ISO Certified environment-friendly processes and
highly trained and productive manpower. No wonder the quality of their products
is indisputably world-class.
Their turnover has grown rapidly over the past few years to
touch Rs. 6750 million (year ended March 2006) and is expected to grow to Rs.
10020 million by March 2007.
For them, however, this is the beginning. The strong
foundation they have painstakingly built over the years is now the launchpad,
as they expand in several new directions. They are on the threshold of an
entirely new and exciting phase of their evolution as a global oleochemicals
and personal care player. The possibilities are limitless as they march on the
road ahead. They invite you to join them on this exciting journey!
Locations:
Subject has grown from a small single location company to a
multilocation, global entity. The company has manufacturing plants at several
locations in India as well as abroad.
Subject intends to expand its locations to better service
its global customers most competitively.
India
MUMBAI:
Subject has large integrated oleochemicals complex at Sion
(East) in Mumbai.
The complex has various production facilities such as oil
and fat splitting plants, fatty acid distillation plants, fatty acid
fractionation units, fatty acid hydrogenation plants, glycerine refining and
purification units, and continuous saponification plants obtained from global
equipment suppliers of repute.
All these plants are controlled by fully automated
distributed control systems (DCS). Modern, well-equipped quality control and
R&D laboratories support these production facilities. This oleo chemicals
complex is ISO 9001:2000 certified by TUV, Germany.
TALOJA:
The recently commissioned fatty alcohols plant is located at
Taloja, about 50 km east of Mumbai. This plant is a part of a large proposed
oleo chemicals complex spread over 68,000 sq. m. Oil and fat splitting plant,
fatty acid distillation and fractionation units as well as specialized soap
noodles plant are under construction.
The fatty alcohols plant has been commissioned in August
2004. The process know-how has been obtained from Lurgi, Germany. The latest
Wax Ester Technology is used for the first time to produce high purity fatty
alcohols from fatty acids.
NAVSARI:
Specialized soaps plant is located at Navsari in Gujarat
State, approximately 290 km north of Mumbai. These specialized soaps are exported
to USA and other developed countries for the hotel industry.
There are three dedicated, fully automated lines for
manufacturing wrapped and cartoned soaps for export.
This facility is ISO 9001:2000 certified by TUV, Germany.
KUTCH:
One of the largest toilet soap manufacturing plant in India
spread over 70,000 sq. m is located at Kutch in Gujarat State, approximately
900 km north of Mumbai. This facility houses various units to manufacture soap
noodles, toilet soaps, refined glycerine and also talcum powder. There are
seven fully automated toilet soap finishing lines. The glycerine manufacturing
facility is capable of producing IP, BP and USP grades. The talcum powder unit
is designed on pharmaceutical standards with a class 100,000 environment and
follows GMP accordingly.
DAMAN:
The personal care products manufacturing facility is located
at Daman, a Union Territory, about 200 km north of Mumbai. It has a total
constructed area of 20,000 sq. m and is one of the most modern units suitable
for pharmaceutical and cosmetics formulations. It is capable of producing
liquids, creams and emulsions - formulations of various personal care products.
The entire unit is designed to comply with a class 100,000 environment as per
pharmaceutical norms. The facility meets cGMP requirements. It is also ISO
9001:2000 certified by TUV, Germany.
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. 40.46 |
|
UK Pound |
1 |
Rs. 79.50 |
|
Euro |
1 |
Rs. 63.09 |
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 |
|