MIRA
INFORM REPORT
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Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
LEADAGE ALLOYS INDIA LIMITED |
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Registered Office : |
No. 60/1, Seethanayakanahalli, Mallur Taluka, Kolar District, Karnataka
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.09.2002 |
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Com. Reg. No.: |
08-31042 |
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CIN No.: [Company
Identification No.] |
U05190KA2002PLC031042 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRL01353C |
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PAN No.: [Permanent
Account No.] |
AAACL8525A |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Dealer of Lead, Lead Alloys, Ferrous and Non Ferrous
Metals, etc. |
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 448580 |
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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.
Trade relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. R Vasudevan |
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Designation : |
Chief Finance Officer |
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Date : |
15.05.2008 |
LOCATIONS
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Registered Office : |
No. 60/1, Seethanayakanahalli, Mallur Taluka, Kolar District,
Karnataka , India |
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Tel. No.: |
91-8151-233333 |
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Fax No.: |
91-8151-232222 |
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E-Mail : |
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Website : |
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Area : |
5 Acres |
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Location : |
Owned (BY Company) |
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City Office : |
947,
39th Cross, 23rd Main, 4th T Block, Jayanagar, Bangalore – 560 041, Karnataka , India |
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Tel. No.: |
91-80-22442537/8 |
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Fax No.: |
91-80-22442536 |
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Area : |
2000 Sq.fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Thygarajan Arunkumar |
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Designation : |
Director |
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Address : |
715, 10th A Main , 4th Block, Jayanagar,
Bangalore – 560 014, Karnataka, India |
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Date of Birth/Age : |
22.07.1976 |
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Date of Appointment : |
25.09.2002 |
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Profile : |
Elder son of Chairman, Graduated in Science from Bangalore University and have over 12 years of experience in running similar business |
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Name : |
Mr. Thyagarajan Marimuthu Thyagarajan |
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Designation : |
Director |
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Address : |
715, 10th A Main , 4th Block, Jayanagar, Bangalore – 560 014, Karnataka, India |
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Date of Birth/Age : |
25.12.1978 |
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Date of Appointment
: |
25.09.2002 |
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Name : |
Mrs. Chitra Devi |
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Designation : |
Director |
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Address : |
715, 10th A Main , 4th Block, Jayanagar, Bangalore – 560 014, Karnataka, India |
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Date of Birth/Age : |
13.02.1982 |
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Date of Appointment
: |
22.02.2004 |
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Name : |
Mrs. A Bhadra Devi |
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Designation : |
Director |
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Address : |
715, 10th A Main , 4th Block, Jayanagar, Bangalore – 560 014, Karnataka, India |
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Date of Birth/Age : |
22.07.1977 |
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Date of Appointment
: |
22.02.2004 |
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Name : |
Mr. T RajKumar |
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Designation : |
Director |
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Address : |
715, 10th A Main , 4th Block, Jayanagar, Bangalore – 560 014, Karnataka, India |
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Date of Birth/Age : |
25.12.1978 |
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Date of Appointment
: |
25.09.2002 |
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Profile : |
Younger son of Chairman, having over 10 years of experience in running similar business and have traveled Abroad extensively to locate best sources for getting raw materials and technology |
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Name : |
Mr. R M Thiyagarajan |
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Designation : |
Director |
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Profile : |
Have over 35 years of experience in running business for manufacturing Lead & its Alloys and the pioneer for lead smelting and refining in Southern India. |
KEY EXECUTIVES
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Name : |
Mr. E Narayan |
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Designation : |
Chief Operating Officer |
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Profile : |
Head of the Operations and commercial matters. Have over 15 years of
experience in operating commercial and manufacturing activities |
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Name : |
Mr. R Vasudevan |
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Designation : |
Chief Finance Officer |
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Profile : |
MBA (Finance) with over 27 years of experience and worked with Sri
Jayavilas Group and ATK Group earlier |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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List of Shares Alloted |
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No. of Shares |
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Mr. R Munidwamy |
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4900 |
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Mr. C Ramakrishnan |
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4900 |
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Mr. Shakti |
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4900 |
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Mr. R Poorvarasan |
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4900 |
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Mr. K Mani |
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4900 |
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Mr. Rajendran |
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4900 |
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Mr. M Thirumoorthy |
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4900 |
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Mr. Kesavarajan |
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4900 |
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Mr. Shekhar |
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4900 |
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Mr. Sudarshan |
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4900 |
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Mr. P Adhimoolan |
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4900 |
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Mr. G Radhakrishnan |
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4980 |
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Mr. A Chandran |
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4500 |
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Mr. K R Atvoomani |
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4500 |
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Mr. Nathan |
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4500 |
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Mr. Nateshan |
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4500 |
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Mr. Mohan |
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4500 |
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Mr. Chandrakumar |
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4500 |
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Mr. K R Atayamani |
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4500 |
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Mr. Kandan |
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4500 |
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Mr. Elumalai |
|
4900 |
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Mr. Sreenivasan |
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4900 |
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Mr. Suresh |
|
4980 |
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Mr. S Kumar |
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4900 |
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Mr. Santhosh |
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4900 |
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Mr. Basheer |
|
4900 |
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Mr. Vijay Yadav |
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4900 |
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Mr. C Ashish |
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4900 |
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Mr. Suryanarayan |
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4900 |
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Mr. Jayaram |
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4900 |
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Mr. Koteshwara Rao |
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4900 |
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Mr. Babu Rao |
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4900 |
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Mr. Ayyappan |
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4900 |
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Mr. Krupa |
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4900 |
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Mr. S Mohan |
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4900 |
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Mr. S ramu |
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4900 |
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Mr. Vidhyadanan |
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4900 |
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Mr. Devaraj |
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4900 |
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Mr. Basavaraj |
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4900 |
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Mr. Sampath |
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4900 |
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Mr. Sudarshan |
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4900 |
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Mr. Devanadam |
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4900 |
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Mr. Narsimha Rao |
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4900 |
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Mr. Ajith |
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4900 |
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Mr. Ganeshan |
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4900 |
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Mr. Dhandapuri |
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4900 |
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Mr. Gurumurthy |
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4900 |
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Mr. Lawrence |
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4900 |
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Mr. Balan |
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4900 |
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Mr. Gurumurthy |
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4900 |
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Mr. Shnakar |
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4900 |
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Mr. Thanga Dorai |
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4900 |
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Mr. Jagadeeswara Rao |
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4900 |
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Mr. Chinnathambi |
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4900 |
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Mr. Jal Kumar |
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4900 |
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Mr. Prabhudas |
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4900 |
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Mr. Bairaj |
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4900 |
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Mr. Thippesh |
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4900 |
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Mr. Shankar |
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4900 |
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Mr. Shivaprakash |
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4900 |
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Mr. Muthuraman |
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4900 |
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Mr. Ranjith |
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4900 |
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Mr. Neelamegan |
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4900 |
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Mr. Anoopchand |
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4900 |
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Mr. Babu Bal |
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4900 |
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Mr. Sadiq |
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4900 |
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Mr. Narsimha Moorthy |
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4900 |
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Mr. Amarulia kan |
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4900 |
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Devaram |
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4900 |
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Mr. Diwakar |
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4900 |
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Mr. Madan Raj |
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4900 |
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Mr. Dayananda |
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4900 |
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Mr. Lakshman |
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4900 |
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Mr. Chikkanna |
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4900 |
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Mr. Vijay Kumar |
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4900 |
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Mr. Nanda Kumar |
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4900 |
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Mr. Beema Rao |
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4900 |
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Mr. Gurumurthy |
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4900 |
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Mr. Arase Gowda |
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4900 |
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Others |
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64100 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
99.00 |
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2 |
Others |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Dealer of Lead, Lead Alloys, Ferrous and Non Ferrous
Metals, etc. |
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Products : |
·
Pure Lead
up to the purity level of 99.98% minimum ·
Lead
Alloys in Ingots shape weighing approx 28 Kgs each as per customer’s
specification
·
Lead
Oxides packed in bags each weighing 25 Kgs as per customer’s specification
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Imports : |
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Products : |
Raw materials |
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Countries : |
Gulf countries |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days), T/T |
GENERAL
INFORMATION
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Customers : |
· Exide Industries Limited · Amara Raja Batteries Limited · Mysore Thermoelectric Private Limited · Microtex Energy Private Limited · HBL Nife Power Systems Limited · Universal Batteries Private Limited · Kirloskar Batteries Private Limited · Southern Batteries Private Limited |
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No. of Employees : |
Around 300 |
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Bankers : |
The Dhanalakshmi Bank Limited, MG Road, Branch, MG Road, Bangalore – 560
001, Karnataka, India |
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Facilities: |
· Bill Discounting Rs. 190.000 millions · C/C – Rs. 50.000 millions · L/C – Rs. 150.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G Kesavaraj and Company Chartered Accountants |
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Address : |
# 47, 1st Floor, SGN Layout Lalbaugh Road Cross, Bangalore
– 560 027, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4680000 |
Equity Shares |
Rs. 10/-
each |
Rs.46.800
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
46.800 |
26.000 |
5.000 |
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2] Share Application Money |
30.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.345 |
22.757 |
10.374 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
112.145 |
48.757 |
15.374 |
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LOAN FUNDS |
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1] Secured Loans |
257.315 |
125.894 |
70.120 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
257.315 |
125.894 |
70.120 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
369.460 |
174.651 |
85.494 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.545 |
40.344 |
34.943 |
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Capital work-in-progress |
0.000 |
0.000 |
0.012 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
75.309
|
90.991 |
25.412 |
|
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Sundry Debtors |
216.829
|
52.170 |
42.308 |
|
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Cash & Bank Balances |
30.962
|
0.725 |
0.541 |
|
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Other Current Assets |
15.389
|
9.608 |
7.370 |
|
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Loans & Advances |
8.902
|
11.224 |
17.175 |
|
Total
Current Assets |
347.391
|
164.718 |
92.806 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.911
|
23.156 |
40.268 |
|
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Provisions |
18.886
|
7.620 |
2.159 |
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Total
Current Liabilities |
22.797
|
30.776 |
42.427 |
|
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Net Current Assets |
324.594
|
133.942 |
50.379 |
|
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MISCELLANEOUS EXPENSES |
0.321 |
0.365 |
0.160 |
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TOTAL |
369.460 |
174.651 |
85.494 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
801.154 |
388.748 |
173.422 |
|
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Other Income |
4.387 |
0.373 |
0.332 |
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Total Income |
805.541 |
389.121 |
173.754 |
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Profit/(Loss) Before Tax |
33.388 |
12.383 |
6.145 |
|
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
33.388 |
12.383 |
6.145 |
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Expenditures : |
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Raw material consumed |
642.639 |
314.158 |
118.910 |
|
|
Increase/(Decrease) in Finished Goods |
5.220 |
[3.219] |
NA |
|
|
Salaries, Wages, Bonus, etc. |
18.479 |
8.245 |
NA |
|
|
Managerial Remuneration |
0.800 |
0.000 |
NA |
|
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Payment to Auditors |
0.561 |
0.224 |
0.100 |
|
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Interest |
18.678 |
7.260 |
6.972 |
|
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Insurance Expenses |
0.263 |
0.246 |
NA |
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Power & Fuel |
4.255 |
2.747 |
NA |
|
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Depreciation & Amortization |
4.194 |
4.097 |
2.344 |
|
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Other Expenditure |
77.064 |
42.980 |
38.951 |
|
Total Expenditure |
772.153 |
376.738 |
167.277 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.14
|
3.18 |
3.54 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.17
|
3.19 |
3.54 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.52
|
6.04 |
48.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.25 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.49
|
3.21 |
7.32 |
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|
Current Ratio (Current Asset/Current Liability) |
|
15.23
|
5.35 |
2.18 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U05190KA2002PLC031042 |
|
Name of the company |
LEADAGE ALLOYS INDIA LIMITED |
|
Address |
No. 60/1, Seethanayakanahalli, Mallur Taluka, Kolar District,
Karnataka , India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
· Movable Property · Book Debts · Floating Charge |
|
Particular of the charge holder
|
The Dhanalakshmi Bank Limited Address: 1 A, Nitesh Broadway 9/3, M G road, Bangalore – 560 001,
Karnataka, India E-Mail: tr_jairam@vsnl.net |
|
Nature or description of the instrument creating charge |
Omnibus Hypothecation Agreement Letter : Re Extension of equitable mortgage (Both above pertain to the same charge) |
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Date of the instrument creating charge |
27.09.2007 |
|
Amount Secure by the charge |
Rs. 390.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : CC – BPLR – 0.5% with minimum of 14.5% p.a on monthly rests Bills – BPLR -3.5% p.a for LC backed bills BPLR – 6% for Non LC bills Commission on LC -2% p.a upfront for inland LCs, As per FEDAI Rule for
Import Cs BG – Commission 2% p.a upfront on quarterly basis. Term of repayment: Running account repayable demand Bills – Tenor not to exceed 12 months LC validity maximum of 120 days from the date of issue of LC BG – Tenor of BG Maximum 24 months. Margin: CC- 25% for stock and 40% for book debts Bills – LC Bills Nil non – LC Bills – 10% LC / BG -10% as fixed deposit Extent and operation of the charge: The charge shall operate to the extent of Rs. 390.000 millions plus
Interest , commission, costs, expenses and other charges thereon. Others: The said amount of Rs. 390.000 millions comprises cash credit Rs.
50.000 millions, Usance bills discounting limit Rs. 260.000 millions (under
non LC Rs. 170.000 millions and under LC 90 millions ), LC (Inland import)
Rs. 78.500 millions , BG – Rs. 1.5000 millions |
|
Short particulars of the Property charged |
Hypothecation by way of I on stocks , both present and future
including all stocks of raw materials , work in process , semi finished goods
and finished goods , book debts, entire fixed assets including all the
intangible movable machinery and
plant , furniture , furniture and fittings and other movables stored /
installed at No. 60/1, Seethanayakanahalli, Mallur Taluka, Kolar District, Karnataka ,
India or any other place and
EM of land / building at Sy. No. 60/1
and 60/2 , Sethanayakanahalli, Lakkur Hobli, Malur Kolkar District |
|
Particulars of the present modification |
By the above the amount secured by change stands enhanced from Rs.
249.000 millions to Rs. 300.000 millions All other terms and conditions remain unchanged) |
|
Name of the
company |
LEADAGE ALLOYS
INDIA LIMITED |
|
Presented By |
Manager, The Dhanalakshmi Bank Limited |
|
1) Date and
description of instrument creating the change |
05.02.2003 Agreement for
Term loans Deed of
hypothecation Machinery (Both related to
same charge) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15.000
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 |
Hypothecation of all
machineries purchased / to be purchased
by the company and installed at Sy. No. 60/1, Seethanayakanahalli, Mallur
Taluka, Kolar District, Karnataka , India |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
· Interest @ 13% p.a on monthly rests · Repayment EMI of Rs. 0.278 million for 53 months , after initial holiday period of 6 months from initial disbursement · Interest and other charges during the initial holiday period and repayment period to be cleared separately as and when debited. |
|
5) Name and
Address and description of the person entitled to the charge. |
The Dhanalakshmi Bank Limited No. 9 Dickenson Road, Bangalore – 560 042 |
|
6) Date and brief description of instrument
modifying the charge |
10.09.2003 Annexure E
relating to deposit of Title deeds |
|
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. |
Additional collateral
security provided by way of equitable mortgage ofp roeprty land admeasuring
10.29 acres in Sy. No. 60/1, Seethanayakanahalli, Mallur Taluka, Kolar District,
Karnataka , India There is no change in limits and other terms and
conditions. |
TRADE REFERENCES:
· Amar Raja Batteries Limited
WEBSITE DETAILS:
The company is the Public Limited Company having only one manufacturing unit at Malur, District Kolar, Karnataka, India with two Depots one at Hosur in Tamil Nadu and another at Tirupati in Andhra Pradesh. Apart from our depots, they have set up a number of Battery collection canters in Kerala, Tamil Nadu, Karnataka, Pondychery and Andhra Pradesh.
Their manufacturing unit at Malur comprises of Battery Breaking, Rotary Furnaces, Refining Pots and Lead Oxide plant backed up with material handling equipments viz. Front End Loader cum Excavator of 6 in 1 attachment capable of dozing, grabbing, lifting, pushing and pulling features; Mobile Hydra Crane, 4 Nos EOT Cranes of 5 MT capacity, Fork Lifts, Tractors fitted with hydraulic tilting type trolley etc.
Quality control for incoming raw materials and Finished Products are carried out by Optical Emission Spectrophotometer and Atomic Absorption Spectrophotometer. Company is in a process to install some more instruments in its laboratory.
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.42.33 |
|
UK Pound |
1 |
Rs.82.31 |
|
Euro |
1 |
Rs.65.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |
|