MIRA
INFORM REPORT
|
Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FINE FRAGRANCES
PRIVATE LIMITED |
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Formerly Known As : |
FINE FRAGRANCES
LIMITED |
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Registered Office : |
147 / 119, Jolly
Maker Chambers No.2, 11th Floor, Nariman Point, Mumbai – 400 021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.01.1980 |
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Com. Reg. No.: |
11-22167 |
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CIN No.: [Company
Identification No.] |
U74999MH1980PLC022167 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03539E |
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PAN No.: [Permanent
Account No.] |
AAACF0706F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Industrial Perfumery Compounds and Flavours |
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 500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
147 / 119, Jolly Maker
Chambers No.2, 11th Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Tel. No.: |
91-22-2202 0644 |
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Fax No.: |
91-22-2202 8071 /
2204 8030 |
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E-Mail : |
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Warehouse : |
Plot No. 298 / 2,
GIDC, Umbergaon – 396 171, Gujarat, INDIA |
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Tel. No.: |
91-260-2563537 |
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Fax No.: |
91-260-2562798 |
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Branches: |
North
America, United States |
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Tel No.: |
(1) 732-335-2274 |
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Fax No.: |
(1) 732-335-2672 |
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Branches: |
Europe, France |
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Tel No.: |
(33) 4-9242-4344 |
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Fax No.: |
(33) 4-9370-4326 |
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Branches: |
UnitedKingdom |
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Tel No.: |
(44) 1440-715000 |
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Fax No.: |
(44) 1440-715175 |
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Branches: |
Spain |
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Tel No.: |
(34) 964-470-212 |
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Fax No.: |
(34) 964-461-689 |
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Branches: |
Latin America Argentina |
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Tel No.: |
(54) 3327-445226 |
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Fax No.: |
(54) 3327-445251 |
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Branches: |
Colombia |
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Tel No.: |
(57) 1-4222233 |
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Fax No.: |
(57) 1-4222250 |
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Branches: |
Brazil |
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Tel No.: |
(55) 11-4196-3724 |
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Fax No.: |
(55) 11-4196-3790 |
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Branches: |
Mexico |
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Tel No.: |
(52) 55-5333-1987 |
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Fax No.: |
(52) 55-5333-1976 |
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Branches: |
China |
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Tel No.: |
(86) 21-6248-5500 |
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Fax No.: |
(86) 21-6249-6181 |
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Branches: |
Singapore |
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Tel No.: |
(65) 6268 7211 |
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Fax No.: |
(65) 6268 5982 |
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Branches: |
Japan |
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Tel No.: |
(81) 3-5460-1751 |
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Fax No.: |
(81) 3-5460-0685 |
DIRECTORS
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Name : |
Mr. Jashwant M.
Shah |
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Designation : |
Director |
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Address : |
11A, Aashiana, 5,
Altamount Road, Mumbai – 400026., Maharashtra, India |
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Date of Birth/Age : |
19.11.1936 |
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Date of Appointment : |
13.06.1980 |
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E-Mail: |
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Name : |
Mr. Ashok C. Shah |
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Designation : |
Director |
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Address : |
402, Maryland
Corner Building, Sion (East), Mumbai – 400022, Maharashtra, India |
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Date of Birth/Age : |
08.09.1952 |
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Qualification : |
M. Sc. |
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Experience : |
27 Years |
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Date of Appointment : |
29.01.1980 |
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Last Employment : |
Managing Director
of Tudor India limited |
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E-Mail: |
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Name : |
Mr. Amol J. Shah |
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Designation : |
Director |
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Address : |
11A, Aashiana, 5,
Altamount Road, Mumbai – 400026., Maharashtra, India |
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Date of Birth/Age : |
10.11.1965 |
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Date of Appointment : |
22.11.2000 |
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E-Mail: |
MAJOR SHAREHOLDERS
|
Names of Shareholders (as on 31.03.2006) |
No. of Shares |
|
Mr. Ashok C. Shah |
1000 |
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Mr. Jaswant M
.Shah (HUF) |
2500 |
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Mrs. Jashwant M
.Shah |
1 |
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Mr. Amol J .Shah |
5102 |
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Mr. Akshay A.
Shah |
8000 |
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Mrs. Amrapali S.
Mehta |
2500 |
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Mrs. Shreya A.
Shah |
2000 |
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Total |
21103 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Industrial Perfumery Compounds and Flavours |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Industrial
Perfumery Compound |
Kgs. |
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|
50588 |
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Herbal Extract |
Kgs. |
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|
4890 |
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Herbal Absolute |
Kgs. |
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|
00 |
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Perfumery
Chemicals – Fine |
Kgs. |
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50 M. T. p.a. |
53127 |
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Animal
Supplementary Food |
Kgs. |
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|
64000 |
GENERAL
INFORMATION
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Distributors : |
06460 Saint Vallier de Thiey, France
Ernesto Ventos S. A. TERRITORY: SPAIN CarreteraReal,120C 08960SantJustDesvern,Barcelona,Spain
Fine Fragrances Private Limited TERRITORY:INDIA
R.C. Treatt & Company Limited TERRITORY: GERMANY, SWITZERLAND & AUSTRIA Northern Way Bury St. Edmunds, Suffolk England IP32 6NL
BBE International TERRITORY: ITALY Via strada Prov. 181 N. 3 – Int22/23 20060 Zelo Buon Persico (mi), Italy
R.C. Treatt & Company Limited TERRITORY: UK, IRELAND,
BELGIUM, LUXEMBOURG, THE NETHERLANDS Northern Way Bury St. Edmunds, Suffolk England IP32 6NL
AMCO International, S.A. de C.V. TERRITORY: MEXICO Trigo No. 16, Col.
Granjas Esmeralda Deleg. Iztapalapa, Mexico
09810 D.F.
The John D. Walsh Company Inc. TERRITORY: U.S.A., CANADA 25 Executive Park Way,
Ringwood, NJ 07456 Ringwood, NJ 07456 |
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Bankers : |
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Banking Relations : |
Good |
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Auditors : |
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Name 1: |
H N Motiwalla
& Company Chartered
Accountants |
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Address : |
508, Sharda
Chambers, 15A, New Marine Lines, Mumbai – 400 020, Maharashtra, India |
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Tel. No.: |
91-22-2200 2103 /
2200 5431 |
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Email : |
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Name 2: |
N V Parmar and
Company Chartered
Accountants |
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Address : |
A -1/004,
Tirupati Rajendra Complex, C S C Road, No. 5, Dahisar (East), Mumbai – 400
068, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs, 10/- each |
Rs. 0.600 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21103 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.211
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.211 |
0.211 |
0.211 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
118.082 |
115.598 |
114.757 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
118.293 |
115.809 |
114.968 |
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LOAN FUNDS |
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1] Secured Loans |
25.487 |
18.600 |
0.000 |
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2] Unsecured Loans |
7.027 |
6.613 |
5.862 |
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TOTAL BORROWING |
32.514 |
25.213 |
5.862 |
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DEFERRED TAX LIABILITIES |
7.832 |
0.665 |
0.163 |
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TOTAL |
158.639 |
141.687 |
120.993 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.758 |
35.500 |
36.588 |
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Capital work-in-progress |
1.581 |
0.000 |
0.000 |
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INVESTMENT |
19.042 |
19.053 |
10.409 |
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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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|
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Inventories |
95.985
|
61.253 |
60.327
|
|
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Sundry Debtors |
82.766
|
61.407 |
41.325
|
|
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Cash & Bank Balances |
3.594
|
5.503 |
2.485
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
40.299
|
34.710 |
50.405
|
|
Total
Current Assets |
222.644
|
162.873 |
154.542 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
108.236
|
73.139 |
80.574
|
|
|
Provisions |
11.150
|
2.600 |
0.000
|
|
Total
Current Liabilities |
119.386
|
75.739 |
80.574 |
|
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Net Current Assets |
103.258
|
87.134 |
73.968
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.028 |
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|
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TOTAL |
158.639 |
141.687 |
120.993 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
276.289 |
240.484 |
195.969 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
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Total Income |
276.289 |
240.484 |
195.969 |
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|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
18.201 |
6.990 |
0.889 |
|
|
Provision for Taxation |
0.000 |
0.000 |
(1.038) |
|
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Profit/(Loss) After Tax |
18.201 |
6.990 |
1.927 |
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|
|
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Export Value
|
NA |
NA |
9.776 |
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Import Value
|
NA |
NA |
110.600 |
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Expenditures : |
|
|
|
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Interest |
2.781 |
1.375 |
|
|
|
Depreciation & Amortization |
3.032 |
3.089 |
195.080 |
|
|
Other Expenditure |
252.275 |
229.030 |
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Total Expenditure |
258.088 |
233.494 |
195.080 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
6.58
|
2.91 |
0.98 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.58
|
2.91 |
0.45 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.55
|
3.21 |
0.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.06 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28
|
0.87 |
0.75 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
2.15 |
1.92 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
The company’s fixed
assets of important value include:
In Umbergam Unit:
Land, Factory Building, Tubewell, Office
Premises, Ownership Premises, Plant & Machinery, Factory Equipments,
Laboratory Equipments, Office Equipments, Computer, Electrical Installation,
Air Conditioners, Furniture & Fixtures and Vehicles.
In
Silvassa Unit:
Renovation of Land, Ownership Premises,
Plant & Machinery, Factory Equipments, Laboratory Equipments, Fire
Extinguisher, Computer, Electrical Installation, Air Conditioners, Furniture
& Fixtures, Vehicles, Equipment at Residence / Flats and Office Equipment.
FORM 8:-
|
Name of the
company |
FINE FRAGRANCES PRIVATE LIMITED |
|
Presented By |
Mr. Amol H. Shah |
|
1) Date and
description of instrument creating the change |
Memorandum of
deposit of title deed dated 28.07.2004 Agreement for
terms loan dated 28.07.2004 Agreement
relating to monthly dated 28.07.2004 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 17.000
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 |
Mortgage of
office premises admeasuring 707.32 sq. mts. Ground Floor, building, Shiv
Sagar Estate, CST No. 1 A/2, Dr. Annie Besant Road, Worli, Mumbai |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 9 %
p.a. monthly rests the loan amount in instilments or is one with interest @ 9
% p.a. on daily balance of the loan amount with monthly rests. |
|
5) Name and
Address and description of the person entitled to the charge. |
The Dhanalakshmi
Bank Limited, Ground Floor, Janmabhoomi
Bhavan, Janmabhoomi Marg, Fort, Mumbai – 400001 |
|
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 |
|
Corporation identity number or foreign company registrations number of
the company |
U74999MH1980PLC022167 |
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Name of the company |
FINE FRAGRANCES PRIVATE LIMITED |
|
Address |
119 Jolly Chambers No. 2 Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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This Form is for |
Modification of Charge |
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Type of Charges |
· Immovable Property · Movable Property · Book Debts |
|
Particular of the charge holder
|
Canara Bank Overseas Branch, Dalmal Tower, Nariman
Point, Mumbai – 400 023, Maharashtra, India E-Mail: sanjeevlatal@rediffmail.com |
|
Nature or description of the instrument creating charge |
Supplemental Common hypothecation
agreement |
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Date of the instrument creating charge |
25.04.2007 |
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Amount Secure by the charge |
Rs. 49.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : As per agreement Terms of repayment: On Demand Margin: As per Agreement Extent and Operation of the Charge: As per agreement |
|
Short particulars of the Property charged |
· 1st charge on plant and Machinery Laboratory equipments installed at Umergaon, Factory · Hypothecation of stock and book debts · EMT of factory land and building of the company at Plot No. 298/2 at GIDC Umergaon · EMT of agricultural Land belonging to company survey No. 118/1, 2 Plot No. 124 Village Padre Valsad |
|
Particulars of the present modification |
By the present modification the limit increase from Rs. 44.250 millions to Rs. 49.000 millions |
DISTRIBUTORS:
- France
BLHS.A.
TERRITORY:FRANCE
Zac du pilon
06460 Saint Vallier de Thiey, France
Tel:+33492603560
Fax:+33492603569
E-Mail: blh-pim@wanadoo.fr
- Spain
Ernesto Ventos S. A.
TERRITORY: SPAIN
CarreteraReal,120C
08960SantJustDesvern,Barcelona,Spain
Tel: +34 93 470 6210
Fax: +34 93 473 3010
Web Site: http://www.ventos.com
- India
FineFragrancesPrivateLimited
TERRITORY:INDIA
119/147 Jolly Macker Chambers No.2, Nariman Point
Tel:9122-2020644/2885185
Fax:9122-2028071
E-Mail: finefrag@vsnl.com
- United Kingdom
R.C. Treatt & Company Limited
TERRITORY: GERMANY, SWITZERLAND & AUSTRIA
Northern Way
Bury St. Edmunds, Suffolk
England IP32 6NL
Tel:+33491137010
Fax:+33491532772
E-Mail:bourgarel@treatt.com
Web Site: http://www.rctreatt.com
- Italy
BBE International
TERRITORY: ITALY
Via strada Prov. 181 N. 3 – Int22/23
20060 Zelo Buon Persico (mi), Italy
Tel:+392090659961
Fax:+3920+0659953
E-Mail: robertob@bbe.it
- United kingdom
R.C. Treatt & Company
Limited
TERRITORY: UK, IRELAND,
BELGIUM, LUXEMBOURG,
THE NETHERLANDS
Northern Way
Bury St. Edmunds, Suffolk
England IP32 6NL
Tel:+441284702500
Fax:+441284703809
E-Mail:uk.sales@rctreatt.com
Web Site: http://www.rctreatt.com
- Mexico
AMCO International, S.A. de
C.V.
TERRITORY: MEXICO
Trigo No. 16, Col. Granjas
Esmeralda
Deleg. Iztapalapa, Mexico
09810 D.F.
Tel:525556976956
Fax:525555810243
E-Mail:ventas@amco-internacional.com
Web Site: http://www.amco-internacional.com
- United States
The John D. Walsh Company
Inc.
TERRITORY: U.S.A., CANADA
25 Executive Park Way,
Ringwood, NJ 07456
Ringwood, NJ 07456
Tel:(973)9621400
Fax:(973)9621557
E-Mail:info@johndwalsh.com
Web Site: www.johndwalsh.com
The Company's major
activities are
·
MANUFACTURING AROMA CHEMICALS
·
NATURALS
BLENDING
PERFUMES :
Subject has two blending facilities, one in Umbergaon and the other in
Silvassa, both in West India.
The Umbergaon facility has a land area of 3000 square meters. It can blend
batches of up to 10,000 kg.
perfume per day. The Silvassa based facility can blend up to 5, 000 kg per day.
The facility
has been constructed keeping in mind the exacting standards of quality and
cleanliness required and both facilities undertake blending
activities for "International Flavors and Fragrances" for supply to
various Indian customers.
The blended
products have applications in varied industries using perfumes, the most
important of which are Soaps,Detergents and Cosmetics.
MANUFACTURING AROMA
CHEMICALS:
Recently, the company operationalized a
new facility to manufacture AROMA CHEMICALS at Ankleshwar in Gujarat, in
Western India. The plant can produce approximately 200 MT of aroma chemicals
per annum in a varied product mix.
The current
product range from this facility is:
- Alpha Amyl
Cinnamic Aldehyde
- Cinnamic
Aldehyde
- Amyl
Salicylate
- Para Cresyl
Phenyl Acetate
- Orange
Crystals
- Benzophenone
- Cinnamic
Alcohol
- Yara
Yara
Many more products are
under development.
NATURALS DISTRIBUTION BLENDING PERFUMES
NATURALS
Subject has commenced development in the
field of Naturals
·
The Product
segments are:
·
Pharmaceuticals
·
Nutraceuticals
·
Cosmetics
·
Fragrances
·
Flavours
The work was started about a year ago. Main
activities consist of :
-Cultivation
-Processing
-Research and Development.
DISTRIBUTION
BLENDING PERFUMES
MANUFACTURING AROMA CHEMICALS
DISTRIBUTION :
Subject has a range
of products that are kept in stock and distributed to their various
customers all over India. 'Fine Fragrances' are the official distributors for
perfumery raw materials in India and the rest of the Indian Subcontinent for
the world-renowned perfumery company, "International Flavours and
Fragrances" and are already looking at further tie-ups and
distribution arrangements.
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.42.40 |
|
UK Pound |
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.65.84 |
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 |
|