MIRA
INFORM REPORT
|
Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MERINO INDUSTRIES LIMITED |
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Formerly Known As : |
CENTURY
LAMINATING COMPANY LIMITED H. N. LOHIA
(AGENCIES) PRIVATE LIMITED |
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Registered Office : |
5 Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700020, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.07.1965 |
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Com. Reg. No.: |
026556 |
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CIN No.: [Company
Identification No.] |
U51909WB1965PLC026556 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC05572A CALC00253B |
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PAN No.: [Permanent
Account No.] |
AAACC9186C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and
Marketing of Decorative Laminates, Cold Storage, Formaldehyde and Impregnated
Paper. |
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 1954296 |
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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 company having fine track. Trade relations
are fair. Financial position is good. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
5 Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700020, West
Bengal, India |
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Tel. No.: |
91-33-22470976 / 22479291 / 22472758 / 22472196 / 22477587 |
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Fax No.: |
91-33-22400314 / 22476103 |
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E-Mail : |
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Website : |
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Factory 1: |
Village Achheja, Post Hapur, District Ghaziabad, Hapur – 245101, Uttar
Pradesh, India |
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Tel. No.: |
91-122-2308601/ 3290749/ 3290338 ; |
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Fax No.: |
91-122-2306998 |
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E-Mail : |
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Factory 2: |
44 Km Stone, Delhi - Rohtak Road, Rohad, Dist. Jhajjar, Haryana-
124501, India |
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Tel. No.: |
91-1276-276335 / 276337 / 276338 / 276339 |
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Fax No.: |
91-1276- 276336 |
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Email : |
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Export Office : |
B-41, Lawrence Road Indl. Area, New Delhi
-110 035, India |
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Branches/ Marketing Office : |
AHMEDABAD 137, Chinubhai Tower, 1st Floor, Opp. Handloom House, Ashram Road,
Ahmedabad- 380 009. Tel: 91-79-6589511, 31142648 Fax: 91-79-6589511 Email: merinoahm@merinoindia.com BANGALORE Appareddy Building, No.4, 5th Cross, Mysore Road,
Bangalore-560026 Tel: 91-80-26741982,
26748379, 26740186 Fax:
91-80-26741982 Email: merinoblr@merinoindia.com BHUBANESWAR Park Tower Apartment,
Flat No. 17, Plot No. 43 (P), Unit-VI, Gangasagar, Bhubaneswar – 751
001, Tel: 91-0674-2595563/ 2595759,
3400673 Email: merinobbsr@merinoindia.com CHENNAI 551 (Old No. 291), Sydenhams Road, Nehru Timber Market,
Choolai, Chennai-600 112. Tel:
091-4-26691398/26690979/26690716 Mobile:91-98403-33502/ 98403-33503 Fax:
91-44-26691398 Email: merinochennai@merinoindia.com COCHIN 41/3518 (Old No. XLI 2910) Providence Road, Cochin - 682
018, Tel:
91-484 – 2398265, 2397972 Mobile:
91-9847276702 Email: merinokochi@vsnl.net COIMBATORE 969 - D, Mettupalayam Road, Coimbatore - 641 002, India Tel:
91-422 - 2554164 / 2554722 Mobile:
91-422 – 3105463 Email: merinocbt@merinoindia.com DELHI F-101/102, Bharat Ashish Building; 5, D. B. Gupta Road, Paharganj New Delhi
-110 055 Tel:
91-11-23580845 / 23588011 / 23588784 Fax:
91-11-23587927 Email: merinopg@merinoindia.com HYDERABAD 14-1-387, Flat no. 303, 3rd Floor, Shyam Apartment, Aghapura,
Hyderabad – 500012 (A.P), India Tel:
91-40-24801978 Mobile:
91-98490 49143, Fax:
91-40-24801388 Email: merinohyd@merinoindia.com JAIPUR Opp. Mistri Khana, Gangori Bazar, Jaipur-302 001, India Tel: 91-141-2318698/
2318699 Fax:
91-141-2324998 Email: merinojaipur@hotmail.com MUMBAI Kurla Industrial Estate, Shed No. 5, Nari Seva Sadan Road,
Off. L. B. S. Marg, Narayan Nagar, Ghatkopar (West), Mumbai-400 086, India Tel:
91-22-55991970 / 55991971 Fax:
91-22-55991973 Email: merinomum@merinoindia.com NAGPUR GS-1, Amar Jyoti Palace, Wardha Road, Dhantoli,
Nagpur-440012, India Tel: 91-712-557123, Fax: 91-712-2536372 Email: merino@nagpur.dot.net.in PUNE 1/10, Mira Cooperative Housing Society, Salisbury Park,
Pune-411001, India Tel:
91-20-24273265/ 24273249/ 24272903 Fax:
91-20-24271408. Email: merinopn@vsnl.com TINSUKIA Inder Mansion, AT. Road, Tinsukia-786125, Assam Tel:
91-374-2338975 |
DIRECTORS
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Name : |
Mr. Man Kumar Lohia |
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Designation : |
Chairman |
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Address : |
Vrindavan Apartment, 4th Floor, Kabi Bharati Sarani, Kolkata - 700029, West Bengal, India |
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Date of Birth/Age : |
26.12.1926 |
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Date of Appointment : |
01.10.2006 |
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Name : |
Mrs. Champa L.
Lohia |
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Designation : |
Whole Time Director |
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Address : |
44/78, Punjabi Bagh, New Delhi – 110026, India |
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Date of Birth/Age : |
09.03.1934 |
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Qualification |
B. Com. |
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Experience |
47 years |
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Date of
Joining |
01.05.1985 |
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Previous
Employment |
Own Business |
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Date of Appointment : |
15.01.1968 |
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Name : |
Mr. Rupchand Lohia |
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Designation : |
Director |
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Address : |
Flat No.40 4th
Floor, 3 Mayfair Road, Kolkata - 700019, West Bengal, India |
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Date of Birth/Age : |
16.01.1940 |
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Date of
Appointment : |
01.01.2002 |
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Name : |
Mr. Prakash Lohia |
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Designation : |
Managing Director |
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Address : |
Vrindavan Apartment, 4th Floor, Kabi Bharati Sarani, Kolkata - 700029, West Bengal, India |
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Date of Birth/Age : |
10.07.1952 |
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Qualification |
B. Tech. (Chem.),
M.E.P. (I.I.M. Ahmd.) |
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Experience |
25 years |
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Date of
Joining |
01.05.1985 |
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Previous
Employment |
Own Business |
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Date of Appointment : |
14.07.1976 |
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Name : |
Miss. R. Lohia |
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Designation : |
Director |
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Address : |
44/78, Punjabi Bagh, New Delhi – 110026, India |
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Date of Birth/Age : |
14.07.1968 |
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Date of
Appointment : |
01.04.2000 |
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Name : |
Mr. Prasan Lohia |
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Designation : |
Director |
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Address : |
Flat No.40 4th
Floor, 3 Mayfair Road, Kolkata - 700019, West Bengal, India |
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Date of Birth/Age : |
12.10.1968 |
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Date of
Appointment : |
01.10.2004 |
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Name : |
Mr. N. K. Dugar |
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Designation : |
Whole Time Director |
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Address : |
Kasturai Bai Cold
Storage Compound, Hapur – 245101, Uttar Pradesh, India |
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Date of Birth/Age : |
23.01.1962 |
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Date of
Appointment : |
06.10.1986 |
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Name : |
Dr. G.
Bhattacharjee |
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Designation : |
Director |
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Address : |
Panchajanya, 4th
Floor, 25/59. Prince Gulam MD Shah Road, Kolkata – 700095, West Bengal, India |
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Date of Birth/Age : |
16.09.1953 |
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Date of
Appointment : |
01.08.1997 |
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Name : |
Mr. A. N. Roy |
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Designation : |
Director |
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Address : |
10 Central Road,
Jadavpur, Kolkata – 700032, West Bengal, India |
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Date of Birth/Age : |
16.12.1927 |
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Date of
Appointment : |
03.05.1999 |
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Name : |
Mrs. S. Banerjee |
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Designation : |
Director |
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Address : |
162/35 Lake
Gardens, Kolkata – 700045, West Bengal, India |
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Date of Birth/Age : |
01.03.1928 |
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Date of
Appointment : |
29.05.2001 |
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Name : |
Hara Prasad Mitra |
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Designation : |
Director |
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Address : |
D-1/3, Iswar Chandra Niwas, 68/1 Bagmari Road, Kolkata – 700054, West Bengal, India |
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Date of Birth/Age : |
01.01.1940 |
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Date of
Appointment : |
01.01.2002 |
KEY EXECUTIVES
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Name : |
Mr. A. K. Parui |
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Designation : |
Secretary and Chief Executive Officer (Finance) |
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Address : |
4 Dr A L Munshi Lane., Uttarpara, Hooghly, West Bengal, India |
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Date of Birth/Age : |
27.12.1950 |
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Date of Appointment
: |
21.02.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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26.59 |
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Directors or relatives of directors |
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67.81 |
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Others top fifty shareholders (other than listed above) |
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1.21 |
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Others |
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4.39 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
Marketing of Decorative Laminates, Cold Storage, Formaldehyde and Impregnated
Paper. |
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Products : |
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Brand Names : |
"Merino" |
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Exports : |
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Countries : |
·
Bangladesh ·
Hong Kong ·
Singapore ·
Sri Lanka |
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Imports : |
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Countries : |
·
Europe ·
Africa ·
France ·
Germany ·
Italy ·
Japan ·
Spain ·
USA ·
Far East |
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Terms : |
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Purchasing : |
L/C, D/A and D/P
terms |
GENERAL
INFORMATION
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Suppliers : |
Some of the major
suppliers of the company are: · Arjomari, France · Masa, Germany · Choyoda, Japan · Paperela, Spain |
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No. of Employees : |
600 |
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Bankers : |
· Bank of Baroda, Kolkata, West Bengal · Bank of Baroda, Triveni Ganj Branch · Bank of Baroda, Hapur, District Ghaziabad, Uttar Pradesh · Bank of Baroda, New Delhi · · ICICI Bank Limited, Landmarkrace Course Circle, Alkapuri, Baroda – 390015, Gauajart, India · State Bank of India Overseas Branch, Strand Road, Kolkata – 700001, India · Export Import Bank of Limited Centre One, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A. Maitra &
Company Chartered
Accountants |
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Address : |
167/7, Lenin Sarani,
Kolkata – 700 072, West Bengal |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Plot No.Y14, Block – EP Sector V, Salt lake Electronics Complex,
Bidhan Nagar, Kolkata – 700091, West Bengal, India |
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Memberships |
·
Confederation
of Indian Industry |
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Associates/Subsidiaries : |
·
Merinoply
Chemicals Limited ·
Merino
Electronics Ltd ·
Merino
Exports Private Limited ·
Gopi Cold
Storage Private Limited ·
Uphar
Commercials Limited ·
Emkay
Investments Private Limited ·
East India
Veneers Private Ltd ·
Karatoya
Agencies Private Limited ·
Mankumar
Lohia & Brothers ·
Merino Panel
Products Limited, U20299WB1994PLC064386 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
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Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10566100 |
Equity Shares |
Rs.10/- each |
Rs.105.661
Millions |
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Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
10470300 |
Equity Shares |
Rs.10/- each |
Rs.104.703
Millions |
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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 |
104.703 |
104.703 |
104.703 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
383.871 |
360.914 |
335.931 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
488.574 |
465.617 |
440.634 |
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LOAN FUNDS |
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1] Secured Loans |
675.363 |
502.007 |
448.823 |
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2] Unsecured Loans |
148.482 |
0.000 |
0.000 |
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TOTAL BORROWING |
823.845 |
502.007 |
448.823 |
|
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DEFERRED TAX LIABILITIES |
53.073 |
44.622 |
43.679 |
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TOTAL |
1365.492 |
1012.246 |
933.136 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
593.578 |
469.145 |
431.096 |
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Capital work-in-progress |
81.477 |
34.213 |
13.753 |
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INVESTMENT |
15.292 |
15.292 |
15.292 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
605.875
|
437.430 |
416.793
|
|
|
Sundry Debtors |
366.044
|
289.300 |
233.219
|
|
|
Cash & Bank Balances |
36.937
|
21.307 |
21.895
|
|
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Other Current Assets |
40.265
|
21.229 |
14.925
|
|
|
Loans & Advances |
14.300
|
7.872 |
9.469
|
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Total
Current Assets |
1063.421
|
777.138 |
696.301 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
363.492
|
255.237 |
222.054
|
|
|
Provisions |
24.784
|
28.305 |
1.252
|
|
Total
Current Liabilities |
388.276
|
283.542 |
223.306
|
|
|
Net Current Assets |
675.145
|
493.596 |
472.995
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1365.492 |
1012.246 |
933.136 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1926.273 |
1495.308 |
1354.060 |
|
|
Other Income |
32.337 |
18.771 |
29.339 |
|
|
Total Income |
1958.610 |
1514.079 |
1383.399 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
63.284 |
80.649 |
80.176 |
|
|
Provision for Taxation |
20.820 |
30.843 |
33.306 |
|
|
Profit/(Loss) After Tax |
42.464 |
49.806 |
46.870 |
|
|
|
|
|
|
|
|
Export Value |
518.845 |
426.250 |
422.023 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1063.153 |
832.918 |
786.201 |
|
|
Purchases made for re-sale |
150.717 |
101.870 |
111.262 |
|
|
Consumption of stores and spares parts |
43.242 |
29.060 |
28.609 |
|
|
Increase/(Decrease) in Finished Goods |
(31.803) |
(21.846) |
(10.020) |
|
|
Salaries, Wages, Bonus, etc. |
113.290 |
103.656 |
79.391 |
|
|
Managerial Remuneration |
22.054 |
12.959 |
11.606 |
|
|
Payment to Auditors |
0.615 |
0.666 |
0.567 |
|
|
Interest |
52.992 |
38.536 |
23.438 |
|
|
Insurance Expenses |
5.264 |
4.697 |
4.511 |
|
|
Power & Fuel |
98.964 |
74.528 |
54.547 |
|
|
Depreciation & Amortization |
56.982 |
44.494 |
36.651 |
|
|
Other Expenditure |
319.856 |
211.892 |
176.460 |
|
Total Expenditure |
1895.326 |
1433.430 |
1303.223 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.17
|
3.29 |
3.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.28
|
5.39 |
5.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.82
|
6.47 |
7.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.17 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.48
|
1.69 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
0.27 |
3.12 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Fixed Assets
·
Agricultural
Land
·
Other Land
·
Factory
Building
·
Godown
·
Other
Buildings
·
Plant and
Machinery
·
Electrical
Fittings
·
Furniture
·
Vehicles
· Office Equipments
Profile:
Merino group of industries was started in
1968 with relentless purservance for excellence.
Its first operation was in Cold Storages. It further diversified into Plywoods in 1974 and then into High Pressure Laminates in the year 1981.
The group today has a turnover of Rs.2000 million. It is the largest exporter of high pressure laminates in India. It is also the largest manufacturer with 28million sq mts. installed capacity. It can provide HPL in 10 different sizes at any time. It is the only unit offering sheets in the sizes of 1550x3660 & 1830x4100. Its units are working under ISO 9001 and ISO 14001 cultures.
Possession of advanced automated production facility is the building block of
Merino’s drive towards excellence. Its captive formaldehyde plant-a crucial
ingredient in the production of laminates, and its stringent quality check
measures are the facilities which have led the company to produce as many as
400 designs of laminates at any given time.
Merino’s ethic driven, long-term business policies have led to have a high
level of credibility among its customers and financial institutions.
Milestone:
·
Highest Exporter award winner from 1995-96 onwards.
· Export House Since 1995.
· ISI certification.
· ISO 9001:2000.
· ISO 14001 certification
· Gold Card Holder Awarded by UP Export Council
News:
·
ERP is in full swing at Century Laminating Company Ltd. and has recently
been rolled over to Merino Panel Product Ltd.
·
Merino has introduced seven new designs into its Metalam Range, i.e,
Metallic Foil Laminates.
·
My Space – ready to fit furniture has recently added more options for
you with new bedroom sets and dinning room sets. More to come very soon for
kitchen and kid’ s room.
·
The company has launched Finger Jointed Rubber Wood Panels under the
brand name Nature Wood.
·
Now Merino Postforming Laminates and
Postformed Panels are available in two more sizes. 3R & 4R
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.42.72 |
|
UK Pound |
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.66.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|