MIRA
INFORM REPORT
|
Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MANIPAL MEDIA NETWORK LIMITED |
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Formerly Known As : |
MANIPAL PRINTERS
AND PUBLISHERS LIMITED |
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Registered Office : |
Udayavani Building, Tile Factory Road, Manipal – 576104, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.12.1948 |
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Com. Reg. No.: |
08-1159 |
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CIN No.: [Company
Identification No.] |
U22221KA1948PLC001159 |
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IEC No.: |
788015753 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM00134B |
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PAN No.: [Permanent
Account No.] |
AAACM88392Q |
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Legal Form : |
A Closely Public Limited Liability Company. |
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Line of Business : |
News Papers and Periodicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 520000 |
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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 an established company of well known educationalists of
Syndicate Bank which was nationalised in year 1969. They run several
educational institutes at Manipal. Available information indicates high
financial responsibility of the company. Their trade relations are fair.
Payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office / Press Premises : |
Udayavani Building, Tile Factory Road, Manipal – 576104, Karnataka,
India |
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Tel. No.: |
91-820-2571151- 59 / 2571149 to 58 (10 Lines) |
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Mobile No: |
91-9845157730 |
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Fax No.: |
91-820-2570563 / 846 / 2576104 |
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Editorial : |
2570842 |
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Advertisement : |
2570845 |
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E-Mail : |
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Website : |
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Area : |
40000 sq. fts |
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Location: |
Owned |
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Branches : |
Located At :- Ahmedabad Office: :Padma Vijay Associates 26/279, Poojan Apartments, Near Dr. Jivraj
Mehta Hospital, Vasna , Ahmedabad – 380 007 Tele Fax No: 91-79-26643386 Mobile No: 91-9825006820 Bangalore
Office: 202/II, Floor, No. 15 North Block, Manipal
Centre, 47, Dickenson Road, Bangalore-
560 042 Tel No: 91-80-25594235
/25586658/25588467/25587351 Fax No: 91-80-25586898 Mobile No: 91-9342510713 Basement No. 15, North Block, Manipal
Centre, 47 Dickenson Road, Bangalore-
560 042 Tel No: 91-80-25092189 /25092210 Mobile Mo: 91-9880301303 Chennai Office: 1st Floor, Auras Corporate
Centre, 98-A, Dr. Radhakrishnan Salai, Mylapore, Chennaii – 600 004, Tel No: 91-44-28478608 Mobile No; 91-9840148036 / 9382696597 Hubli
Office: 201/202, Kundgol Complex, Court Circler,
Hubli – 580 029, Tel No: 91-836-2251533/44 Tele Fax No; 91-836-2360515 Mobile No: 91-9845539400 Hyderabad
Office: 302, II Floor, Uma Mansion, New
Nallakunta, Hyderabad – 500044 Moblie No: 91-9885435233 Telefax No: 91-22-27560047 Kochi
Office: Ist Floor, Shalimar, Chamber, Convent
Junction, Ernakulam, Kochi - 682035 Tele Fax No: 91-484-2369912 Mobile No: 91-9847051919 Mangalore
Office: Ist
Floor, Manasa Tower, M G Road, Kodialbail, Mangalore- 575 003 Tel No: 19-22-2440259 / 2441166 Fax No: 91-22-824-2441152 Mobile No: 91-9845243208 Mumbai
Office: 616/ 666, Dalamal Tower, Prepress Road,
Nariman Point, Mumbai – 400 021 Tel; No: 91-22-22845248 / 228732043 Mobile No; 91-9323559141 Fax No; 91-22-22851764 New
Delhi: 401, Ins Building, Rafi Marg, New Delhi –
110 001 Tel No: 91-11-23716405/32464030 Fax No: 91-11-23717507 Mobile No: 91-9350586398 / 9811795959 Pune
Office; B2/16, “B” Wing, Guruganesh Nagar,No:. 6,
Kothrud, Pune – 411 029 Mobile : 91-9822332346 Telefax No; 91-20-25460469 Shimoga
Office: Das Building, Opposite PLD Bank, 2nd
Cross, Shimoga – 577202 Tel No: 91-8182-222264 Fax No: 91-8182-270921 Mobile No: 91-9845047952 Udupi
Office: Basement, Sriram Arcade Building, Opposite
Head Post Office, Udupi – 576 101 Tel No: 91-820-2521158 Tele Fax No: 91-820-2528288 Mobile No: 91-9845289724/9845613184 |
DIRECTORS
|
Name : |
Mr. Tonse Satish Upendra Pai |
|
Designation : |
Director |
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Address : |
No. 38, Anant Nagar, Manipal, Udupi – 576104, Karnataka, India |
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Date of Birth/Age : |
26.11.1941 |
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Date of Appointment : |
11.08.1969 |
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Pan No: |
ADYPP0833B |
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Name : |
Mr. Tonse Mohandas Pai |
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Designation : |
Director |
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Address : |
Anant Nagar, Manipal, Udupi – 576104, Karnataka, India |
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Date of Birth/Age : |
20.06.1933 |
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Date of Appointment : |
06.01.1954 |
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Name : |
Mr. Tonse Ashok Pai |
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Designation : |
Director |
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Address : |
14 Anant Nagar, Manipal, Udupi – 576104, Karnataka, India |
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Date of Birth/Age : |
01.11.1948 |
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Date of Appointment : |
20.01.1975 |
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Pan No: |
ACOPP0717D |
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Name : |
Dr. Ramdas Madhav Pai |
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Designation : |
Director |
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Address : |
Geetanjali, Manipal, Udupi – 576104, Karnataka, India |
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Date of Birth/Age : |
17.09.1935 |
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Date of Appointment : |
14.08.1973 |
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Pan No: |
ACOPP0720C |
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Name : |
Mr. Tonse Gautam Pai |
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Designation : |
Whole Time Director |
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Address : |
No. 38, Anant Nagar, Manipal, Udupi – 576104, Karnataka, India |
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Date of Birth/Age : |
26.09.1974 |
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Date of Appointment : |
01.11.2006 |
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Pan No: |
ACZPP1142R |
|
Other Directorship : |
· Manipal Press Limited U22219KA2000PTC026222 · Sharath Investments Private Limited U67120KA1983PTC005626 · Zeta Infotech Private Limited U64202KA1997PTC022991 · Primacy Industries Private Limited U24242KA2004PTC034633 |
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Partnership held in partnership firm : |
· Hosali Enterprises Press Corner, Manipal – 576104, Karnataka,
India |
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|
Name : |
Mr. Madhavdas Nalpat |
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Designation : |
Director |
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Address : |
U 26 C / 8, DLF Qutab, Enclave, Gurgaon – 112002, Haryana, India |
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Date of Birth/Age : |
23.12.1949 |
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Date of Appointment : |
25.08.2000 |
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Pan No: |
AAEPN027Q |
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Name : |
Dr. Belle Monappa Hegde |
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Designation : |
Director |
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Address : |
‘Manjunath’, Chilimbi Hill Bijai, Mangalore, South Kanara – 575004,
Karnataka, India |
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Date of Birth/Age : |
18.08.1939 |
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Date of Appointment : |
25.08.2000 |
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Pan No: |
AAIPH3966N |
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Name : |
Dr. S M Valiathan |
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Designation : |
Director |
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Address : |
KMC Quarters No. 247, End Point Road, Manipal, Udupi - 576104,
Karnataka, India |
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Date of Birth/Age : |
24.05.1934 |
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Date of Appointment : |
03.04.2002 |
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Pan No: |
ACTPV3167C |
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|
Name : |
Mr. Shivanand Shetty |
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Designation : |
Director |
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Address : |
A 1401 Kanthi Apartments, Mount Mary Road, Mumbai – 400060,
Maharashtra, India |
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Date of Birth/Age : |
15.10.1945 |
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Date of Appointment : |
07.06.2002 |
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Pan No: |
AADPS3044F |
KEY EXECUTIVE
|
Name : |
Mr. Katappady Ramdas Shenoy |
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Designation : |
Secretary |
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Address : |
Swasthika, Corporation Bank Road, Udupi – 576101, Karnataka,
India |
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Date of Birth/Age : |
03.02.1924 |
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Date of Appointment : |
26.08.1980 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Tonse
Mohandas Pai |
|
366495 |
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Mr. T. Satish U. Pai |
|
14117509 |
|
Mr. Madhav Ramdas Pai |
|
370533 |
|
Mr. Tonse Ashok Pai |
|
3853529 |
|
Mr. K. K. Pai |
|
55580 |
|
Mr. T. Gautam Pai |
|
1240947 |
|
Sharath
Investments Private Limited |
|
3586746 |
|
Shivally
Investments Company Private Limited |
|
4446380 |
|
Mrs. Nandana Pai |
|
12281 |
|
|
|
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Total |
|
28050000 |
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Category |
|
Percentage |
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|
|
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Bodies corporate |
|
28.64 % |
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Directors or relatives of directors |
|
71.36 % |
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Total |
|
100.00 % |
BUSINESS DETAILS
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Line of Business : |
News Papers and Periodicals |
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Brand Names : |
· Udayavani – Kannada Daily · Taranga – Illustrated Kannada Weekly · Tushar – Kannada Monthly · Roopatara – Kannada Cine Monthly · Tunturu – Magazine |
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Exports : |
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Products : |
· Newspaper · periodicals |
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Countries : |
· Dubai · UAE |
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Imports : |
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Products : |
· Standard
Newsprint · Glazed · Newsprint
Machinery Spares |
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Countries : |
· Russia · Europe · Germany · Canada · Sweden · Finland · Singapore |
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Terms : |
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Selling : |
Cash, Credit (30 Day), Local
Market : Advance or deposits from agent terms |
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Purchasing : |
L/C, D/A, Cash or Credit (180 days) terms |
PRODUCTION STATUS
|
Particulars |
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Actual
Production |
|
Udayavani – Daily And Weekly |
|
|
|
75453396 |
|
Tushara – Monthly |
|
|
|
206000 |
|
Roopatara – Monthly |
|
|
|
657000 |
|
Taranga – Weekly |
|
|
|
4244500 |
|
Udayavani – Diwali Annual |
|
|
|
35000 |
|
Taranga Ugadi Special
Issue – Monthly |
|
|
|
19000 |
|
Tunturu |
|
|
|
519500 |
|
Calendars |
|
|
|
|
|
- Small |
|
|
|
20000 |
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- Big |
|
|
|
150000 |
GENERAL
INFORMATION
|
No. of Employees : |
192 |
|
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Bankers : |
· Syndicate Bank Manipal Main Branch, Manipal – 576 104,
Karnataka, India Tel No. 91-8252-2570918 · Vijaya Bank K.
M. Marg, Udupi – 576 101, Karnataka Tel No. 91-8252-2522972 · Union Bank of India K.
H. Road, Bangalore – 560 027, Karnataka Tel No. 91-80-2271779 · Corporation Bank Manipal Branch, Manipal – 576 104 Facilities: Vehicle loan · ICICI Bank Limited Address: Manipal Branch, Manipal – 576 104 Facilities: Vehicle loan · State Bank of India K M Marg |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sri Ramulu Naidu and Company Chartered Accountants |
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Address : |
II Floor, Rambhavan Complex, Kodialbail, Mangalore – 575003,
Karnataka, India |
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Tel. No.: |
91-22-8242441164 |
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Fax No.: |
91-22-8245251164 |
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|
|
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Membership : |
Graphic Arts Technical Foundation USA, INS and ABC |
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Associates/Subsidiaries : |
Manipal – 576 104, Karnataka
Activity: --Printing of Security Items
CIN No.: U22219KA2000PLC026222
Manipal – 576 104, Karnataka
Activity: --Printing and Publishing
Activity:-Printing of Security Items
Activity:-Printing of Security Items
Activity:-Printing of Security Items · Manipal Digital
Systems Limited · Zeta Infortech
Limited · Primacy
Industries Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs. 2/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28050000 |
Equity Shares |
Rs. 2/- each |
Rs.56.100 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
56.100 |
56.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
75.367 |
66.201 |
|
|
NETWORTH |
|
131.467 |
122.301 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
156.883 |
141.535 |
|
|
2] Unsecured Loans |
|
98.449 |
86.447 |
|
|
TOTAL BORROWING |
|
255.332 |
227.982 |
|
|
DEFERRED TAX LIABILITIES |
|
36.054 |
35.709 |
|
|
|
|
|
|
|
|
TOTAL |
|
422.853 |
385.992 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
231.971 |
231.477 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
39.524 |
19.583 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
82.554 |
60.788 |
|
|
Sundry Debtors |
|
125.831 |
112.296 |
|
|
Cash & Bank Balances |
|
10.787 |
8.694 |
|
|
Loans & Advances |
|
36.171 |
29.456 |
|
Total
Current Assets |
|
255.343 |
211.234 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
88.542 |
63.931 |
|
|
Provisions |
|
17.817 |
15.565 |
|
Total
Current Liabilities |
|
106.359 |
79.496 |
|
|
Net Current Assets |
|
148.984 |
131.738 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
2.374 |
3.194 |
|
|
|
|
|
|
|
|
TOTAL |
|
422.853 |
385.992 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
482.994 |
426.704 |
|
|
Other Income |
|
14.298 |
7.795 |
|
|
Total Income |
|
497.292 |
434.499 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
22.986 |
16.474 |
|
|
Provision for Taxation |
|
9.245 |
6.572 |
|
|
Profit/(Loss) After Tax |
|
13.741 |
9.902 |
|
|
|
|
|
|
|
|
Import Value |
|
86.543 |
74.129 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
228.916 |
195.504 |
|
|
Production Expenses |
|
102.512 |
88.065 |
|
|
Salaries, Wages, And Employee Benefits |
|
26.407 |
26.975 |
|
|
Rebate And Discount |
|
9.327 |
10.150 |
|
|
Packing And Distribution |
|
28.252 |
25.137 |
|
|
Interest And Finance Charges |
|
21.749 |
22.038 |
|
|
Others |
|
57.143 |
50.156 |
|
Total Expenditure |
|
474.306 |
418.025 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
2.76 |
2.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.75 |
3.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.71 |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.17 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.75 |
2.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.40 |
2.65 |
LOCAL AGENCY
FURTHER INFORMATION
Subject was originally incorporated under the name and style of Express
Printers Private Limited and was changed to Manipal Printers and Publishers
Private Limited w.e.f. 3rd April 1956.
Subject became deemed public limited company w.e.f. 1st
April, 1982.
The company’s name was again changed to present w.e.f. 28th
June, 2000.
It is in trade
terms with:
- Holmen Paper
AB, Sweden
- Trigon Gulf
FZC, Dubai
- Sri Venkatesa
Papers and Boards Limited, Madathukulam Tamilnadu
- The Mysore
Paper Mills Limited, Paner Town, Bhadravati, Maharashtra, India
- Intercontinental
Forest Products Pte. Limited, Singapore
- The State
Trading Corporation of India Limited, Bangalore, Karnataka, India
- Times of
India Group, India
- Departments
of The State Government of Karnataka
- Departments
of The Government of India – Central Government
- Triqon Gulf
FZE, Jabal Ali, Dubai
The company diversified into the business of TV Channel, relaying TV
Programmes, Video Films and Development of required Programmes.
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U22221KA1948PLC001159 |
|
Name of the
company |
MANIPAL MEDIA NETWORK LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Udayavani Building, Tile Factory Road, Press Corner, Manipal – 576119,
Karnataka, India |
|
Type of charge |
|
|
Particular of charge
holder |
Syndicate Bank Manipal Main Branch, Manipal – 576 104, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Composite hypothecation agreement dated 02.06.2007 Confirmation of creation of second / subsequent equitable mortgage
dated 02.06.2007 |
|
Date of
instrument Creating the charge |
02.06.2007 |
|
Amount secured by
the charge |
Rs. 197.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 12 %
p.a. being 1 % below Syndicate Bank’s prime lending rate [PLR] Terms of repayment Repayable on
Demand Margin Margin applicable
for working capital Extent operation of the charge Charge extends on
all the aforesaid assets throughout the period of sanctioned limit by way of
first charge. |
AS PER WEBSITE
Subject is an integrated media company that provides information and
entertainment to a large Kannada audience.
It publishes and prints the popular Kannada daily Udayavani; the weekly family magazine Taranga; the Kannada film magazine Roopatara and the literary Tushara.
In early 2002, Subject also started television software production for Kannada
channel E Tv, making it the first and
only indigenous media house in Karnataka to have a presence across all three
media—print, television and Internet.
Udayavani is printed in three
editions—Manipal, Bangalore and Mumbai—and has a total circulation of 1,52,996
(ABC Jul-Dec 2001).
The leading daily in Coastal Karnataka for over 25 years, Udayavani is the
preferred choice of advertisers and readers for exchanging information.
Classifieds in Udayavani are printed under the categories of Matrimonials,
Weddings and Anniversary messages, Birthday messages and Obituaries.
Real Estate, Recruitment, Vehicles, Change of Name and other Ads are also
featured regularly.
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.42.56 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.67.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|