MIRA
INFORM REPORT
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Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
WATERTEC SYSTEMS INDIA PRIVATE LIMITED |
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Registered Office : |
Gopal bagh, 1062, Avinashi Road, Coimbatore – 641018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.06.1995 |
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Com. Reg. No.: |
006237 |
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CIN No.: [Company
Identification No.] |
U45301TZ1995PTC006237 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Plastic sanitary equipments and
fittings. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 185444 |
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Status : |
Satisfactory |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sri Hari |
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Designation : |
Assistant Account Manager |
LOCATIONS
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Registered Office : |
Gopal bagh, 1062, Avinashi Road, Coimbatore – 641018, Tamilnadu, India |
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Tel. No.: |
91-422-2313439/ 2243439 / 3297845 / 3250323 |
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Mobile No: |
91-9345751277 |
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Fax No.: |
91-422-2212760 / 2242760 |
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E-Mail : |
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Website : |
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Area : |
5 acres |
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Location : |
owned |
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Factory : |
Plot No. 48, Kamarajar Road, Laxmi Puram, Peelamedu, Coimbatore – 641
004, Tamilnadu, India |
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Tel. No.: |
91-422-641406 |
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Location : |
Owned |
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Branches : |
Located at : v Palakkad –
Kerala v Ernakulam –
Kerala v Coimbatore – 1065
Branches v Madurai –
Tamilnadu v Chennai v Bangalore v Hubli v Vijaywada –
Andhra Pradesh v Hyderabad v Pune v Bhuvaneshwar v Kolkata |
DIRECTORS
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Name : |
Mr. G D Gopal |
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Designation : |
Director |
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Address : |
Gopal Bagh, 317, Avinashi Road, Coimbatore – 641018, Tamilnadu, India |
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Date of Birth/Age : |
02.08.1939 |
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Date of Appointment : |
19.06.1995 |
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Name : |
Mr. Bobby Chengappa |
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Designation : |
Director |
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Address : |
52, De Sa Ba Colony, West Club Road, Coimbatore – 641018, Tamilnadu,
India |
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Date of Birth/Age : |
16.06.1954 |
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Date of Appointment : |
19.06.1995 |
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Date of Ceasing : |
09.03.2000 |
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Name : |
Mr. Low Han Sin |
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Designation : |
Director |
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Address : |
Lot 6, Jaian Halba, Section 16/16, 40000, Shah Alam, Selangoirde, West
Malaysia |
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Date of Birth/Age : |
30.01.1955 |
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Date of Appointment : |
15.07.1995 |
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Name : |
Mr. Leong Kam Yoon |
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Designation : |
Director |
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Address : |
Lot 6, Jaian Halba, Section 16/16, 40000, Shah Alam, Selangoirde, West
Malaysia |
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Date of Birth/Age : |
18.11.1953 |
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Date of Appointment : |
15.07.1995 |
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Name : |
Mr. ASG Gnanam |
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Designation : |
Director |
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Address : |
16, Frankfurt place, Colombo – 4 |
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Date of Birth/Age : |
15.03.1951 |
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Date of Appointment : |
15.07.1995 |
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Name : |
Mr S R Gnanam |
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Designation : |
Director |
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Address : |
14, Joseph Fraserroad, Colombo – 5 |
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Date of Birth/Age : |
03.05.1956 |
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Date of Appointment : |
15.07.1995 |
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Name : |
Mr. S Akila |
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Designation : |
Director |
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Address : |
12/13, Nalwar Nagar South, Kalveeranpalayam, Coimbatore – 641046,
Tamilnadu, India |
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Date of Birth/Age : |
02.01.1964 |
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Date of Appointment : |
01.06.2007 |
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Name : |
Mrs. Chandralekha |
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Designation : |
Director (Alternate to Mr. Low Han Sin and Mr. Leong Kam Yoon) |
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Address : |
Gopal Bagh, 1060, Avinashi Road, Coimbatore – 641018 |
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Date of Appointment : |
05.12.2004 |
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Name : |
Mr. G D Raj Kumar |
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Designation : |
Director (Alternate to Mr. S R Gnanam amd Mr. ASG Gnanam) |
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Address : |
Gopal Bagh, 1060, Avinashi Road, Coimbatore – 641018 |
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Date of Appointment : |
28.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Raj V Manimekala |
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Designation : |
Company secretary |
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Address : |
99 – A, Shree Lakshmi Towers, 257, Mettupalayam Road, Coimbatore –
641043, Tamilnadu, India |
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Tel No : |
91-422-2456578, 4385670 |
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Mobile No : |
91-9894436123 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
No. of Shares |
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Mr. G D Gopal |
100 |
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M/s G Plast Private Limited |
333300 |
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M/s Watertec Malaysia (Sdn) Bhd |
333300 |
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M/s South Asian Investments Private Limited |
333300 |
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Total |
1000000 |
Equity share breakup (percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Foreign holdings (Foreign institutional
investors, Foreign companies, Foreign financial institutions, Non resident
Indians or Overseas corporate bodies or Others |
66.66 |
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2. |
Bodies corporate (not mentioned above) |
33.33 |
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3. |
Directors or relatives of directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Plastic sanitary equipments and
fittings. |
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Exports : |
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Countries : |
v Malaysia v Srilanka v Saudi Arabia v Iran v Middle East v Maldives v Mauritius v Kenya v Tanzania v Ethopia |
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Imports : |
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Products : |
Machinery and Components |
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Countries : |
v Malaysia v Israel |
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Terms : |
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Selling : |
Direct Delivery |
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Purchasing : |
L/C, Cash |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
275 |
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Bankers : |
The Federal bank Limited, 21, Variety hall Road, Coimbatore – 641001, Tamilnadu, India |
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Facilities : |
CC –Rs. 35.000 millions Others – 45.000 millions Total – Rs.
80.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Muralidharan and Company,
chartered Accountants |
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Address : |
241, Dr. Rajendra Prasad Road, Tata Bad, Coimbatore – 641012,
Tamilnadu, India |
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Sister Concerns : |
G Plus Private Limited UMS Technologies Limited Ashok Travels Private Limited Ratna Resort Private Limited Gouti Travels Private Limited Gedeeweiler Private Limited Coimbatore Security Private Limited UMS Services Limited D Engineering Private Limited Gedeehopt Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
20.000 |
10.000 |
10.000 |
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3] Reserves & Surplus |
16.361 |
0.719 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(5.917) |
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NETWORTH |
46.361 |
20.719 |
14.083 |
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LOAN FUNDS |
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1] Secured Loans |
51.766 |
27.833 |
17.895 |
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2] Unsecured Loans |
8.287 |
8.064 |
9.985 |
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TOTAL BORROWING |
60.053 |
35.897 |
27.880 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
106.414 |
56.616 |
41.963 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
72.022 |
30.818 |
23.080 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
4.975 |
6.868 |
7.867 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.186
|
11.005 |
11.516 |
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Sundry Debtors |
21.585
|
10.271 |
5.901 |
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Cash & Bank Balances |
11.291
|
2.916 |
1.946 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.970
|
5.195 |
4.640 |
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Total
Current Assets |
53.032
|
29.387 |
24.003 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
23.615
|
10.457 |
13.153 |
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Total
Current Liabilities |
23.615
|
10.457 |
13.153 |
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Net Current Assets |
29.417
|
18.930 |
10.850 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.166 |
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TOTAL |
106.414 |
56.616 |
41.963 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
155.204 |
82.624 |
55.784 |
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Other Income |
0.188 |
0.232 |
0.226 |
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Total Income |
155.392 |
82.856 |
56.010 |
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Profit/(Loss) Before Tax |
23.457 |
8.490 |
4.543 |
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Provision for Taxation |
4.877 |
1.853 |
1.102 |
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Profit/(Loss) After Tax |
18.580 |
6.637 |
3.441 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
(0.430) |
1.318 |
(0.181) |
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Financial Charges |
3.622 |
2.576 |
1.998 |
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Depreciation & Amortization |
5.297 |
2.357 |
1.923 |
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Other Expenditure |
123.446 |
68.115 |
47.727 |
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Total Expenditure |
131.935 |
74.366 |
51.467 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.96
|
8.01 |
6.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
15.11
|
10.25 |
6.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.09
|
10.25 |
8.11 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.41 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.50 |
0.93 |
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Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.81 |
1.82 |
LOCAL AGENCY
FURTHER INFORMATION
Table
|
Parameters |
Details |
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Statutory Approvals |
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Income Tax Registration (PAN) |
AAACW1645G |
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VAT/TIN Registration |
33811780857 |
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Import Export Code |
3296004980 |
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Name of Bank |
The Federal Bank |
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Current Account Number |
10925500005562 |
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Account Since |
4 Years |
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Emp OF Reg Number |
PN – CBE – 33848 |
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Company ESI Reg. Number |
56 – 62439 - 34 |
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Credibility Factors |
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India Mart Client Since |
3 Years |
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Trade Affiliations |
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Export Promotion Council |
Yes |
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Chambers of Commerce Membership |
Yes |
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Standards and Certifications |
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Quality Management Systems |
Yes |
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Environment Management Systems |
No |
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Safety Certificates |
No |
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Product Certificates |
No |
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Other Certificates |
No |
Form 8
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This form is for |
Modification of
charge |
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Whether charge is
modified in favour of asset reconstruction company (ARC) or assignee |
No |
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Charge
identification number of the charge to be modified |
80011710 |
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Corporate
identity number of the company |
U45301TZ1995PTC006237 |
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Name of the
company |
WATERTEC SYSTEMS
INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gopal Bagh, 317, Avinashi Road, Coimbatore – 641018, Tamilnadu, India |
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Type of charge |
v
Immovable
property v
Book debts v
Movable
property (not being pledge) |
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Whether
consortium finance is involved |
No |
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Whether joint
charge involved |
No |
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Number of charge
holders |
1 |
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Particular of
charge holder |
Name : The Federal
Bank Limited Address : 21,
Variety Hall Road City : Coimbatore State : Tamilnadu ISO country code
: IN Pin code : 641001 e-mail ID : cbe@federalbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
i. Agreement of
cash credit ii. Agreement for
export advance iii. Term loan
agreement for Rs. 15.800 millions iv. Term loan
agreement for Rs. 20.700 millions v. Letter
evidencing deposit of title deeds vi. Letter of
credit agreement (given as an addendum to this form). |
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Date of
instrument Creating the charge |
04.06.2007 |
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Whether charge
created or modified outside India |
No |
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Amount secured by
the charge |
Rs. 120.150
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit –
11.75% p.a. (BPLR – 2%) PCL/FDBP – 10.25%
p.a. (BPLR – 3.5%) Term loan –
11.75% (2% below BPLR) Terms of
repayment Working capital limits
are repayable on demand Term loan IV and
V are repayable in 35 monthly installments Margin Cash credit – 25%
/ 40% PCL – 25% Term loan IV –
35% Term loan V – 25% LC/BG – 15% FLC (onetime) –
15% Extent operation
of the charge The charge
operates as security for the due repayment of all liabilities in respect of
the limit/loan including costs, charges and expenses and all other monies due
to the Bank. The bank reserves
the right to change the rate of interest depending on the changes in Bank’s
PLR or otherwise. |
|
Short particulars
of the property charged |
Goods, stocks,
book debts, outstanding monies, goods produced under LC, plant and machinery
and immovable property of the company situated at Neelambur village, Palladam
Taluka, Sulur sub Regn. District, Sulur, Coimbatore district in S F 218/1 to
the extent of 4.30 acres together with all buildings existing or to be
constructed more fully described in the attachment. |
|
Whether any of the
property or interest therein under reference is not registered in the name of
the company |
No |
|
Date of latest
modification prior to the present modification |
07.09.2006 |
|
Particulars of
the present modification |
Pursuant to the
execution of the agreements reffered to in field no.8, the amount secured by
the charge stands enhanced from Rs. 77.150 millions to Rs. 120.150 millions more fully tabulated
in the attachment and are secured by the charge on the properties mentioned
in field no. 14 as described in the attachment. |
Form 8
|
Name of the company |
WATERTEC SYSTEMS
INDIA PRIVATE LIMITED |
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Presented By |
The Federal Bank
Limited, Variety hall Road, Coimbatore |
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1) Date and description of instrument creating the change |
30.03.2004 a. Agreement of
cash / credit overdraft / demand loan. b. Agreement for
negotiable instruments purchased / discounted. c. Agreement for
export advances d. Agreement for
inland letter of credit. e. Term loan
agreement. All the above dated
the 30th day of march 2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.250
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 |
For cash credit of
Rs. 9.200 millions and CP limit of Rs. 0.500 millions being a sub-limit under
cash credit limit: 1. Whole of
goods, produce, merchandise and stocks such as raw materials, stock in
process and finished goods being sanitary fittings which now or hereafter
from time to time during the continuance of this security shall be brought
into, stored or be in or about the company’s godowns or premises at peelamesu
in building bearing No. 48 of Kamarajar road, Lakshmi Puram or wherever else
the same may be.1.1. Present and future book debts, outstanding moneys
receivables, claims, contracts, engagements, securities, investments,
deposits and rights. b. For PCL / FUBP
/ FDBP of Rs. 0.500 million being a sub-limit to cash credit limit : Whole of the
stock of raw materials, stock in process, packing materials, consumable
spares, goods in process and finished goods meant for exports for packing
credit and Bills Purchased / Discounted. C. For letter of
credit of Rs. 1.500 millions: Goods procured
under letter of credit. Machineries such
as – 1. Chain Pulley –
2 nos. 2. Cooling Tower 3. Drill Stand 4. Electric chain
Hoist and Pulley. 5. Fan and Heat
Controller 6. Hopper Dryer –
2 nos. 7. Injection
Machine – 3 Nos. 8. Pump – 2 Nos. 9. Pressur Tank 10. Bench
Polisher 11. Grates 12. Grinder 13. Pneumatic
Fixture and Vernier 14. Heat
Controller Housed at 48,
Kamarajar Road, Lakshmi Puram, Paslamedu, Coimbatore. |
||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: For cash credit limit
and CP limit a sub-limit under cash credit limit, interest is at 11.50% p.a.
at monthly rests. For PCL/FUBP/FDBP limit a sub-limit under cash credit
limit, interest is at 8% p.a. at quarterly rests. For letter of
credit interest is at 9.75% p.a. over the Bank Rate subject to a minimum of
15.75% p.a. For term loan,
interest is at 11.50% p.a. with monthly rests. b. Margin: Cash credit – 25%
on stock and 40% on book debts. Letter of credit
– 25% cash. c. The term loan
is repayable in 27 monthly instalments. d. The Bank shall
be entitled at all times without notice to the company but, at the company’s
risk and expenses enter any place / worksite where the said hypothecated
assets / books of account and relating to the securities may be situated or
kept and inspect, value, injure, supervise, dispose and / or take particulars
of all or any part of said securities and / or debts. e. The Bank shall
take possession or recover, receive, appoint receivers or remove and / or
sell by public auction or private contract, give notices and demand to
company and third parties liable thereof, despatch for realisation or
otherwise dispose of or deal with all or any part of the said securities /
debts and enforce, realise, settle, compromise and deal with any rights or
claims relating thereto, if the company defaults in payment of any money or performance of any
obligation endangering the security. f. The
hypothecated securities and all sale realisation and insurance proceeds
thereof and all documents under this security shall always be kept
distinguishable and held as the bank’s exclusive property and the company
shall not create any mortgage, charge, lien or encumber upon or ever the same
or any part thereof except to the bank. g. The company
declares that all the hypothecated securities are the property of company at
sole disposal and free from any prior charge or encumbrance. h. The charge
shall operate as a continuing security for all monies, indebtedness and
liabilities aforesaid. i. The charge operates
as security for the due repayment of all liabilities in respect of the
aforesaid limits and loans including costs charges and expenses and all other
monies due to the Bank under the aforesaid agreement. |
||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
The Federal bank
Limited, Registered
Office: Aluva, Kerala Branch Office: 21, Variety Hall
Road, Coimbatore – 641 001 |
Trade References
v Aqua controls, Kerala
v E – Purshottam, Coimbatore
v Samba Murthy Enterprisers, Vijaywada
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. 42.85 |
|
UK Pound |
1 |
Rs. 84.74 |
|
Euro |
1 |
Rs. 67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
54 |
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 |
|