MIRA
INFORM REPORT
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Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
COLOURTEX LIMITED |
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Formerly Known As : |
COLOURTEX PRIVATE LIMITED |
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Registered Office : |
New Marine Lines, Mumbai – 400020, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1982 |
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Com. Reg. No.: |
028309 |
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CIN No.: [Company
Identification No.] |
U24114MH1982PLC028309 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC09664E |
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PAN No.: [Permanent
Account No.] |
AAACC4513F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Dyes And Chemicals, Texturised Yarn And Dyeing, Printing Of Art Silk Cloths. |
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 969980 |
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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. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. General financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Janak Thakar |
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Designation : |
Administrative Manager |
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Date : |
29.05.2008 |
LOCATIONS
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Registered Office : |
New Marine Lines, Mumbai – 400020, Maharashtra, India |
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E-Mail : |
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Website : |
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Factory : |
705, Sharda Chamber, 15 Sir V Thackercy Marg, Mumbai – 400020, India |
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Tel. No.: |
91-22-22000418 |
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E-Mail : |
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Head Office : |
Survey No. 74, 79, 80, Plot No. 158 Bhestan GIDC, Pandesara, Surat - 394221, Gujarat, India. |
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Tel. No.: |
91-261-2890122/2000418/ 2897800/ 801/ 802 |
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Fax No.: |
91-261-2895452/2009514/ 2892364/ 2890080 |
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E-Mail : |
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Website : |
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Overseas Office : |
Colourtex Inc 8000 Corporate Lane Drive, Suite # 105, Charlotte, NC 28226, USA |
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Tel. No.: |
1-704-540 1528 |
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Fax No.: |
1-704-540 1529 |
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E-Mail : |
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Overseas Office : |
7804, Waterford Lake Drive, # 1515, Charlotte N. C. 28210, USA |
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Tel. No.: |
1-704-552-7623 |
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Fax No.: |
1-704-552-7624 |
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Sales Office : |
Bangalore,
Karnataka Tel. 91-80-25585998 Fax. 91-80-25585998 Delhi Tel.: 91 11 23975525 /
55398911 Fax : 91 11
23913711 Mail : arumani@ndl.vsnl.net.in Gorakhpur Tel. 91-551-2255713/2256542 Fax. 91-551-2255713/2258887/2256542 Hyderabad,
Andhra Pradesh Tel. 91-40-23243144/33034 Fax. 91-40-23229820 E-mail. badamikar@eth.net Kanpur, Uttar
Pradesh Tel. 91-512-2213763/7761 Fax. 91-512-2297845 E-mail. sales.kanpur@colourtex.co.in Kolkata, West
Bengal Tel. 91-33-22352337/3812 Fax. 91-33-22352947 E-mail. chemaux@cal2.vsnl.net.in |
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Branches : |
Survey No. 91, Opposite Navin Flouring, Udhna Navasari Road, Bhestan,
Surat, Gujarat, India Ahmedabad, Gujarat Tel. 91-79-26423892/26568487 Fax. 91-79-26405112 E-mail. ctxamg@icenet.net Amritsar, Punjab Tel. 91-183-2421405 Fax. 91-183-2421405 Bhilwara Tel. 91-1482-243662/3 Fax. 91-1482-243662 E-mail. colourtex@sancharnet.in Chandigarh Telefax. 91-172-2897904 Chennai, Tamilnadu Tel. 91-44-26411728/1960 Fax. 91-44-26411728 E-mail. colourtexchennai@vsnl.com Ghaziabad, Uttar Pradesh Tel. 91-120-24831353/2353 Fax. 91-120-24831353 E-mail. colourtexgzb@hotmail.com Ichalkaranji, Maharashtra Tel. 91-230-2433990 Fax. 91-230-2433990 Tirupur Tel. 91-421-2740182 Fax. 91-421-2745686 |
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Factory 1 : |
Kim, Karanj, Bhestan, District Surat, Gujarat |
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Factory 2 : |
Survey No. 80, GIDC, Pandesara, District Surat, Gujarat |
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Tel. No.: |
Tel. 91-261-2691428/429 |
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E-Mail : |
E-mail. colourtex@vsnl.com |
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Sales
Network |
International INDIA Colourtex Exports, Survey No. 91, Opp. Navin Fluorine Industries, Bhestan-395023.
Surat., Gujarat, India. Tel. : 91 261 2891427 ~8 Fax : 91 261 2890080 Mail : ctx.exports@colourtex.co.in Contact person : S.K. Iyer - Marketing Manager, Exports USA 8000 Corporate Center Drive, Suite #105, Charlotte, NC 28226, USA Tel. : 1 704 540 1528 Fax : 1 704 540 1529 Mail : ctxdyes@bellsouth.net Contact person : Mr. Anand Desai HK Colourtex (Asia Pacific) Ltd. Unit 01, 11/F, Technology Plaza,
651 King's Road, North Point, Hong Kong. Tel. : 852 35273633 Fax : 852 35273661 Mail : richardchow@colourtexap.com Contact person : Mr. Richard Chow Domestic Regional Offices
Ahmedabad Fax : 91 02718
261196 Mail : sales.ahmedabad@colourtex.co.in Contact person : Mr.
Sitesh Mohapatra Bhilwara Fax : 91 1482
249035 Mail : sales.bhilwara@colourtex.co.in Contact person : Mr.
Japprakash Pareek Chandigarh Mail :sales.chandigarh@colourtex.co.in Contact person : Mr.
Arunkumar Marwah Chennai Fax : 91 44
26411960 Mail : sales.chennai@colourtex.co.in Gaziabad Fax : 91 120
2940344 Mail : sales.gaziabad@colourtex.co.in Contact person : Mr.
Satyendra Nigam Ichhalkaranji Fax : 91 230 2433990 Mail : sales.ichhalkaranji@colourtex.co.in Contact person : Mr. Sunil Barshikar Mumbai Tel.: 91 22 22000416 / 8 Fax : 91 22 22009514 Mail :sales.mumbai@colourtex.co.in Contact person : Mr. Arun Narkar Tirupur Fax : 91 421 5330164 Mail : sales.tirupur@colourtex.co.in Contact person : Mr. P.D. Antony |
DIRECTORS
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Name : |
Mr. Babubhai T. Jariwala |
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Designation : |
Director |
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Address: |
27, Joothica Society, Naushir Bharucha Marg, Opposite Grant Road, Mumbai – 400007 |
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Date of Birth/Age : |
13.02. 1935 |
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Date of leaving : |
29.09.2001 |
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Experience : |
7 years |
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Date of Appointment : |
24.09. 1998 |
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Name : |
Mr. Rameshchandra. D. Kabutarwala |
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Designation : |
Director |
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Address : |
Etka 5, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
09.05.1958 |
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Date of Appointment : |
19.08. 1985 |
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Name : |
Mr. Kankkumar J. Jariwala |
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Designation : |
Director |
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Address : |
Etka 3, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
17.11. 1973 |
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Date of Appointment : |
10.09. 1993 |
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Name : |
Mr. Vishadkumar J. Jariwala |
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Designation : |
Director |
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Address : |
Etka 5, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
26.09. 1975 |
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Date of Appointment : |
02.06. 1997 |
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Name : |
Mr. Bipinchandra D. Kabutarwala |
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Designation : |
Director |
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Address : |
Etka 5, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
09.06. 1964 |
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Date of Appointment : |
03.12. 2001 |
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Name : |
Jayantilal T. Jariwala |
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Designation : |
Director |
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Address : |
Etka 3, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
04.11. 1943 |
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Date of Appointment : |
15.11. 1983 |
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Name : |
Mr. Pravin Kabutarwala |
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Designation : |
Director (Operations / HRD) |
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Name : |
Mr. Mahesh Kabutarwala |
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Designation : |
Director (Engineering and Projects) |
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Name : |
Mr. Kanak Jariwala |
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Designation : |
Director (Procurement) |
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Name : |
Mr. Vishad Jariwala |
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Designation : |
Director (Finance control) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.08.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Pravinchandra D. Kabutarwala |
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115800 |
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Ms. Urmilaben J. Jariwala |
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32900 |
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Ms. Hemlataben R. Kabutarwala |
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20400 |
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Ms. Ushben P. Kabutarwala |
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17900 |
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Mr. Maheshchadra D. Kabutarwala |
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100825 |
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M/s. Colourexy Export Private Limited |
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3831900 |
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Mr. Jayantilal T. Jariwala |
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100 |
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Ms. Jaguruti Bipinchandra Kabutarwala |
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10400 |
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Mr. Vishadkumar J. Jariwala |
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165400 |
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Mr. Kankkumar J. Jariwala |
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187355 |
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Mr. Rameshchandra. D. Kabutarwala |
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20400 |
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Mr. Bipinchandra D Kabutarwala |
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108320 |
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Mr. Rameshchandra. D. Kabutarwala |
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144155 |
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Mr. Jayantilal T. Jariwala |
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295445 |
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Mr. Ketan Pravinchandra Kabutarwala |
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25000 |
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Mr. Jenish Pravinchandra Kabutarwala |
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32900 |
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Total |
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5109200 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (Not Mentioned above) |
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75.00 |
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Directors or relatives of director |
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25.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Dyes And Chemicals, Texturised Yarn And Dyeing, Printing Of Art Silk Cloths. |
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Products : |
Dyes-Chemicals Manufacturing Yarn and Process of Cloths The company’s products range includes: - · Disperse (Coralene) · Acid (Colomil/Colocid/Cololan) · Modified basic (Coracryl) · Speciality Direct (Colozol) · Leather (Coloderm) dyes |
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Exports : |
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Products : |
All Products |
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Countries : |
All Over World · USA · Europe · Korea |
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Imports : |
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Products : |
Chemicals |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (60-90 days) |
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Purchasing : |
Cash, Against Documents |
PRODUCTION STATUS
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Particulars |
Licensed
Capacity |
Installed
Capacity |
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Yarn Textuising |
370 M.T. per month 84/36 Denier 220 M.T. per month 62/36 |
Dyeing printing art silk cloth process
mts. 30000 per day |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
1000 above |
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Bankers : |
· Syndicate Bank Mumbai Branch · Central Bank of India · IDBI Bank Limited · ICICI Bank Limited · Bank of Baroda, Surat Branch · The Surat Peopele Co-op Bank Limited Vasudhara Bhavan, Timliawad, Nanpura, Surat – 395001, Gujarat, India |
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Facilities : |
Secured Loan Secured loans are cash credit and over draft balances against the stocks and debtors of Bhavin textiles. Rs.7.713 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
H A Jagasheth and Company Chartered Accountant |
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Address : |
309 Sharda Chambers, 15 New Marine Lines, Mumbai – 400020,
Maharashtra, India |
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Name : |
Kapadia and Company Chartered Accountant |
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Address : |
Surat, Gujarat, India |
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Associates/Subsidiaries : |
Pandesara
Industries Limited Survey No. 80, Bhestan GIDC, Pandesara, Surat – 394221, Gujarat, India Tel. 91-261-2690795 / 2691427 Fax. 91-261-2690080 E-mail. raoctx@hotmail.com Subject is a small scale industry engaged in manufacturing of dyes, intermediates and chemicals. Financial Information :- Capital Investment – 16.930 millions Annual Turnover – 1698.739 New Worth – 389.100 millions |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10 each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5109200 |
Equity Shares |
Rs. 10 each |
Rs.51.092 Millions |
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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 |
51.092 |
51.092 |
51.092 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
191.403 |
175.046 |
157.247 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
242.495 |
226.138 |
208.339 |
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LOAN FUNDS |
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1] Secured Loans |
0.992 |
7.922 |
7.713 |
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2] Unsecured Loans |
108.870 |
184.971 |
192.616 |
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TOTAL BORROWING |
109.862 |
192.893 |
200.329 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
352.357 |
419.031 |
408.668 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.858 |
95.178 |
91.227 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.409 |
2.171 |
2.171 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
118.920
|
29.282 |
21.475
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Sundry Debtors |
704.592
|
721.465 |
654.078
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Cash & Bank Balances |
24.866
|
26.967 |
39.199
|
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Other Current Assets |
0.100
|
0.100 |
0.000 |
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Loans & Advances |
34.121
|
70.779 |
52.425
|
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Total
Current Assets |
882.599
|
848.593 |
767.177
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
558.859
|
517.761 |
432.199
|
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Provisions |
21.650
|
9.150 |
19.808
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Total
Current Liabilities |
580.509
|
526.911 |
452.007 |
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Net Current Assets |
302.090
|
321.682 |
315.170
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
352.357 |
419.031 |
408.668 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
676.380 |
668.897 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
676.380 |
668.897 |
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Profit/(Loss) Before Tax |
|
27.262 |
52.984 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
27.262 |
52.984 |
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Expenditures : |
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Interests |
|
9.612 |
9.599 |
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Depreciation |
|
19.347 |
20.128 |
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Other Expenditure |
|
620.159 |
586.186 |
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Total Expenditure |
|
649.118 |
615.913 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
4.03 |
7.92
|
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.03 |
7.92
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.89 |
6.17
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.12 |
0.25
|
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.85
|
3.18 |
3.13
|
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.61 |
1.69
|
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
·
Dystor, World Wide – Head Office Germany
·
Rohm and Haas, USA
·
Ramonds, Surat
Form 8:
|
Name of the company |
COLOURTEX LIMITED |
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Presented By |
Mr. Jayantilal T.
Jariwala |
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1) Date and description of instrument creating the change |
22.01.1996 Hypothecation of
Book Debts Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Book Debts
Sanction of Rs.4.000 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 |
Hypothecation of Book
Debts and Stock in Trade, Stores Spares and Packing Mat- Rial. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Agreement
Dated 22.01.1996 of interests 20.75% or at such rate as the Bank May from the
to the specify |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Kappith Branch
Lalgate, Surata, Gujarat, India |
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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 |
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Corporate identity
number (CIN) Foreign company registration number |
U24114MH1982PLC028309 |
|
Name of the
Company |
COLOURTEX PRIVATE LIMITED |
|
Address |
New Marine Lines, Mumbai – 400020, Maharashtra, India |
|
This form is for |
Creation of Charge |
|
Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
The Surat Peopele Co-op Bank Limited Vasudhara Bhavan, Timliawad, Nanpura, Surat – 395001, Gujarat, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation of Stock, Book Debts and Machinery |
|
Date of the
instrument creating or modifying the charge |
10.07.2006 |
|
Amount secured by
the charge |
Rs.20.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Limit
CC:(Hypothecation of Stock, Book Debts and Machinery) Rs.20.000 Millions Interests 5%
above Bank rate Min. 11% p.a. Security : Stock,
Book Debts and Machinery of the company Repayable : On
Demand |
|
Short particulars
of the property charged (including location of the property) |
Stock in Trade Plant and
Machinery Book Debts |
|
Particular of the
present modification |
NA |
Fixed Assets
· Land
· Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
About Us / Company Overview
Mr. Jayantibhai Jariwala, Chairman and Managing Director founded this organization
in the late sixties. In three decades Company has grown into a leading dyestuff
producer, having a fully integrated plant with installed capacity of 20,000 tpa
dyes and 9000 tpa dye-intermediates.
Company has emerged globally as a leading Indian dyestuff company with annual
sales exceeding $100 million in 2004.
Product mix includes Disperse, Reactive, Vat, Modified basic, Acid dyes and
Specialty textile chemicals.
In the past ten years most of the major investments have gone in to building
environment and resource infrastructure. With 7MW gas turbine power generation
and 60,000 M3 soft water reservoirs, Colourtex is self sufficient in
the basic resources.
Company has been environment conscious company, competently managing effluent,
hazardous waste and solid waste to ecological requirements.
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.42.77 |
|
UK Pound |
1 |
Rs.84.33 |
|
Euro |
1 |
Rs.66.65 |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|