MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAYUR WOVENS PRIVATE LIMITED |
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Registered Office : |
308, Sahjanand Palace, Opposite Rahul Tower, 100 ft , Shyamal-Karanavti
Road, Satellite, Ahmedabad-380051, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.03.2004 |
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Com. Reg. No.: |
043769 |
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CIN No.: [Company
Identification No.] |
U25202GJ2004PTC043769 |
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IEC No.: |
0804010617 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM05315C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Trader of PP/HDPE
Laminated/Unlaminated film, Woven Bags, Woven Sacks, Plastic Item, Woven
Tape/Fabric/Bags, Tarpaulin, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Arun Tulsian, Accounts Officer agreed to part details if original inquirer’s name is reveal to him. Subject is an established company engaged in manufacturer as well as generation of energy through windmill. Trade relations are fair. Financial position can be regarded as satisfactory. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
308, Sahjanand Palace, Opposite Rahul Tower, 100 ft. Road,
Shyamal-Karanavti Road, Satellite, Ahmedabad-380051, Gujarat, India |
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Tel. No.: |
91-79-26931660/630 |
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Fax No.: |
91-79-26931616 |
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Mobile No.: |
91-9824001332 |
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E mail : |
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Website : |
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Area : |
Owned |
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Factory : |
Block 1485 Village, Moti Bhoyan Kal Katraj Road, Kalol –
382721, Gujarat, India |
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Tel. No.: |
91-2764-281421 |
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Fax No.: |
91-2764-281421 |
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Area : |
14388 sq mtr. (155000 sq. ft.) - Owned |
DIRECTORS
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Name : |
Mr. Shyamsunder M. Tibrewal |
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Designation : |
Chairman Cum Managing Director |
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Address : |
1, Sanidhya Bunglows, Satellite, Ahmedabad – 380015,
Gujarat, India |
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Date of Birth/ Age : |
01.07.1952 |
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Qualification : |
B Com , LLB |
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Experience : |
30 years |
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Date of Appointment : |
11.03.2004 |
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Name : |
Ms. Monica S. Tibrewal |
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Designation : |
Director |
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Address : |
1, Sanidhya Bunglows, Satellite, Ahmedabad – 380015,
Gujarat, India |
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Date of Birth/ Age : |
31.12.1974 |
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Qualification : |
B Com |
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Experience : |
7 years |
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Date of Appointment : |
11.03.2004 |
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Name : |
Mr. Alpeshkumar Tripathi |
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Designation : |
Director |
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Address : |
E – 202, Asavari Complex, Opposite Karnavati Club, Satellite Road, Ahmedabad – 380054, Gujarat, India |
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Date of Birth/Age : |
03.08.1970 |
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Date of Appointment : |
03.10.2005 |
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Date of Ceasing : |
30.09.2006 |
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Directorship in other companies: |
CIN No: L29199GJ1984PLC007130 Name of the company: Gujarat Craft Industries Limited Designation: Director CIN No: U17110GJ1984PLC007124 Name of the company: Gujarat Raffia Industries Limited Designation: Director CIN No: U17119GJ1985PTC007658 Name of the company: Svar Synthetics Private Limited Designation: Director CIN No: U25209GJ1985PTC008062 Name of the company: Mayur Extrusion Private Limited Designation: Director CIN No: U24110GJ1981PTC004378 Name of the company: Gujarat Dyestuff Industries Private Limited Designation: Director CIN No: U25202GJ2001PTC039353 Name of the company: Gujarat Polyethelene Private Limited Designation: Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Shyamsunder
Tibrewal |
237750 |
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Monica Tibrewal |
57000 |
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Siddharth
Tibrewal |
58250 |
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Laxmidevi
Tibrewal |
58250 |
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Aadit Tibrewal |
7500 |
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Shyamsunder
Tibrewal – HUF |
58000 |
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S S Tibrewal
Children Trust |
10000 |
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Sunitee Chemicals
Limited |
50000 |
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Tibrewal
Siddharth HUF |
67500 |
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Mayur Extrusion
Private Limited |
45750 |
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Total |
650000 |
As on 18.08.2006
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Names of Allotees |
No. of Shares |
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Sunitee Chemicals
Limited |
50000 |
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Total |
50000 |
As on 05.10.2007
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Names of Allotees |
No. of Shares |
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Dhanvidhya
Multisales Private Limited |
25000 |
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Dhanvidhya
Financial and Investments Consultancy Services Private Limited |
25000 |
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Total |
50000 |
As on 06.07.2007
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Names of Allotees |
No. of Shares |
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Laxmidevi
Tibrewal |
13250 |
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Shyamsunder
Tibrewal |
2750 |
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Shyamsunder
Tibrewal – HUF |
13000 |
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Siddharth
Tibrewal |
13250 |
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Monica Tibrewal |
12000 |
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Mayur Extrusion
Private Limited |
45750 |
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Total |
100000 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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14.73 |
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Directors
or relatives of directors |
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85.27 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Trader of PP/HDPE
Laminated/Unlaminated film, Woven Bags, Woven Sacks, Plastic Item, Woven
Tape/Fabric/Bags, Tarpaulin, etc. |
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Products : |
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Exports : |
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Products : |
PP/PE woven products |
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Countries : |
Europe, USA, Russia,
Middle East, Africa |
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Imports : |
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Products : |
PP/HDPE/HDPE/LDPE. |
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Countries : |
USA |
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Terms : |
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Selling : |
L/C and Cash basis |
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Purchasing : |
Cash basis |
PRODUCTION STATUS As on 31.03.2007
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Particulars |
Unit |
Installed
Capacity |
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Packaging Products |
MT |
8900 |
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Wind Energy |
KW |
630 |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
End Users |
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No. of Employees : |
About 200 |
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Bankers : |
Stadium Road Branch, Ahemdabad – 380 009, Gujarat, India
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Kedia and Kedia Associates Chartered Accountants |
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Address : |
205, Kaling, 2nd Floor, Near Mount Carmel
School, B/H B.J. House, Off. Ashram Road, Ahmedabad – 380009, Gujarat, India.
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Tel. No.: |
91-79-26579971 |
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Associates/Subsidiaries : |
· Mayur Extrusion Private Limited Address: B-214, Popular Centre, Near Shyamal Road Houses. Line of Business: HDPE/DP Woven Fabric/ Bags, etc. · Sonal Polysacks Address: 307, Sahajanand Palace, Opp. Raho Tower Line of Business: HDPE/DP Woven Fabric/ Bags, etc.
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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650000 |
Equity Shares |
Rs.10/- each |
Rs.6.500 millions |
As on 31.03.2007
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 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 |
5.500 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.839 |
4.168 |
0.981 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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20.339 |
9.168 |
5.981 |
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LOAN FUNDS |
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1] Secured Loans |
139.145 |
81.366 |
56.425 |
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2] Unsecured Loans |
29.276 |
24.915 |
10.287 |
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TOTAL BORROWING
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168.421 |
106.281 |
66.712 |
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DEFERRED TAX LIABILITIES |
2.354 |
1.661 |
0.641 |
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TOTAL
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191.114 |
117.110 |
73.334 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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85.215 |
72.241 |
48.579 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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
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25.974
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23.086 |
12.253 |
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Sundry Debtors
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67.877
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16.353 |
8.227 |
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Cash & Bank Balances
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7.386
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14.378 |
4.497 |
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Other Current Assets
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0.866
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0.076 |
0.004 |
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Loans & Advances
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45.768
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33.296 |
12.588 |
Total Current Assets
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147.871
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87.189 |
37.569 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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40.899
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40.012 |
12.769 |
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Provisions
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1.120
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2.377 |
0.138 |
Total Current Liabilities
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42.019
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42.389 |
12.907 |
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Net Current Assets
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105.852
|
44.800 |
24.662 |
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MISCELLANEOUS EXPENSES
|
0.047 |
0.069 |
0.093 |
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TOTAL
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191.114 |
117.110 |
73.334 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
Sales Turnover [including other
income]
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593.220 |
291.349 |
39.776 |
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Profit/(Loss) Before Tax
|
9.354 |
4.827 |
1.760 |
Provision for Taxation
|
3.184 |
1.639 |
0.780 |
Profit/(Loss) After Tax
|
6.170 |
3.188 |
0.980 |
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Export Value
|
448.440 |
165.313 |
2.876 |
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Import Value
|
-- |
1.051 |
-- |
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Expenditures : |
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Depreciation & Amortization |
18.153 |
15.519 |
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Other Expenditure |
565.713 |
271.003 |
38.796 |
Total Expenditure
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583.866 |
286.522 |
38.796 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
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(%)
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1.04
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1.09 |
2.46 |
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Net Profit Margin
(PBT/Sales) |
(%) |
1.58
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1.66 |
4.42 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
4.01
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3.03 |
2.04 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.46
|
0.53 |
0.29 |
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Debt Equity Ratio
(Total Liability/Networth) |
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10.35
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16.22 |
14.42 |
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Current Ratio
(Current Asset/Current Liability) |
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3.52
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2.06 |
2.91 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
MAYUR WOVENS PRIVATE LIMITED |
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Presented By |
S. Tibrewal |
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1) Date and description of instrument creating the change |
Memorandum of
deposit of title deed dated 25.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.135.000
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 |
Equitable
mortgage created over the Company’s immovable property situated at Block No.1485,
Mouje Moti Bhoyan Taluka Kalol, District Gandhi Nagar |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First and
exclusive charge by way of Deposit of title deed of the property. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Stadium Road Branch, Ahemdabad |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80043798 |
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Corporate
identity number of the company |
U25202GJ2004PTC043769 |
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Name of the
company |
MAYUR WOVENS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
308, Sahjanand Palace, Opposite Rahul Tower, 100 ft ,
Shyamal-Karanavti Road, Satellite, Ahmedabad-380051, Gujarat, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Indian Overseas Bank Stadium Road Branch, Ahemdabad – 380 009, Gujarat, India E-Mail: stadbr@ahmsco.iobnet.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Memorandum of Deposit of Title Deeds Dated 03.03.2008. |
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Date of
instrument Creating the charge |
03.03.2008 |
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Amount secured by
the charge |
Rs.345.418
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 – BPLR (At present 13.25%) Packing Credit/
FDDBP/ FDUBD/ Adv. Against Export Incentives and Duties Refundable – 0.50%
less than the applicable rates. Letter of
Guarantee (Financial/ Performance) – as mper circular in force Letter of Credit
– Commission as per circular in force less 25% concession Term Loan (24.700
millions) – BPLR Term Loan (26.600
millions) – BPLR Term Loan (30.000
millions) – BPLR + 2.25% Term Loan (36.600
millions) – BPLR Terms of
Repayment: Term Loan (24.700
millions) – 60MI from April 2005 Term Loan (26.600
millions) – 60MI from Jan 2006 Term Loan (30.000
millions) – 60MI from 29.11.2007 Term Loan (36.600
millions) – 60MI from December 2007 Margin Cash Credit –
Stock 25%, Book debts 40% Packing Credit/ FDDBP/
FDUBD/ Adv. Against Export Incentives and Duties Refundable 10% Letter of
Guarantee (Financial/ Performance) – 20% Letter of Credit
– 20% up to 12.500 millions and 30% of amount 12.500 millions. Term Loan (30.000
millions) – 61% Term Loan (36.600
millions) – 25% Extent and
Operation of the charge: The Company has deposited documents of the
properties mentioned, with intent to create equitable mortgage in favour of
bank for the purpose of securing repayment to the bank of all the amount advanced
by the bank to the said borrower by way of various credit facilities together
with interest, cost, charges thereon as stipulated in sanctioned letter. |
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Short particulars
of the property charged |
Property No.1 –
Factory Building admeasuring Approximately 4062.18 sq meter, situated land
bearing consolidated Block No. 1485 (consisting of old Block No. 1485, 1487,
1488, 1489 and 1490) admeasuring about 14388 sq meter, Mouje Moti Bhoyan,
Taluka Kalol, District Gandhi Nagar, Sub District Kalol. Property No.2 –
non agricultural land bearing block no.1491 (allotted in lieu of old survey
no 1055) admeasuring about 10108 sq meter, along with construction
admeasuring about 3000 sq meter at Bhoyan Moti, Taluka Kalol, District Gandhi
Nagar, Sub District Kalol. |
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Date of latest
modification prior to the present modification |
25.08.2005 |
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Particulars of
the present modification |
The existing
equitable mortgage on property no. 1 Block No. 1485 (consisting of old Block
No. 1485, 1487, 1488, 1489 and 1490) admeasuring about 14388 sq meter, Mouje
Moti Bhoyan, Taluka Kalol, District Gandhi Nagar, Sub District Kalol, is
extended to enhanced and newly sanctioned limited. Further equitable
mortgage is created on property no.2 block no.1491 (allotted in lieu of old
survey no 1055) admeasuring about 10108 sq meter, along with construction
admeasuring about 3000 sq meter at Bhoyan Moti, Taluka Kalol, District Gandhi
Nagar, Sub District Kalol, to cover existing limit as well as newly
sanctioned limit. |
TRADE REFERENCES:
· GSFC
· IFFCO
· Birla Group of Companies
· Tata Chemicals Limited
· Reliance Industries Limited
· UN Specific Request Letter
FIXED ASSETS:
- Land
- Buildings
- Plant and Machinery
- Wind Mill
- Furniture and Fittings
- Office Equipment
- Electrical Installations
- Computers
- Vehicles
PROJECT IMPLEMENTATION:
The Directors of the
company reported that during the year under report the company has acquired
Seven windmills located at Village Dhank, Gujarat. The windmill has started
generating electricity.
Further the
Directors of the company reported that subsequent to the Balance Sheet date the
company has acquired the composite plant for production of plastic packaging
products at an approximate cost of Rs.65.100 millions. The acquisition is part
financed out of fresh term loan facilities availed from the bankers of the
company to the extent of Rs.30.000 millions. With this acquisition the
installed capacity of the company has gone up to 11600 meter per annum. The
acquired plant has already been operationlised.
WEBSITE DETAILS:
Materials have always had a decisive influence on the development of humanity. It is not for nothing that the three major prehistoric periods are known by the names of the materials by which they were characterized: Stone Age, Bronze Age and Iron Age.
Although materials no longer serve to identify the periods in which they live, their significance for technical progress remains unchanged. Indeed, now more than ever it is raw materials which are responsible for growth in many areas of industry, and which pave the way for new technologies capable of bringing real improvements to the quality of life.
Fundamental research in
the field of consumer behavior in recent years has resulted in the improved
understanding of the interrelationship, which exists between the Buying
decisions of customers and Product packaging.
On the basis of the results of the research it has now become mandatory to model and tailor existing products in such a way so that they offer a combination of characteristics which make the product appealing, attractive, trust worthy and at the same time be also cost effective.
As one of India’s leading manufacturers of Packaging materials, they have made
it the business – against the backdrop of ever more exacting market
requirements – to offer you a broad range of technically feasible and cost
effective packaging products.
Now, equipped with the most modern machinery, they can offer bulk packaging products incorporating wide range of different characteristics and designs to suit virtually any material and application.
Kindly find enclosed a catalogue describing the company in details alongwith a material selection guide and bag selection guide for the consideration and reference. Also find enclosed the product catalogue.
THE MAYUR GROUP:
Since 1974 till 1985 group and its directors the Tibrewal’s were involved in manufacturing / trading of Textile Dyes and Chemicals. Looking to the increasing demand of Plastic Packing Materials, the group diversified its manufacturing area in Plastic Packing Materials. Over the years, the Group has involved into vibrant organization of 3 manufacturing companies and a Separate Trading Division catering to the ever-changing needs of its customers.
The group is headed by Mr. Shyam Tibrewal as the Promoter Director and Mr.
Siddharth Tibrewal, Executive Director.
The Group was set up in 1975 by Mr. Shyam Tibrewal and since has evolved into a
vibrant organization having a Turnover of Rs.1000 millions.
The Group besides being active in the Business World is also a keen participant
of the changes taking place in the Global World and is contributing by being an
active member of the relevant industrial associations and trade promotion
councils.
Mr. Shyam Tibrewal is the immediate past President of PLASTINDIA FOUNDATION
Apex Body of all Indian Plastic Associations. He has also been the President of
GUJARAT STATE PLASTIC MANUFACTURERS ASSOCIATION and executive committee member
of PLEXCONCIL, Mumbai for many years and governing council member of CIPET
(Central Institute of Plastic Engineers) and ICPE (Indian centre for Plastic)
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 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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|