MIRA
INFORM REPORT
|
Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ANAND NVH
PRODUCTS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
AMP MOULDING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
2686, Kashmere
Gate, New Delhi -110 006 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
07.06.1988 |
|
|
|
|
Com. Reg. No.: |
55-31984 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1988PTC031984 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELA12466G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECA0297J |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer and
Exporter of Rubber and Rubber to Metal Bonded Automotive Parts. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
2686, Kashmere
Gate, New Delhi -110 006, India |
|
E - Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
39th K
M Stone, N H – 8, Begumpur Khatola Industrial Area, Sector 35, Gurgaon, Haryana,
India |
|
Tel. No.: |
91-124-24030580
to 84 / 5030580-84 |
|
Fax No.: |
91-124-24030585/
24030586 / 5030585-56 |
|
E-Mail : |
|
|
Area : |
75000 sq.ft. |
|
Location : |
Industrial |
|
|
|
|
Delhi Office : |
‘Anbros House’,
25/31 East Patel Nagar, New Delhi – 110 008, India |
|
Tel. No.: |
91-11-25763608/
3609/25850108 |
|
Fax No.: |
91-11-25763610 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Bhupinder
Singh Anand |
|
Designation : |
Director |
|
Address : |
H-5/2, Model
Town, Delhi – 110 009, India. |
|
Date of Birth/Age : |
09.08.1943 |
|
Date of Appointment : |
06.01.1997 |
|
|
|
|
Name : |
Mr. Gurmeet Singh
Anand |
|
Designation : |
Director |
|
Address : |
H-5/2, Model
Town, Delhi – 110 009, India. |
|
Date of Birth/Age : |
01.10.1967 |
|
Date of Appointment : |
06.01.1997 |
|
Date of Ceasing : |
10.10.2008 |
|
|
|
|
Name : |
Mr. Kanwardeep
Singh Anand |
|
Designation : |
Director |
|
Address : |
H-5/2, Model
Town, Delhi – 110 009, India. |
|
Date of Birth/Age : |
04.08.1972 |
|
Date of Appointment : |
06.01.1997 |
|
|
|
|
Name : |
Mr. Savneet Singh
Anand |
|
Designation : |
Director and
Secretary |
|
Address : |
H-5/2, Model
Town, Delhi – 110 009, India. |
|
Date of Birth/Age : |
12.12.1971 |
|
Date of Appointment : |
01.04.2003 |
|
|
|
|
Name : |
Mr. Inderjeet Singh Anand |
|
Designation : |
Director |
|
Address : |
H-5/2, Model
Town, Delhi – 110 009, India. |
|
Date of Birth/Age : |
15.08.1947 |
|
Date of Appointment : |
15.04.2002 |
|
|
|
|
Name : |
Mr. Rattan Singh Anand |
|
Designation : |
Director cum Company Secretary |
|
Address : |
H 5/2, Model Town, Delhi – 110 009, India |
|
Date of Birth/Age : |
10.12.1922 |
|
Date of Appointment : |
01.07.2001 |
|
Date of Ceasing : |
06.03.2007 |
KEY EXECUTIVES
|
Name : |
Nity Anand Singh
and Company |
|
Designation : |
Company Secretary
|
|
Address : |
14, 2nd
Floor, Arjun Nagar,Safdarjung Enclave, New Delhi – 110 029, India |
|
Tel. No.: |
91-11-26713700 |
|
Tele Fax No.: |
91-11-26714700 |
|
E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Bhupinder
Singh Anand |
50020 |
40.34 |
|
Mr. Gurmeet Singh
Anand |
8210 |
6.62 |
|
Mr. Harsheen Kaur
Anand |
100 |
0.08 |
|
Mr. Inderjeet
Singh Anand |
5100 |
4.11 |
|
Mr. Kanwardeep
Singh Anand |
36470 |
29.42 |
|
Mrs. Savneet
Singh Anand |
100 |
0.08 |
|
Kromex
International Private Limited |
24000 |
19.35 |
|
Total |
124000 |
100.00 |
(AS ON 30.09.2007)
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
19.00 |
|
Directors or relatives of directors |
|
81.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Rubber and Rubber to Metal Bonded Automotive Parts. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Strut Mounts,
Transmission Mounts, Conventional Engine Mounts, Body and Chassis Mounts, Bellows
and Bushings, Drive Line and Suspension Bushings, Hydraulic Engine Mounts. |
|
Countries : |
USA, Germany,
Italy and other OEM’s in the Automobile Industry |
|
|
|
|
Imports : |
|
|
Products : |
Machineries, Injection
Presses, Raw material, Rubber and Rubber Material. |
|
Countries : |
Germany, China,
Taiwan and Korea. |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Actual
Productions |
|
Automobiles Components |
|
Pieces |
7704578 |
GENERAL INFORMATION
|
Customers : |
·
Lord
Corporation, USA ·
Cooper
Standard, USA ·
ZF Boge
Elastmetall, Germany ·
ContiTech
Vibration Control, Germany ·
Lord Italia,
Italy ·
Fiat Auto,
Italy ·
Mack Truck,
USA
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Around 450 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Banking
Relations : |
Satisfactory |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||
|
Name : |
S P Nagrath and
Company Chartered
Accountants |
||||||||||||||||||||||||
|
Address : |
A-380, Defense
Colony, New Delhi – 110 024, India. |
||||||||||||||||||||||||
|
Tel. No.: |
91-11-261552244/
2245/ 2246/41552244 |
||||||||||||||||||||||||
|
Fax No.: |
91-11-41552247 |
||||||||||||||||||||||||
|
E-Mail : |
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Associates/Subsidiaries : |
·
Anand Motor Products Private Limited ·
Kromex International Private Limited ·
Anand Industrial Products Private Limited ·
AMP Overseas Private Limited
|
CAPITAL STRUCTURE
(As on 31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000 |
Equity Shares |
Rs. 100/- each |
Rs. 19.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
124000 |
Equity Shares |
Rs. 100/- each |
Rs. 12.400 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.400 |
12.400 |
12.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
186.101 |
148.027 |
84.461 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
198.501 |
160.427 |
96.861 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
151.856 |
119.788 |
45.727 |
|
|
2] Unsecured Loans |
16.962 |
17.996 |
26.961 |
|
|
TOTAL BORROWING |
168.818 |
137.784 |
72.688 |
|
|
DEFERRED TAX LIABILITIES |
8.044 |
5.443 |
1.133 |
|
|
|
|
|
|
|
|
TOTAL |
375.363 |
303.654 |
170.682 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
211.772 |
189.457 |
128.091 |
|
|
Capital work-in-progress |
7.323 |
14.957 |
3.288 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
139.302
|
86.356 |
21.838 |
|
|
Sundry Debtors |
21.813
|
12.870 |
5.503 |
|
|
Cash & Bank Balances |
8.947
|
2.440 |
4.257 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
64.331
|
68.228 |
43.790 |
|
Total
Current Assets |
234.393
|
169.894 |
75.388 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
77.247
|
62.817 |
36.030 |
|
|
Provisions |
0.880
|
7.840 |
0.060 |
|
Total
Current Liabilities |
78.127
|
70.657 |
36.090 |
|
|
Net Current Assets |
156.266
|
99.237 |
39.298 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.002 |
0.003 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
375.363 |
303.654 |
170.682 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
411.440 |
252.188 |
213.256 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
411.440 |
252.188 |
213.256 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
38.074 |
75.671 |
71.596 |
|
|
Provision for Taxation |
0.000 |
5.036 |
0.000 |
|
|
Profit/(Loss) After Tax |
38.074 |
70.635 |
71.596 |
|
|
|
|
|
|
|
|
Export Value |
395.297 |
245.265 |
NA |
|
|
|
|
|
|
|
|
Import Value |
69.021 |
38.130 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest & Financial Charge |
17.642 |
9.875 |
6.966 |
|
|
Depreciation & Amortization |
18.864 |
12.074 |
8.427 |
|
|
Other Expenditure |
336.860 |
154.568 |
126.267 |
|
Total Expenditure |
373.366 |
176.517 |
141.660 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.25
|
28.01
|
30.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.25
|
30.01
|
31.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.40
|
20.22
|
34.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.47
|
73.92 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
1.30
|
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.00
|
2.40
|
2.09 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:-
· Freehold Land
· Building
· Plant and Machinery
· Electric Installation
· Lab Instrument
· Generator
· Furniture and Fixtures
· Vehicles
· Tools and Dies
· Air Conditioners
· Fire Extinguisher
FORM 8:-
|
Corporate
identity number of the company |
U74899DL1988PTC031984 |
|
Name of the
company |
ANAND NVH
PRODUCTS PRIVATE LIMITED-EIBK |
|
Address of the
registered office or of the principal place of business in India of the company |
2686, Kashmere
Gate, New Delhi -110 006, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
Syndicate Bank, 4
Bahadurshah Zafar Marg, I P Estate, New Delhi – 110 002, India E-Mail: mallyashenoyca@rediffmail.com |
|
Nature of
instrument creating charge |
Guarantee
Agreement |
|
Date of instrument
Creating the charge |
18.07.2008 |
|
Amount secured by
the charge |
Rs. 35.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and operation of charge: This agreement is
to operate as continuing security for the balance or aggregate balance with
interests thereon to become payable upon the said account or accounts. Others: The corporate
Guarantee is to secure Adhoc FDBP/FUBP limit of Rs. 35.000 millions M/S Anand
Motor Products Private Limited |
|
Short Particulars
of the property charged |
Corporate
Guarantee to secure all money which are now or shall at any time be owing to
the bank by the borrowers. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1988PTC031984 |
|
Name of the
company |
ANAND NVH
PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
New Delhi – 110
006, India |
|
Particular of
charge holder |
Syndicate
Bank, 4, Bahadurshah Zafar Marg, I P
Estate, New Delhi – 110002, India |
|
Nature of
description of the instrument creating or modifying the charge |
Guarantee
Agreement |
|
Date of instrument
Creating the charge |
08.02.2007 |
|
Amount secured by
the charge |
Rs. 14.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge : This agreement is
to operate as continuing security for the balance or aggregate balances with
interest thereon to become payable upon the said account or accounts. Others : The corporate
Guarantee is to secure Term Loan limit of Rs. 14.000 Millions extended Anand
Nvh Products Private Limited |
|
Short particulars
of the property charged |
Corporate
Guarantee to secure all money which are now or shall at any time to owing to
the Bank by the Borrower. |
Website DETAILS :-
Company Profile
Subject
is a part of the largest non-tire rubber group in India and is a leading
manufacturer of rubber and rubber to metal bonded products for a variety of
industries including automotive in the United States, Europe and other parts of
the world.
For
sophisticated vibration, shock, motion or noise control challenges, Subject has
the expertise and experience to engineer the precise solution you need.
The
long term goal of Subject is to be one of the leading suppliers in the automotive
component industry catering to the requirements of vehicle manufacturers and
first tier component manufacturers in the world.
It
accomplish this by producing parts and systems that meet customer requirements
and price expectations. Every product is custom designed for performance,
quality and high-volume assembly and inspection.
They
are currently engaged in a contract to supply parts as OEM fitment to Mack
truck in USA, FIAT AUTO in Italy and SACHS-BOGE in Germany. Apart from this
they work under contract manufacturing program with leading first tier
manufacturers of rubber and rubber to metal bonded parts in USA and Europe.
Products
To
provide the best to customers is their utmost priority. At the company every product
is custom designed for performance and quality so as to have the maximum
driving comfort and significant noise reduction.
The wide range of their
products includes:
·
Lord
Corporation, USA
·
Cooper
Standard, USA
·
ZF Boge
Elastmetall, Germany
·
ContiTech
Vibration Control, Germany
·
Lord Italia,
Italy
·
Fiat Auto,
Italy
·
Mack Truck,
USA
·
SACHS-BOGE, Germany
Quality
Assessment
ISO/TS 16949:2002 and ISO 14001 Certified
Company
The subject is
engaged in the business of manufacturers and exporters of strut mounts, bellows
and bushings, hydraulic engine mounts, drive line and suspension bushings, body
and chassis mounts, conventional engine mounts and transmission mounts. Subject
started manufacturing rubber and rubber-to-metal bonded products in 2002. It operates with one plant located at
Gurgaon, Haryana having a capacity of 7 million pieces per annum. Its production technology consists of desma
injection, compression and transfer moulding machines.
Subject caters to
the HCV, LCV and UV segments and supplies only to International OEMs. It is
currently engaged in a contract to supply parts as OEM fitment to Mack truck in
US, Fiat Auto, Italy.
Customers
At
the company total customer satisfaction is their foremost concern and they
recognize the value strong customer relationship brings to their business. They
cater to the requirements of both domestic as well as international sectors of
the Market in both automotive and non-automotive segments.
They
are currently engaged in a contract to supply parts as OEM fitment to Mack
truck in USA, FIAT AUTO in Italy and SACHS-BOGE in Germany. Apart from this
they work under contract manufacturing program with leading first tier
manufacturers of rubber and rubber to metal bonded parts in USA and Europe.
Quality Management
The quality
management system is certified to ISO/TS
16949:2002 by Det
Norske Veritas. They are proud to be the first company in India as well as in Asia to
have this certificate.
The Quality
management system is supported by in-house training of associates, external
training by renowned faculty, sophisticated measuring and testing equipments
and internal culture based on Kaizen, excellence in productivity projects,
continuous improvement in every aspect of manufacturing. To enhance customer
satisfaction and continually lowering the cost is the motto of our established
quality management system.
Quality Policy
ANP is committed to
comply with requirements to Achieve Total Customer Satisfaction Through
C
Technological
Excellence,
C
Continous
Improvement,
C
Cost
Reduction.
ANP shall provide
suitable working environment to ensure their active Participation. ANP shall
establish and review it’s quality objectives.
Quality Objectives
C 100% on-time delivery.
C Customer rejects not to exceed 50 PPM
C Minimum 5 suggestions to be received per
month from employees.
C To achieve 5% cost reduction on total
expenditure against budgeted value.
C Continuous improvement projects to be
identified in all functional areas of the organisation.
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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/normal. |
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 |
|