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MIRA
INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEW HOLLAND TRACTORS (INDIA) PRIVATE LIMITED |
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Registered Office : |
50, Okhla Industrial Area, Phase – 3, New Delhi – 110020. |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.12.1998 |
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Com. Reg. No.: |
55-97355 |
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CIN No.: [Company
Identification No.] |
U99999DL1988PTC097355 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELN02993E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Agriculture Tractors, Components and Trading of
Tractors Parts, Agriculture and Other allied Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 16000000 |
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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 and reputed company having satisfactory
track. Available information indicates high financial responsibility of the company.
Directors are reported as experienced and respectable businessmen. Company
has been successful in wiping off all its previous losses as per last
financials of 31.12.2006. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
50, Okhla Industrial Area, Phase – 3, New Delhi – 110020, India |
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Tel. No.: |
91-120-3056000/ 91-11-26322207/ 51613570/ 71 |
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Fax No.: |
91-120-3056939/29/ 91-11-26932171/ 26322208 |
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E-Mail : |
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Area : |
Rented |
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Location : |
2500sq.fts |
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Factory : |
Industrial Plot No. 3, Udyog Kendra, Greater Noida – 201306, Dist. Gautam Budh Nagar, Uttar Pradesh, India |
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Tel. No.: |
91-120-2350401/ 2350402/ 2568869/ 3056000 |
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Fax No.: |
91-120-2568870/ 3056939/ 29 |
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Area : |
60 acres |
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Location : |
Owned |
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Corporate Office
: |
210, Okhla Industrial Area – III, New Delhi – 110 020, India. |
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Tel No.: |
91-11-6932207 / 10 / 12 / 6848140 / 54 |
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Fax No.: |
91-11-6932208 |
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Email : |
delhi.rchoda@newholland.com |
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Website : |
www.newholland.com/nh/asia.htm |
DIRECTORS
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Name : |
Mr. Mario Gasparri (Italian) |
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Designation : |
Director |
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Address : |
69, Friends Colony (West), New Delhi – 110065 |
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Date of Birth : |
01.01.1960 |
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Date of Appointment : |
28.11.2002 |
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Name : |
Mr. Michael Stuart (British) |
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Designation : |
Director |
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Address : |
Mulberry Hill, 8, Compton Way, Moor Park, Farnham, Surrey, GU10 1OZ,
England |
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Date of Birth : |
02.11.1950 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Eduardo Teodorani (Italian) |
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Designation : |
Director |
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Address : |
Flat 51, 162, Sloane Street, London SW1X 9BS |
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Date of Birth : |
21.09.1965 |
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Date of Appointment : |
22.06.2004 |
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Name : |
Mr. Allian Gold (Belgium) |
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Designation : |
Director |
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Address : |
Strada Val San Martino Superiore, 28510131, Torino, Italy |
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Date of Birth : |
11.11.1964 |
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Date of Appointment : |
26.11.2007 |
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Name : |
Mr. Rakesh Malhotra (Indian) |
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Designation : |
Alterante Director to Mr. Alian Gold |
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Address : |
228, Bhera Enclave, Delhi – 110087 |
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Date of Birth : |
06.04.1958 |
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Date of Appointment : |
26.11.2007 |
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Name : |
Mr. Devienne Frederic (Foreign) |
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Designation : |
Director |
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Address : |
2, Rue De La Fontaine Des Sules 78750 Mareil Marly, France |
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Date of Birth : |
11.04.1961 |
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Date of Appointment : |
15.03.2004 |
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Name : |
Mr. Franco Fusignai |
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Designation : |
Director |
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Date of Birth : |
19.09.1945 |
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Date of Appointment : |
25.05.2007 |
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Name : |
Mr. Jozef Tournel |
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Designation : |
Director |
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Date of Birth : |
27.02.1964 |
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Date of Appointment : |
07.12.2007 |
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Name : |
Mr. Youssef Hadjas |
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Designation : |
Director |
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Date of Birth : |
24.03.1964 |
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Date of Appointment : |
07.12.2007 |
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Name : |
Mr. Rakesh Jinsi |
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Designation : |
Director |
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Date of Birth : |
15.01.1955 |
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Date of Appointment : |
14.02.2008 |
KEY EXECUTIVES
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Name : |
Mr. Vineet Harlalka |
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Designation : |
Company Secretary |
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Address : |
C – 10 / G – 1, Dilshad Garden |
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Date of Birth : |
28.06.1973 |
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Date of Appointment : |
01.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.12.2006)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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CNH Asian Holding Limited NV |
696369925 |
100.000 |
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Mr. Rakesh Malhotra |
5 |
0.000 |
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Total |
696369930 |
100.00 |
(As on 31.12.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs or Others) |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Agriculture Tractors, Components and Trading of
Tractors Parts, Agriculture and Other allied Equipments. |
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Imports : |
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Products: |
Tractors |
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Countries : |
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Imports : |
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Products: |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Contact or Credit (30 days). |
GENERAL
INFORMATION
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Suppliers : |
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Customers: |
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No. of Employees : |
1500 |
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Bankers : |
Barakhamba Road, New Delhi – 110 001, India
New Delhi – 110 001
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S R Batliboi and Associates, Mr. Raman Sobti Chartered Accountants |
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Address : |
Tower – B, Sector – 42, Gurgaon – 122002, Haryana |
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PAN No.: |
AABFS3421N |
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Holding Company
: |
CNH Asian Holding Limited (Formerly New Holland Mauritius Private Limited) |
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Associates/Subsidiaries : |
ARGENTINA
New Holland Argentina SA Calle 28, No. 920 Panamericana KM39.5, Casilla de Correo 39, Garin, Buenos Aires, Argentina Tel. No. 54-332-7452111 Fax No. 54-332-7452347 AUSTRALIA
New Holland Australia Pty Limited P. O. Box 91, 1 Garfield Road East, Riverstone, New South Wales 2765, Australia Tel. No. 61-2-9627-5611 Fax No. 61-2-9627-5922 AUSTRIA
New Holland Deutschland GmbH Zweigniederlassung Osterreich, Eferdinger Strasse 71, 4600 Wels, Austria Tel. No. 43-7242-69331 Fax No. 43-7242-69231 BELGIUM
New Holland Belgium BV Leon Claeysstraat 3a, 8210 Zedelgem, Belgium Tel. No. 32-50-253111 Fax No. 32-50-201804 BRAZIL
New Holland Latino Americana Ltda Av. Juscelino Kubitschek de Oliveira n. 11825, Caiza Postal 14040, CEP 81503 Curitiba, Paraba, Brazil Tel. No. 55-41-3417111 Fax No. 55-41-3417391 CANADA
New Holland Canada Limited Versatile Farm Equipment Operations, 1260 Clarence Avenue, P. O. Box 7300, Winnipeg MB, Canada, R3C 4E8, Tel. No. 1-204-284-6100 Fax No. 1-204-284-9487 CHINA
New Holland Representative Office 8th Floor, China Travel Service Tower No. 2, Beisanhuan East Road, Beijing, China Tel. No. 86-10-64624354, 64624355 Fax No. 86-10-64624358 DENMARK
New Holland Denmark A/S Bibliotekvej 58, DK-2650 Hvidovre, Denmark Tel. No. 45-36-39-8100 Fax No. 45-36-39-8118 FRANCE
New Holland France SA 16-18 Rue des Rochettes, BP119, Morigny-Champigny, 91152 Etampes, Cedex, France Tel. No. 33-1-6080-7070 Fax No. 33-1-6080-7250 GERMANY
New Holland Deutschland GmbH Benzstrasse 1, D-74076 Heilbronn, Germany Tel. No. 49-7131-1060 Fax No. 49-7131-163797 HUNGARY
New Holland Representative Office Orczy Centre, Szeszgyar u.4, H-1086 Budapest, Hungary Tel. No. 36-1-4771060-2 Fax No. 36-1-4771069 IRELAND
New Holland UK Limited Irish Office, Unit B, Merrywell Business Park, Lower Ballymount Road, Dublin 12, Ireland Tel. No. 353-1-4569040 Fax No. 353-1-4569080 ITALY
New Holland Italia SpA Viale delle Nazioni 55, 41100 Modena, Italy Tel. No. 39-059-591111 Fax No. 39-059-591133 KOREA
New Holland Italia SpA C/o. ASL Ltd, Jangyang Building 4FL, 195-10 Huam-Dong, Yongsang-Ku, Seoul, Korea Tel. No. 82-2-7952783 Fax No. 82-2-7952784 PAKISTAN
New Holland Liaison Office 30/B, First Central Lane, Defence House Society, Phase II, Karachi 74400, Pakistan Tel. No. 92-21-5887700 Fax No. 92-21-5887905 PORTUGAL
New Holland Portugal Lda Rua Quinta Do Paizinho No. 2-1, Alfragide, 2795 Carnaxide, Lisbon, Portugal Tel. No. 351-1-4245940 Fax No. 351-1-4245941 ROMANIA
New Holland Representative Office Str. Aviator Sanatescu 5, Sector 1, Bucharest, Romania Tel. No. 40-1-224-3581, 3582, 3585 Fax No. 40-1-224-3603 RUSSIA
New Holland Representative Office C/o. Fiat International SpA, 22/25, Bolshoi Strochenovsky Pereulok (1st floor – office 200) 113054, Moscow, Russia Tel. No. 7-095-7969686 Fax No. 7-095-7969698 SINGAPORE
New Holland UK Lmited Asia Pacific Representative Office, 51 Goldhill Plaza, #20-09/10, Singapore 308900, Republic of Singapore Tel. No. 65-355-6050 Fax No. 65-258-6371 SPAIN
New Holland Espana SA Carretera de Barcelona km 11.3, 28022 Madrid, Spain Tel. No. 34-91-4387100 Fax No. 34-91-4387172 UNITED
KINGDOM
New Holland UK Limited Cranes Farm Road, Basildon, Esses SS14 3AD, U.K. Tel. No. 44-1268-533000 Fax No. 44-1268-531059 UKRAINE
New Holland Representative Office 1, Vasilkovskaja Str., Kiev 252040, Ukraine Tel. No. 380-44-263-1046 Fax No. 380-44-267-1416 USA
New Holland North America Inc 500 Diller Avenue, P. O. Box 1895, New Holland PA, 17557-0903, USA Tel. No. 1-717-355-1121 Fax No. 1-717-355-1826 |
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Parent Company: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
1107142857 |
Equity Shares |
Rs.2.80/- each |
Rs.3100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
696369930 |
Equity Shares |
Rs.2.80/-
each |
Rs.1949.836
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1949.836 |
1949.836 |
1949.836 |
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|
2] Share Application Money |
0.00 |
465.928 |
0.000 |
|
|
3] Reserves & Surplus |
1213.146 |
1.988 |
3.890 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(160.632) |
|
|
NETWORTH |
3162.982 |
2417.752 |
1793.094 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.174 |
166.308 |
346.885 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
0.174 |
166.308 |
346.885 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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|
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TOTAL |
3163.156 |
2584.060 |
2139.979 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1124.046 |
1089.334 |
1043.019 |
|
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Capital work-in-progress |
208.797 |
45.183 |
35.166 |
|
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|
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1385.114
|
1180.625 |
581.334 |
|
|
Sundry Debtors |
2132.575
|
1605.260 |
1128.833 |
|
|
Cash & Bank Balances |
201.115
|
157.634 |
194.181 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
435.337
|
420.590 |
211.829 |
|
Total
Current Assets |
4154.141
|
3364.109 |
2116.177 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2160.832
|
1766.074 |
916.758 |
|
|
Provisions |
162.996
|
148.492 |
137.545 |
|
Total
Current Liabilities |
2323.828
|
1914.566 |
1054.303 |
|
|
Net Current Assets |
1830.313
|
1449.543 |
1061.874 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3163.156 |
2584.060 |
2139.979 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
10482.873 |
7271.000 |
5033.000 |
|
|
Other Income |
132.854 |
0.000 |
0.000 |
|
|
Total Income |
10615.727 |
7271.000 |
5033.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
860.838 |
727.000 |
373.000 |
|
|
Provision for Taxation |
113.620 |
100.000 |
19.000 |
|
|
Profit/(Loss) After Tax |
747.218 |
627.000 |
354.000 |
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
4640.491 |
2446.842 |
1277.999 |
|
|
Service Rendered |
0.000 |
23.815 |
9.551 |
|
Total Exports |
4640.491 |
2470.657 |
1287.550 |
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
1558.190 |
1124.393 |
512.855 |
|
|
Stores & Spares |
0.649 |
3.095 |
1.836 |
|
|
Capital Goods |
79.143 |
41.776 |
23.050 |
|
|
Others |
8.996 |
14.439 |
1.199 |
|
Total Imports |
1646.978 |
1183.703 |
538.940 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
2284.827 |
44.000 |
45.000 |
|
|
Depreciation & Amortization |
2428.809 |
170.000 |
151.000 |
|
|
Other Expenditure |
5041.253 |
6330.000 |
4464.000 |
|
Total Expenditure |
9754.889 |
6544.000 |
4660.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2007 |
31.12.2006 |
31.12.2005 |
|
PAT / Total Income |
(%) |
7.04
|
8.62 |
7.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.21
|
9.99 |
7.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.31
|
16.32 |
11.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.30 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
0.79 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.75 |
2.00 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was incorporate on May 9, 1995 as a wholly owned subsidiary of
CNH Asian Holding Limited (Formerly New Holland Mauritius Private Limited). The
company is primarily engaged in the manufacturer of agriculture tractors,
components and trading of tractors parts, agriculture and other allied
equipments.
During the year 2005- 06 the subject introduced a wide range of new
product variants. New Holland 3600 Potato variant, New Holland 3.130 with big
tyre option, New Holland 3230 with Double clutch option and Down swept in Lower
HP range for Airports haulage application.
The subject has expanded the product offering by marketing Balers,
Mowers and Conditioners, Flail Choppers imported form other CNH facilities. In
2006, 5 balers, 2 Flail Choppers and3 Mowers and conditioners were sold. In
addition to these the subject also started the marketing of sugarcane
harvesters made in Brazil and was able close the order for 1 Harvester.
To make Retail financing subject new MOU’s with nationalized banks and
private banks were signed in 2006. To make Wholesale finance available at
attractive terms to Dealers a Wholesale channel finance facility was activate
for key dealers through state bank of India. The tractors export achieved as
phenomenon Growth of 157% over previous year. The subject company exported
tractors to Asia, Africa and Middle East, Australia, New Zealand and Latin
America.
The production in the plant was ramped up in 2006 with the introduction
of second shift operations. Tow nos of Makino machines were added in the
machine shop and major modification were done in the Paint Shop. Most was
implements on the shop floor for enchaining the productivity. Major initiatives
power monitoring system at various locations, compressed air distributions
modification and assuage of electrostatic guns in paint shop were taken to
conserve there source To cater to the additional seating requirements, first
floor was made operational.
Press Clippings: Sources; The Hindu Source: The Hindu Business Line
New Delhi , Sept.
16
Upbeat growth in
the domestic market as well as the export potential, New Holland Tractors India
on Friday said that it expects to double its revenue to Rs 10000.000 millions
by 2007.
"Their
revenue should touch Rs 5000.000 millions in 2005, which will be a 50 per cent
growth over 2004. They aim to increase it to Rs 10000.000 millions by
2007," Mr Mario Gasparri, Managing Director and Chief Executive of New
Holland Tractors India, said at a news conference announcing the launch of the
company's new range of tractors.
Mr Gasparri said
that he expected exports (including tractors and components) to constitute 30
per cent of total revenue by 2007, compared with 20 per cent, at present.
New Holland India
exports fully-built tractors to 24 countries in West Asia, Africa, Australia,
South-East Asia and Latin America. It also exports sub-assemblies and other
tractor parts to the facilities of its parent company, CNH Global, across the
world.
The company sold
9,714 tractors in 2004, and it aims to increase sales by 40 per cent this year,
Mr Gasparri said.
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |
|