MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AVESTA ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
E-216, Shri Upendra Co-operative Housing Society, Y T Road, Dahisar
(East), Mumbai-400068, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.06.1997 |
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Com. Reg. No.: |
10.06.1997 |
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CIN No.: [Company
Identification No.] |
U28920MH1997PTC108631 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA12709E/ MUMA16374B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject designs, develops and manufactures a wide
range of TPE Profiles |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. Mr. Mohan (Accounts Executive) and Mr. Iruvile (Director) declined to
part with any details. |
LOCATIONS
|
Registered Office : |
E-216, Shri Upendra Co-operative Housing Society, Y T Road, Dahisar (East),
Mumbai-400068, Maharashtra, India |
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E-Mail : |
lupai@avestaautoprofile.com
, kpsarkari@avestaautoprofile.com
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Website : |
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Factory: |
31, Kala Silk Industrial Estate, Kashigaon, Post Miraroad, Districtg
Thane Pin:- 401 104.Maharashtra, (India) |
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Tel. No.: |
91-22-2845 6896 / 7771 / 5756 |
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Fax No.: |
91-22-2845 5638 |
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E-Mail : |
kpsarkari@avestaautoprofile.com |
DIRECTORS
|
Name : |
Mr. Srkari Pillo Khushrow |
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Designation : |
Director |
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Address : |
216, Upendra Co Operative Housing Society Limited, Dahisar (East),
Mumbai-400068, Maharashtra, India |
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Date of Birth/Age : |
19.08.1949 |
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Date of Appointment : |
10.06.1997 |
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Name : |
Mr. Iruuile Umesh Pai |
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Designation : |
Director |
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Address : |
B-47/167, Sunder Nagar, C.S.I Road, Kalina, Santacruze (East),
Mumbai-411098, Maharashtra, India |
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Date of Birth/Age : |
01.07.1939 |
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Date of Appointment : |
10.06.1997 |
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Name : |
Mr. Patel Dinshq Adzi |
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Designation : |
Director |
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Address : |
730, Jehangir Vimadala Road, Dadar Parsee Colony, Dadar,
Mumbai-400014, Maharashtra, India |
|
Date of Appointment : |
01.06.1997 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan |
|
Designation : |
Account Executieve |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 22.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Iruvile Umesh Pai |
|
80000 |
|
Sarkari Khushrow Piloo |
|
80000 |
|
Adil Dinshan Cursethji Patel |
|
40000 |
|
Adhir Barter Private Limited |
|
20000 |
|
Sunap Commotrade Private Limited |
|
20000 |
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Golden Medows Export Private Limited |
|
5000 |
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Nidhi Mercantiles Limited |
|
10000 |
|
Navyug Telefilm |
|
50000 |
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Safal Investment |
|
5000 |
|
Kasturi Overseas Private Limited |
|
5000 |
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Oasis Capital Limited |
|
10000 |
|
Noureau Finance Limited |
|
25000 |
|
Khushron P Sarkari |
|
50000 |
|
Adi Dinsan Cursethji Patel |
|
65000 |
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Adi Jal Dalal |
|
5 |
|
Benaifer Z Motafaram |
|
5 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject designs, develops and manufactures a wide
range of TPE Profiles |
GENERAL
INFORMATION
|
Suppliers : |
·
Bimpex Machnines Limited ·
Alco Steels Private Limited ·
J and K Industries ·
Kiran Aluminium India Private Limited ·
Unity Flock Industries |
|
|
|
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Customers : |
·
Mahindra and Mahindra Limited ·
Jai Maha Laxmi Enterprises ·
Hallmark Auto Trimming Private Limited ·
Mazda Windows Private Limited ·
Reva Electrical Car Company Limited ·
Sanva Auto Components Private Limited ·
Tristar Internaitonal ·
Tata Motors Limited ·
Zorastrain Automabiles Limited |
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Bankers : |
Bank of India, Bandra (East) Branch, Sterling Centre, Subhash Nagar,
Bandra (East), Mumbai-400051, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manish Choxsi and Company Chartered Accountant |
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Address : |
305, Samruddhi Commercial Complex, Mine Space Malad, Link Road, Malad
(West), Mumbai-400064, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.000 Millions |
|
400000 |
Preference Shares |
Rs. 10/- each |
Rs. 4.000 Milions |
|
|
Total |
|
Rs.11.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200080 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.001
Millions |
|
390410 |
Preference Shares |
Rs. 10/-
each |
Rs.3.904
Millions |
|
|
Total |
|
Rs.5.905 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 |
|
|
|
|
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1] Share Capital |
5.905 |
5.905 |
5.905 |
|
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2] Share Application Money |
0.430 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.278 |
12.513 |
9.090 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
24.613 |
18.418 |
14.995 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.360 |
4.794 |
5.226 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.360 |
4.794 |
5.226 |
|
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DEFERRED TAX LIABILITIES |
0.164 |
0.254 |
0.000 |
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TOTAL |
32.137 |
23.466 |
20.221 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
14.929 |
12.388 |
8.992 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.563 |
0.530 |
0.169 |
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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 |
0.000
|
0.000 |
4.310 |
|
|
Sundry Debtors |
28.791
|
19.552 |
15.027 |
|
|
Cash & Bank Balances |
1.770
|
1.035 |
0.927 |
|
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Other Current Assets |
7.236
|
5.677 |
0.000 |
|
|
Loans & Advances |
1.058
|
1.091 |
1.406 |
|
Total
Current Assets |
38.855
|
27.355 |
21.670 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
21.112
|
15.441 |
10.454 |
|
|
Provisions |
1.098
|
1.366 |
0.156 |
|
Total
Current Liabilities |
22.210
|
16.807 |
10.610 |
|
|
Net Current Assets |
16.645
|
10.548 |
11.060 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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|
|
TOTAL |
32.137 |
23.466 |
20.221 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
98.760 |
76.181 |
|
|
Other Income |
|
0.217 |
1.235 |
|
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Total Income |
|
98.977 |
77.416 |
|
|
|
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|
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Profit/(Loss) Before Tax |
|
10.658 |
7.873 |
|
|
Provision for Taxation |
|
3.851 |
3.434 |
|
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Profit/(Loss) After Tax |
|
6.807 |
4.439 |
|
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Expenditures : |
|
|
|
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|
Increase/(Decrease) in Finished Goods |
|
[1.545] |
[1.183] |
|
|
Financial Charges |
|
0.672 |
0.872 |
|
|
Depreciation & Amortization |
|
2.651 |
2.127 |
|
|
Other Expenditure |
|
86.541 |
67.727 |
|
Total Expenditure |
|
88.319 |
69.543 |
|
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|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.88
|
5.73 |
NA |
|
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.79
|
10.33 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.82
|
19.81 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.43 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
1.17 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.63 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90240741 |
|
Corporate
identity number of the company |
U28920MH1997PTC108631 |
|
Name of the
company |
AVESTA ENTERPRISES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
E-216, Shri Upendra Co-operative Housing Society, Y T Road, Dahisar
(East), Mumbai-400068, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of India, Bandra (East) Branch, Sterling Centre, Subhash Nagar,
Bandra (East), Mumbai-400051, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Continuing Oral
Assent |
|
Date of
instrument Creating the charge |
23.04.2008 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC and TL : 0.25%
below BPLR i.e. 12.50% p.a. with monthly rests or as notified by the bank
from time to time LC : As per extant Guidelines Terms of
Repayment CC and LC: On
Demand, TL: 60 Months EMI Rs. 10.125 Million each Margin As fixed by Bank
from time to time Extent and
Operation of the charge Security in
favour of Bank for due repayment by company to Bank at Mumbai of the said
aggregate facilities of Rs. 10.000 Millions with interest at agreed rates of
interest, security shall remain and continue for any advance of any nature
now due or pending or that may be made or become due hereafter form time to
time either in said loan account or in any other account/s and whether singly
or jointly with another or others and wherther at Bandra (East) Branch Contd.
In 12(e) below. Others Or any other
branch or office of the Bank and or for any indebtedness or liability
whatsoever and for all costs, charges
and expenses whatsoever paid or incurred or incurred by the bank. Revised facility
and Limit: CC Rs. 4.500 Million, TL Rs. 5.500 Millions (LC Rs. 2.000
Millions) Total Rs. 10.000 Millions |
|
Short particulars
of the property charged |
Equitable
mortgage of company’s immovable property consisting of land and building,
furniture and fixture and machinery and plant (both present and future)
situated at Gala/ Unit No. 12 Building No. l1 Bharat Industrial Estate, Kashi
Village Kala Silk Compound, P.O. Mira Bhyandar Nagarpalika Parioshad Taluka
Thane, bearing Survey No, -1 Hissa No. 2 of Kashi Village Taluka Thane |
|
Date of latest
modification prior to the present modification |
19.10.2004 |
|
Particulars of
the present modification |
The charge on the
mortgage property is increased form Rs. 4.500 Millions to Rs. 10.000 Millions |
|
Name of the company |
AVESTA ENTERPRISES PRIVATE LIMITED |
|
Presented By |
Bank of India,
Bandra (East) Branch, Mumbai-400051 |
|
1) Date and description of instrument creating the change |
No Instrument
Equitable Mortgage by deposit of title deeds dated 15.12.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
Millions |
|
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
of Company’s immovable property consisting of Land and Building, Furniture
and Machinery and Plant (both present and future) situated at Gala / Unit No.
12 Builidng No. 1, Bharat Industrial Estate Kashi Village, Kala Silk
Compound, P.O. Mira Bhayendar Nagapalika Parishad, Taluka Thane, bearing
Survey No.-1, Hissa No. 2 of Kashi Village Taluka Thane |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as may
be notified by the bank form time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India, Bandra (East) Branch, Sterling Centre, Subhash Nagar,
Bandra (East), Mumbai-400051, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
19th
October, 2004 No Instrument,
Extension of Equitable Mortgage by deposit of title deeds. Copy of record of
Oral Assent enclosed. |
|
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. |
1stModification By this
modification dated 19.10.2004 the charge of equitable mortgage on the
oforesaid immovable property in enhanced from Rs. 2.500 Millions to Rs. 4.500
Millions, Interst @ 1.5% over PLR/ BPLR Min 12.25% p.a or at such the other
rate of interest as may be notified to the company. Other conditions remain
the same. |
AS PER WEBSITE
Profile:
Subject was established as Avesta Enterprises in 1980
by technocrats to manufacture body Trims for cars, commercial vehicles and
buses as a partnership venture.
From inception the aim was Quality and Customer Satisfaction apart from
Innovation and Creativity.
Avesta Enterprises are in the field of design and development of various
types of finishers and profiles of front and rear glass rubber , door winding
glasses, reveal moulding and body side trims since the last 25 years . Within a
short period Avesta Enterprises became the major source of supply of the above
products to all OEMs in the western region viz Mahindra and Mahindra Limited ,
TATAS etc.
The International design / technology was constantly changing and AVESTA
felt the necessity for technology up-gradation and shifted to TPE from rubber
and from run of the mill assembly to continuous integrated online production.
In 1999, Avesta entered into a technical collaboration with M/s BIVALF
IBERICA, Barcelona, Spain and started continuous online process using cross
Head Co-Extrusion Technology. The co-extrusion technology was totally absorbed
by the Company and all new developments are now done in-house. As a result
Avesta are now a major source of supplies to TATA, MAHINDRA, EICHER, Bus Body
manufacture’s and Modular Office Furniture makers.
Subject designs, develops and manufactures a wide
range of TPE Profiles (Thermoplastic Elastomers) with various inserts like
CRCA/ ALUMINUM/ STAINLESS STEEL and are now working with the collaborators on
Hard/ Soft TPE Profiles with and without metal inserts. These profiles are
being used for front/ rear Glass Mouldings (also known as wind Shield Glass
Mouldings), Roof Beadings; Drip Mouldings and Weather Strip Moulding (also
known as Reveal Moulding / Belts).
TPE products are used in a cross section of industries due to its
versatile nature, scope of extruding in various colours and flexibility of
design. This also enhances the performance of the motorized winding system as
it reduces the direct load on the motor to almost 1/3 as compared to other
conventional profiles like EPDM or Natural Rubber.
Unlike EPDM very complicated inserts can be co-extruded economically.
AVESTA’S RANGE:
A. All types of Weatherstrips and Profiles in Hard/Soft Thermoplastic
Elastomer (TPE) with and without Metal inserts.
B. Flock channel made of Thermoplastic Rubber (TPR) slip coated or
flocked.
C. All types of Metal, Aluminium, Stainless Steel Rolled Sections
(having stages from 12 to 20) of various shapes having maximum input of 2mm Thickness
and 250mm Width.
D. Full range of sliding windows.
The Company’s advantage does not end with fast and speedy
designing. The team of engineers bring expertise to each and every profile for
maximum efficiency when the profile is fitted and used by the OEM's . The
segmented approach to solving clients problems allows for a deeper
understanding of the unique challenges each profile entails. This results in
the developments of more effective products and enhanced service to the
clients.
And alert and flexible team of engineers allow them to react rapidly to
any problems in any part of the world.
ACHIEVEMENTS:
M/s.Eicher Motors Limited awarded Avesta for “Outstanding
Contribution" to New Product development for the Year 2003-04. The
Designing is done on the latest CAD and Eng. Designing software's which gives
them a wide range of designing parameters at a very fast rate , thus reducing
the designing time to a very great extent.
THE KEY MANAGEMENT
- Mr. I.U.PAI
(DIRECTOR)
Mr. I. U. PAI brings nearly three and half decades of experience in all
technical aspects, field management and business development. During his career
Mr. I.U.PAI has developed and introduced many new and innovative ideas, which
has helped the Automotive Industries to a very large extent.
- Mr. K .P.
SARKARI (DIRECTOR)
With 35 years of experience in Tool and Die making, Technical Operations
and Customer Management. Mr. K.P. Sarkari provides valuable insight on several
facets of the client needs. He brings a wealth of Technical, field and research
experience, which has been appreciated by Automotive and Modular Furniture
makers.
- Mr. A.D.C
PATEL (Director)
With 36 years of experience in Marketing, Human Resources, Field and
Quality Upgradation, Mr. Patel provides a valuable link on all facets of the
client needs. His rich experience in developing clients has been his forte.
THE PARTNERS IN PROGRESS
Avesta Enterprises Private Limited has an in-house team of Engineers and
Technicians who are partners in the progress servicing multiple points all over
India and are committed to excellence.
TESTING FACILITY
Testing and Measuring is the foundation of Avesta. The state-of-the-Art
laboratory has the latest Technology, Computerized Equipment and Staffed with
experienced Technicians. The commitment to technology is reflected in the
superior performance of the product. They believe that modernized testing
Equipments lead to more accurate and precision systems that are more reliable
and effective because one cannot manage what one cannot measure. The investment
in technology allows for efficient and fast development of profiles.
APPLIED DEVELOPMENT
The development philosophy entails equal emphasis on practical
application and theoretical foundation. Conventional scientific principles are
combined with unconventional thinking to develop multi-functional systems with
numerous benefits. Avesta Enterprises Private Limited also takes a
collaborative approach to applied development. They work close with the client
to identify their specific need and distinct challenges which affect their
working. This teamwork helps them to understand exactly what will work in the
conditions each profile is operating in.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|