MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASCENT CIRCUITS PRIVATE LIMITED |
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Registered Office : |
B-13, I.T.I
Industrial Estate, Mahadevapura,
Bangalore – 560 048, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.02.1999 |
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Com. Reg. No.: |
24700 |
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CIN No.: [Company
Identification No.] |
U31200KA1999PTC024700 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA06934E |
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PAN No.: [Permanent
Account No.] |
AABCR2074D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing, Importing and Exporting
of Single Sided Printed Circuit Boards and Populated Boards. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2472585 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established
company engaged in manufacturing and marketing of Printed Circuit Boards.
Although the company maintains its turnover almost at the some level its
profits are narrowing down. The company has adequate infrastructure facilities.
Directors are resourceful
businessmen. Their trade relations are fair. Payments are reported as slow
but correct. However, it can be
considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ravi Chandra |
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Designation : |
Manager |
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Contact No.: |
91-9443338097 |
LOCATIONS
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Registered Office : |
B-13, ITI Ancillary Industrial
Estate, Mahadevapura, Whitefield, Bangalore – 560 048, Karnataka, India |
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Tel. No.: |
91-80-28511709 |
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Mobile No.: |
91-9845310106 |
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Fax No.: |
91-80-28511709 |
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E-Mail : |
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Website : |
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Area : |
2.89 sq akr |
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Location : |
Owned |
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Head Office : |
Plot No. 111, Sipcot Industrial Complex, Phase – I, Hosur – 635 126, Tamilnadu Pradesh |
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Tel. No.: |
91-4344-500109/500126/578379 |
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Fax No.: |
91-4344-500128/579021 |
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E-Mail : |
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Website : |
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Area : |
Building area admeasuring 50,000 sq.ft. and land area admeasuring 2.67 acres |
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Location : |
Owned |
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Branches : |
Located at :- ·
Mumbai, Maharashtra ·
Delhi |
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Factory : |
Plot No.111,Sipcot Industrial Complex, Phase I ,Hosur-635126,
Tamilnadu, India |
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Tel. No.: |
91-80-4344400108 / 400124 |
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Fax No.: |
91-80-4344400128 |
DIRECTORS
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Name : |
Mr. P. Manjunath |
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Designation : |
Managing Director |
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Address : |
B-13, ITI Ancillary Industrial
Estate, Whitefield Road, Bangalore – 560 048, Karnataka |
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Age : |
47 Years |
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Qualification : |
B. Tech. |
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Date of Appointment : |
1st February, 1999 |
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Name : |
Mr. G. Shankar Ram |
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Designation : |
Joint Managing Director |
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Mob No.: |
91-9845310106 |
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Address : |
201, TGL Apartments, 139/8,
Domur, Bangalore – 560 071, Karnataka |
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Age : |
47 Years |
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Qualification : |
B. Tech. |
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Date of Appointment : |
1st February, 1999 |
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Name : |
Mr. A. Arvind Rao |
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Designation : |
Director |
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Address : |
188 A, 6th Main, Defence
Colony, HAL II Stage, Bangalore – 560 008, Karnataka |
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Age : |
48 Years |
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Qualification : |
B. Tech. |
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Date of Appointment : |
1st February, 1999 |
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Name : |
Mr. P. S. Sudhakar |
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Designation : |
Director – Marketing |
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Name : |
Mr. C. Ravi Prasad |
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Designation : |
Director – (Q.C) |
KEY EXECUTIVES
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Name : |
Mr. T. K. Nayanasudhan |
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Designation : |
General Manager – (Q.A) |
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Name : |
Mr. M. C. Thomas |
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Designation : |
Assistant General Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. G. Shankar Rao |
|
217500 |
|
RTC Investments Limited |
|
67500 |
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Mr. A. A. Rao |
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1,57,500 |
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Mr. P. Manjunath |
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3,07,500 |
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Total |
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7,50,000 |
AS ON 30.09.2006
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Importing and
Exporting of Single Sided Printed Circuit Boards and Populated Boards |
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Products : |
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Exports : |
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Countries : |
USA, Europe and UK |
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Imports : |
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Countries : |
Korea, China, Taiwan, Singapore
and Germany |
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Terms : |
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Selling : |
Credit (60 to 90 days) or L/C (90 days) |
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Purchasing : |
Credit (90 to 120 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Single Sided Printed Circuit Boards and Populated Boards |
Nos. |
|
90000 |
115878 |
GENERAL
INFORMATION
|
Suppliers : |
·
Scholleter, UK ·
Doosan, Korea ·
Kingboard, China ·
Nanya, Taiwan ·
Chawchung, Taiwan ·
Taiyo Ink International (S)
Pte. Limited, Singapore ·
Jamplan Marketing, Hongkong |
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Customers : |
·
ITI India ·
LG India ·
TVS Electronics Limited,
Tumkur, Karnataka ·
BPL Group, India ·
Kodak India Limited,
Bangalore, Karnataka, India · Bharti Teletek Limited, Ludhiana, Punjab, India |
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No. of Employees : |
50 (In Office – 20, In Factory - 30) |
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Bankers : |
v
State Bank of India ITI
Ancillary Branch, Mahadevapura, Bangalore
– 560 048, Karnataka (The company
enjoys Rs. 50.000 millions and Secured Loan facility of Rs. 30.055 millions
from its’ bankers) v
State Bank of India M’palli, Hosur, Tamilnadu |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. K. P. Rao & Company Chartered Accountants |
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Address : |
Bangalore – 560 001, Karnataka |
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Associates/Subsidiaries : |
·
Hosur Coir Foam, Hosur,
Tamilnadu ·
Technova Tapes, Bangalore,
Karnataka ·
Mahadevapura, Bangalore –
560 048, Karnataka ·
Ascent Telectronics ·
Udupa Industries |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,00,000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
15.000 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
108.075 |
62.505 |
42.026 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
123.075 |
70.005 |
49.526 |
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LOAN FUNDS |
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1] Secured Loans |
133.991 |
135.010 |
79.127 |
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2] Unsecured Loans |
64.238 |
52.077 |
37.319 |
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TOTAL BORROWING |
198.229 |
187.087 |
116.446 |
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DEFERRED TAX LIABILITIES |
19.117 |
10.369 |
8.321 |
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TOTAL |
340.421 |
267.461 |
174.293 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
164.361 |
136.811 |
110.250 |
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Capital work-in-progress |
0.000 |
0.000 |
0.235 |
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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 |
68.496
|
74.418 |
24.375 |
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Sundry Debtors |
148.100
|
99.228 |
77.007 |
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Cash & Bank Balances |
16.047
|
14.314 |
9.908 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
56.239
|
53.824 |
15.346 |
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Total
Current Assets |
288.883
|
241.785 |
126.636 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
81.233
|
98.868 |
54.078 |
|
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Provisions |
31.590
|
12.267 |
8.750 |
|
Total
Current Liabilities |
112.823
|
111.135 |
62.828 |
|
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Net Current Assets |
176.060
|
130.650 |
63.808 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
340.421 |
267.461 |
174.293 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
494.517 |
387.441 |
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Other Income |
|
8.620 |
0.185 |
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Total Income |
|
503.137 |
387.626 |
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Profit/(Loss) Before Tax |
|
81.140 |
28.814 |
|
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Provision for Taxation |
|
28.071 |
8.815 |
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Profit/(Loss) After Tax |
|
53.069 |
19.999 |
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Expenditures : |
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Manufacturing Expenses |
|
72.819 |
48.588 |
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Administrative Expenses |
|
33.749 |
54.795 |
|
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Raw Material Consumed |
|
267.257 |
234.430 |
|
|
Increase/(Decrease) in Finished Goods |
|
(6.178) |
(15.560) |
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Salaries, Wages, Bonus, etc. |
|
15.020 |
9.407 |
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Financial Expenses |
|
17.100 |
13.210 |
|
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Depreciation & Amortization |
|
22.226 |
16.559 |
|
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Other Expenditure |
|
0.004 |
2.617 |
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Total Expenditure |
|
421.997 |
358.812 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.10
|
0.05 |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
0.16
|
0.07 |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.17
|
0.07 |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
|
0.65
|
0.41 |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.52
|
4.26 |
3.61 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.17 |
2.01 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated with
the name – RIC Circuits Private Limited and the company name has been changed
to the present w.e.f. 7th April, 2000.
The company is promoted by the
young technocrates who have established themselves. This company was taken over
from Rao Insulating Company Limited, Bangalore, Karnataka. This unit is located
in Industrial Area developed by SIPCOT with all infrastructural facilities.
Form No. 8
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90197640 |
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Corporate
identity number of the company |
U31200KA1999PTC024700 |
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Name of the
company |
Ascent Circuits
Private Limited |
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Address of the registered
office or of the principal place of
business in India of the company |
B-13, ITI Ancillary Industrial Estate, Mahadevapura,
Whitefield, Bangalore – 560 048, Karnataka, India |
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Type of charge |
Book Debts Movable Property Immovable Propery Floating Charge |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement of hypothecation of goods and assets for overall increase in limit
– from. C.2A:letter reading the grant of individual limit within the overall
limits from C-5 and memorandum for recording extension of mortgage by deposit
of title deeds Sme-7 (all the above pertain to the same charge) |
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Date of
instrument Creating the charge |
26.06.2007 |
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Amount secured by
the charge |
Rs.325.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate: WCL – at
1.50% bello Sbar present effective rate 11.25% per annum. TL (ll / lll /
Open TL) – at 1.00% below sbar present effective rate 11.75% per annume. Penal
interest for non-compliance of term of sanction: max 2% per annum over the
normal rate. Prepayment penalty as per terms of sanction. Terms of
Repayment Working capital
facility repayable on demand. Term loan (ll) :
In 46 monthly installments. 1)
10 m inst of
Rs.0.500 millions each 2)
12 m inst of
Rs.0.400 millions each 3)
24 m inst of
Rs.0.820 millions each Term Loan (lll) :
In 48 monthly installments 1)
10 m inst of
Rs.0.500 millions each 2)
15 m inst of
Rs.0.800 millions each 3)
23 m inst of
Rs.10.000 millions each Open Term Loan :
In 46 monthly installments 1)
30 m inst of
Rs.0.500 millions each 2)
12 m inst of
Rs.0.667 millions each 3)
4 m inst of
Rs.0.500 millions each Margin Raw materials –
semi finish goods / finish goods – 25% Stores / spares –
25% Book debt / receivable
– 25% Term loan (ll) –
28% Term loan (lll) –
26% Open term loan –
37% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent Security of
immovable property cover to the extent of Rs.325.500 millions Security of
current assets covert the extent of Rs.288.500 millions Others Cash credit –
(hypothecation of stock and receivables) – Rs.90.000 millions Corporate loan
existing – Rs.10.000 millions; term loan (l) existing Rs.23.000 millions: term
loan (ll) existing Rs.27.500 millions; term loan (lll) existing Rs.40.000
millions; open the term loan Rs.25.000 millions; letter of credit – Rs.50.000
millions; Bank guarantee – Rs.3.000 millions Slc – Rs.20.000
millions; total limit – Rs.288.500 millions |
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Short particulars
of the property charged |
Hypo of present
and future all of the borrower’s stock of raw materials; semi finish and
finish goods; stores, spears, book debt, receivables, other movable assets etc.
wherever situate, held or store or in transit or in the custody of any third
party equipment mort of immovable property situated at Plot No.111 and 99,
sipcot industrial area, 1st Phase, Hosur, Tamil Nadu. |
||||||
|
Date of latest
modification prior to the present modification |
16.10.2006 |
||||||
|
Particulars of
the present modification |
The amount
secured by the charge stand increased from Rs.228.000 millions to Rs.325.500
millions security of current assets movable fixed assets other movable and
movable properties already obtain and detailed in Col No. 14 herein above
continues to be available for the enhanced limit also all other terms and
conditions remained unchanged. |
BUSINESS
Subject is engaged in
manufacturing, importing and exporting of Single Sided Printed Circuit Boards
and Populated Boards.
Subject is also engaged in manufacturing, importing, exporting and trading of all types of
It imports raw
materials/consumables for own use.
It exports a part of its
production.
Profile
Subject is an integral part of a
premier business group, with diverse commercial interests, Ascent Circuits is
one of the leading manufacturers of single sided PCB's in India.
The company's business philosophy
is based on a judicious blend of innovative deployment of technology and
exceptional customer service. With a distinct accent on quality, Ascent
Circuits delivers customized products without compromising on time-to-market.
This is enabled by a promising engineering talent pool, spearheaded by the
dynamic, young management.
The company is today rated as the
fastest growing company in the industry, with comprehensive
state-of-the-art infrastructure. The quality system is certified for ISO
9001:2000 by Underwriters Laboratories.
A growth made possible by long term relationships with a venerable portfolio
of OEM Clients, in India and Abroad.
Production Capacity
The company manufactures PCB's of
world-class professional grade for the Electronics, Telecom, Consumer
Electronics, Computer Peripherals, Power and Automotive Sectors.
The products are manufactured from FR-1, FR-2, CEM-1, CEM-3 and FR-4 Copper
Clad Laminates.
They are customized with solder mask/Solderable lacquer/hot air
levelling/roller tinning/nickel plating/gold plating or carbon conductive
tracks, to meet specific requirements.
Single Side Printed Circuit Boards
Subject supplies PCB's for
professional grade in Electronics, Telecom products, Consumer electronics,
Computer peripherals, Power Supply and Automobile Electronics.
PCB's are manufactured from FR-1, FR-2,
CEM-1, CEM-3 and FR-4 Copper Clad Laminates.
PCB's are supplied with Soldermask
/ Solderable lacquer/Hot air leveling /Roller tinning/Nickel Plating/Gold
plating or with Carbon conductive tracks. Boards are electrically tested
for opens and shorts.
The company’s PCB's confirm to IPCS A-600F, IS-7405, UL-796, UL-94 Standards.
Quality Approvals
CACT approval from Department of
Tele communications.
Safety approval from Under writers Laboratories Inc. USA. File No : E208727,
Vol-1 ISO 9001-2000 Certified by Underwriters Laboratories Inc. USA
Quality
The real test of technology is the
creation of products that plug seamlessly into customers critical equipment.
And Ascent Circuits has passed the test with flying colours.
All its products are manufactured and tested using controlled and documented
procedures, guaranteeing complete traceability and batch uniformity. The
company conforms to A-600D, IS-7405, JSS-52300, JSS-52301, UL-796 standards and
welcomes independent audit by its customers.
At Ascent Circuits, the pursuit of excellence in quality is a passion that has
driven the business to the position it enjoys today.
AS PER WEB SITE DETAILS
Environmental Policy
A zero discharge company. All chemical effluents are treated and water is
re-cycled. 80% of re-cycled water is used for production after RO filtration
process. The balance 20% is evaporated through solar evaporators. 3rd RO plant
is under construction to enhance the utilization of treated water up to 95%
Platting and wet processing lines built to European standards with
complete enclosures & scrubbers to neutralize fumes and clean air is let
out. Solid wastes are disposed as per local government regulations.
ISO-14000 certification by end of December-2008.
Below is a summary over their
current capability/capacity for standard mass production. They can also meet
special requirement for your products upon request.
v
Layer
Count : 1 - 12
v
Board
Thickness: (Min / Max)
v
Single
Sided : 0.4 mm / 2.4 mm
v
Double
Sided (PTH) : 0.4 mm / 3.2 mm
v
4
Layer : : 0.6 mm / 3.2 mm
v
6
Layer: 0.8 mm / 3.2 mm
v
Base
Laminate Copper Weight : 17 um to 105 um
v
Base
Laminate Type : XPC, FR1, FR2, CEM1, CEM3, FR4
v
Minimum
Line Width / Space: 0.13 mm / 0.10 mm
v
Minimum
Hole Size (Finished) :
v
Punching
Holes: 0.7 mm
v
CNC
Drilled non plated : 0.3 mm
v
CNC
Drilled plated : 0.25 mm
v
Aspect
Ratio : 14
v
Minimun
Annular Ring Size : 0.25 mm greater than hole size
v
Finished
Board Size
v
Maximum
: 576x424mm
v
HASL
: YES
v
OSP
(Glicoat F2 or Lacquer) : YES
v
Electrolytic
Gold : YES
v
Gold
Finger : YES
v
Immersion
Gold : YES
v
Others
: Upon Special Request
Production Capacity per Month
v
Single
Sided : 45,000 m2
v
Double
Sided PTH : 4,000 m2
v
Multi
Layer : 5,000 m2
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|