MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
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Name : |
OMKAR SPECIALITY
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
B – 34, Near Kokan
Chemical, Badlapur (East), District-Thane - 421503, |
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Country : |
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Financial as on : |
31.03.2007 |
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Date of Incorporation : |
24.02.2005 |
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Com. Reg. No.: |
11-151589 |
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CIN No.: [Company
Identification No.] |
U24110MH2005PTC151589 |
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IEC No.: |
0392006979 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUM003622D |
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PAN No.: [Permanent
Account No.] |
AAACO7311D |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer of
Chemical Products. |
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 291000 |
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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. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Aachare |
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Designation : |
Accountant |
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Date : |
20.10.2008 |
LOCATIONS
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Registered Office : |
B – 34, Near
Kokan Chemical, Badlapur (East), District-Thane - 421503, Maharashtra, India |
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Tel. No.: |
91-251-2690651/2691602/2697319 |
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Fax No.: |
91-251-2691572 |
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E-Mail : |
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Website : |
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Area : |
480 sq meter |
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Factory : |
W – 92, (A), MIDC,
Badlapur (East), Thane – 421 503, Maharashtra, India. |
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Area : |
720 sq meter |
DIRECTORS
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Name : |
Mr. Pravin Shivdas Herlekar |
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Designation : |
Director |
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Address : |
“Sitaram”, Genesh
Chowk, Manjali, Badlapur (West), District – Thane – 421503, Maharashtra,
India. |
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Date of Birth/ Age : |
02.10.1949 |
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Date of Appointment : |
24.02.2005 |
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Name : |
Mr. Shivdas Ramrao Herlekar |
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Designation : |
Director |
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Address : |
“Sitaram”, Genesh
Chowk, Manjali, Badlapur (West), District – Thane – 421503, Maharashtra,
India. |
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Name : |
Mrs. Anjali Pravin Herlekar |
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Designation : |
Managing Director |
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Address : |
“Sitaram”, Genesh
Chowk, Manjali, Badlapur (West), District – Thane – 421503, Maharashtra,
India. |
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Date of Birth/ Age : |
03.05.1960 |
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Date of Appointment : |
24.02.2005 |
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Name : |
Mr. Girish
Madhavrao Deshpande |
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Designation : |
Additional
Director |
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Address : |
“Sitaram”, Genesh
Chowk, Manjali, Badlapur (West), District – Thane – 421503, Maharashtra,
India. |
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Date of Birth/ Age : |
13.03.1981 |
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Date of Appointment : |
01.06.2007 |
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Name : |
Mr. Dattatraya
Madhav Deshpande |
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Designation : |
Additional
Director |
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Address : |
Mahalsa Narayani,
Genesh Chowk, Manjali, Badlapur (West), District – Thane – 421503,
Maharashtra, India. |
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Date of Birth/ Age : |
21.04.1949 |
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Date of Appointment : |
01.06.2007 |
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Name : |
Mr. Omkar
Herlekar |
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Designation : |
Additional
Director |
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Address : |
Mahalsa Narayani,
Genesh Chowk, Manjali, Badlapur (West), District – Thane – 421503,
Maharashtra, India. |
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Date of Birth/ Age : |
21.04.1949 |
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Date of Appointment : |
01.06.2007 |
KEY EXECUTIVES
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Name : |
Nitesh A Pradhan and Company |
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Designation : |
Company Secretary |
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Address : |
C/8, Anagha, Dr. Sarojini Naidu Road, Mulund (West), Mumbai – 400 080,
Maharashtra, India. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Pravin Herlekar |
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26000 |
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Shivdas Herlekar |
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50 |
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Anjali Herlekar |
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128 |
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Others |
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22 |
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Total |
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26200 |
As on 01.08.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
99.92 |
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Other top 50 shareholders |
0.08 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Chemical Products. |
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Products : |
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Exports : |
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Products : |
Chemical Products |
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Countries : |
Italy, Australia |
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Imports : |
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Products : |
Selenium Metal,
Iodine |
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Countries : |
Japan, UAE,
Europe |
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Terms : |
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Selling : |
Credit 60/ 90
days |
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Purchasing : |
L/C 90 days |
GENERAL INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
Citibusiness,
Citibank Centre, 2nd Floor, Bandra Kurla Complex, Bandra (East),
Mumbai;400051, Maharashtra, India Citi Group
Centre, Bandra Kurla Complex, G Block, Bandra (East), Mumbai – 400 051,
Maharashtra, India.
102, R M Pride
Building, Rani Maruti Road, Thane (West), Mumbai – 400 602, Maharashtra,
India.
Landmark Race
Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India. |
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Facilities : |
CC – Rs.80.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. P V Kamat and Company Chartered Accountants |
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Address : |
H12 Khankdelwal Bhavan 2nd floor 166 Dr. D. N. Road Mumbai -
400001, Maharashtra |
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Associates/Subsidiaries
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Rishi Chem Research Private Limited, Badlapur |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26200 |
Equity Shares |
Rs.100/-
each |
Rs.2.620
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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460.000 |
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Expected Sales (2008-09) : Rs.600.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.620 |
2.620 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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55.679 |
35.509 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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58.299 |
38.129 |
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LOAN FUNDS |
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1] Secured Loans |
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77.986 |
72.207 |
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2] Unsecured Loans |
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32.744 |
4.444 |
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TOTAL BORROWING |
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110.730 |
76.651 |
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DEFERRED TAX LIABILITIES |
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0.123 |
0.195 |
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TOTAL |
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169.152 |
114.975 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.801 |
8.610 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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82.447
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46.329
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Sundry Debtors |
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50.027
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70.523
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Cash & Bank Balances |
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4.005
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0.544
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Other Current Assets |
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32.534
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6.030
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Loans & Advances |
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22.804
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13.401
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Total
Current Assets |
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191.817 |
136.827
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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34.951
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30.570
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Provisions |
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10.595
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0.000
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Total
Current Liabilities |
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45.546 |
30.570
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Net Current Assets |
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146.271 |
106.257
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MISCELLANEOUS EXPENSES |
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0.080 |
0.108 |
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TOTAL |
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169.152 |
114.975 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales and Other Income |
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412.670 |
265.069 |
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Total Income |
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412.670 |
265.069 |
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Profit/(Loss) Before Tax |
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30.694 |
20.684 |
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Provision for Taxation |
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10.524 |
7.764 |
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Profit/(Loss) After Tax |
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20.170 |
12.920 |
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Export Value |
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27.324 |
NA |
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Import Value |
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214.391 |
NA |
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Expenditures : |
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Financial Charges |
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15.676 |
8.153 |
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Other Expenditure |
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366.300 |
236.232 |
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Total Expenditure |
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381.976 |
244.385 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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4.89 |
4.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.44 |
7.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.30 |
14.22 |
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Return on Investment (ROI) (PBT/Networth) |
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0.53 |
0.54 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.68 |
2.81 |
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Current Ratio (Current Asset/Current Liability) |
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4.21 |
4.48 |
LOCAL AGENCY FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AAACO7311D XM 001 |
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VAT / TIN : 27270388624
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IEC Code : 0392006979 |
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PAN / TAN : AAACO7311D |
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Bank Name : Citi
Bank |
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Bank Address : Fort |
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Bank A/c. No.: 0340556003 |
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Account Since : 7
Years |
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Corporate
identity number of the company |
U24110MH2005PTC151589 |
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Name of the
company |
OMKAR SPECIALITY
CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
23, Vrindavan , 4
bungalows Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
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This form is for |
Modification of
Charge |
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Type of charge |
Hypothecation Equitable mortgage
of Property by depositing the title deeds |
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Particular of
charge holder |
Citi bank N.A, Citibusiness,
Citibank Centre, 2nd Floor, Bandra
Kurla Complex, Bandra (East), Mumbai;400051, Maharashtra, India |
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Nature of
instrument creating charge |
Composite
Hypothecation Agreement excited by Omkar Speciality Chemicals Private Limited
in favour of Citibank N.A. |
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Date of
instrument Creating the charge |
23.06.2005 |
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Amount secured by
the charge |
Total Working Capital
Rs.63.000 Millions which is allocated to there group including Omkar
Spatiality chemicals Private Limited and Rischicjem Research Private Limited |
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Brief of the
principal terms an conditions and extent and operation of the charge |
In consideration
of the lender having agreed to lend advance to the company the said credit
facilities under the agreement, the company convents inter alia, as follows: 1) The company does replay the facility as
mentioned in 2) above and pay interest and all other monies in the manner set
out in the said agreement between the company and the lender and to comply
with the terms and conditions of the said agreement. 2) The charge on the current assets and fixed
assets (including stock, book debts, and plant and machinery) hypothecated to
the lender will rank first pari passu with the existing working capital
lenders, The above assets will be
under charge as per above towards the repayment of credit facilities with all
interest , liquidated, damages, premia or prepayment or on redemption \,
costs, charges, and other expenses payable by the company to the lender in
respect thereof. 3) The company t keep the said assets in
marketable and good conditions and also insured as provided therein. 4) Power of entry, power to take charge and /
or possession of seize, recover, receive, appoint and sell, contract,
dispatch for realization or otherwise dispose of or deal with all or any part
of the said goods; etc, as provided therein. |
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Description of
the property charged |
Plant and
machinery Furniture and
Fixture Stock in trade |
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Particulars of
the property charged |
The whole of
movable assets, including plant and machinery, both present and future stocks
of raw material, goods in process of manufacture, semi finished goods and all
finished and manufactured goods and articles together with all stores,
components and spares which now belongs to and pertains to, or may hereafter from time to time during
the continuance of this security belongs to and pertains to the Omkar
Speciallity Chemicals Private Limited and which are shall or may be brought
into stored or be in or upon or about the Omkar Speciality Chemicals Private
Limited factory, godowns and/or their premises wherever else the same may be
situated stored or lying or being including any such raw materials,
inventories articles or goods any stores spares omkar Spatiality chemicals
Private Limited and all of the Omkar Speciallity Chemicals Private Limited
Present and future book debts, outstanding Monies, receivables Claims bills
investments, rights to or on movables assets forming part of current and
movable fixed assets which may at any tie hereafter during the continuance of
this security becomes due, owing payables or belonging to or pertaining to
the Omkar Speciallity Chemicals Private Limited in the course of its business
and together with all benefits, advantage and legal incidence thereof. |
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Name of the company |
Omkar Spatiality
Chemicals Private Limited |
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Presented By |
Mr. P. S.
Herlekar |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement dated:23.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total working capital
facilities for rs.63.000 Millions which is allocated to group including Omkar
Spatiality Chemicals Private Limited and Rishichem Research Private Limited |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of
Movable assets including plant and machinery, both present and future, stocks
of raw materials, goods in process of manufacture, semi finished goods and
all finished and manufactured goods and articles together with all stores
components and spares which now belongs to and pertains to or, may hereafter
from time to time during the continuance of this security belongs to and
pertains to the M/s. Omkar Specialty Chemicals Private Limited and which are
or or shall or may be brought into
stored or be in or upon or about
the Omkar Specialty chemicals Private
Limited Factory Godowns, and/or their premises wherever else the same may be
situated, stored or lying or being including any such war materials,
inventories articles or goods any stores spares and Component or
other similar movable assets in course of transit or delivery to the Omkar specialty Chemicals Private Limited
and all of the Omkkar Specialty chemicals Private limited present and future
book debts. Outstanding Monies, receivables claims, bills, investments,
rights to or on moveable properties and movable assets forming part of
current and movable fixed assets which are now due owing or payable or
belonging to or pertaining to the Omkar specialty Chemicals Private Limited
or which may at any time hereafter during the continuance of this security
become due owing payable or belonging to or pertaining to the Omkar Specialty
Chemicals Private Limited in the course of its business and Together with all
benefits advantages and legal incidence thereof. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the Borrowers the said credit
facilities, the Omkar Chemicals Private Limited convenants inter alia as
follows:
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5) Name and Address and description of the person entitled to the charge. |
CITI Bank N.A. Citigroup Bandra Kurla
Complex, G- Block Bandra (E), Mubai51 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24110MH2005PTC151589 |
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Name of the
company |
OMKAR SPECIALITY
CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
W – 92, (A), MIDC,
Badlapur (East), Thane – 421 503, Maharashtra, India. |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
ICICI Bank
Limited Landmark Race
Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India. E-Mail: vishal.daga@icicibank.com CIN No.:
L65190GJ1994PLC021012 |
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Nature of
instrument creating charge |
Declaration
executed by Omkar Speciality Chemicals Private Limited in favour of ICICI
Bank Limited |
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Date of instrument
Creating the charge |
26.11.2007 |
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Amount secured by
the charge |
Rs.60.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Cash Credit -3.25% p.a. below I-Bar as on date (15.75% p.a.) plus cash credit
premium of 0.5% p.a. and hence cash credit interest rate is 13.0% Terms of
Repayment: The borrower shall unless otherwise agreed by the bank, repay to
the bank forthwith on demand such amount as may be outstanding together with
all interests, costs, charges, expenses and monies stipulated in the
agreement. Margin:
Inventory: Uniform margin of 30% against all components of inventory Book debts: Cover
period : 90 days and Margin : 30% |
TRADE REFERENCES:
- P D Enterprise, Ambarnath
- Aakansha Enterprise, Andheri
As per website
Details:
Profile:
The
Company “Omkar Chemicals” was established in 1983 with a capital of just over Rs.0.100
Million by Mr. Pravin Herlekar, a chemical engineer of a prestigious
technological institute, it-Mumbai with an specific objective to develop
Speciality chemical enter mediates for various segments of industry.
To
start with, molybdenum based chemicals were developed and supplied in a Small
way to domestic industries. Sheer dint of hard work and determination of Mr.
Herlekar and his dedicated technical team enabled company to develop Speciality
Chemical Intermediates: Inorganic, Organic and Organo Inorganic based on
Selenium, Iodine, and Molybdenum etc.
Over
the years, company could establish goodwill, trust and confidence with a
majority of domestic and overseas customers belonging to a variety of categories
such as Pharmaceuticals / Bulk Drugs, Cosmetics and Healthcare, Metal
Finishing, Ceramics and Glassware, Poultry and Veterinary Feeds, Reagents for
Laboratory and Research application.
The
Company’s associations with leading organization in India and abroad had
enabled them to broaden the business, to expand the existing product range and
to develop new molecules as per the specific demands of their valued customers.
The
Company has Basic Research Capabilities and with an emphasis on painstaking Research
and Development, it has become a major research oriented organization exporting
a wide range of intermediates. It has four manufacturing unit in the state of
Maharashtra, near Mumbai.
The
Company’s turnover has grown manyfold during the last two decades and now the
company has been renamed as “subject” from Feb. 2005 to encompass its various
activities in a big way.
As
Regards environmental aspects, they believe in pollution free green environment
and the company complies with requirements of pollution standards.
The
Success reflects the depth of their association with the customers in providing
products of quality and value.
Customer
satisfaction is the fundamental purpose of the business and persuit of
innovation is the tradition.
Membership. : Member of Basic Chemicals, Pharmaceuticals and
Cosmetics Export Promotion Council, Mumbai.
Trained Team:
The
organisation is fortunate enough to have every kind of man power and material support
for completing all the process in time and above all the work force is
considered as one of the Best in Chemical Industry. This combination itself is
a proof of success.
The
work force passes through vigorous training agenda to get briefed with the
latest developments and innovations in the industry. They are taught of the
importance of time management, easy transportation methods, quality norms and
many other importance aspects of skills.
Motivational
spirit is induced to get the best output and to create a vision to complete the
manufacturing process ahead of schedule.
Activity:
The
Company’s turnover has grown manyfold during the last two decades and now the
company has been renamed as “subject” from Feb. 2005 to encompass its various
activities in a Big way.
Export:
The
Company has Basic Research Capabilities and with an emphasis on painstaking
Research and Development, it has become a major research oriented organization
exporting a wide range of intermediates. It has four manufacturing unit in the
state of Maharashtra, near Mumbai.
Research and Development:
Over the years, “Omkar Chemicals”, has widened its horizon
and extended its capabilities to manufacture new generation chemicals and have
developed many proprietory products. Research and Development group which is
the nerve centre of the organisation has enabled to accuare a name in the
chemical and allied industries. They also undertake custom manufacturing and
job work for consumer requirements if any in the area of work. The
specialisation in the feild of iodine chemistry has enabled them to widen the
business world over.
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.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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/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 |
|