MIRA
INFORM REPORT
|
Report Date : |
30.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SYMBIOTEC PHARMALAB LIMITED |
|
|
|
|
Registered Office : |
3852/ 2, Pigdamber, Rau, Indore-453331, Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
20.09.2002 |
|
|
|
|
Com. Reg. No.: |
10-15293 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24232MP2002PLC015293 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BPLS03752A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGCS9311M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Exports of Cortico-steroid Derivatives |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 420000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established 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. |
LOCATIONS
|
Registered Office/ Factory : |
3852/ 2, Pigdamber, Rau, Indore-453331, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4200052 |
|
Fax No.: |
91-731-4201222 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Manohar Satwani |
|
Designation : |
Director |
|
Address : |
179, Palsikar Colony, Indore-452004, Madhya Pradesh, India |
|
Date of Birth/Age : |
01.04.1944 |
|
Date of Appointment : |
20.09.2002 |
|
|
|
|
Name : |
Mr. Anil Satwani |
|
Designation : |
Managing Director |
|
Address : |
179, Palsikar Colony, Indore-452004, Madhya Pradesh, India |
|
Date of Birth/Age : |
21.08.1969 |
|
Date of Appointment : |
20.09.2002 |
|
|
|
|
Name : |
Ms. Kashish Satwani |
|
Designation : |
Director |
|
Address : |
179, Palsikar Colony, Indore-452004, Madhya Pradesh, India |
|
Date of Birth/Age : |
09.08.1971 |
|
Date of Appointment : |
20.09.2002 |
|
|
|
|
Name : |
Mr. Vikas Singhi |
|
Designation : |
Director |
|
Address : |
10/1, Race Cource Road, Indore-452001, Madhya Pradesh, India |
|
Date of Appointment : |
14.08.2006 |
|
Other Directorship: |
Landmark Capital Markets Limited U67120MP1994PLC008775 Moneyfacts Consulting Private Limited U06599MP2000PTC014045 |
|
|
|
|
Name : |
Mr. Ramesh Chandra Atre |
|
Designation : |
Director |
|
Address : |
161, Anand Nagar, Chitwad, Indore-452001, Madhya Pradesh, India |
|
Date of Appointment : |
14.08.2006 |
|
Other Directorship : |
Entertainment World Developers Private Limited U45202MH1999PTC164003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 14th August 2006
|
Names of Shareholders |
|
No. of Shares |
|
Anil Satwani |
|
400000 |
|
Manohar Satwani |
|
100000 |
|
Kashish Satwani |
|
350000 |
|
Symbiotec Steriods |
|
1323500 |
|
Sushil Satwani |
|
202500 |
|
Swati Sachdev |
|
50000 |
|
Naishad Paleja |
|
435000 |
|
Sasi M.N. |
|
5000 |
|
J.C, Shah |
|
5000 |
|
Sunil Satwani |
|
50000 |
|
Premila Hasmukh Mehta |
|
14000 |
|
Goldfin Capital Private Limited |
|
29000 |
|
D. N. Pandya |
|
7500 |
|
S Mandloi |
|
7500 |
|
Manish Kumat |
|
5000 |
|
Anand Gupta |
|
2500 |
|
Rakesh Gupta |
|
2500 |
|
Rakesh Gupta |
|
2500 |
|
Falguni Diveyesh Mehta |
|
14000 |
|
Sejal Bhavan Mehta |
|
14000 |
|
Divhyesh Hsmukh Mehta |
|
14000 |
|
Bhavesh Hasmukh Mehta |
|
14000 |
|
Industrial Investment Trust Limited |
|
435000 |
|
Total |
|
3480000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Bodies Corporate ( not mentioned above) |
|
44.60 |
|
Directors or relatives of directors |
|
26.20 |
|
Other top Fifty ( 50) shareholders (other than listed above) |
|
29.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Exports of Cortico-steroid Derivatives |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL
INFORMATION
|
Bankers : |
State Bank of India, Commercial Branch, Near G.P.O. A.B. Road, Indore-452001,
Madhya Pradesh, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mahesh C Solanki and Company Chartered Accountant |
|
Address : |
119, Bansi Trade Centre, 581/ 5, M.G. Road, Indore-452001, Madhya Pradesh,
India |
|
|
|
|
Name : |
Mr. Ritesh Kumar Jain Chartered Accountant |
|
Address : |
119, Bansi Trade Centre, 581/ 5, M.G. Road, Indore-452001, Madhya
Pradesh, India |
CAPITAL STRUCTURE
As On 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
402000 |
Equity Shares |
Rs. 10/-
each |
Rs. 40.020
Millions |
As on 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3480000 |
Equity Shares |
Rs. 10/-
each |
Rs. 34.800
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
34.800 |
34.800 |
26.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
51.175 |
33.646 |
5.630 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
85.975 |
68.446 |
31.630 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
113.372 |
74.485 |
50.604 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.392 |
|
|
TOTAL BORROWING |
113.372 |
74.485 |
51.996 |
|
|
DEFERRED TAX LIABILITIES |
10.541 |
5.840 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
209.888 |
148.771 |
83.626 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
124.381 |
90.997 |
50.457 |
|
|
Capital work-in-progress |
4.904 |
10.436 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.500 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.302
|
37.983 |
21.342 |
|
|
Sundry Debtors |
67.029
|
49.659 |
50.507 |
|
|
Cash & Bank Balances |
8.094
|
8.078 |
4.198 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
25.472
|
15.429 |
6.269 |
|
Total
Current Assets |
143.897
|
111.149 |
82.316 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
60.861
|
65.424 |
48.857 |
|
|
Provisions |
6.107
|
0.896 |
0.318 |
|
Total
Current Liabilities |
66.968
|
66.320 |
49.175 |
|
|
Net Current Assets |
76.928
|
44.829 |
33.141 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.175
|
2.509 |
0.028 |
|
|
|
|
|
|
|
|
TOTAL |
209.888 |
148.771 |
83.626 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
322.814 |
193.592 |
117.609 |
|
|
Other Income |
4.997 |
0.908 |
2.918 |
|
|
Total Income |
327.811 |
194.500 |
120.527 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
27.546 |
13.081 |
5.948 |
|
|
Provision for Taxation |
10.017 |
4.826 |
2.227 |
|
|
Profit/(Loss) After Tax |
17.529 |
8.255 |
3.721 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
39.781 |
24.952 |
57.069 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
237.715 |
142.483 |
87.897 |
|
|
Purchases made for re-sale |
0.562 |
2.079 |
1.496 |
|
|
Increase or decrease in stock |
[2.792] |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
11.938 |
7.185 |
4.827 |
|
|
Managerial Remuneration |
2.775 |
1.565 |
0.420 |
|
|
Payment to Auditors |
0.111 |
0.082 |
0.040 |
|
|
Interest |
10.646 |
4.290 |
5.496 |
|
|
Insurance Expenses |
0.889 |
0.492 |
0.236 |
|
|
Power and Fuel |
5.412 |
0.000 |
0.000 |
|
|
Depreciation |
5.647 |
0.000 |
0.000 |
|
|
Consumption of power and fuel |
0.000 |
3.005 |
2.275 |
|
|
Other Expenditure |
27.362 |
20.238 |
11.891 |
|
Total Expenditure |
300.265 |
181.419 |
114.579 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.35
|
4.24 |
3.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.53
|
0.07 |
5.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.26
|
6.47 |
4.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.19 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
2.06 |
3.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
1.68 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90205950 |
|
Corporate
identity number of the company |
U24232MP2002PLC015293 |
|
Name of the
company |
SYMBIOTEC PHARMALAB LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3852/ 2, Pigdamber, Rau, Indore-453331, Madhya Pradesh, India |
|
Type of charge |
Book Debts Movable Property Floating Charge Any Interest in immovable
property Immovable
property |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, Near G.P.O. A.B. Road,
Indore-452001, Madhya Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter Regarding
the Grant of Individual limits within the overall limit Supplemental
Agreement of Hypothecation of Goods Assets for increase in the overall limit Extension of
Equitable Mortgage and Supplemental Deed
of Guarantee for increase in overall limit |
|
Date of
instrument Creating the charge |
23.06.2007 |
|
Amount secured by
the charge |
Rs. 355.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate on interest
in case of Term Loan of Rs. 135.000 Millions will be charge @SBAR, minimum
12.75% per annum with monthly rests or as may be specified by the Bank/ RBI
form time to time Rate of interest
in cc limit 115.000 Millions will be SBAR minimum 12.75% per annum with
monthly rests or as may be specified by the Bank/ RBI fro time to time Terms of
Repayment The proposed term
Loan of Rs. 135.000 Millions will be repaid in 20 quarterly installments from
June, 2008 the door to door maturity will be 69 months including the
moratorium period of 12 month Margin Margin for CC
Limit : Raw Material 25% stock in process 40% finished Goods 25%, Receivables
(Cover period 90 Days) 40% Margin for Export Packing Credit Limit : 10%
and Margin for Letter of Credit 10% in
yhe form of fixed deposit with the bank. Extent and
Operation of the charge As per the terms
and conditions of the Agreement |
|
Short particulars
of the property charged |
Hypothecation of
comp. stocks of RM, finished goods , WIP, stores and spares packing material
at factory premises at Rau near hotel mashal, indore or at such other places
as may be approves by Bank from time to time incl. goods at port/ in transit/
under shipment, o.s. money, book debts, receivables and other current assets. Extension over
Equitable Mortgage on leasehold factory land at Pigdamber, Rau ,Near Hotel
Mashal, Indore and over personal properties in the name fo Directors of the
company. |
|
Date of latest
modification prior to the present modification |
13.07.2006 |
|
Particulars of
the present modification |
The overall
credit limit has been increased from Rs. 146.500 Millions to Rs. 355.000
Millions including the enhancement in working capital credit facilities and a
fresh term loan of Rs. 135.000 Millions |
AS PER WEBSITE
Profile:
Subject., a cortico-steroids API manufacturing company based
at Indore in Central India is in the business of development, production and
marketing of research-based cortico steroids.
Symbiotec is manufacturing cortico steroids since the year
1995 and is a WHO –GMP and ISO 9000 : 2000 certified company with a vision to
cater to steroids requirement of their pharmaceuticals world.
CEPs (Certificates of Suitability) of two APIs are already
filed with the EDQM, with many more in process. The company is all set for
accreditations from the US-FDA and other regulatory agencies.
Symbiotec has installation of state-of-the-art
environment-care manufacturing facilities with extreme concern on quality of
air & water systems.
STERILE AND CLASSIFIED MANUFACTURING AREA
The manufacturing facilities include sterile manufacturing
area and classified areas completely air-controlled by modern double-coating air
handling units with thermal breaks, in-built velocity, temperature and humidity
sensors. The provision for air locks at passage’s and manufacturing blocks
ensures top quality air management. Production areas are epoxy coated with
smooth finish and adequate lighting and illumination.
The Sterile API Manufacturing area maintaining class 100 to class 100000
consists the following facilities;
1 Lypholiser Room
2 Buffer Room
3 White Room
4 Grey Room
5 Black Room
6 Compounding Room
7 Pre-Sterilization Room
8 Quarantine Area
9 Sterile Finished Product Storage Room
The above facility is equipped with equipment such as ;
1 Lypholiser with CIP and SIP
features
2 Dry Heat Sterilizers
3 Steam Sterilizers ( Autoclave )
The Sterile Manufacturing Area is maintained with class of
air as high as class 100 with employement of laminar flow and terminal Hepa
Filters.
The classified area maintaining class 100000 environment
consists the following facilities;
1 Crystalliser Room
2 Micronisation Room
3 Dryer Room
4 Quarantine Area
5 Packing Room
6 Finished Product Storage Room
The above facility is equipped with equipment such
as ;
1 SS Crystalliser
2 Glass Crystalliser
3 Microniser ( Air Jet Mill )
4 Rotary Film Evaporator
5 Double Cone Vacuum Drier
6 Nutsche Filter
The processing area for non-sterile API Consists the
following:
1 Production Area
2 Drier Rooms
3 Washing Area
4 RM Store with cold room
5 Packaging Material Store
6 Change Room
The above facility is equipped with equipment such as ;
1 Glass Lined Reactors
2 SS Reactors
3 Double cone vacuum Driers
4 Vaccume Tray Driers
5 Centrifuges
AIR MANAGEMENT SYSTEM
The environment at all the manufacturing area’s is
controlled from well separated “Air Handling Units ( AHUs)”. The Various AHUs are
placed at service floor. The Air Handling Units are double layered with
controls such as thermal breaks, built in air velocity, temprature and humidity
sensors. The AHUs are driven by variable frequency drives for maintaining
accurate differential pressure in various production areas. The various
acceptance criterias are critically examined and maintained for achieving
highest level of supply air quality.
WATER MANAGEMENT SYSTEM
A state of the art water management facility is in full
operation at Symbiotec. The water system comprises of a combination of reverse
osmosis (RO) and electrodeonization (EDI) equipment ensuring process water
quality as per USP 28. This bacterial and endotoxin controlled purified water
is further circulated in electro-polished SS loop through-out the plant
ensuring that there is no possibility of increase in microbial load before its
usage in the process. The water system has online conductivity meters, ph
meters, flow meter.
In the eventuality of purified water quality false below the
acceptable norms, an automatic water drain system comes into action and
prevents the supply to the processing areas.
UTILITIES
Symbiotec is well supported with various utilities. The
utility block has various chilling plants , brine plants, boilers, cooling
towers, generating-sets, Air Compressors, Water Pumps, Water Softening Plant
and well designed Electrical Panels. All the utility equipment are well
maintained per schedules and are kept in highest service order.
Symbiotec has a well established Quality Assurance and
Control Systems. All major in-process controls are monitored, checked and
counter-checked by vigilant quality assurance executives.
To add to the strength of well qualified quality personnel, the quality control
department is supported by installation of the state of the art laboratory
equipment like;
• Gas chromatograph with head space
• High Pressure Liquid Chromatographs
• Spectrophotometers
• Humidity Chambers
• Digital Weighing Balances
The Quality Control Department is organized into four
sections, that are...
The Chemical Testing Section
Comprising of the instrumentation and conventional chemicals
related to rawerials, intermediates and finished products. The in-process
control subsection is a part of this section.
The Packaging Material Testing Section
This section performs all packaging materila testing and control requisites.
The Microbiology Section
This section is responsible for providing RM/Finished products microbial quality
evaluation, sterility testing, microbial assay and environment monitoring
subsections.
The Batch Document Audit Section
Performs Quality Department Function of batch document audit before release of
the batch for the sales.
The above quality functions are carried out with the
following facilities :-
1 Chemical Laboratory
2 Instrumentation Laboratory
3 Microbiology
4 Wet Laboratory
5 Instrument Laboratory
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
|
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 |
|