MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZAMIL STEEL BUILDING INDIA PRIVATE LIMITED |
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Registered Office : |
Al Monte Softwear Park, 1st Floor, Office No. 101, Plot No.
2, S No. 8, Kharadi, Pune – 411 020, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.04.2003 |
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Com. Reg. No.: |
18 – 131123 |
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CIN No.: [Company
Identification No.] |
U74210PN2003PTC131123 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEZ03024A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pre-Engineered Steel Buildings and Erection. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1376390 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Shashank Patankar, Finance Manager denied business and financial
details. Subject is a subsidiary of Zamil Steel, Saudi Arabia. Available
information indicates high financial responsibility of the company. Trade
relations are fair. Payments are correct and as per commitments. Nothing adverse reported. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION
DECLIENED BY
|
Name : |
Mr. Shashank Patankar |
|
Designation : |
Finance Manager |
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Date : |
04.09.2008 |
LOCATIONS
|
Registered Office : |
Al Monte Softwear Park, 1st Floor, Office No. 101, Plot No.
2, S No. 8, Kharadi, Pune – 411 020, Maharashtra, India |
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Tel. No.: |
91-20-30553000 |
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Fax No.: |
91-20-30553200 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Zamil Al Khalid |
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Designation : |
Director |
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Address : |
P. O. Box No. 877, Dammam – 31421, Saudi Arabia |
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Date of Birth/Age : |
20.10.1949 |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. Mohammed Nabag |
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Designation : |
Director |
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Address : |
P. O. Box No. 877, Dammam – 31421, Saudi Arabia |
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Date of Birth/Age : |
08.02.1948 |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. El Suradi |
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Designation : |
Director |
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Address : |
P. O. Box No. 877, Dammam – 31421, Saudi Arabia |
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Date of Birth/Age : |
21.12.1955 |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mr. Mohan Narayan Gudde |
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Designation : |
Director |
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Address : |
Chetana, Someshwar, Uchil, Mangalore – 574 156, Karnataka, India |
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Date of Birth/Age : |
30.01.1948 |
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Date of Resignation : |
31.01.2008 |
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Name : |
Mr. Adnan Al Mansoor |
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Designation : |
Director |
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Address : |
P. O. Box No. 877, Dammam – 31421, Saudi Arabia |
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Date of Birth/Age : |
31.01.1957 |
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Date of Resignation : |
09.07.2005 |
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Name : |
Mr. S. Nanda Kumar |
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Designation : |
Director |
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Address : |
4th Wing, Nelson Tower, 117, N M Road, Aminji Karai,
Chennai – 600 029, Tamilknadu, India |
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Date of Birth/Age : |
18.06.1953 |
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Name : |
Mr. N G Mohan |
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Designation : |
Director |
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Address : |
B – 22, Nelson Tower, 117, N M Road, Aminji Karai, Chennai – 600 029,
Tamilknadu, India |
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Date of Birth/Age : |
30.01.1948 |
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Date of Resignation : |
09.07.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Adnan Al Mansour |
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Designation : |
President |
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Name : |
Mr. Khalid Abdullah Al Zamil |
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Designation : |
Founder |
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Name : |
Mr. Alex Karakas |
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Designation : |
Senior Vice President of Zamil Steel – Asia Pacific |
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Name : |
Mr. Saleh Al Zamil |
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Designation : |
Vice President of Towers and Galvanizing |
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Name : |
Mr. Ibrahim Abdulaziz Al Solaia |
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Designation : |
Vice President of Projects |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 23.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. S. Nanda Kumar |
5000 |
|
Zamil Industrial |
96115 |
|
Mr. N G Mohan |
5000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Foreign holdings (Foreign institutional investors, Foreign companies,
Foreign financial institutions, Non-resident Indians or Overseas corporate
bodies or Others |
100.00 |
|
|
Total |
100.00 |
LIST OF ALLOTTEES
As on 21.08.2006
|
Name of Allottees |
No. of Shares |
|
Zamil Industrial Investment Company |
1626540 |
|
Total |
1626540 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pre-Engineered Steel Buildings and Erection. |
GENERAL
INFORMATION
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No. of Employees : |
Above 100 |
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Bankers : |
v HDFC Bank Durga Niwas, M G Road, Panaji, Goa – 400 001, India |
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Auditors : |
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Name : |
C A Parameswaran and Company Chartered Accountants |
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Address : |
C – 8, Pandian Complex, 32/20, Motilal Street, T. Nagar, Chennai – 600
017, Tamilnadu, India |
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Sister Concerns : |
v Zamil Air
Conditioners v Zamil Glass
Industries v Arabian
Fiberglass Insulation Company Limited |
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Parent Company : |
v Pre Engineered
Buildings v Zamil Industrial
Investment Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity shares |
Rs. 10/- each |
Rs. 350.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27527800 |
Equity shares |
Rs. 10/- each |
Rs. 275.278 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
275.278 |
63.096 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
275.278 |
63.096 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
275.278 |
63.096 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
2.554 |
2.722 |
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|
Capital work-in-progress |
|
216.467 |
0.000 |
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|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.065 |
0.055 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2.193 |
1.175 |
|
|
Sundry Debtors |
|
5.356 |
4.474 |
|
|
Cash & Bank Balances |
|
51.381 |
0.194 |
|
|
Other Current Assets |
|
7.286 |
66.927 |
|
|
Loans & Advances |
|
2.599 |
3.082 |
|
Total
Current Assets |
|
68.815 |
75.852 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
12.633 |
15.554 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
12.633 |
15.554 |
|
|
Net Current Assets |
|
56.182 |
60.298 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.010 |
0.021 |
|
|
|
|
|
|
|
|
TOTAL |
|
275.278 |
63.096 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
15.071 |
37.909 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
15.071 |
37.909 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(8.335) |
(4.048) |
|
|
Provision for Taxation |
|
-- |
-- |
|
|
Profit/(Loss) After Tax |
|
(8.335) |
(4.048) |
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|
|
|
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Expenditures : |
|
|
|
|
|
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Depreciation & Amortization |
|
0.675 |
0.703 |
|
|
Other Expenditure |
|
22.731 |
41.254 |
|
Total Expenditure |
|
23.406 |
41.957 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(55.30) |
(10.68) |
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
(55.30) |
(10.68) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.90) |
(5.15) |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.03) |
(0.06) |
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|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.05 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
5.45 |
4.88 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company from Nelson Towers, III – Wing,
117, Nelson Manikam Road, Aminjikarai, Chennai – 600 029, Tamilnadu, India to
Al Monte Softwear Park, 1st Floor, Office No. 101, Plot No. 2, S No.
8, Kharadi, Pune – 411 020, Maharashtra, India with effect from 30.10.2007.
Form 8
|
Name of the company |
ZAMIL STEEL BUILDINGS INDIA PRIVATE LIMITED |
|
Presented
By |
Mr. D. Murya - Director |
|
1) Date and description of instrument creating the change |
Loan cum hypothecation agreement dated 25.03.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.080 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Escorts Mobile Phone |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Loan cum hypothecation agreement dated 25.03.2004 |
|
5) Name and Address and description of the person entitled to the charge. |
Centurion Bank Limited Durga Niwas, M G Road, Panaji, Goa – 400 001, India |
As Per Website Details
Zamil Industrial was founded in 1998. It is headquartered in Dammam,
Kingdom of Saudi Arabia, and employs more than 7,400 people in 55 countries. As
an international manufacturing and fabrication group, it provides leading air
conditioning, pre-engineered steel buildings, structural steel products,
process equipment, transmission and telecommunications towers, open web joists
and decks, architectural glass processing, aerated concrete products and fiber
glass insulation solutions to meet the requirements of the global construction
industry through its four sector businesses: Zamil Air Conditioners Zamil Steel
Industries Zamil Glass Industries and Arabian Fiberglass Insulation Company
Limited
For the year ended 31 December 2006, Zamil Industrial posted turnover of SAR
2.87 billion/USD 764.7 million, a growth of 21% over 2005, with net profit,
after Zakat contribution, of SAR 191.7 million/USD 51.1 million. Post Zakat
Earnings per Share during 2006 grew to SAR 4.26 (USD 1.14) from SAR 2.36 (USD
0.63) representing 80.2% growth. Shareholders' equity grew by 26.2% to SAR
741.5 million/USD 197.7 million. Export sales accounted for SAR 1105.6
million/USD 294.8 million representing 39% of total revenues and 18.4% growth
over 2005. Zamil Industrial exports to more than 80 international markets.
Zamil Industrial shares are actively traded on the Saudi Stock Market.
Zamil
Steel Industries
Founded in 1977, Zamil
Steel (ZSI) is a global leader in the manufacture of pre-engineered steel
buildings and the Middle East's premier supplier of structural steel products
and process equipment, transmission and telecommunications towers. Zamil steel
operates a joint venture between Zamil Industrial Investment Company and Steel
Plus, a subsidiary of Canam Group, Canada, to design and fabricate open web
steel joists and floor decks.
ZSI manufactures a
total 250,000 MT of fabricated steel per annum of low rise and high rise steel
buildings and structures for diverse industrial, commercial, agriculture,
aviation, entertainment and military applications and support of infrastructure
and development projects. Zamil Steel's products are sold in more than 80
countries through an international network of dedicated sales and
representative offices, certified builders, agents and distributors.
Zamil Steel's main
factories are based in Dammam, Saudi Arabia. Additional factories are located
in Egypt and Vietnam. More than 500 engineers are employed in its engineering
departments in Saudi Arabia, Jordan, Egypt, Vietnam and India.
ZSI is one of four
sector businesses of Zamil Industrial.
Zamil Air Conditioners (ZAC) was founded in 1974 as one of the first air conditioning business to be established in Saudi Arabia and today is a leading international manufacturer of air conditioning systems and is Number 1 in the Middle East. It designs, manufactures, tests, markets and services a comprehensive range of air conditioning products, from compact room air conditioners and mini splits to large scale central air conditioners, chillers and air handling units for highly specialized commercial and industrial applications. These products and services are marketed under various brand names - Classic, Cooline, Cool Care, Clima Tech, Kessler Clima Tech and Geoclima - depending on specific markets. ZAC's factories are located in Dammam, Saudi Arabia, Austria and Italy.
ZAC is also involved in the production of branded air conditioners for several leading international manufacturers under an Original Equipment Manufacturer (OEM) agreement. It operates a joint venture between Zamil Industrial and General Electric, called Middle East Air Conditioners Limited (MEAC).
ZAC has been vigorously moving into newer markets, seeking strategic alliances and investing heavily in R and D.
ZAC is
one of four sector businesses of Zamil Industrial.
Zamil Glass Industries (ZGI) was founded in 1983 in Dammam First Industrial City, Kingdom of Saudi Arabia. It is a prominent processor of architectural glass, including tempered, heat strengthened, laminated, insulating, heat mirror high performance and fire resistant glass. ZGI's products serve the requirements of the construction industry in GCC countries and in selected international markets.
ZGI is one of four sector businesses of Zamil Industrial.
Arabian Fiberglass Insulation Company Limited manufactures premium quality glass wool insulation products for industrial and commercial applications. It is also the only manufacturer of fiberglass insulation products in Saudi Arabia.
AFICO is a joint venture between Zamil Industrial and Owens Corning Cayman (a wholly owned subsidiary of Owens Corning USA), the world leader in the technology of manufacturing fiberglass products). Zamil Industrial holds a 51 per cent stake in the company, after acquiring it from Saudi Arabian Amiantit Group in January 2006, with Owens Corning Cayman holding the remaining 49 per cent.
Under license from Owens Corning Cayman and utilizing the technical specifications of Owens Corning USA, AFICO's premium quality products and services are comparable with those of its counterparts in the United States and Europe. AFICO's leadership in the markets it serves is also based on its expertise gained through more than 20 years of successful operations.
The company was established in 1981 with headquarters and manufacturing facilities in Dammam First Industrial City in the Eastern Province of the Kingdom of Saudi Arabia. Sales offices in Dammam, Riyadh, Jeddah, Dubai and Beirut and strategic business alliances with competent distributors across various international markets serve customers throughout all six Gulf Cooperation Council countries, the wider Middle East and Far East region.
AFICO is one of four sector businesses of Zamil Industrial.
Subject is a subsidiary of Zamil Steel, Saudi
Arabia, which has supplied more than 40000 buildings to over 80 countries worldwide.
Founded in 1977.
Company Profile
Zamil Steel was established in 1977 in Saudi Arabia. The company
specializes in the design, manufacture and supply of pre-engineered steel
buildings (PEB).
The Pre-Engineered Buildings Division is the oldest and largest of the
company's three divisions. The Dammam-based PEB factory - is the largest
single PEB factory in the world. It has a monthly production capacity of
6,500 metric tons. In 1999, they commissioned two more pre-engineered buildings
factories - in Vietnam and Egypt - expanding the total PEB production capacity
to 18,000 MT per month.
With a total production capacity of more than 6,000,000 m2
per annum, Zamil Steel is considered the largest manufacturer and
supplier of pre-engineered buildings in all of Asia and Africa. Since
1977, they have supplied more than 40,000 buildings to more than 85 countries -
worldwide - from Panama and Mexico in the West to the Philippines, China, Japan
and South Korea in the East.
They are committed to maintaining a local presence to better serve the
customers, and currently support a network of more than 50 area offices and 52
certified builders around the world.
Company Overview
Subject engages in the design, manufacture and
supply of pre-engineered steel buildings in Asia and Africa. It offers main
frames, roof and wall panels, Structural subsystems, floor systems, and
secondary structural framing as well as various building accessories, such as
sliding doors, roll up doors, windows and louvers. The company also offers
structural steel works for various industrial applications such as electrical
power plants, petrochemical plants, desalination plants, steel mills, and high
rise buildings in addition, it provides design, fabrication, Galvanizing and
testing of power transmission towers, radio and telecommunication towers,
Railway Electrification.
Key Developments
Zamil Steel Industries will build a factory on
industrial estate land purchased from Hemaraj Land and Development for an
investment project from the petrodollar rich country. The company’s new Thai
factory will manufacture Zamil’s Max Seam roof system.
Customers
The list of customers includes a variety of global and international
companies, including ABB, Procter and Gamble, General Electric, Coca Cola,
Pepsi Cola, Nestle, Parsons, Toyota, BMW, Mitsui, Mitsubishi, Sanyo, Toshiba,
Honda, Unilever, Fuji Film, Isuzu, LG, DaimlerChrysler, Bechtel and Saudi
Aramco, to mention but a few.
Zamil Industrial Ranks 31st among top 100 Saudi companies in 2008 -
09-June-2008
Zamil Industrial has advanced in rank to number 31 on the Top 100 Saudi Companies list, up from 33rd in 2007.
Al Eqtisadiyah and Arab News dailies, in collaboration with TeamOne Consulting, issued the list in early June 2008. It reflects a composite ranking based on sales, profit, assets, market value and company growth.
Business strategies that contributed to Zamil Industrial's advanced standing include a successful re-branding initiative and several business expansions and joint ventures with prestigious global partners. However, the company's dedicated staff and loyal customers constitute the solid bedrock of support that will propel it to even greater heights in the years ahead.
Zamil Industrial and its four sector businesses have demonstrated a solid commitment to both the local and global communities, as proven by special initiatives aimed at employee training, community support and dedication to environmental excellence.
Customer service remains central to the company's concerns as it continues to pursue advanced technological and facility expansion to increase its capacity to provide clients with the highest quality products and services, delivered on a prompt and reliable basis.
"We are honored by this advancement in ranking, and view it as an indication of the success of our recent efforts toward expansion and increased efficiency in the marketplace. As the worth of our company grows, so does our responsibility to our customers and our community to continue our constant pursuit of excellence," commented Abdulla Al Zamil, COO, Zamil Industrial.
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 :
The 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.
The 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. 44.37 |
|
UK Pound |
1 |
Rs. 78.09 |
|
Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|