MIRA
INFORM REPORT
|
Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MITTAL TECHNOPACK PRIVATE LIMITED |
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Registered Office : |
14, Bentinck Street, 2nd Floor, Room No. 9, Kolkata – 700 001,
West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.08.2002 |
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Com. Reg. No.: |
21-94990 |
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CIN No.: [Company
Identification No.] |
U25209WB2002PTC094990 |
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IEC No.: |
0203019148 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Jumbo Bags |
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 240000 |
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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 having satisfactory track. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Devendra Dubge |
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Designation : |
Vice President |
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Date : |
28.08.2008 |
LOCATIONS
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Registered Office : |
14, Bentinck Street, 2nd Floor, Room No. 9, Kolkata – 700
001, West Bengal, India |
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Tel. No.: |
91-733-22570995 / 23252995 / 22100419 / 22439307 |
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Mobile No.: |
91-9893309179 / 9339839624 |
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Fax No.: |
91-733-4009179 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. ft. |
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Location : |
Owned |
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Factory : |
Jalan Industrial Complex, Gate No. 3, Lane no. 5, Sankharidaha,
Domjur, Howra – 711 411 |
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Tel. No.: |
91-33-26418123 / 8107 |
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Fax No.: |
91-33-26418107 |
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E-Mail : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
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Sales Office : |
M-34, Veena Nagar, Indore – 452012, India |
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Tel. No.: |
91-731-2570995, 3252995, 4266944 |
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Fax No.: |
91-731-4009179 |
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E-Mail : |
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Area : |
800 Sq. ft. |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Manoj Kumar Agarwal |
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Designation : |
Managing Director |
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Address : |
Flat No. 1B, 1st Floor, 25A Sarat Bose Road, Kolkata – 700
020, West Bengal, India |
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Date of Birth/Age : |
03.10.1973 |
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Qualification : |
B.Com |
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Experience : |
15 Years |
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Date of Appointment : |
10.03.2004 |
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Name : |
Mr. Ram Prasad Agarwal |
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Designation : |
Director |
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Address : |
Grewal Colony, Bekar Bandh, Dhanbad – 826 001, Jharkhand |
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Date of Birth/Age : |
30.06.1946 |
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Qualification : |
B.Com |
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Experience : |
25 Years |
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Date of Appointment : |
09.08.2002 |
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Name : |
Mr. Pramod Sahu |
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Designation : |
Director |
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Address : |
465, Subhash Nagar, Bye Lane, Dum Dum Cant, P. O. Rabindra Nagar,
Kolkata – 700 065, West Bengal, India |
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Date of Birth/Age : |
02.01.1957 |
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Qualification : |
B.Com |
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Experience : |
20 Years |
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Date of Appointment : |
15.12.2003 |
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Name : |
Mr. Vishnu Kumar Agarwalla |
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Designation : |
Director |
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Address : |
Namo Para, P.O. Jhalda, Purulla |
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Date of Appointment : |
29.11.2004 |
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Name : |
Mrs. Shakuntala Devi |
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Designation : |
Dirrctor |
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Address : |
Grewal Colony, Bekar Bandh, Dhanbad – 826 001, Jharkhand |
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Date of Birth/Age : |
13.07.1951 |
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Qualification : |
B.Com |
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Experience : |
23 Years |
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Date of Appointment : |
31.07.2008 |
KEY EXECUTIVES
|
Name : |
Mr. P K Panda and Company |
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Designation : |
Company Secretary |
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Address : |
7/1 B, Grant Lane, 3rd Floor, Kolkata – 700 012, West
Bengal, India |
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Tel No.: |
91-33-22258969 |
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Fax No.: |
91-9830571534 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Manoj Kumar Agarwal |
111100 |
|
Ram Prasad Agarwal |
190100 |
|
Bharosa Distributors Private Limited |
500000 |
|
F C Polypacks Private Limited |
190000 |
|
Akhil Kumar Shah |
60000 |
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Nikhil Kumar Shah |
40000 |
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GSA Commercial Private Limited |
50000 |
|
Anand Kumar Choudhary |
16000 |
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Shirin Commodeal Private Limited |
50000 |
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Mittal Polypacks Private Limited |
190000 |
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Deshmond Vinimay Private Limited |
25000 |
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B G S Credit Private Limited |
50000 |
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Daya Shankar Singh |
1000 |
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Gaja Nand Agarwal |
5500 |
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Nandlal Agarwalla |
23500 |
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Pawan Kumar Choudhary |
10000 |
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Punch Deo Singh |
5500 |
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Resh Behari Dubby |
1000 |
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Shambhu Nath Agarwal |
3500 |
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Satendra Prasad Singh |
5500 |
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Sushil Kumar Agarwal |
20000 |
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Uttam Kumar Dubey |
5500 |
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Binay Prajapati |
4500 |
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Empire Advisory Services Private Limited |
50000 |
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Escort Finvest Private Limited |
30000 |
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Grade Merchandising Private Limited |
50000 |
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Kelapp Vyapaar Private Limited |
25000 |
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Pee Kay Vanijya Private Limited |
25000 |
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Imtihan Distributor Private Limited |
30000 |
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Empire Advisory Services Private Limited |
30000 |
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Pee Kay Vanijya Private Limited |
50000 |
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Divyanesh Engineering Private Limited |
25000 |
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Total |
1872700 |
List of Allotment as on 31.03.2007
|
Names of Allotees |
No. of Shares |
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Empire Advisory Services Private Limited |
25000 |
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Rallwolf Dealcom Private Limited |
25000 |
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Total |
50000 |
List of Allotment as on 31.03.2008
|
Names of Allotees |
No. of Shares |
|
Amal Kumar Biswas |
82500 |
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Bholebaba Roadways Private Limited |
60000 |
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Blue Stone Readymade Garments Private Limited |
50000 |
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Kathieen Vapaar Private Limited |
40000 |
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Khusaboo Bearing Private Limited |
15000 |
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Ramuks Commercial Private Limited |
25000 |
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Debasis Mukherjee |
50000 |
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Sukumar Roy |
102500 |
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Uttam Das |
25000 |
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Total |
450000 |
Equity shares Breakup (percentage of total equity)
(As on
29.09.2007))
|
Category |
Percentage |
|
Bodies corporate |
55.45 |
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Directors or relatives of directors |
25.09 |
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Other top fifty (50) shareholders |
19.46 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Jumbo Bags |
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Products : |
·
Big Bags and Jumbo Bags ·
Fabrics ·
Bag / Sacks |
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Exports : |
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Products : |
·
HDPE/PP ·
Woven Sacks ·
Box Bags ·
Fabrics ·
Jumbo Bags ·
Valve Sacks |
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Countries : |
·
Canada ·
USA ·
Italy ·
UK ·
Israel |
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Imports : |
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Products : |
PP Granules |
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Countries : |
·
USA ·
Gulf Countries |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days / 60 days) |
GENERAL
INFORMATION
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Suppliers : |
·
Exxon Mobil Corporation ·
Basell International Trading FZE. |
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Customers : |
·
Wholesalers ·
Retailers ·
M/S. Carbognani, Italy ·
M/s. MID Packaging, UK ·
M/s. Nuriel Israel ·
M/s. Can Pack International, Canada ·
M/s. Intergulf, Dubai |
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No. of Employees : |
420 (In office 20 and In Factory 400) |
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Bankers : |
·
UCO Bank Kolkata Main Branch, 10, BTM Sarani,
(Brabourne Road), Kolkata – 700 001, West Bengal, India ·
State Bank of India Commercial Branch, Kolkata 24; Park Street,
Kolkata – 700 016, West Bengal, India ·
ICICI Bank ·
HDFC Bank |
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Facilities : |
CC upto Rs.100.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J Loyalka and Company Chartered Accountants |
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Address : |
16, Mangoe Lane, Kolkata – 700 001, West Bengal, India |
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Associates/Subsidiaries : |
·
Mittal Poly Pack Private Limited Address
: C/O. Diamond engineering, Katras Road, Matkura, Dhanbad – 826 001 Line
of Business : Manufacrturer of HDPE/PP Woven Sacks / Bags / Fabrics / Jumbo Bags ·
Diamond Engineering Address
: 142, Cuttack Puri Road, Opp Bhagwan
Towers, Bhubaneshwar – 1 Line
of Business : Dealers of Cummins Sales and Service (India) Limited and Bharat
Earthmovers Limited |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2037700 |
Equity Shares |
Rs.10/- each |
Rs.20.377
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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|
|
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1] Share Capital |
20.377 |
19.877 |
18.727 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.395 |
20.155 |
17.175 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.772 |
40.032 |
35.902 |
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LOAN FUNDS |
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1] Secured Loans |
118.520 |
110.419 |
107.926 |
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2] Unsecured Loans |
15.271 |
17.375 |
10.398 |
|
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TOTAL BORROWING |
133.791 |
127.794 |
118.324 |
|
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DEFERRED TAX LIABILITIES |
2.318 |
2.318 |
0.433 |
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Deffered government Grants |
8.039 |
8.689 |
11.114 |
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TOTAL |
191.920 |
178.833 |
165.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.415 |
85.876 |
86.226 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.536 |
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 |
39.360
|
30.893 |
30.255 |
|
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Sundry Debtors |
41.457
|
34.589 |
20.598 |
|
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Cash & Bank Balances |
10.617
|
12.301 |
4.575 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
43.108
|
39.810 |
41.012 |
|
Total
Current Assets |
134.542
|
117.593 |
96.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
30.505
|
24.351 |
17.093 |
|
|
Provisions |
1.327
|
0.581 |
0.133 |
|
Total
Current Liabilities |
31.832
|
24.932 |
17.226 |
|
|
Net Current Assets |
102.710
|
92.661 |
79.214 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.259 |
0.296 |
0.333 |
|
|
|
|
|
|
|
|
TOTAL |
191.920 |
178.833 |
165.773 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
363.235 |
237.171 |
0.000 |
|
|
Other Income |
1.885 |
4.143 |
0.000 |
|
|
Total Income |
365.120 |
241.314 |
0.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.486 |
4.163 |
1.307 |
|
|
Provision for Taxation |
0.745 |
2.334 |
0.536 |
|
|
Profit/(Loss) After Tax |
6.741 |
1.829 |
0.771 |
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
6438559 |
4248130 |
NA |
|
Total Earnings |
6438559 |
4248130 |
NA |
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|
|
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|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
13.166 |
5.080 |
NA |
|
|
Capital Goods |
0.566 |
0.000 |
NA |
|
Total Imports |
13.732 |
5.080 |
NA |
|
|
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Expenditures : |
|
|
|
|
|
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Cost of Goods Sold |
273.639 |
179.752 |
NA |
|
|
Manufacturing Expenses |
22.065 |
19.723 |
NA |
|
|
Administrative Expenses |
9.678 |
7.425 |
NA |
|
|
Interest |
9.402 |
7.339 |
NA |
|
|
Depreciation & Amortization |
5.539 |
5.244 |
NA |
|
|
Other Expenditure |
37.311 |
17.668 |
NA |
|
Total Expenditure |
357.634 |
237.151 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.85
|
0.76 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.06
|
1.76 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.37
|
2.05 |
0.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.10 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.47
|
3.82 |
3.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.23
|
4.72 |
5.60 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References
·
Hindalco and Company
·
All India Flat Tape Manufacturers Association
·
Plastic Export Promotion Council
·
Indian Plastics Federation
·
Federation of Small and Medium Industries
Form No. 8
|
Corporate identity
number of the company |
U25209WB2002PTC094990 |
|
Name of the
company |
MITTAL TECHNOPACK PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
14, Bentinck Street, 2nd Floor, Room No. 9, Kolkata – 700
001, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others Plant and Machinery |
|
Particular of charge
holder |
UCO Bank Kolkata Main Branch, 10, BTM Sarani, (Brabourne Road), Kolkata – 700
001, West Bengal, India |
|
Nature of
instrument creating charge |
·
Agreement
for Inland/Foreign Bills purchased / Discounting ·
Equitable mortgage
by deposit of title deeds (No instrument was executed) |
|
Date of
instrument Creating the charge |
15.06.2007 |
|
Amount secured by
the charge |
Rs.167.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest Cash Credit : At BPLR which is at present 12% p.a. EPC/FCPC : BPLR – 3.5% i.e. 8.50% p.a. pr as per Bank guidelines. FBP/EBR/PSFC : BPLR – 3.5% presently 8.50% p.a. (For PSFC LIBOR + 1%
p.a.) The above rate of interest may be revised subject to change in BPLR
from time to time. ·
Terms of
repayment Working Capital Limit – Repayable on demand or as per Bank Guidelines ·
Margin Cash Credit : 25% on stocks and book debts RPC : 10% on stocks of Raw Materials and Finished Goods FBP/EBR/PSFC : 10% on Export receivables ·
Extent and
operation of the charge The entire assets hereby hypothecated and mortgaged by the company in
favour of the UCO Bank stands operated by way of exclusive first charge. ·
Others The Hypo. Stocks, all sales, realisations and insurance proceeds
thereof and all the book debts amd its realizations and al the documents
under this security shall be held as the Bank’s exclusive property and the
company will not create any mortgage, charge, lien or encumbrances affecting
the same. The hypothecated assets shall be insured against loos or damage
under Bank Clause. |
|
Particulars of
the property charged |
Hypothecation of
Stocks of Raw Material, W.I.P. and Finished goods and other movables
including movable plant and machinery which now or hereafter from time to
time during this security stored or to be stored at the companies
premises/factory situated at Jalan Industrial Complex, Gate No. 3,
Sankharidaha, Domjure, Howrah, W.B. or wherever else and hypo. Of all present
and future book debts, receivables etc. of the company. Equitable mortgage of
land and buildings situated at Mouza; Sankharidaha, P S Domjur, Howrah, W.B. |
|
Particulars of
the present modification |
The Bank has
sanctioned bill discounting under L/C of Rs.70.000 millions in addition to
existing working capital limit of Rs.97.000 millions and the overall working
capital limit of Rs.167.000 millions (Enhanced from Rs.97.000 millions) has
been additionally secured by equitable mortgage of 2.290 Acres of land
together with buildings and structures situated at Mouza; Sankharidaha, P S
Domjur, Dist. Howrah, W.B. All other terms
and conditions remain unaltered. |
Web Details
Subject a part of Mittal Group of Industries from Dhanbad, is a company
located on the East Coast of India, and is a premier manufacturer of PP/HDPE based
Polywoven products. The company is a Private limited Company, closely held and
superwised by the Agarwal Family.
Subject is the latest venture of the group setup to target the growing overseas
market of Bulk Packaging. The company is being equipped with the latest
machinery matching the global benchmarks in Production standards.
The company is targeting ISO 9001 certification and it has implemented
standards from Day One to ensure consistent quality in all its deliveries.
Located in Jalan Industrial Complex near Kolkata and spread over an area of
10,000 sq mt, the unit has a unique locational advantage. The Industrial
Complex is located on the Kolkata-Delhi Golden Quadrangle Highway and is only
30 kms and 100 kms from Kolkata and Haldia Sea Ports respectively.
The plant has an extrusion capacity of 400 MT per month, and it is capable of
delivering equivalent fabric and bags. The plant commenced its production in
2004 and is already serving key customers in Europe and Canada.
About the Group
The group has major presence in the domestic Polywoven Products market
and is operating through two group companies, Mittal Polypacks Private Limited
and F C Polypacks Private Limited. The current annual turnover from the
Packaging activities is Rs 170 million. It is likely to grow to over Rs 500
million by the end of the next financial year.
The group also has presence in the field of Mining Equipments and
Distribution of Cummins Diesel Generator Sets and Engines. The group started
its activities in 1972 and ventured in Polywoven packaging in 1985.
The Management
The group is spearheaded by Shri R P Agarwal who pioneered the various
group activities and currently headed by Mr Manoj Kumar Agarwal, a young and
dynamic entrepreneur who has the ability to stear the group for future growth.
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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
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 |
|