MIRA
INFORM REPORT
|
Report Date : |
22nd
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
UL
ELEKTRODEVICES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Nirman Classic, S. No. 36, Building No. A
– 1, 3rd Floor, Katraj,
Pune – 411 046, Maharashtra, India. |
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
25.09.1997 |
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|
Com. Reg. No.: |
11-110879 |
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|
CIN No.: [Company
Identification No.] |
U31200MH1997PTC110879 |
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|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEU00428B |
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|
Legal Form : |
Private
Limited Liability Company |
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|
Line of Business : |
To carry on business as manufacturers, sellers, buyers, distributors,
agents, fabricators, assemblers, importers, exporters, stockiest, commission
agents, hire or lease or otherwise rent or deal in any manner in all kinds of
electronics/electrical equipments systems and its components, accessories and
peripherals computers, office equipments and its peripherals. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD
45000 |
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|
Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track. Financial position
is good. Payments are correct and as per commitments. Trade relations are
fair. Nothing adverse reported. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Nirman Classic, S. No. 36, Building No. A
– 1, 3rd Floor, Katraj,
Pune – 411 046, Maharashtra, India. |
|
Tel. No.: |
91-20-26960050/21119931/21119932 |
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|
|
|
Factory : |
573/23
Parsshwanathnagar Bibvewadi, Pune – 411 001, India. |
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Tel.
No.: |
91-20-24214928 |
DIRECTORS
|
Name : |
Mr. Ramchandra Jadhav Uday |
|
Designation : |
Director |
|
Address : |
D-29, Audumbar Society, 580, Market Yard,
Pune – 411 037, Maharashtra, India. |
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Date of Birth/Age : |
13.11.1966 |
|
Date of Appointment : |
25.09.1997 |
|
|
|
|
Name : |
Mr.
Janakidas Sahani Lalit |
|
Designation : |
Director |
|
Address : |
Flat
No. 2, Heaven Villa, Kedari Nagar, Wanawadi, Pune – 411 037, Maharashtra,
India. |
|
Date of Birth/Age : |
02.11.1961 |
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Date of Appointment : |
25.09.1997 |
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|
|
|
Name : |
Mrs.
Uday Jadhav Shilpa |
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Designation : |
Director |
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Address : |
D-29, Audumbar Society, 580, Market Yard,
Pune – 411 037, Maharashtra, India. |
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Date of Appointment : |
01.06.1999 |
|
|
|
|
Name : |
Mrs
Lalit Sahani Beena |
|
Designation : |
Director |
|
Address : |
Flat
No. 2, Heaven Villa, Kedari Nagar, Wanawadi, Pune – 411 037, Maharashtra,
India. |
|
Date of Appointment : |
01.06.1999 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Jadhav
Ramchandra Uday |
12,500 |
|
Sahani
Janakidas Lalit |
12,500 |
|
Jadhav
Uday Shilpa |
12,500 |
|
Sahani
Lalit Beena |
12,500 |
|
TOTAL |
50,000 |
BUSINESS DETAILS
|
Line of Business : |
To carry on business as manufacturers, sellers, buyers, distributors,
agents, fabricators, assemblers, importers, exporters, stockiest, commission
agents, hire or lease or otherwise rent or deal in any manner in all kinds of
electronics/electrical equipments systems and its components, accessories and
peripherals computers, office equipments and its peripherals. |
GENERAL
INFORMATION
|
Bankers : |
v
ICICI
Bank Limited v
HDFC
Bank Limited v
Sharda
Sahakari Bank v
Shree
Sharada Sahakari Bank Limited, Bibvewadi Branch, Pune- 411009 Credit Limit: Outstanding limit as on 31.03.2004: Cash Credit : Rs. 1.035 millions Sanctioned limit as on 3.12.2004: Cash Credit: Rs. 1.500 millions |
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Facilities : |
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Banking Relations : |
Satisfactory |
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|
|
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Auditors : |
P. S.
Shingte and Company |
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Qualification: |
Chartered
Accountants |
|
Address: |
569/2,
C/11, Poonam Apartments, Marketyard, Pune – 411037 |
|
Tel. No.: |
91-20-24263666 |
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|
|
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Sister Concern: |
UL
Automation and Systems Private Limited |
|
Line of Business: |
Manufacturers
of Interface Modules |
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|
|
|
Sister Concern: |
UL
Systems and Controls Private Limited |
|
Line of Business: |
Manufacturers
of Control Panels |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.161 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.925 |
3.692 |
2.125 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.425 |
4.192 |
2.286 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.947 |
6.460 |
5.440 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.947 |
6.460 |
5.440 |
|
|
DEFERRED TAX LIABILITIES |
0.036 |
0.036 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19.408 |
10.688 |
7.726 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
4.872 |
5.443 |
5.825 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
|
INVESTMENT |
1.072 |
0.939 |
0.738 |
|
|
DEFERREX TAX ASSETS |
0.020 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.437 |
2.750 |
2.517 |
|
|
Sundry Debtors |
28.754 |
17.199 |
30.707 |
|
|
Cash & Bank Balances |
0.222 |
0.285 |
0.215 |
|
|
Deposits |
0.048 |
0.006 |
0.000 |
|
|
Advance Tax for A. Y. 2005-06 |
0.200 |
1.011 |
0.000 |
|
|
TDS Receivable |
0.001 |
0.019 |
0.000 |
|
|
Advances recoverable in cash or in kind |
0.461 |
0.814 |
0.000 |
|
|
Other Current Assets |
0.000 |
0.000 |
2.021 |
|
|
Loans & Advances |
0.000 |
0.000 |
1.070 |
|
Total Current Assets |
33.123 |
22.084 |
36.530
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
|
|
Current Liabilities |
15.383 |
16.849 |
34.311 |
|
|
Provisions |
4.300 |
0.935 |
1.065 |
|
Total Current Liabilities |
19.683 |
17.784 |
35.376
|
|
|
Net Current Assets |
13.440 |
4.300 |
1.154 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.004 |
0.006 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
19.408 |
10.688 |
7.726 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
106.808 |
57.105 |
63.047 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
11.538 |
2.520 |
1.841 |
|
Provision
for Taxation |
4.305 |
0.953 |
0.676 |
|
Profit/(Loss)
After Tax |
7.233 |
1.567 |
1.165 |
|
|
|
|
|
|
Total
Expenditure |
95.270 |
54.585 |
61.206 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
6.77
|
2.74 |
1.85 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
10.80
|
4.41 |
2.92 |
|
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
29.51
|
8.85 |
4.27 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
1.01
|
0.60 |
0.81 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.42
|
5.78 |
17.85 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.68
|
1.24 |
1.03 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED
ASSETS:
Building,
Plant & machinery, Office Equipment, Motor Car, Furniture etc.
Financial
Result:
This is
the eight-year of the company and
during the current year the company has conducted trading activity and the
company has shown the profit (before tax) of Rs. 11.538 Millions.
|
Name
of the company |
UL ELECTRODEVICES PRIVATE LIMITED |
|
Presented By |
Mr.
Uday Jadhav, Director |
|
1)
Date and description of instrument creating the change |
22.12.2005
and Hypothecation of Tangible Movable Assets. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan of Rs. 2.000 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 |
Stock
and Debtors of the company |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Bank
Interest at 13.5% p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
Shree
Sharda Sahakari Bank Limited, Bibwewadi Branch, Pune – 411 037. |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
|
Name
of the company |
UL ELECTRODEVICES PRIVATE LIMITED |
|
Presented By |
Mr.
Uday Jadhav, Director |
|
1)
Date and description of instrument creating the change |
31.03.2005
and Agreement for loan 31.03.2005
and Hypothecation of Tangible Movable Assets. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan of Rs. 0.800 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 |
Furniture,
Stock and Book Debts of the Company |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Bank
Interest at 13.5% p.a. with monthly interest 60
equated monthly instalments of Rs. 0.018 Millions |
|
5)
Name and Address and description of the person entitled to the charge. |
Shree
Sharda Sahakari Bank Limited, Bibwewadi Branch, Pune – 411 037. |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
|
Name
of the company |
UL ELECTRODEVICES PRIVATE LIMITED |
|
Presented By |
Mr.
Uday Jadhav, Director |
|
1)
Date and description of instrument creating the change |
10.11.2005
and Deed of Hypothecation of Book Debts 10.11.2005
and Hypothecation of Tangible movable properties. 10.11.2005
and Agreement for Loan/ cash credit facility |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Overdraft of Rs. 2.000 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 |
Stock
and Debtors of the company |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Bank
Interest at 16.00% p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
Shree
Sharda Sahakari Bank Limited, Bibwewadi Branch, Pune – 411 037. |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
|
Name
of the company |
UL ELECTRODEVICES PRIVATE LIMITED |
|
Presented By |
Mr.
Lalit J. Sahani, Director |
|
1)
Date and description of instrument creating the change |
Agreement
for Loan/Cash Credit facility dated 17.03.2005 Agreement
for Hypothecation of Tangible Movable Property dated 17.03.2005 Agreement
for Hypothecation of Book Debts dated 17.03.2005 All
the above instruments constitute a single charge. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
1.000 Millions Cash
Credit Facility |
|
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 |
All
Stock and Debtors of the borrower company |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
First
Charge on all the above assets of the company for securing repayment of the
credit facility mentained above. |
|
5)
Name and Address and description of the person entitled to the charge. |
Shree
Sharda Sahakari Bank Limited, Bibwewadi Branch, Pune – 411 037. |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
|
Name
of the company |
UL ELECTRODEVICES PRIVATE LIMITED |
|
Presented By |
Mr.
Uday Jadhav, Director |
|
1)
Date and description of instrument creating the change |
31.03.2005
and Agreement for loan 31.03.2005
and Hypothecation of Tangible Movable Assets. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan of Rs. 2.000 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 |
Mortgage
of Office premises, Stock and book Debts of the company. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Bank
Interest at 13.5% p.a. with monthly interest 60
equated monthly installments of Rs. 0.045 Millions |
|
5)
Name and Address and description of the person entitled to the charge. |
Shree
Sharda Sahakari Bank Limited, Bibwewadi Branch, Pune – 411 037. |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
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.46.20 |
|
UK
Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |