MIRA
INFORM REPORT
|
Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
BRINDCO
SALES LIMITED |
|
|
|
|
Registered Office : |
3E/7, 3E/7 Jhandewalan Extension, New Delhi – 110055 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
27.04.1984 |
|
|
|
|
Com. Reg. No.: |
55-18032 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52110DL1984PLC018032 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELB05983F/DELB02134G |
|
|
|
|
Legal Form : |
A
closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesalers
and Distributors of Indian made foreign liquor and beer. |
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
1500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject
is a well – established company having fine track records. Trade relations
are fair. Financial position is good. Payments are correct and as per
commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
3E/7, 3E/7 Jhandewalan Extension, New Delhi – 110055 |
|
Tel. No.: |
91-11-23525739 |
|
|
|
|
Administrative
Office : |
S-53, Okhla Industrial Area, Phase – II, New Delhi – 110 020, INDIA |
|
Tel.
No.: |
91-11-26388707/26385294/26389351/26380587 |
|
E-Mail
: |
91-11-26386618 |
|
|
|
|
warehouse |
S-53,
Okhla Industrial Area, Phase-II, New Delhi - 110 202, India. Tel.
No.:91-11-26842923/26843723/26316618/26918707/ 26918713 / 26920587 Telefax: 91-11-26316618 / 6849175 / 6848112 / 6318524 E-Mail: delhioffice@brindco.com,amandhall@brindcolimited.com, amandhall@brindco.com, sunil@brindcolimited.com Website:http://www.brindco.com E-49/1,
Okhla Industrial Area, Phase - II, New Delhi D-1/5,
Okhla Industrial Area, Phase - II, New Delhi |
|
|
|
|
Godown
: |
E-49, Okhla Industrial Area, Phase – II, New Delhi |
|
Tel.
No.: |
91-11-26388590 |
|
|
|
|
Branch: |
Located at : 805,
Gurdev Nagar, Near Aarti Cinema, Ludhiana - 141 011, Punjab, India. F-203,
Kamal Apartments, Power House Road, Near Ram Mandir, Jaipur - 302 016,
Rajasthan, India. Flat
No B-101, Maharaja Apartment (D-105A), Devi Marg, Bani Park, Jaipur - 302
016, Rajasthan, India. H-1,
H-2 & H-103, Ansa Industrial Estate, Saki Vihar Road, Saki Naka, Mumbai -
400 072, India |
DIRECTORS
|
Name : |
Mr.
Brinder Pal Singh |
|
Designation : |
Director
|
|
Address : |
E-38,
Kalindi, Maharani Bagh, New Delhi – 110065 |
|
Date of Birth/Age : |
15.05.1945 |
|
Qualification |
B. Sc. (H), Hindu College, University of
Delhi |
|
Experience |
35 years |
|
Date of Appointment : |
28.09.2001 |
|
|
|
|
Name : |
Mr.
Indra Dhall |
|
Designation : |
Director
|
|
Address : |
A –
74, East of Kalish, New Delhi – 110065 |
|
Date of Birth/Age : |
21.06.1921 |
|
Date of Appointment : |
27.04.1984 |
|
|
|
|
Name : |
Ms.
Simrit Dkall |
|
Designation : |
Director
|
|
Address : |
E-38,
Kalindi, Maharani Bagh, New Delhi – 110065 |
|
Date of Birth/Age : |
31.07.1950 |
|
Date of Appointment : |
30.09.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Brinder Pal Singh |
68695 |
|
Mr.
Indra Dhall |
10600 |
|
Ms.
Simrit Dkall |
8660 |
|
Mr.
Brinder Pal Singh (HUF) |
5 |
|
M/s.
Star Investment Private Limited |
75000 |
|
M/s.
Maldeep Investment Private Limited |
50000 |
|
M/s.
Raghava Investment Private Limited |
100000 |
|
Ms.
Simer Dhall |
10000 |
|
M/s.
Brindco Investment Private Limited |
34600 |
|
M/s.
Brindco Enterprises Private Limited |
39100 |
|
Mr.
Amar Deep Singh |
44540 |
BUSINESS DETAILS
|
Line of Business : |
Wholesalers
and Distributors of Indian made foreign liquor and beer |
|
|
|
|
Brand Names : |
Ř
United Breweries Limited : Kingfisher Premium Large Beer Kingfisher Premium Diet Beer Kingfisher Premium Cans Kingfisher Premium Extra Strong
Beer Kalyani Black Label Beer Ř
Millennium Alcobev Limited : Bullet Extra Strong Beer Ř
McDowell & Company : McDowell Signature Whisky McDowell Vintage Whisky McDowell Premium Whisky McDowell No. 1 Whisky McDowell Diplomat Whisky Gold Riband Whisky Kerala Malt Whisky McDowell Celebration Rum Forbes Gin Crews Dry Gin Blue Riband Gin Blue Riband Duet Gin Red Riband Vodka Ř
United Distillers (India)
Limited Black Dog 12 Year Old Whisky Black & White Whisky Vat 69 Whisky |
|
|
|
|
Agencies Held : |
v
United
Distillers (India) Limited v
McDowell
& Company Limited v
United
Breweries Limited v
Millennium
Alcobev Limited v
Chandigarh
Distillers and Bottlers Limited v
United
Distillers and Vintners Plc v
Maison
Albert Bichot v
CVBG
Dourthe Kressman v
Moet
and Hennessy India Limited v
The
Wine Group v
Mcwilliams
of Australia v
Zonin
S.P.A. |
|
|
|
|
Imports from : |
UK,
Germany, France and Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Credit
(60 days) terms |
|
|
|
|
Purchasing : |
L/C or
Credit (90 days) terms |
GENERAL
INFORMATION
|
Customers : |
v
The
Oberoi Group of Hotels all over India v
The
Taj Group of Hotels all over India v
ITC
Maurya Sheraton v
C.
V. B. G. – Dourthe-Kressmann , France v
Chateau
Clarke & Chateau Malmaison, France v
Somaines
Schlumberger, France v
Maison
Louis Jadot, Burgundy v
Maison
Albert Bichot, France v
E.
Guigal, France v
Henri
Bourgeois, France v
Kendall
jackson (International Wine Estates), USA v
Caymus,
USA v
Joseph
Phelps, USA v
Cakebread
Cellars, USA v
Benziger
Vineyards, USA v
St.
Francis Winery, USA v
Duckhorn
Vineyards, USA v
Jordan
Vineyards, USA v
Stag’s
Leap, USA v
Stimson
Lane Vineyards & Estates, USA v
McWilliam’s,
Australia v
Leeuwin
Estates, Australia v
Clarendon
Hills, Australia v
D’Arenberg,
Australia v
Cororniu,
Spain v
Rupert
& Rothschild (and Rothschild Family Estates in Bordeaux), South Africa v
Moulderbosch
Vineyards, South Africa v
Vina
Tapapaca, Chile v
Calina
(Part of Kendall Jackson Estates), Chile v
Montana
Winery Pte. Limited, New Zealand v
Zonin,
Italy v
Marchesi
Director Barolo, Italy v
Col
D’Orcia v
Marchesi
de Frescobaldi, Italy v
Marco
Felluga, Italy v
Carlo
Pellegrino, Italy v
Tasca
D’Almerita, Italy v
Allegrini,
Italy v
Lebanon,
Lebanon v
Catena
Zapata, Argentina v
Grupo
Modelo (Corona Beer, Mexico), Beer v
Guinness
(Ireland), Beer v
Bulmers
(Scrumpy Jack), Beer v
Grolsch,
Beer v
Marie
Brizard & Roger International, Liqueurs |
|
|
|
|
No. of Employees : |
100 |
|
|
|
|
Bankers : |
v
ABN
Amro Bank v
Bank
of India, Jhandewalan Extension Branch, New Delhi – 110 055
Contact Person : Mr. Ashok
Kumar v
Punjab
& Sind Bank, Sunet Branch, Ludhiana, Punjab v
Bank
of Baroda, MI Road, Branch, Jaipur, Rajasthan v
Bank
of Punjab Limited, SCO 46/47, Bank of Square, Sector – 9D, Chandfigarh -
160009 |
|
|
|
|
Facilities : |
Secured
Loan From
Bank Cash
credit – Rs. 69.143 Millions From
Others Vehicle
Loan – Rs. 2.353 Millions Total
– Rs. 71.497 Millions |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Walkar
Chandiok & Company (Part of Grant Thorton) Chartered
Accountants |
|
Address: |
41 L,
Connaught Circus, New Delhi – 110 001 |
|
Tel. No.: |
91-11-372
3361/3713197 |
|
Fax No.: |
91-11-332
9512 |
|
E-Mail : |
|
|
Website |
|
|
|
|
|
Associates/Subsidiaries : |
Ř
WIB
Distributors Private Limited, Mumbai -Engaged in liquor distribution Ř
Surajit
Yantric Shilpa Udyog Limited, New Delhi - Engaged in warehousing and
transportation Ř
Brindco
Sales Corporation, Jhandelwalan Extension, New Delhi Ř
Brindco
Enterprises Private Limited Ř
Brindco
Investment Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
400000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 40.000 Millions |
|
400000 |
Non
Cumulative Redeemable Preferences Shares
|
Rs. 100/- Each |
Rs. 40.000 Millions |
|
Total |
|
|
Rs. 80.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
225000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 22.500 Millions |
|
225000 |
Non
Cumulative Redeemable Preferences Shares
|
Rs. 100/- Each |
Rs. 22.500 Millions |
|
Total |
|
|
Rs. 45.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
45.000 |
45.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
344.475 |
297.267 |
250.995 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
389.475 |
342.267 |
295.995 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
71.497 |
65.184 |
56.882 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
71.497 |
65.184 |
56.882 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.190 |
|
|
|
|
|
|
|
|
TOTAL |
460.972 |
407.451 |
354.067 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.625 |
33.027 |
28.402 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.667 |
5.488 |
3.134 |
|
|
DEFERREX TAX ASSETS |
0.864 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
134.123
|
161.297 |
100.110 |
|
|
Sundry Debtors |
188.056
|
133.848 |
106.442 |
|
|
Cash & Bank Balances |
24.373
|
15.218 |
10.112 |
|
|
Other Current Assets |
0.218
|
0.156 |
0.063 |
|
|
Loans & Advances |
169.315
|
148.658 |
178.115 |
|
Total Current Assets |
516.085
|
459.177 |
394.842 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
64.194
|
59.742 |
44.731 |
|
|
Provisions |
30.075
|
30.563 |
27.580 |
|
Total Current Liabilities |
94.269
|
90.305 |
72.311 |
|
|
Net Current Assets |
421.816
|
368.872 |
322.531 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.064 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
460.972 |
407.451 |
354.067 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
955.395 |
779.994 |
714.511 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
73.907 |
73.157 |
71.438 |
|
Provision
for Taxation |
26.699 |
28.150 |
25.727 |
|
Profit/(Loss)
After Tax |
47.208 |
45.007 |
45.711 |
|
|
|
|
|
|
Export
Value |
1.975 |
5.140 |
NA |
|
|
|
|
|
|
Import
Value |
9.489 |
14.341 |
NA |
|
|
|
|
|
|
Total
Expenditure |
881.487 |
706.836 |
643.072 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.94
|
5.77 |
6.39 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
7.73
|
9.37 |
9.99 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
13.49
|
14.86 |
16.87 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.21 |
0.24 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.42
|
0.45 |
0.43 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
5.47
|
5.08 |
5.46 |
LOCAL AGENCY
FURTHER INFORMATION
The
company’s fixed assets of important value include Land, Buildings, Generator,
Office Equipments, Air-conditioners, Coolers, Furniture & Fixtures and
Vehicles.
HISTORY
The
company was incorporated on 27th April, 1984 at New Delhi in India
having Company Registration Number 18032.
Originally
subject was incorporated in the year 1967 by Mr. Brinder Pal Singh to
distribute imported alcoholic products viz. scotch whisky, wines etc. After prohibition of imports in 1972, the
company started distributing Indian produce liquor and beer made in India by
McDowell & Company and United Breweries, the leaders in spirits and brewing
industry
The
company is in trade terms with the following :
·
Delhi
State Industrial Development Corporation Limited
N Block, Bombay Life Building, Connaught Circus, New Delhi - 110 001
·
Delhi
Tourism & Transport Corporation Limited
18A, DDA Complex, Defence Colony,
New Delhi
·
Le
Meridian Hotel, Janpath, New Delhi
·
Hyatt
Regency, New Delhi
·
TGI
Friday's, Vasant Vihar, New Delhi
·
Maldeep
Investment Private Limited, Chennai, Tamilnadu
·
Raghva
Investment Private Limited. Chennai, Tamilnadu
·
United
Distillers & Vinters Limited
(100% subsidiary of UDV UK /
DIAGEO PLC)
Block 2D, No.71, Phoenix Mills Complex, 462, Senapati Bapat Marg, Lower
Parel, Mumbai - 400 013
Tel. No. 91-22-495 2558 /498 3822
Fax No. 91-22-495 2671
·
United
Distillers (India) Limited
·
McDowell
& Company Limited
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U52110DL1984PLC018032 |
|
Name of the company |
BRINDCO SALES LIMITED |
|
Address |
3E/7, 3E/7 Jhandewalan Extension, New Delhi – 110055 |
|
This Form is for |
Modification Charge |
|
Particular of the charge holder |
Bank of Punjab Limited, SCO 46/47, Bank of Square, Sector – 9D, Chandfigarh - 160009 |
|
Name or description of the instrument creating charge |
Hypothecation Agreement dated 1.09.1999 |
|
Date of the instrument creating charge |
1.09.1999 |
|
Amount Secure by the charge |
Rs. 40.000 Millions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
|
Property Charge |
E-49/10 Khla Industrial Area Phase, II of Surajit Yantrik Shilpa Udyog Limited B – 118, Okhla Industrial Area, of Gloden Photo and Warehosing Private Limited |
|
Modification charge Charge identification number of the charge to be modified |
90032911 |
|
Date of instrument modifying the charge |
19.05.2006 |
|
Particulars of the present modification |
Cash credit ABD Cash Credit increased from Rs. 60.000 Millions to 10.000 Millions |
|
Name of the company |
BRINDCO
SALES LIMITED |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Loan Agreement dated 24.03.2005 bearing loan – WD – 0822 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.200 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 |
On security of 6. Nos 2005 Model tutsushi pickup bearing E. No. E483CD5C119052, E483CD5C118774, E483CD5C119057 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The total of Rs. 3.507 Millions is payable in 35 monthly instalments as flows instalments of Rs. 0.100 Millions the rest of the 34 monthly 1st loan instalment falls due on 24.03.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
M/s. Sundaram Finance Limited, No. 21, Patullos Road, Chennai – 600002 |
|
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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|