MIRA INFORM REPORT
|
Report Date : |
25.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
HAZEL MERCANTILE LIMITED |
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|
|
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Registered Office : |
181,
Ashoka Centre, 2nd Floor, G. T. Hospital Complex, L. T. Road,
Mumbai – 400 001, Maharashtra |
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|
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Country : |
India
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|
|
|
Financials (as on) : |
31.03.2005 |
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|
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Date of Incorporation : |
16.10.1995 |
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|
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Com. Reg. No.: |
11-93674 |
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|
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CIN No.: [Company Identification No.] |
L51900MH1995PLC093674 |
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|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MUMH05177E
/ MUMH04309E |
|
|
|
|
Legal Form : |
A
closely held public limited liability company |
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Line of Business : |
Merchants,
traders, commission agents, buying agents, selling agents, brokers,
adapters, buyers, sellers, importers,
exporters and to trade and deal in goods, gems & jewellery, produce articles
and merchandise of any kind whatsoever and without prejudice to the
generality to the foregoing agricultural commodities, food grains cash crops,
cotton, tea, jute, coffee, fruit, spices, vegetables, flowers, milk, milk
products, meat, seeds, raw materials, required by industries, semi finished
products or industrial machinery equipments, chemicals intermediates,
electrical goods, black boards, plywood’s, laminated sheets, textile yarns
& fabrics, garments, furniture, minerals ores and oils as wholesaler or
retailers on the basis of ready delivery or foreward contact or on commission
basis. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established trader. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
181, Ashoka Centre, 2nd
Floor, G. T. Hospital Complex, L. T. Road, Mumbai – 400 001, Maharashtra,
India |
|
Tel. No.: |
91–22–2261 0282 (3 Lines) |
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Fax No.: |
91–22–262 0553 |
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E-Mail : |
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Website : |
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Area : |
Lease
|
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|
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Marketing Office : |
1410, Maker Chambers V,
Nariman Point, Mumbai – 400 021, Maharashtra |
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Tel. No.: |
91-22-22832170 (5 Lines) |
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Fax No.: |
91-22-22821605 |
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E-Mail : |
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Corporate Office : |
701/712A, Embassy Centre,
Nariman Point, Mumbai – 400 021,
Maharashtra |
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Tel. No.: |
91-22-22824444 (12 Lines) |
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Fax No.: |
91-22-22041411
(Logistics)/2282 4440 (General) |
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E-Mail : |
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Website : |
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Branches : |
·
Delhi ·
Kolkata, West Bengal ·
Visakhapatnam, Andhra
Pradesh ·
Gandhidham, Gujarat |
DIRECTORS
|
Name : |
Mr.
Nitinkumar B. Didwania |
|
Designation : |
Director |
|
Date of Birth/Age : |
23rd June 1974 |
|
Address : |
172, Kshitij, 47, Napean
Sea Road, Mumbai – 400036, Maharashtra |
|
|
|
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Name : |
Ms. Sushmadevi D. Didwania |
|
Designation : |
Director |
|
Date of Birth/Age : |
30th September
1955 |
|
Address : |
172, Kshitij, 47, Napean
Sea Road, Mumbai – 400036, Maharashtra |
|
|
|
|
Name : |
Mr. Vishal V. Sukhani |
|
Designation : |
Director |
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Date of Birth/Age : |
15th January
1976 |
|
Address : |
Prakash Bhavan, 3rd
Floor, Thakurdwar, C.P.Tank, Mumbai, Maharashtra |
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|
|
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Nitin Kumar B. Didwania |
74,99,050 |
|
Mr. Vishal Sukhani |
100 |
|
Ms. Sushma Devi D. Didwania |
450 |
|
Mr.
Ajay Jain |
100 |
|
Mr Yash Gala |
100 |
|
Mr. Saurabh Sanghavi |
100 |
|
Mr Sanjay Busa |
100 |
BUSINESS DETAILS
|
Line of Business : |
Merchants,
traders, commission agents, buying
agents, selling agents, brokers, adapters, buyers, sellers, importers, exporters and to trade and deal in
goods, gems & jewellery, produce articles and merchandise of any kind
whatsoever and without prejudice to the generality to the foregoing
agricultural commodities, food grains cash crops, cotton, tea, jute, coffee,
fruit, spices, vegetables, flowers, milk, milk products, meat, seeds, raw
materials, required by industries, semi finished products or industrial
machinery equipments, chemicals intermediates, electrical goods, black
boards, plywood’s, laminated sheets, textile yarns & fabrics, garments,
furniture, minerals ores and oils as wholesaler or retailers on the basis of
ready delivery or foreward contact or on commission basis. |
GENERAL INFORMATION
|
Suppliers : |
·
Adnet Technologies
Private Limited ·
Balaji Warehouse ·
Time Network Express
Service ·
United Storage &
Tank Terminal Limited ·
Kesar Enterprises
Limited ·
Essar Refrigeration
Company ·
Kamdar Enterprises |
|
|
|
|
Customers : |
·
Aarti Drugs Limited ·
Ashok Company ·
Aimco Pesticides ·
B. K. Oil &
Solvents ·
Chetan Overseas
Private Limited ·
Climax Trading Company ·
Bayer India Limited ·
Deepanshu Impex ·
Ion Exchange (India)
Limited ·
Kamal Industry ·
Kejriwal Paper Limited ·
J. B. Khokhani &
Company ·
Mahalaxmi Dyes &
Chemicals ·
Modi Enterprises ·
Ransat Services
Limited ·
Ratanguru Stainless
International ·
R. K. Enterprises ·
Sheetla Maa Trading
Company ·
Sum Beam Trading Inc. ·
Thermax Limited ·
Vam Organic Chemicals
Limited ·
Shree Nealkanth
Overseas ·
United Phosphorus
Limited |
|
|
|
|
No. of Employees : |
70 |
|
|
|
|
Bankers : |
·
Corporation Bank,
Mumbai ·
UCO Bank, Mumbai ·
Union Bank of India,
Mumbai ·
Federal Bank, Mumbai ·
Jankalyan Sahakari
Bank Limited, Mumbai ·
Global Trust Bank,
Mumbai ·
Punjab National Bank,
General J. Bhosale Marg, Nariman Point, Mumbai – 400 021, Maharashtra (The
company enjoys overdraft facility from it’s bankers) ·
State Bank of India,
Fort Branch, 214, D. N. Road, Mumbai – 400 001, Maharashtra |
|
|
|
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Facilities : |
The Company enjoys
following facilities from its bankers:- 24/03/2003 Punjab National Bank Hypothecation of Present
and Future Goods and Assets Rs. 40.000 millions 23/03/2002 Punjab National Bank Hypothecation of Goods and
Book Debts Rs. 165.000 millions 01/09/2003 State Bank of India Hypothecation of Present
and Future Stocks Rs. 100.000 millions |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Shabbir S. Dagasrawala Chartered Accountant Office No. 8, 1st
Floor, Narayan Niwas, 63, Aarey Road, Goregaon
(West), Mumbai – 400 062,
Maharashtra |
|
Tel. No.: |
91-22-28739939 |
|
|
|
|
Associates : |
·
Priceless Investment
Private Limited ·
Sanman Trade Impex
Private Limited No.
1-A, Shahnaz, 90, Napeansea Road, Mumbai,
Maharashtra |
|
|
|
|
Parents Company : |
·
India Fintrade Limited The company carries out its import activities through its affiliate company i.e. subject company which is located in L. T. Road, a prime market for trading of metals, industrial chemicals and petro-chemicals which enable the company to have a feel of the market and be with it at all times. The company itself is open and is quite competent to
trade in all kinds of materials like specific, sensitive requirement of
Government sector and Public Sector Undertakings. It has in the past provided service to specific technical
requirements of government organisations like Indian Navy / ONGC etc. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,00,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75,00,000 |
Equity
shares |
Rs. 10/- each |
Rs. 75.000 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 |
75.000 |
75.000 |
75.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
362.800 |
263.700 |
179.100 |
|
NETWORTH
|
437.800 |
338.700 |
254.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
83.300 |
49.700 |
60.300 |
|
|
2] Unsecured Loans |
10.600 |
14.000 |
92.500 |
|
TOTAL
BORROWING
|
93.900 |
63.700 |
152.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
TOTAL
|
531.700 |
402.400 |
406.900 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
6.200 |
7.600 |
9.000 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
1.200 |
1.100 |
1.100 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
309.600 |
217.600 |
166.300 |
|
|
Sundry Debtors
|
878.000 |
629.200 |
509.300 |
|
|
Cash & Bank Balances
|
124.900 |
71.800 |
32.800 |
|
|
Loans & Advances
|
33.400 |
30.800 |
38.500 |
Total Current Assets
|
1345.900
|
949.400 |
746.900 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
815.900 |
552.600 |
343.100 |
|
|
Provisions
|
7.500 |
3.700 |
7.700 |
Total Current Liabilities
|
823.400 |
556.300 |
350.800 |
|
Net Current
Assets
|
522.500 |
393.100 |
396.100 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
1.800 |
0.600 |
0.700 |
|
|
|
|
|
|
|
TOTAL
|
531.700 |
402.400 |
406.900 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
2860.000 |
2211.500 |
1665.800 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
103.300 |
87.400 |
53.000 |
Provision for Taxation
|
2.500 |
1.600 |
5.400 |
Profit/(Loss) After Tax
|
100.800 |
85.800 |
47.600 |
|
|
|
|
|
Export Value
|
NA |
456.768 |
146.636 |
|
|
|
|
|
Import Value
|
NA |
995.026 |
655.720 |
|
|
|
|
|
Total Expenditure
|
2766.00 |
1247.756 |
1625.964 |
KEY RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt
Equity Ratio |
0.20 |
0.37 |
0.49 |
|
Long
Term Debt Equity Ratio |
0.20 |
0.37 |
0.49 |
|
Current
Ratio |
1.66 |
1.87 |
1.79 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
359.01 |
209.13 |
213.41 |
|
Inventory
|
10.83 |
11.49 |
10.69 |
|
Debtors |
3.79 |
3.88 |
3.68 |
|
Interest
Cover Ratio |
3.19 |
5.72 |
4.68 |
|
Operating
Profit Margin (%) |
5.33 |
4.90 |
4.19 |
|
Profit
Before Interest and Tax Margin (%) |
5.27 |
4.80 |
4.05 |
|
Cash
Profit Margin (%) |
3.59 |
3.98 |
3.00 |
|
Adjusted
Net Profit Margin (%) |
3.53 |
3.89 |
2.86 |
|
Return
on Capital Employed (%) |
32.29 |
26.21 |
22.23 |
|
Return
on Net Worth (%) |
25.96 |
28.95 |
23.41 |
LOCAL AGENCY FURTHER INFORMATION
It’s products range include
:-
·
Mugs
·
Metals
·
Paper
·
Chamicals
·
Plastics
·
Pharma
·
Marine
During the year under the report the company has registered itself with Kandla special economic zone (KSEZ) and with software technology parts of India (STPI) so as to carter to the overseas market in professional manner, using the infrastructure provided by these special zones. By which success in marketing of software products conceived and developed by the experienced and dedicated staff of the company was possible.
Profile
Subject is a young, dynamic multifaceted trading organisation based in Mumbai, the commercial capital of India, dealing in a broad spectrum of products and services. Strong capital backing, highly proficient risk management capabilities, aggressive business development arms, the capacity to tap new emerging markets with relative ease and a motivated reservoir of intellectual capital combine to give us an edge over the competition. Drawing on our resources across industries, we are able to integrate our expertise from different arenas to device otherwise elusive solutions to customer requirements.
The company has associated offices in Singapore, London and Dubai, as well as branch offices in most Indian metropolises, each equipped with state of the art Management Information Systems. With a highly motivated team of 120 professionals and with storage & distribution facilities spread across the country, it strive to service suppliers, dealers and customers with unparalleled efficacy.
The scope of Business covers :-
Imports :- Chemicals, Petrochemicals, Polymers, Pharmaceuticals, Metals, Dyes & Dye Intermediates.
Exports :- Paper & Its Auxiliaries, Chemicals & Ceramics
Manufacturing :- Ceramic
products, Chinaware & Paper Products.
Trade Finance :- Structuring
of trade debts, Securitisation.
New Ventures
With the new
world riding on the wave of Information Technology, we have gauged its immense
potential & have made an entry into this field by developing database
management software. Datamining Application tools & Business Intelligence
software for some clients in Singapore & India.
It undertaken
manufacturing of Pharmaceutical Products in a neighboring country.
The company have
made forays into specific areas of Infrastructure & are involved in
prestigious Government Contracts.
A key area of
growth over the last few years has been the import and distribution of
chemicals and petrochemicals, positioning amongst India's foremost market
makers.
The cultivation
of a close rapport with each of suppliers as well as customer base has been
instrumental to our growth, keeping us abreast of shifting supply concerns as
well as formulating a set of protocol to ensure that any and all prevalent
demand is met in a timely fashion.
Logistics team is
highly conversant in delivery time optimization, having considered relevant
factors such as costs, clearing, storage, distribution, etc.
The company
presently maintain two prime logistical hubs which are fully equipped with
state of the are storage terminals & warehousing facilities at Kandla,
Gujrat and Nhavasheva, Mumbai, to facilitate distribution.
The company
represent some of the global conglomerates for their distribution in India. We
regularly import from companies like ICC, IPCC, Sumitomo, Exxon Mobil,
Petrochem, SABIC, Itochu, OCI Corporation, Aekyung, Kolmar, PetroSA just to
name a few and distribute to leading Indian corporates & multinationals.
An overview of the major products are deal in:-
|
CHEMICALS |
|
|
Alcohols |
ISO Propanol, N-Butanol, Iso Butanol,
Methanol, Ethanol-96 / 99.9%, 2-Ethyl Hexanol, Mossatanol L, 120 |
|
Chlorinated
Solvents |
Methylene Chloride,
Trichloroethylene, Perchloroethylene |
|
Ethanolamines |
Monoethanolamine, Diethanolamine,
Triethanolamine-85% / 99.9% |
|
Esters |
Ethyl Acetate, Butly Acetate |
|
Glycols |
Mono-Ethylene, Di Ethylene |
|
Glycol Ethers |
Ethyl Glycol, Butyl Glycol |
|
Hydrocarbons |
Xylene, Toulene, Solvent Naphtha |
|
Ketones |
Acetone, MEK, MIBK, Cyclohexanone |
|
Monomers |
Butyl Acrylate, Styrene, Vinly
Acetate |
|
Oleochemicals |
Fatty acids, Glycerine, Straric Acids
& Rubber Grade |
|
Plasticizers |
Di Butyl Pthalate, Di Octyl Phthalate |
|
Other Chemicals |
Phthalic Anhydride, Maleic Anhydride,
Acetic Acid, Pentaerythritol, Phenol, Titanium Dioxide, Paraffin Wax, Dyes
& Dye Intermediates. |
|
METALS |
|
|
Non Ferrous |
Copper, Nickel, Tin, Aluminium, Zinc,
Lead. |
|
Ferrous |
HMS I/II, CR/HR Coils, H/I Beam,
Rails, Stainless Steel, etc. |
|
POLYMERS |
|
HDPE, LDPE, LLDPE,
HIPS, GPPS, PP, PVC, ABS |
|
PAPER |
|
Hardwood Pulp, Softwood Pulp, Coated
Paper & Board, Inkjet Paper, Copier Paper. |
CERAMICS:
The company supply premium quality Chinaware Dinnerware & Ceramic Giftware
items manufactured in an ISO 9002 certified manufacturing facilities and
are amongst the largest exports of Ceramic Mugs & Dinnerware from India.
The company also deal in Ceramic Tiles and sanitary Ware. It’s products are FDA
approved & find acceptance in UK, Middle East, Asia and Australia &
South Africa.
Trade Finance
The financial services division, India Fintrade Limited (IFL), is committed to the facilitation of trade through its affiliations which include major respectable banks and other financial institutions (both in India and overseas.)FL offers structured trade finance in the form of commercial and term borrowing backed by supply/purchase of goods, factoring and securitizing receivables, advances against assured performance amongst other services. Today, we are among the leading players in structured finance in India.
Emerging Market
India, with its inherent qualities & a rapidly growing economy, has become one of the fastest emerging markets in the world. Due to its low cost manufacturing & excellent quality of products, India has become an ideal sourcing base and with all the major corporates worldwide wanting to ser up operations here, it is one of the most promising markets of the future.
Subject, with its vast exposure & excellent infrastructure, is currently sourcing for some of the biggest names in the Chemical, Petrochemical & Paper Industry worldwide & provides a platform
The company's fixed assets of important value
include air conditioner, camera, computer,
fax machine, furniture & fixtures, motor car, television set, xerox machine
and motor cycle.
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 :
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.44.74 |
|
UK
Pound |
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.58.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
52 |
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
|
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 |