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MIRA INFORM REPORT
|
Report
Date : |
24.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
C.R.I. PUMPS (PRIVATE) LIMITED |
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Registered
Office : |
122 - B Atthipalayam Road, Chinnavedampatti, Ganapathy,
Coimbatore-641006, Tamilnadu |
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
31.01.1996 |
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Com.
Reg. No.: |
18-6902 |
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CIN
No.: [Company Identification No.] |
U29120TZ1996PTC006902 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
CMBC03127F |
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Legal
Form : |
Private Limited Liability Company. |
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Line
of Business : |
Manufacturers, Exporter and Importer of Borewell
Submersible Pumpsets, Openwell Submersible Pumpsets, Peripheral Pumpsets,
Self Priming Jet Pumpsets, Centrifugal Self Priming Pumpsets, Centrifugal
Monoblock Pumpsets, Centrifugal Jet Pumpsets, Borewell Compressor Pumpsets
and Accessories. |
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
525000 |
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|
Status
: |
Satisfactory |
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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. Directors are reported as
experienced, respectable and having satisfactory means of their own. Their
trade relations are reported as fair. Payments are usually correct and as per
commitments. The company can be
considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
122 - B Atthipalayam Road, Chinnavedampatti, Ganapathy,
Coimbatore-641006, Tamilnadu, India |
|
Tel.
No.: |
91-422-2666395/2667051/2668681 |
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Fax
No.: |
91-422-2667052/2666395/2667125 |
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E-Mail
: |
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Website
: |
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Factory
1 : |
54-A, Avarampalayam Road, Ganapathy, Coimbatore-641006,
Tamilnadu, India |
|
Tel.
No.: |
91-422-2562091/2562092 |
|
Fax
No.: |
91-422-2562065 |
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E-Mail
: |
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|
Area: |
90,000
Sq.ft |
DIRECTORS
|
Name : |
Mr. G.
Soundarajan |
|
Designation
: |
Director |
|
Address
: |
46 and 47
ATT Colony Coimbatore-641011, Tamilnadu, India |
|
Date
of Birth/Age : |
16th
May, 1958 |
|
Date
of Appointment : |
31st
January, 1996 |
|
|
|
|
Name : |
Mr. G.
Selvaraj |
|
Designation
: |
Director |
|
Address
: |
46 and 47
ATT Colony Coimbatore-641011, Tamilnadu, India |
|
Date
of Birth/Age : |
1st
July, 1966 |
|
Date
of Appointment : |
31st
January, 1996 |
|
|
|
|
Name : |
Mr. G.
Rajendran |
|
Designation
: |
Managing
Director |
|
Address
: |
46 and 47
ATT Colony Coimbatore-641011, Tamilnadu, India |
|
Date
of Birth/Age : |
21st
April, 1961 |
|
Date
of Appointment : |
31st
January, 1996 |
|
Directorship
in other companies : |
CRI Pumps
Private Limited Ransar
Industries limited Chola
Pumps Private Limited |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. G. Soundarajan |
33334 |
|
Mr. G.
Selvaraj |
33333 |
|
Mr. G.
Rajendran |
33333 |
|
Total |
100000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers, Exporter and Importer of Borewell
Submersible Pumpsets, Openwell Submersible Pumpsets, Peripheral Pumpsets,
Self Priming Jet Pumpsets, Centrifugal Self Priming Pumpsets, Centrifugal
Monoblock Pumpsets, Centrifugal Jet Pumpsets, Borewell Compressor Pumpsets and
Accessories. |
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Product
: |
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Agencies
Held : |
CRI Pumps
SA (PTY) Limited |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual Production |
|
Pumpsets |
|
|
|
599.137 Units |
GENERAL INFORMATION
|
No. of
Employees : |
450 |
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Bankers
: |
State Bank of India, Commercial Branch, Trichy Road, Coimbatore-641018,
Tamilnadu, India Industrial Development Bank of India Limited Viscose Towers, 1078, Avinashi Road, Coimbatore – 641018,
Tamilnadu, India |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
: |
K S G
Subramanyam and Company Chartered Accountants |
|
Address.: |
II Floor, United Shopping Complex, 94/36, Dr. Nanjappa
Road, Coimbatore-641018, Tamilnadu, India |
|
Branch
Office : |
“AARBI”, 40/3, 7th Cross, 10th Main,
Gururaja Layout, Bhansankari, III Stage, Bangalore - 580085 |
|
Tel
No.: |
91-422-2380917 / 2302823 / 2497810 [Res.] |
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Fax
No.: |
91-422-2302823 |
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Email
: |
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Website
: |
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Associates/Subsidiaries
: |
Subsidiaries
: CRI Pumps SA (Pty) Limited, Unit D 56 Allandale Park,
Phase I, cnr Le Roux and Morkels Close, Halfwayhouse, Midrand, South Africa. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shears |
Rs. 100/- Each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
99,999 |
Equity Shears |
Rs. 100/- Each |
Rs. 10.000 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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
123.343 |
103.341 |
65.524 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
133.343 |
113.341 |
75.524 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
104.229 |
89.342 |
24.962 |
|
|
2]
Unsecured Loans |
69.568 |
42.440 |
55.528 |
|
TOTAL
BORROWING
|
173.797 |
131.782 |
80.490 |
|
|
DEFERRED
TAX LIABILITIES |
3.823 |
1.902 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
310.963 |
247.025 |
156.014 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
113.193 |
99.608 |
43.626 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
14.026 |
4.911 |
1.596 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
197.216
|
153.999
|
134.898
|
|
|
Sundry Debtors
|
37.706
|
17.268
|
11.996
|
|
|
Cash & Bank Balances
|
27.475
|
16.517
|
18.960
|
|
|
Other Current Assets
|
0.000
|
0.00
|
7.753
|
|
|
Loans & Advances
|
85.119
|
45.879
|
47.959
|
Total Current Assets
|
347.516
|
233.663 |
221.566
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
124.572
|
69.162
|
110.783
|
|
|
Provisions
|
39.200
|
22.000
|
0.000
|
Total Current Liabilities
|
163.772
|
91.162 |
110.783
|
|
Net
Current Assets
|
183.744
|
142.501 |
110.783
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.005 |
0.009 |
|
|
|
|
|
|
|
TOTAL
|
310.963 |
247.025 |
156.014 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
837.049 |
562.578 |
511.779 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
55.126 |
66.915 |
75.660 |
Provision for Taxation
|
17.200 |
22.000 |
34.180 |
Profit/(Loss) After Tax
|
37.926 |
44.915 |
41.480 |
|
|
|
|
|
Import Value
|
7.919 |
NA |
9.319 |
|
|
|
|
|
Export Value
|
74.515 |
NA |
NA |
|
|
|
|
|
Total Expenditure
|
785.264 |
495.787 |
502.668 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
4.53
|
7.98 |
8.10 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
6.59
|
11.89 |
14.78 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
11.97
|
20.08 |
28.53 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.41
|
0.58 |
1.00 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.53
|
1.97 |
2.53 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.12
|
2.56 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v Land
v Building
v Machinery, Tools and Meters
v Electrical Fittings
v Furniture
v Vehicle
v Office Equipments
v Wind Will
Performance of the company
The
company was able to achieve a Turnover of Rs. 829.038 Millions during the year
and the Profit before taxation is Rs. 51.785 millions.
Research and
Development
The company is
consistently improvising the products and its quality and new range of pumps are also introduced.
Subsidiary
The performance of the
subsidiary company C.R.I. Pumps S.A. [Pty] Limited, South Africa has improved
and the financial details are enclosed with the annual report.
The activities at C.R. I. Pumps FZE, Sharjah has commenced
during the year. The activities at C.R.I. Bombas Hidraulicas Limtied [Brazil]
is yet to commence.
Notes of Account
Contingent Liability
Bank Guarantee given C.R.I. Pumps S A [Pty] Limited, South
Africa [1388000 Rand] Rs. 9.740 Millions
Website Details :
Profile :
The beginning of C.R.I,
back in 1961, was a resolute attempt to produce a few irrigation equipments
using the limited facility of an in-house foundry. Now, after four eventful
decades, the founder’s dream has become a reality, a multi-winged organization
that produces different varieties of pumps and motors that are engineered to
perfection. What made the legendary growth possible is the flawlessly
maintained value system of the company. The name C.R.I. itself encapsulates the
company’s ethos: “Commitment, Reliability, Innovation” and it has now become a
household name associated with water lifting pumps – be it for agriculture,
industry, domestic, mining or civil applications.
4 decades
of engineering expertise
State-of-the-art
Research facilities
90,000 Sq.
Metres of covered area equipped with the latest machinery
More than
830 varieties of water lifting pumps & Motors
Production
capacity exceeding 7,50,000 pumps and motors per annum
Submersible
pumps with 100% stainless steel construction
Fully
mechanized and automated Foundry with latest technology
Winner of
many prestigious awards for quality and excellence
ISO 9001
accreditation
World wide
exports
The Company always keeps
pace with the changing scenario and seldom fails in coming up with outstanding
solutions every time. The unerring teamwork, which goes into the manufacture of
every product, has brought in impeccable recognition for the company as well as
its products – worldwide.
Products
:
50 Hz
·
Water Lifting
Bore Well Compressor Pumps
60 Hz
Awards
What helped us a lot in
attracting the admiration of authentic
brains is certainly our method of
modifying our perspective from time to time.
And, the fact is, getting recognized or rewarded was always something that
vitally increased our responsibility
toward the consumers.
Most people call it a challenge. At C.R.I., we call it
Intrastructure
:
C.R.I. group produces
more than 830 varieties of water lifting pumps & motors used in
Agriculture, Industry, Mining, Domestic and Civil applications.
C.R.I
factories with 90,000 Sq.mtrs. of covered premises, are equipped with
State-of-the-art machinery and its own foundry division is fully mechanized and
automated with latest know-how.
The
group is one among the few manufacturers in the world to produce bore hole
submersible pumps out of 100% Stainless Steel materials (SS 304/316) grade.
Also the products have earned a unique reputation for its quality and exellence
in India and abroad and are being exported to various parts of the world. The
group possessing a well maintained infrastructure has acheived an annual
production capacity of more than 7,50,000 pumps. The production facilities are
equipped with latest automated machinery and systems built with latest
know-how.
All it's
manufacturing units are accredited with ISO quality systems
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company
registrations number of the company |
U29120TZ1996PTC006902 |
|
Name of the company |
C.R.I. PUMPS (PRIVATE) LIMITED |
|
Address |
122 - B Atthipalayam Road, Chinnavedampatti, Ganapathy,
Coimbatore-641006, Tamilnadu, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
State Bank of India, Commercial Branch, Trichy Road, Coimbatore-641018, Tamilnadu, India |
|
Amount Secure by the charge |
Rs.46.850 Millions |
|
Description of the property charge whether it is a charge
on |
Stock in Trade and Book Debts |
|
Modification charge Charge identification number of the charge to be modified |
90000958 |
|
Date of instrument modifying the charge |
30.03.2006 |
|
Particulars of the Property charged |
Current assets |
|
|
|
|
Corporation identity number or foreign company
registrations number of the company |
U29120TZ1996PTC006902 |
|
Name of the company |
C.R.I. PUMPS (PRIVATE) LIMITED |
|
Address |
122 - B Atthipalayam Road, Chinnavedampatti, Ganapathy,
Coimbatore-641006, Tamilnadu, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Industrial Development Bank of India Limited Viscose Towers 1078, Avinashi Road, Coimbatore – 641018, Tamilnadu, India |
|
Amount Secure by the charge |
Rs. 76.000 Millions |
|
Description of the property charge whether it is a charge
on |
Stock in Trade and Book Debts |
|
Modification charge Charge identification number of the charge to be modified |
90004683 |
|
Date of instrument modifying the charge |
30.03.2006 |
|
Particulars of the Property charged |
Current assets |
|
|
|
|
Corporation identity number or foreign company
registrations number of the company |
U29120TZ1996PTC006902 |
|
Name of the company |
C.R.I. PUMPS (PRIVATE) LIMITED |
|
Address |
122 - B Atthipalayam Road, Chinnavedampatti, Ganapathy,
Coimbatore-641006, Tamilnadu, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Others |
|
If others, specify |
Hypothecation and Equitable mortgage or mortgage |
|
Particular of the charge holder |
Industrial Development Bank of India Limited Viscose Towers 1078, Avinashi Road, Coimbatore – 641018, Tamilnadu, India |
|
Amount Secure by the charge |
Rs. 76.000 Millions |
|
Description of the property charge whether it is a charge
on |
Immovable Properties, Plant and machinery, Stock in Trade and Book Debts |
|
Brief description of the instruments modifying the charge
under section 135 |
Memorandum of deposit for creation of charge for the
facilities provided under the facilities agreement |
|
Modification charge Charge identification number of the charge to be modified |
90004683 |
|
Date of instrument modifying the charge |
24.02.2006 |
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.44.65 |
|
UK Pound |
1 |
Rs.87.23 |
|
Euro |
1 |
Rs.58.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
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 |
|
45 |
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 |