MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SAVEX COMPUTERS LIMITED |
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Registered Office : |
124-B, Maker Chambers III, Nariman Point,
Mumbai-400 021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.02.1988 |
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Com. Reg. No.: |
11-46237 |
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CIN No.: [Company
Identification No.] |
U31909MH1988PLC0462374 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37240A |
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PAN No.: [Permanent
Account No.] |
AAACS5547 |
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Legal Form : |
It is a Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers, Dealers, Importers and Exporters of all kinds of
electronic goods, components, materials, sub-assemblies, instruments, devices
and systems. |
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 |
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Maximum Credit Limit : |
USD 850000 |
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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 and reputed company having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
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/Factory : |
124-B, Maker Chambers III, Nariman Point,
Mumbai-400 021, Maharashtra |
|
Tel. No.: |
91-22-22881616/1717 |
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Fax No.: |
91-22-22041656 |
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E-Mail : |
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Website : |
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Warehouse |
B-4, Mitul Industrial Estate, Village
Valiv, Vasai Road, I. E. District, Thane – 401 208, Maharashtra |
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Branches : |
Located at: - Y Subhash, No. 7,
Ishawashyam Bungalows, Behind Shyamlal, Row House No. 5, Satellite, Ahmedabad
– 380 015, Gujarat Fax. 91-79-26604714 / 26604719 Y No. 8, Mota
Chamber 9, Millers Road, Bangalore – 560 052, Karnataka Tel. 91-80-22267387 Fax. 91-80-22286434 E-mail. savexble@vsnl.com Y 40-A, Ground
Floor, Bakul Bagan Road, Kolkata – 700 025, West Bengal Tel. 91-33-24559077 / 24744134 / 24744135 E-mail. savex@cal2.vsnl.net.in Y SCO 34, Sector
33 D, Chandigarh – 160 047 Tel. 91-172-2382558 / 2621050 E-mail. savexchd@sancharnet.in Y 27, Conjeevaram,
Pachiappa Mudali Street, off Langs Garden Road, Pudupet, Chennai – 600 002,
Tamilnadu Tel. 91-44-228511141 / 28410208 91-44-22230221
(Res.) Fax. 91-44-28588362 Y Unit No. 1,
39/40 – B, 2nd Floor, Karakkat Road, Ernakulam, Kochi – 682 016,
Kerala Tel. 91-484-2377222 / 2377436 Fax. 91-484-2230221 E-mail. savex@md3.vsnl.net.in Y Sabol Business
Comm Center, Selvam Building, 988, Thadagam Road, R. Spuram, Coimbatore – 641 002 Tel. 91-422-2472408 / 2475226 Fax. 91-422-2472966 E-mail. savexcoi@hclinfinet.com Y Ram Kumar
Arcade, 1st Floor, R. No. 2010, Chatribari Road, Guwahati – 781
001, Assam Tel. 91-361-2604291 / 648 E-mail. berliacompu@sify.com Y 2882, Shamsher
Lane, Premjit Road, Gurudev Nagar, Ludhiana – 141 001, Punjab Tel. 91-161-2771479 E-mail. savexldh@hclinfinet.com Y B-62 A, Ground
Floor, Kalkaji, New Delhi – 110 019 Tel. 91-11-26291362 / 63 Fax. 91-11-26291364 E-mail. savexdel@vsnl.com Y 4 and 5, Hidayat
Building, Behind IBM, Pune College Road, Bhavani Peth, Pune – 411 042 Tel. 91-20-6458947 / 6451256 E-mail. savexpun@vsnl.com
Y Serve No. 181,
S. K. Reddy Complex, Chitta Reddy Colony, Tarband Cross Road, Secunderabad –
500 009, Andhra Pradesh Fax. 91-40-27818154 / 27899824 Pager – 9628-950346 |
DIRECTORS
|
Name : |
Mr. Anil Ishwarlal Jagasia |
|
Designation : |
Managing Director |
|
Address : |
16, Soona Mahal, 143, Marine Drive,
Mumbai-400 020, Maharashtra. |
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Date of Birth/Age : |
24.08.1960 |
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Qualification : |
B.E. |
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Experience : |
22 years |
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Date of Appointment : |
16.02.1988 |
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Previous
Employment |
Savex Corporation – Managing Partner (2
years) |
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|
|
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Name : |
Mrs. Anuradha Anil Jagasia |
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Designation : |
Director |
|
Address : |
16, Soona Mahal, 143, Marine Drive,
Mumbai-400 020, Maharashtra. |
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Date of Birth/Age : |
15.06.1962 |
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Date of Appointment : |
16.02.1988 |
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Name : |
Mr. Devang A. Pandya |
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Designation : |
Director |
|
Address : |
13, Vora Bhuvan, King Circle, Matunga,
Mumbai – 400 019 |
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Date of Birth/Age : |
05.06.1964 |
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Date of Appointment : |
23.10.2001 |
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|
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Name : |
Mr. Jayant Goradia |
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Designation : |
Director
|
|
Address : |
203, Asha Niketan, Baptista Road, Vile Parle (West), Mumbai – 400056 |
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Date of Birth/Age : |
04.09.1960 |
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Date of Appointment : |
23.10.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (31.03.2004) |
No. of Shares |
|
Mr. Raunak A. Jagasia |
200000 |
|
Mr. Ravindra L. Dudhane |
800 |
|
Mr. Deepak L. Dudhane |
800 |
|
Mr. Anil Ishwarlal Jagasia |
3797600 |
|
Mrs. Anuradha A. Jagasia |
800 |
31.03.2006
Directors and relatives of directors – 100%
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Dealers, Importers and Exporters of all kinds of
electronic goods, components, materials, sub-assemblies, instruments, devices
and systems. |
|
|
|
|
Products : |
Computers & Peripherals |
GENERAL
INFORMATION
|
Suppliers : |
v
Aditya Infotech Private Limited v
Allion Computer Inc. v
Lanbit India Private Limited v
Redington India Private Limited v
Samsung Electronics Company Limited (Display), (Indonesia), (Korea) v
View Sonic International Corporation, (Malaysia) v
Savex Enterprises |
|
|
|
|
Customers : |
v
3 Com India Private Limited v
Add-on Infotech Private Limited v
BIIT Computers v
Delstar Systems and Services v
Eureka Forbes Limited v
Gemini Infotech Private Limited v
International Roofs Electronics Systems Private Limited v
Kunbar Peripherals Private Limited v
Lanbit Peripherals Private Limited v
Mini Comp Limited v
Novo Computers Private Limited v
Pacific Infotech Private Limited v
PCS Industries Limited v
S. D. Computers Limited v
Sujata Electronics Limited v
Zenith Computers Limited |
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|
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No. of Employees : |
200 |
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|
|
|
Bankers : |
v Union Bank of
India, Nariman Point, Mumbai. v Union Bank of
India, Tardeo Branch, 251-B, Sethna House, Mumbai-400 007, Maharashtra. v Bank of Baroda v Syndicate Bank v State Bank of
Hyderabad v Centurion Bank,
Mumbai, Indore v HDFC Bank,
Chennai, Coimbatore v IDBI Bank v Citibank v Standard
Chartered Bank, 90, M G Road, Fort, Mumbai – 400001 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
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Name : |
N. K. Kalra & Associates Chartered Accountants |
|
Address : |
Sai Chambers, 1st Floor, Opp. Gulmarg Co-operative Housing
Society, R. C. Marg, Chembur Naka, Mumbai-400 071 |
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Tel. No.: |
91-22-25293005/7 |
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|
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Associates/Subsidiaries : |
˜
Savex Enterprises 124-B, Maker Chambers III, Nariman Point,
Mumbai – 400 006 ˜
Savex Corporation Shop No.
19, Nicchaldas Market, Sindhi Society, Chembur, Mumbai – 400 071 ˜
Clearpoint Electronics Private Limited B/3,
Mitul Industrial Estate, Villge Valiv, Vasai Road (East), Thane, Maharashtra ˜
J’Sons International 18, Soona Mahal, 143, Marine Drive, Mumbai
– 400 020 ˜
Savex Care Products Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000
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 |
40.000 |
40.000 |
40.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
174.837 |
139.397 |
81.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
214.837 |
179.397 |
121.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
157.446 |
15.424 |
0.000 |
|
|
2] Unsecured Loans |
69.330 |
56.320 |
46.300 |
|
|
TOTAL BORROWING |
226.776 |
71.744 |
46.300 |
|
|
DEFERRED TAX LIABILITIES |
0.431 |
0.713 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
442.044 |
251.854 |
168.100 |
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|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11.914 |
12.117 |
9.200 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.088 |
0.084 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
109.991
|
42.302 |
51.800 |
|
|
Sundry Debtors |
303.620
|
153.278 |
86.600 |
|
|
Cash & Bank Balances |
10.832
|
128.183 |
47.400 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
64.490
|
38.539 |
31.300 |
|
Total
Current Assets |
488.933
|
362.302 |
217.100 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
14.281
|
83.810 |
34.900 |
|
|
Provisions |
44.610
|
38.839 |
23.300 |
|
Total
Current Liabilities |
58.891
|
122.649 |
58.200 |
|
|
Net Current Assets |
430.042
|
239.653 |
158.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
442.044 |
251.854 |
168.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
2879.632 |
2442.748 |
2134.600 |
|
|
Other Income |
1.701 |
1.732 |
53.200 |
|
|
Total Income |
2881.333 |
2444.480 |
2187.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
59.998 |
55.089 |
34.300 |
|
|
Provision for Taxation |
21.822 |
20.181 |
12.700 |
|
|
Profit/(Loss) After Tax |
38.176 |
34.908 |
21.600 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
2746.047 |
2322.485 |
38.400 |
|
|
Raw Material Consumed |
35.737 |
37.906 |
2077.800 |
|
|
Salaries, Wages, Bonus, etc. |
21.594 |
15.262 |
13.700 |
|
|
Interest |
5.998 |
4.768 |
5.400 |
|
|
Power & Fuel |
1.189 |
1.372 |
2.100 |
|
|
Depreciation & Amortization |
3.916 |
3.050 |
1.600 |
|
Total Expenditure |
2814.481 |
2384.843 |
2139.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
1.32
|
1.42 |
0.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.08
|
2.25 |
1.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.97
|
14.71 |
15.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.30 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.08 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.30
|
2.95 |
3.73 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The company is incorporated to carry on the business in manufacturers,
dealers, importers and exporters of all kinds of electronic goods, components,
materials, sub-assemblies, instruments, devices and systems.
It also acts as consultants to electronic industries and also undertake
Research and Development activities & sells the know-how developed on
suitable terms both in India and abroad
First time in the company’s history the total sales during the year
under review crossed the 1000 millions mark led by strong demand for
information technology.
The
company is one of the National Distributors for the leading International
I.T. Company Samsung Electronics
for marketing their products in India.
The company also represents other brands like Viewsonic, Lanbit, 3 Com
& US Robotics. The company is marketing colour monitors, printers, systems,
modems, keyboards, hard disk drives, floppy disk drives and other computer
peripherals.
Currently the company has 12 branches spread geographically across the
nation to provide a good national network. The company intends to open a few
more branches for the coming year. The company will add additional products
like thin client, motherboards, CPU’s and other essential components. The
company will embark and focus in development of Software.
The company’s principles are based on providing and distributing
products 11 relevant to the product usage life cycles and need of the computer
user.
It stands out as a company much admired by its peers, for capability of
management, dealer friendly attitude and a well-defined strategy growth and
distribution process.
From a modest beginning as a PC Relating and Peripheral distributor
company in 1986, they had continuously innovated system strategies, making the
company most suitable partner of choice. The unique experience of serving and
customers had helped company in ensuring success for its principals and
customers.
Dataquest Channel had rated the company in the year 1 as one of the Top
5 IT Distribution companies in India with sales of Rs. 1950 millions, it had a
growth rate much ahead of the computer industry. They had been appreciated and
recognised nationally as customer oriented, efficiently managed and a channel
friendly distribution company.
Starting as a distributor for Samsung Electronic Company, Korea, company
had similar agreements with leading hardware companies Mercury, U. S. Robotics,
Viewsonic and 3com in India.
Unlike other distribution companies, it ensures that its second channel
members are protected by limiting the number of its channel members in a
designated region. Having over 14 offices through out India, the company
ensures all parts of the country are for their hardware requirements.
The company had more than 1600 channel member spread all over India.
Excellent penetration in class ‘C’ towns had helped the smaller to prosper,
thus ensuring future growth and success for company in new millennium.
The company’s fixed assets of important value include furniture and
fixture, electronic equipments, cellular phone, cycle, electronic typewriter,
fax machine, furniture & fixtures, gala at Vasai, generator, page, Xerox
machine, computers, premises at Mahape and motor cycle.
|
Corporate
identity number (CIN) Foreign company registration number |
U31909MH1988PLC0462374 |
|
Name of the
Company |
SAVEX COMPUTERS LIMITED |
|
Address |
124-B, Maker Chambers III, Nariman Point,
Mumbai-400 021, Maharashtra |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Hypothecation |
|
Particulars of
the charge holder |
Standard
Chartered Bank, 90, M G Road, Fort, Mumbai – 400001 |
|
Nature or
description creating charge |
Agreement of
hypothecation of current and movable assets attached |
|
Date of the
instrument charge |
26.05.2006 |
|
Description of
the property charged indicating |
Stock in trade,
plant and machinery and book debts |
As per website details
The company was founded in 1986 as Savex Corporation by Mr. Anil Jagasia, and later incorporated as Savex Computers Limited in 1988.They are today among the six largest Information Technology distributors in India.(Ref: Dataquest India)
With its headquarters in Mumbai, and 31 sales offices and stock locations (and growing) spread across the country, Savex is well poised to take on the challenge of being a potent force in Information Technology Distribution.
With over two decades of expertise and experience in Distribution that yield better reseller leads, Savex also offers its Vendors access to more than 5000 Channel Partners, Retailers, Corporate resellers,VARs & System Integrators.
They focus on proven best-of-breed manufacturers and on quality, rather than quantity of companies on their line card.
Their core competencies in distribution are, better Logistics, efficiently monitored Inventory management, flexible credit financing for dealers, a national channel reach and an excellent reseller account management system.
Unlike other large Multinational distributors who have their 'own axe to grind', Savex has always worked together with Vendors to help them implement their plans for the Indian market.
Addressing the SMB market effectively is currently their key agenda. Their endeavor is to focus on each individual channel member's requirement, especially when the customer needs solutions and not just boxes, on schedule and within budget.
Their efficient credit evaluation cell continuously corroborates the financial requirements of the channel members and is able to quickly resolve any ad hoc credit or deal financing requirement.
Savex has always strived to continually discover new ways to take costs out of the supply chain. Improved business processes have helped the company operate efficiently, sometimes even on wafer thin margins.
As technology grows more complex, product knowledge across multiple vendor lines helps us to offer their resellers guidance in assembling solutions from different manufacturers to deliver the most efficient solutions to their end customers.
Localized expertise and knowledge is the driving power in their I.T. supply chain solutions. Other than being known in India for their domestic logistics finesse,Savex also offers a variety of business development services, like supply management, product handling, and retail program management.
Their business continues to evolve based on ever-changing market conditions. Willingness to embrace change is the key to their continued success. They at Savex continually innovate their order management and delivery systems to improve customer satisfaction, ensuring growth and higher profitability for their business partners and shareholders.
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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
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/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 |
|