MIRA
INFORM REPORT
|
Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TRANSAFE SERVICES
LIMITED |
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Formerly Known As : |
INDIAN CONTAINER
LEASING COMPANY LIMITED |
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Registered Office : |
Balmer Lawrie House,
Rear Building, 6th Floor, 21 Netaji Subhash Road, Kolkata – 700
001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.10.1990 |
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Com. Reg. No.: |
21-50028 |
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CIN No.: [Company
Identification No.] |
U28992WB1990PLC050028 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALI00838F |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Leasing of Containers
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RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1069036 |
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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 : |
Balmer Lawrie
House, Rear Building, 6th Floor, 21 Netaji Subhash Road, Kolkata –
700 001, West Bengal, India |
|
Tel. No.: |
91-33-22424505/
4583/ 4336 |
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Fax No.: |
91-33-22424999 |
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Telefax : |
2210-5792 |
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E-Mail : |
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Website : |
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Mumbai Branch : |
Unit No. 320,
Raheja Arcade, Plot No. 61 62 Sector II, C B D Belapur, Navi Mumbai – 400
614, Maharashtra, India |
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Tel. No.: |
91-22-27565911/
55939440/ 9522/ 9523 |
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Fax No.: |
91-22-27565911/ 55939440/
9522/ 9523 |
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E-Mail : |
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New Delhi Branch : |
1206, Vikram
Tower, 16, Raheja Place, New Delhi – 110 008, India |
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Tel. No.: |
91-11-25720051/ 2029/
25744002 |
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Fax No.: |
91-11-25720053 |
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E-Mail : |
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Chennai Branch : |
Balmer Lowrie
House, 628, Anna Salai Teynampet, Chennai – 600 018, Tamilnadu, India |
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Tel. No.: |
91-44-24348078/
24335002/ 24310039/ 24349640/ 9680 |
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Fax No.: |
91-44-24348078 |
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E-Mail : |
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Bangalore Branch : |
C/o Pan Asia Business
Services, 23/2, Tiffany’s Annexe, Vittal Mallya Road, Bangalore – 560 001,
Karnataka, India |
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Tel. No.: |
91-80-51233605/
22275308 |
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Fax No.: |
-- |
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E-Mail : |
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Coimbatore Branch : |
Easwar Mill
Compound, Makkarai-Chettipalayam Road, Bodipalayam Post, Malumichampatti,
Coimbatore – 641 105, India |
|
Tel. No.: |
91-422-2610626 |
DIRECTORS
|
Name : |
Mr. Jayanta
Banerjee |
|
Designation : |
Director |
|
Address : |
ICICI Venture
Funds Management Company Limited, Standrose House, Ground Floor, Appasahes
Marathe, Marg Prabhadevi, Mumbai – 400025, Maharashtra |
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Date of Birth: |
27.10.1966 |
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Date of Appointment : |
26.09.2003 |
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Name : |
Mr. Sudarshan
Bajoria |
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Designation : |
Director |
|
Address : |
ICICI Venture
Funds Management Company Limited, Standrose House, Ground Floor, Appasahes
Marathe, Marg Prabhadevi, Mumbai – 400025, Maharashtra |
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Date of Birth: |
18.01.1974 |
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Date of Appointment : |
24.11.2003 |
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Name : |
Mr. K Subramanyan |
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Designation : |
Director |
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Name : |
Mr. Vasudev
Narayan Sharma |
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Designation : |
Director |
|
Address : |
Flat No. 1, 9 Queen
Park, Kolkata – 700040, West Bengal |
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Date of Birth: |
04.07.1952 |
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Date of Appointment : |
08.04.2004 |
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|
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Name : |
Mr. P M Devaiah |
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Designation : |
Director |
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Address : |
ICICI Venture
Funds Management Company Limited, Raheja Plaza, 3rd Floor, 17
Commissariat Road, Bangalore – 660025, Karnataka |
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Date of Birth: |
15.02.1965 |
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Date of Appointment : |
31.08.2004 |
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Name : |
Mr A Pinto |
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Designation : |
Director |
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Name : |
Mr. Shyamal
Birendranath Chakravarty |
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Designation : |
Director |
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Address : |
Flat No. 20,
Merlin Niket, 88C Baburam Ghosh Road, Kolkata – 700040, West Bengal |
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Date of Birth: |
11.11.1948 |
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Date of Appointment : |
15.01.2003 |
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AUDIT COMMITTEE |
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Name : |
Mr. Swapan Kumar Mukherji
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Designation : |
Chairperson |
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Address : |
22, Ballygunge
Park Road, Kolkata – 7000019, West Bengal |
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Date of Birth: |
08.12.1951 |
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Date of Appointment : |
08.03.2002 |
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Date of Ceasing : |
Upto 12.06.2006 |
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Name : |
Mr. S Bajoria |
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Designation : |
Director |
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Name : |
Mr S B
Chakravarty |
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Designation : |
Director |
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|
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Name : |
Mr. K Subramanyan
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|
Designation : |
Director |
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Date of Appointment : |
12.06.2006 |
KEY EXECUTIVES
|
Name : |
Mr. G K Mukerjea |
|
Designation : |
Manager and Chief
Operating Officer |
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|
|
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Name : |
Mr. Prashant
Kapoor |
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Designation : |
Company Secretary
|
|
Address : |
FE 448, Salt
Lake, Sector 3, Kolkata -700091 |
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Date of Birth: |
21.05.1972 |
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Date of Appointment : |
09.05.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Balmer Lawrie and Company Limited |
|
3199993 |
|
ICICI Trusteeship Services Limited |
|
5200000 |
|
The Western Indian Trustee and Executor Company Limited |
|
2600000 |
|
Mr. Amit Kumar Ghosh |
|
01 |
|
Mr. Vasudev Narayan Sharma |
|
01 |
|
Category |
|
Percentage of
Holding |
|
Venture Capital |
|
71.00 |
BUSINESS DETAILS
|
Line of Business : |
Leasing of
Containers |
|
|
|
|
Products : |
Freight
Containers - 86090000 |
GENERAL
INFORMATION
|
No. of Employees : |
About 100 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Statutory Auditors De Chakraborty
and Sen Chartered
Accountants |
|
Address : |
Bikaner Building,
8B, Lalbazar Street, Kolkata – 700001, West Bengal |
|
|
Internal Auditors S N Mukherji and
Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
110.000 |
110.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
157.259 |
122.891 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
267.259 |
232.891 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
812.223 |
371.077 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
812.223 |
371.077 |
|
|
DEFERRED TAX LIABILITIES |
|
71.257 |
56.912 |
|
|
|
|
|
|
|
|
TOTAL |
|
1150.739 |
660.880 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
909.886 |
577.760 |
|
|
Capital work-in-progress |
|
9.251 |
12.639 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
64.683 |
14.284 |
|
|
Sundry Debtors |
|
177.599 |
102.388 |
|
|
Cash & Bank Balances |
|
0.898 |
1.733 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
68.544 |
20.629 |
|
Total
Current Assets |
|
311.724 |
139.034 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
64.035 |
53.786 |
|
|
Provisions |
|
16.087 |
15.678 |
|
Total
Current Liabilities |
|
80.122 |
69.464 |
|
|
Net Current Assets |
|
231.602 |
69.570 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.911 |
|
|
|
|
|
|
|
|
TOTAL |
|
1150.739 |
660.880 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
500.055 |
253.492 |
|
|
Other Income |
|
1.814 |
0.298 |
|
|
Total Income |
|
501.869 |
253.790 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
75.215 |
44.237 |
|
|
Provision for Taxation |
|
49.196 |
28.069 |
|
|
Profit/(Loss) After Tax |
|
26.019 |
16.168 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
56.978 |
0.000 |
|
|
Purchases made for re-sale |
|
48.803 |
30.909 |
|
|
Salaries, Wages, Bonus, etc. |
|
16.744 |
11.385 |
|
|
Managerial Remuneration |
|
2.014 |
1.577 |
|
|
Payment to Auditors |
|
0.207 |
0.188 |
|
|
Interest |
|
50.692 |
19.510 |
|
|
Insurance Expenses |
|
1.946 |
2.407 |
|
|
Power & Fuel |
|
1.238 |
0.000 |
|
|
Depreciation & Amortization |
|
67.173 |
58.953 |
|
|
Other Expenditure |
|
180.859 |
84.624 |
|
Total Expenditure |
|
426.654 |
209.553 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
5.18 |
11.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
15.04 |
17.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.15 |
6.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.28 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.29 |
3.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.34 |
2.00 |
LOCAL AGENCY
FURTHER INFORMATION
Change of Name
The name of the Company has been changed from “INDIAN CONTAINER LEASING COMPANY LIMITED”
To
"TRANSAFE SERVICES LIMITED" w. e .f. 30 March,
2006.
The Company’s Fixed
Assets of Important value includes:
- Plant and Machinery
- Containers
- Electric Installation and Equipment
- Furniture and Fittings
- Accounting Machine
- Motor Car
- Building
- Computers
Form 8:
|
Name of the company |
TRANSAFE SERVICES LIMITED |
|
Presented
By |
UTI Bank, Shakespear Sarani, Kolkata Main Branch and the company |
|
1) Date and description of instrument creating the change |
a) Agreement of hypothecation of current assets dt.20.09.2005 b) Deed of hypothecation of machinery and other movable fixed assets dt.20.09.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Facilities Amount Cash Credit / WCDL Rs.20.000 millions Letter of credit and bank guarantee Rs.15.000 millions Term Loan (INR) Rs.445.500 millions Term Loan US $ equivalent to maximum Rs.108.000 millions Total Rs.588.500
millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest will be charged is an under: a) Rupee term loan-BPLR-3.80% present effective 8.20% p.a. at monthly rest b) FCL-6 month LJBOR+4% at monthly rest c) Cash credit WCDL-3% below BPLR present effective 9% p.a. at monthly |
|
5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited Kolkata Main Branch, 7, Shakespear Sarani, Kolkata – 700071 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate identity number (CIN) Foreign company registration number |
U28992WB1990PLC050028 |
|
Name of the Company |
TRANSAFE SERVICES LIMITED |
|
Address |
Balmer Lawrie
House, Rear Building, 6th Floor, 21 Netaji Subhash Road, Kolkata –
700 001, West Bengal, India |
|
This form is for |
Modification of charge |
|
Type of Charge |
Floating charge, Book Debts, Plant and Machinery and Furniture |
|
Particulars of the charge holder |
Centurion Bank of Punjab Limited 88, Chowringee Road, Kolkata – 700020, West Bengal E-Mail: selvamkalai@sify.com |
|
Amount secured by the charge |
Rs.405.000 millions |
|
Description of the property charged indicating |
Letter for creation of second pari passu charge from Axis Bank Limited dt. 22.10.2007 |
|
Brif description of the instrument modifying the charge under section |
Rate of Interest, Terms of Repayment and Margin: As per Bank Norms Extent and operation of the charge: The charge operates as security inter alia, for the due repayment to the Bank to the extent of Rs.405.000 millions together with interest, additional interest, Liquidated damaged, premia on repayment costs, charges, expenses and all other moneys payable by the company to the Bank in terms of the loan agreements and Bank norms from time to time Others: Exclusive charge on receivables, containers, all furniture, stores and spares etc, that may be purchase by the borrower in future out of term loan sanctioned by CBOPLTD, Uncumbered containers 2000 nos. is to secure term loan Rs.305.000 millions, CC Rs.70.000 millions LC Rs.30.000 millions (BG Sub Limit of LC Rs.30.000 millions) Total Rs.405.000 millions |
|
Date of Instrument modifying the charge |
22.10.2007 |
|
Particular of the present modification |
The charge created in favour of Axis Bank Limited in R/O all the borrower’s assets purchased out of credit facilities sanctioned by Axis Bank Limited both present and future shall rank as second charge in favour of Centurion Bank of Punjab Limited for its term loan of Rs.305.000 millions VIDE letter from Axis Bank Limited Dt.22.10.2007 |
As Per Web
Profile
Subject owns a large
fleet of dry van as well as refrigerated containers. They also provide
container-related equipment on long term lease.
- Dry van and Refrigerated containers on
operating lease for use in road and storage segment
- ISO Dry Van and Refrigerated containers
on operating lease for rail, coastal and short sea movement
- Dry Van and Refrigerated containers on
operating lease for international movement
- Repair and refurbishing of containers
at strategically located depots in India
- Design, development and fabrication of
special purpose container
- 3PL logistics both for dry and
perishable cargo through Indo Trailer operation
- Creative Containers offer a complete
range of requirements from logistics as well as other industries
Subject believes in
constantly broadening and diversifying its business, suiting customers' needs.
We strive to design products from scratch to match with ever changing market
needs. They also offer world class quality products for a wide range of
applications.
Milestones
- Container Leasing Division at Balmer Lawrie and Company Limited goes operational in 1989, following a study by the Government of India. Object: to leverage the availability of 1.4 million heavy commercial vehicles on India’s roads, with projected growth by 100,000 such vehicles annually.
- Concept of Operating Lease introduced successfully in India, leading to formation in 1991, of Indian Container Leasing Company Limited as a joint venture with ICICI Group as major partner.
- First fleet of refrigerated containers launched in 1995, to move chocolates. Leading to steadily widening usage, moving, besides chocolates and other confections, milk products, ice cream, poultry items, frozen and fresh fish, meat, yeast, flowers, lifesaving drugs, etc. Countrywide movement to establish cold chain anticipates growing need for refrigerated containers for primary and secondary movement.
- Agreement reached in 2000 with a Norwegian Company, to introduce state-of-the-art container-based solutions for strategic applications such as, for disaster management systems, emergency shelters, mobile clinics, NBC, EMP, etc. in anticipation of steadily growing need for containers as dependable and sustainable solutions to a variety of logistical needs.
MILESTONES
1991-92 : Introduced
Dry Van Containers for Indian road transportation
1993-94 : First ISO container
leased out for intermodal application in Indian rail sector
1995-96 : First
Refrigerated container leased out to Nestle
1997-98 : Leasing of container handling equipment
1998-99 : First
container leased out to coastal / short sea in India
2000-01 : Tie-up
with a Norwegian Company for state-of-art special container
2001-02 : First
Milvan container delivered to Indian Army
2002-03 : First
Missile container delivered to Indian Navy
2003-04 : Introduced
Transafe Indo Trailer to Indian road transportation.
Developed Hard Top container.
2004-05 : Developed
double decked Bunk Houses for control tower for ship movement.
Developed Check-Out Equipment container for DRDL.
Developed special Housing Container for Indian Navy.
Developed and
supplied Kitchen container to Indian Army.
2005-06 : Developed
and supplied vehicle mounted Caravan and Battery Command container for Indian
Army.
Developed and supplied 20' Open Top and Side Access containers for Rail sector.
Developed 20' Tank Container and ISO tested first time in Asia.
Successful testing of 20' Open Top container.
Developed and supplied four different variants of special containers for Space
Research Programme.
Supplied three complete project site Bunk Houses to oil exploration companies
in India.
Developed and supplied transformer control and distribution containers for
BHEL.
Leasing of Dry Van 20' and 40' container and also 40' Refrigerated container to
international shipping companies.
Established depots in Shanghai, Singapore, Colombo, Dubai.
2006-07 : Developed Refrigerated
Trailer.
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.39.39 |
|
UK Pound |
1 |
Rs.78.02 |
|
Euro |
1 |
Rs.56.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--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. |
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 |
|