MIRA
INFORM REPORT
|
Report Date : |
17.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RELIANCE
ENGINEERING ASSOCIATES PRIVATE LIMITED |
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|
|
Formerly Name: |
RELIANCE INFRASTRUCTURE DEVELOPMENT PRIVATE
LIMITED |
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Registered Office : |
342,
Kharadpada, Naroli, Near Silvasa, Dadra and Nagar Haveli, Union Territory,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.11.1991 |
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Com. Reg. No.: |
54-149 |
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CIN No.: [Company
Identification No.] |
U99999DN1991PTC000149
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Legal Form : |
Private
limited liability company |
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Line of Business : |
To
carry on the business to construct, acquire, establish, provide, maintain and
administer industrial estates, housing constructions, buildings, roads &
bridges, shopping complexes and centres, recreational facilities such as
theatres, clubs, sports centres, gardens, parks, resorts, medical centres
like hospitals & dispensaries, educational centres like schools &
colleges, other constructions such as parking spaces and warehousing / storage facilities of all
kinds. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD
4500000 |
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|
Status : |
Good |
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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 and part of Reliance Group. The
company is progressing well. 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. Fundamentals
are strong and healthy. The
company can be considered normal for business dealings at usual trade terms
and conditions. The
company can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office : |
342,
Kharadpada, Naroli, Near Silvasa, Dadra and Nagar Haveli, Union Territory,
India |
|
Tel. No.: |
91-22-24960418 / 5263 / 61 / 24916000 |
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Fax No.: |
91-22-24981179 |
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E-Mail : |
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Website : |
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Administrative
office |
5th Floor, NKM International House,
178, Backbay Reclamation, Babubhai Chinai Road, Mumbai - 400 020,
Maharashtra, India. |
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|
|
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Corporate
Office : |
Brindavan,
3rd Floor, Sr. Premises, Ganpatrao Kadam Marg, Worli, Mumbai
- 400 013, Maharashtra, India Tel.
No. 91-22-24916000 Fax
No. 91-22-24981179 Dhirubhai
Ambani Knowledge City, Navi Mumbai – 400709, India Tel.
No. 91-22-33333333 Fax
No. 91-22-27624213 Tel. No. 91-22-22840117 E-mail
: customercare@relianceinfo.com Website
: http://www.relianceinfocomm.com |
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Branches
: |
Located
at : 2nd
Floor, NTC House, Narottam Morarjee Road, Ballard Estate, Mumbai - 400 038,
Maharashtra |
DIRECTORS
|
Name : |
Mr. Girdhardas Arunkant Dawda |
|
Designation : |
Director |
|
Address : |
TMC Bunglow No.11, Sector –V, Reliance Greens,
Moti Kavadi, Jamnagar – 361140, Gujarat, India |
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Date of Birth/Age : |
02.08.1934 |
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Date of Appointment : |
24.12.1999 |
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Name : |
Mr. Vasant Kumar Betkekar |
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Designation : |
Director |
|
Address : |
A/7, Green Acres Bunglows Society,
Din-Quary Road, Panjarapol, Deonar, Chembur, Mumbai – 400088, Maharashtra,
India |
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Date of Birth/Age : |
23.05.1958 |
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Date of Appointment : |
27.01.1998 to 28.11.2001 and again w.e.f.
06.04.2002 |
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|
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Name : |
Mr. Virendra Kumar Gandhi |
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Designation : |
Director |
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Address : |
203, Chaitanya Tower, C-Wing, Prabhadevi,
Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
12.10.1955 |
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Date of Appointment : |
27.08.1999 to 15.11.2001 and again w.e.f. 09.07.2002 |
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Name : |
Mr. Balakrishna Narayan Holla |
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Designation : |
Director |
|
Address : |
31, Viraj Silverene, 321, Hill Road,
Bandra (West), Mumbai – 400050 |
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Date of Birth/Age : |
18.07.1949 |
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Date of Appointment : |
24.12.1999 |
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|
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Name : |
Mr. Madhusudana Shivaprasad Panda |
|
Designation : |
Director |
|
Address : |
43, Teneriffe, 2A Little Gibbs, Malabar
Hills, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
11.12.1952 |
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|
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|
Name : |
Mr. Mihir Kumar Dalal |
|
Designation : |
Director |
|
Address : |
253, Mandakini Enclave, Kalkaji, New Delhi
– 110019 |
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Date of Birth/Age : |
20.09.1945 |
|
Date of Appointment : |
30.09.2006 |
|
Other Directorship : |
Becrel Engineering Private Limited CIN NO. : U45200MH2006PTC159144 |
|
|
|
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Name : |
Mr. Sandeep Vijay Agarwal |
|
Designation : |
Director |
|
Address : |
3, Malad Apartment Society, Amand Raod,
Malad (West), Mumbai – 400064 |
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Date of Birth/Age : |
02.02.1967 |
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Date of Appointment : |
24.12.2003 |
KEY EXECUTIVES
|
Name
: |
Mr.
Yogesh Ashin Vadhwana |
|
Designation
: |
Company
Secretary |
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Address
: |
Room
No. 16, Jitendra Road, Makrani Pada, Anwar Shekh’s Chawl, Malad (East),
Mumbai – 400097 |
|
Date
of Birth : |
01.11.1981 |
|
Date
of Appointment : |
27.03.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Reliance
Ports & Terminals Limited |
120000 |
|
Reliance
Utilities & Power Limited |
120000 |
|
Antariksh
Commercials Private Limited |
130000 |
|
Bhagirath
Traders Private Limited |
120000 |
|
Deep
Mercantile Private Limited |
120000 |
|
Kinnari
Merchandise Private Limited |
120000 |
|
Nirantar
Merchandise Private Limited |
140000 |
|
Rachana
Merchandise Private Limited |
130000 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business to construct, acquire, establish, provide, maintain and
administer industrial estates, housing constructions, buildings, roads &
bridges, shopping complexes and centres, recreational facilities such as
theatres, clubs, sports centres, gardens, parks, resorts, medical centres
like hospitals & dispensaries, educational centres like schools &
colleges, other constructions such as parking spaces and warehousing / storage facilities of all
kinds. |
|
|
|
|
Imports from : |
U.S.A.,
Germany, U.K., Israel and Japan |
GENERAL
INFORMATION
|
No. of Employees : |
100 |
|
|
|
|
Bankers : |
v
State
Bank of India v
HDFC
Bank Limited v
Bank
of Baroda |
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|
|
|
Facilities : |
-- |
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|
|
Banking Relations : |
Good |
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|
Auditors : |
Chaturvedi
& Shah Chartered
Accountants |
|
Address: |
714-715,
Tulsiani Chamber, 212 Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22308500 |
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Fax No.: |
91-22-22872703/228456585 |
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|
|
|
Associates/Subsidiaries : |
v
Reliance
Ports & Terminals Limited v
Reliance
Utilities & Power Limited v
Reliance
Petroleum Limited v
Reliance
Telecom Limited v
Reliance
Leasures Private Limited v
Reliance
Worldtraders Private Limited v
Reliance
Strategic Investment Private Limited v
Reliance
Agrotech Private Limited v
Reliance
Entertainment Private Limited v
Reliance
Energy & Project Development Private Limited v
Reliance
Hydrocarbon & Investment Private Limited v
Reliance
Consolidated Enterprises Private Limited v
Reliance
Paging Private Limited v
Reliance
Global Management Services Private Limited v
Reliance
Detective & Security Consultancy Services Private Limited v
Reliance
Communications Maharashtra Private Limited v
Reliance
Communications Orissa Private Limited v
Reliance
Communications Punjab Private Limited v
Reliance
Communications Rajasthan Private Limited v
Reliance
Communications Tamil Nadu Private Limited v
Reliance
Communications Uttar Pradesh Private Limited v
Reliance
Communications West Bengal Private Limited v
Reliance
Communications Private Limited v
Reliance
Communications Andaman & Nicobar Private Limited v
Reliance
Communications Andhra Pradesh Private Limited v
Reliance
Communications Bihar Private Limited v
Reliance
Communications Delhi Private Limited v
Reliance
Communications Haryana Private Limited v
Reliance
Communications Himachal Pradesh Private Limited v
Reliance
Communications Jammu & Kashmir Private Limited v
Reliance
Communications Karnataka Private Limited v
Reliance
Communications Kerala Private Limited v
Reliance
Communications Madhya Pradesh Private Limited |
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|
|
|
parent company / holding company |
v
Reliance Industries Limited v
Reliance Communication Infrastructure Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10 each |
Rs. 10.000 millions |
|
4500000 |
10% Redeemable Non-Cumulative Preference
Shares |
Rs.10 each |
Rs. 45.000 millions |
|
|
Total |
|
Rs. 55.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10 each |
Rs. 10.000 millions |
|
4500000 |
10% Redeemable Non-Cumulative Preference
Shares |
Rs.10 each |
Rs. 45.000 millions |
|
|
Total |
|
Rs. 55.000
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
55.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1082.189 |
670.915 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1137.189 |
680.915 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
6863.600 |
0.000 |
|
|
TOTAL BORROWING |
|
6863.600 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
8000.789 |
680.915 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
104.369 |
119.165 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
|
5157.172 |
0.451 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
459.201 |
669.080 |
|
|
Cash & Bank Balances |
|
7.103 |
26.041 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
3846.334 |
2663.644 |
|
Total Current Assets |
|
4312.638 |
3358.765 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
|
1197.064 |
2484.499 |
|
|
|
|
376.326 |
312.987 |
|
Total Current Liabilities |
|
1573.390 |
2797.486 |
|
|
Net Current Assets |
|
2739.248 |
561.279 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
|
8000.789 |
680.915 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
7.42 |
4.11 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.74 |
1.20 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject
was incorporated on 19th November, 1991 at Mumbai in Maharashtra under
the name and style of Reliance Infrastructure Development Private Limited
having Company Registration Number 64083.
The name
of the company was changed to present with effect from 24th
December, 1999.
The
Registered Office of the company has been shifted from Mumbai to Union
Territory of Dadra and Nagar Haveli with effect from 7th March, 2000
and obtained a New Company Registration Number 149.
BUSINESS
Subject
is engaged in Development of Resources for Optic Fibre Cable Laying Project of
‘Reliance Infocomm Limited’.
Subject
is also engaged in to carry on the business to construct, acquire, establish,
provide, maintain and administer industrial estates, housing constructions,
buildings, roads & bridges, shopping complexes and centres, recreational facilities
such as theatres, clubs, sports centres, gardens, parks, resorts, medical
centres like hospitals & dispensaries, educational centres like schools
& colleges, other constructions such as parking spaces and warehousing / storage facilities of all
kinds.
It is
also engaged in to construct, establish, fix and erect infrastructure like
power plants, cables, wires, line accelerators, lamps and work for power
generation and/or supply companies.
It also
constructs port and jetties, dry docks, cargo berths, marine terminals,
forklifts, navigational canals, etc.
Generic
Names of the Principal Products/Services of the Company are :
v
Services
It is
in trade terms with :
v
Reliance
Infocom Limited
v
Mars
Dial Net Private Limited
Flat No. 28, Sai Chamber,
Sector – II,
C.B.D. Belapur [East], Navi
Mumbai, India
v
Prumatech
Services Limited, Dubai, UAE
v
CPV
Construction
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.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|