MIRA
INFORM REPORT
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Report Date : |
26.12.2006 |
IDENTIFICATION
DETAILS
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Name : |
KRUSHNA
CASUAL WEARS PRIVATE LIMITED |
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Registered Office : |
204,
Murlidhar Complex, Opposite Snehkunj Society, S M Road, Ambawadi, Ahmedabad –
380015, Gujarat |
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Country : |
India |
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Date of Incorporation : |
05.04.2005 |
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Com. Reg. No.: |
04-45824 |
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CIN No.: [Company
Identification No.] |
U17290GJ2005PTC045824 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
and Exporter of Denims and Trousers |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
In
absence of financials, it would be difficult to assess company’s current
performance and financial status. Hence,
it would be prudent to deal with the company on safe and secured trade terms
and conditions. |
LOCATIONS
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Registered Office : |
204,
Murlidhar Complex, Opposite Snehkunj Society, S M Road, Ambawadi, Ahmedabad –
380015, Gujarat |
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Factory
1 : |
8, New
Grain Market, Near Anupam Cinema Khokhra, Ahmedabad – 380015, Gujarat |
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Tel.
No.: |
91-79-22162618/65120500/65230800 |
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Fax
No.: |
91-79-26468692/65230800 |
DIRECTORS
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Name : |
Mr.
Bhavesh C Gandhi |
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Designation : |
Director
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Address : |
204,
Murlidhar Complex, Opposite Snehkunj Society, S M Road, Ambawadi, Ahmedabad –
380015, Gujarat |
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Date of Appointment : |
05.04.2005 |
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Name : |
Mr.
Mukesh K Gandhi |
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Designation : |
Director
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Address : |
203,
Murlidhar Complex, Opposite Snehkunj Society, S M Road, Ambawadi, Ahmedabad –
380015, Gujarat |
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Date of Appointment : |
05.04.2005 |
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Name : |
Mr.
Jyotish K Gandhi |
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Designation : |
Director
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Address : |
803,
Murlidhar Complex, Opposite Snehkunj Society, S M Road, Ambawadi, Ahmeabad –
380015, Gujarat |
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Date of Appointment : |
05.04.2005 |
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Name : |
Mr.
Chandrakant R Gandhi |
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Designation : |
Director
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Address : |
103,
Murlidhar Complex, Opposite Snehkunj Society, S M Road, Ambawadi, Ahmeabad –
380015, Gujarat |
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Date of Appointment : |
05.04.2005 |
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Name : |
Mr.
Vaibhav S Gandhi |
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Designation : |
Director
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Address : |
804,
Murlidhar Complex, Opposite Snehkunj Society, S M Road, Ambawadi, Ahmeabad –
380015, Gujarat |
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Date of Appointment : |
05.04.2005 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Bhavesh C Gandhi |
240000 |
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Mr.
Mukesh K Gandhi |
2500 |
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Mr.
Jyotish K Gandhi |
2500 |
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Mr.
Vaibhav S Gandhi |
2500 |
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Mr.
Chandrakant R Gandhi |
2500 |
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Total |
250000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of Denims and Trousers |
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Products : |
Denims
and Trousers |
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Export : |
Middle
East, Russia and Africa |
GENERAL INFORMATION
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No. of Employees : |
9 |
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Bankers : |
Central
Bank of India, S M Road Branch, Satellite, Ahmedabad - 380015 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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250000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 2.500 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
25000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.250 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
As the subject is a new company, no financial are
available
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry
on the business as manufacturer, producers, processors, makers, converters,
importers, exporters, importers, traders, buyers, sellers, designers,
retailers, wholesalers, suppliers, indenters, packers, movers, preservers,
stockists, agents, sub – agent, merchant, distributors, consignors, jobbers,
brokers, tailors, concessionaires or otherwise deal in clothing lingerie and
trimmings of every kind and dealers, haters and dealers in fabric, material and
clothing accessories
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Name
of the company |
KRUSHNA
CASUAL WEARS PRIVATE LIMITED |
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Presented
By |
Mr.
Bhavesh C Gandhi |
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Date
and Description of the instrument creating charge |
Agreement
of hypothecation of Machineries Dated 24.10.2005 |
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Amount
Secured by the charge or amount owing on security of the charge |
Rs.
1.150 Millions |
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Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
First
charge by way of hypothecation of company’s Existing Machines and erstwhile
machineries and erstwhile property of company |
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Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Margin
– 25% Rate
of Interest – BPLR Period
– 30 month Repayable
in 30 EMI of Rs. 0.045 Millions |
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Name,
address and description of the person entitled to charge |
Central
Bank of India, S M Road Branch, Satellite, Ahmedabad - 380015 |
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Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
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Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Not
Applicable |
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Name
of the company |
KRUSHNA
CASUAL WEARS PRIVATE LIMITED |
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Presented
By |
Mr.
Bhavesh C Gandhi |
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Date
and Description of the instrument creating charge |
Agreement
of hypothecation of Machineries Dated 24.10.2005 |
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Amount
Secured by the charge or amount owing on security of the charge |
Rs.
10.000 Millions |
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Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
First
charge by way of hypothecation of company’s Existing Machines and erstwhile
machineries and erstwhile property of company |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Margin
– 25% Rate
of Interest – BPLR Period
– 30 month Repayable
in 30 EMI of Rs. 0.045 Millions |
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Name,
address and description of the person entitled to charge |
Central
Bank of India, S M Road Branch, Satellite, Ahmedabad - 380015 |
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Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
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Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Not
Applicable |
As Per Website Details
Profile
Emphasizing on the
latest market trends in the global fashion industry Krishna Casual Wears has so
much to offer in the fields of Denim Garments and Formal Cotton Trousers.
Founded in 1997 by Mr. Bhavesh C Gandhi in Ahmedabad the company has fast
surged ahead in the field of garment manufacturing, exporting and supplying
from India.
Complete Trousers Range: The company highly concentrate on 'Original
Designs' in its Formal Trousers range catering to segments including Men,
Ladies and Boys. These designs are in sync with latest market demands and focus
largely on overall comfort and styling. Moreover, sizes are designed for
comfortable, loose and cool fits. Suitable for office wear, resort wear, or
whatever be the occasion, these trousers are made for comfortable fit.
Its infrastructure facility (located at Ahmedabad) being equipped with the
latest quality control equipment today effectively meets all types of
requirements from buyers based in Middle East, Russia and Africa. All the
products are shipped from I.C.D. Ahmedabad apart from Mumbai. The key personnel
at Krushna, Mr. Bhavesh Gandhi, visit Dubai every two months with latest
samples.
The rising Casual Wear demand of Krushna in the overseas markets has led to
growing sales volumes. Enjoying the trust of buyers for outstanding product
quality and timely supplies the company has fast became the first entry in the
buyer's list of these products.
The company holds the prestigious membership of premier export councils like
CMAI, AEPC and GGMA. Says Mr. Bhavesh, "Buying with Krushna is a pleasant
experience where you get admired quality, vast variety of sizes and colour
combinations".
Company Profile
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Business Type |
Exporter ,
Manufacturer |
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Export Turnover |
Rs. 50.000 Millions |
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Capital in Dollars |
75000 $ |
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Export Percentage |
100% |
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Sales Volume |
Rs. 50.000 Millions |
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No of Staff |
9 |
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Year of
Establishment |
1994 |
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No of Production
Lines |
4 |
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Export Markets |
Middle East, Russia,
Africa. |
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Investment on
Manufacturing Equipment |
Rs. 1.700 Millions |
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OEM Service Provided |
Yes |
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Monthly Production
Capacity |
7000 pieces |
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Product Range |
Denims, Cotton
trousers |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.23 |
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UK
Pound |
1 |
Rs.86.91 |
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Euro |
1 |
Rs.58.26 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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20 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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