MIRA
INFORM REPORT
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Report Date : |
06.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
GOKUL
OVERSEAS |
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Registered Office : |
State Highway No 41, Near Sujanpur Patia,Sidhpur - 384151. Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007
(Expected) |
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Date of Incorporation : |
1995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTG01137D |
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PAN No.: [Permanent
Account No.] |
AACFG9031H |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer and Exporter of refining vegetable oils including seed procurement, processing, solvent extraction and marketing of edible oils |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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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 concern having fine track. Partners are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The concern
can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
State Highway No 41, Near Sujanpur Patia,Sidhpur - 384151. Gujarat |
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Tel. No.: |
91-2767-222075 |
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Fax No.: |
91-2767-223475 |
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E-Mail : |
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Corporate
Office : |
"GOKUL HOUSE", 43-Shreemali
Co-op. Housing Society Limited. Opposite. Shikhar Building, Navarangpura |
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Tel.
No.: |
91-79-55304555 |
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Fax
No.: |
91-79-55304538 |
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E-Mail
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Factory
1 : |
349-352,
Sector – IV, Kasez, Gandhidham – 370230, Gujarat |
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Tel.
No.: |
91-2836-253092 |
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Mobile
No.: |
91-9879112701 |
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Fax
No.: |
91-2836-253236 |
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Area : |
170
Acres (6900 Sq. mtrs) |
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Location : |
Leased
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Gandhidham
Unit |
89, Meghpar – Borichi, Galpadar Road, Nr.
Sharma Resort, TA - Anjar, District -
Kutch -370110. Gujarat |
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Tel.
No.: |
91-2836-247078
/ 79 |
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Fax
No.: |
91-3836-247080 |
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E-Mail
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PARTNERS
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Name : |
Mr.
Balvantsinh Rajput |
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Designation : |
Partner
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Date of Birth/Age : |
47
Years |
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Qualification : |
Under
Graduate |
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Experience : |
25
Years |
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Name : |
Mr.
Kanubhai J Thakkar |
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Designation : |
Partner
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Date of Birth/Age : |
47
Years |
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Qualification : |
Under
Graduate |
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Experience : |
25
Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of refining vegetable oils including seed procurement, processing, solvent extraction and marketing of edible oils |
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Exports to : |
France,
Germany, Korea and China |
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Terms : |
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Selling : |
At
Sight only export – no local |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Development
Credit Bank Limited, Ashram Road, Ahmedabad |
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Facilities : |
Credit
Limit – Rs. 450.000 Millions Packing
credit and term loan |
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Banking Relations : |
Satisfactory
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Auditors : |
M P
Pandhi & Associates Chartered
Accountant Ahmedabad |
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Associates/Subsidiaries : |
Gokul
Refoils & Solvent Limited Line
of Business – Sidhewr Refining Vegetable Oils Turnover
– Rs. 10000.000 Millions |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
100.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
100.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2007 (Expected) |
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Sales Turnover |
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2000.000 |
LOCAL AGENCY
FURTHER INFORMATION
Business
April
2006, Production Started
June
2006 Export Started
From
June to December – 2006 Export
Turnover
reached to Rs. 850.000 Millions
As Per Website Details
Corporate Profile 
The year 1993 saw the
birth of ‘Gokul Refoils & Solvent Limited.’ (GRSL), at Sidhdhpur. The
history of Gokul is the one of innovation and adventure, of risks taken and
bold decisions made. The seeds of this successful corporate conglomerate were
sown way back in the 80s by two farsighted men , Balvantsinh Rajput and
Kanubhai Thakkar with a vision to lead the industry.
The company is mainly
engaged in the business of refining vegetable oils including seed procurement,
processing, solvent extraction and marketing of edible oils.
The present operations
of the Company may be broadly categorized under three heads:
Trading
Manufacturing
Marketing
The Company, for its
trading operations, sources various vegetable oils in either crude or refined
form from domestic as well as international markets and sells them in bulk
either directly or through brokers. It purchases mustard, rapeseed, groundnut,
and sunflower seeds from different local and surrounding markets and imports
palmolein and soybean oil from international markets.
The total sales of the
company is divided in three major areas:
Sales to Army Purchase
Organization (APO) & Civil Supply Corporation
Wholesale in tanker
loads to different parts of the country.
Retail market in
packed tins under its trademark ‘GOKUL’.
Management
Shri Balavantsinh
Rajput
Chairman
Shri Kanubhai Thakkar
Managing Director
Shree Balvantsinh
Rajput and Shree Kanubhai Thakkar, the founders and promoters of the group, are
well experienced and well versed with the entire ascent and decent of the
business. Beyond that, a dedicated team supported by highly qualified and
experienced consultants, is focused on gaining an edge over the others in the
market.
The motto of GRSL is,
“work until you achieve God” which is also a united voice of the employees. In
a committed team of 200 professionals, each one works with one vision,
dedication and hard work; be it the higher end executives or the workers.
Management Skills and International Standards
Skilled management and
sincerity about customers is the
reason for success of their Gokul group. Board of directors of Gokul group is hard working in
nature and their keen observation in business activities makes the organization
as fast growing. Selection of machinery and technology, following international
standards, approach towards safety systems and supplying better quality
products are the proofs for the management skills.
Good Manufacturing Practices:
Gokul has adopted good
manufacturing practices, like
Purchasing the raw
material according to standard specifications.
Seed Cleaners
installed, seed should be cleaned before storing into silos.
Sanitation schedules are
ensured.
Dedicated tanks &
lines avoids cross contamination of another products.
Ensured SOP’s and Work
Instruction Procedures.
Monitoring Procedures
and Corrective Actions
Proper documentation
Personal Hygiene
Training
Pest control
RO and DM plants for
water purification
Monitoring Systems
Monitoring systems
ensured to control the process parameters at each and every step.
Gokul follows Quality
Monitoring Systems to control the process material quality. QA & QC
analyzes intermediate products as per QMS. After certifying the material by QA,
the intermediate product goes to further processing. If it is not as per quality norms it goes for rework if possible.
Possible hazards
analyzed and critical control points decided, monitoring schedules ensured to
control the hazards and to take corrective actions.
Gokul is one of the
organizations, sincerely following principles of product safety systems and
supplying the products according to their customer’s requirements.
Choice of Right Employee and Team Work:
Gokul group always
choose skilled and qualified employees and give support to employees by
conducting training programmes to improve their capabilities. Team work is one
of the special features of Gokul group.
Institutional Sales 
GRSL has expanded its
sales in many Government Institutions. Some major Customers in Government are
as under :
- Defence
- Civil Supplies
- Indian Tibetan Border Force
- Institutions
Facility 
As the Central
Government announced excise Exemptions to the units set up in the Kutch
District, GRSL has chosen the land for its expansion project. It has set up a
state of the art refinery unit at Meghpar, a villege near Gandhidham with an
installed capacity of 1000 M.T. per day of refining and 100 M.T. per day of
Vanaspati.
To make its new
venture ‘avant-garde’ in the real sense of the word, GRSL has procured the
entire process plant & machinery for the main refinery and the
fractionation plant from De Smet Chemfood Engineering Private. Limited.
GRSL is the first in
India to use the latest 300 MT. fractionation technology.
Among the various
modification processes used in the oils and fats industry, fractionation has
gained increasing interest as a proven, widespread and clean technology
frequently replacing partial hydrogenation and solvent fractionation.
The plant is
completely automatic that ensures absolute hygiene and purity
Manufacturing Process 
The major edible oils
processed in the plant are Soybean Oil, Sunflower Oil, Palm Oil, Mustard Oil,
Groundnut Oil and Vanaspati.
The process of
refining starts with the crude oil first being Degummed – a process in which
the stocky material is removed from the crude. The acidity in the oil is then
removed by neutralizing it with caustic soda. To improve the aesthetics of the
oil, it is bleached and then deodorized. Bleaching improves the colour of the
oil to acceptable levels and deodorization removes the objectionable odour form
the oil.
The refined or
hydrogenated oils are then packed in consumer packs, tins or sold loose in
tankers.
Quality Policy 
GRSL is an ISO
9001:2000 Certified Company. The Quality Assurance Policy of Gokul is an
intrinsic part of overall company’s management strategy. The company believes
in achieving complete customer satisfaction by providing products &
services of consistent quality. Strict Quality Control Measures are taken at
every step of the refining process to ensure the finest quality.
Gokul overseas is
their new unit started from Feb 2005. They are following the same standards of
GRSL in their new unit Gokul Overseas. They can achieve ISO certificate for GO
in short period of time.
Quality Control and
Quality Assurance:
Gokul group is
following international standards. Their QA & QC ensured good laboratory
practices (GLP’S).
Their Quality
Assurance and Quality control department ensure controls at every stage from
raw material purchase to finished product dispatch.
They will received raw
materials from selected vendors only, after reaching raw material to their unit
their quality assurance department check the materials for quality, and then
certified. Certified material should be unloaded in their godown / tanks.
For controlling the
processing product parameters, Quality monitoring systems are ensured at all
steps. At each and every step of processing their quality control department
has good control, to deliver better quality product to their customers. After
completion of the process steps finished product checked for the quality.
Quality should be checked at the time of storage and at the time of dispatch
also.
Team work, confident
and dedicated technical staff, skilled management and latest technology are the
special features of their group.
Their QA & QC
department has qualified staff and sophisticated analytical equipment like Gas
Liquid Chromatography, NMR, Spectrophotometer, Karl Fisher Titrator, Brookfield
Viscometer etc., to give quick analysis reports to support the processing
people and to improve the quality of their products.
R&D Facilities:
Gokul group has
R&D facilities to improve their existing product quality and for new
product development. For that they installed poilet plant. Gokul group
succeeded in this aspect.
Achievements 
The group company has
many accolades to its credit for excellence in exports. It has achieved the SEA
Awards for the year 1997-98, 1998-99, 1999-2000, 2001-2002 and 2002-2003 for
best performance in Exports and awards from The Federation of Indian Export
Organisations for the year 2000-2001 and 2001-2002 for the export of agri
products
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.30 |
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UK
Pound |
1 |
Rs.85.83 |
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Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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60 |
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 |
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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 |
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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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<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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