%20PRIVATE%20LIMITED%2017-Jan-2007_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
17.01.2007 |
IDENTIFICATION DETAILS
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Name : |
SPARE
AGE ( |
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Registered Office : |
1302, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.04.1967 |
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Com. Reg. No.: |
11-13711 |
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CIN No.: [Company
Identification No.] |
U32109MH1967PLC013711 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES11676A |
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PAN No.: [Permanent
Account No.] |
AADCS6349E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on the business of manufacturing, making, assembling, producing and
dealing in component parts, spare parts, accessories, equipments, tools,
implements, fittings, apparatus etc. of any nature for the use of and/or in
connection with and/or in any or all kind of motors, motor cars, lorries,
trucks, omnibuses, trolley-buses, motor cycles, scooters, bicycles,
tricycles, jeeps, tractors, bulldozer, rollers, carriages, amphibious
vehicles and/or vehicles of every description suitable for propulsion on
land, sea or air, or in any combination thereof. |
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
80000 |
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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
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Registered Office : |
1302, |
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Tel. No.: |
91-22-26499689/
23867649 |
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E-Mail : |
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Website : |
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Factory
1 : |
Plot No. A-403, Oil Seal House, Road No.
28, Wagle Industrial Estate, Thane - 400 604, |
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Tel.
No.: |
91-22-25800972 |
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Fax
No.: |
91-22-25823991
25827480 |
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E-Mail
: |
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Branches
: |
A. P. - Secunderabad, Contact Person : Mr. Pratap Address : C/O Satyanarayana, D No.32-201,Manilinga
Bhavan, Shapur, IDA,Jeedimetla, Mobile No. : 91-9866310119 E-Mail : pratap@spareage.com CHATTISGARH - BHILAI OFFICE Bhilai Contact Person : Mr. Yogesh Malhotra Address : Professionalsinc, M-47,
Vaishali Nagar, District - Durg (C.G.). Bhilai - 490 023, Tel No. 91-788-2354628 Mobile No. 91-9329010566 E-Mail yogesh.visionunlimited@gmail.com Vasco -Da-Gama Contact Person : Mr. Pramod M Gurav Address : C/o.Nobal Machinery
Corporation, Dr. Mukund Building, shop No.8, Vasco-Da-Gama, Mobile No. 91-9326122779 E-Mail GUJRAT - Vapi, Silvassa, Valsad, Navsari, Daman,
Bharuch, Contact Person : Mr. Amish Shah Address : F-601, Bejanwala Complex, Tel No.: 91-265-2438458 E-Mail : amish@spareage.com JHARKAHAND / ORISSA- Jharkhand : Orissa : Denkkanal, Angul, Titlaghar,
Balasore, Contact Person : Mr. Vijay Shinde Address : E 1/2, Gautam Vihar, B.H.U.,
IDIH, P.O.Agrico, Tel No. : 91-712-5663373 M.P. – Contact Person : Mr. Vipin Bhagat Address : 42, Sanchar Nagar Extension,
G-1, Krishna Apartment, Tel.No.: 91-731-2592291 E-Mail : vipin@spareage.com A.P. - Vishakhapatnam, Yanam, Contact Person : Mr. Murali Shankar Reddy Address : D. No. 52-13-29, Resapuvanipalem, Mobile No. 91-9848606927 E-Mail murlai@spareage.com Contact Person : Mr. Amit Ranjan Address :
C/o E-Mail : amitranjan@spareage.com GUJRAT - AHMEDABAD OFFICE Ahmedabad, Gandhidham, Mehasana, Contact Person : Mr.Siddhart G. Thoria Address :
A/013,
Sunview Towers, Bhuyangdev Cross Road, B/4,
Agarwal Towers, Ghatlodiya, Ahmedabad Pincode - 380 061,Gujarat India.
Tel No. :
91-79-27450086 Mobile No. : 91-9824464500 E-Mail : siddharth@spareage.com JHARKAHAND - BOKARO OFFICE Bokaro Address :
F-5, Tel No.: 91-6542-310288 Fax : 91-6542-232144 / 234907 E-Mail :nksinha_9@yahoo.com KARNATAKA - CHITTWADGI OFFICE Karnataka - Contact Person : Mr.H. Nasir Hussain Address :
House No.
1-223. I Ward, Near Railway Gate, Chittwadgi, E-Mail : nhussain@spareage.com MAHARASHTRA - |
DIRECTORS
|
Name : |
Mr.
Uspal Singh Sabharwal |
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Designation : |
Chairman
Cum Managing Director |
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Address : |
1302,
Occean View, |
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Date of Birth/Age : |
07.03.1943 |
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Date of Appointment : |
04.04.1967 |
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Name : |
Mr.
Rajpal Kaur Sabharwal |
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Designation : |
Whole
time Director |
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Address : |
1302,
Occean View, |
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Date of Birth/Age : |
15.03.1946 |
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Date of Appointment : |
04.04.1967 |
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Name : |
Mr.
Dilprit Singh Sabharwal |
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Designation : |
Whole
time Director |
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Address : |
1302,
Occean View, |
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Date of Birth/Age : |
28.09.1979 |
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Date of Appointment : |
12.01.2000 |
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Name : |
Mr.
Inderpal Singh Sabharwal |
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Designation : |
Whole
time Director |
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Address : |
1302,
Occean View, |
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Date of Birth/Age : |
24.04.1969 |
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Date of Appointment : |
12.01.2000 |
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Name : |
Mr.
Iagmeet Singh Sabharwal |
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Designation : |
Whole
time Director |
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Address : |
1302,
Occean View, |
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Date of Birth/Age : |
21.07.1972 |
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Date of Appointment : |
12.01.2000 |
BUSINESS DETAILS
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Line of Business : |
To carry
on the business of manufacturing, making, assembling, producing and dealing
in component parts, spare parts, accessories, equipments, tools, implements,
fittings, apparatus etc. of any nature for the use of and/or in connection
with and/or in any or all kind of motors, motor cars, lorries, trucks,
omnibuses, trolley-buses, motor cycles, scooters, bicycles, tricycles, jeeps,
tractors, bulldozer, rollers, carriages, amphibious vehicles and/or vehicles
of every description suitable for propulsion on land, sea or air, or in any
combination thereof. |
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Products : |
Rubber
Seals |
GENERAL INFORMATION
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Bankers : |
Ø State Bank of Ø ICICI Bank |
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Facilities : |
Secured Loans :
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Banking Relations : |
Satisfactory |
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Auditors : |
S.S.
Chaudhary & Company Chartered
Accountants |
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Address : |
2/O,
Vijay Chambers, 2nd Floor, |
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Tel. No.: |
91-22-3867649/
3828307 |
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Fax No.: |
91-22-3801164 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
49560 |
Equity
Shares |
Rs.100/- each |
Rs.4.956 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.956 |
2.900 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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14.576 |
9.205 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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19.532 |
12.105 |
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LOAN FUNDS |
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1] Secured Loans |
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7.902 |
7.178 |
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2] Unsecured Loans |
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18.106 |
10.024 |
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TOTAL BORROWING |
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26.008 |
17.202 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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45.540 |
29.307 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.013 |
14.934 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.134 |
7.585 |
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Sundry Debtors |
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33.837 |
24.126 |
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Cash & Bank Balances |
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1.355 |
1.142 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.824 |
2.449 |
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Total Current Assets |
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46.150 |
35.302 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.929 |
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Provisions |
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Total Current Liabilities |
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25.623 |
20.929 |
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Net Current Assets |
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20.527 |
14.373 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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45.540 |
29.307 |
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%20PRIVATE%20LIMITED%2017-Jan-2007_files/image004.gif){kind=small}
PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover [including other
income] |
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144.922 |
95.146 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt
Equity Ratio (Total Liability/Networth) |
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2.64 |
3.15 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.80 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
Company’s
fixed assets include factory building, plant and machinery, dies and tools, air
conditioner, office equipments, computers, vehicles, furniture and fixture and
building work in progress.
Form 8 Particular for creation or modification of
charges
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Name of the company |
SPARE-AGE ( |
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Presented By |
STATE BANK OF |
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1) Date and description of instrument creating the change |
General Agreement for the grant of Medium Term Advances to small Scale Industries and Hypothecation of Movables, book debts and other assets. Ancilliary Agreement ‘A’. Both the above agreements are dated 04.03.2004 and executed for the creation of a Single Charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.800 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future goods, book debts, movables and other assets of the Borrower including documents of title to goods and other assets such as outstanding moneys, receivables, claims, engagements, securities, inverments and rights and all present and future machinery . As further security beklonging to the Borrower and be lying in or about the factory premises in oil seal house. A/403, Wagle Industrial Estate, Thane and the premises purchased by the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : Monthly interest at the rate of 1.50% above the State Bank of India Advance Rate with minimum of 11.75% p.a. Repayment :
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Wagle Industrial Estate Branch, Thane-400604 |
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6) Date and brief description of instrument modifying the charge |
Suppl. General agreement for the grate of Medium Term Advances to small scale industries on hypothecation of Movables Book debts and other assets Ancilliary Agreement ‘A’ Pledge Letter on Machinery All the above agreements are dated 06.06.20005 and executed for the creation of a single modification |
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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. |
The original charge was created on 04.03.2004 for Rs.3.800 millions. Firstly modified on 11.03.2004 by giving an additional collateral security by way of equitable mortgage by deposit of title deeds over the immovable properties. Now by the present modification dated 06.06.2005 the limit has been increased by Rs.7.500 millions making total to Rs.11.300 millions and by giving an additional machinery such as : Hot air dryer model- PHD 50, DG Set 100KW/125KVA, Hydraulic Double Acting Cylindor HYD Pres 12” * 12”. CNC Turning Centre, Model Fortius, Basic Machine only, Romex Model VL -50, Horizontal Injection Vertical Locking Screw Type Machine with P.L.C. Air Receiver 1M3 Capacity with standard accessories, 8PM Make Tefc Squirrel Cage Induction Electric Motor 3PH AC Supply 415V 50Hz Foot MTD Flame Proof 5HP 1440 RPM, Lathe Machine, Leather Machine made UMT, Vinod make Lathe Machine, Leather Polish Buffing Machinery, Leather Machinery Model MVF 50A, Sigma Mixer, Rolling Machine , Spreading Machine, Chuck for CNC Machine, Motor, Voltage Stabilizers, Lathe Machine. As further security belong to the Borrower and be lying in or about the factory premises at Old Seal House, Plot No.A-403, Road No.28, Wagle Industrial Estate, Thane. Margin : 25% |
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Name of the company |
SPARE-AGE ( |
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Presented By |
STATE BANK OF |
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1) Date and description of instrument creating the change |
General Agreement for the grant of Small Industrial Advances and hypothecation of movables, bookdebts and other assets (WCF) dated 21.03.2000. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.450 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future goods, book debts, movables and other assets of the Borrower including documents of title to goods and other assets such as outstanding moneys, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and rights and all present and future machinery . |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : As would be determined by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Wagle Industrial Estate Branch, Thane-400604 |
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6) Date and brief description of instrument modifying the charge |
Suppl. General agreement for the grate of Medium Term Advances to small scale industries on hypothecation of Movables Book debts and other assets (WCF) Ancillary Agreement No.1 Both the above agreements are dated 06.06.20005 and executed for the creation of a single modification |
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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. |
The original charge was created on 21.03.2000 for Rs.5.450 millions. Firstly modified on 21.04.2003 for Rs.6.000 millions. Secondly modified on 11.03.2004 by giving an additional collateral security by way of equitable mortgage by deposit of title deeds over the immovable properties. Now by the present modification dated 06.06.2005 the limit has been increased by Rs.6.000 millions making total to Rs.10.000 millions. R.O.I. : 1.50% over the State Bank of India Advance Rate with minimum of 11.75% p.a. at monthly rest. Margin : Raw Material : 25% 9Stock in Process : 40% Finished Goods : 33.33% OCC (Book Debts) : 40% EPC/EBD (Within OCC) : 10% |
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Name of the company |
SPARE-AGE ( |
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Presented By |
Jointly Company and Chargeholder |
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1) Date and description of instrument creating the change |
General Agreement for the grant of Medium Term Advances to small Scale Industries and Hypothecation of Movables, book debts and other assets dated 03.07.1998. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future goods, book debts, movables and other assets of the Borrower including documents of title to goods and other assets such as outstanding moneys, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and rights and all present and future machinery whether lying, stored and kept and whether in the possession of the bank or of any third party, whether in India or elsewhere throughout the world including all such goods, machineries, movables and other assets as may be in course of shipment, transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security created in respect of a medium term loan. Interest payable at 3.50% OSBMTLR with a minimum of 16.57%p.a. Loan to be repaid in equal monthly instalments of Rs.0.017 millions each commencing from 03.08.1998. Security created by way of first charge and to cover the principal amount together with all interest, costs, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Wagle Industrial Estate Branch, Thane-400604 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
SPARE-AGE ( |
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Presented By |
STATE BANK OF |
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1) Date and description of instrument creating the change |
26.04.1994. Agreement for Hypothecation and Guarantee |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.200 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future goods, book debts, movables and other assets of the company including documents of title to goods and other assets such as outstanding moneys, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and rights and present and all future machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : As would be determined by Bank from time to time Margin: As would be determined by Bank form time to time Belonging to or in the possession or under the control of the
company. Whether lying stored and kept and whether in possession of the
company or Bank or any third party whether in |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Wagle Industrial Estate Branch, Thane-400604 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Website Details :
Spareage Seals, a company that was born in 1959 specialising in manufacture of Hydraulic seals, Pneumatic seals, Rotary seals, and 'O'Rings, today has risen to become India's leading Seal manufacture having a total workforce of 500 employees.
Spareage seals are used for Original Equipment and Replacement applications in industries such as Steel plants, Nuclear & Thermal power plants, Cement plants, Hydraulic and Pneumatic cylinders, Gear box and Motor manufactures.
Spareage
Seals exports to quality conscious markets accounting
for 55% of the total and has mutually enriching alliance with leading seal
manufacturers and stockists in Europe,
A perpetually increasing customer base of
over 2000 worldwide is reflected in a constant annual growth of 30%.
Spareage Seals Quality control Department is committed right from the stage of formulating the rubber compounds to visual and dimensional inspections of individual seals following strict ISO 9001 norms.
Spareage Seals Express Service can provide seals of various profiles from readily available 30,000 sizes or manufacture within the breakdown time of your machine
The Production Office
consisting of the PPC (Production Planning and Control) is constantly
monitoring and updating the plants with better technology, also coordinating
the various manufacturing processes to ensure timely delivery of the seals
Subject has an
advantage of having 100,000 moulds of standard and non standard seal design and
250 rubber and thermoplastic compounds ready for production, enabling faster
delivery at lower costs.
Production Office
As the heart of the factories lie dedicated Production Cells, from where a team of managers and 25 supervisors control production 24 hours a day, 365 days a year
Spareage Seals has the widest range of production activities of tool division, press division, rubber mixing, metal and fabric moulding, injection moulding and polymer casting available under one roof.
Spareage
Seals has been awarded with the ISO 9001 Certification .They enforce the
highest quality control, and continuous quality checks, as well as timely for
their customer. It's their belief that even
the best can be improved.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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.44.32 |
|
|
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.57.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|