MIRA
INFORM REPORT
|
Report Date : |
20.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
LOBA
CHEMIE PRIVATE LIMITED |
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Registered Office : |
107,
Wode House, Jehangir Villa, Colaba, Mumbai – 400005, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.03.1991 |
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Com. Reg. No.: |
11-60977 |
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CIN No.: [Company
Identification No.] |
U24100MH1991PTC060977 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML01493C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of Chemicals. |
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
250000 |
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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 company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per
commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
107,
Wode House, Jehangir Villa, Colaba, Mumbai – 400005, |
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Tel. No.: |
91-22-22151010 |
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Fax No.: |
91-22-22151099 |
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E-Mail : |
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Website : |
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Factory
1 : |
Shed
No. 62, Arihant Commercial Complex, |
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Tel.
No.: |
91-2522-272933 |
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Fax
No.: |
91-2522-272934 |
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Area : |
22000
sq. ft. |
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Location : |
Owned |
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Factory
2 : |
Plot
No. 52 & 53, Vasai Taluka Industrial Co-operative Estate Limited, Vasai
[East], Thane – 401208, |
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Tel.
No.: |
91-250-2454743 |
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Fax
No.: |
91-250-2455342 |
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Factory
3 : |
D –
62, MIDC, Boiser, Tarapur |
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Area : |
6
acres |
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Location : |
Owned |
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Distributors
Representatives : |
Bharat Chemie 9,
Pathak Wadi, Mani Bhavan, Mumbai – 400002, Tel: 91-22-2203 5317/ 2208 1904 Fax: 91-22-2208 2632 email: bchemie@vsnl.com
Chemical Centre 65,
Babu Genu Road, P.O. Box No. 2638, Mumbai – 400002, Maharashtra, India Tel: 91-22-2205 1564 / 2205 7538 Fax: 91-22-2208 4559 email: chemcen@bom5.vsnl.net.in Glab-Kem Tel: 91-22-2203 6125 / 2234 9486 Fax: 91-22-2205 2483 email: glab_kem@vsnl.net
Jasok Chemicals 11,
Bharat Bhavan, Tel: 91-22-2201 4185 / 2205 5782 Fax: 91-22-2200 0295 R. Kumar & Company 15, Tel: 91-22-2207 7944 / 2208 7945 Fax: 91-22-2207 7945 email: rkumarco@vsnl.com
Viresh Chemicals 42/44,
Tel: 91-22-2208 4064 / 2206 1675 Fax: 91-22-2208 4064 |
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Distributors
Representatives [International] : |
Located at : Kuwait, Malaysia, Mauritius, Myanmar, Nepal, Sultanate of Oman, Peru, Russia,
Saudi Arabia, Sri Lanka, Sudan, Tanzania, Trinidad and Tobago, Turkey, UAE, United
Kingdom, Vietnam, Yemen |
DIRECTORS
|
Name : |
Mr.
Naren J. Shah |
|
Designation : |
Managing
Director |
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Address : |
B -12,
Sealord, Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
21.06.1948 |
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Qualification : |
B.S.C. |
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Experience : |
35
years |
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Date of Appointment : |
27.03.1991 |
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E-mail : |
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Name : |
Ms.
Pratima N. Shah |
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Designation : |
Director
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Address : |
B -12,
Sealord, Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
12.01.1951 |
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Experience : |
8
years |
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Date of Appointment : |
30.08.1991 |
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|
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Name : |
Mr.
Praful J. Shah |
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Designation : |
Whole
Time Director |
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Address : |
B –
51, Sealord, Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
05.12.1938 |
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Date of Appointment : |
11.04.1991 |
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|
|
|
Name : |
Ms.
Hansa P. Shah |
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Designation : |
Director
|
|
Address : |
B –
51, Sealord, Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
17.11.1944 |
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Date of Appointment : |
27.03.1991 |
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|
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Name : |
Mr.
Dhiren J. Shah |
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Designation : |
Whole
Time Director |
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Address : |
B –
61, Sealord Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
21.10.1946 |
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Qualification : |
Inter
Science |
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Experience : |
35
years |
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Date of Appointment : |
11.04.1991 |
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E-mail : |
dhiren@lobachemie.com |
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|
|
|
Name : |
Mr. Niruben
D. Shah |
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Designation : |
Director
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Address : |
B –
61, Sealord Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
21.09.1947 |
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Qualification : |
Graduate
|
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Experience : |
35
years |
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Date of Appointment : |
27.03.1991 |
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|
|
Name : |
Mr.
Parag Praful Shah |
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Designation : |
Whole
Time Director |
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Address : |
B –
51, Sealord, Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
23.06.1972 |
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Date of Appointment : |
01.10.1997 |
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Name : |
Mr.
Nikhil Dhiren Shah |
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Designation : |
Whole
Time Director |
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Address : |
B –
61, Sealord Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
15.02.1974 |
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Qualification : |
B. Com
/ M.B.A. |
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Experience : |
35
years |
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Date of Appointment : |
01.10.1997 |
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E-mail : |
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|
Name : |
Mr.
Vikas Naren Shah |
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Designation : |
Whole
Time Director |
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Address : |
B -12,
Sealord, Cuffe Parade, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
16.04.1975 |
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Qualification : |
B.
Com/ M.B.A. |
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Experience : |
8
years |
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Date of Appointment : |
01.10.1997 |
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E-mail : |
KEY EXECUTIVES
|
Name
: |
Mr. S.
Poojari |
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Designation
: |
Manager
– Exports |
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E-mail
: |
rfq@lobachemie.com |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Naren J. Shah |
|
146000 |
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Ms.
Hansa P. Shah |
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22000 |
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Ms.
Niruben D. Shah |
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62000 |
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Mr.
Praful J. Shah |
|
104020 |
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Mr.
Dhiren J. Shah |
|
104020 |
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Ms.
Pratima N. Shah |
|
60020 |
|
Naren
J. Shah [HUF] |
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20 |
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Praful
J. Shah [HUF] |
|
20 |
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Dhiren
J. Shah [HUF] |
|
20 |
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Mr.
Parag P. Shah |
|
80020 |
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Mr.
Rajeev P. Shah |
|
100020 |
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Ms.
Punita Dhiren Shah |
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20 |
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Mr.
Nikhil Dhiren Shah |
|
100020 |
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Ms.
Rinal Sumit Shah |
|
20020 |
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Mr.
Vikas Dhiren Shah |
|
100020 |
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Ms.
Ekta Nikhil Zaveri |
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60000 |
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Ms.
Dayita Parag Shah |
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20000 |
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Mr.
Parag Praful Shah |
|
40 |
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Mr.
Nikhil Dhiren Shah |
|
40 |
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Mr.
Vikas Naren Shah |
|
40 |
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TOTAL |
|
978360 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Chemicals. |
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Brand Names : |
LOBA |
GENERAL INFORMATION
|
No. of Employees : |
70 |
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Bankers : |
CITI Bank N.A. Citi Business,
Citi Bank Centre, 2nd Floor, Bandra Kurla Complex, Bandra [East],
Mumbai – 400051, |
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Banking Relations : |
Satisfactory
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Auditors : |
Ketan
Mehta & Associates Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
978300 |
Equity
Shares |
Rs. 10/- each |
Rs. 9.783 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
9.783 |
9.783 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
53.982 |
32.429 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
63.765 |
42.212 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.100 |
|
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2] Unsecured Loans |
|
22.550 |
35.250 |
|
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TOTAL BORROWING |
|
22.550 |
35.350 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
86.315 |
77.562 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
3.196 |
3.529 |
|
|
Capital work-in-progress |
|
2.884 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
|
45.656 |
36.737 |
|
|
Sundry Debtors |
|
45.668 |
34.270 |
|
|
Cash & Bank Balances |
|
0.102 |
0.054 |
|
|
Other Current Assets |
|
5.028 |
9.684 |
|
|
Loans & Advances |
|
0.372 |
1.021 |
|
Total Current Assets |
|
96.826 |
81.766 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
11.144 |
4.599 |
|
|
Provisions |
|
5.503 |
3.201 |
|
Total Current Liabilities |
|
16.647 |
7.800 |
|
|
Net Current Assets |
|
80.179 |
73.966 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.056 |
0.067 |
|
|
|
|
|
|
|
|
TOTAL |
|
86.315 |
77.562 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
179.955 |
146.887 |
116.891 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
56.858 |
34.235 |
20.467 |
|
Provision
for Taxation |
0.000 |
12.515 |
7.017 |
|
Profit/(Loss)
After Tax |
56.858 |
21.720 |
13.450 |
|
|
|
|
|
|
Export
Value |
34.222 |
N.A. |
N.A. |
|
|
|
|
|
|
Total
Expenditure |
123.097 |
112.652 |
96.424 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
31.59
|
14.78 |
11.50 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
|
31.59
|
23.30 |
17.50 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
|
N.A.
|
34.22 |
23.99 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
N.A.
|
0.53 |
0.48 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
N.A.
|
0.61 |
1.02 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
N.A.
|
5.81 |
10.48 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
LOBA CHEMIE PRIVATE LIMITED |
|
Presented By |
Mr. Dhiren J. Shah |
|
1) Date and description of instrument creating the change |
Goods security agreement dated |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total working capital facilities of Rs. 15 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 |
The whole of movable assets, including plant and machinery, both present and future, stocks of raw materials, goods in process of manufacture, semi – finished goods and all finished and manufactured goods and articles together with all stores, components, and spares which now belongs to and pertains, to or may hereafter from time to time during the continuance of this security belong to and pertains to the company and which are or shall or may be brought into stored or be in or upon or about. The company’s factory, godown and / or their premises wherever else the same may be situated, stored or lying or being including any such raw materials, inventories, article or goods, any stores spared and components or other similar moveable assets in course of transit or delivery to the company and all of the company’s present and future book debts, outstanding monies, receivables, claims, bills, investments, rights to or on moveable properties and moveable assets forming part of current and belonging to or pertaining to the company or which may at any time hereafter during the continuance of this security become due, owing payable or belonging to or pertaining to the company or which may at any time hereafter during the continuance of this security become due, owing payable or belonging to or pertaining to the company in the course of its business and together with all benefits, advantages and legal incidence thereof. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of the lender having agreed to lend advance to the company the said credit facilities under agreement, the company covenants inter alia, as follows : 1. The company do repay the facility as mentioned in [2] above and pay interest and all other monies in the manner set out in the said agreement between the company and the lender and to comply with the terms and conditions of the said agreement 2. The said current assets & fixed assets hypothecated to the lender by way of first exclusive charge created in favour of the bank, as security for and be charged with the repayment of the loan with all interest, liquidated, damages, premia on prepayment or on redemption, costs, charges, and other expenses payable by the company to the lender in respect thereof. Margin – 32% for stocks and 41% for book debts 3. The company to keep the said assets in marketable and good condition and also insured as provided therein 4. Power of entry, power to take charge and / or possession of, seize, recover, receive, appoint and sell, contract, dispatch for realisation or otherwise dispose of or deal with all or any part of the said assets; etc. as provided therein |
|
5) Name and Address and description of the person entitled to the charge. |
CITI Bank N.A. |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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 |
Form 8 Particular for creation or modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U24100MH1991PTC060977 |
|
Name of the
company |
LOBA
CHEMIE PRIVATE LIMITED |
|
Address |
107,
Wode House, Jehangir Villa, Colaba, Mumbai – 400005, |
|
This Form is for
|
Creation of
charge |
|
Type of Charges |
Hypothecation |
|
Particular of
the charge holder |
CITI Bank N.A. Citi Business,
Citi Bank Centre, 2nd Floor, Bandra Kurla Complex, Bandra [East],
Mumbai – 400051, E-mail : vinod.raghavan@citgroup.com |
|
Nature or
description of the instrument creating charge |
Term Loan
Agreement |
|
Date of the
instrument creating charge |
24.04.2006 |
|
Amount Secure by
the charge |
Rs. 25.000
millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
i. Interest @
9.50% p.a. subject to changes from time to time ii. Additional
Interest by way of liquidated damages @4% p.a. iii. The
facilities granted to the company, shall be repayable on demand |
|
Description of
the property charge whether it is a charge on |
Plant and
Machinery, Furniture & Fixtures, Stock in trade and Book debts |
|
Particulars of
the Property charged |
The whole of
movable assets, including plant and machinery, both present and future stocks
of raw materials, goods in process of manufacture, semi finished goods and
all finished and manufactured goods and articles together with all stores,
components and spares which now belongs to and pertains to, or may hereafter
from time to time during the continuance of this security belong to and
pertains to the company and which are or shall or may be brought into stored
or be in or upon or about the company’s factory, godowns and/or their premises wherever else the
same may be situated, stored, or lying or being including and such raw
materials, inventories, article or goods, any stores spares and components or
other similar movable assets in course of transit or delivery to the company and
all of the company’s present and future book debts outstanding monies,
receivables, claims, bill, investments, rights to or on movable properties
and movable assets forming part of current & movable fixed assets which
are now due owing or payable or belonging to or pertaining to the company or
which may at any time hereafter during the continuance of this security
become due, owing payable or belonging to or pertaining to the company in the
course of its business and together with all benefits, advantages and legal
incidence thereof. |
WEBSITE
DETAILS
Loba
Chemie was a venture started over 25 years ago to deal in Biochemicals and
Reagents for life science research and other specialty chemicals. Loba Chemie
today is one of the forerunners in the Indian chemical industry. In a matter of
years Loba Chemie through its team work and efficiency, not forgetting its
superior products, has been able to establish a strong market share through out
Loba
Chemie stepped into the International Market 5 years ago and has been able to
develop its good name with customer satisfaction and its Quality products in
many corners of the world. At present Loba Chemie is doing business with
CORE VALUES
ACCOUNTABILITY
They take
responsibility for their decisions at the individual & company levels.
ACHIEVEMENT
They aspire to the highest level of excellence in their products and services.
ACTION
They move quickly into action after wise planning. They believe in moving
forward for maximum results.
ATTITUDE
They believe that remaining positive and looking ahead are essential parts of
achieving goals.
BALANCE
They strive for well-rounded employees who combine work, family, and
recreation.
BOLDNESS
They believe that taking calculated risks encourages growth and new discovery.
CHALLENGE
They push their selves to the limit, question boundaries, and continually advance.
COMMITMENT
They keep their promises to clients, employees, and their families.
.
COMMUNITY
They donate time, money, and resources to local charitable organizations. They
build key relationships by supporting their community.
THEIR MOTTO
To
achieve a systematic and well-balanced growth through increased customer
participation and market expansion
To
provide newer products and services according to customer needs
To use their
in-depth knowledge of the market to ensure a fair deal to both customers and
principals
To
provide personalized service, on schedule deliveries and reliable quality at
competitive prices at all time
PRODUCTS
LAB CHEMICALS
INCOMPATIBILITY OF COMMON LABORATORY CHEMICALS
When certain hazardous chemicals are stored or mixed together, violent
reactions may occur because the chemicals are unsuitable for mixing, or are incompatible. Classes of incompatible
chemicals should be segregated from each other during storage, according to
hazard class. Use the following general guidelines for hazard class storage:
Flammable/Combustible Liquids and Organic Acids
Flammable Solids
Mineral Acids
Caustics
Oxidizers
Perchloric Acid
Compressed Gases
Before mixing any chemicals
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.44.21 |
|
|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/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 |
|