MIRA
INFORM REPORT
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Report Date : |
27.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
VIRGO
ENGINEERS LIMITED |
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Registered Office : |
J-517, MIDC Industrial Area, Bhosari, Pune - 411 026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.06.1987 |
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Com. Reg. No.: |
11-43673 |
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CIN No.: [Company
Identification No.] |
U28939PN1987PLC043673 |
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Legal Form : |
Closely held public limited liability
company |
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Line of Business : |
Manufacturing, buying, selling,
distributing, importing and exporting of all kinds of engineering goods and
articles |
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 : |
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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. 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 : |
J-517, MIDC Industrial Area, Bhosari, Pune - 411 026, Maharashtra,
INDIA |
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Tel. No.: |
91-20-2747 4481 [6 lines] |
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Fax No.: |
91-20-2747 0772 |
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E-Mail : |
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Website : |
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Area : |
Medium |
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Location : |
Owned |
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Headquarters and Plant : |
Virgo Engineers Limited |
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Branches
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Virgo Engineers Inc. Virgo Engineers Limited |
DIRECTORS
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Name : |
Mr. V. Balasubramanian |
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Designation : |
Chairman and Whole time Director |
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Address : |
505, Ganga Estate, Chembur, ghatla Village Road, Mumbai-400071, Maharashtra, India |
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Date of Birth/Age : |
12.09.1945 |
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Date of Appointment : |
19.05.1987 |
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Name : |
Mr. Mahesh S. Desai |
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Designation : |
Managing Director |
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Address : |
B
11/12, Chaitraban Residency, Aundh, Pune-411007, Maharashtra, India |
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Name : |
Mr. Vellore R. Jayaraman |
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Designation : |
Executive Director |
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Address : |
H-4,
Duplex Shrinath Heritage, Pashian, Pune-411008, Maharashtra, India |
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Date of Birth/Age : |
22.06.1951 |
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Date of Appointment : |
16.10.2001 |
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Name : |
Mr. Arun M. Shiroor |
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Designation : |
Executive Director |
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Address : |
8,
Dhanshree Apartments, S.No.133/1-2, Off ITI Road, Pune-411007, Maharashtra,
India |
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Date of Birth/Age : |
07.02.1958 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Jagdish S. Desai |
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Designation : |
Director |
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Address : |
F/2,
shanty Co.Op. Housing Society, Mogal Lane, Mahim, Mumbai-400016, Maharashtra,
India |
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Date of Birth/Age : |
21.01.1959 |
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Date of Appointment : |
10.07.1995 |
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Name : |
Mr. Rajaram M. Ajgaonkar |
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Designation : |
Director |
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Address : |
Mandar, Juhu Road, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
07.02.1958 |
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Date of Appointment : |
10.07.1995 |
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Name : |
Mr. P. D. Ramnath |
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Designation : |
Director |
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Name : |
Ms. Latika Ahuja |
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Designation : |
Director |
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Name : |
Mr. Kishore A. Kulkarni |
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Designation : |
Director |
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Address : |
33, ICICI Apartments, Spring Mills Compound, Mumbai-400014, Maharashtra, India |
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Date of Appointment : |
18.06.2004 |
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Name : |
Mr. Bill Neimann |
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Designation : |
Director |
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Address : |
12009, Remington Road, Oklahoma City, OK 73170, USA |
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Date of Birth/Age : |
04.11.1943 |
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Date of Appointment : |
20.07.2005 |
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Name : |
Mr. Paresh Jaisingh Rajda |
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Designation : |
Director |
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Address : |
F34, Chaitraban Society, Sarjaa Lane, Aundh, Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
18.01.1957 |
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Date of Appointment : |
27.07.2006 |
KEY EXECUTIVES
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Name
: |
Mr.
Paresh Rajda |
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Designation
: |
Executive |
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Name
: |
Mr.
Manoj Kohok |
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Designation
: |
Company
Secretary |
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Address
: |
Shreeeramkunj,
43/7, Navsahyadri Housing Society, Karvenagar, Pune-411052, Maharashtra,
India |
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Date
of Birth/Age : |
28.08.1967 |
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Date
of Appointment : |
13.08.1999 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr. V. Balasubramaniam |
999300 |
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Mr. Mahesh Desai |
1076500 |
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Mr. Jagdish S. Desai |
123480 |
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Mr. Rajaram M. Ajgaonkar |
249600 |
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Mrs.
Neeta Desai |
44120 |
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Mrs.
Amita Arun Shiroor |
22400 |
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Mrs.
B. Praveena |
6250 |
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Mrs.
B. Shashikala |
10000 |
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Mr. B.
Prasad |
25000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, buying, selling,
distributing, importing and exporting of all kinds of engineering goods and
articles |
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Products : |
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PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Nos. |
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Control Valves |
Nos. |
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75000 |
4955 |
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Ball Valves |
Nos. |
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-- |
52892 |
GENERAL
INFORMATION
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No. of Employees : |
450 |
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Bankers : |
Ø Bank of Baroda, 1303, Shivaji Nagar Branch, Off JM Road, Pune - 411 005, Maharashtra, India Ø Bank of Maharashtra, Main Branch Ø Saraswat Bank, Legal Department Ø Canara Bank, Industrial Finance Branch, M.G. Road, Camp, Pune-411001, Maharashtra, India Ø ING Vysya Bank Limited Ø Union Bank of India Ø State Bank of India Ø Kotak Mahindra Bank Limited, 418/424, 4th Road, Sohrab Hall, 21, Sasoon Road, Pune Branch, Pune-411001, Maharashtra, India |
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Facilities : |
Secured
Loans :
Unsecured Loans :
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Banking Relations : |
Satisfactory |
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Auditors : |
S. R. Batliboi & Associates Chartered Accountants Shangrila Gardens, C-16 & C-17, 3rd Floor, Bund Garden Road, Pune - 411 001, Maharashtra, India |
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Associates/Subsidiaries : |
Ø Automax Mecair (Industries) Limited Ø Virgo Engineers Inc., USA Ø Virgo Valves and Controls Limited Ø Vintrol India Limited Ø Vintrol Inc. USA Ø Automax Mecair India Limited Ø Virgo Control System Private Limited Ø Deltech Controls Limited Ø Deltech Controls LLC, USA |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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12000000 |
Equity shares |
Rs.10/- each |
Rs. 120.000 millions |
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3000000 |
Preference
Shares |
Rs.10/- each |
Rs.30.000 millions |
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Total |
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Rs.150.000
millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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10361684 |
Equity shares |
Rs.10/- each |
Rs. 103.617 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
99.618 |
51.346 |
35.073 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
120.368 |
109.915 |
103.579 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
219.986 |
161.261 |
138.652 |
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LOAN FUNDS |
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1] Secured Loans |
52.731 |
129.071 |
115.365 |
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2] Unsecured Loans |
12.214 |
12.244 |
10.665 |
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TOTAL BORROWING |
64.945 |
141.315 |
126.030 |
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DEFERRED TAX LIABILITIES |
12.819 |
14.633 |
17.906 |
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TOTAL |
297.750 |
317.209 |
282.588 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
114.980 |
116.351 |
116.041 |
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Capital work-in-progress |
34.658 |
0.000 |
0.122 |
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INVESTMENT |
19.057 |
68.903 |
53.297 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
120.733
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124.842 |
82.188 |
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Sundry Debtors |
186.629
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156.193 |
145.698 |
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Cash & Bank Balances |
18.730
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22.254 |
20.643 |
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Other Current Assets |
16.413
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25.071 |
23.683 |
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Loans & Advances |
39.270
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17.305 |
16.580 |
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Total Current Assets |
381.775
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345.665 |
288.792 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
243.166
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209.601 |
168.248 |
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Provisions |
10.266
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5.423 |
9.524 |
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Total Current Liabilities |
253.392
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215.024 |
177.772 |
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Net Current Assets |
128.383
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130.641 |
111.020 |
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MISCELLANEOUS EXPENSES |
0.672 |
1.314 |
2.108 |
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TOTAL |
297.750 |
317.209 |
282.588 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
844.873 |
872.537 |
612.337 |
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Profit/(Loss)
Before Tax |
116.882 |
51.214 |
25.254 |
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Provision
for Taxation |
0.000 |
17.349 |
3.469 |
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Profit/(Loss)
After Tax |
116.882 |
33.865 |
21.785 |
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Export
Value |
NA |
496.592 |
331.640 |
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Import
Value |
NA |
84.599 |
40.057 |
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Total
Expenditure |
727.991 |
821.323 |
587.083 |
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
13.83
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3.88 |
3.56 |
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Net
Profit Margin (PBT/Sales) |
(%) |
13.83
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5.87 |
4.12 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
23.53
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11.08 |
6.24 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.53
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0.32 |
0.18 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.45
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2.21 |
2.19 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.51
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1.61 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The company is engaged in manufacturing, buying, selling, distributing, importing and exporting of all kinds of engineering goods and articles including all types of equipments such as pumps, compressors, taps and valves (hydraulic power engines and motors), pumps for liquids whether or not fitted with measuring devices, including hand pumps and pumps designed for fitting to internal combustion piston engines etc, air or vacuum pumps, air or other gas compressors, taps, cocks, valves and similar appliances for pipes, boilers shells, tanks, and vats or the like including pressure reducing.
Generic names of the Principal Products of the company are as follows :
Ø Assembled Parts of Control Valve
Ø Ball Valves
Ø Control Valves
Company’s fixed assets include Leasehold Land, Building, Furniture and Fixtures, Plant and Machinery, Dies and Patterns, Jigs and Fixtures, Electrical Installation, Computers, office Equipments, Vehicles, Technical know how and Intangible assets
Form
8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U2893PN1987PLC043673 |
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Name of the company |
VIRGO
ENGINEERS LIMITED |
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Address |
J-517, MIDC
Industrial Area, Bhosari, Pune - 411 026, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Kotak Mahindra Bank Limited, 418/424, 4th Road, Sohrab Hall, 21, Sasoon Road, Pune Branch, Pune-411001, Maharashtra, India E-Mail : supriyatalwalkar@gmail.com |
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Nature or description of the instrument creating charge |
Deed of Hypothecation |
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Date of the instrument creating charge |
16.05.2006 |
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Amount Secure by the charge |
Rs.90.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
9%p.a. floating over the tenure of the facility. The interest rate has been arrived at on the basis of bank’s bench mark PLR less 5.50% p.a. Currently Bank’s Benchmark PLR is 14.50% p.a. |
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Description of the property charge whether it is a charge on |
Plant and Machinery Stock in Trade Book Debts Vehicles All current and Future Fixed assets |
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Particulars of the Property charged |
A first two exclusive charge by way of hypothecation on all current and future fixed assets. A second pari passu charge on all current assets with SBI factors and commercial Services Private Limited (First charge holder for Rs.35 millions) Canara Bank (First charge holder for Rs.15 millions Canara Bank, ING Vysya Bank Limited, Bank of Baroda and Union Bank of India (Joint first charge holders – Rs.327.5 millions)) |
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Name of the company |
VIRGO
ENGINEERS LIMITED |
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Presented By |
Mr. V. R.
Jayaraman, Director |
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1) Date and description of instrument creating the change |
Working Capital Consortium Agreement Joint Deed of Hypothecation. (Both Agreements dated 03.12.2005 and constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.327.5 millions
(Details of Facility Structure – As per Agreement) |
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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 the current assets of Borrower namely Stocks of Raw Material, Stock in Process, Semi- finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumables Stores and Spares), Bills receivables and book debts and all other movables both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presets be brought into or upon or be stored or be in or about of the Borrower’s factories, premises and godowns situated at J-517, J-525, J-156 and J-160, MIDC Industrial Area, Off Telco Road, Bhosari, Pune-411026 in the State of Maharashtra or wherever else the same be or to be held any party to the order or disposition of the Borrower or in the course of transit or on order or delivery, howsoever and where to ever in the possession of the Borrower and either by way of substitution or addition. The hypothecated assets shall be security by way of first charge in favour of the said banks jointly and to each of them severally. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest shall be charged on the outstanding in the said accounts at such rate or rates as may be determined by the said Banks from time to time and if such rate or rates is or are linked to the Commercial Bank Advance Rate, then the effective rate of interest on such accounts shall correspondingly stand charged on account of any revision therein fro the date of any such revision. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Industrial Finance Branch, M.G. Road, Camp, Pune-411001, Maharashtra, India ING Vysya Bank Limited, 928, F.C. Road, Pune-411004 Bank of Baroda, 1303, Shivaji Nagar Branch, Off JM Road, Pune - 411 005, Maharashtra, India Union Bank of India, Industrial Finance Branch, 619, Sachapir Street, Pune-411001 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
VIRGO ENGINEERS LIMITED |
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Presented By |
Mr. V. R. Jayaraman, Director |
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1) Date and description of instrument creating the change |
Hypothecation agreement of Goods and Book Debts dated 26.04.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
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 |
All the goods and commodities purchased, acquired, received under the said credit facilities particulars where of will be furnished from time to time and those lying or hereafter stored at the yards, factireies, premises and godowns situated at J-517, J-525, MIDC Industrial Area, Off Telco Road, Bhosari, Pune-411026 in the State of Maharashtra And all book debts, outstanding moneys, receivables, claims and bills arising our of the sale, disposal of the goods received under the said credit facilities which are now due and owing to the borrower in the course of business by any person, firm, companies or by the Government of any local body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge by way of Hypothecation on the goods and commodities and book debts (more particularly described at Item 3 above of the Company for securing an aggregate amount of Rs.15 millions, as set out in Item 2 above) |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Industrial Finance Branch, M.G. Road, Camp, Pune-411001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Revenues
:
The Company’s order Book, revenues and profits recorded impressive growth during the year. During the year under review the company earned total income of Rs.873 millions (2003-04 : Rs.612 millions). Profit Before Tax increased by 76% at Rs.51 millions with a 44% rise in the turnover at Rs.858 millions. During the year domestic as well as export business has alone well despite stiff market conditions and increase in steel prices.
Exports
:
Export revenues during the year were at Rs.497 millions (2003-04 : Rs.332 millions), registering a growth of 50% over the previous year. The Company could achieve this growth despite difficult market conditions caused by significant rupee appreciation, low-cost competition, coupled with reduction in export benefits like DEPB and withdrawal of BOHHC.
Website
Details :
Subject’s impressive manufacturing infrastructure spans over 60,000 sq. ft.
modern plant area in Pune, India. Virgo’s state-of-art design office, equipped
with Engineering Design and Finite Element Analysis software like Ideas and
Analysis have helped the company design products with safe design practices.
Virgo procures Valve Castings from reputed foundries that are globally accepted
suppliers. Cellular manufacturing program adopted by our modern machine shop
makes it possible for us to respond quickly to customer needs. Virgo has also
implemented world leading Baan ERP software that has increased our ability to
achieve higher degree of transparency, Process agility and thus, reduce lead-time.
They at Virgo strive continuously to improve quality of products and
processes. Virgo plants are ISO 9001 certified by TUV, Bayern, Germany. Virgo
has also been awarded the American Petroleum Institute's API Q1certificate
authorizing use of API 6D monogram. They are also one of the few Valve
manufacturers to have been certified for ‘CE Marking’ under European Union’s
Pressure Equipment Directive 97/23/EC, Quality System Certificate from TUV.
Virgo’s Fire safe design valves have been tested in Virgo’s own Fire Safe testing facility by independent inspection agencies like Lloyds and are qualified per API 607 4th edition, BS 6755 Part II and also to API 6FA. Their plants are also audited and approved by leading Oil / Gas Companies in the world.
They at Virgo follow a very stringent Health and Safety Policy. The safe
working and accident-free record of their manufacturing plants demonstrate
their commitment to this. Their occupational health and safety management
system conforms to OHSAS 18001 : 1999 and has been certified by DNV.
Their ‘Customer First’ approach has helped us be one of the world’s fastest
growing valve manufacturers. The list includes North American Bechtel.
Occidental Petroleum, PDO Oman, Shell Brunei, Qatar Petroleum, Novartis,
Nestle, Rohm and Haas, Gas Authority of India, Reliance Petroleum, Formosa
Chemicals to name a few. Since 1991, satisfied customers in over 250 projects
in 32 countries are using over 500,000 valves manufactured by Virgo.
Subject has Sales Offices / Representatives all over the world. Virgo Engineers Inc., Company’s subsidiary at Stafford Texas inventories large number of valves and ships them to their North American customers from stock. Their office in Jebel Ali, Dubai services the Oil / Gas markets of Middle East region. Their Strategic alliance partners in Europe and Middle East inventory their valves to meet just-in-time demands of their growing list of clients. Virgo Sales offices have capability of 24/7 response to customers needs.
Products
:
S Series Floating Ball Valves
Two piece design, ANSI Class 150, 300 and 600, from ½” (15mm NB) to 12” (300mm NB) in Flanged and Butt Weld ends, in Full and Reduced Port construction.
Three Piece design, ANSI Class 400 / 800, from ½” (15mm NB) to 2” (50mm NB) in Screwed and Socket Weld ends, in Full and Reduced Port construction.
Two / Three Piece design, ANSI Class 150, 300, 600, from 2” (50mm NB) to 24” (600mm NB), Class 900 and 1500 up to 16” (400NB) in Flanged and Butt Weld ends, in Full and Reduced Port construction.
Virgo’s vast experience in Valve Automation includes Emergency Shutdown Systems, Slam Shut Valves, Gas Operated Actuators, Gas Over Oil Systems and Fire Proof Controls.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
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 |
|