MIRA INFORM
REPORT
|
Report
Date : |
18.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
KISHORE PUMPS PRIVATE LIMITED |
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Registered
Office : |
A-13/H,
MIDC Industrial Area, Pimpri, Pune – 411 018, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
27.09.1965 |
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Com.
Reg. No.: |
11-13333 |
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CIN
No.: |
U31909MH1965PTC013333 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
PNEK05268E |
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PAN No.: (Permanent
Account No.) |
AABCK0619B |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturers
and Dealers in Pumps of all sizes and all types, values, Ice Machines, Control
Pannel, Accessories and Spare Parts etc. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
340000 |
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Status
: |
Satisfactory
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well – established company having satisfactory
track records. Profit margin is under pressure. Trade relations are 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
|
Registered
Office : |
A-13/H,
MIDC Industrial Area, Pimpri, Pune – 411 018, |
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Tel.
No.: |
91-20-27473570 |
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Fax
No.: |
91-20-27470570/
27473570 |
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E-Mail
: |
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Website: |
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HEAD
OFFICE: |
21, Barve Complex, 1170 / 1, |
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Factory
1 : |
v Industries Pumps Division –
Pimpri, Pune – 411018 v Enviro Pumps Division Kuruli
(Chakan), Pune – 410501 v Casting Products Division Sangli –
416310 v Steel Foundry Division Bhosari –
411026 |
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Location : |
Owned |
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Local
Offices : |
Mumbai: 401
- 403, Tel:
91-22- 2789 3852
Tel:
91-11- 2593 3920 Chennai: 5,
Tel:
91-44- 2481 1849 Vadodara: 320 Paradise Complex, Sayajiganj, Vadodara 390 005, Tel:
91-265- 2225589
Tel:
91-40- 2774 0443 Kolkata: 6B, Tel:
91-33- 2459 1066 Pune: 21, Barve Complex, 1170/1, Tel:
91-20- 2553 5449 / 59 International
Business Division, Erandawane, Pune-411004,
Tel:
98443 20306 (Mobile)
Tele Fax:
91-422- 253 82624 |
DIRECTORS
|
Name : |
Mr. Desai Narsimha Narayan |
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Designation
: |
Director |
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Address
: |
Kishore 132/2, |
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Date
of Birth/Age : |
04.08.1928 |
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Date
of Appointment : |
27.09.1965 |
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Name : |
Mr. Desai Narayan Kishore |
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Designation
: |
Managing Director |
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Address
: |
Kishore 132/2, |
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Date
of Birth/Age : |
15.11.1957 |
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Date
of Appointment : |
01.10.1979 |
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|
Name : |
Mr. Desai Kishore Bhagyashree |
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Designation
: |
Director |
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Address
: |
37/5, |
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Date of
Birth/Age : |
14.02.1958 |
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Date
of Appointment : |
26.06.1990 |
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|
Name : |
Mr. Patankar Vasant Jayant |
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Designation
: |
Director |
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Address
: |
10+11/2B, Sneh Vihar, |
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Date
of Birth/Age : |
17.06.1946 |
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Date of
Appointment : |
01.07.2001 |
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|
Name : |
Mr. Desai Kishor Siddharth |
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Designation
: |
Director |
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Address
: |
759/117, |
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Date
of Birth/Age : |
12.06.1984 |
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Date
of Appointment : |
01.01.2003 |
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|
Name : |
Mr. Ketkar Janardhan Satish |
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Designation
: |
Company Sectary |
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Address
: |
Plot No. 57, United Western Society, Karve Nagar, Pune –
411052 |
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Date
of Birth/Age : |
23.06.1957 |
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Date
of Appointment : |
20.10.1999 |
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Name : |
Dr. K R Parulekar |
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Designation
: |
Director |
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Name : |
Mr. V R Parulekar |
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Designation
: |
Director |
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Name : |
Mrs. Nalini N Desai |
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Designation
: |
Director |
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Address
: |
Kishor, 132/2, |
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Date
of Birth/Age : |
21.08.1935 |
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Date
of Appointment : |
01.10.2006 |
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Name : |
Mr. Suhas S Ruikar |
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Designation
: |
Director |
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Address
: |
Plot No.5, Saiprasad, Gouring Housing Society, Karve
Nagar, Pune-411052, |
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Date of
Birth/Age : |
19.07.1959 |
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Date
of Appointment : |
01.04.2005 |
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Name : |
Mr. Chintaman M Dixit |
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Designation
: |
Director |
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Address
: |
Laxmi Niwas 759/122, |
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Date
of Birth/Age : |
11.07.1950 |
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Date
of Appointment : |
01.12.2004 |
KEY
EXECUTIVES
|
Name : |
MRM
Associates |
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Designation
: |
Company
Secretary |
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Address
: |
First Floor,
Dnyansudha Apartment, 77, Vijayanagar Colony, 2147, Sadashiv Peth,
Pune-411030, |
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Tel.
No.: |
91-20-24335075/
24320368/ 24334288 |
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E-Mail
: |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Desai
Narayan Nalini |
3780 |
|
Mr. Desai Narsimha Narayan |
1280 |
|
Mr. Desai Narayan Kishore |
1592 |
|
Mr. Parlekar Madeo Mohan |
72 |
|
Mr.
Abhayankar Sham |
54 |
|
Mr.
Kodolikar Vishvanath Nilkanth |
36 |
|
Mr.
Kulkarni Saiprabhat Meenal |
226 |
|
Nalini
Narayan Investment |
1488 |
|
Others |
1194 |
|
Total |
9722 |
As on 31.03.2006
|
Names of Shareholders |
No. of Shares |
|
Bodies
Corporate |
6.00 |
|
Directors or their relatives |
86.00 |
|
Other top 50 shareholders |
8.00 |
|
Total |
100.00 |
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturers
and Dealers in Pumps of all sizes and all types, values, Ice Machines,
Control Pannel, Accessories and Spare Parts etc. |
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Products
: |
Pumps for Liquids and Spares Casting of Lron, Alloys, Steel and Stainless Steel |
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Exports
to : |
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PRODUCTION STATUS
|
Particulars |
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|
Installed Capacity |
Actual Production |
|
Pumps for Liquids and Spares Casting of Lron, Alloys, Steel and Stainless Steel |
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|
Pumps 991 Nos |
Castings 32378 KGs |
GENERAL
INFORMATION
|
No. of
Employees : |
860 |
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|
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Bankers
: |
v
State Bank of v
The Saraswat Co-operative Bank Limited, Apsara Cinema Building, Dr. D.
B. Marg, Grant Road, Mumbai – 400 007, Maharashtra, India v
Saraswat Co-operative Bank Limited, |
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Facilities : |
CC Rs. 13.580 Millions, Bill Disc Rs. 5.839 Millions and
Others Rs. 0.811 Millions |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Joshi
& Parulekar Chartered Accountants |
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Address:
|
403,
Snehal, Jayprakash Nagar, |
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Associates/Subsidiaries
: |
v
Nalini Narayan Investment Private Limited v
Pumpmate Consultants ( v Shalivahan Engineers Private
Limited Kishor Hilge Pumps ( REGISTERED OFFICE : Address: "Shriraj",
94 / 25, Phone: 91 - 20 -
25673702 Fax: 91 - 20 - 25673702 WORKS : Address: A-13
/ H, MIDC Pimpri, Pune 411 018, Phone: 91-20-27472616
/ 27471037 Fax: 91-20-27470616 Email: kishorhilgepump@vsnl.net Products: Hygiene Pumps ( Made
In Euro-Hygia Hygiene Pumps ( Imported ) |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10,000 |
Equity
Shares |
Rs. 1000/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
9722 |
Equity
Shares |
Rs. 1000/- each |
Rs. 9.722 Millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
9.722 |
9.722 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
76.953 |
67.292 |
|
|
4] (Accumulated
Losses) |
|
0.000 |
0.000 |
|
NETWORTH
|
|
86.675 |
77.014 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
15.862 |
25.366 |
|
|
2]
Unsecured Loans |
|
47.012 |
31.237 |
|
TOTAL
BORROWING
|
|
62.874 |
56.603 |
|
|
DEFERRED
TAX LIABILITIES |
|
6.226 |
6.208 |
|
|
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|
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TOTAL
|
|
155.775 |
139.825 |
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APPLICATION OF FUNDS
|
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|
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|
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|
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FIXED ASSETS [Net Block]
|
|
62.857 |
56.971 |
|
Capital work-in-progress
|
|
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT
|
|
0.677 |
0.425 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
29.653 |
31.762 |
|
|
Sundry Debtors
|
|
101.612 |
90.574 |
|
|
Cash & Bank Balances
|
|
2.468 |
4.858 |
|
|
Other Current Assets
|
|
0.733 |
0.017 |
|
|
Loans & Advances
|
|
34.758 |
30.474 |
Total Current Assets
|
|
169.224 |
157.685 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
57.091 |
61.826 |
|
|
Provisions
|
|
19.892 |
13.430 |
Total Current Liabilities
|
|
76.983 |
75.256 |
|
Net
Current Assets
|
|
92.241 |
82.429 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
155.775 |
139.825 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Total
Income |
|
215.392 |
192.205 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
18.953 |
14.725 |
|
Provision for Taxation |
|
7.630 |
5.587 |
|
Profit/(Loss) After Tax |
|
11.323 |
9.138 |
|
|
|
|
|
|
Total
Expenditure |
|
196.439 |
177.480 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
|
5.26 |
4.75 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
8.80 |
7.66 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
8.17 |
6.85 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.22 |
0.19 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
1.61 |
1.71 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
2.20 |
2.09 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U31909MH1965PTC013333 |
|
Name of
the company |
KISHORE PUMPS PRIVATE LIMITED |
|
Address |
A-13/H, MIDC Industrial Area, Pimpri, Pune – 411 018, |
|
This Form
is for |
Creation ofcharge |
|
Type of
Charges |
Book debts Movable property All tangible assets |
|
Particular
of the charge holder |
The Saraswat Co-operative Bank Limited, |
|
Nature or
description of the instrument creating charge |
Agreement of hypothecation of moveable property dated
29.01.2007. |
|
Date of
the instrument creating charge |
29.01.2007 |
|
Amount
Secure by the charge |
Rs.6.000 millions |
|
Brief of
the principal terms and conditions and extent and operation of the charge |
Rate of interest : 10% p.a. or at such rate as may from time to time be fixed
by the bank. Terms of repayment : 54 installments of Rs.0.138 millions per month. Margin : 10% Extent and operation of the charge : Term loan Others All other term and conditions as per agreement |
|
Particulars
of the Property charged |
The borrowers both hereby hypothecate to and in favour of
the bank all the machinery, stock, book debts, tangible movable property
(both present and future) belonging to the borrower’s place of business at A-13,
MIDC, Pimpri, Pune-411018 |
|
Name
of the company |
KISHORE PUMPS PRIVATE LIMITED |
|
Presented By |
THE SARASWAT CO-OPERATIVE BANK
LIMITED |
|
1) Date
and description of instrument creating the change |
Agreement of hypothecation of vehicle dated 28.09.2005 |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.2.400 millions |
|
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 borrower’s both do hereby hypothecate to and in favour
of the bank Mercedes – Benz Model C220 (Diesel), Pantmattalic. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Type of facility : Term loan Interest : 8% p.a. with monthly rests, and such rate as
may be fixed by the bank in future from time to time Period : 36 monthly installments of Rs.0.073 millions |
|
5) Name and
Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank
Limited, Pimpri Branch, Pune |
|
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 |
Due to severe competition and the recessionary trend in the market,
the company’s performance financial year 2002-2003 has not been encouraging.
The income from sales of the company has gone down as compared to financial
year 2001-2202 due to which the profitability of the company has also been
affected.
However, company hopes to perform better during the
financial year 2003-2004 with increase in the turnover due to improved market
conditions and special emphasis on cost reduction. Further labour cost of
industrial pumps division will also come down due to VRS and retirement of some
workers in April 2002
|
Milestones in History (Manufacturing Facilities) |
|
|
1963 |
Production commenced at Wadala (Mumbai) |
|
1967 |
Production of horizontal and vertical pumps commenced at
Pimpri (Pune) |
|
1985 |
Production of Submersible sewage pumps and motors
commenced at Bhosari (Pune) |
|
1992 |
Steel foundry started at Kuruli (Pune) |
|
1998 |
Production of large submersible pumps started at Kuruli
(Pune) |
|
1999 |
Steel foundry started at Bhosari (Pune) |
|
2002 |
Production of industrial water pumps started at Pimpri
(Pune) |
|
2002 |
Production of Machined Castings commenced at Palus
(Sangli) |
|
2003 |
Modernization of Precision casting steel foundry |
They sell service of making correct selection of
their products for effective control on performance, cost, safety &
environment.
They sell service of installing their products
correctly and commissioning them to achieve the desired results.
They sell service of timely maintaining their products at their peak performance
They sell service of quickly repairing their products in case of failure
They sell only
service.
Material is just one form of it.
Customer is the
focal point of their business.
Commitment to Customer is the driving force and Customer Satisfaction is
their Ultimate Goal.
The products and services supplied by their company will bear complete conformance with
the committed order specifications, standards, codes and will be supplied
within the committed delivery time and with a guaranteed level of performance.
To this end, Quality systems, which meet the requirements
of ISO 9001 : 2000 standard, will be established, controlled and periodically
reviewed by the Quality Systems Manager.
Implementation and continued compliance with the Quality
System is everyone's responsibility. The Management will offer all possible
support to everyone in his individual as well as collective efforts to maintain
the Quality systems, all in accordance with the Quality Manual of the company.
A trusted name in fluid handling for forty years
A company with High-end / High-tech solutions for fluid
handling
A wide range of products to serve every segment of industry
Proven performance in every industry segment
Ultra modern captive steel foundry to ensure close control
on quality and material
Approved by all major consultants / inspection agencies all
over the world
State of the art manufacturing and testing facilities
A wide spread network to reach all geographical locations
Wide spectrum of material to suit all liquids
Pioneers in vertical submerged pumps in
President's Award for import substitution for Mercury Pumps
Developed special purpose pumps for critical applications like
sulphuric acid at elevated temperatures, marble slurry, molten sulphur etc.
Maximum share of submersible sewage pumps in almost all
projects in all the States and
Emergency supply to various flood relief operations in
Exports since 1971 to 32 developed and developing countries
ISO 9001:2000 certification
Over 25,000 process pumps and 4000 sewage pumps in 40 years
Products
Water pumps series FLEXI for water handling requirements of
different types.
Hot Oil pumps series INFRA for thermic fluids at elevated
temperatures.
Process pumps series VERSA for handling process chemicals
and effluents.
Waste Water pumps series ' KD ' for pumping raw sewage and
effluents
Non-Clog pumps series ' N ' for liquids with solids.
Hygienic Pumps for sterile applications like food processing and health
care.
Our Infrastructure
Apex Divisions
CORPORATE MANAGEMENT DIVISION, PIMPRI
Support Divisions
INTERNATIONAL BUSINESS DIVISION, PUNE
CUSTOMER SUPPORT DIVISION, PUNE
Manufacturing Divisions
INDUSTRIAL PRODUCTS DIVISION, PIMPRI
ENVIRO PRODUCTS DIVISION, KURULI
FOUNDRY PRODUCTS DIVISION, BHOSARI
CASTING PRODUCTS DIVISION, PALUS
Trading Division
TRADING PRODUCTS DIVISION, KURULI
Legend
Head Office
Pune
Factory
Pune, Chakan, Sangli
Local Office
Pune, Mumbai,
Dealer
Kolkata, Guwahati, Vadodara,
Pune, Chennai,
Strategic Alliances
Subject has entered into strategic alliances with many companies in
the past for joint ventures. This has helped subject prove its capabilities in international markets in
Europe,
|
1974 |
GENTIL PUMPENFABRIC GmbH, |
|
1984 |
ABS PUMPEN AG, |
|
1994 |
PHILIPP HILGE GmbH, |
|
1999 |
ZIEGRA ICEMACHINEN GmbH, |
They value their long
alliances with these prestigeous companies. They prove their commitment to excellence in pump manufacture
and design.
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.40.36 |
|
|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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
|
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 |