%20PRIVATE%20LIMITED%20-%20Atradius%2001-Jun-2007_files/image002.jpg){kind=small}
MIRA INFORM REPORT
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Report
Date : |
01.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DORF KETAL CHEMICALS ( |
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Registered
Office : |
# 1, |
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Country
: |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
12th May, 1992 |
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Com.
Reg. No.: |
11-66726 |
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CIN
No.: [Company Identification No.] |
U24100MH1992PTC066726 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MUMD04225E |
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Legal
Form : |
Private limited liability company |
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Line
of Business : |
Manufacturing
of Process Chemicals and Specialty Chemicals. |
RATING &
COMMENTS
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MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum
Credit Limit : |
USD
1000000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a well-established and reputed company having fine track records. The company is controlled, financed and
managed by Menon family. Their trade
relations are reported as fair.
Financial position of the company is good. Payments are usually correct and as per
commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions |
LOCATIONS
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Registered
Office : |
# 1, |
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Tel.
No.: |
91-22-28880420
/ 21 / 22 / 23/ 28813654 |
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Fax
No.: |
91-22-28813655 |
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E-Mail
: |
dorfops@vsnl.com , vijaymlpani@dorfketal.com , daulatjain@dorfketal.com |
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Website
: |
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Area : |
Owned -- 1,07,500 sq.ft. |
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Marketing
and Sales Department: |
# 1, |
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Tel.
No.: |
91-22-28813654 /91-22-288288374/ 91-22-2883-3900 /
2882-8374 |
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Fax
No.: |
91-22-28813655/ 91-22-2888-2366 |
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E-Mail
: |
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Corporate
Office : |
11104 |
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Tel.
No.: |
832-351-3492/351-3497 |
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Fax
No.: |
832-351-3498 |
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E-Mail
: |
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Factory
1 : |
W-165, MIDC, Taloja Chemical Zone, Taluka Panvel, District
Raigad, |
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Area : |
13,500 sq.ft. – Owned |
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Dorf Ketal LLC 3727, Greenbriar, |
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Tel.
No.: |
281 491 3700 |
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Fax
No.: |
281 491 3733 |
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Brasil
Office: |
Dorf
Ketal Brasil Ltda |
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Tel.
No.: |
55-51-3061-2211 |
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Fax
No.: |
55-51-3019-0890 |
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Dorf Ketal Chemicals (I) Pvt Ltd Shanghai Representative Office, A/603, Thomson center,
188, |
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Tel.
No.: |
86-13916219542 |
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Dorf Ketal Chemicals (I) Pvt Ltd 25 International Business Park, #03-72 German Centre |
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H/P: |
65-8268 1435 |
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Tel.
No.: |
65-6562 8255 |
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Fax
No.: |
65-6562 8253 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr. Menon
Aniparamrji Vijayraghavan |
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Designation
: |
Director |
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Address: |
101, Golden Roae Apartments, Dhanukarwadi (West),
Mumbai – 400 067, |
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Date
of Birth/Age : |
23.07.1932 |
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Date
of Appointment : |
26.02.1996 |
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Name : |
Mrs. Menon Vijayaraghavan Padmaja |
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Designation
: |
Director |
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Address: |
101, Golden Rose Apartment, Dhanukarwadi,
Kandivali (West), Mumbai – 400 067, |
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Date
of Birth/Age : |
01.06.1940 |
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Date
of Appointment : |
12.05.1992 |
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Name : |
Mr. Menon Vijayaraghavan Sudhir |
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Designation
: |
Managing Director |
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Address: |
102, Golden Rose Apartment, Dhanukarwadi,
Kandivali (West), Mumbai – 400 067, |
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Date
of Birth/Age : |
27.06.1963 |
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Qualification
: |
Chemical Engg., LLB, MBA |
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Experience
: |
16 years |
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Date of
Appointment : |
09.07.1995 |
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Name : |
Mr. Menon Vijayaraghavan Subodh |
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Designation
: |
Director |
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Address: |
101, Golden Rose Apartment, Dhanukarwadi,
Kandivali (West), Mumbai – 400 067, |
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Date
of Birth : |
08.08.1971 |
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Qualification : |
B. Sc. |
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Experience
: |
11 years |
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Date
of Appointment : |
12.05.1992 |
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Name : |
Mr.
Ramaswamy Neelakanthan Permangoda |
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Designation
: |
Director |
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Address: |
A/12 Shivsagar, S. V.
Road, Amdoli, Andheri (West), Mumbai –
400 062, |
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Date
of Birth/Age : |
22.12.1970 |
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Date
of Appointment : |
12.05.1992 |
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Name : |
Mr.
Parambil Phadran Shaju |
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Designation
: |
Director |
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Address: |
301-B, Akshadeep, |
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Date
of Birth/Age : |
15.07.1971 |
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Date
of Appointment : |
18.06.1994 |
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Name : |
Dr. Subramaniam E.S. Mahesh |
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Designation
: |
Director |
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Address: |
A-3, 104 Raunat Park, |
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Date
of Birth/Age : |
16.09.1968 |
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Date
of Appointment : |
31.03.2003 |
KEY
EXECUTIVES
|
Name : |
Mr.
Sandeep K Thawar |
|
Designation
: |
Company
Secretary |
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Address
: |
404,Rahul
Dream – B, Rahul Park, Bhayandar (E), District – Thane - 401105 |
|
Tel : |
91-22-28178111 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Menon
Aniparamrji Vijayraghavan |
4000 |
|
Mrs. Menon Vijayaraghavan Padmaja |
2040 |
|
Mr.
Ramaswamy Neelakanthan Permangoda |
6235 |
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Mr. Menon Vijayaraghavan Sudhir |
71762 |
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Mr. Menon Vijayaraghavan Subodh |
49779 |
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Dr. Subramaniam Mahesh |
2500 |
|
Mr. Menon Vijayaraghavan Sudhir |
15000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
of Process Chemicals and Speciality Chemicals. |
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Exports
to : |
North America, South America, Europe, Middle East and |
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Imports
from : |
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Terms
: |
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Selling : |
Credit (30-60 days) |
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Purchasing : |
Credit or L/C (60-90 days) |
PRODUCTION STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
Process
Chemicals and Speciality Chemicals. |
13000 MT |
6000 MT |
GENERAL
INFORMATION
|
Suppliers
: |
Ø
Ø
Ø
Associated Ø
Reliance Industries, Ø
Godrej Industries Limited, Ø
Akshay Chemicals Ø
A K Bhayani & Sons Ø
Ambika Trading Company Ø
Ankit Enterprises Ø
Balaji Enterprises Ø
Basf Limited Ø
Chemo Ø
Chemtreat International Inc. Ø
DKC LLC Ø
D. K. Pharma Chem Private Limited Ø
Equate Packers Ø
Esbee Chem Products Ø
Excel Industries Private Limited Ø
Flora Chemicals Ø
Ganesh Impex Limited Ø
Ø
Indo Amines Limited Ø
Omkar Corporation Ø
R R Enterprises Ø
R Nandlal & Sons Ø
RKG Petroleum Private Limited Ø
Rushabh Enterprises Ø
S R Enterprises Ø
SNF India Private Limited |
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|
|
|
Customers
: |
Ø
Ø Kyrgyz Petroleum Company,
Kyrgyztan, (Ex-USSR) Ø
Manufacturers, Trading Firms, Government Bodies, End Users Ø
Apolo Lubes Private Limited Ø
Ashish Construction Ø
C & G India CP Ø
Castrol India Ltd., Silvassa Ø
Chennai Petroleum Ø
Eau Chemicals (Manufacturing) Private Limited Ø
Gurara Agencies Ø
Hindustan Petroleum Corporation Limited, Vizag Ø
Indian Oil Corporation Limited, Ø
Indian Oil Corporation Limited, Taloja Ø
Indian Trading Ø
Ispat Metallics India Limited Ø
NOCIL Ø
Oil & Natural Gas Corporation Limited Ø
Reliance Industries Limited Ø
Siddhichemico Ø
Tata Iron & Stell Company Ø
The Ahmedabad Electricity Co. Ltd. (Sabarmati) Ø
Tide Water Oil Co. ( Ø
Water Bird Water Treatment Chemicals |
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No. of
Employees : |
150 |
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Bankers
: |
A/92, Sahayog, Tel. 91-22-28071710
Kandivali Industrial Estate, Near Hindustan Naka,
Kandivali (West), Mumbai, Tel. 91-22-28682570 Facilities Granted: Fund Based: Rs. 185.000 millions Non-Fund Based: Rs. 162.500 millions
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Banking Relations : |
Good |
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Auditors
: |
S. S.
Gajja & Company Chartered
Accountants |
|
Address: |
Taj |
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Associates
: |
v
Dorf Ketal Chemicals LLC, 11104 Tel. No. 832-351-3492/351-3497 Fax. No. 832-351-3498 E-mail. ramaswamy@dorfketalusa.com Contact Person - Mr. P. N.
Ramaswamy n
Wholly owned subsidiary in n
Trading and Marketing of Process Chemicals and Additives to Refineries and Petrochemicals Unit Turnover: USD 15.000 millions v
Dorf Ketal Brasil Limited A Turnover: USD 9.000 millions v
Matrix Agencies Line of Business: Distributors of FMCG Products Turnover: Rs. 2000.000 millions v
Matrix Marketing Line of Business: C & F Agents for FMCG Products and
White Goods Turnover:
Rs. 2000.000 millions |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
350,000 |
Equity
shares |
Rs. 100/- each |
Rs. 35.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
151,316 |
Equity
shares |
Rs. 100/- each |
Rs. 15.131 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
15.132 |
15.132 |
15.132 |
|
2] Reserves & Surplus |
271.633 |
240.349 |
188.147 |
NETWORTH
|
286.765 |
255.481 |
203.279 |
|
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|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
111.750 |
138.477 |
181.298 |
|
2] Unsecured Loans |
74.984 |
31.725 |
3.246 |
|
TOTAL BORROWING |
186.734 |
170.202 |
184.544 |
|
Deferred Tax Liability |
37.132 |
33.081 |
-- |
|
|
|
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|
GRAND TOTAL
|
510.631 |
458.764 |
387.823 |
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|
|
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|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
233.503 |
212.775 |
185.463 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENTS |
97.215 |
180.647 |
160.795 |
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
54.642 |
62.729 |
39.082 |
|
Sundry Debtors |
306.092 |
162.826 |
104.873 |
|
Cash & Bank Balances |
26.946 |
58.113 |
76.366 |
|
Other Current Assets |
0.000 |
6.320 |
6.416 |
|
Loans & Advances |
62.675 |
53.307 |
41.043 |
|
Total Current Assets |
450.355 |
343.295 |
267.780 |
|
Less : |
|
|
|
|
Current Liabilities |
235.653 |
258.647 |
203.477 |
Provisions
|
35.083 |
19.583 |
23.015 |
Total Current Liabilities
|
270.736 |
278.230 |
226.492 |
Net
Current Assets
|
179.619 |
65.065 |
41.288 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.294 |
0.277 |
0.277 |
|
|
|
|
|
GRAND TOTAL
|
510.631 |
458.764 |
387.822 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
677.306 |
631.638 |
538.149 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
50.833 |
79.709 |
55.095 |
Provision for Taxation
|
19.550 |
27.507 |
-- |
Profit/(Loss) After Tax
|
31.283 |
52.202 |
55.095 |
|
|
|
|
|
Total Expenditure
|
626.473 |
551.929 |
483.054 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
4.61
|
8.26 |
10.237 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
7.50
|
12.61 |
10.237 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
7.43
|
14.33 |
8.548 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.17
|
0.31 |
0.271 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.59
|
1.75 |
2.022 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.66
|
1.23 |
1.182 |
LOCAL AGENCY
FURTHER INFORMATION
Collaborations:
- Wholly
Owned Subsidiary in
- Wholly
Owned Subsidiary in
Dorf Ketal group consists of the following concerns:
- Dorf
Ketal Chemicals LLC,
- Dorf
- Matrix
gencies,
- Matrix
Marketing Turnover:
Rs. 20.000 millions
Certificates Awarded to the Company:
- ISO
9001:2000
- ISO
14001:1996
- Ohsas
18001
Product Certification:
- NSF
for SRWT 1611
Profile
The company
is high technology speciality chemical company that understands the needs of
the customer and uses a team-based aproach to serve the needs of the customer in
the areas of refineries, petrochemicals and lubricant industries. This
philosophy has given rise to a unique concept, which is termed as 'Heads in
Technology'.
Every
customer is unique with their process design, operating practices and needs.
Hence, when approached by a customer to troubleshoot and fix a problem the
company do not offer a ready-made solution. Offering a tailor made chemical
program means involving process specialist, product scientist and product
application engineer.
Committed To Service
The company understands
that when service is poor, every one loses. when company's customers loses
eventually the company also lose. Poor and mediocre service has no redeeming
virtue. Achieving service excellence is more profitable and more conducive to a
better future. Delivering the best possible service, time after time, day after
day and month after month is immensely rewarding not just fanatically but
spiritually too.
Committed to environment
After all
its commitment to various projects like setting up a State –of- the –Art
Speciality Chemicals Manufacturing Plant, R and D Centre achieving ISO 9001
Certificate, etc. it is now focused and committed to its Environment issues.
Subject’s
aim to avoid pollution is not just to comply with the environmental
legislation, but it is subject commitment to make planet earth a safe and
beautiful place to live on
Through the
years humans have struggled with all of the waste subject creat. During the
Industrial Revolution, many solutions were discovered, yet the same time
subjects were producing more waste than ever. It has become essential to find
an affordable and effective way to dispose of its overbearing waste. For years
and years mankind has dumped their waste either in a landfill or in the ocean.
Dumping waste in the ocean is now banned because of the water pollution, it
adds to the natural ecosystem. Landfills are still used at all over the world,
but lately subject have been running out of space.
The effect
of waste is both disgusting and dangerous to the fragile balance of our
environment. This project is with a vision to be the pioneers in adopting and
implementing new methods to control hazardous waste. Its mission revolves
around the idea of achieving results with more practical and less tedious procedures.
Committed to quality
Some
typical reactions handled at a subject plants are:-
Ø Condensation
Ø
Quarternisation
Ø
Phosphonomethylation
Ø
Vinyl
Polymerisation
Ø
Hydrogenation
Ø
Ethoxylation
Ø
Reliance
Industries Limited
Near Old ICI Godown, Opposite FCO Canieen,
Ø
Godrej
Industries Limited
Pirozsha Nagar, Eastern
Tel. 91-22-2518 8010
Ø
Indian
Additives Limited
Ø
Ciba
Speciality Chemicals
Ø
Alkyl
Amines Private Limited
Ø
Uniroyal
Chemical
Ø
BASF
Ø Koa & Company Limited, Japan
|
Name of the Company |
DORF KETAL CHEMICALS
( |
||||||||||||||||||||
|
Presented by |
State Bank of |
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1. Date
and description of the instrument creating
or evidencing the charge |
Agreement of Hypothecation of Goods & Assets Letter regarding the grant of individual limits with in
the overall limit. Both the above agreements are dated 22.12.2004 and
executed for the creation of a single charge. |
||||||||||||||||||||
|
2. Amount
secured by the charge /amount owing on security of the charge |
Rs. 347.500 Millions Amount in Millions
|
||||||||||||||||||||
|
3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be given
|
Hypothecation of all present & future goods bookdebts
and all other movable assets of the borrower including documents of title to
the goods. Outstanding moneys, receivables including receivables by way of
cash assistance and/or cash incentives under the Cash Incentives Scheme or
any other scheme claims including claims by way of refund of customs/excise
duties under the Duty Draw back Credit Scheme or any other scheme. Bills,
Invoices Documents, Contracts, Insurance Policies, Guarantees, Engagements,
Securities, Investments and rights and the present machinery listed in the
schedule hereunto and all future machinery belonging to or in the possession
of under the control of the Borrower wherever lying stored and kept and
whether in the possession of the borrower or of the Bank or of any third
party whether in India or elsewhere throught the world (including such goods,
other movable assets as may be in course of shipment transit or delivery).
Raw Material, Stock in Process, Finished Goods, Export Packing Credit, Book
Debts/ Receivables (90 days cover), Letter of Crdit, Bank Guarantee. |
||||||||||||||||||||
|
4. Gist
of the terms and conditions and extent and operation of the charge. |
R.O.I: Demand Cash Crdit (Stocks & Bookdebts): 11.00% p.a. Exprot Packing Credit (Within CC): 7.10% p.a. Stand by Line of Credit: 12.00% p.a. Corporate Loan: 10.50% p.a. Margin: Raw Materials: 25% Stock In Process: 33% Finished Goods: 25% Export Packing Credit: 10% Book Debts/Receivables: 40% (90 days cover) Letter of Credit: 15% Bank Guarantee: 20% Repayment: Corporate Loan of Rs. 50.000 Millions First 24 monthly installments of Rs. 1.420 Millions each
and Last 12 monthly installments of Rs. 1.330 Millions each
starting from April 205 |
||||||||||||||||||||
|
5. Names,
address and description of the persons entitled to charge |
State Bank of Kandivali Industrial Estate Branch, Kandivali (West),
Mumbai – 400 067, |
||||||||||||||||||||
|
6. Date
and brief description of instrument modifying the charge |
Not Applicable |
||||||||||||||||||||
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
Not Applicable |
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. 40.73 |
|
|
1 |
Rs. 80.43 |
|
Euro |
1 |
Rs. 54.74 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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 |