MIRA
INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GARUDA OVERSEAS |
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Registered Office : |
13, Mangal Murti Complex, Opp. City Gold, Ashram Road, Ahmedabad-380
009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006
(Estimated) |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
2466 |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Utensils. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar
weight in credit consideration. Capability to overcome financial difficulties
seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Management
remained non-cooperative during current investigation. They denied to divulge
business and financial details. Although concern
appears to be active in the business more details could not be available. The concern can
be considered normal for small to mediocre business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
13, Mangal Murti
Complex, Opp. City Gold, Ashram Road, Ahmedabad-380 009, Gujarat, India |
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Tel. No.: |
91-79-26574869 |
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Mobile No.: |
91-9426060099 / 9998111777 |
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Fax No.: |
91-79-26574870 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq.fts. |
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Location : |
Owned |
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Factory 1 : |
13, Mangal Murti Complex, Opposite City
Gold, Ashram Road, Ahmedabad-380 009, Gujarat |
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Tel. No.: |
91-79-26574869/ 32994869 |
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Mobile No.: |
91-9426060099/
999811777 |
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Fax No.: |
91-79-26574870 |
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E-Mail : |
adeshwarind@ad.growthnet.net
/ info@garudaoverseas.com / jitendra@garudaoverseas.com |
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Website : |
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Factory 2 : |
266, Gujarat Vepari Mahamandal Industrial Complex, Odhav, Ahmedabad |
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Tel No. : |
91-79-22900500 |
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Area : |
10000 Sq.fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Jitendra M.
Hundia |
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Designation : |
Managing Partner |
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Address : |
32 B, Sthanak Vasi Jain Society, Usmanpura, Ahmedabad |
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Date of Birth/Age : |
36 Years |
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Qualification : |
B. Com. |
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Experience : |
10 Years |
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Name : |
Mr. Ugamraj
Hundia |
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Designation : |
Partner |
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Address : |
32 B, Sthanak Vasi Jain Society, Usmanpura, Ahmedabad |
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Date of Birth/Age : |
52 Years |
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Qualification : |
B. Com. L.L.B. |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Stainless Steel Utensils. |
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Products : |
The concern’s
product range includes : v
Stainless
Steel Pressure Cooker/Pressure Pans. v
Stainless
Steel Copper Bottom Cookware v
Stainless
Steel Sandwich Bottom Cookware v
Stainless
Steel Capsulated Bottom Cookware v
Encapsulated
Cookware v
Life Style
Products |
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Exports to : |
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Products : |
Cookware / Kitchenware |
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Countries : |
U.S.A, U.A.E.,
U.K, Russia, Japan, Finland, Italy and the Middle East |
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Imports from : |
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Products : |
Glass Lids, Handles, Knob Appliances |
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Countries : |
Europe, China, U.S.A
and Japan |
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Terms : |
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Selling : |
L/C and D/A |
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Purchasing : |
L/C |
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GENERAL INFORMATION
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Customers : |
Wholesalers,
Retailers and OEM’s |
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No. of Employees : |
115 |
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Bankers : |
Oriental Bank of
Commerce Station Road,
Ahmedabad |
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Facilities : |
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Banking Relations : |
Unknown |
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Auditors : |
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Name : |
M. S. Chhajed Chartered Accountants |
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Address : |
6 Maharshi Complex, Sardar Patel Circle, Navrangpura, Ahmedabad |
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Memberships : |
Engineering
Export Promotion Council |
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Associates : |
Ø
Adeshwar
Industries, Ahmedabad Ø
Hundia
Industries |
CAPITAL STRUCTURE
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Capital Investment
: |
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Owned : |
Rs.20.000
millions |
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Borrowed : |
-- |
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Total : |
Rs.20.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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50.000 |
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Profit/Loss for the year |
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10% |
Note : Sole Proprietory and
Partnership concerns and exempted from divulging their Balance Sheet and Profit
& Loss Account figures and hence could not be available.
LOCAL AGENCY FURTHER
INFORMATION
BUSINESS
Subject is engaged
in as manufacturer and exporter of stainless steel utensils with sandwich
bottom, copper bottom and pressure cooker and pressure pan.
Website Details :
Company is having
strong presence in utility oriented Stainless Steel utensils market since last
25 years.
Four years back
company entered into a new segment of cookware and Pressure Cookers. At that
time few companies were marketing their products in very low profile way. The
concept of Sandwich Bottom cookware was not popular. Other competitors were
having good presence in Exports. Garuda took up the challenge of educating the
peoples about the utility of sandwich bottom cookware and pressure cookers. In
presence of giants, company chooses to pick up niche market and strengthen it. Company
launched the product in premium segment and in very innovative way.
Company stands at
First position in Gujarat. Within short span of time company achieved this
prestigious position in Gujarat. Company also launched its products in
Maharashtra, Madhya Pradesh, North India and Rajas than. Company has already
exported its products to U.S.A, U.K., and Middle East & African Countries.
Reputed malls of Western Countries very well accept quality of Company's
products.
Company lead the market because of mainly two reasons namely; best quality and
innovative marketing strategy.
Basically because of exports, no companies were marketing their products.
Company did this job very well. Instead of exporting the products, company
decided to develop Indian market first.
Because of
Company's efforts, now every company has started concentrating local market.
Even new entrants have come to capture market share. The product, which was
presumed to be bought by only foreigners and Non Resident Indians (NRls), has
now become available for middle class public of India. The company has set
trends mainly in two segments i.e. availability of maximum range of products
and introducing designer shape pressure cookers. The company is having a record
of introducing new designer shape of pressure cooker within one year of it's
entry in whole new segment, whereas, other companies are present since last 40
years.
The company was started as a part of Group's forward integration project.
Company was started in the year 1980. Mr. Ugamraj Hundia and Mr. Madanraj
Hundia were pioneers. In the year 2001, the company planned to enter this
segment and Mr. Jitendra Hundia, slo Mr. Madanraj Hundia floated the marketing
firm to achieve the newer limits. With bright academic carrier in finance and
profound knowledge in marketing, he found no troubles in organizing necessary
structure. The main struggling point was wrong presumption in the mind of
customers about the products. New CMD tackled this point in his own innovative
way and took the company at new high. Introduction of "NRI Series Pressure
Cookers" is a milestone for the company. The company participated in
maximum public events. Company organized utility education camp at dealer's
shop. Company is a winner of best display award in a very popular event of
Gujarat i.e. Vacation Series of Exhibitions since last two years.
The main product in company's range is "NRI Series Pressure Cookers".
Other popular products are Multi Kadai, Multi Purpose Steamer, Handi, etc.
Pressure Cookers are made from best quality raw materials considering
durability and safety. The company is using AISI 304 Grade 18/8 materials
indicating highest safety. Cookers are having more specialities like: Long Life
Silicone Gasket, Extra Safety measures, Inside Matt Finish, Thick Bottom, etc.
And of course cookers are available in all sizes. The company is very
aggressive in adopting technological up gradations. Today company is offering
the same thing, which is available in developed western countries. Compared to
available options, customers are getting maximum value for their money from
company products.
Company's vision is always to be ahead of time. Company plans to be number one
by sizes and range in cookware and pressure cooker segment. Company has a vision
to make every housewife free from troubles they are facing today. Company is
planning to make products available at every possible comer of India. The
company is also planning to introduce little innovative product range in coming
years. This process will be paralleled with developing maximum range for the
available products.
Company is approaching end users rather than generalised marketing.
Company's mission is to maximise customer's value for money and always be ahead
of time
PRODUCTS
Safe,
Stylish and Superior Range of Products
Their Superior line of cookware products is daily for cooking in households all
over India.
Their mirror-shining products impress and look beautiful in your kitchen. It
features comfortable handles, which are welded for lasting lifetime. Perfect
lids that fit safely to restore taste
The looks to their products are gifted by highest-quality, durable stainless
steel and durability bestowed by copper bottoms, sandwich bottoms for even
heating and cooking.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 44.50 |
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UK Pound |
1 |
Rs.85.86 |
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Euro |
1 |
Rs.58.39 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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33 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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