MIRA
INFORM REPORT
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Report Date : |
26.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DELL INTERNATIONAL SERVICES INDIA PRIVATE LIMITED |
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Registered Office : |
Divyashree Greens, Ground Floor, 12/1A and 13/1A, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.06.2000 |
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Com. Reg. No.: |
027352 |
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CIN No.: [Company
Identification No.] |
U72200KA2000PTC027352 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD01001A |
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PAN No.: [Permanent
Account No.] |
AABCD1741M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, importer and exporter of computer systems including pcs, desk tops, note books, servers, work stations etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 650000 |
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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 an ultimate subdivision of Dell Computers; U.S.A. Available information indicates high financial responsibility of the company. Trade relations are fair. Payments are correct and as per commitments. Your proposed business dealings can be considered against D/A, D / P or Clean Credit terms. |
LOCATIONS
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Registered Office : |
Divyashree Greens, Ground Floor, 12/1A and 13/1A, |
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Tel. No.: |
91-80-51177049 |
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Fax No.: |
91-80-25357309 |
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E-Mail : |
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Website : |
www.dell.com ; http://www.dellindia.com; http://www.dell.co.in |
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Factory : |
No. 7, Road No. 2, EPIP, Whitefield, |
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Tel. No.: |
91-80-8419110 / 8419115 |
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Fax No.: |
91-80-8412582 |
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Area : |
25000 sq. ft. |
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Location : |
Rented |
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Branches : |
Located at – ·
·
South, ·
Pune/ Mumbai, ·
·
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DIRECTORS
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Name : |
Mr. Thomas H.
Welch |
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Designation : |
Director |
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Address : |
1104, Live |
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Date of Birth/Age : |
23-02-1985 |
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Date of Appointment : |
28-06-2000 |
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Name : |
Mr. Michael E.
Decaro |
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Designation : |
Director |
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Address : |
16, Balmoral,
Cresent 03-01, |
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Date of Birth/Age : |
19-06-1959 |
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Date of Appointment: |
28-06-2000 |
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Name : |
Mr. William J.
Amelio |
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Designation : |
Director |
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Address : |
30, |
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Date of Birth/Age : |
25-11-1957 |
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Date of Appointment : |
14-09-2001 |
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Name : |
Mr. Romi Malhotra |
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Designation : |
Director |
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Name : |
Mr. D R Norman |
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Designation : |
Director |
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Name : |
Mr. Venkaty Raj |
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Designation : |
Director |
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Name : |
Mr. S Nandakumar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ganesh Raju |
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Designation : |
Company Secretary |
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Name : |
Mr. Mohan Karbandha |
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Designation : |
Vice President |
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Name : |
Mr. Raj Venkat |
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Designation : |
Head-Finance |
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Name : |
Mr. Dinesh Pai |
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Designation : |
General Manager |
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Name : |
Mr. K. K. Ghosh |
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Designation : |
Country Services Manager |
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Name : |
Mr. Sanjay Manohar |
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Designation : |
Country Sales Manager |
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Name : |
Mr. Ranjit Metrani |
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Designation : |
Sales Manager |
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Name : |
Mr. Vijay Khatri |
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Designation : |
SMB Sales Manager |
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Name : |
Ms. Latha Madaiah |
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Designation : |
Manager Inside Sales |
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Name : |
Mr. Indrajit Belgundi |
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Designation : |
Account Manager |
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Name : |
Mr. Vikas Bhonsle |
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Designation : |
Sales Manager |
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Name : |
Mr. Vishal Garkhel |
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Designation : |
Regional Manager |
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Name : |
Mr. Aman Nagar |
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Designation : |
Sales Manager |
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Name : |
Mr. K. Baskar |
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Designation : |
Sales Manager |
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Name : |
Mr. Chiradeep Rao |
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Designation : |
Country Sales Manager |
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Name : |
Mr. Roshan D’souza |
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Designation : |
SMB |
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Name : |
Mr. Arijit Palbag |
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Designation : |
Transaction Sales Manager |
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Name : |
Mr. K S Vasuki |
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Designation : |
MB Account Manager |
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Name : |
Mr. Pravin Kriplani |
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Designation : |
Account Manager |
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Name : |
Mr. Ritesh Agarwal |
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Designation : |
Account Manager |
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Name : |
Mr. Hozefa Saylawala |
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Designation : |
MB Account Manager |
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Name : |
Mr. Animesh Puri |
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Designation : |
Account Manager |
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Name : |
Mr. Parvinder Kalra |
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Designation : |
Account Manager |
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Name : |
G. Suresh |
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Designation : |
MB Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Dell International Inc. , |
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2262500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, importer and exporter of computer systems including pcs, desk tops, note books, servers, work stations etc. |
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Products : |
Computer Hardware |
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Brand Names : |
'Dell’ |
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· DellTM InspironTM 1100 C2200GT Notebook · DellTM InspironTM 1100 N2400GT Notebook · DellTM InspironTM 500m 1300GT Notebook · DellTM InspironTM 5100 N2660LT Notebook · DellTM InspironTM 500m 1500GT Notebook · DellTM InspironTM 8500 N22009 Notebook · DellTM DimensionTM 2400 Desktop · DellTM DimensionTM 4600 Desktop · DellTM DimensionTM 8300 Desktop · DellTM PowerEdgeTM 400SC Server · DellTM PoweredgeTM 1600SC Server · DellTM PowerEdgeTM 2600 Server · DellTM PowerEdgeTM 2650 Server · DellTM PowerEdgeTM 6650 Server · DellTM LatitudeTM X200 · DellTM LatitudeTM D400 · DellTM LatitudeTM D600 · DellTM LatitudeTM D800 · DellTM OptiPlexTM 160L Mocrotower · DellTM OptiPlexTM GX60 Small Desktop · DellTM OptiPlexTM GX60 Small Desktop · DellTM OptiPlexTM GX270 Small Desktop · DellTM OptiPlexTM SX270 Ultra Small Form Factor · DellTM PrecisionTM Workstation 360 (Excluding monitor) · DellTM PrecisionTM Workstation 450 (Excluding monitor) · DellTM PrecisionTM Workstation 650 (Excluding monitor) ·
DellTM PrecisionTM |
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Imports from : |
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Terms : |
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Selling : |
L/C (30 days) terms |
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Purchasing : |
L/C (30 days) terms |
GENERAL INFORMATION
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Suppliers: |
Dell International
Inc., |
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Customers : |
· Wholesalers · Actual Users · OEM’s |
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No. of Employees : |
100 |
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Bankers : |
Citibank NA, Tel. No, 91-80-5581710 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
Mittal Towers, |
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Tel. No.: |
91-80-5596582 |
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Mobile No.: |
91-80-5324710 |
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Associates/Subsidiaries : |
·
Dell International Inc., Line of Business : Computer Systems |
CAPITAL STRUCTURE
Authorized Capital:
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No. of Shares |
Type |
Value |
Amount |
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11250000 |
Equity Share |
Rs. 10.00 each |
Rs. 112.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2262500 |
Equity Share |
Rs. 10.00 each |
Rs. 22.625 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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22.625 |
22.625 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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849.216 |
544.475 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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871.841 |
567.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1660.246 |
1292.783 |
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TOTAL BORROWING |
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1660.246 |
1292.783 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2532.087 |
1859.883 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1272.642 |
1232.018 |
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Capital work-in-progress |
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25.263 |
2.495 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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36.140 |
36.644 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
181.444 |
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Sundry Debtors |
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1327.491 |
801.296 |
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Cash & Bank Balances |
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119.393 |
409.741 |
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Other Current Assets |
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285.023 |
227.264 |
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Loans & Advances |
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756.017 |
305.236 |
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Total
Current Assets |
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2487.924 |
1924.981 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1197.359 |
1236.273 |
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Provisions |
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92.723 |
100.326 |
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Total
Current Liabilities |
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1290.082 |
1336.599 |
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Net Current Assets |
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1197.842 |
588.382 |
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MISCELLANEOUS EXPENSES |
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0.200 |
0.344 |
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TOTAL |
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2532.087 |
1859.883 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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6506.000 |
5424.000 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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6506.000 |
5424.000 |
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Profit/(Loss) Before Tax |
|
398.000 |
173.000 |
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Provision for Taxation |
|
93.000 |
58.000 |
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Profit/(Loss) After Tax |
|
305.000 |
115.000 |
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Earnings in Foreign Currency : |
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Export Earnings |
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0.000 |
0.000 |
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Commission Earnings |
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0.000 |
0.000 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
|
0.000 |
0.000 |
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Imports : |
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Raw Materials |
|
0.000 |
0.000 |
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Stores & Spares |
|
0.000 |
0.000 |
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Capital Goods |
|
0.000 |
0.000 |
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Others |
|
0.000 |
0.000 |
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Total Imports |
|
0.000 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
|
0.000 |
0.000 |
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Manufacturing Expenses |
|
0.000 |
0.000 |
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Administrative Expenses |
|
0.000 |
0.000 |
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Raw Material Consumed |
|
0.000 |
0.000 |
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Purchases made for re-sale |
|
0.000 |
0.000 |
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Consumption of stores and spares parts |
|
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
|
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
|
0.000 |
0.000 |
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Managerial Remuneration |
|
0.000 |
0.000 |
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Payment to Auditors |
|
0.000 |
0.000 |
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Interest |
|
0.000 |
0.000 |
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Insurance Expenses |
|
0.000 |
0.000 |
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Power & Fuel |
|
0.000 |
0.000 |
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Depreciation & Amortization |
|
0.000 |
0.000 |
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Other Expenditure |
|
6108.000 |
5251.000 |
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Total Expenditure |
|
6108.000 |
5251.000 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.69 |
2.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
6.12 |
3.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.58 |
5.48 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.46 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.38 |
4.64 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.93 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
It is in trade terms with –
· Dell Intl. Inc, One Dell way, Round Rock, Texas, U.S.A.
· All IT majors
Subject is the support division of Dell Computers, located
at
Subject has support segments of US-CTS and RTS, Canada Support, EMEA and APAC.
Dell Computer is based in Round Rock,
In 1999, Dell overtook Compaq to become the largest seller
of personal computers in the
Subject also sells software & peripherals and recently launched their own line of printers.
Dell stock is floated on the NASDAQ Stock Exchange in
It had a market capitalization of US$80 billion dollars in June, 2003.
Share prices were at US$24 in February, 2003.
Dell has revenues (2003) of approximately US$31 billion annually.
The company’s fixed assets of important value include L/H Imp., Computers, Machinery and Furniture & Fixture.
Company entered Asia Pacific in select markets and began
investing in regional facilities, and management, service and technical
personnel in 1993, with its first operations in
The company has its sales operations in 13 markets in region
–
Company’s Asia Pacific operation is the
Company established the
Dell’s website is www.dell.com/ap now supports 11 country specific sites for Asia Pacific, using four languages including Chinese, English, Korean and Japanese.
In Asia Pacific and
Press Release:
NEW DELL DESKTOPS HELP BOOST PERFORMANCE, RELIABILITY AND CAN HELP REDUCE DEPLOYMENT COST
Lead-Free
DellTM today announced two new OptiPlexTM products designed to enhance the deployment flexibility, performance and reliability of the world's best-selling corporate desktop line1.
The company's OptiPlex GX520 and GX620
systems introduced today also take steps toward compliance with the European
Union (EU) Restriction on the use of certain Hazardous Substances (RoHS)
directive by featuring lead-free2 power supplies, motherboards and
chassis.
"The OptiPlex GX520 and GX620
underscore Dell's commitment to directly address real customer needs, be a
leader in global environmental standards and support relevant product
innovation," said Ho Lye Sum, Country Manager, Dell Singapore Private
Limited. "The new BTX chassis family supports Dell Hyper Cool technology,
dual-core processors, lead-free motherboards and components, as well as new
security features that help enable customers to protect their investment."
Dell plans to meet RoHS requirements before
the July 2006 deadline. The directive requires that electronics products
shipped in the EU eliminate or minimize several chemical compounds, including
lead. Dell's Restricted Materials Program prohibits other restricted materials,
like cadmium. In addition, Dell already complies with international
environmental standards such as GreenPC and Energy Star.
.
Deployment Flexibility, New Chassis,
Latest Technology
The OptiPlex GX520 and GX620 also give
customers more flexibility to deploy systems based on specific needs. Customers
can choose from seven chassis between the two products, including mini-tower,
desktop, small and ultra-small (GX620) form factors that offer extensive
expandability options. To help make deployments easy and cost effective, the
systems share a single software image across all chassis.
The new small form factor chassis can be
installed behind an innovative flat-panel monitor for an all-in-one,
"zero-footprint" system that maximizes desk space.
The OptiPlex GX520 addresses the needs of
the mainstream performance user who requires essential, relevant technology for
productivity applications. The system is based on the Intel 945G chipset
designed to deliver enhanced performance with new 64-bit3 capable
processors, Graphics Media Accelerator 950 (GMA950) and Execute Disable Bit
(XD). The GMA950 can provide an enhanced visual experience with up to
approximately two times the performance of previous graphics solutions4.
The new graphics capabilities help enable future support for the Microsoft®
operating system code-named "Longhorn," scheduled for release next
year. XD is a security feature that can help protect systems by preventing
certain classes of viruses5.
The OptiPlex GX620 is designed for users
who need investment protection and maximum productivity throughout the life of
the system. The GX620 shares the GX520's features, but is designed to provide
better expandability and performance options. The system also features Trusted
Platform Module (TPM) 1.2 security technology to help ensure only authorized
systems access network data and resources. Dell anticipates that the GX620 will
support factory installation of Microsoft Windows® XP
Professional x64 operating system, as well as dual-core processors, in the next
few months.
Continuing Commitment to Reliability,
Stability and Money-Saving Services
The integration of BTX design specifications
and Dell HyperCoolTM technology can contribute to reliability
by enabling systems to run at cooler temperatures with less fan noise. The new
chassis allow tool-less access to internal components, making it easy for
customers to service their systems. The GX520 and GX620 also feature Dell
DirectDetectTM, a diagnostic tool that is designed to identify
system status. Four LED lights located on the front of the chassis can help
Information Technology (IT) personnel quickly identify 16 system health
indicators during startup.
Technical Specifications for the GX520
Intel Pentium 4 and Celeron D processors up to 3.4 GHz
40-160 GB6 Serial ATA (SATA) hard drives
SATA II technology
256 MB - 2 GBDDR2 400 and 533 MHz shared8 RAM
Intel GMA 950 graphics
Three year Next Business Day On-site Service9
Technical Specification for the GX620
Intel Pentium 4 and Celeron D processors up to 3.8 GHz (planned future support for Pentium D processors)
40-250 GB6SATA hard drives
SATA II technology
256 MB - 4GB DDR2 533 MHz shared8 RAM
128 MB ATI RadeonTM X600 XE, 256 MB ATI RadeonTM X600 (dual VGA or DVI planned in the coming months) or Intel GMA 950
Optional DVI adapter card
Three years Next Business Day On-site Service9
The starting price for GX520 is $1,399
(include GST & delivery). The GX620 starts at $1,450 (include GST &
delivery). For more information on the products, visit www.dell.com/optiplex or call 1800-394-7486. For more information
on the new OptiPlex chassis, see www.dell.com/optiplexbtx
Dell Inc. (NASDAQ: DELL) is a trusted and diversified
information-technology supplier and partner, and sells a comprehensive
portfolio of products and services directly to customers worldwide. Dell,
recognized by Fortune magazine as
IDC Worldwide Quarterly PC Tracker, Quarter 1, 2005
The EU Restriction on the use of certain Hazardous Substances directive, components contain less than 0.1% lead by weight.
Requires 64-bit operating system and application.
Up to two times the graphics performance is based on the Future Mark 3DMark 2005 benchmark test performed by Dell labs in May 2005 on the OptiPlex GX520 with a Intel Pentium 4 3.2 GHz processor, Intel GMA 950, 512 MB DDR2 RAM, 80 GB SATA Microsoft Windows XP Professional SP2 as compared with the OptiPlex GX280 with a Pentium 4 3.2 GHz processor, Intel GMA 900, 512 MB DDR2 RAM, 80 GB hard drive, Microsoft Windows XP Professional SP2, both with 1280 x 1024 screen resolution. Actual performance will vary based on configuration, usage and manufacturing variability.
When combined with a supporting operating system such as Microsoft Windows XP Professional SP2.
For hard drives, GB means 1 billion bytes; actual capacity varies with preloaded material and operating environment and will be less.
The total amount of usable memory available will be less depending on the actual system configuration.
Up to 224 MB of system memory may be allocated to support graphics, depending on system memory size and other factors.
Technician, replacement part or unit (depending on service contract) will be dispatched if necessary following phone-based troubleshooting. Subject to parts availability, geographical restrictions (on site and/or next business day service not available in some locations) and terms of service contract. Service timing dependent upon time of day call placed to Dell. Defective unit must be returned or paid for. Replacements may be refurbished.
Dell is a trademark of Dell Inc.
Dell disclaims any proprietary interest in the marks and names of others.
Pricing, specifications, availability, and terms of offers
may change without notice. Taxes, fees and shipping charges are extra, and
vary. Dell cannot be responsible for pricing or other errors, and reserves the
right to cancel orders arising from such errors.
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. 40.60 |
|
|
1 |
Rs. 80.65 |
|
Euro |
1 |
Rs. 54.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|