MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SAMIR AGENCIES |
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Registered Office : |
8 Khimji Meghji House, 1st Floor, 11/15, Issaji Street, Vadgadi, Mumbai – 400 003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS18875D |
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PAN No.: [Permanent
Account No.] |
AABFS2988J |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Importers and traders of chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 320000 |
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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 importers & traders. Available information indicates high financial responsibility of the concern. General reputation is favourable. Payments are usually correct and as per commitments. The concern can be regarded as a promising business partner in a long-run. |
LOCATIONS
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Registered Office : |
8 Khimji Meghji House, 1st Floor, 11/15, Issaji Street, Vadgadi, Mumbai – 400 003, Maharashtra, INDIA |
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Tel. No.: |
91-22-2342 4063 / 2342 4064 / 2346 2331 |
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Fax No.: |
91-22-2341 0788 |
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E-Mail : |
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Area : |
550 Sq.fts |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Hemant Kanakia |
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Designation : |
Partner |
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Age : |
39 years |
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Qualification : |
B.Com., LL.B. |
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Experience : |
20 years |
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Name : |
Mr. Samir Kanakia |
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Designation : |
Partner |
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Name : |
Mrs. Bina Kanakia |
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Designation : |
Partner |
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Name : |
Mrs. Chhaya Kanakia |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Importers and
traders of chemicals |
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Imports : |
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Countries : |
Germany, Sweden and The Netherlands |
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Terms : |
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Purchasing : |
D/P (90 days) terms |
GENERAL
INFORMATION
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Customers : |
Traders and actual users |
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No. of Employees : |
7 |
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Bankers : |
Ø Union Bank of India 105/109 Kazi Sayed Street, Khand Bazar, Mumbai – 400 003 Ø Bank of Baroda Ø ICICI Bank Ø HDFC Bank Limited |
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Facilities : |
v
Imports L/C
– Rs.8.000 millions v
DP –
Rs.2.000 millions v
CC
(Hypothecation) – Rs.0.600 million |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
C. K. Prusty and Associates Chartered Accountants |
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Memberships : |
Ø Chemicals and Alkali Merchants Association Ø Indian Resin Manufacturers’ Association |
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Associates/Subsidiaries : |
Ø Samir Enterprises -- Acts as importers and traders of Chemicals Ø Rajnikant Shantilal Ø Samir Dye Chem |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 80.631 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 80.631 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PARTNERS FUNDS |
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1] Partners Capital |
80.631 |
46.852 |
39.379 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.631 |
46.852 |
39.379 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
8.204 |
4.856 |
11.255 |
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TOTAL BORROWING |
8.204 |
4.856 |
11.255 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.835 |
51.708 |
50.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.810 |
0.911 |
1.051 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
55.936
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28.458
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26.281
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Sundry Debtors |
49.654
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29.895
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34.872
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Cash & Bank Balances |
14.230
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0.109
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0.133
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Other Current Assets |
0.140
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0.071
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1.627
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
119.960
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58.533 |
62.913
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
31.935
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0.631
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6.950
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Provisions |
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7.105
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6.380
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Total
Current Liabilities |
31.935
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7.736 |
13.330
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Net Current Assets |
88.025
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50.797 |
49.583
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.835 |
51.708 |
50.634 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
208.792 |
169.041 |
164.041 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
208.792 |
169.041 |
164.041 |
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Profit/(Loss) Before Tax |
15.094 |
3.682 |
9.419 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
15.094 |
3.682 |
9.419 |
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Expenditures : |
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Payment to Auditors |
0.016 |
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Insurance Expenses |
0.270 |
165.359 |
180.902 |
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Depreciation & Amortization |
0.131 |
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Other Expenditure |
193.281 |
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Total Expenditure |
193.698 |
165.359 |
180.902 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.23
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2.18 |
5.74
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Net Profit Margin (PBT/Sales) |
(%) |
7.23
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2.18 |
5.74
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.50
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6.19 |
14.7
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.08 |
0.2
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Debt Equity Ratio (Total Liability/Networth) |
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0.50
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0.27 |
0.62
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Current Ratio (Current Asset/Current Liability) |
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3.76
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7.57 |
4.71
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LOCAL AGENCY
FURTHER INFORMATION
The concerns’ 90% of the products are sold to Actual Users and the remaining 10% to the Traders.
It is in trade terms with:-
Ø Engineering & Chemical Corporation, Mumbai, India
Ø K. Rasiklal & Company, Mumbai, India
Ø Chemet, Mumbai, India
Ø BASF (India) Limited, India
Ø BASF, Germany
Ø Degussa, Germany
Ø Clariant, Germany
Ø Akzo Nobel, Sweden
Ø Delamine, The Netherlands
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. 39.32 |
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UK Pound |
1 |
Rs. 81.35 |
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Euro |
1 |
Rs. 56.75 |
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. |
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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