MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
INNOVATIVE POLYMERS PRIVATE LIMITED |
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Registered Office : |
Shed No. B – 2, Phase – I, IDA, Jeedimetla, Hyderabad – 500055, Andhra
Pradesh |
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Country : |
India |
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Date of Incorporation : |
16.04.1987 |
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Com. Reg. No.: |
007367 |
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CIN No.: [Company
Identification No.] |
U25209AP1987PTC007367 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDI00214E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Plastic injection moulded components in
all kind of raw material. |
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. |
Small |
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Status : |
Small Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is poor in corporate governance. No financials are available
since incorporations of the company. No payment are available. Initially, the company can be considered for small to mediocre
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Shed No. B – 2, Phase – I, IDA, Jeedimetla, Hyderabad – 500055, Andhra
Pradesh, India |
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Tel. No.: |
91-40-23096499 |
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Fax No.: |
91-40-23093162 |
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Email: |
DIRECTORS
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Name : |
Mr. Surendranath |
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Designation : |
Managing Director |
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Address : |
7-1-397/143, Flat No. 301, SMR Srujana Appartments, S. R. Nagar,
Hyderabad – 500016, Andhra Pradesh |
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Date of Birth/Age : |
06.08.1957 |
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Date of Appointment : |
16.04.1987 |
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Name : |
A. Uma |
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Address: |
7-1-397/143, Flat No. 301, SMR Srujana Appartments, S. R. Nagar,
Hyderabad – 500016, Andhra Pradesh |
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Designation : |
Director |
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Date of Birth/Age : |
04.09.1965 |
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Date of Appointment : |
16.04.1987 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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V. V. Lakshma Rao |
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150 |
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M. Kesavulu |
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1940 |
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Chandrakala |
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2275 |
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M. Surendranath |
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2835 |
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A. Uma |
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2497 |
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K. Bhaskar Reddy |
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750 |
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R. Umamaheswara Reddy |
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2700 |
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M. Mithilesh Kumar |
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1288 |
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N. Venkat Rao Naidu |
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2535 |
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A. Seshi Reddy |
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3375 |
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P. Sampath |
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2500 |
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M. Priyanka |
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750 |
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M. Chandraleka |
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750 |
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A. Chandra Sekhar Reddy |
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5655 |
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Total |
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30000 |
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Category |
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Percentage |
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Director / Relatives of Director |
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100 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plastic injection moulded components in
all kind of raw material. |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
State Bank of Hyderabad, Hyderabad – 500037, Andhra Pradesh, India |
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Banking
Relations : |
Unknown |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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45000 |
Equity shares |
Rs.100/- each |
Rs.4.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity shares |
Rs.100/-
each |
Rs.3.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are available since
incorporation of the company.
Management remained non-corporative durings
current investigation.
LOCAL AGENCY
FURTHER INFORMATION
Website
details:
An ISO 9001:2000 certified company,Subject. deals in Plastic processing by injection
molding. Precison and quality through innovation and working experience has
been the most valuable strengths of the company during its progress. The company
offers comprehensive modern Plastic processing facilities for the user industry
undertaking to implement 'concept to component' delivery on a turn key basis.
Product Range
They deal in Plastic
Injection Molded Components in all kind of raw material.
Infrastructure
The company is equipped with latest fully automatic CNC controlled
Injection Moulding Machinery procured from highly successful suppliers such as
Toshiba. The machines equipped at their manufacturing premises are capable of
reliable 24 hour unmanned operation with consistent accuracy and speed. Apart
from the main machinery, the company has pre production support equipments such
as Automatic Color Mixer, Grinders, Preheating Ovens, Mould Temperature
Controls etc. to reduce non productive hour and increase the efficiency keeping
prolonged production schedules.
Tool Room
The company has its own franchised tool room facilities with
modern equipments in developing and manufacturing of Moulds and Dies. The tool
room personnel have in depth knowledge and control over the Mould Designing
aspects as well as mould manufacturing process.
Client
They share a long lasting business relation with their clients for
adherence to high quality and service. Some of their clients include:
- Voltas Limited.
- Electrolux India Limited
- L. G. Electronics India Private Limited
- Johnson and Johnson
- Samsung India Limited
- Procter and Gamble
- Accent Marketing Inc. (USA)
- Eldredge Trading Inc.(USA)
- ITW Signode Indai Limited
- Wipro-e-Peripherals
Form
8
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Corporate
identity number (CIN) Foreign company registration number |
U25209AP1987PTC007367 |
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Name of the
Company |
INNOVATIVE POLYMERS PRIVATE LIMITED |
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Address |
Shed No. B – 2, Phase – I, IDA, Jeedimetla, Hyderabad – 500055, Andhra
Pradesh, India |
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This form is for |
Modification of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
State Bank of
Hyderabad Co-operative
Industrial Estate Premises, Narsapur X Road, SSI Branch, Balanagar Hyderabad –
500037, Andhra Pradesh, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Nil |
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Date of the
instrument creating or modifying the charge |
Nil |
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Amount secured by
the charge |
Rs.7.500 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Nil |
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Short particulars
of the property charged (including location of the property) |
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Particular of the
present modification |
Nil |
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Presented By |
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1) Date and description of instrument creating the change |
Loan Agreement
Dated 28.02.2002 Loan Agreement
No. HA – 6451 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.423 Millions
inclusive of finance charge of Rs.0.073 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security of
1.No.2002 modal, fiat palio 1.2 ELX Car. Bearing R. No. 0031899, Ch. No.
08020828 as mentioned in the 1st schedule of the anclosed copy of
the loan agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The total amount
of Rs.0.423 Millions repayble in 36 monthly instalments as follows: The Ist
instalment of Rs.0.011 Millions and the reat of the 35 monthly instalment of
Rs.0.011 Millions. The Ist hiremoney falls due on 28.02.2002 |
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5) Name and Address and description of the person entitled to the charge. |
Fiat Sundaram
Auto Finance Limited No. 21, Patullos
Road, Chennai - 600002 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Nil |
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.39.85 |
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UK Pound |
1 |
Rs.82.61 |
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Euro |
1 |
Rs.59.21 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
3 |
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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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26 |
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. |
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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