MIRA
INFORM REPORT
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Report Date : |
27.09.2007 |
IDENTIFICATION DETAILS
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Name : |
RAHUL SALES LIMITED |
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Registered Office : |
SCO 151, 152 2nd floor,Sector 8 C, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.09.1991 |
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Com. Reg. No.: |
011625 |
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CIN No.: [Company
Identification No.] |
U55109CH1991PLC011625 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLR10919G |
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PAN No.: [Permanent
Account No.] |
AABFR0460J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Importers, Exporters and Distributors of steel, steel products like cycle/motor parts and chemicals, papers, petrochemicals, raw wool, fabrics etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
SCO 151, 152 2nd floor, Sector 8 C, |
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Tel. No.: |
91-172-2726756 |
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Fax No.: |
91-172-2708840 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. fts. |
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Location : |
Leased |
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Branches: |
UGF 6 and 7, Antariksh Bhawan, Tel. No.: 91-9313874101, 9313874102 Fax No.: 91-11-41328950 E-Mail: Delhi@rahulsales.com
Kandla Office: Plot No. 297, Ward 12B, 2nd Floor, E-Mail: kandla@rahulsales.com |
DIRECTORS
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Name : |
Mr. Omkar Anand |
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Designation : |
Managing Director |
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Address : |
# 135, Sector 7, |
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Date of Appointment : |
10.09.1991 |
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Name : |
Mrs. Renu Anand |
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Designation : |
Director |
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Name : |
Mr. S. R. Suri |
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Designation : |
Director |
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Address : |
# 145C, Friends Colony, |
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Date of Appointment : |
18.11.1994 |
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Name : |
Mr. Yogesh Anand |
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Designation : |
Director |
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Name : |
Mr. G. R. Anand |
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Designation : |
Director |
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Name : |
Mr. Gagan Suri |
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Designation : |
Whole Time Director |
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Address : |
# 101, GH 28, MBC, Sector 5, |
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Date of Appointment : |
01.01.2004 |
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Name : |
Mr. Vishal Kalia |
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Designation : |
Director |
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Address : |
# 550, Sector 7- B, |
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Date of Appointment : |
05.04.2003 |
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Date of Appointment: |
05.06.2005 |
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Name : |
Mr. Jitendra Anand |
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Designation : |
Additional Director |
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Address : |
F – 143, Sector 22, Noida – 201 303, |
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Date of Birth/ Age: |
11.01.1951 |
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Date of Appointment : |
01.01.2007 |
KEY EXECUTIVES
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Name : |
Mrs. Jaswant Kaur |
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Designation : |
Secretary |
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Address : |
House No. 1010, Rajdhani Apartments, Sector 49A, |
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Date of Birth/Age : |
18.07.1979 |
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Date of Appointment : |
01.01.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Onkar Anand |
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269735 |
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Mrs. Renu Anand |
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59086 |
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Mr. Karan Suri |
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16394 |
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Mr. Rohan Anand |
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6781 |
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Mrs. Bimla Anand |
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15877 |
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Mr. Sidhartha Anand |
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7282 |
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Mrs. Neeta Anand |
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5281 |
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Mr. Jitender Anand |
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16280 |
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Mr. S R Suri |
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30780 |
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Mr. Prashant Suri |
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6480 |
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Mr. Gagan Suri |
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5260 |
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Ms. Tishi Suri |
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32400 |
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Mrs. Sunita Chadha |
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15552 |
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Mr. Satish Chander Gandhi |
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42282 |
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Mr. S C Sawhney |
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16200 |
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Mrs. Geeta Swahney |
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5000 |
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Mr. Rummy Anand |
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5500 |
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Mr. Feroz Anand |
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1500 |
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Mr. Sandeep Sethi |
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20000 |
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Mr. Onkar Anand HUF |
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50000 |
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Mrs. Suman Bansal |
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50000 |
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V P Securities |
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150000 |
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Mr. G R Anand |
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7200 |
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Mr. Rahul Anand |
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500 |
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Mrs. Pushpa Swahney |
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5000 |
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Mr. Daisy Anand |
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2000 |
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Mr. Pardeep Anand |
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100000 |
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Mr. Yogesh anand |
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100000 |
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Mr. Bharat Chawla |
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50000 |
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Category |
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Percentage
of Holding |
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Bodies Corporate (not mentioned above) |
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4.56 |
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Directors or relatives of directors |
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95.44 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers, Exporters and Distributors of steel, steel products like cycle/motor parts and chemicals, papers, petrochemicals, raw wool, fabrics etc. |
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Agencies Held : |
> Bharat Petroleum Limited > Easter Industries Limited > Indian
Oil Corporation Limited, Ambala, > Modi Alkalies and Chemicals |
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Exports : |
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Products : |
ð Steel Products ð Cycle
or Auto Parts |
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Countries : |
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Imports : |
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Products : |
§ Steel §
Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash or Credit [60 days] terms. |
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Purchasing : |
L/C, Credit or CAD terms |
GENERAL INFORMATION
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Suppliers : |
§
Cargo Clearing Agency §
Chadha Paper Mills §
Chandigarh Club Limited §
Cyber Electronics §
Indian Oil Corporation §
Harness Overseas Marketing §
Jai Shree Ram Petro Chemical §
Nu-way Screen Printers §
Parkash Singh and Others §
Spice Telecom §
U T Telecom §
Unique Air Conditioner §
Rishi Shipping Agencies §
Crescent Chemical Private Limited |
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Customers : |
§
G P Roadlines §
Gian Chand §
Arnit Sales Private Limited §
Bajrang Petrochemicals Private Limited §
Mittal Traders §
RVS Petrochem §
Shiva Nath Organics Private Limited §
Sidh Petrochem Private Limited §
Pack Pro §
Era International §
Ess Ess Packages §
Economic Packages §
B K Duplex §
Bhatia Steel Trading Company §
Crystal Chem |
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No. of Employees : |
Around 20 |
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Bankers : |
ð State
Bank of ð The BHuj Mercantile Co-operative Bank (Bhuj) ð Indian Overseas Bank ð Punjab National Bank ð Indus Ind Bank ð HDFC Bank Limited ð State
Bank of |
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Facilities : |
Secured Loans:
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. Kumar Chhabra and Company Chartered Accountants, |
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Address : |
SCO 1094-95, Sector 22 B, |
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Tel. No.: |
91-172-2701138 |
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Associates: |
ð
Garden ð Ghazal ventures ð Ghazal Restaurant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3292321 |
Equity Shares |
Rs. 10.00 each |
Rs. 32.923 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
32.923 |
13.515 |
13.515 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.000 |
3.674 |
3.588 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.923 |
17.189 |
17.103 |
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LOAN FUNDS |
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1] Secured Loans |
61.031 |
13.576 |
9.774 |
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2] Unsecured Loans |
45.094 |
0.000 |
0.000 |
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TOTAL BORROWING |
106.125 |
13.576 |
9.774 |
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DEFERRED TAX LIABILITIES |
0.436 |
0.014 |
0.000 |
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TOTAL |
154.571 |
35.416 |
26.877 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.216 |
16.580 |
11.478 |
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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 |
115.874
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99.572 |
687.933 |
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Sundry Debtors |
252.211
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128.527 |
172.101 |
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Cash & Bank Balances |
37.319
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5.197 |
6.752 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
36.106
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29.236 |
3.907 |
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Total
Current Assets |
441.510
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262.532 |
870.693 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
312.850
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243.448 |
854.544 |
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Provisions |
0.306
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0.247 |
0.781 |
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Total
Current Liabilities |
313.156
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243.695 |
855.325 |
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Net Current Assets |
128.355
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18.837 |
15.367 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.032 |
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TOTAL |
154.571 |
35.416 |
26.877 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
930.564 |
850.256 |
729.644 |
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Other Income |
9.190 |
1.083 |
13.439 |
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Total Income |
939.754 |
851.339 |
743.083 |
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Profit/(Loss) Before Tax |
9.352 |
1.642 |
1.260 |
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Provision for Taxation |
3.932 |
0.577 |
0.517 |
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Profit/(Loss) After Tax |
5.420 |
1.065 |
0.743 |
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Import Value |
NA |
NA |
204.732 |
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Expenditures : |
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Purchases made for re-sale |
890.818 |
229.051 |
1402.776 |
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Increase or decrease in finished goods,
work-in-progress |
(16.303) |
588.361 |
(687.458) |
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Salaries, wages and bonus |
1.154 |
1.160 |
0.000 |
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Managerial remuneration |
1.415 |
1.200 |
0.000 |
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Payment of auditors |
0.073 |
0.054 |
0.000 |
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Interest |
3.202 |
2.241 |
2.763 |
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Insurance expense |
0.475 |
0.413 |
0.000 |
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Power and fuel |
0.162 |
0.129 |
0.000 |
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Depreciation and amortization |
1.653 |
1.375 |
0.837 |
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Other expenditure |
47.753 |
25.711 |
22.068 |
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Total Expenditure |
930.403 |
849.697 |
740.986 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.58
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0.13 |
0.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.00
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0.19 |
0.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.00
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0.59 |
0.14 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.10 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.06
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14.97 |
50.58 |
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Current Ratio (Current Asset/Current Liability) |
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1.41
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1.08 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
It is in trade terms with:
> Core Organics Limited
> Bhawana Agro Limited
> Falcon Textile Limited
Fixed Assets
ð
Land
ð
Office Equipment
ð
Building
ð
Commercial Vehicle
ð
Computers
ð
Plant and Machinery
ð
Furniture and Fixtures
ð
Vehicles
Contingent Liabilities as on 31.03.2005
L/C and FLC – Rs. 30.000 millions
Form 8
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Name of the company |
RAHUL SALES
LIMITED |
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Presented By |
Mr. Onkar Anand,
Managing Director |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets dated
10.03.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 36.000
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 |
The whole Current
Assets of Company namely Stocks of raw materials, stock in Process, Semi
finished and finished goods, Plant and
Machinery, Bills receivables and security as per Annexure – I attached |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
14.53% and other terms and conditions as per agreement attached as above. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Sector 22-C, Now state bank of
India (SCB) SCO 103-106,
Sector 17-B, |
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6) Date and brief description of instrument modifying the charge |
1.
Agreement
of Hypothecation of Goods and Assets dated 25.10.2005 2.
Letter
regarding grant of Individual limit within the overall limit dated 25.10.2005 3.
Equitable
Mortgage of Agricultural Land dated 25.10.2005. No instrument was created,
but on 25.10.2005, a mortgage was created by the company in favour of State
Bank of India (hereinafter referred to as Lender) by deposit of title deeds
with State Bank of India, acting for itself in respect of Company’s land
measuring 20 Bighas, 5 Biswas at village Bahadurgarh in order to create a
security thereon as and by way of first charge through mortgage by deposit of
title deeds pursuant to resolution passed by the Company on 30.09.2005 4. Equitable Mortgage of SCO at Panchkula dt.
25.10.2005. No instrument was created but on 25.10.2005, a mortgage was
created by the company in favour of State Bank of India (hereinafter referred
to as Lender) by deposit of title deeds with State Bank of India, acting for
itself in respect of Company’s SCO No. 345, Sector 9, Panchkula in order to
create a security thereon as and by way of first charge through mortgage by
deposit of Title Deeds pursuant to resolution passed by the Company on
30.09.2005. |
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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. |
1. The Limit of
Rs. 36.000 millions has been enhanced as follows:
The limit of ILC
and FLC with an option of interchangeability of Rs. 20.000 millions from ILC
to FLC and vice versa. The charge is now also secured against additional
security of Company i.e. 1) Equitable Mortgage of agricultural land measuring
20 Bighas, 5 Biswas at village Bahadurgarh 2) Equitable Mortgage of SCO 345, Sector 9,
Panchkula measuring 121 Sq. mtrs. 2. Exclusive
Charge by way of hypothecation will operate as security over the company
namely, Stocks of raw Materials, stock in Process, semi finished goods,
stores and spares not relating to Plant and Machinery (Consumable stores and
spares), Bills Receivable and Book Debts and all other movables including
plant and machinery, both present and future whether now lying loose or in
cases or which are now lying or stored in or about or shall hereinafter from
time to time during the continuance of the security of these presents be
brought into or upon or be stored or in or about of the borrower’s factories,
premises and godowns or wheresoever else the case may be or be held by any
party to the order or delivery, howsoever and wheresoever in the possession
of the Company and either by way of substitution or addition. 3. The charge now
operate as security interalia, for the due repayment by the company to State
Bank of India of Rs. 125.000 millions towards different loans and advances /
credit facilities together with interest, liquidated damages, premium on
repayment or on redemption, costs, charges, expenses and all other moneys payable
by the company to state Bank of India in terms of the said loan agreement /
deed. 4. The rate of
interest will be charged now 2% above SBAR presently effective rate is 12.25%
per annum with monthly application of Interest. |
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Corporate identity
number (CIN) Foreign company registration number |
U55109CH1991PLC011625 |
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Name of the
Company |
RAHUL SALES
LIMITED |
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Address |
SCO 151 52 2nd
Floor, Sector 8 C, |
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This form is for |
Modification of
charge |
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Type of Charge |
A charge on: §
Immovable
Property §
Book
Debts §
Movable
Property (not being pledge) §
Current
Assets §
Receivables §
Stock §
Fixed
Assets |
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Particulars of
the charge holder |
State Bank of SCO: 103 – 106,
Sector 17B, E-Mail: sbiifbchd@comeconnect.com |
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Nature or
description of the instrument(s) creating or modifying the charge |
§
Form
C.2 – Agreement of Hypothecation of Goods and Assets §
Form
C.5 – Letter Regarding the grant of Individual Limits within the overall
limit §
Letter
of Confirmation regarding deposit of Title Deeds. |
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Date of the
instrument creating or modifying the charge |
09.02.2007 |
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Amount secured by
the charge |
Rs. 235.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest:: Cash credit – 1.50%
above SBAR (11.50%) i.e. 13% per annum with monthly rests. (b) Terms of repayment: Repayable on demand (c) Margin: Receivables – 40%, Letter of
Credit – 10%, Bank Guarantee – 15% (d) Extent and operation of the charge: 100% (e) Others: In case of default in payment of
interest or installment a penal interest @ 2% per annum shall be charged. |
Website details attached:
Profile
Fortune favours the deserving. They are the ones who recognize an opportunity when they see it, follow it up with hard work and determination and turn it into a success. That's quite the story of Onkar Anand, the man behind the success of subject. He has taken the company from its inception in 1991 as a trader of heavy industrial chemicals, petroleum products and paper to being an international name involved in the export and import of diverse products.
The ability to analyze the market and gauge the economic pulse, as well as a natural capacity to lead are the hallmarks of success.
To this man, characterized by a driving desire to succeed, with entrepreneurship running in his veins, leading comes naturally and knowledge is a byword for success. With an expected turnover of US $200 million by 2010, the company is a reflection of his business acumen and the uncanny ability to turn everything he touches to Gold
Products
THE MAIN PRODUCTS OF THE COMPANY...
DOMESTIC TRADING COMMODITIES
Paper and Paper Products - M G
& M G varieties of Kraft, writing and printing paper
Furnace Oil - Fuel Oil, CST
Bitumen - 65/70 & 80/100
Grade
Lubricants - SN500, SN150 and
SN70
Heavy Industrial Chemicals -
Such as Caustic Soda, Soda Ash, Hydrochloric Acid, Sulphuric Acid, Bleaching
Powder etc.
IMPORTED COMMODITIES
Crude
Low Aromatic Naphtha
Heavy Melting Scrap (HMS) &
Shredded Steel Scrap
Rock Phosphate
Paraffin Wax
Waste Paper/pulp
Polymers such as LDPE, PVC,
HDPE, PP etc.
Ferrous and non-Ferrous metals
Steam Coal
Milk and Milk Products
Denatured Ethyl Alcohol
EXPORT COMMODITIES
- Wheat
- Wheat flour
- Rice
- Dehydrated
vegetables
- Spices
- Saffron
- Woven and Knitted
fabrics
- Sugar
- Cement
Associates
Located in
Ghazal
Restaurant
Located in busiest business centre of sector 17,
Clientele
Industry they cater......
- PAPER
- CHEMICALS
- DYES
- TEXTILES
- SOLVENTS
- LUBRICANTS
- STEEL
- SUGAR
- MILK
- CEMENT
- PACKAGING
- EDIBLE OIL
- SOAP &
DETERGENT
- POWER
GENERATION
- RUBBER
- PHARMACEUTICALS
- CERAMIC TILES
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. 39.73 |
|
|
1 |
Rs. 81.37 |
|
Euro |
1 |
Rs. 56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|