MIRA
INFORM REPORT
|
Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
PERFO CHEM INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
205A, Neelam Centre, 249B, Hind Cycle Road, Worli, Mumbai
– 400 025, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
07.07.1984 |
|
|
|
|
Com. Reg. No.: |
11-33380 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28100MH1984PTC03380 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16245F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACN4949A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is one of the fastest growing Exporters and Sourcing Agent of Bulk Drugs, Drug Intermediates, Dye Intermediates, Organic & Inorganic Chemicals, Pesticides and Pesticides Raw Materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 402432 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track records. Directors are reported as experienced, respectable and having satisfactory track records. Financial position is good. Payments are reported as correct and as per commitments. The proposed business dealings of US $ 14000 can be considered against D/A or D/P terms. Maximum Credit line upto US $ 23000 can be considered against D/A or D/P terms. |
LOCATIONS
|
Registered Office : |
205 A, Neelam Centre, 249B, Hind Cycle Road, Worli, Mumbai
– 400 025, |
|
Tel. No.: |
91-22-24934627 / 24934628 / 24933310 / 24938317 / 24973863 / 24985317 |
|
Fax No.: |
91-22-24950504/24937925 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branches : |
|
DIRECTORS
|
Name : |
Mr. Amit M. Mehta |
|
Designation : |
Director |
|
Address : |
18, Park View, L. D. Ruparel Marg, Mumbai – 400 022, |
|
Date of Appointment : |
01-10-1990 |
|
|
|
|
Name : |
Mrs. Cherry A. Mehta |
|
Designation : |
Director |
|
Address : |
18, Park View, L. D. Ruparel Marg, Mumbai – 400 022, |
|
Date of Appointment : |
01-11-2001 |
|
|
|
|
Name : |
Mr. Manish J. Vasaiwala |
|
Designation : |
Director |
|
Address : |
Aajikrupa, 2nd Floor, Opp. Hari Niwas, |
|
Date of Appointment : |
01-04-1995 |
|
|
|
|
Name : |
Mr. Panakin Patel |
|
Designation : |
Director |
|
Address : |
15, Kailash Niketan, 24th |
|
Date of Appointment : |
01-04-1995 |
|
|
|
|
Name : |
Mrs. Kokila M Mehta |
|
Designation : |
DirectorDirector |
|
Address : |
18, Park View, L. D. Ruparel Marg, Mumbai – 400 022, |
|
Date of Appointment : |
02-05-1995 |
|
|
|
|
Name : |
Mr. Anandji Narpar Nagda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nitin Anandji Nagda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravindra Anandji Nagda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yogendra Anandji Nagda |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mst. Harsh A Mehta |
|
540 |
|
Mr. Amit M Mehta |
|
840 |
|
Fingora (I) Private Limited |
|
790 |
|
Mr. Kokila M Mehta |
|
580 |
|
Mst. Mohak A Mehta |
|
540 |
|
Mrs Cherry A Mehta |
|
710 |
|
Total |
|
4000 |
Equity share breakup (percentage of total equity)
|
S. No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is one of the fastest growing Exporters and Sourcing Agent of Bulk Drugs, Drug Intermediates, Dye Intermediates, Organic & Inorganic Chemicals, Pesticides and Pesticides Raw Materials. |
|
|
|
|
Products : |
Ø
AMP – 95 Ø
Saytex Ø
Service Charges |
GENERAL INFORMATION
|
Suppliers : |
Ø Arti Industries Limited Ø Bilag Industries Limited Ø
Ø Natco Laboratories Limited Ø SMS Pharmaceuticals Ø Pragati Organic Limited Ø Gitanjali Chemicals Private Limited |
||||
|
|
|
||||
|
No. of Employees : |
150 |
||||
|
|
|
||||
|
Bankers : |
Ø Hongkong and Shanghai Banking Corporation, Peddar Road Branch, 46 B G Deshmukh Road, Peddar Road, Mumbai - 400 036, Maharashtra, India Contact Person : Mr. Dhiraj Dixit Telephone No. : 91 - 22 - 3875953 Fax No. : 91 - 22 - 3828632 Ø
Bank of Ø
Bank of Ø ICICI Bank Ø Indian Overseas Bank Ø
State Bank of Worli (North Branch), Nirion House,
Mumbai – 400 018, |
||||
|
|
|
||||
|
Facilities : |
SECURED LOANS (as on 31.03.2004 Rs. In Millions)
UNSECURED LOANS (as on 31.03.2004 Rs. In Millions)
|
||||
|
|
|
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Prakash Muni and Associates Chartered Accountants |
|
Address : |
22, Hasanali House, 17, |
|
|
|
|
Associates/Subsidiaries : |
Ø Value Healthcare Private Limited 105-A, Neelam Centre, Hind Cycle Road, Worli, Mumbai – 400
025, Tel No. 91-22-4914319/4914322 Fax No. 91-22-4950504 E-mail: value@valcare.com Website: http://www.valcare.com Ø S. Amit and Company Ø
Finorga ( Ø Chem |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity shares |
Rs. 10/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.400
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.400 |
0.400 |
0.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
100.208 |
71.414 |
65.017 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
100.608 |
71.814 |
65.417 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.300 |
0.000 |
0.275 |
|
|
2] Unsecured Loans |
1.386 |
3.365 |
0.750 |
|
|
TOTAL BORROWING |
4.686 |
3.365 |
1.025 |
|
|
DEFERRED TAX LIABILITIES |
6.440 |
0.609 |
0.558 |
|
|
|
|
|
|
|
|
TOTAL |
111.734 |
75.788 |
67.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
71.232 |
7.988 |
8.713 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
61.339 |
41.889 |
39.963 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.021
|
18.568 |
7.182 |
|
|
Sundry Debtors |
44.448
|
16.634 |
13.565 |
|
|
Cash & Bank Balances |
3.042
|
4.201 |
6.418 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
21.915
|
20.582 |
11.697 |
|
Total
Current Assets |
79.426
|
59.985 |
38.862 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
79.995
|
20.512 |
10.493 |
|
|
Provisions |
20.268
|
13.562 |
10.045 |
|
Total
Current Liabilities |
100.263
|
34.074 |
20.538 |
|
|
Net Current Assets |
(20.837)
|
25.911 |
18.324 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
111.734 |
75.788 |
67.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
341.826 |
104.217 |
49.387 |
|
|
Other Income |
0.000 |
0.000 |
3.194 |
|
|
Total Income |
341.826 |
104.217 |
52.581 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
45.421 |
14.036 |
8.193 |
|
|
Provision for Taxation |
0.000 |
0.000 |
2.028 |
|
|
Profit/(Loss) After Tax |
45.421 |
14.036 |
6.165 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export sales |
0.000 |
0.000 |
0.953 |
|
Total Earnings |
0.000 |
0.000 |
0.953 |
|
|
|
|
|
|
|
|
Imports : |
0.000 |
0.000 |
15.638 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
0.000 |
0.000 |
36.625 |
|
|
Excise Duty |
0.000 |
0.000 |
1.589 |
|
|
Administrative Expenses |
0.000 |
0.000 |
4.470 |
|
|
Selling and Administration Expenses |
0.000 |
0.000 |
0.698 |
|
|
Interest |
0.205 |
0.057 |
0.221 |
|
|
Depreciation & Amortization |
7.053 |
0.775 |
0.785 |
|
|
Other Expenditure |
289.147 |
89.348 |
0.000 |
|
Total Expenditure |
296.405 |
90.180 |
44.388 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
13.28
|
13.46 |
11.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.28
|
13.46 |
16.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.14
|
20.64 |
17.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.19 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
0.52 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
1.76 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 7th July, 1984 at
Mumbai in
Subject was originally incorporated under the name and style
of Nitin Fabricators Private Limited, which was changed to Perfo Chem (
In recent years the company has been achieving good business in Chemicals and Pharmaceuticals. Hence it has been considered appropriate to change its name from Nitin Fabricators Private Limited to Perfo Chem India Private Limited. Necessary resolutions for change in objects clause were passed at an Extra Ordinary General Meeting held on 12.05.97. Approval of proposed name is also received from Registrar of Companies.
Fixed Assets:
Ø Land at Wada
Ø Sand at Vasuri
Ø Office Premises
Ø Office Premises at
Ø Airconditioner
Ø Fax machine
Ø Office Equipment
Ø Computer
Ø Furniture at
Ø Furniture
Ø Motor car
|
Corporation identity number or foreign company registrations number of the company |
U28100MH1984PTC03380 |
|
Name of the company |
PERFO CHEM INDIA PRIVATE LIMITED |
|
Address |
205 A, Neelam Centre,
249B, Hind Cycle Road, Worli, Mumbai – 400 025, |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
The Saraswat Co-Op Bank Limited |
|
Nature or description of the instrument creating charge |
Agreement of Hypothecation of moveable property |
|
Date of the instrument creating charge |
25.07.2006 |
|
Amount Secure by the charge |
Rs. 38.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
To secure the due repayment of term loan granted by the bank to the company. Rate of Interest: 10.50% p a |
|
Description of the property charge whether it is a charge on |
Stock in Trade, WTG and Others |
|
Particulars of the Property charged |
All that WTG and others, the tangible movable property (both present and future) of the company. |
|
Name of the company |
PERFO
CHEM INDIA PRIVATE LIMITED |
|
Presented
By |
STATE
BANK OF |
|
1) Date and description of instrument creating the change |
20.02.2002 a. Agreement of loan for over all limit in form C – 1 b. Agreement of hypothecation of Goods and Assets in form C-2 c. Letter regarding the grant of individual limits within the overall limit in form C 5 All dated 20.02.2002 and relate to one single charge |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.900 million Together with interest costs charges and other expenses which may accrue and be debited to the account from time to time Facility Term Loan |
|
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 |
Hypothecation of one modern Hyundai Sonata make car to be purchased out of the sanctioned term loan |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 1.25% above SBMTLR i. e.13.25% p. a. with quarterly rests Margin 30% Term loan to be repaid in 36 monthly installments of Rs. 0.025 million each Repayment of the Term Loan to commence immediately one month |
|
5) Name and Address and description of the person entitled to the charge. |
Sate
Bank of Worli
(North ) Branch, |
S.AMIT GROUP DETAILS:
The subject has been in the business of selling and marketing chemistry for over four decades has recognition in chemical Industry.
Today subject represents number of overseas and few national Principals for
their Chemicals & Intermediates and performance chemicals for application
in Pharmaceuticals, Agrochemicals, paints, polymer, rubber, ink, personal care,
food, paper Industry. Subject always believed to be a intermediary with a
difference and its strength have always been in analysis and quality of
information and knowledge on the various products and Industries and this makes
it different as an Infomediary and not a mere point of contact.
The company’s other area of strength is the customs synthesis, wherein subject bring the producer and buyer closer to each other depending on their strengths of chemistry, understand the synergy and thus convert under-utilized capabilities and capacities to opportunities.
Group Belief :
Subject believe, success in business is based on understanding of the customer’s needs and winning the confidence of the customer and the principal alike through the spirit of co-operation. Subject ensure that the customer and the principal share a Win relationship.
Subject believes in its resources, people and inherent capabilities. Subject
upholds high values in its business relationship with its customers and
principals. Subject believes in sound business ethics, which is well reflected,
in its total approach to business and its reputation. The company’s brand of
service has been the driving force behind its success.
The some of the chemistries marketed by the company are:
Ø Lithium and Lithium Derivatives like N-Butyl Lithium, Lithium Diisopropylamide, Lithium Hexamethyl, Disilazide, Phenyl Lithium for Metallation and cryogenic technology.
Ø Boranes like Dimethyl Sulfide Borane (DMDS), Methoxy Diethyl Borane(MDEB), Tert-Butylamine Borane, Dimethylamine Borane(DMAB) for Enatio selective reduction with high degree of selectivity.
Ø Alkoxides like bgcolor=”White” width=”265” valign = “Top”, Dimethylamino Borane for strong bases for condensations reactions applicable to Pharmaceuticals and allied industries dimethylamino Borane reducing agent for multilayer PCB- to avoid pink ring effect.
The company's Major Customers for different products are:
Bulk Drugs :
Ø Dr. Reddy's Laboratories Limited
Ø Cipla Limited
Ø SMS Pharmaceuticals Limited
Ø Ranbaxy Laboratories Limited
Ø Torrent Pharmaceuticals Limited
Ø Hoechst Marion Roussel
Ø Dabur India Limited
Ø Wockhardt Life Sciences Limited
Ø Cadila Limited
Ø Orchid Chemicals & Pharmaceuticals
Ø Glaxo India Limited
Ø Merind Limited
Ø Novartis
Ø Cheminor Drugs Limited
Ø Shasun Drugs
Ø Nicholas Piramal Limited
Personal Care:
Ø Hindustan Lever Limited
Ø Colgate
Ø Procter & Gamble
Agrochemicals :
Ø Voltas Limited
Ø Bayer India Limited
Ø Shaw Wallace
Ø
Pesticides
Ø United Phosphorus Limited
Ø De Nocil
Ø Gharda Chemicals
Ø Alchemie
Ø Rallis India Limited
Polymers / Rubber :
Ø GE Plastics
Ø SRF Limited
Ø Reliance Industries Limited
Ø Nocil
Ø
Ester
Ø IPCL
Paints and Coatings :
Ø Asian Paints Limited
Ø Berger Paints Limited
Ø
ICI
Ø Goodlass Nerolac Paints Limited
Electronics :
Ø Tata BP Solar
Ø Bharat Electronics Limited
Ø Electronic Corporation of India Limited
Ø Bharat Heavy Electricals Limited
Oil and Gas :
Ø IOCL
Ø IPCL
Ø BPCL
Miscellaneous:
Ø Diamines and Chemicals Limited
Ø Value Health Care Limited
Ø Value Enterprises Private Limited
Ø Century Enka Limited
Ø Kopran Limited
Ø Zandu Pharmaceuticals
Ø Sumitra Pharmaceuticals
Ø Sekhasaria Chemicals Private Limited
Ø Machine-Basell India Limited
The company is concentrating on export opportunities; Local business was lower in line with overall industrial environment.
The office of the company where following observations were carried on:
Ø Name Board could be sighted and the visibility of the Name Board is High.
Ø The company’s office is easy to locate.
Ø Subject is located in an Upmarket area.
Ø Items such as Telephone, Fax Machines, Computers and Air Conditioner could be seen at the company’s office.
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.40.71 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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. |
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 |
|