MIRA
INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
NILEFOS ORIENT FERTILISER PRIVATE LIMITED |
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Registered Office : |
11th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.07.2006 |
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Com. Reg. No.: |
11-162955 |
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CIN No.: [Company
Identification No.] |
U24119MH2006PTC162965 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN13925C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Import and Trading of all types of water soluble fertilisers, yellow
sulphur , bentonite sulphus and
Chemicals. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 400 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company belongs to Madhvani Group of East Africa who made their good
fortunes there. They are non-resident Indians. Mr. Nitin Madhavani’s uncle
Mr. Mayur Madhavaliand his wife, film actress of Hindi movies awn huge
properties in Mumbai. Subject office and their residential flats are
currently valued at Rs. 4000 Millions. Their payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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LOCATIONS
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Registered Office : |
11th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Tel. No.: |
91-22-22876306-07 / 22852188 |
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Mobile No.: |
91-9820344503 |
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Fax No.: |
91-22-22852188 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Nitin J. Madhvani |
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Designation : |
Director |
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Address : |
Kakira Sugar Works, P O Box 54, Jinja, NA -54 |
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Date of Birth/Age : |
24.05.1951 |
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Directorship in other Companies: |
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CIN of the Company : |
U27100MH1981PTC023936 |
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Name of the Company: |
FMP Engineering Private Limited |
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Designation: |
Chairman |
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CIN of the Company : |
U01117TZ2001PTC009821 |
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Name of the Company: |
Nilgiri Botanical Plantations Company Private Limited |
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Designation: |
Director |
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Name : |
Mr. Nalin B Desai |
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Designation : |
Director |
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Address : |
A -9, 901, Ganga Satellite, Wanowire, Pune – 411 040, Maharashtra,
India |
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Date of Birth/Age : |
19.09.1939 |
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Name : |
Mr. Gopal Rajani |
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Designation : |
Director |
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Address : |
401, A Raghukripa, opposite Kamala Nagar, M G Road, Kandivali , Mumbai
– 400 067, Maharashtra, India |
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Date of Birth/Age : |
05.09.1950 |
MAJOR SHAREHOLDERS
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Names of Shareholders (as on 31.03.2007):- |
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No. of Shares |
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Nitin Madhvani |
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9998 |
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Mr. Nalin B Desai |
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1 |
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Mr. Gopal Rajani |
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1 |
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Total |
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10000 |
Equity Shares Breakup (Percentage of Total Equity): [as on 31.03.2007]:-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Import and Trading of all types of water soluble fertilisers, yellow
sulphur, bentonite sulphus and Chemicals. |
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Imports : |
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Products : |
Water Soluble Fertiliser |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Retailer and End Users |
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No. of Employees : |
5 |
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Bankers : |
Bank of India Nariman Point, Mumbai – 400021 |
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Facilities : |
Overdraft Facility : Rs. 9.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S C Bandi and Associates Chartered Accountants |
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Address : |
812 Maker Chamber V, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Group Companies : |
Ø FMP Engineering
Solutions Private Limited Mumbai Authorised Capital
: Rs. 1.000 Million Paid up Capital :
Rs. 0.100 Million Ø Madhvani Tea Ø Madhvani Soap Ø Kakira Sweets |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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4.474 |
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TOTAL BORROWING |
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4.474 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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4.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.897 |
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Sundry Debtors |
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0.097 |
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Cash & Bank Balances |
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0.058 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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3.779 |
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Total
Current Assets |
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8.831 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.812 |
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Provisions |
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0.010 |
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Total
Current Liabilities |
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4.822 |
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Net Current Assets |
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4.009 |
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MISCELLANEOUS EXPENSES |
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0.565 |
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TOTAL |
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4.574 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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92.96 |
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Current Ratio (Current Asset/Current Liability) |
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1.83 |
LOCAL AGENCY
FURTHER INFORMATION
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 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.39.97 |
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UK Pound |
1 |
Rs.79.53 |
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Euro |
1 |
Rs.63.09 |
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/normal. |
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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