MIRA
INFORM REPORT
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Report Date : |
26.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
VSL MINING
COMPANY PRIVATE LIMITED |
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Registered Office : |
12, I Cross, NTI
Layout, NTI Layout, RMV II Stage, Bangalore – 560094, Karnataka |
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Country : |
India |
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Date of Incorporation : |
19.05.2005 |
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Com. Reg. No.: |
08-36340 |
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CIN No.: [Company
Identification No.] |
U13100KA2005PTC036340 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV04938D |
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Legal Form : |
Private limited
liability company |
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Line of Business : |
Manufacturers,
importers, exporters and dealers in all kinds of mining, quarrying, ores,
minerals and metals etc. |
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 : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of V S lad Group, having sales and trading activity of
Rs. 8000 Millions, employing 1000 people. Directors are resourceful industrialists businessmen and politicians.
Intact they are busy in State Election, at prevent. Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The company can be considered for normal business dealings a usual
trade terms and conditions with slight caution as no financials are yet made
available. |
LOCATIONS
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Registered Office : |
12, I Cross, NTI Layout,
NTI Layout, RMV II Stage, Bangalore – 560094, Karnataka, India |
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Tel. No.: |
91-80-23411224/25 |
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Area : |
Medium Sized – Owned by Group |
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Factory : |
Lakshmipura
Village, Sandur Taluk, Ballary, Bangalore-583119, Karnataka, India |
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Tel. No.: |
91-80-261393/
260448 |
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Fax No.: |
91-8395-260448 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Anil H Lad |
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Designation : |
Director |
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Address : |
House of Land
Palace Road, Sandur- 583119 |
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Tel No. : |
91-8395-261124 |
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Date of
Appointment : |
19/05/2005 |
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Name : |
Ms. Aarti A. Lad |
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Designation : |
Director |
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Address : |
Houe of Lad,
Palace Road, Sandur – 583119 |
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Tel No. : |
91-8395-261124 |
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Date of
Appointment : |
19/05/2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Category |
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Percentage of
Holding |
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Director and
Relatives |
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100 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
importers, exporters and dealers in all kinds of mining, quarrying, ores,
minerals and metals etc. |
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Exports : |
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Products : |
Iron Ore |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Credit [30-60 days] and Bank Guarantee |
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Purchasing : |
L/C and Credit [30-60 days] |
GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
State Bank of India, Karnataka
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Facilities : |
The company enjoy large facilities from its bankers |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
VSL Mining Projects Private Limited -
Traders of
Iron Ore V. S. Lad and Sons -
Estimated
1956 -
Address : House
of Lad’s, Palace Road, Sandur – 583119, Bellary District, Karnataka,
India -
Tel No.:
91-8395-260378 / 261229 -
Fax No.:
91-8395-260448 -
Email : info@vsladmining.com, vslad@indiatimes.com -
Activities :
Manufacturing of Iron Ore Group Turnover : Rs. 8000.000 Millions |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 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]
Mr. Gangadhar [08395] 260201 confirmed partial details. He assured to
provide financials and if available, will follow as a.
No financials are available from company Law Board.
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Industry Verticals
VSL group has
evolved to be a multi faceted group making contribution in the following
industry verticals:
Ø Mining
Ø Resorts & Water sports
Ø Transportation
Ø Plantations
Ø Health
Mining is the core of
the activities which contributes to about 90% of the revenue.
VSL group has got its character from such illustrious personalities as Mr.
Heeroji V. Lad who is the patriarch of the group and a social service activist
who served Sandur as a MLA. This legacy is continued by his son Mr. Anil H. Lad
who is managing partner and chief executive officer of V.S. Lad and Sons.
Some of the
achievements of the group in the social services are:
Drinking water and
sanitation project in the areas of - Yeshwanthanagar, Krishnanagar,
Bhujanaganagar, Ranjithpura etc.
Finance assistance
for women micro-enterprises for getting sewing machines, bore wells for
drinking water.
Political Saga Of The Group
VSL family sees political participation as a high leverage activity for social
service. With this view the family members are actively involved in the
political arena:
Mr. Heeroji V. Lad
was the MLA of Sandur
Mr. Anil H. Lad is
the current MLA of Kudligi a constituency adjoining Sandur
Mr. Santhosh Lad is
the current MLA of Sandur
VSL has
diversified into many businesses. VSL brings the leadership and management to
each of these companies to run them efficiently and effectively.
Mining related companies:
Ø VSL Transport company
Ø VSL Trading company
Ø VSL Enterprises
Apart
from mining V.S. Lad group has presence in following businesses:
Ø Agriculture related ventures
Ø Ashok Diary Farm
Ø Anil Tamarind Farm
Ø Anil Grape Farm
Ø Nature Cure Center
This is
an exclusive facility based on Ayurveda concepts and follows panchakarma
therapy. This facility is handled by experts in this field from Kerala.
Wonder Valley Resort
Wonder
valley resort is situated in Sandur, Bellary district in Karnataka, India. This
service oriented resort has 7 deluxe family air-conditioned suites and 14
double bedded air-conditioned cottages with TV and Fridge. It also had 10
double bedded Swiss tents and 4 Swiss dormitory tents which can accommodate 15
people each.
Kollur Mukambika Water-sport and
Amusement park
This
facility offers variety of water sports and amusement facilities like 50 seater
cruise boat, 16 seater cruise boat, shikar boat, kayaks, water scooters, family
speed boats, rowing boats, peddle boats, horse riding, camel ride, Columbus
ride, giant wheel, frog train, Go karting, rain dance etc.
VSL offers
consistent grades of iron ore products which meet the quality demands of
international and national customers.
|
Product type |
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Iron ore fines |
Iron ore fines (High Grade) |
Calibrated Ore |
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Chemical
properties |
Fe |
63.50% |
64/65% |
63.5% |
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SiO2 |
3.00% |
2.50% |
3.00% |
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Al2O3 |
3.00% |
2.50% |
3.00% |
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S |
0.02% |
0.02% |
0.02% |
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P |
0.07% |
0.06% |
0.07% |
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Moisture |
6.00% |
6.00% |
6.00% |
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Physical
properties |
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Below 100mm - 95% |
Below 10mm- 95% |
Size 10mm-40mm |
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Below 150micron– 40% |
Below 150 micron – 40% |
Below 10mm - 15% |
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Above 10mm – 5% |
Above 10mm – 5% |
Above 40mm- 7% |
Production:
The following table
gives a glimpse of production activity at VSL
Grade wise
Production Details:
|
Year |
Fines |
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Lumps |
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Grand Total |
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-65 |
+65 |
TOTAL |
-65 |
+65 |
TOTAL |
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1998-99 |
189997 |
229217 |
419214 |
57957 |
189288 |
247245 |
666459 |
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1999-00 |
184424 |
337778 |
522202 |
55540 |
238475 |
294015 |
816217 |
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2000-01 |
318916 |
539343 |
858259 |
50169 |
366172 |
416341 |
1274600 |
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2001-02 |
810013 |
714412 |
1524425 |
37555 |
292382 |
329938 |
1854362 |
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2002-03 |
701454 |
772090 |
1473544 |
29480 |
334509 |
363989 |
1837533 |
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2003-04 |
804852 |
756834 |
15651686 |
68305 |
319229 |
387534 |
1949220 |
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2004-05 |
(Projected) |
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Exports |
1.2
Millions Tonnes |
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Domestic
Supplies |
1.00
Million Tonnes |
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The Group
company has following customers :
Domestic:
Ø Jindal Vijayanagar Steel Limited, Bellary
(JVSL)
Ø Kirloskar Ferro Industries, Hospet (KFIL)
Ø Lanco Industries, Andhra Pradesh
Ø Sathwahana Steel Plant, Andhra Pradesh
Ø Sesa Industries Limited, Goa
Ø Usha Ispat Redi, Maharashtra
Ø Essar Steel
Ø Kalyani
Ø Fomento Goa
Ø HOM Chennai
Ø SVM Goa
Export:
Ø Chinese steel mills through MMTC and own
export house
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.40.18 |
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UK Pound |
1 |
Rs.79.25 |
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Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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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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35 |
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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