MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
KALPAKA CHEMICALS PRIVATE LIMITED |
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Registered Office : |
4/116, Caldwell Colony, 2rd Street, Tuticorin – 628002,
Tamilnadu. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.07.1996 |
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Com. Reg. No.: |
36208 |
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CIN No.: [Company
Identification No.] |
U23109TN1996PTC036208 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Activated Carbon Granules and Grades for Water
Treatment, Merox Plants and Refinery, Odour Removal, Decolourisation,
Dechlorination, Solvent Recovery and Gold Recovery. |
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 111485 |
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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. Director as reported as experience 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Ganesan |
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Date : |
02.08.2008 |
LOCATIONS
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Registered Office : |
4/116, Caldwell Colony, 2rd Street, Tuticorin – 628002,
Tamilnadu, India |
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Tel. No.: |
91-461-2345638 / 2347669 |
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Fax No.: |
91-461-2347668 |
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E-Mail : |
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Website : |
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Head Office : |
4/133 X, Muthammal Colony, 3rd Street, Tuticorin – 628002,
Tamilnadu, India |
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Tel. No.: |
91-461-2345638 / 2347669 / 6538112 |
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Mobile No.: |
91-9843072936 |
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Fax No.: |
91-461-2347668 |
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Email : |
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Area : |
1000 sq meter |
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Location : |
Owned |
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Factory : |
2/14 Puhiyam Puthur Road, Tamil Nadu, Tuticorin |
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Area : |
7.5 sq. area |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. S. Thartius |
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Designation : |
Director |
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Address : |
4/116, Caldwell Colony, 2rd Street, Tuticorin – 628002,
Tamilnadu, India |
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Date of Birth/Age : |
18.04.1945 |
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Qualification : |
B.Com |
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Date of Appointment : |
30.07.1996 |
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Name : |
Mr. S. Ganesan |
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Designation : |
Director |
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Address : |
4/133 X, Muthammal Colony, 3rd Street, Tuticorin – 628002,
Tamilnadu, India |
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Date of Birth/Age : |
15.04.1955 |
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Qualification : |
B.E.Mach. |
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Date of Appointment : |
30.07.1996 |
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Name : |
Mr. R. Ganesan |
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Designation : |
Director |
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Address : |
4/198, 9th Street, Muthammal Colony, Tuticorin – 628002,
Tamilnadu, India |
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Date of Birth/Age : |
07.12.1970 |
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Date of Appointment : |
30.07.1996 |
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Name : |
Mr. R. Ashok |
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Designation : |
Director |
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Address : |
3/5/170/D, 1st Floor, Water Tank, 1st Lane, Hyderabad
– 500029 |
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Date of Birth/Age : |
05.08.1963 |
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Date of Appointment : |
30.07.1996 |
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Name : |
Mr. R. Rajesh |
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Designation : |
Director |
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Address : |
275, Kattabomman Street, Virudhu Nagar |
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Date of Birth/Age : |
24.08.1972 |
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Date of Appointment : |
30.07.1996 |
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Name : |
Mr. V. Margaret Vensuslaus |
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Designation : |
Director |
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Address : |
8/19, Church Street, Azgappapuram – 629401 |
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Date of Birth/Age : |
24.11.1959 |
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Date of Appointment : |
03.03.1999 |
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Name : |
Mrs. A. Vasanthi Rajan |
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Designation : |
Director |
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Address : |
12/13A, Park Street, Azgappa Puram – 629401 |
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Date of Birth/Age : |
15.02.1962 |
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Date of Appointment : |
03.03.1999 |
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Name : |
Mr. J. Irene Gnanasekaran |
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Designation : |
Director |
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Address : |
9/28, Market Street, Azgappa Puram – 629401 |
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Date of Birth/Age : |
14.08.1969 |
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Date of Appointment : |
03.03.1999 |
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Name : |
Mr4. V. Philip Soosai Rajan |
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Designation : |
Director |
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Address : |
Raja Maria Illam 18/10, Raja Street, Azgappa Puram – 629401 |
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Date of Birth/Age : |
21.09.1961 |
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Date of Appointment : |
02.08.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. S. Thartius |
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17660 |
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Mr. S. Ganesan |
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9260 |
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Mr. R. Ganesan |
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4560 |
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Mr. C. Vensuslaus |
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8020 |
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Mr. T Joseph Gnana Sekaran |
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6440 |
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Mr. V. Antony Michael Rajan |
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8020 |
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Mr. R. Ashok |
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4560 |
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Mr. R. Rajesh |
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4560 |
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Mr. G. Kanchana Devi |
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7390 |
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Mr. A. Vasanthi Rajan |
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7630 |
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Mr. V. Margaret Vensuslaus |
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2630 |
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Mr. J. Irene Gnanasekaran |
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1560 |
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Mr. V. Philip Soosai Rajan |
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4000 |
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Mr. T. Perthinal |
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3640 |
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Mrs. G. Aparna |
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1000 |
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Mrs. G. Ashwini |
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1000 |
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Mrs. G. Anitha |
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1440 |
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Mrs. A. Dhana Lakshmi |
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1440 |
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Mr. R. Sangeetha |
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1440 |
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Total |
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96250 |
AS ON 28.09.2007
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Equity Share
Breakup |
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Percentage of Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Activated Carbon Granules and Grades for Water
Treatment, Merox Plants and Refinery, Odour Removal, Decolourisation,
Dechlorination, Solvent Recovery and Gold Recovery. |
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Products : |
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Exports : |
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Countries : |
USA and Europe Countries |
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Terms : |
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Selling : |
Credit and Documents Banks |
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Purchasing : |
100% Cash |
GENERAL
INFORMATION
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No. of Employees : |
80 (In office – 15, In factory - 65) |
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Bankers : |
Tamilnad Mercantile Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. M R Anthony Xavier Chartered Accountant |
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Address : |
Richard Ark Kampalale Kalyana Mahal Near, Mani Nagar, Tuticorin – 628003,
Tamil Nadu |
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Tel No.: |
91-467-2334739 |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- Each |
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
96250 |
Equity Shares |
Rs. 100/- Each |
Rs.9.625 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.625 |
9.625 |
9.625 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.672 |
7.489 |
3.126 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.297 |
17.114 |
12.751 |
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LOAN FUNDS |
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1] Secured Loans |
4.468 |
7.138 |
14.339 |
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2] Unsecured Loans |
11.375 |
12.975 |
3.336 |
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TOTAL BORROWING |
15.843 |
20.113 |
17.675 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.141 |
37.228 |
30.427 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.003 |
18.933 |
15.267 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.009 |
0.008 |
0.007 |
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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 |
5.432 |
5.150 |
5.298 |
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Sundry Debtors |
19.510 |
14.179 |
13.847 |
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Cash & Bank Balances |
10.280 |
5.348 |
3.585 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.757 |
1.629 |
0.470 |
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Total
Current Assets |
35.979
|
26.306 |
23.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.291 |
7.027 |
7.823 |
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Provisions |
0.560 |
0.994 |
0.229 |
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Total
Current Liabilities |
19.851
|
8.021 |
8.052 |
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Net Current Assets |
16.127 |
18.286 |
15.149 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
38.141 |
37.228 |
30.427 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
115.335 |
121.630 |
77.919 |
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Other Income |
0.004 |
0.185 |
0.003 |
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Total Income |
115.339 |
121.815 |
77.922 |
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Profit/(Loss) Before Tax |
5.582 |
5.247 |
1.482 |
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Provision for Taxation |
0.399 |
0.884 |
0.402 |
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Profit/(Loss) After Tax |
5.183 |
4.363 |
1.080 |
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Expenditures : |
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Administrative Expenses |
0.098 |
0.845 |
0.624 |
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Increase/(Decrease) in Finished Goods |
(0.834) |
0.926 |
(0.632) |
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Depreciation & Amortization |
2.519 |
2.610 |
1.816 |
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Other Expenditure |
107.974 |
112.187 |
74.632 |
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Total Expenditure |
109.757 |
116.568 |
76.440 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
04.49
|
03.58 |
01.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
04.83
|
04.31 |
01.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
09.62
|
11.59 |
03.85 |
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Return on Investment (ROI) (PBT/Networth) |
|
25.03
|
30.65 |
11.62 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.60
|
1.64 |
2.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.81
|
3.27 |
2.88 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Chemuirom –
UK
- PICA – France
- CECA –
Italy
Form No. 8
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Name of the company |
Kalpaka Chemical Private Limited |
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Presented By |
Thiru S. Thartius Managing Director M/s. Kalpaka Chemical Private Limited |
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1) Date and description of instrument creating the change |
1) Extension of
mortgage by deposit of title deeds by the company on 28.04.2005 in favor of the
Tamilnadu International Investment Corporation Limited for it’s 4th
term loan Rs.4.800 Millions with the Tamilnadu Industrial Investment
Incorporation Limited : Not Instrument
Executed. 2) Unattested hypothecation
deed dated 28.04.2005 for the term loan of Rs.0.500 Millions Engrossed on
Rs.20/- Non Judicial Stamp paper (both
2 and 3 relate to same charges) 3) Lion noted on
fixed deposit for a sum of Rs.0.500 Millions held by the company on 28.04.2005
in favor of the tamilnadu industrial investment incorporation limited. In
respect of the term loan |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.800 Millions
as 4th term loan |
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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 |
1) All the land
and premise present and future situated at S No.171, Pudur Pandiapuram
Village, measuring 7 acres33 cents and the free hold right over the buildings
present and future thereon 2) All and
singular the plant and machinery erected or to erected on the above land. 3) Floting
charges on all the remaining movable assets of the company include book debt
subject to prior charges of the company’s bankers for working finance
requirements |
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4) Gist of the terms and conditions and extent and operation of the charge. |
A) under the
equitable mortgage and hypothecation for Rs.4.800 Millions . The sum of Rs.4.800
Millions is repayable in 24 quarterly installments. Term loan The first 24
installment of Rs.0.200 Million B) The first
installment of principle will being immediately on the first day of the
succeeding month after the expiry of 12 months from the date of first
disbursement as will be applicable besides the quarterly interest and the
subsequent installment of principle every quarter thereafter. The rule of
interest for the term loan will be 11.50% p.a. under IDRI / SIDRI rate for
refinance scheme The above rate is
executed of interest tax. In addition to
the above, interest tax at the specifies rates shall be payable. However in case
of default, an addition interest of 2.5% p.a. will be charge on the defaulted
amount for the default period. No credit in
interest will be paid for the amount of particular or interest paid earlier
except in those cases where the loan have been fully repaid or the fully
payments or principle or interest is made more than 60 days before the due
date. C) the interest
is payable in quarterly reste on 28-29 Feb/31st May/ 31st
August/ 30 November as will be applied taking in to consideration the date of
1st disbursement. |
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5) Name and Address and description of the person entitled to the charge. |
The Tamilnadu
Industrial Investment Corporation Limited. 4/35 NPS Complex. Polpettai.
Tuticorin - 628002 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A |
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
KALPAKA CHEMICAL PRIVATE LIMITED |
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Income Tax Registration |
AABCK5852E |
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VAT/ TIN Registration |
33655921584V |
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Excise Registration |
AABCK5852EX |
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Import Export Code |
3598000685 |
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Current Account Number |
Tamilnad Mercantile Bank |
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Account Since |
501322 |
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Emp PF Reg Number |
10 Years |
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Credibility Factors |
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IndiaMART Client Since |
1 Year |
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Years of Establishment |
1996 |
Web Details Attached:
Activated Carbon is a
specially processed and purified form of carbon. It is used as an adsorbent in the
field of water treatment, air purification, effluent treatment, gold recovery,
petroleum refineries and food processing units. Although Activated Carbon can
be manufactured from coal, wood etc, Coconut Shell Based Activated Carbon is
preferred in many applications due to its unique properties such as hardness
and large pore volume.
Subject
specializes in producing granular and powder carbon from coconut shell
charcoal. Promoted by a technocrat with a proven experience in Coconut
Processing, Coconut Shell Charcoal and Activated Carbon. Kalpaka was started in
1998 and located on a sprawling site in the eastern harbour town of Tuticorin /
India . Due to its unique climatic conditions round the year, Tuticorin is an
important Coconut Processing Centre of India and naturally coconut shell and
coconut shell charcoal is abundantly available. Their modern plant with a
production capacity of 2500 MT per annum is under expansion to double its
production capacity. ISO 9001:2000 certification is also under process.
With hi-tech machines and proven technology their
various grades of Activated Carbon under their registered brand name KALBON
have earned strong reputation in the industry
Technology
Subject
strength lies in the consistent quality maintained by its committed staff with
latest state of the art equipment and machines. They have evolved an
uncompromising quality control standards based on ASTM & AWWA.
Due to the dry climatic conditions in Tuticorin, they get dust free,
moisture free high quality charcoal locally. The carefully selected raw
material is tested for its Ash, Volatiles, Moisture and Screened to segregate
foreign materials and fines.They follow continuous ‘online' monitoring and
check at various stages of Activation. The batch wise output from their
carbonisers is tested for its density and adsorption qualities before
granulation and sizing process.
In their integrated screening system they ensure that the final product
is free of dust, fines, and impurities confirming to the specified size. Quality
control inspectors test every batch of final product for its particle size
distribution, adsorption quality density, hardness, moisture, ash and other
specifications laid down by their international clients.
Only upon clearance by their chief chemist, the activated carbon is
packed under their registered trade mark KALBON . Their Quality Assurance
Laboratory is fully equipped with latest testing equipments as per ASTM and
AWWA standards and recorded as per ISO 9001:2000 norms.
Activated Carbons
:-
Activated Carbon is used to adsorb (attach to its internal surfaces) unwanted colours, odours, contaminants of suspended organic matters from gases and liquids. Their products KALBON have an extensive network of internal pores with enormous surface area. With their unique processing technology they offer various tailor made KALBON grades to suit different applications in the industry as per the following:
- KALBON GAQ - For Water Treatment
- KALBON GAU -
For Gold Recovery
- KALBON GAG - Suitable For Silver Impregnation
- KALBON
GSP - For Syrup Solution
- KALBON
GVP - For Air and Gas Purification
- KALBON
GMX - For Petroleum Refineries
- KALBON
PET - For Effluent Treatment
KALBON GAQ :-
Silver Impregnation
They are offering granular activated
carbon most suitable for silver impregnation.
|
Grade |
KALBON GAG A1 |
Mesh Size |
|
Iodine Value |
950 |
8x20 / 12x30 |
Advantages
- Efficient adsorption and filling characteristics
- Suitable pore structure for maximum adsorption
KALBON GMX :- Petroleum
Refineries
Activated
Carbon Granules are used as a catalyst support of merox reactors in petroleum
refineries. They supply their products to many reputed refineries in India.
|
Grade |
KALBON GMX A1 |
Mesh Size |
|
Iodine Value |
950 |
10x30 |
Advantages
- Extremely hard with excellent durability
- Can be regenerated
KALBON GVP :- Air
Purification
Deodouristion and air purification is one of the important areas of application
of activated carbon. They offer pure Granular Activated Carbon for the air
purification activity. It helps in Refrigerator odour removal, Conditioning of
air, Cigarette filters,Kitchen hoods, Gas mask, Purification of industrial and
Radio-active gases.
|
Grade |
KALBON GVP SUPER |
KALBON GVP DELUX |
KALBON GVP A1 |
Mesh Size |
|
Iodine Value |
1100 |
1000 |
900 |
4x8 / 6x16 |
Advantages
- Easy removal of dissolved hydro carbons
- High durability in acidic and basic applications
- High ignition temperature
- Low ash content
- Can be regenerated
KALBON GSP :- Syrup
Solutions
Soft
Drinks and Beverage industries are also using activated carbon for the
following application in syrup solution.
|
Grade |
KALBON GSP A1 |
Mesh Size |
|
Iodine Value |
1000 |
60x140 |
Used for Decolourisation of
Sweeteners in Syrup Solution
Used in liquor treatment, like
improving the taste of liquors
Removal of
colloidal matters from soft drinks
Advantages
- Low ash and dust.
- Selected pore structure excellent decolourisation
KALBON PET :- Effluent Treatment
Powder carbons in effluent treatment process are used for removal of
colour and odour from waste water
|
Grade |
KALBON PET DELUX |
KALBON PET A1 |
Mesh Size |
|
Iodine Value |
1100 |
950 |
Minus 140 |
Advantages
- Removal of dissolved organic matter
- Cost effective is elimination of pesticides & pollutants
- Excellent
decolouring
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|