MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALPHA NIPPON INNOVATIVES LIMITED |
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Registered Office : |
14, Pahelgaon Bungalows, Satellite Road, Ahmedabad-380015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
15.07.1993 |
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Com. Reg. No.: |
04-19848 |
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CIN No.: [Company
Identification No.] |
U36100GJ1993PLC019848 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA01080C |
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PAN No.: [Permanent
Account No.] |
AABCA6692E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Seller of Fabricated Mould Racks,
Material Handling Equipments, Hydraulic Cylinders and General Fabrication
Works, Electronic Goods, Custom Make Engineering Goods, Hydraulically
Operated Section Cutting Machines, Fabricators of Heavy Engineering Jobs such
as Machine Bases, Bottle Washer Housing and Bottle Carriers. |
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 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Financial position is satisfactory. Payments are usually correct and as per
commitments. The company is being well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Tejas Bhavsar |
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Designation : |
Account Manager |
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Date : |
01.08.2008 |
LOCATIONS
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Registered Office : |
14, Pahelgaon Bungalows, Satellite Road, Ahmedabad-380015, Gujarat,
India |
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Tel. No.: |
91-79-26747979 |
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Fax No.: |
91-79-23750407 |
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E-Mail : |
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Website : |
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Administrative Office : |
13, 4th Floor, Mardia Plaza, C. G. Road,
Panchvati, Ahmedabad – 380 006, Gujarat |
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Tel. No.: |
91-79-26747970/23750116/23750407 |
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Fax No.: |
91-79-23750407 |
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Corporate Office/ Factory : |
15 and 20, Changodar Industrial Estate, Behind Trivedi Crafts, Sarkhej
Bavia Road, Changodar, Ahmedabad-382213, Gujarat, India |
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Tel. No.: |
91-2717-250079/ 652252 |
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Fax No.: |
91-2717-250375 |
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Mobile No.: |
91-9825803781 |
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E-Mail : |
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Area : |
6344 sq. ft (Owned) |
DIRECTORS
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Name : |
Mr. Anil A. Patel |
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Designation : |
Chairman |
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Address : |
14, Pahalgaon Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat,
India |
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Date of Birth/Age : |
14.11.1959 |
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Qualification : |
B.Com |
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Date of Appointment : |
15.07.1993 |
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Name : |
Mr. Dinesh Patel |
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Designation : |
Director |
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Address : |
662/12-A, Kanyakumari, Sir M. V. Road, Andheri (East), Mumbai – 400
069, Maharashtra, India |
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Date of Birth/Age : |
14.04.1964 |
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Date of Appointment : |
15.07.1993 |
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Name : |
Mr. Dharmendra R. Patel |
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Designation : |
Director |
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Address : |
N B-4, Goyal Park, Judges Bunglows Road, Bodakdev, Ahmedabad – 380
054, Gujarat, India |
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Date of Birth/Age : |
06.12.1954 |
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Date of Appointment : |
18.01.1999 |
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Name : |
Mr. Bhavdeep C Doshi |
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Designation : |
Director |
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Address : |
C-43, Yash Tower, Shyaml Char
Rasta, Jodhpur, Ahmedabad , Gujarat, India |
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Date of Birth/Age : |
09.08.1973 |
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Name : |
Mr. Priyank A Patel |
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Designation : |
Director |
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Address : |
14, Pahalgaon Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat,
India |
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Date of Birth/Age : |
20 Years |
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Qualification : |
Deploma in Mechanical Engineering |
KEY EXECUTIVES
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Name : |
Mr. Tejas Bhavsar |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Anilbhai A Patel |
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532420 |
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Amritlal V Patel |
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11500 |
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Anilbhai Patel (HUF) |
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6000 |
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Ankita Mehta |
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500 |
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Ahshwinbhai Panchal |
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1000 |
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Anuradha Motwani |
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10 |
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Alkeshkumar B Patel |
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15000 |
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A A Patel Manjula A Patel |
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212500 |
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Babulbhai k Patel |
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1000 |
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Bharat P Mehata |
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500 |
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Bhupendra Gajjar |
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1000 |
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Bipinbhsi c Shah |
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500 |
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Bhavin Textile |
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10 |
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Chandrakant R Patel |
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1000 |
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Dinesh Patel |
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67500 |
Equity Share Breakup (Percentage of total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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98.00 |
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Other top fifty (50) shareholders (other than listed above) |
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2.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Fabricated Mould Racks,
Material Handling Equipments, Hydraulic Cylinders and General Fabrication
Works, Electronic Goods, Custom Make Engineering Goods, Hydraulically
Operated Section Cutting Machines, Fabricators of Heavy Engineering Jobs such
as Machine Bases, Bottle Washer Housing and Bottle Carriers. |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehra Anil and Associates Chartered Accountant |
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Address : |
2-E, Suuyarath Complex, Off C.G Road, Panchwati, Ahmedabad-380006,
Gujarat, India |
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Name : |
S.S. Gandhi and Associates Chartered Accountent |
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Address : |
Opposite Sabasshit Kendra, Khebrahama |
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Mobile No. : |
91-9426030658 |
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Services : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1257820 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.578
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.578 |
12.578 |
12.578 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.877 |
47.973 |
38.169 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.455 |
60.551 |
50.747 |
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LOAN FUNDS |
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1] Secured Loans |
100.189 |
91.954 |
46.961 |
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2] Unsecured Loans |
31.882 |
27.798 |
17.841 |
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TOTAL BORROWING |
132.071 |
119.752 |
64.802 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
203.526 |
180.303 |
115.549 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
118.759 |
102.974 |
81.419 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.845 |
0.845 |
0.345 |
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DEFERREX TAX ASSETS |
4.934 |
7.321 |
9.716 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
40.765
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25.152
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19.615 |
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Sundry Debtors |
36.312
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46.320
|
21.272 |
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Cash & Bank Balances |
9.072
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0.808
|
0.426 |
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Other Current Assets |
0.000
|
8.431
|
2.939 |
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Loans & Advances |
9.507
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8.337
|
1.637 |
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Total
Current Assets |
95.656
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89.048
|
45.889 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.393
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18.742
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20.170 |
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Provisions |
4.275
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1.143
|
1.650 |
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Total
Current Liabilities |
16.668
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19.885
|
21.820 |
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Net Current Assets |
78.988
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19.885
|
21.820 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
203.526 |
180.303 |
115.549 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
289.500 |
256.053 |
100.533 |
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Other Income |
0.000 |
0.403 |
0.186 |
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Total Income |
289.500 |
256.456 |
100.719 |
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Profit/(Loss) Before Tax |
17.579 |
[126.638] |
[30.227] |
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Provision for Taxation |
6.661 |
[1.957] |
9.846 |
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Profit/(Loss) After Tax |
10.917 |
[124.681] |
[20.381] |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
5.534 |
NA |
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Expenditures : |
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Cost of Goods |
194.563 |
0.000 |
0.000 |
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Administrative expenses |
5.957 |
0.000 |
0.000 |
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Manufacturing Expenses |
24.212 |
0.000 |
0.000 |
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Raw Material Consumed |
0.000 |
181.703 |
60.366 |
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Consumption of stores and spares parts |
0.000 |
0.073 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.000 |
181.703 |
60.366 |
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Salaries, Wages, Bonus, etc. |
0.000 |
2.798 |
1.965 |
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Managerial Remuneration |
0.000 |
0.584 |
0.399 |
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Payment to Auditors |
0.000 |
0.018 |
0.011 |
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Interest |
13.814 |
8.196 |
4.075 |
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Insurance Expenses |
0.000 |
0.198 |
0.124 |
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Power & Fuel |
0.000 |
2.665 |
1.153 |
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Depreciation & Amortization |
6.470 |
5.156 |
2.487 |
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Other Expenditure |
26.605 |
0.000 |
0.000 |
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Total Expenditure |
271.921 |
383.094 |
130.946 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
3.77
|
[48.62]
|
[20.24] |
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Net Profit Margin (PBT/Sales) |
(%) |
6.07
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[49.47]
|
[30.07] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.72
|
[65.94]
|
[23.74] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
[2.09]
|
[0.59] |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.08
|
2.31
|
1.71 |
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Current Ratio (Current Asset/Current Liability) |
|
5.74
|
4.48
|
2.10 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ALPHA NIPPON INNOVATIVES LIMITED |
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Presented By |
Mr. Anilbhai A
Patel |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement of goods and Debts. Dated 29.01.2002 made (between M/s Alpha hippon
innovatives limited on the one part and Union Bank of India, C.G. Road,
Branch, Ahmedabad on the other part) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Milllions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The goods
described in general terms in the Schedule hereto (hereinafter referred to as
“the said goods”) which expression shall include (whether specifically
mentioned or otherwise) all raw materials, semi finished an finished goods,
consumable stores an spares and movable property and the Borrower’s
book-debts, outstanding monies, deposits, receivables, claims and bills,
contracts, securities, investments are Hypothecates by way of First Charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of
Interest 15.75% p.a. with quarter rests or such other revised rates as may be
prescribed by the bank from time to time. 2. Marign 25% on
stocks 50% on Book-Debs 3. Amount
Repayable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, C.G. Road Branch, Ahmedabad, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement to SD-6 Hypothecation Agreement. Dated 26.03.2003 |
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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. |
Securities mentioned
at Col. No. 3 above are hypothecated/ charged to Union Bank India for CC
Hypothecation of Goods/ Debts Facilities was modified to Rs. 6.000 Millions
(within which incl.L/C Limit of Rs. 1.000 Milion) is again modified enhanced
and revised to Rs. 13.000 Millions (within which Inl L/C Limit of Rs. 1.000
Million is enhanced to Rs. 2.500 Millions Thus total charge stands enhanced
and revised to Rs. 13.000 Millions The Rate of Interest applicable for the
revised limit shall be 14.75% p.a. with monthly rests. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80030292 |
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Corporate
identity number of the company |
U36100GJ1993PLC019848 |
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Name of the
company |
ALPHA NIPPON INNOVATIVES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
14, Pahelgaon Bungalows, Satellite Road, Ahmedabad-380015, Gujarat,
India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of charge
holder |
Punjab National Bank, Ashram Road, Ahmedabad-380009, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement Hypothecation of
Assets to Secure term Loan Deed of
Hypothecation to Secure LC on DA Basis |
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Date of
instrument Creating the charge |
07.05.2007 |
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Amount secured by
the charge |
Rs. 114.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan : BPLR
+ 0.50% + Term Premia i.e 13.25% p.a. presently For CC (Hyp) and BPLR-3.25%
oi.e. for EPC/ FBP/ FBD Terms of
Repayment Loan Amount of
Rs. 9.500 Millions is repayable in 20 quarterly installments fo rs. 0.475
Million each commencing form January 2008. Interest is to be serviced as and
when Levied. Cash credit on demand. Margin Term Loan : 25%
(Minimum) Cash Credit : 25%
Against Stocks and 40% against Book –debts Packing Credit :
25% FBP/ FBD : Nil ILC/ FLC (DA) and
DP : Nil Letter of Guarantee
: 25% Extent and
Operation of the charge Charge will be an
exclusive charge on the property charged to secure the following credit
facilities viz term Loan: 9.500 Millions, cash Credit : 57.500 Millions
(against Book-Debts :19.500 Millions and Against EPC/ FBP/ FBD : 30.000
Millions and Against packing credit : 30.000 Millions ands Against FBP/ FBD:
30.000 Millions, ILC/FLC (DA and DP) : 20.000 Millions and Letter of
guarantee : 2.700 Million Others Facilities will further
be secured collaterally by personal guarantee of all the directors of the
company and Equitable mortgage of the factory building and residential
bungalows. |
|
Short particulars
of the property charged |
The whole of the
Borrowers Stock of Raw Materials, semi finished goods and finished good both
present and future whatever and whosesoever situate. All the present
and future book-debts, outstanding, monies receivables, claims, bills,
contracts, engagements and securities. All the tangible
movable machinery and plant of the borrower together with spares, tools and
accessories and other movable, both present and future and the furniture,
fixtures and fittings and office equipments whosesoever situate. |
|
Date of latest
modification prior to the present modification |
15.10.2005 |
|
Particulars of
the present modification |
Credit Facilities
has been enhanced by Rs. 32.000 Millions ( CC Limit enhanced form Rs. 35.000
Millions to rs. 57.500 Millions by 22.500 Millions + Fresh Term Loan of Rs.
9.500 Millions) With in the overall Total Aggregate Maximum Limit of Rs.
114.700 Millions. |
]
AS PER WEBSITE
Profile
They are one stop shop for engineering solutions engaged in offering their
value added service such as Laser Cutting Services, Water Jet Cutting Services,
CNC Punching Services, CNC Oxy Fuel Cutting Services, CNC Bending Services and
Fabrication Services. Alpha Nippon's business concept is to develop products
through their range of quality services for various industrial companies on the
global scale.
Alpha Nippon has been promoted in year 1992 with tiny capital and small
infrastructure , over period of one and half decade with able managerial skill
company has expanded its wings and acquired more than 15,000 square meter area
having nearly 5,000 square meter built up state-of-art infrastructural setup
which has been backed up by most modern and advanced philosophy of engineering
The company has continuously developed this business idea and
contributing its production to national and international companies is sector
life Textile Machinery Manufactures, Food Processing Machinery Manufactures,
Electronics and other engineering Industries.
For meeting their production related requirements, they have Optimal solution
in core areas like Laser Cutting, Water Jet Cutting, Sheet Metal Fabrications,
Heavy Matal Fabrications and System Assemblies using advance technology. The
cost, quality and delivery is being balanced to generate value addition which
converts relationship in future partnership.
The Mission
To be one of the premier provider of one stop solution for development
of prototype to mass production for all manufacturing sectors with
international Standards and quality that would enable the customers to improve
their global competitiveness.
\
To earmark the products and services through various quality control stages
using value based technology and thereby optimizing the customer satisfaction.
Vision
The vision is to embrace a new paradigm of technological advancement that
enable us:
To identify potential customers and their requirements and provide premium
customer services across the world.
Engineering Services:
The wide range of engineering services offered by us are:
Laser Cutting: The superior range of laser cutting services come in
different power and dimension options.
Water Jet Cutting: The precision engineered water jet cutting machinery
equipment offers clients complete accuracy in the dimensional and operation job
work.
CNC Oxy Fuel Cutting: Using superior oxi fuel cutting technology, the
machinery efficiently does the cutting work on different types of jobs.
CNC Punching:It is effectively used in the punching of steel products of
varied sizes.
CNC Bending Machine: Superior range of machinery for all type of bending
operations.
Fabrication Services: The engineers and team of technicians have the expertise
to offer clients highly customized fabrication services.
Customized Services
The company has the services of professional and dedicated team of
engineers, technicians and RandD personnel’s who have the experience, expertise
and command over the services as per the requirements of the clients. They can
provide customization in terms of capacity, power (watts), working area of
machinery, etc.
Surface Treatment
The surface plating equipment enables us to do electro-plating in all
colors for the clients.
Some of the other machinery used in fabrication processes are:
Hydraulic Shearing Machine: 2 nos- MIG Welding
Robots : 2 nos.
- MIG Welding
Machine - 250 amp. to 400 amp.: 10 nos.
- Argon Welding
Machine : 2 sets
- Work Bench
For Assembly : 3 nos.
Clientèle
The superior range of services offered by us and the effective use of
innovative technology have enabled us to meet the prevalent demand of the
industry. It has also assisted us in successfully catering to the specific work
related machinery requirements of both the national and international clients.
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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
|
|
--AFFILIATION |
YES/NO |
|
|
--LISTED |
YES/NO |
|
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|