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MIRA
INFORM REPORT
|
Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED |
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Registered Office : |
93-A, Industrial Suburb, Yeshwanthpur, Bangalore – 560 022, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.11.1978 |
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Com. Reg. No.: |
08-3407 |
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CIN No.: [Company
Identification No.] |
U85110KA1978PTC003407 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Electronic Solid State Relays |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 120000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office / Factory |
P.B. No. 2254, 93-A, Industrial Suburb, Yeshwanthpur, Bangalore – 560
022, Karnataka, India |
|
Tel. No.: |
91-80-23371434/23375929 / 23371753, 22354189 / 22354190 |
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Fax No.: |
91-80-23470048 / 22357760 |
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E-Mail : |
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Website : |
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Corporate Office : |
P B No.124, No.64, Palace Road, Vasanth Nagar, Bangalore – 560 052,
Karnataka, India |
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Tel. No.: |
91-80-22354189/90/41283173/23371753/22354190 |
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Fax No.: |
91-80-22357760/23470048/23571750 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. G B Umesh |
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Designation : |
Managing Director |
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Address : |
No.104, Block A, II Floor, Embassy Palace, Cunningham Road, Bangalore –
560 001, Karnataka, India |
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Date of Birth/Age : |
11.06.1954 |
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Date of Appointment : |
16.11.1978 |
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Name : |
Mr. G S Eswar |
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Designation : |
Director |
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Address : |
No. 204, Block A, I Foor, Embassy Palace, Cunningham Road, Bangalore –
560 001, Karnataka, India |
|
Date of Birth/Age : |
24.10.1938 |
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Date of Appointment : |
16.11.1978 |
KEY EXECUTIVES
|
Name : |
Mr. Madhav R Badsheshi |
|
Designation : |
Senior Manager - Marketing |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
G S Bimaji |
700 |
|
G S Eswar |
14854 |
|
G B Umesh |
23217 |
|
Pushpa Murthy |
920 |
|
Reshma Umesh |
5595 |
|
Malini Bimaji |
853 |
|
Usha Eswar |
853 |
|
Radha Kumar |
120 |
|
Girija S Rao |
100 |
|
Kumar E Hanjam |
412 |
|
Others |
24 |
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|
|
|
Total |
47648 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Electronic Solid State Relays |
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|
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Products : |
·
Level Indicators/Controllers ·
Liquid Relays ·
3-Phase ·
Coils ·
General Purpose ·
Relays ·
Solidstate ·
Power ·
Modules ·
Input/Output Relay ·
Ignitions ·
Capacitor Discharge ·
Relays ·
Time-Dela |
GENERAL
INFORMATION
|
Bankers : |
·
State Bank of Mysore Industrial Finance Branch, M G Road,
Bangalore – 560 001, Karnataka, India ·
State Bank of India ·
ICICI Bank Limited |
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|
|
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Manian and Rao Chartered Accountants |
|
Address : |
# 361, 1st Floor, 7th Cross, 1st
Block, Jayanagar, Bangalore – 560 011, Karnataka, India |
|
Tel. No.: |
91-80-26569500 |
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Fax No.: |
91-80-26569502 |
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|
|
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Associates/Subsidiaries : |
·
Ganjam Exports ·
Ganjam Nagappa and Son Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47648 |
Equity Shares |
Rs.100/- each |
Rs.4.765
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.765 |
4.765 |
4.765 |
|
|
2] Share Application Money |
5.250 |
5.000 |
4.900 |
|
|
3] Reserves & Surplus |
13.780 |
13.374 |
11.588 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.795 |
23.139 |
21.253 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.808 |
15.597 |
14.259 |
|
|
2] Unsecured Loans |
3.600 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
41.408 |
15.597 |
14.259 |
|
|
DEFERRED TAX LIABILITIES |
0.179 |
0.245 |
0.338 |
|
|
|
|
|
|
|
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TOTAL |
65.382 |
38.981 |
35.850 |
|
|
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|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
17.578 |
13.976 |
13.010 |
|
|
Capital work-in-progress |
10.180 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.105 |
3.105 |
3.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
22.115
|
15.467 |
16.244 |
|
|
Sundry Debtors |
26.397
|
16.658 |
12.238 |
|
|
Cash & Bank Balances |
4.239
|
2.159 |
1.389 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.279
|
5.978 |
5.167 |
|
Total
Current Assets |
65.030
|
40.262 |
35.038 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
29.436
|
16.707 |
14.159 |
|
|
Provisions |
1.075
|
1.655 |
1.139 |
|
Total
Current Liabilities |
30.511
|
18.362 |
15.298 |
|
|
Net Current Assets |
34.519
|
21.900 |
19.740 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
65.382 |
38.981 |
35.850 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
93.943 |
90.757 |
76.318 |
|
|
Other Income |
4.508 |
1.569 |
2.148 |
|
|
Total Income |
98.451 |
92.326 |
78.466 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.946 |
2.746 |
2.499 |
|
|
Provision for Taxation |
0.539 |
0.960 |
1.154 |
|
|
Profit/(Loss) After Tax |
0.407 |
1.786 |
1.345 |
|
|
|
|
|
|
|
|
FOB Value |
44.293 |
0.000 |
0.000 |
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|
|
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|
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Imports : |
|
|
|
|
|
|
Raw Materials |
30.756 |
28.146 |
25.099 |
|
|
Capital Goods |
9.777 |
0.000 |
0.000 |
|
Total Imports |
40.533 |
28.146 |
25.099 |
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|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
4.643 |
3.168 |
2.224 |
|
|
Depreciation & Amortization |
1.096 |
0.782 |
1.532 |
|
|
Other Expenditure |
87.258 |
85.630 |
72.211 |
|
Total Expenditure |
92.997 |
89.580 |
75.967 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.41
|
1.93 |
1.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.01
|
3.03 |
3.28 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.15
|
5.06 |
5.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.02
|
1.47 |
1.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
2.19 |
2.29 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED |
|
Presented By |
State Bank of Mysore, Yeswanthapur, Bg - 22 |
|
1) Date and description of instrument creating the change |
25.02.1993 1.
Agreement
for Cash Credit Hypothecation of Goods. 2.
Pledge
letter Machineries (Both documents
relate to single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
the whole of the borrowers stocks of Raw Materials, Work-in-process and Finished
Goods stored in godowns/Factory premises at No. 45/29, 11th Cross,
6th Block, Gubbanna Industrial Estate, Rajaji Nagar, Bg-10,
Collataral Security of plant and machineries. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
Interest @
17.50% ·
Margin 25% ·
Repayable on
demand |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Mysore Yeswanthapur Branch, Bangalore – 560 022, Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
|
Corporate
identity number of the company |
U85110KA1978PTC003407 |
|
Name of the
company |
ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
93-A, Industrial Suburb, Yeshwanthpur, Bangalore – 560 022, Karnataka,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
State Bank of Mysore Industrial Finance Branch, M G Road, Bangalore – 560 001, Karnataka,
India |
|
Nature of
instrument creating charge |
·
Agreement of
Hypothecation of Goods and Assets ·
Agreement
for Cash Credit Hypothecation of Debts and Assets ·
Letter of Hypothecation
all the above pertain to the same charge |
|
Date of
instrument Creating the charge |
29.06.2007 |
|
Amount secured by
the charge |
Rs.60.300
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Rate: CC-AT 0.25%Over SBMPLR i.e. 13.50% p.a. payable with monthly
rests. Penal int for non compliance of terms of sanction: Max 2% per ammum
over the normal rate. ·
Terms of
repayment Working Capital facility repayable on demand ·
Margin Raw Materials – Semi finished goods/finished goods – 15% Receivables (cover days) – 25% LC-10% BG- 25% ·
Extent and
operation of the charge Exclusive first charge on the assets of the company and to the full
extent. ·
Others Cash Credit (Hypothecation) Rs.20.000 millions FUBD/FDBP – Rs.7.500 millions Letter of Credit – Rs.12.800 millions Bank Guarantee – Rs.5.000 millions Term Loan Existing Rs.15.000 millions Total Limit – Rs.60.300 millions |
|
Particulars of
the property charged |
Hypothecation of present
and future all of the borrower’s stocks of raw materials; semifinished and
finished goods; stores, spares, tools, accessories, components, book debts,
bills, claims, receivables,
outstandings, plant and machineries, other movable assets etc wherever
situate, held or stored or in transit or in the custody of any third party.
(Charge on immovable property continues as earlier) |
|
Particulars of
the present modification |
The amount
secured by the charge stands at the same level of Rs.60.300 millions within
the working capital facility of Rs.45.300 millions certain internal changes
made security of current assets movable fixed assets other movables already
obtained and detailed in Col No 14 herein above continues to be available for
the reduced limit also all other terms and conditions remain unchanged. |
Web Details
While technology surges forward to the future, there's one company that
steadily keeps in touch with the times. The company has been pursuing its fascination
with the future since the year 1979, the year that Subject started
manufacturing Solid State Relays.
Subject began its endeavor by exporting a
major part of its production to the United States Subsequently; it expanded
activities and began catering to the huge demand in the domestic market too.
The customer list today remains highly satisfied and hugely appreciative of
company’s preoccupation with quality and strict professionalism.
Today, Subject continues to work on its growth chart adding new Products to its
range.
Future..
Today subject is an organization to reckon with in the field of SSRs. Its
products are well recognised in World Markets like USA, Europe, and the Far
East.The growth has been steady for ERI since 1979. Its long experience and
expertise in switching has been utilised by leading Indian Manufacturers to
develop Oil Warning, Ignition systems to exacting standards of Honda
Engineering and supplying them in large volumes since the two years.
Progress is part of the Subject processes. Additional equipment is constantly
being added, the infrastructure constantly updated to keep up with the growing
demand for its products. New products are constantly being developed to suit
the requirements of the domestic and export markets.
Infrastructure
Supporting and facilitating the export standard products are company's
well-equipped manufacturing facilities to handle discreet device assembly and
Surface Mount Devices (SMD). Located in one of the most happening Silicon
Valley of India, Bangalore, Subject manufactures its well-received products
within the confines of the rigorous guidelines that it has set for itself.
At present, the state-of-art facility can manufacture 500000 Relays per
shift on dedicated product lines, establishing strict adherence to customer
specific requirements.
In house Design and Development team to understand customer specific
requirements, designing products meeting international standards with very low
design cycle time. Known to be innovators in SSR's, making them very
inexpensive.
Arrangements with prestigious national and international test houses for any
special testing that act as an extended subject test facility.
People
The people at subject. The ones that made subject pioneer in the field
of Electronic Relays. Those that made it the leader in the SSR segment of the
National Industry with continuing Design and Development Programmes for the
past 25 years.
The people at subject are a team of well-qualified and committed group
that has enabled it to reach a high level in technology and customer
satisfaction. Their expertise is nurtured with regular training sessions.
Teamwork is encouraged at all levels complimented with regular campaigns for
the importance of environment friendly practices. subject prides itself for
being an equal opportunity employer, where every person is given equal
opportunities to grow and develop.
Quality
Right since its inception in 1979, subject has set standards for its
products that were mainly exported. While significant inroads were made into
the domestic market, one thing that set subject apart was its excellent
quality. subject's Solid State Relays undergo 100% testing that have raised
photo-isolated power switching to a state of unconditional reliability that
meets the requirements of Automations thoroughly.
The quality is maintained with strict attention to every small detail:
from raw material procurement, manufacturing processes to the final product
dispatch. A meticulously planned and strictly followed Quality Assurance
Programme helps in establishing subject's quality criteria that accommodates
product design, manufacturing, online testing and statistical monitoring.
Every subject SSRs and I/O Modules have components used from the world's
most reputed manufacturers. Each is subjected to stringent testing and quality
control at every stage of manufacturing process. Subject is an ISO 9001:2000
company.
Special quality testing is conducted in standardized laboratories globally,
such as ETDC, CMTI, etc. In fact, some of subject's relays are qualified by cUL
and UL (Underwriters Lab. USA) and conforms to CSA-VDE standards.
Quality Policy
Subject is Committed To provide increasing value to our customers
through strong customer focus and continuous improvement in quality, cost and
delivery of our products and services
Quality Objectives
·
Designing products to meet customer requirements and conforming to
national / internationsl standards
·
Adopting work practices conforming to iso 9001:2000 quality system
standards
·
Adhering to product and process specifications during all stages of
production
Products
While technology
surges forwards to the future, there's one company that steadily keeps in touch
with the times. The company has been pursuing its fascination with the future
since the year 1979. The year that subject started manufacturing Solid State
Relays.
Subject began its endeavor by exporting a major part of its production
to United States. Subsequently, it expanded activities and began catering to
the huge demand in the domestic market too. The customer list today remains
highly satisfied and hugely appreciative of subject’s preoccupation with
quality and strict professionalism.
Today, Subject continues to work on its growth chart adding new Products to it
range.
News and Events
|
Exhibition Name |
Date |
Venue |
|
Electrical expo-2007 |
27-29, July 2007 |
People's plaza, necklace road, hyderabad. |
|
India electricity-2007 |
20-22, Sept 2007 |
Pragati maidan, new delhi |
|
Electronic asia 2007 |
13-16,Oct 2007 |
Convention & exhibition center, hong
kong |
|
Seoul international fair-2007 |
10-13, Oct 2007 |
Korea international exhibition centre,
korea. |
|
Pharma expo 2007 |
1-3,Nov 2007 |
Mmrda grounds, bandra-kurla, complex
bandra (e), mumbai. |
|
Elecrama-2008 |
18-22 Jan 2008 |
Nse complex, goregoan, mumbai |
|
Automation-2008 |
25-28, Sept 2008 |
Nse complex, goregoan, mumbai |
List of Machinery
|
Item Description |
Suppler Name and
Pace |
|
Abhaya Power Systems Bangalore |
|
Variable Voltage Autotransformer with first fill oil amphph,
I/P 400 V, O/P 0-750 V |
Main Tech Banagalore |
|
Lead Free Soldering, Make GOOT |
Advance Tech Services Bangalore |
|
Deep Freezer |
Frig Crafts Private Limited Bangalore |
|
Computer PIV 15” Monitor and HP Deskjet 3940 |
Suntech Computers Bangalore |
|
a. KVA UPS with batterries b. Hard disk server c. 17” colour monitor d. 15” colour monitor e. Ink jet printer f.
Laserjet 3020 g. Wireless networking for 10nodes h. Windows XP professional |
Suntech Computers Bangalore |
|
Furniture |
Garnier Seatings Bangalore |
|
Production Tools |
Tool Comp System |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|