MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HORIZONS LAM KRAFT PRIVATE LIMITED |
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Registered Office : |
603, Silicon Tower, B/H. Samratheshwar Mahadev, Mandir, Off: C G Road,
Law Garde, Ellisbridge, Ahmedabad – 380 006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.11.1999 |
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Com. Reg. No.: |
04-36896 |
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CIN No.: [Company
Identification No.] |
U20103GJ1999PTC036896 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH00252A |
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PAN No.: [Permanent
Account No.] |
AAACH8020L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Decorative Laminates. |
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 83000 |
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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. |
INFORMATION PARTED
BY
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Name : |
Mr. Shankar P Sengundar |
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Designation : |
Accountant |
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Contact No.: |
91-9879784684 |
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Date : |
11.08.2008 |
LOCATIONS
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Registered Office : |
603, Silicon Tower, B/H. Samratheshwar Mahadev, Mandir, Off: C G Road,
Law Garde, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Tel. No.: |
91-79-30072552 / 30072551 / 53 |
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Mobile No.: |
91-9328257955 / 9879784684 |
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Fax No.: |
91-79-30072554 |
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E-Mail : |
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Website : |
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Area : |
2160 Sq. ft. |
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Location : |
Rented |
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Factory : |
246-247, Kanera Sarsa Road, Near Bareja, Opp. IOC Depot, Village –
Kanera – 387540, Dist: Kheda, Gujarat, India |
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Tel. No.: |
91-2694-288710 |
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Fax No.: |
91-2694-288711 |
DIRECTORS
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Name : |
Mr. Chandubhai P Patel |
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Designation : |
Director |
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Address : |
24A, Mangal Park Society, Bhulabhai Park, Ahmedabad – 380 022,
Gujarat, India |
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Date of Birth/Age : |
23.04.1960 |
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Qualification : |
B.Com |
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Date of Appointment : |
17.11.1999 |
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Name : |
Mr. Hemant L Patel |
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Designation : |
Director |
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Address : |
44, Navyug Colony, Bhulabhai Park, Ahmedabad – 380 022, Gujarat, India |
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Date of Birth/Age : |
21.12.1967 |
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Date of Appointment : |
17.11.1999 |
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Date of Ceasing : |
30.03.2003 |
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Name : |
Mr. Nitin K Patel |
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Designation : |
Director |
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Date of Birth/Age : |
42 Years |
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Qualification : |
B.Com |
KEY EXECUTIVES
|
Name : |
Kamlesh. M. Shah and Company |
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Designation : |
Company Secretary |
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Address : |
801A, Mahalay Complex, Opp: Hotel President,
Behind Fairdeal House, Swastik Char Rasta, Off: C.G.Road, Navrangpura,
Ahmedabad: 380 009, India |
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Tel. No.: |
91-079-26403245 |
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Fax No. : |
91-98250 97709. |
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E Mail |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
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Chandubhai P Patel |
125000 |
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Hemant L Patel |
147490 |
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Arun K Patel |
10100 |
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Bharatkumar C Patel |
200 |
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Bhavnaben N Patel |
15100 |
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Dineshbhai K Patel |
200 |
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Gangaben L Patel |
100 |
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Gitaben A Patel |
10100 |
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Kanjibhai T Patel |
18200 |
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Larsandas M Patel |
20000 |
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Laljibhai M Patel |
14000 |
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Mavjibhai V Patel HUF |
10000 |
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Rajesh V Patel |
30000 |
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Shaily Construction Private Limited |
30000 |
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Kokilaben B Jain |
30000 |
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Padmaben R Shah |
30000 |
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Trilokchand H Jain HUF |
20000 |
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Babubhai K Patel |
18210 |
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Dineshbhai K Patel |
18000 |
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Ishwarlal A Patel |
18000 |
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Kotindo Plywood Private Limited |
30000 |
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Tinoo Traders Private Limited |
25000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
27.38 |
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Directors or relatives of Director |
43.14 |
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Other top fifty (50) shareholders |
29.48 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Decorative Laminates. |
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Products : |
·
Decorative ·
Marker ·
Backer ·
Compact / Industrial ·
Metal Foil ·
Autumn |
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Exports : |
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Countries : |
Gulf Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Germany ·
Italy ·
Malaysia |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
L/c and Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Trader |
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No. of Employees : |
156 (In Office 6 and In Factory 150) |
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Bankers : |
·
The Karur Vysya Bank Limited Ashram Road, Navrangpura, Ahmedabad – 380
009, Gujarat, India ·
Indian Bank Main Branch, Mission Street, Bhadra, Ahmedabad - 380 380, Gujarat,
India. |
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Facilities : |
CC Rs.15.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
Khandhar and Parikh Chartered Accountants Address : 58, 5th
Floor, White House, Panchvati Circle, Ellisbridge, Ahmedabad – 380 006,
Gujarat, India ·
Dewang Doctor Chartered Accountants Address : 58, White House,
Panchvati Circle, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Sister
Concerns : |
Names |
Telephone Numbers |
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Shree Bharat Saw Mill,
Ahmedabad |
91-79-532 0675 / 535 3053 |
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Shree Bharat Timber
Suppliers, Ahmedabad |
91-79-532 0675 / 535 3053 |
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Sharpex Engineering
Works, Ahmedabad |
91-79-532 0675 / 535 3053 |
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Sharpwell Engineering
Works, Ahmedabad |
91-79-532 0675 / 535 3053 |
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Sharp Sales &
Services, Ahmedabad |
91-79-532 0675 / 535 3053 |
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Super Sawchain
Industries, Ahmedabad |
91-79-532 0675 / 535 3053 |
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Sharpex Electricals,
Ahmedabad |
91-79-532 0675 / 535 3053 |
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Premier Ply Private
Limited, Ahmedabad |
91-79-532 0675 / 535 3053 |
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91-79-532 0551 / 539 9555 |
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Unique Veneers Private
Limited, Ahmedabad |
91-79-532 0675 / 535 3053 |
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91-79-532 0551 / 539 9555 |
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Shri Sharda Sales
Corporation, Ahmedabad |
91-79-532 0551 / 539 9555 |
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Shri Sharda Timber Mart, Ahmedabad |
91-79-532 0551 / 539 9555 |
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Jyoti Wooden Industries,
Ahmedabad |
91-79-532 0551 / 539 9555 |
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Ronak Buildboard, Surat |
91-79-211 0095 |
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Ronak Plylam, Surat |
91-79-211 0095 |
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Ronak Plywood |
91-79-211 0095 |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
749000 |
Equity Shares |
Rs.10/- each |
Rs.7.490
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
7.490 |
7.490 |
7.490 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.175 |
6.956 |
1.379 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.665 |
14.446 |
8.869 |
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LOAN FUNDS |
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1] Secured Loans |
15.647 |
15.963 |
14.246 |
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2] Unsecured Loans |
8.087 |
7.715 |
7.042 |
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TOTAL BORROWING |
23.734 |
23.678 |
21.288 |
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DEFERRED TAX LIABILITIES |
3.575 |
3.372 |
2.818 |
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TOTAL |
43.974 |
41.496 |
32.975 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.009 |
23.318 |
18.255 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
39.351
|
10.889 |
5.105 |
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Sundry Debtors |
53.720
|
53.765 |
31.154 |
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Cash & Bank Balances |
0.241
|
0.257 |
0.081 |
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Other Current Assets |
0.629
|
0.428 |
0.401 |
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Loans & Advances |
6.077
|
2.658 |
2.250 |
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Total
Current Assets |
100.018
|
67.997 |
38.991 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
74.915
|
47.725 |
22.852 |
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Provisions |
4.164
|
2.123 |
1.452 |
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Total
Current Liabilities |
79.079
|
49.848 |
24.304 |
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Net Current Assets |
20.939
|
18.149 |
14.687 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.019 |
0.023 |
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TOTAL |
43.974 |
41.496 |
32.975 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
169.380 |
123.208 |
73.797 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
169.380 |
123.208 |
73.797 |
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Profit/(Loss) Before Tax |
3.299 |
6.594 |
3.373 |
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Provision for Taxation |
1.080 |
1.017 |
0.653 |
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Profit/(Loss) After Tax |
2.219 |
5.577 |
2.720 |
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Expenditures : |
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Financial Charges |
2.192 |
2.070 |
2.113 |
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Depreciation & Amortization |
2.177 |
1.903 |
1.497 |
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Other Expenditure |
161.712 |
112.641 |
66.814 |
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Total Expenditure |
166.081 |
116.614 |
70.424 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.31
|
4.53 |
3.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.95
|
5.35 |
4.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.68
|
7.22 |
5.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.46 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.17
|
5.09 |
5.14 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.36 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 202, Jalaram Complex, Near Gita Mandir, Ahmedabad - 380
022, Gujarat, India to the present address with the effect from 01.10.2006.
Trade References
·
Bandari Laminates – Hyderabad
·
Signature Laminates - Bangalore
Form No. 8
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Name of the company |
HORIZONS LAM KRAFT PRIVATE LIMITED |
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Presented By |
Mr. Hemant L
Patel, Director of the Company |
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1) Date and description of instrument creating the change |
Agreement for
Credit Facilities dated 6th June, 2005 executed at Ahemdabad by
M/S Horizonz Lamkraft Private Limited and the Karur Vysya Bank Limited and
collateral securities by extention of mortgage dated 06.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.600 millions Term Loan
(Machinery) Rs.3.600 millions |
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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 whole of the
Borrower’s present and future stocks of raw materials, goods in process,
finished goods, consumable stores, spares, plant and machineries, furniture,
fixtures, office equipment all valued at Rs.23.177 millions as per borrower’s
Balance Sheet dated 31.03.2004 and also various machineries proposed to be
purchased now along with similar current assets which may be acquired
hereafter from time to time during the continuance of this security and which
are or may be in to, stored, or be in or upon or about the borrower’s
factory, godown and/or other premises at Block Nos. 246-247, Kanera Sarsa
Road, Village, Kanera, Taluka and Dis: Kheda, Gujarat. All present and
future Book debts outstanding, monies, receivables, claims, bills, rights to
or movable assets belonging now or in future to the Borrower at present and
in the course of its Business. Immovable
properties belonging to the Company located at Block Nos. 246, 247, 248, 249
/1 at village: Kanera, Taluka and Dist: Kheda, Gujarat valued at Rs.15.678
millions (As per V R dated 20.12.2004) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan (Mach)
: Rs.3.600 millions Period of
Repayment : 4 Years Rate of Interest
: 12% p.a. Margin : 25% Machineries
proposed to be purchased are
Hypothecation of
all present and future fixed immovable and movable assets of the borrower
described hereinabove by way of first charge to the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
The Karur Vysya Bank Limited Ashram Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U20103GJ1999PTC036896 |
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Name of the
company |
HORIZONS LAM KRAFT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
603, Silicon Tower, B/H. Samratheshwar Mahadev, Mandir, Off: C G Road,
Law Garde, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Any interest
in immovable property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of charge
holder |
The Karur Vysya Bank Limited Ashram Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
|
Nature of
instrument creating charge |
1.
Agreement
for credit facilities dated 13.03.2008 2.
Term Loan
Agreement land and building dated 13.03.2008 3.
Confirmation
of deposit of title deeds dated 13.03.2008 |
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Date of
instrument Creating the charge |
13.03.2008 |
|
Amount secured by
the charge |
Rs.38.300
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 1.
On OCC and
term loans BPLR less 0.25% with minimum of 13.75% p.a. with monthly rests. 2.
On PCL/FBN
BPLR less 5% with a minimum of 9% p.a. 3.
On FLC as
per circulars with 15% margin 4.
Interest
during the holiday period on term loans to be serviced by the company as and
when it is due. ·
Terms of
repayment 1.
OCC,
PCL/FBN/FLC repayable on demand with option of renewal due on 31.10.2008 2.
Term Loan
repayable in 48 monthly installmements after three months initial holiday
period. ·
Margin 1.
On OCC 30% 2.
On PCL 25% 3.
ON FBN – NIL 4.
On FLC – 15% 5.
On Term Loan
(Fresh) 50% 6.
On Term Loan
HPMA (Fresh) 25% ·
Extent and
operation of the charge 1st charge on entire movable and immovable assets of the
company of the Karur Vysya Bank Limited including all stocks, book debts, Plant
and Machineries including machineries to be purchased valued Rs.2.750
millions, including the land, building, sheds situated and located on land
bearing Block Nos. 246, 247, 248 and 249/1, situate at in village Kanera,
Taluka and Dist: Kheda, Gujarat. ·
Others Repayment / Pre-Closure on Term Loan @ 2% with applicable service tax
will be collected. Additional equitable mortgage charge in favor of Bank to
cover enhanced/ fresh limits. |
|
Particulars of
the property charged |
Hypothecation of
all stocks, Raw Materials, Work in Process, Finished Goods, Stores, Spares,
Dies, Moulds, Electrical fittings and other movable fixed assets of the
company, and entire receivables of the company. All plant and machineries
including the machineries to be purchased under new term loan agreement, all
land buildings, sheds situated and located on Block Nos. 245, 247, 248 and
249/1, situated at Village: Kanera, Taluka and Dist: Kheda, Gujarat. |
|
Particulars of
the present modification |
1.
FLC Limit enhanced
from present Rs.5.000 millions to Rs.20.000 millions. 2.
Fresh Term
Loan building of Rs.1.250 millions. 3.
Fresh Term
Loan Machineries of Rs.2.050 millions. Total charge
amount now stands increased to cover total facilities of Rs.38.300 millions as
follows OCC limit of
Rs.15.000 millions (PCL/FBN sub-limit of Rs.4.000 millions under OCC) FLC limit of
Rs.20.000 millions TLRE Rs.1.250
millions HPMA Rs.2.050
millions Total Rs.38.300
millions |
Web Details
Subject is manufacturer of Decorative and
Industrial Laminates in India. It has the most modern plant and machinery from
wellknown manufacturers. The design papers are sourced from leading Japanese
and European printers. The stainless steel plates used by the company are
imported from well-known German and Italian manufacturers.
The company is backed by a team of
well-experienced personnel in the field of Production, R and D, QC and
Marketing. This team is supported by the dedicated work force.
They have an installed capacity to
manufacture over 1,00,000 sheets per month.
At Subject, they are known for the
adherence to schedules.
Products
Signature,
the 1.0mm flagship brand, commands a substantial share of the domestic market .
Apart from this, they export around 40% of the production to countries across
the globe.
The Signature range offers an amazing
collection of plain colours, exclusive wood effects, a variety of fancies and
abstracts and metals. These are available in Glossy, Matt and Suede finishes.
They have recently added an exclusive range of over 25 varieties of Texture
Finishes. No wonder that the products have found its way to almost all
imaginable applications Interiors and have become the ultimate choise of
leading Interior Designers in the Country.
The company offers a wide range of
thickness viz. 0.6mm, 0.8mm, 1.0mm, 1.5mm and higher thickness. They also offer
Market Boards, Chalk Boards, Core Laminates and Electical Grade Industrial
Laminates (P1 to P4 grades), post Forming Laminates and prelaminated Partical/
Mdf Board.
The size of the Laminates is 2.44 x 1.22M.
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.42.40 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.62.96 |
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 |
YES |
|
--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 |
|