MIRA
INFORM REPORT
|
Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NEEL METAL
PRODUCTS LIMITED |
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Registered Office : |
601, Hemkunt
Chambers, 89, Nehru Place, New Delhi 110019 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.04.1997 |
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Com. Reg. No.: |
55-86432 |
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CIN No.: [Company
Identification No.] |
U74899DL1997PTC086432 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKN00867G |
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Legal Form : |
A closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer of
sheet metal components, assemblies, sub assemblies and blanks. |
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 2480000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are reported
as experienced, respectable and having satisfactory means of their own. Their
trade relations are fair. Payments are usually correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and conditions |
LOCATIONS
|
Registered Office : |
601, Hemkunt
Chambers, 89, Nehru Place, New Delhi 110019, India |
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Tel. No.: |
91-11-29522570 |
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Fax No.: |
91-11-29521512 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Mohammadpur,
Jharsa, Sector 36, Near Khandsa Village, Gurgaon- 122001, Haryana, India |
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Tel. No.: |
91-124-5032011/13 |
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Fax No.: |
91-124-2370987 |
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Factory 2 : |
Plot No. 268,
Secuter – 24, Faridabad – 121005, India |
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Tel. No.: |
91-129-5067013 |
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Location : |
Owned |
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Alliance Office:
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Thai Summit Neel Auto Private Limited, Behrampur Industrial Area, Begampur Khatola Road, Khandsa Village, Gurgaon-122001, Haryana, India |
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Tel. No.: |
91-124-4199500-507 |
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Fax No.: |
91-124-4199548-49 |
DIRECTORS
|
Name : |
Mr. Surendra
Kumar Arya |
|
Designation : |
Director |
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Address : |
W – 101, Greater
Kailash, Part – II, New Delhi – 110048, India |
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Date of Birth/Age : |
10.11.1957 |
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Date of Appointment : |
01.05.2002 |
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E-mail : |
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Name : |
Mr. Prashesh Arya |
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Designation : |
Director |
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Address : |
B – 98, Arya
Sadan, South City, Phase – II, Gurgaon, Haryana, India |
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Date of Birth/Age : |
05.03.1961 |
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Date of Appointment : |
04.04.1997 |
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E-mail : |
parya@jbm.co.in |
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Name : |
Mr. Hans Raj
Saini |
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Designation : |
Director |
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Address : |
Kothi No. 160,
Sector 14, Faridabad – 121005, Haryana, India |
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Date of Birth/Age : |
01.03.1938 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Vivek Gupta |
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Designation : |
Director |
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Address : |
House No. 599 /A,
Patel Nagar, Gurgaon, Haryana, India |
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Date of Birth/Age : |
15.06.1969 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Nishhant Arya |
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Designation : |
Director |
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Address : |
W – 101, Greater Kailash,
Part – II, New Delhi – 110048, India |
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Date of Birth/Age : |
01.11.1986 |
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Date of Appointment : |
04.06.2005 |
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E-mail : |
KEY EXECUTIVES
|
Name : |
Mr. Vivek Gupta |
|
Designation : |
Company Secretary |
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Address : |
House No. 599/A,
Patel Nagar, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
15.06.1969 |
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Date of Appointment : |
01.04.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Nishthakar
Arya |
|
100 |
|
Mr. Prasahesh
Arya |
|
100 |
|
SMC Credits
Limited |
|
143000 |
|
A to Z Securities
Limited |
|
75000 |
|
Shuklambar
Exports Limited |
|
250000 |
|
Valour
Construction Limited |
|
440000 |
|
Focal Leasing
& Credits Limited |
|
60000 |
|
Mr. Surendra
Kumar Arya |
|
3000 |
|
ANS Holding
Private Limited |
|
4000 |
|
JFE Steel
Corporation |
|
100000 |
|
Metal One
Corporation |
|
50000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
sheet metal components, assemblies, sub assemblies and blanks. |
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Products : |
v
Steel Blanks v
Rims v
Mufflers v
Welding v
Fixtures v
Tubes v Sheet Metal Components |
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Exports : |
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Countries : |
Japan |
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Imports : |
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Countries : |
Japan, Korea |
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Terms : |
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Purchasing : |
Credit |
GENERAL
INFORMATION
|
Suppliers : |
·
Allied Ferro
Industries ·
Leo
Fasteners ·
Indus Forms
Private Limited |
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Customers : |
OEM’s · Yamaha · Swaraj Mazda · Subros · Bajaj · Mazda · Toyota · Eicher · Onida · Volvo · GM · Honda · Hindustan Motors · Mahindra · Tata · Renault · Honda · IFB · Tafe – The Heart Beat of rural India · Excort · Samsung · Ford · John Deere · Ashok Leyland · HMT |
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No. of Employees : |
About 750 |
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Bankers : |
v Canara Bank, Parliament Street, New Delhi
– 110001 v Syndicate Bank, New Delhi v Standard Chartered Bank, Narain Manzil,
23, Barakhamba Road, New Delhi - 110001 v ICICI Bank Limited, New Delhi v ABN Amro Bank N. V., Hansalaya Building,
15, Barkhamba Road, New Delhi – 110001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sahni Natarajan
and Bahl Chartered
Accountants |
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Address : |
303, Mansarovar,
90 Nehru Place, New Delhi – 110019 |
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Tel. No.: |
91-11-26484835 / 26434959 |
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Fax No.: |
91-11-26485081 |
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E-Mail : |
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Associates/Subsidiaries : |
· Jay Bharat Maruti Limited Neel House, Lado Sari, No. 30, Line of Business : Sheet Metal Components Factory 1 : Sector-36, Mohmmadpur
Jharsa, Near Khandsa Village, Gurgaon
-122001, Haryana, India Tel. No.: 91-124-5032011/13 / 2370612-15 Fax No.: 91-124-2370987 / 2371356 Factory 3 : Plot No. 5, Maruti Joint Venture Complex, Gurgaon 122015, Haryana, India Tel No.: 91-124-2398446-48 Fax No.: 91-124-2341321 Factory 4: Plot no 25, Sector -
5, IMT Manesar, Gurgaon-122050, Haryana, India Tel No.: 91-124-4366205, 4366252-56 Fax No.: 91-124-4366251 · JBM Auto Components Limited Neel House, Lado Sari, No. 30, Line of Business : Sheet Metal Components and Toolroom Facilities |
CAPITAL STRUCTURE
(As
on 31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11252000 |
Equity Shares |
Rs. 10/- each |
Rs. 112.520 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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|
|
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1] Share Capital |
112.500 |
24.752 |
24.752 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
508.300 |
411.888 |
223.508 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.0000 |
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NETWORTH |
620.800 |
436.640 |
248.260 |
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|
LOAN FUNDS |
|
|
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1] Secured Loans |
934.100 |
533.528 |
311.413 |
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2] Unsecured Loans |
80.700 |
119.424 |
97.633 |
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TOTAL BORROWING |
1014.800 |
652.952 |
409.046 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
80.774 |
30.809 |
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|
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TOTAL |
1635.600 |
1170.366 |
688.115 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1151.000 |
743.588 |
524.875 |
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Capital work-in-progress |
245.200 |
351.258 |
46.067 |
|
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|
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INVESTMENT |
120.100 |
0.000 |
0.000 |
|
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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 |
400.500
|
262.595 |
259.910 |
|
|
Sundry Debtors |
491.300
|
276.105 |
159.763 |
|
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Cash & Bank Balances |
9.500
|
10.305 |
31.926 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
125.100
|
98.365 |
65.516 |
|
Total
Current Assets |
1026.400
|
647.370 |
517.115 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
889.000
|
554.315 |
372.607 |
|
|
Provisions |
18.100
|
17.535 |
27.335 |
|
Total
Current Liabilities |
907.100
|
571.850 |
399.942 |
|
|
Net Current Assets |
119.300
|
75.520 |
117.173 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1635.600 |
1170.366 |
688.115 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5063.800 |
3760.000 |
2487.500 |
|
|
Other Income |
23.400 |
6.300 |
1.900 |
|
|
Total Income |
5087.200 |
3766.300 |
2489.400 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
272.900 |
213.500 |
152.000 |
|
|
Provision for Taxation |
90.400 |
68.300 |
58.200 |
|
|
Profit/(Loss) After Tax |
182.500 |
145.200 |
93.800 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Materials |
3385.600 |
2512.600 |
1773.700 |
|
|
Excise Duty |
836.900 |
646.000 |
319.600 |
|
|
Other Manufacturing Expenses |
277.900 |
178.900 |
144.000 |
|
|
Employee Cost |
175.600 |
110.200 |
64.000 |
|
|
Selling and Administration Expenses |
27.300 |
19.000 |
16.000 |
|
|
Miscellaneous Expenses |
00.000 |
00.000 |
00.000 |
|
|
Interest & Financial Charges |
71.900 |
44.100 |
19.300 |
|
|
Depreciation |
67.800 |
44.800 |
27.800 |
|
|
Stock Adjustments |
[28.700] |
[2.800] |
[27.000] |
|
Total Expenditure |
4814.300 |
3552.800 |
2337.400 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.58 |
1.43 |
0.83 |
|
Long Term Debt-Equity Ratio |
1.58 |
1.43 |
0.83 |
|
Current Ratio |
1.07 |
1.04 |
0.96 |
|
Fixed Assets |
4.66 |
4.92 |
4.70 |
|
Inventory |
15.28 |
14.42 |
12.28 |
|
Debtors |
13.20 |
17.25 |
22.31 |
|
Interest Cover Ratio |
4.80 |
5.84 |
8.88 |
|
Operating Profit Margin(%) |
8.15 |
8.04 |
8.00 |
|
Profit Before Interest And Tax Margin(%) |
6.81 |
6.85 |
6.89 |
|
Cash Profit Margin(%) |
4.94 |
5.05 |
4.89 |
|
Adjusted Net Profit Margin(%) |
3.60 |
3.86 |
3.77 |
|
Return On Capital Employed(%) |
25.31 |
28.53 |
34.69 |
|
Return On Net Worth(%) |
35.55 |
40.67 |
36.77 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :-
|
Corporation identity number or foreign company registrations number of
the company |
U74899DL1997PTC086432 |
|
Name of the company |
NEEL METAL
PRODUCTS LIMITED |
|
Address |
Neel House, Lado
Sarai, Opposite Qutab Minar, New Delhi – 110030 |
|
This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
|
Canara Bank, Parliament Street, New Delhi – 110001 |
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Amount Secure by the charge |
Rs. 26.000 millions |
|
Description of the property charge whether it is a charge on |
Plant and machinery, Stock in trade, Book debts and others If others, specify : Goods and Commodities Particulars of the property charged [including location of the
property] Goods and Commodities EMT of land and building & P |
|
Modification charge Charge identification number of the charge to be modified |
90062624 |
|
Brief description of the instrument modifying the charge under section
135 |
Agreement regarding collateral security machinery vehicles and letd. |
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Date of instrument modifying the charge |
06.02.2006 |
|
Particulars of the present modification |
Extent operation of charge ILC / FLC limit of Rs. 140 millions is secured
by EMT of Khasra No. 9/171, 114/2, 15, 16, 17, 24 and 25 Mahmad Pur, Gurgoan
[And all fixed assets of the company |
|
Name of the company |
Neel Metal
Products Limited |
||||||||||||
|
Presented By |
Standard Chartered Bank, New Delhi and Company |
||||||||||||
|
1) Date and description of instrument creating the change |
Agreement of
hypothecation of stocks and book debts dated 08.12.2004 registered on
10.12.204 |
||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 100.000
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 |
All the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise whatsoever, being
movable properties nor or at any time hereafter belonging to the borrower or
at the borrowers disposal and now or at any time and from time to time
hereafter stored or to be stored or brought into or upon or in course of
transit to the borrowers factory or premises or at any other place whatsoever
and wheresoever in the borrowers possession or occupation or at any other
premises or place [all of which herein after collectively referred to as ‘the
said goods’] shall be hypothecated to the bank by way of pari passu first
charge basis All the present
and future book debts, outstanding, moneys receivables, claims and bills
which are now due and owing or which may at any time hereafter during the
continuance of this security become due and owing to the borrower in the
course of its business by any person, firm, company or body corporate or by
the Government Department or office or any Municipal or Local or Public or
Semi Government body or authority or any body corporate or undertaking or
project whatever in the public sector [all of which herein after collectively
referred to as ‘the said debts’], shall be hypothecated to the bank by way of
pari passu first charge basis |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest as may be determined by the bank from time to time |
||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
Standard Chartered Bank Sansad Marg, New Delhi |
||||||||||||
|
6) Date and brief description
of instrument modifying the charge |
Supplementary
agreement of hypothecation of stocks and book debts dated 18.01.2005 |
||||||||||||
|
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. |
There being no
change in the overall limit of Rs. 100 millions but the charge is being
modified to cover the buyers credit facility along with fund based and non
fund based limits and shall continue to be secured by first charge over
stocks and book debts of the company both present and future
Other terms and
conditions remains the same. |
WEBSITE DETAILS:-
Subject is one of
the fastest growing ventures of the group. The brief history boasts of eight
plants at various locations and having diversified product portfolio. The
current product range and manufacturing facilities are:
JBM Group spanned
over 28 plants in 11 locations is spreading its wings further to new areas, new
locations to touch new heights.
The journey to excellence began in 1983, when the JBM Group entered the realm
of engineering with the manufacturing of LPG cylinders. JBM ventured into the
auto component industry in 1985 and is constantly on move.
|
LPG Cylinders |
1983 |
|
Sheet Metal
Parts |
1985 |
|
Welded
Assemblies |
1989 |
|
Dies, Moulds,
Fixtures Manufacturing |
1990 |
|
Large Sheet
Metal Panels |
1994 |
|
Skin Panels |
1996 |
|
Exhaust Systems |
1997 |
|
Integrated
Welded Modules |
1998 |
|
High Tensile
Steel Fasteners |
2000 |
|
BIW Parts
Design/Development |
2002 |
|
Fuel Neck Filler
with differential zinc Plating |
2003 |
|
Motor Cycle
Wheel Assembly |
2004 |
|
Four Wheeler Axle |
2004 |
|
ERW Steel Tubes |
2005 |
|
Special Purpose
Vehicle |
2006 |
|
Tailor Welded
Blanks |
2007 |
|
Environment and
Waste Management |
2007 |
JBM created a new
meaning for excellence in manufacturing of Sheet Metal Parts and Welded
Assemblies, Exhaust Systems, Axles, High Tensile Fasteners, ERW Tubes and
Special Purpose Vehicles. The Group has embraced international systems and
processes, implementing them at all levels, in every unit, and across all
parameters. This has resulted in prestigious certifications from global
institutions. The Group companies have consistently met and surpassed
world-class standards, while accumulating a wealth of knowledge and expertise
in the industry. All the plants have state-of-the-art machinery, manned by a
highly skilled, professional workforce, ensuring only the best in quality.
Their talents are finely honed, with each member of Team JBM being trained
regularly on the latest methods and techniques in the world. All these factors
combine to complement each other, translating into zero-defect product and
services resulting into group turnover of Rs.25000 Million (625 million dollar
(USD) (in 2007-08).
·
Bellsonica
Corporation, Japan
·
Daiwa Excel, Japan
·
Fanalca S.A.,
Columbia
·
Futaba Corporation,
Japan
·
Hamamatsu Pipe
Company, Japan
·
JFE Steel
Corporation, Japan
·
Kansai Paints, Japan
·
Maruti Suzuki India
Limited, India
·
Metal One
Corporation, Japan
·
Nisshin Steel
Company Limited, Japan
·
Sumitomo Corporation,
Japan
·
Thai Summit
Autoparts, Thailand
·
Thyssenkrupp
Automotive Limited UK/Germany
·
Union Auto Parts
Manufacturing Company Limited, Thailand
·
Yorozu Corporation, Japan
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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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/normal. |
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 |
|