MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEABUCKTHORN INDAGE LIMITED |
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Registered Office : |
Indage House 82 Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.08.2005 |
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Com. Reg. No.: |
11-155410 |
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CIN No.: [Company
Identification No.] |
U15130MH2005PLC155410 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS28700A |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufactures
and Marketer of Fresh Juices and Nectar under the brand name of Leh Berry. |
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 130000 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Indage House 82 Dr. Annie Besant Road, Worli, Mumbai – 400 018,
Maharashtra |
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Tel. No.: |
91-22-56547931-39 / 66547933 / 66175096 / 66175097 |
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Fax No.: |
91-22-66547940 / 24913435 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory : |
B-207, Okhla Industrial Area, Phase-I New Delhi-110020 |
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Tel. No.: |
91-11-4163 9312 – 14 |
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Fax No.: |
91-11-40624400 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sham Ganpat Chougule |
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Designation : |
Chairman |
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Address : |
Champgne House, 69 Worli Sea Face, Mumbai – 400 015, Maharashtra |
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Date of Birth/Age : |
30.07.1937 |
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Date of Appointment : |
17.08.2005 |
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E-Mail: |
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Name : |
Mr. Arun B Shah |
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Designation : |
Director |
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Address : |
Pranamghar, Opposite Post Office, Malviya Road, Vile Parle (East),
Mumbai – 400 057, Maharashtra |
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Date of Birth/Age : |
13.12.1956 |
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Date of Appointment : |
17.08.2005 |
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E-Mail: |
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Name : |
Mr. Devender Kumar Onkarmal Mittal |
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Designation : |
Director |
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Address : |
S -52, Partnership concern with an Unlimited Liability of the Partners
-I, New Delhi – 400 048 |
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Date of Birth/Age : |
13.10.1952 |
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Date of Appointment : |
17.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Devender Kumar Mittal |
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185000 |
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Mr. Arun Shah |
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199700 |
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Mr. Ranjit S Chougule |
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100 |
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Mr. Sham Ganpat Chougule |
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100 |
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Champagne Indage Limited |
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650000 |
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Mr. Shivanand Shankar Mankekar |
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125000 |
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Mrs. Laxmi Shivanand Mankekar |
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75000 |
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Mr. Vikrant Sham Chougule |
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100 |
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Names of Allotees (As on 17.01.2007) |
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Mr. Arun Babulal Shah |
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191700 |
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Mr. Shivanand Shankar Mankekar |
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125000 |
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Champagne Indage Limited |
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615800 |
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Mrs. Laxmi Shivanand Mankekar |
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75000 |
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Total
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1007500 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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52.63 |
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Directors or relatives of directors |
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31.18 |
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Other top fifty shareholders |
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16.19 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures
and Marketer of Fresh Juices and Nectar under the brand name of Leh
Berry. |
GENERAL
INFORMATION
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Bankers : |
· UCO Bank, industry House, 159 Churchgate reclamation, Mumbai – 400 020, Maharashtra ·
The bank
of Rajasthan Limited, Overseas
Branch, C – Wing , Ground Floor, Mittal Tower, Nariman Point , Mumbai – 400 021, Maharashtra |
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Facilities : |
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Banking
Relations : |
----- |
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Financial institutions : |
3i Infotech Trusteeship Services Limited Address: 3rd to 6th Floor, International
Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai
– 400 703, Maharashtra |
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Auditors : |
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Name 1: |
Sorab Engineer and Company Chartered Accountants |
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Address : |
Ismail Building, 381 Dr. D Naoroji Road, Fort, Mumbai – 400 001,
Maharashtra |
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Tel No.: |
91-22-22041789 / 22040861 |
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Fax No.: |
91-22-22846319 |
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E-Mail: |
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Websites |
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Name 2: |
V M Dhingra and Company Chartered Accountants |
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Address : |
4/283, Subhash Nagar, New Delhi – 110 027 |
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Holding Company : |
Champagne Indage Limited |
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Associates/Subsidiaries : |
· Indage Engineering Private Limited · Indage Investments Private Limited · Indage Hotels Limited · Kingsbury Personal Care Private Limited · Sirus Capital Services Limited |
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CAPITAL STRUCTURE
AS ON 30.09.2007:
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 50.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1235000 |
Equity Shares |
Rs. 10/- Each |
Rs. 12.350 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.350 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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12.681 |
0.019 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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25.031 |
0.519 |
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LOAN FUNDS |
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1] Secured Loans |
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15.250 |
11.784 |
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2] Unsecured Loans |
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57.695 |
4.448 |
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TOTAL BORROWING |
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72.945 |
16.232 |
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DEFERRED TAX LIABILITIES |
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1.429 |
0.000 |
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TOTAL |
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99.405 |
16.751 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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58.017 |
0.196 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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54.019 |
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Sundry Debtors |
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23.228 |
23.417 |
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Cash & Bank Balances |
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0.546 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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2.910 |
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Total
Current Assets |
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80.703 |
23.417 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.446 |
6.929 |
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Provisions |
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0.869 |
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Total
Current Liabilities |
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39.315 |
6.929 |
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Net Current Assets |
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41.388 |
16.488 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.067 |
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TOTAL |
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99.405 |
16.751 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover (including other income) |
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191.793 |
15.191 |
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Profit/(Loss) Before Tax |
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4.276 |
0.083 |
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Provision for Taxation |
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2.279 |
0.064 |
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Profit/(Loss) After Tax |
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1.997 |
0.019 |
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Import Value |
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101.587 |
11.077 |
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Expenditures : |
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Manufacturing Expenses |
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104.449 |
11.916 |
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Administrative Expenses |
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5.608 |
2.629 |
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Increase/(Decrease) in Finished Goods |
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[4.408] |
[4.179] |
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Personnel Expenses |
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16.105 |
2.145 |
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Selling and Distribution Expenses |
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60.042 |
1.734 |
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Depreciation & Amortization |
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0.164 |
0.032 |
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Other Expenditure |
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5.557 |
0.831 |
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Total Expenditure |
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187.517 |
15.108 |
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KEY RATIOS
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Year |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
3.48 |
32.60 |
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Long Term Debt-Equity Ratio |
3.48 |
32.60 |
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Current Ratio |
2.11 |
3.39 |
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TURNOVER RATIOS |
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Fixed Assets |
6.54 |
50.67 |
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Inventory |
6.04 |
1.63 |
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Debtors |
12.06 |
1.81 |
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Interest Cover Ratio |
1.75 |
1.13 |
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Operating Profit Margin(%) |
5.23 |
5.92 |
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Profit Before Interest And Tax Margin(%) |
5.13 |
5.92 |
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Cash Profit Margin(%) |
1.10 |
0.00 |
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Adjusted Net Profit Margin(%) |
0.99 |
0.00 |
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Return On Capital Employed(%) |
17.09 |
5.39 |
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Return On Net Worth(%) |
14.84 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSTES:
· Computers
· Furniture and Fixtures
· Office Equipments
· Vehicles
OTHER DETAILS:-
Performance:
The company showed an excellent growth in its first full year of
operations. The company achieved a
turnover of Rs. 191.700 millions and
net profit of 1.924 millions in its first full year of operations. The company
achieved the growth of 150% viza viz industry average of 40%
Future Plans
New Product Launch:
The
company, in the year, has successfully launched Leh Berry Shots, catering to
juice Fruit Drink segment of the market. The company has launched Mango, Mix
Fruit, Apple and Pineapple variants.
Future Plans:
The taste
of the middle class segment is enhancing with newer and younger generation
getting attracted towards fruit juices. In the midst of increasing consumers
spending and concerns about carbonated drinks, the company is well poised to capture
a lien share of increasing consumer demand.
The presence of Seabuckthorn fruit (also called as Wonder Fruit') which has
more than 100 nutrients, in all the flavors produced and sold by the company
under its Leh Berry Band, gives the products a distinct edge over all its
competitors.
Subject growth strategy includes creating the awareness about the benefits of
the Seabuckthorn fruit and capturing the market share by launching different
fruit juice variants from time to time as per consumer needs.and response.
The
company from its inception, over a period of one year has launched more than 11
different variants of Nectar Fruit Juices, namely Pineapple, Apple Peach,
Mango, Seabuckthorn, Litchi, Peach, Tomato, Mix Fruit Orange, Black current and
Guava. Similarly apart from nectar fruit juices, company has also successfully
launched 'Leh Berry Shots' catering to juice drink segment of the market.
The Company is also exploring possibilities of having a dedicated production unit for its Leh Berry Brand of products. Similarly company is focusing to export its product worldwide with Europe and Middle East as the immediate prime targets.
It has been the vision of the company to become undisputed and absolute leaders
in the Food and Beverages Industry by floating better and wider range of
products in a stiffly competitive market. Further they aspire a Global Market
where they spearhead in both global and local markets. The company wants to
create awareness in the people about the benefits of Seabuckthorn Fruit and
expects its brand Leh Berry to be the most premium brand in fruit juice
segment.
Contingent
Liabilities:
Claims against the company not acknowledge as debt – Rs. Nil
Acquisition of
brand and Technical Know – how.
The company has taken over by way of assignment, brands originally belonging to vendors on mutually agreed commercial terms which among other things include paying a royalty as also the vendors have agreed to incur brand related cost. In view of the nature of such assets being long terms, the company will write off the value so paid and expenditure so incurred by vendors over a period of seven years commencing from the third year of such acquisition.
FORM 8:-
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Name of the company |
SEABUCKTHORN INDAGE LIMITED |
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Presented By |
Jointly by the company and UCO Bank |
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1) Date and description of instrument creating the change |
Hypothecation of
goods and debts to secure a demand cash credit Agreement for
extension of charge by way of
hypothecation non fund based
facilities both agreement
dated 28.10.2005 (collectively
constitute single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000
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 |
Hypothecation of
stock of Seabuckthorn based products in fields of foods and beverages,
cosmetics, pharmaceuticals and book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Details of Credit
Facilities as under:- Rs. In Millions Cash Credit 2.500 Letter of credit
/ Bank guarantee
12.500 Total 15.000 · Interest 2% above BPLR subject to minimum rate of interest of 13% p.a Margin – 25% on stock , 40% on Book Debts ·
Security to cover principal amount together with interest costs, charges,
expenses, etc. |
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank,
industry House, 159 Churchgate reclamation, Mumbai – 400 020, Maharashtra |
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Corporate
identity number of the company |
U15130MH2005PLC155410 |
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Name of the
company |
SEABUCKTHORN
INDAGE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Indage House 82 Dr. Annie Besant Road, Worli, Mumbai – 400 018,
Maharashtra |
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This form is for |
Modification of
charge |
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Type of charge |
· Book Debts · Others |
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Particular of
charge holder |
The bank of Rajasthan Limited, Overseas Branch, C – Wing ,
Ground Floor, Mittal Tower, Nariman
Point , Mumbai – 400 021, Maharashtra E-mail: adlalwani@rediffmail.com |
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Nature of
instrument creating charge |
· Agreement for security for all advances and loans · Agreement for hypothecation of book debts · Power of attorney · Hypothecation of goods to secure a demand cash credit (All the above
Agreements constitute a single charge) |
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Date of
instrument Creating the charge |
07.02.2008 |
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Amount secured by
the charge |
Rs. 100.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest: ROI-0.25% Above
BPLR presently 14.75% p.a chargeable a6 monthly rests subject to change as
stipulated by bank from to time. Terms of
Repayment : Repayable on
demand Margin: CC Hypothecation
book debts = 40% as stipulated by bank from time to time. Extent and
Operation of charge: First and
exclusive charge (present and future) Total cash credit hypothecation Limit
Rs. 100.000 millions (sub limit cash
credit Debts = Rs. 50.000 millions) Till entire amount of advance along with
interest, costs, and other charges is adjusted in full. Others : As stipulated by
bank from time to time and as per agreement attached and as per sanction
letter of the bank. |
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Short particulars
of the property charged (Including location of the property) |
First charge
(present and future) Hypothecation of
all stock/goods/inventories / packing materials/stores and spares kept at
borrower place or where else or in
transit including goods brought under L.C / P .C or any other bank limit Hypothecation of all book debts and receivables Hypothecation of
current movable assets of the company. |
WEBSITE Details-
History
As per Tibetan medical
history, Seabuckthorn berries have been gainfully used for at least 12 centuries.
A legendary story - about Genghis Khan the Mongol conqueror - says his armies
used Seabuckthorn berries and seed oil to enhance individual strength, fitness
and stamina. In recent times, Russian cosmonauts have effectively used them on
the space station ‘MIR' to combat cosmic radiation and as an oxygen supplement.
Modern scientific research has established beyond any doubts that Seabuckthorn
berries contain high concentration of primary anti-oxidants and nutrients like
vitamins, minerals, carotenoids, flavonoids, aminoacids and essential bio-
active substances required by the human body.
Defence Research and
Development Organisation (DRDO), Field Research Laboratory (FRL), Leh undertook
serious research studies on the product to harness its vast potential in
facilitating human adaptation to extreme cold and hypoxic environmental
conditions prevalent in inhospitable mountainous region with special reference
to the world's highest battle field, Siachin. The aim of the research was to
find Seabuckthorn preparations for improving physical and mental performance
under hypoxic environment, prevention and treatment of cold injuries, and as an
immuno-modulatory agent. The research led to the development of an herbal
beverage whose trials were successfully concluded in high altitude areas
including Siachin under varying environmental conditions. These trials revealed
that the fruit extract did not freeze even at temperatures as low as minus 15
degrees Celsius. Now the search was to find a socially responsible and
seriously committed commercial manufacturer who would provide this wonder drink
to common citizens at most competitive terms.
Subject is a
small thorny nitrogen fixing deciduous temperate shrub. Grows under clear
ecological conditions and thus, has accumulated physiological and
Pharmacological efficient components, beneficial for normal metabolic
activities. Bears clusters of small fruit, round to oval in shape with diameter
of about 6mm, yellow to orange to scarlet in colour and sour to highly acidic
in taste.
This temperate bush belongs to the family Elaeagnaceae and is botanically known
as Hippophae . It is a dwarf to tall (3-15 ft high), much branched, thorny
shrub. The plant is dioecious in nature, i.e., it bears male and female flowers
on different plants. Flowering generally occurs in June and ripening sets in by
mid-September.
Seabuckthorn Fruit is a unique fruit endowed with rare food qualities and can
be used for a variety of food, beverage, skin care and pharmaceutical products.
The aromatic and refreshing tropical flavour of the fruit makes it an ideal
ingredient for, a number of sophisticated as well as general applications.
Worldwide it is mainly used for the down stream products for health and
skincare. In India, however, due to wild growth and zero use of chemical
fertilizers and typical soil conditions, it holds additional promise for use as
a beverage in the form of a Ready to serve juice and / or a juice concentrate.
The juice of this fruit acts not only as an energizer and a tonic for lighting
cold and altitude sickness, but also has medicinal properties of lowering
cholesterol, controlling blood pressure, building up resistance against cancer,
impeding ageing and improving memory. It serves as an anti-oxidant and combats
free radicals in the body that cause maladies like cancer, coronary problems
and angina. Besides, its oil is good for the skin. The fruit pulp, seed,
leaves, branches and bark all have medicinal value. Strangely enough,
seabuckthorn berries cannot be harvested in the day time. Before sunrise, the
fruits drop off the plant -one only has to shake it. But once the sun is out
the fruits cannot be dislodged even if one applied force. Seabuckthorn plant is
also known as a Power house as it:
- Fixes nitrogen in the soil
- Can be used as fuel
- Makes good fodder for livestock
- Helps conserve soil because of its extensive network of roots
Benefits
The
Seabuckthorn fruit is a reservoir of good health: a general tonic and energizer
that keeps the entire body metabolism in good order and fights the common cold,
it improves body immunity especially against diseases like cancer and coronary
heart disease; strengthens memory; helps in proper functioning of the liver;
good for the nervous system; combats ageing related ailments being anti-ageing
and anti-oxidant; lowers the level of cholesterol; controls blood pressure and
reduces the risk of coronary heart disease; improves micro-circulation of blood
capillaries and nourishes skin and hair.
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General tonic and energizer that keeps body
metabolism in sound shape,
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Improves body immunity system against disease and
common cold,
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Strengthens memory,
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Helps in proper functioning of liver,
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Good for nervous system,
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Combats age related ailments being anti-aging and
anti- oxidant,
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Lowers cholesterol level, controls blood pressure
and reduces risk of CHD,
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Improves micro-circulation of blood capillaries
and, Nourishes skin and hair.
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Rich source of of bio-active substances,
caratenoids, flavonoids, amino acids and minerals required by the body
News
·
LFL, which had launched Leh berry in Delhi last
year, had so far sold 7 lakh litres of the fruit juice worth Rs 10 millions
·
Makers of the Leh Berry range of nectar drinks, Seabuckthorn
Indage Ltd, is planning to diversify into home and personal care (HPC)
products, bottled water, confectionery, biscuits, specialty cosmetics and OTC
pharma category
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.49.84 |
|
UK Pound |
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
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 |
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. |
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 |
|