1. Summary Information
|
Company Name |
DRIVE INDIA ENTERPRISES SOLUTIONS LIMITED |
Principal Name 1 |
Mr. Ajay Chopra |
|
Status |
Good |
Principal Name 2 |
Mr.Sanjay Dube |
|
Street Address |
G-1 And 2, New Udyog Mandir 2, Mogul Lane,
Mahim (W), Mumbai-400016, Maharashtra, India. |
||
|
Established Date |
27.04.2000 |
SIC Code |
- |
|
Telephone# |
91-22-67779000 |
Business Style 1 |
Distributor |
|
Fax # |
91-22-67779001/9002 |
Business Style 2 |
Importer |
|
Homepage |
Product Name 1 |
Customs Clearance |
|
|
# of employees |
- |
Product Name 2 |
Distribution |
|
Paid up capital |
Rs. 8534000 |
Product Name 3 |
Primary
Distribution |
|
Shareholders |
Bodies corporate (99.99%) |
Banking |
ICICI Bank IDBI Bank Axis Bank |
|
Public Limited Corp. |
No |
Business Period |
8 years |
|
IPO |
No |
International Ins. |
- |
|
Public Enterprise |
No |
Rating |
Ba |
|
Related Company |
|||
|
Relation– HOLDING Company |
Country – India |
Company Name |
Tata International Limited |
|
Note |
|
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1795646000 |
Current Liabilities |
2225154000 |
|
Inventories |
3520035000 |
Long-term Liabilities |
3273426000 |
|
Fixed Assets |
18468000 |
Other Liabilities |
876000 |
|
Deferred Assets |
2458000 |
Total Liabilities |
5499456000 |
|
Invest& other Assets |
290594000 |
Retained Earnings |
119211000 |
|
|
|
Net Worth |
127745000 |
|
Total Assets |
5627201000 |
Total Liab. & Equity |
5627201000 |
|
Total Assets (Previous Year) |
8673599000 |
|
|
|
P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
14914814000 |
Net Profit |
81580000 |
|
Sales(Previous yr) |
18062151000 |
Net Profit(Prev.yr) |
27427000 |
MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DRIVE INDIA ENTERPRISES SOLUTIONS LIMITED |
|
|
|
|
Formerly Known As : |
DRIVEINDIA.COM PRIVATE LIMITED |
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|
|
|
Registered Office : |
G-1 And 2, New Udyog Mandir 2, Mogul Lane, Mahim (W), Mumbai-400016,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
27.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-1269195 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900MH2000PLC126195 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD12064D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCD5823E |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability company |
|
|
|
|
Line of Business : |
Distributor and Importer of Logistic Services |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 638000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Mr. Bal Mukund Finance Manager claim that they are not doing any
business with a European company and may not like to part details. Subject is a Tata Group company and service providers to Tata
Teleservices. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
G-1 And 2, New Udyog Mandir 2, Mogul Lane, Mahim (W), Mumbai-400016,
Maharashtra, India. |
|
Tel. No.: |
91-22-67779000 |
|
Fax No.: |
91-22-67779001/9002 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq ft |
|
Location : |
Rented |
|
|
|
|
Registered Office: |
Drive India Company Limited |
|
Address: |
Nelco Complex, Mahakali Caves Road, Mumbai-400059, Maharashtra, India |
|
Tel No.: |
91-22-28210748 |
DIRECTORS
|
Name : |
Mr. Ajay Chopra |
|
Designation : |
Director |
|
Address : |
Flat No. 61/62, Tower No. 2, Links gardens Tower, Oshiwara, Andheri
(West), Mumbai – 400053, Maharashtra, India. |
|
Date of Birth/Age : |
28.04.1963 |
|
Date of Appointment : |
05.09.2005 |
|
|
|
|
Name : |
Mr.Sanjay Dube |
|
Designation : |
Director |
|
Address : |
14B, Peregrine, 400, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025,
Maharashtra, India. |
|
Date of Birth/Age : |
26.04.1962 |
|
Date of Appointment : |
13.02.2006 |
|
|
|
|
Name : |
Mr. Ajay Ponkshe |
|
Designation : |
Director |
|
Address : |
Flat no. 3 1st floor, Yashodhan, Sahayog Mandir Path,
Naupada Thane-400601, Maharashtra, India |
|
Date of Birth/Age : |
27.02.1960 |
|
Date of Appointment : |
16.07.2007 |
|
|
|
|
Name : |
Mr. Suprakash Mukhopadhyay |
|
Designation : |
Director |
|
Address : |
Flat no. 123, Steel House 92G Road, Marine Drive Mumbai-400 002,
Maharashtra, India |
|
Date of Birth/Age : |
21.11.1964 |
|
Date of Appointment : |
21.08.2006 |
|
|
|
|
Name : |
Mr. Rajiv Dhar |
|
Designation : |
Director |
|
Address : |
15/16 Sea Glimpse, 4th Floor BJ Road Band Stand Bandra,
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
18.08.1961 |
|
Date of Appointment : |
27.04.2000 |
|
Date of Ceasing: |
06.17.2005 |
|
|
|
|
Name: |
Mr. Atul A Bansal |
|
Designation: |
Director |
|
Address: |
113 landmark 11th floor, Carmichel Road, Cumballa hill,
Mumbai-400026, Maharashtra, India |
|
Date of Birth: |
30.03.1959 |
|
Date of Appointment: |
07.02.2004 |
|
|
|
|
Name: |
Mr. Mandar M Tambe |
|
Designation: |
Director |
|
Address: |
D 45 Venus Cooperative Society Flat No-24 6th Floor RG Road
Thadani Marg, Worli Seaface Mumbai-400011, Maharashtra, India |
|
Date of Birth: |
20.09.1959 |
|
Date of Appointment: |
07.02.2004 |
|
|
|
|
Name: |
Mr. Ajay Chopra |
|
Designation: |
Director |
|
Address: |
Flat no 61/62 Tower No.2 Link Gardens Towers, Oshiwara Andheri-West,
Mumbai-400052, Maharashtra, India |
|
Date of Birth: |
21.04.1963 |
|
Date of Appointment: |
05.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 21.07.2008
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Tata Industries Limited |
426649 |
|
Tata Industries Limited Jointly With N.J.Driver |
10 |
|
Tata Industries Limited Jointly With Sunil Dhagat |
10 |
|
Tata Industries Limited Jointly With A. Tyagi |
10 |
|
Tata Industries Limited Jointly With R.R.Shastri |
10 |
|
Tata Industries Limited Jointly With G.D.Nadkarni |
10 |
|
K.Bhuvan Sankar |
1 |
|
Tata International Limited |
426700 |
|
|
|
|
Total |
853400 |
Equity Share Break up
|
Particulars |
Percentage |
|
Bodies corporate |
99.99 |
|
Others |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor and Importer of Logistic Services |
|
|
|
|
Products : |
|
|
|
|
|
Imports : |
|
|
Products : |
Mobile Hand Sets |
|
Countries : |
China |
GENERAL
INFORMATION
|
Bankers : |
|
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Facilities : |
Secured Loans As
On 31.03.2008
Unsecured loans
as on 31.03.2008
|
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|
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Banking
Relations : |
Good |
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Auditors : |
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||||||||||||||||||||||||||||||
|
Name : |
A F Ferguson And Company (Chartered Accountant) |
||||||||||||||||||||||||||||||
|
Address : |
Coromandal House, 1-2-10 Sardar Patel Road, Secunderabad-500003,
Andhra Pradesh, India |
||||||||||||||||||||||||||||||
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|
|
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Holding Company
: |
Tata International Limited U51900MH1962PLC012528 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
853400 |
Equity Shares |
Rs.10/- each |
Rs.8.534
millions |
Note:
Of the above equity 426699 equity shares of
Rs. 10/- each are held by Tata Industries Limited and its nominees and 426700
equity shares of Rs. 10/- each held by Tata International Limited
Of the above 853000 shares have been allotted
as fully paid up pursuant to a contract without payment being received in cash.
FINANCIAL DATA
[all figures are in Rupees Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.534 |
8.534 |
8.534 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
119.211 |
37.631 |
10.469 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
127.745 |
43.165 |
19.003 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
152.392 |
0.199 |
0.000 |
|
|
2] Unsecured Loans |
3121.034 |
7148.574 |
2081.674 |
|
|
TOTAL BORROWING |
3273.426 |
7148.773 |
2081.674 |
|
|
DEFERRED TAX LIABILITIES |
0.876 |
0.692 |
0.108 |
|
|
|
|
|
|
|
|
TOTAL |
3402.047 |
7195.630 |
2100.785 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.468 |
10.960 |
1.470 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
290.594 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.458 |
1.768 |
0.316 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3520.035
|
5239.430 |
5545.971 |
|
|
Sundry Debtors |
1373.986
|
1469.110 |
1579.330 |
|
|
Cash & Bank Balances |
214.055
|
1140.962 |
176.131 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
207.605
|
811.369 |
144.539 |
|
Total
Current Assets |
5315.681
|
8660.871 |
7445.971 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2154.165
|
1444.423 |
6632.543 |
|
|
Provisions |
70.989
|
33.546 |
14.429 |
|
Total
Current Liabilities |
2225.154
|
1477.969 |
6646.972 |
|
|
Net Current Assets |
3090.527
|
7182.909 |
2098.999 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3402.047 |
7192.630 |
2100.785 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
14914.814 |
18062.151 |
|
|
Other Income |
|
484.229 |
216.261 |
|
|
Total Income |
|
15399.043 |
18278.412 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
118.207 |
42.579 |
|
|
Provision for Taxation |
|
36.627 |
15.152 |
|
|
Profit/(Loss) After Tax |
|
81.580 |
27.427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
|
14480.950 |
17129.840 |
|
|
Salaries, Wages, Bonus, etc. |
|
82.090 |
53.626 |
|
|
Interest |
|
230.637 |
400.225 |
|
|
Insurance Expenses |
|
8.067 |
14.787 |
|
|
Depreciation & Amortization |
|
6.325 |
3.374 |
|
|
Other Expenditure |
|
472.767 |
633.981 |
|
Total Expenditure |
|
15280.836 |
18235.833 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.52
|
0.15 |
- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.79
|
0.23 |
- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.10
|
0.49 |
- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.92
|
0.98 |
- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
43.04
|
199.871 |
459.336 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38
|
5.860 |
1.1202 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U72900MH2000PTC126195 |
|
Name of the
company |
DRIVE INDIA
COMPANY LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Nelco Complex
,Mahakali Caves Road, Mumbai-400059, Maharashtra, India |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Hypothecation |
|
Particular of charge
holder |
CIN NO:
L65190MH2004GOL148838 NAME: Industrial
Development Bank Of India Limited IDVBI Towerwtc
Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India EMAIL:deva_anand@idbi.com |
|
Amount secured by
the charge |
Rs.600.000
millions |
|
Description of
the property charged indicating whether it is a charged on |
Stock in Trade Plant and
Machinery Book debts Furniture and
Fixtures Vehicles Others |
|
Particulars of
the property charged |
As per 13(a) and
(b) above |
|
Charge identification
number of the charge to be modified |
90145628 |
|
Brief description
of the instrument modifying the charge under section 135 |
Joint deed of
hypothecation dated 31st march executed in favor of inter alia
IDBI limited securing enhancement of letter of credit facilities from Rs.
600.000 millions to Rs. 4000.000 millions |
|
Date of
instrument modifying the charge |
31.03.2006 |
|
Particulars of
the present modification |
The charge is created
vide agreement of hypothecation of goods and assets dated 24th
January 205 in favour of IDBI limited is modified vide instrument per 16 (a)
to secure facility enhancement of Rs. 3400.000 millions |
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified
|
10007337 |
|
Corporate
identity number of the company |
U72900MH2000PLC126195 |
|
Name of the
company |
DRIVE INDIA ENTERPRISES SOLUTIONS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
G-1 And 2, New Udyog Mandir 2, Mogul Lane, Mahim (W), Mumbai-400016,
Maharashtra, India. |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of charge
holder |
Axis bank Limited, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat,
India. |
|
Nature of
description of the instrument creating or modifying the charge |
Second
supplemental hypothecation deed for stocks, book debts, receivables, movables
assets, etc. |
|
Date of
instrument Creating the charge |
24.10.2008 |
|
Amount secured by
the charge |
Rs.2500.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR – 3.75% Terms of repayment Interest payable
monthly Extent and operation of the charge Enchancement of
letter of credit facility from Rs. 750.000 millions to Rs. 2500.000 millions
with, sub-limits for FBG (Rs. 2500.000 millions), LER (Rs. 50.000 millions)
and line of credit Rs. 750.000 millions) |
|
Short particulars
of the property charged |
Existing and
future movable assets including its CDMA handsets and its accessories. Existing and
future receivables. |
|
Date of latest
modification prior to the present modification |
15.02.2007 |
FIXED ASSETS
Ř
Computers
Ř
Office equipment
Ř
Furniture
Ř
Plant and machinery
Ř
vehicles
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
----- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
|