BUSINESS INFORMATION REPORT
- Summary Information
|
Company Name |
EPITOME COMPONENTS LIMITED |
Principal Name 1 |
MR. SHRIGOPAL R. DHOOT |
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Status |
GOOD |
Principal Name 2 |
MR. RAMESH CHANDRA R. DHOOT |
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Street Address |
Plot No. G – 17, MIDC Area, Ahmednagar –
414 111, Maharashtra, India |
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Established Date |
08.09.1994 |
SIC Code |
-- |
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Telephone# |
91-241-2777684/ 2777681/ 2779081 |
Business Style 1 |
MANUFACTURING |
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Fax # |
91-241-2778241 |
Business Style 2 |
EXPORTING |
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Homepage |
Product Name 1 |
PRINTED CIRCUIT BOARD |
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# of employees |
250 |
Product Name 2 |
-- |
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Paid-up capital |
Rs.30905000 millions |
Product Name 3 |
-- |
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Shareholders |
BODIES CORPORATE (NOT MENTIONED ABOVE) (38.00%) DIRECTORS OR RELATIVES OF DIRECTORS
(62.00%) |
Banking |
STATE BANK OF INDIA |
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Public Limited Corp. |
No |
Business Period |
14 YEARS |
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IPO |
No |
International Ins. |
-- |
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Public Enterprise |
No |
Rating |
Ba |
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Related Company |
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Relation - Associates |
Country - India |
Company Name |
DHOOT COMPACK LIMITED |
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Note |
- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
147,459,000 |
Current Liabilities |
55,650,000 |
|
Inventories |
26,421,000 |
Long-term Liabilities |
165,631,000 |
|
Fixed Assets |
167,056,000 |
Other Liabilities |
000 |
|
Deferred Assets |
000 |
Total Liabilities |
221,281,000 |
|
Invest& other Assets |
6,865,000 |
Retained Earnings |
95,595,000 |
|
|
|
Net Worth |
126,520,000 |
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Total Assets |
347,801,000 |
Total Liab. & Equity |
347,801,000 |
|
Total Assets (Previous Year) |
301,391,000 |
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|
|
P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
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|
Sales |
459,387,000 |
Net Profit |
21,412,000 |
|
Sales(Previous yr) |
396,585,000 |
Net Profit(Prev.yr) |
8,325,000 |
MIRA
INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EPITOME COMPONENTS LIMITED |
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Registered Office : |
Plot No. G – 17, MIDC Area, Ahmednagar – 414 111, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.09.1994 |
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Com. Reg. No.: |
11 – 80977 |
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CIN No.: [Company
Identification No.] |
U32106PN1994PLC080977 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01379A / PNEE01484A |
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PAN No.: [Permanent
Account No.] |
AAACE5491L |
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Legal Form : |
A Closely held Public Limited
Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Printed Circuit Board. |
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 630000 |
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Status : |
Good |
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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. General financial
position is good. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office / Factory : |
G – 17, MIDC, Ahmednagar – 414 111, Maharashtra, India |
|
Tel. No.: |
91-241-2777684/ 2777681/ 2779081 |
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Fax No.: |
91-241-2778241 |
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E-Mail : |
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Website : |
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Area : |
13000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Shrigopal R. Dhoot |
|
Designation : |
Director |
|
Address : |
Gangapur GIN Compound, Station Road, Ahmednagar – 414001, Maharashtra,
India |
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Date of Birth/Age : |
09.02.1942 |
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Qualification : |
B.Com |
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Date of Appointment : |
20.08.1994 |
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Name : |
Mr. Ramesh Chandra R. Dhoot |
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Designation : |
Director |
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Address : |
Madhuram Govind Nagar, Aurangabad – 431005, Maharashtra, India |
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Date of Birth/Age : |
29.05.1945 |
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Date of Appointment : |
20.08.1994 |
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Name : |
Mr. Anurag Dhoot |
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Designation : |
Director |
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Address : |
Gangapur GIN Compound, Station Road, Ahmednagar – 414001, Maharashtra,
India |
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Date of Birth/Age : |
14.08.1970 |
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Qualification : |
B.E. Tech |
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Date of Appointment : |
20.08.1994 |
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Name : |
Mr. Bhopindar Kumar Chopra |
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Designation : |
Director |
|
Address : |
Plot No. 194, N – 3, Cidco, Aurangabad – 431003, Maharashtra, India |
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Date of Birth/Age : |
13.11.1934 |
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Date of Appointment : |
15.01.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 25.06.2008)
|
Names of Shareholders |
No. of Shares |
|
Shrigopal R. Dhoot |
318230 |
|
Pratibha S. Dhoot |
149135 |
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Anurag Dhoot |
70500 |
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Vaishali A. Dhoot |
69135 |
|
Shrigopal R. Dhoot (HUF) |
376000 |
|
Paritosh A Dhoot |
79000 |
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Ramesh Chandra R. Dhoot (HUF) |
118000 |
|
Dhoot Brothers Investment Company Private Limited |
354000 |
|
Keshar Dhoot Investment Company Private Limited |
354000 |
|
Shri Dhoot Trading and Agency Private Limited |
120250 |
Equity share breakup (Percentage
of total equity)
(As on 30.09.2008)
|
Category |
Percentage |
|
Bodies corporate (not mentioned above) |
38.00 |
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Directors or relatives of directors |
62.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Printed Circuit Board. |
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Products : |
Types of Laminates · Laminate Thickness · Cu Foil Thickness · Minimum Track Width · Minimum Spacing between the Tracks and Pads · Maximum PCB Size · Minimum Hole Size (Punching) · Minimum Hole Size (CNC Drilling) · Circuit Finishing · Surface Finishing · Hole/Outer Profile · Specification. Standards |
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Exports : |
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Countries : |
·
Israel ·
Italy |
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Imports : |
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Countries : |
Korea |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
Total : 250 ( Office : 50, Factory : 200) |
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Bankers : |
State Bank of India Main Branch, Opp. GPO, Station Road, Ahmednagar – 414111, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3547500 |
Equity shares |
Rs.10/- each |
Rs.35.475 millions |
|
120250 |
Preference shares |
Rs.100/- each |
Rs.12.025 millions |
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Total |
|
Rs.47.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1888000 |
Equity shares |
Rs.10/- each |
Rs.18.880
millions |
|
120250 |
Preference shares |
Rs.100/- each |
Rs.12.025
millions |
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Total |
|
Rs.30.905 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.905 |
28.025 |
28.025 |
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2] Share Application Money |
0.020 |
0.180 |
0.000 |
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3] Reserves & Surplus |
95.595 |
76.532 |
70.178 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
126.520 |
104.737 |
98.203 |
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LOAN FUNDS |
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1] Secured Loans |
101.368 |
84.571 |
12.587 |
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2] Unsecured Loans |
64.263 |
55.325 |
45.205 |
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TOTAL BORROWING |
165.631 |
139.896 |
57.792 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
292.151 |
244.633 |
155.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
167.056 |
111.011 |
76.573 |
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Capital work-in-progress |
0.935 |
5.406 |
0.000 |
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INVESTMENT |
5.930 |
5.305 |
4.420 |
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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 |
26.421
|
41.393
|
18.729 |
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Sundry Debtors |
104.789
|
99.639
|
76.676 |
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Cash & Bank Balances |
20.952
|
20.501
|
15.653 |
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Other Current Assets |
16.061
|
14.464
|
7.405 |
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Loans & Advances |
5.657
|
3.672
|
2.866 |
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Total
Current Assets |
173.880
|
179.669
|
121.329 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
53.046
|
50.479
|
44.090 |
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Provisions |
2.604
|
6.279
|
2.237 |
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Total
Current Liabilities |
55.650
|
56.758
|
46.327 |
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Net Current Assets |
118.230
|
122.911
|
75.002 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
292.151 |
244.633 |
155.995 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
459.387 |
396.585 |
292.387 |
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Other Income |
2.440 |
4.639 |
0.888 |
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Total Income |
461.827 |
401.224 |
293.275 |
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Profit/(Loss) Before Tax |
34.838 |
23.106 |
34.549 |
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Provision for Taxation |
13.426 |
14.781 |
7.911 |
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Profit/(Loss) After Tax |
21.412 |
8.325 |
26.638 |
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Earnings in Foreign Currency : |
NA |
EURO 141964.41 USD 154722.23 |
EURO 29579.36 USD 289307.05 |
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Imports : |
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Raw Materials |
NA |
321.504 |
153.175 |
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Stores & Spares |
NA |
4.964 |
8.331 |
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Capital Goods |
NA |
39.969 |
11.854 |
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Total Imports |
NA |
366.437 |
173.360 |
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Expenditures : |
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Raw Material Consumed |
274.261 |
250.237 |
168.474 |
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Consumption of stores and spares parts |
29.984 |
30.528 |
17.828 |
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Increase/(Decrease) in Finished Goods |
7.355 |
(3.567) |
(2.482) |
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Salaries, Wages, Bonus, etc. |
23.235 |
19.505 |
13.015 |
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Managerial Remuneration |
2.580 |
2.400 |
2.400 |
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Payment to Auditors |
0.016 |
0.010 |
0.006 |
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Interest |
18.807 |
13.502 |
4.997 |
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Insurance Expenses |
0.361 |
0.488 |
0.418 |
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Power & Fuel |
20.414 |
17.533 |
9.225 |
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Depreciation & Amortization |
18.189 |
14.953 |
11.197 |
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Other Expenditure |
31.787 |
32.529 |
33.648 |
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Total Expenditure |
426.989 |
378.118 |
258.726 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
4.64
|
2.07 |
9.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.58
|
5.83 |
11.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.22
|
7.95 |
17.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.22 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
1.88 |
1.06 |
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Current Ratio (Current Asset/Current Liability) |
|
3.12
|
3.17 |
2.62 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Videocon
·
LG
Form No. 8
|
Name of the company |
EPITOME COMPONENTS LIMITED |
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Presented By |
State Bank of
India, Ahmednagar Main Branch, Ahmednagar |
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1) Date and description of instrument creating the change |
All the above
Agreements are dated 27.03.1997 and executed for the creation of a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.29.000
millions Demand Cash Credit
: Rs.16.000 millions Letter of Credit
: Rs.10.000 millions Bank Guarantee :
Rs.3.000 millions Total Rs.29.000
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 |
A first charge by
way of the Borrower’s entire goods, moveable and other assets, present and
future including documents of titles to goods and other assets such as book
debts, outstanding monies, receivables including receivables by way of cash
assistance and / or cash incentives under the Cash Incentive Scheme or any
other schemes, claims including claims by way of refund of custom/s excise
duties under the duty draw back credit scheme or any other scheme, bills,
invoices, documents, contracts, insurance policies, guarantees, engagements,
securities, investments and rights uncalled capital and all machinery,
present and future of such from satisfactory to the bank, Machinery such as
Ingersoll rand air compressor model 15 TE LP CSC complete with standard
fittings with 100 CFM after cooler water cooled assembly, auto sawing
machine, automatic drilling machine, screen handling machine, semi-auto
screen emulsion dispersing machine etc. Raw material, stock in process,
finished goods, receivables, letters of credit / bank guarantees. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI Demand Cash
Credit 3.75% above SBAR Minimum 19% p. a. Letter of Credit Commission as per
standard rate. Bank Guarantee Commission as per standard rate. Margin Raw
material 25% Book debts / Receivables 40% Stock in Process / Finished Goods
33.33% Letter of Credit / Bank Guarantees 30% (Cash Margin) |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Main Branch, Opp. GPO, Station Road, Ahmednagar – 414111, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Letters from
Corporate borrowers confirming the deposit of title deeds : Memorandum of deposit
for creation of charge for term loan / overall limit Both constitute a
single charge and dated 23.03.2005 |
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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. |
First
Modification Creation of
second charge in favour of State Bank of India, Ahmednagar Main Branch,
Ahmednagar on the Company’s Immovable property. (First Charge holder MSFC) (Regn No.
16/27.06.1997) Second Modification The overall limit
was enhanced to Rs.32.500 millions (Regn Sl No.
50/1.10.2003) Third
Modification The overall limit
was enhanced to Rs.50.000 millions (Regn. Sl No.
59-60 dated 30.08.2004) Fourth
Modification The overall limit
was enhanced to Rs.60.000 millions (Regn Sl No.
62-63 dated 21.02.2005) Fifth
Modification The overall
credit facilities were enhanced to Rs.110.000 millions from Rs.60.000
millions and rearranged. (Regn. No. 66-67
dated 09.03.2005) By this
Modification An additional
security was provided by creation of equitable mortgage on all that piece and
parcel of land at G-17, MIDC, Ahmednagar together with building and structure
standing thereon and all plant and machinery to the earth or permanently
fastened to the earth to cater the present limits of Rs.110.000
millions. |
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Corporate
identity number of the company |
U32106PN1994PLC080977 |
|
Name of the
company |
EPITOME COMPONENTS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Ahmednagar – 414 111, Maharashtra, India |
|
This form is for |
Movable property
(not being pledge) |
|
Type of charge |
State Bank of India Main Branch, Opp. GPO, Station Road, Ahmednagar – 414111, Maharashtra,
India |
|
Particular of
charge holder |
Supplemental Deed
of Hypothecation |
|
Nature of
instrument creating charge |
25.02.2008 |
|
Date of
instrument Creating the charge |
Rs.255.200 millions
|
|
Amount secured by
the charge |
·
Rate of
interest 0.50% below SBAR rate with monthly rest ·
Terms of
repayment In monthly instalments as mentioned in the sanction letter ·
Margin Raw Material – 25% Stock in Process – 33.33% Finished Goods – 33.33% Others – New Term
Loan – 37.50% ·
Extent and
operation of the charge All Raw Material, Stock in process, finished goods, book debts of the
company |
|
Particulars of
the property charged |
All Raw Material,
Stock in process, finished goods, book debts of the company |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Tools and Equipment
·
Vehicle
·
Computers
·
Air Conditioner
·
Office Equipments
As Per Website Details
Profile
Subject is preferred supplier to Indian and MNC companies like, LG, Videocon, Samsung, Thomson, HTS, Bharti Telecom, TVS Electronics, Jabil Circuits, interface Microsystems, Asian Electronics etc. for a variety of products like Colour Television, Computer Monitors & Keyboards, Telecom, Home Appliances, Set Top Boxes, Lighting and Automobiles. They are also exporting the products to Europe and Israel.
The strategy is to leverage the inherent strengths to expand the global presence
and increase the exports.
They have state of the arts manufacturing facilities spread over a land area of
16200 Sq. mtrs and Built up area of 8000 Sq. mtrs.
Subject thirst for innovation, growth and
Customer satisfaction is driven by a core team of qualified and
experienced professionals.
The sincere and dedicated sales team ensures that customer requirements are
responded in time.
They have safety approval from UL (File No. : E – 212855,94 – VO ) and ISO –
9001 – 2000 From DNV
The products are ROHS compliant in line with European requirements.
Business
The company is engaged in the business as manufacturing, selling, buying, imports, exports, dealing in assemble, fit repair, convert, overhaul, alter, maintain and improve all types of electronic components, devices, equipments, and appliances, equipments such as television and wireless apparatus, including radio receivers and transmitters, tape recorders, broadcast relay reception equipment, phonographs and other equipments used in and for audio visual communications, apparatus and equipment including those using electromagnetic waves intended for telegraphic or radio telephone communication.
Certificates and Approvals
· UL Certificate (Feb 2002)
· ISO Certificate: ISO 9001-2000 (Dec 2003)
· Thomson Lab Certificate for world wide supply
· ROHS Certificate (March 2006)
·
ISO 14000
Events
They acquired 21000 SQM in “SUPA Industrial Estate” MIDC on Ahmednagar-Pune Highway- in 2006 In view of the plan of setting up a plant of Double sided and Multilayer PCB.
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 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 :
The 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.
The 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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
52 |
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 |
|