MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PIAGGIO VEHICLES PRIVATE LIMITED |
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Formerly Known As : |
PIAGGIO GREAVES VEHICLES INDIA LIMITED |
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Registered Office : |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.02.1998 |
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Com. Reg. No.: |
11-113606 |
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CIN No.: [Company
Identification No.] |
U34102MH1998PTC113606 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP07482G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supplier of Vehicles, Automotive Components, Motor
Vehicles, Cars, Automotive Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4300000 |
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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 subsidiary of Piaggio, Italy. Trade relations are fair. General
financial position is good. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, Maharashtra,
India |
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Tel. No.: |
91-2112-243770 |
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Fax No.: |
91-2112-243772 |
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E-Mail : |
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Website : |
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Corporate Office : |
102, “PHOENIX” Bund Garden Road, Pune – 411 001, Maharashtra, India |
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Tel. No.: |
91-20-24013150 |
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Fax No.: |
91-20-24013157 |
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E-Mail : |
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Surajpur Office
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A-1, Site “B”, Surajpur Industrial Area, Dist. Gautam Budha Nagar,
Greater Noida – 201 306, Uttar Pradesh, India |
DIRECTORS
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Name : |
Mr. Shekhar Datta |
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Designation : |
Chairman |
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Address : |
E/8, Sea Face Park, Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
11.11.1937 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Rocco Sabelli |
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Designation : |
Director |
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Address : |
Via Circo Massimo, 9, Roma, Italy - 00153 |
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Date of Birth/Age : |
12.08.1954 |
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Date of Appointment : |
10.05.2004 |
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Name : |
Mr. Gianclaudio Neri |
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Designation : |
Director |
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Address : |
Via Giacinta Pezzana 80, Roma, Italy - 00197 |
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Date of Birth/Age : |
17.09.1954 |
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Date of Appointment : |
10.05.2004 |
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Name : |
Mr. Tommaso Giacoladelli |
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Designation : |
Director |
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Address : |
Viale Rinaldo Piaggio, 25-56025, Pontedera (Pisa), Pisa, Italy |
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Date of Birth/Age : |
26.06.1952 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Ravi Chopra |
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Designation : |
Chairman cum Managing Director |
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Address : |
19.03.1943 |
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Date of Birth/Age : |
Flat No. A-101, Plot No. 46C, Palladium, Mangaldas Road, Pune – 411
001, Maharashtra, India |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Michele Pallottini |
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Designation : |
Director |
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Address : |
Vialugi Rizzo 50, Roma – 00136 |
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Date of Birth/Age : |
04.10.1956 |
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Date of Appointment : |
18.09.2007 |
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Name : |
Mr. Daniele Bandiera |
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Designation : |
Director |
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Address : |
Corso Kossuth 18, Torino – 10132 |
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Date of Birth/Age : |
02.08.1957 |
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Date of Appointment : |
18.09.2007 |
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Name : |
Mr. Leonardo Caputo |
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Designation : |
Director |
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Address : |
Via Pio IV 72, Roma – 00165, Italy |
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Date of Birth/Age : |
27.11.1970 |
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Date of Appointment : |
01.12.2006 |
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Name : |
Mr. Franco Fenoglio |
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Designation : |
Director |
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Address : |
Via Bussoleno 44, Rivaltadi, Torino, Italy, Pisa, Italy |
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Date of Birth/Age : |
31.03.1953 |
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Date of Appointment : |
24.06.2008 |
KEY EXECUTIVES
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Name : |
Mr. Ashok Medankar |
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Designation : |
Secretary |
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Address : |
165/10, Mira Society, Salisbery Park, Pune – 411 037, Maharashtra,
India |
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Date of Birth/Age : |
29.11.1960 |
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Date of Appointment : |
22.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2008)
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Names of Shareholders |
No. of Shares |
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Piggio and CSPA |
33999999 |
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Piaggio Vespa BV |
1 |
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Total |
34000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
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Category |
Percentage |
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Foreign Institutions (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Vehicles, Automotive Components, Motor
Vehicles, Cars, Automotive Parts. |
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Products : |
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Exports : |
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Countries : |
·
Africa ·
Latin America ·
South East Asia ·
South Asia |
GENERAL
INFORMATION
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Bankers : |
·
State Bank of India Corporate Accounts Group Branch, Voltas
House, 23, J. N. Heredia Marg, Mumbai – 400 001, Maharashtra, India ·
Calyon Bank (Formerly Known As : Credit Agricole Indosuez) Ramon House, 169, Backbay Reclamation, Mumbai – 400 020. (Now shifted to Hoechst House, 11th Floor, Nariman Point,
Mumbai – 400 021). ·
Calyon Bank A-203, 2nd Floor, ICC Trade
Tower, A Wing 403, A/2, Senapati Bapat Road, Pune – 411 016, Maharashtra,
India |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
706, B wing, 7th Floor, ICC Trade Tower, Senapati Bapat
Road, Pune – 411 016, Maharashtra, India |
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Parent Company : |
Piaggio, Italy |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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34000000 |
Equity Shares |
Rs.10/- each |
Rs.340.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
340.000 |
340.000 |
340.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
528.000 |
354.630 |
335.680 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
868.000 |
694.630 |
675.680 |
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LOAN FUNDS |
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1] Secured Loans |
1.980 |
1.020 |
91.970 |
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2] Unsecured Loans |
85.140 |
0.000 |
51.110 |
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TOTAL BORROWING |
87.120 |
1.020 |
143.080 |
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DEFERRED TAX LIABILITIES |
145.960 |
137.260 |
120.320 |
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TOTAL |
1101.080 |
832.910 |
939.080 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1967.330 |
1501.990 |
1515.080 |
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Capital work-in-progress |
449.180 |
557.410 |
330.630 |
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INVESTMENT |
1340.000 |
180.000 |
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 |
402.300
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284.510
|
226.790 |
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Sundry Debtors |
428.690
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385.040
|
198.420 |
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Cash & Bank Balances |
153.390
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187.290
|
941.470 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
593.270
|
338.810
|
211.250 |
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Total
Current Assets |
1577.650
|
1195.650
|
1577.930 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3038.440
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2129.640
|
1654.280 |
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Provisions |
1194.640
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472.500
|
909.450 |
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Total
Current Liabilities |
4233.080
|
2602.140
|
2563.730 |
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Net Current Assets |
(2655.430)
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(1406.490)
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(985.800) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
79.170 |
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TOTAL |
1101.080 |
832.910 |
939.080 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
16475.400 |
14679.270 |
10991.030 |
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Other Income |
182.680 |
0.000 |
0.000 |
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Total Income |
16658.080 |
14679.270 |
10991.030 |
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Profit/(Loss) Before Tax |
1993.360 |
1961.690 |
1458.720 |
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Provision for Taxation |
706.200 |
680.110 |
498.480 |
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Profit/(Loss) After Tax |
1287.160 |
1281.580 |
960.240 |
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Earnings in Foreign Currency : |
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FOB value of exports |
475.160 |
149.370 |
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Reimbursement if Expenses |
0.220 |
1.230 |
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Sale of Fixed Assets and other related
expenses debited to P and C SpA |
0.000 |
3.010 |
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Total Earnings |
475.380 |
153.610 |
273.800 |
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Imports : |
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Raw Materials |
92.040 |
26.780 |
NA |
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Stores & Spares |
8.090 |
4.900 |
NA |
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Others |
0.000 |
9.890 |
NA |
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Total Imports |
100.130 |
41.570 |
NA |
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Total Expenditure |
14664.720 |
12717.580 |
9532.310 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
7.73
|
8.73 |
8.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.10
|
13.36 |
13.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
56.23
|
72.72 |
47.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
2.30
|
2.82 |
2.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.98
|
3.75 |
4.01 |
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Current Ratio (Current Asset/Current Liability) |
|
0.37
|
0.46 |
0.62 |
LOCAL AGENCY
FURTHER INFORMATION
Operations
During the year, the Company has earned a gross revenue of Rs.16657.37
million against Rs.14679.27 million during the previous year, registering a
growth of 13.47% over the previous year.
During the year, the company sold nos. 153754 three wheeled vehicles
registering a growth of around 5% over the previous year. Company introduced
four wheeled vehicles in the month of May 2008 and sold 4947 vehicles, during
the year, the company consolidated its market share in the Indian market to 42%
in the overall 3-wheeler industry and achieved a leadership position with a
market share of 54% in the cargo segment.
It is a matter of pride that Piaggio pioneers in bringing world-class
technology to its customer and also understands their needs. This is possible
of highly committed and dedicated team of employees with inherent values of
integrity, customer orientation and quality consciousness. The market share of
more than 50% is a reflection of the superlative market excellence on a
consistent basis. In an intensely competitive market, this is an outstanding
achievement by any measure.
Expansion
The Company commissioned its four-wheeler manufacturing facility at
Baramati in February 2007 and commenced commercial production from May 2007.
The plant has a planned capacity of 24000 vehicles per annum.
The Company is in the process of setting up an Engine manufacturing
facility to serve as a hub to meet not only its requirement but so also of the
parent Company. Capital expenditure likely to be incurred is Rs.400 Mio.
Fixed Assets
·
Leasehold Land
·
Building
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
Form No. 8
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Name of the company |
PIAGGIO VEHICLES PRIVATE LIMITED |
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Presented By |
Calyon Bank
(formerly : Credit Agricole Indosuez) and Piaggio Vehicles
Private Limited |
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1) Date and description of instrument creating the change |
Dated : 7th
October, 1998 Agreement of
Hypothecation of Plant and Machinery / Goods / Book Debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.52.500
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 |
·
All the
Borrower’s present and future book debts, outstanding, money receivable,
claims, bills, contracts, securities, investments, rights and assets (except
property effectively otherwise hypothecated or charged to the Bank) by way of
a first pari passu charge; and ·
All the
goods and all other movable property such as products, stock in trade and
goods, whether finished or raw or in the process of manufacture, and all
articles manufactured therefrom belonging to the Borrowers which now are or
hereafter from time to time during this security shall be brought in, stored
or be, in or about the premises warehouse or godowns of the said Borrower/s
at Baramati or anywhere else, including any such goods in course of transit
or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Compound interest
@ PLT + Tax or at such other rate as may from time to time be fixed by the
Bank: ·
Margin : 20% ·
This
agreement and the security herein referred to shall operate as a continuing
security for all moneys, Indebtedness and liabilities aforesaid notwithstanding
the existence of a credit balance on the said Facility account or any other
account at any time or any other partial payment or fluctuations of accounts. |
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5) Name and Address and description of the person entitled to the charge. |
Calyon Bank (Formerly Known
As : Credit Agricole Indosuez) Ramon House, 169,
Backbay Reclamation, Mumbai – 400 020. (Now shifted to
Hoechst House, 11th Floor, Nariman Point, Mumbai – 400 021). |
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6) Date and brief description of instrument modifying the charge |
Dated : 1st
July, 2004. Letter dated
01.07.2004 from Calyon Bank. |
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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. |
·
Past Modification : The original charge created on 07.10.1998 for Rs.52.500 millions
modified and increased to Rs.70.000 millions on 25.11.2002. (Last modification registered on 10.01.2003 under Doc. No. 73). ·
Present Modification : In terms of RBI’s notification dated 30.04.2004, Credit Agricole
Indosuez (CAI) has changed its name to Calyon Bank effective from 1st
May, 2004 and this new name is used in India only. This is a change of name only and will have no effect on any existing
contracts or agreements between the Bank and/or the rights and liabilities of
parties therto and/or the securities created thereunder, which continue to be
in full force and effect. All existing documentation executed by Company,
including intimation of authorized signatories, will continue to be valid. Save and expect the above, there is, therefore, no change in the
amount of charge. |
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Corporate
identity number of the company |
U34102MH1998PTC113606 |
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Name of the
company |
PIAGGIO VEHICLES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
Calyon Bank A-203, 2nd Floor, ICC Trade Tower, A Wing 403, A/2,
Senapati Bapat Road, Pune – 411 016, Maharashtra, India |
|
Nature of instrument
creating charge |
Supplementary
Hypothecation Agreement of Stock / Book-Debts / Machinery (Increase in limit
/ additional securities) |
|
Date of
instrument Creating the charge |
25.07.2008 |
|
Amount secured by
the charge |
Rs.270.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Over Draft : Linked to PLR Letter of Credit / Acceptance : Negotiable at the time of drawdown Guarantees : Negotiable at the time of drawdown ·
Terms of
repayment Over Draft / Commercial Advance / Short Term Loan / Export Finance /
FCNR (B) Loan : Max Tenor : 6 Months Letter of Credit / Acceptance : 6 months Guarantees : 1 Year ·
Margin Nil ·
Extent and
operation of the charge Pari Passu hypothecation charge over book debts and stocks |
|
Particulars of
the property charged |
The Borrower
hereby agrees and confirms to the Bank that the Security of First
Hypothecation charge created by the Borrower in favour of the Bank over the
said Stocks, Book-debts shall constitute security to the Bank. |
News :
Piaggio Vehicles to launch `quadri-cycle' next year
PIAGGIO
Vehicles Private Limited plans to launch its "quadri-cycle" for the cargo
market in the second half of 2005. Currently, extensive tests of the vehicle
are underway.
It
has got the design for the quadri-cycle - a four-wheeler goods and passenger
carrier - from its Italian parent and has got ready a prototype that has been modified
for Indian conditions, according to Mr Ravi Chopra, Managing Director, Piaggio
Vehicles Private Ltd. In an informal chat with Business Line here on
Monday , Mr Chopra hoped that issues over classifying a quadri-cycle would get
sorted out soon.
The
automobile industry in the country is divided on the safety norms that will
have to be incorporated, in case the quadri-cycle is used for moving people.
Some in the industry want the gross vehicle weight to be higher than 600 kg,
while some others feel that 600 kg - the internationally followed limit - is
adequate.
Mr
Chopra was confident that these and other issues that are being currently
debated by the industry would be sorted out shortly. Piaggio would launch the cargo
carrier quadri-cycle next year, once the tests are completed.
This
1.5-tonne vehicle with a payload of 800 kg to one tonne, would be manufactured
at Piaggio Vehicles' plant in Baramati, Maharashtra.
Mr
Chopra was here to launch the 1.3-tonne three-wheeler cargo carrier from
Piaggio. The company has a one-tonne three-wheeler in the market and the
1.3-tonne vehicle will help it offer a wider choice to customers in what Mr
Chopra believes is a growing market. All the company's three-wheeler carriers are
sold under `Ape' brand name.
In
his reasoning, for every multi-axle vehicle that is sold for inter-city cargo
movement, at least eight to 10 smaller cargo carriers of the capacity that
Piaggio produces would be required, he told a press conference to launch the
1.3-tonne cargo carrier.
He
said that Piaggio would have a capacity of one lakh units in place before the
end of 2004 and 1.36 lakh units before the end of next year.
From
a "few thousand vehicles" exported last year, Piaggio Vehicles hopes
to increase exports to 20 per cent of total sales in the next couple of years.
Its turnover is expected to grow from Rs 4500 millions in 2003 to Rs 6000
millions this year and the target is to increase it to Rs 10000 millions by the
end of 2005. Its profit before tax was "12 per cent to 13 per cent."
Mr
Chopra said the Italian parent is also keen to make its Indian subsidiary a
worldwide manufacturing hub for three-wheeler products. Piaggio Vehicles had
seeded the market in 18 countries and hoped to begin exports to these countries
shortly.
The
markets include Africa, Latin America, South East Asia and South Asia.
The
Italian company will also source components like plastic parts and sheet metal
components for its global products.
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.47.33 |
|
UK Pound |
1 |
Rs.73.93 |
|
Euro |
1 |
Rs.66.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|