MIRA
INFORM REPORT
|
Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT
REFRACTORIES LIMITED |
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|
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Registered Office : |
Administrative
Building, Indira Gandhi Marg, Central Avenue, Sector – IV, Bokaro Steel City –
827 001, District Bokaro, Bihar |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.07.1974 |
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Com. Reg. No.: |
03-1133 |
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CIN No.: [Company
Identification No.] |
U26931JH1974GOI001133 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RCHB00526B |
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Legal Form : |
A Closely Held
Public Limited Liability Company owned by the Government of India |
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Line of Business : |
Manufacturers and Marketers of various
kinds of sophisticated refractories such as Mag-Carbon Bricks, Spinel &
Magnesia Spinel, Gunning Repair Material and Cast Mixed for Steel Laddle in
collaboration with KRC Limited, Japan, Coke Over Silica Bricks in collaboration
with SRC Limited, Japan and Castables. |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
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Payment Behaviour : |
Delayed |
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Litigation : |
Unknown |
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Comments : |
The company
continues to incur heavy losses. Its financial position is poor. Ways and means
positions are difficult. Payments are reported as slow and delayed. The company can
be considered for your proposed business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
|
Registered / Head / Corporate Office : |
Administrative
Building, Indira Gandhi Marg, Central Avenue, Sector – IV, Bokaro Steel City
– 827 001, District Bokaro, Bihar, INDIA |
|
Tel. No.: |
91-6542-242193 / 246987 / 286008 / 233179 / 233673 |
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Fax No.: |
91-6542-247492 / 233672 |
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E-Mail : |
brl.ho@rmj.sprintrpg.ems.vsnl.net.in,
brlbks@dte.vsnl.net.in |
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Website : |
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Liaison/Site
Offices : |
Located at :
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Factory 1 : |
P.O. Marauda, – 490006,
Bhilai, Distt. Durg, Chhatisgarh |
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Tel. No.: |
91-788-2265550 |
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Fax No.: |
91-788-2275491 |
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Factory 2 : |
P.O. Marar – 829117,
Distt. Hazaribag, Jharkhand |
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Tel. No.: |
91-6553-222192, 222190 |
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Fax No.: |
91-6553-225492 |
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Factory 3 : |
P.O.-Bhandaridh –
829132, Distt.- Bokaro, Jharkhand |
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Tel. No.: |
91-6549-239222 |
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Fax No.: |
91-6549-239220 |
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Factory 4 : |
P.O.- Marar – 829117,
Distt.- Hazaribag, Jharkhand |
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Tel. No.: |
91-6553-256007 |
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Fax No.: |
91-6553-256009 |
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Branches : |
Located at: -
· Mumbai |
DIRECTORS
|
Name : |
Mr. Kumar Jitendra Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
QTR No. 1060 Sector IDB Bokaro Steel City, Bokaro 827004, Jharkhand |
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Qualification : |
05.10.1952 |
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Date of Appointment : |
01.02.2004 |
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|
Name : |
Mr. Drdeenanath Pathak |
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Designation : |
Director |
|
Address : |
C – 36, 1st Floor, Sarvodaya Enclave, New Delhi – 110016 |
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Date of Birth/Age : |
08.06.1957 |
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Date of Appointment : |
20.10.2003 |
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Name : |
Mr. Deepak Anurag |
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Designation : |
Director |
|
Address : |
QTR Type V/1, Postal Staff College Campus CGO Complex, Ghaziabad,
Uttar Pradesh, India |
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Date of Birth/Age : |
14.09.1961 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Udai Pratap Singh |
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Designation : |
Director |
|
Address : |
MD’s Bungalow, Bokaro Steel City, Bokaro – 827012, Jharkhand |
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Date of Birth/Age : |
31.01.1946 |
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Date of Appointment : |
17.12.2003 |
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Name : |
Mr. Rajendra Prasad Singh |
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Designation : |
Director |
|
Address : |
No. 1, Talpuri, Bhilai, Durg 490006, Chhatisgarh |
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Date of Birth/Age : |
30.06.1946 |
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Date of Appointment : |
28.09.2005 |
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|
Name : |
Dr. Sankar Mishra |
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Designation : |
Director |
|
Address : |
Ispat Bhavan, MD’s Bungalow, Sector 19, Rourkela – 769005, Orissa |
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Date of Birth/Age : |
18.12.1945 |
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Date of Appointment : |
28.09.2005 |
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|
Name : |
Ms. Vibha Pandey |
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Designation : |
Chief Controller of Accounts Government of India [Ministry of Steel & Mines, Udyog
Bhawan, New Delhi-110011] |
|
|
|
|
Name : |
Ms. Vijaya Lakshmi N |
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Designation : |
Dy. Secretary to the Government of India [Ministry of Steel & Mines, Udyog Bhawan, New Delhi-110011] |
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|
Name : |
Mr. V. K. Srivastava |
|
Designation : |
Managing Director [SAIL, Bokaro Steel Plant, Bokaro Steel
City, (Jharkhand)] |
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|
|
|
Name : |
Mr. B. N. Singh |
|
Designation : |
Managing Director [SAIL, Rourkela Steel Plant, Rourkela,
(Orissa)] |
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|
|
Name : |
Mr. R. Ramaraju |
|
Designation : |
Managing Director [SAIL, Bhilai Steel Plant, Bhilai,
(Chhatisgarh)] |
|
Address : |
D – 10, Hospital Sector, Bhilai – 490006, Chandigarh |
|
Date of Birth/Age : |
04.03.1950 |
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Date of Appointment : |
22.01.2007 |
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Other Directorship : |
Steel Authority of India Limited L27109DL1973GOI006454 Hindustan Steel Works Construction Limited U25246WB1964PTC026118 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
President of India |
|
203451795 |
|
Kumar Jitendra Singh |
|
1 |
|
A D Roy |
|
1 |
|
Banerjea Chanchal |
|
1 |
|
Gyan Shankar |
|
1 |
|
Kumaresh Mitra |
|
1 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Government [Central and State] |
|
99.88 |
|
Bodies corporate |
|
0.12 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of various
kinds of sophisticated refractories such as Mag-Carbon Bricks, Spinel &
Magnesia Spinel, Gunning Repair Material and Cast Mixed for Steel Laddle in
collaboration with KRC Limited, Japan, Coke Over Silica Bricks in collaboration
with SRC Limited, Japan and Castables. |
|
|
|
|
Products : |
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GENERAL
INFORMATION
|
Customers : |
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No. of Employees : |
Around 1750 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
J N Agarwal and
Company Chartered
Accountants |
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Address : |
6 RIT Building,
Court Compound, Ranchi 834001, Jharkhand 834001, India |
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Collaborators : |
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Associates/Subsidiaries : |
·
All
Government of India Undertaking Companies subsidiries
·
The Indian
Iron & Steel Company Limited ·
India
Firebricks and Insulation Company Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210690800 |
Equity Shares |
Rs. 10/- each |
Rs. 2106.908 Millions |
|
12103450 |
Preference Shares |
Rs. 10/- each |
Rs. 121.035 Millions |
|
|
Total |
|
Rs. 2227.943
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210690800 |
Equity Shares |
Rs. 10/- each |
Rs. 2106.908 Millions |
|
12103450 |
Preference Shares |
Rs. 10/- each |
Rs. 121.034 Millions |
|
|
Total |
|
Rs. 2227.942 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2157.942 |
2157.942 |
2087.900 |
|
|
2] Share Application Money |
70.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[3819.467] |
[3748.745] |
(3473.500) |
|
|
NETWORTH |
[1591.525] |
[1590.803] |
(1385.600) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
500.280 |
491.794 |
139.700 |
|
|
2] Unsecured Loans |
1614.978 |
1614.978 |
1783.100 |
|
|
TOTAL BORROWING |
2115.258 |
2106.772 |
1922.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
523.733 |
515.969 |
537.200 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
344.405 |
344.286 |
338.700 |
|
|
Capital work-in-progress |
67.636 |
61.210 |
54.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
231.418
|
217.721
|
200.700
|
|
|
Sundry Debtors |
591.837
|
522.101
|
427.600
|
|
|
Cash & Bank Balances |
504.828
|
496.607
|
351.600
|
|
|
Other Current Assets |
11.089
|
7.597
|
1.200
|
|
|
Loans & Advances |
127.169
|
103.521
|
103.300
|
|
Total Current Assets |
1466.341
|
1347.547
|
1084.400
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1275.555
|
1176.222
|
1119.100
|
|
|
Provisions |
80.521
|
63.704
|
49.100
|
|
Total Current Liabilities |
1356.076
|
1239.926
|
1168.200
|
|
|
Net Current Assets |
110.265
|
107.621
|
(83.800)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.427 |
2.852 |
227.400 |
|
|
|
|
|
|
|
|
TOTAL |
523.733 |
515.969 |
537.200 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1425.124 |
1190.395 |
864.027 |
|
|
Other Income |
90.050 |
105.373 |
167.997 |
|
|
Total Income |
1515.174 |
1295.768 |
1032.024 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[70.722] |
[52.130] |
[94.016] |
|
|
Provision for Taxation |
-- |
-- |
-- |
|
|
Profit/(Loss) After Tax |
[70.722] |
[52.130] |
[94.016] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
718.954 |
583.871 |
427.708 |
|
|
Purchases made for re-sale |
10.849 |
6.420 |
1.831 |
|
|
Consumption of stores and spares parts |
16.577 |
16.611 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[11.810] |
[0.535] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
268.661 |
252.101 |
0.000 |
|
|
Managerial Remuneration |
0.267 |
0.254 |
238.899 |
|
|
Payment to Auditors |
0.217 |
0.187 |
0.000 |
|
|
Interest |
154.655 |
148.498 |
129.676 |
|
|
Insurance Expenses |
1.207 |
1.041 |
0.000 |
|
|
Power & Fuel |
164.862 |
128.915 |
119.792 |
|
|
Depreciation & Amortization |
34.152 |
31.636 |
29.369 |
|
|
Other Expenditure |
227.305 |
178.899 |
178.765 |
|
Total Expenditure |
1585.896 |
1347.898 |
1126.040 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[4.67]
|
[4.02] |
[9.11] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[4.96]
|
[4.38] |
[10.88] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[3.91]
|
[3.08] |
[6.61] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.04]
|
[0.03] |
[0.07] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[2.18]
|
[2.10] |
[2.23] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.09 |
0.93 |
LOCAL AGENCY
FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
BHARAT REFRACTORIES LIMITED |
|
Presented By |
P. S. R. Murthy, Company Secretary |
|
1) Date and description of instrument creating the change |
Agreements for
cash credit hypothecation of goods, debts and assets in Form ‘K’ and ‘L’
created on 20.01.1989 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 49.500
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 |
The Whole of the
Borrowers stock of imported and indigenous raw materials, finished goods and
consumables stores whether raw or in process of manufacture and all articles
manufactured there from to time during this security shall be brought into
stored or be in or about the Borrowrs Bhandaridah, Ranchi Road and NS Mines
or wherever else the same may be. All the
Borrower’s present and future book debts, outstanding money receivable,
claims, bills contracts, engagements, securities, investments, rights and
assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate
16.5 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Bokaro Steel City
Branch Bokaro Steel City
– 827004, Bihar |
|
6) Date and brief description of instrument modifying the charge |
Agreement in Form
‘K’ and ‘L’ dated 20.12.1993 |
|
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. |
The amount of
charge has been enhanced from Rs. 49.500 Millions to Rs. 50.000 Millions and
interest of 16.5 % p.a. and bank Guarantee for Rs. 60.000 Millions |
AS PER
WEBSITE
HISTORY
Bharat Refreactories Limited (BRL), a Public Sector
Undertaking, under the Ministry of Steel was originally incorporated as a
subsidiary company of Bokaro Steel Limited on 22nd July, 1974 to run
Bhandariah Refractories Plant (BhRP) which was earlier acquired by Govt. of
India in 1972 and placed under the management of Bokaro Steel Limited.
Consequent upon restructuring of the Public Sector Iron and
Steel Industries on 1st May, 1978 Ranchi Road Refractories Plant (RRRP), which
was under the under of earstwhile Hindustan Steel Limited and Bhilai
Refractories Plant (BRP) which was under construction as a captive unit of
Bhilai Steel Plant were also transferred to BRL.
India Firebricks and Insulation Company Limited (IFICO)
which was taken over by Steel Authority of India Limited with effect from 16th
December, 1976 was also transferred as a subsidiary of BRL w.e.f. 01-05-1978.
IFICO became a unit of BRL w.e.f 01-10-1997 and was renamed as IFICORP.
CAPACITY
PRODUCTION CAPACITY (M.T.) OF BRL
|
Product
Range |
Licensed |
Installed |
|
A. Basic(Including Magnesia
Carbon) |
30,000 |
57,500 |
|
B. Silica |
20,000 |
10,000 |
|
C.Fireclay/ High Alumina |
2,02,000 |
68,000 |
|
Total |
2,52,000 |
1,35,500 |
UNIT
WISE CAPACITY [M.T.]
|
UNIT |
CAPACITY |
|
Bhandaridah Refractories Plant |
26,000 |
|
Ranchi Road Refractories Plant |
7,
500 |
|
Bhilai Refractories Plant |
60,000 |
|
IFICO Refractories Plant |
42,000 |
|
Total |
1,35,500 |
TECHNICAL COLLABORATION
To keep pace with the changing and stringent requirements of consuming industries, BRL has entered into technical collaboration with world leaders in refractory manufacturing like M/s Kawasaki Refractories, Japan, Shinagawa Refractories, Japan and Plibrico, France. BRL has also entered into technical collaboration with SAIL, R&D Centre for Iron & Steel, Ranchi.
The
collaborators and the products being manufactured under their collaboration are
given below:
|
Collaborators |
Products |
|
Kawasaki Refractories Company Limited, Japan |
Magnesia Carbon Bricks |
|
Shinagawa Refractories Company Limited, Japan |
Tap Hole Clay |
|
Plibrico, France |
Ultra low Cement Castable for
BF Trough |
|
SAIL, RDCIS |
Zero Cement Castable
Alumina-magnesia-Spinnel Castable |
PLANTS
Bhilai Refractories Plant (BRP)
P.O. Marauda, – 490006, Bhilai,
Distt. Durg, Chhatisgarh
Phone: (0788) 2265550
Fax: (0788) 2275491
Chief Executive: Mr. C. P. Singh (Dy. General Manager I/c)
Capacity :
60,000 Tonne per annum
Employees :
675
Crushing & Griding Machine : 20
Nos.
Mixer :
13 Nos.
Hydraulic Press :
6 Nos. (up to 1250 T Capacity)
Friction Screw Press :18
Nos.
Tunnel Kiln :
4 Nos.
Chamber Kiln :
1 Nos.
Rotary Kiln :
1 Nos.
Curing furnace :
2 Nos.
Products: All
ranges of Basic refractories including magnesia carbon bricks and silica
refractories
Bhandaridah
Refreactories Plant (BHRP)
P.O.-Bhandaridh – 829132, Distt.-
Bokaro Jharkhand
Phone: (06549) 239222
Fax: (06549)
239220
Chief Executive: Mr. R. N. Singh (Dy. General Manager
I/c)
Capacity :
26,000 Tonne per annum
Employees :
368
Crushing & Griding Machine : 11
Nos.
Blast furnace tap hole mud mixer : 2 Nos.
Blast furnace through runner material mixer : 2 Nos.
Castable refractory mixer :
1 No (1 T Capacity intensive mixer)
Mixer for brick Manufacturing : 4 Nos.
Hydraulic press :
2 Nos.
Friction screw press :
7 Nos.
Tunnel Kiln :
1 No.
Products: Tap
hole mass, trough mass,castables for Blast furnace application,
conventional castables and alumino silicate bricks.
IFICO
Refracories Plant (IFICO RP)
P.O. Marar – 829117 Distt.
Hazaribag Jharkhand
Phone: (06553) 222192,
222190
Fax: (06553) 225492
Chief Executive: Mr. A. K. Sarkar (General Manager)
Capacity : 42,000 Tonne per annum
Employees : 335
Crushing & Griding Machine : 9
Nos.
Mixer :
9 Nos.
Hydraulic Press :
6 Nos. (up to 1250 T Capacity)
Friction Press :
5 Nos.
Tunnel Kiln :
3 Nos.
Shaft Kiln :
4 Nos.
Chamber Kiln :
1 Nos.
Rotary Kiln :
3 Nos.
Curing furnace :
1 Nos.
Products: All
ranges of Alumino refractories, castables, special products like slide gate
refractories, magnesia carbon refractories
Ranchi Road Refractories Plant (RRRP)
P.O.- Marar – 829117 Distt.- Hazaribag
Jharkhand
Phone: (06553) 256007
Fax: (06553) 256009
Chief Executive: Mr. P.K.Niyogi (General Manager )
Capacity :
7500 Tonne per annum
Employees :
183
Crushing & Griding Machine : 3
Nos.
Pre mixer for manufacturing magnesia carbon bricks : 1 No.
Pre mixer for manufacturing of magnesia carbon bricks : 6 Nos. (up to 1250 T Capacity)
Mixer for manufacturing of magnesia carbon bricks :1 Nos.
Mixer for manufacturing of basic ramming mass : 3 Nos.
Hydraulic press :
4 Nos.
Friction screw press :
2 Nos.
Curing furnace :
2 Nos.
Products: Superior
quality Magnesia Carbon bricks, basic ramming and gunniting masses etc.
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.39.68 |
|
UK Pound |
1 |
Rs.77.67 |
|
Euro |
1 |
Rs.57.81 |
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 |
|