MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAB INDIA
GRANITES PRIVATE LIMITED |
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Registered Office : |
502, 4th Floor, Apex Mall, Lal
Kothi, Tonk Road, Jaipur 302 015, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.08.2002 |
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Com. Reg. No.: |
17-17765 |
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CIN No.: [Company
Identification No.] |
U14101RJ2002PTC017765 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET09586D |
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PAN No.: [Permanent
Account No.] |
AABCT7634B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacture,
Trader, Dealer and Exporter of Granite,
Marble, Slate, Sand Stone, Tiles, Slabs, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2855000 |
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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 now an
established company and doing good business. Directors are reported as
experienced and respectable. Trade relations are fair. Business is active.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
502, 4th Floor, Apex Mall, Lal
Kothi, Tonk Road, Jaipur 302 015, Rajasthan, India |
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Tel. No.: |
91-141-2744200 / 2744300 / 2387161 |
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Fax No.: |
91-141-2744500 / 2387163 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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Head Office : |
Bangalore Office: Ph : 91-80-5115-5656/57 North Zone
Office : 502, Apex Mall, Tonk Road, Jaipur – 302015, India Tel. No. : 91-141-2744200 / 2744300 Fax No. : 91-141-2744500 E-mail : info@tabindia.com |
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Sales
& Marketing Offices and Warehouses , U.S.A |
AMSUM & ASH, INC. Los Angeles: |
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South Zone Office and Granite Processing Plant |
N.H. 7,
Nallaganakothapally Village, Krishnagiri Road, Koneripalli, P. O., Hosur Taluk,
Tamil Nadu – 635 117 |
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Tel. No.: |
91-4344-309314,
309313, 257400, 257405 |
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Fax No.: |
91-4344-257461 |
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E-Mail : |
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Location : |
Rural – owned |
DIRECTORS
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Name : |
Mr. Sumeet Gupta |
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Designation : |
Managing Director
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Address : |
54, 55, 56
Taruchya Nagar, Jaipur, Rajasthan |
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Date of
Birth/Age : |
17/08/1975 |
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Date of
Appointment : |
14/08/2002 |
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Name : |
Mr. Vijaya Gupta |
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Designation : |
Director |
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Address : |
54, 55, 56
Taruchya Nagar, Jaipur, Rajasthan |
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Date of
Birth/Age : |
03/12/1952 |
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Date of
Appointment : |
14/08/2002 |
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Name : |
Mr. Ravi Kabra |
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Designation : |
Director |
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Name : |
Ms. Devyani Gupta |
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Designation : |
Director |
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Address : |
54, 55, 56
Taruchya Nagar, Jaipur, Rajasthan |
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Date of
Birth/Age : |
18/07/1976 |
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Date of
Appointment : |
29/03/2005 |
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Name : |
Mr. Ashok Kumar
Gupta |
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Designation : |
Director |
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Address : |
54, 55, 56
Taruchya Nagar, Jaipur, Rajasthan |
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Date of
Birth/Age : |
17/06/1946 |
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Date of
Appointment : |
17/06/2003 |
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Name : |
Mr. Amit Amar |
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Designation : |
Company Secretary |
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Address : |
435 Devi Nagar,
Sodala, Jaipur 302 019, Rajasthan |
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Date of
Birth/Age : |
08/06/1977 |
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Date of
Appointment : |
13/04/2005 |
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Name : |
Mr. Nagendra
Naruka |
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Designation : |
Director |
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Address : |
E – 9/573, Rakoot
Colony, Jaipur – 302 019, Rajasthan, India |
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Date of
Birth/Age : |
22.12.1973 |
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Date of
Appointment : |
15.03.2004 |
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Date of
Ceasing: |
30.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Sumit Gupta |
2702460 |
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Ms. Vijaya Gupta |
1000 |
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Mr. Amit Gupta |
92000 |
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Ms. Devyani Gupta |
135 |
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Others |
43 |
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Total |
2795638 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture,
Trader, Dealer and Exporter of Granite,
Marble, Slate, Sand Stone, Tiles, Slabs, etc. |
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Products : |
v Granite v Limestone v Marble v Mosaic v Polished Stone v Quartzite v Sandstone v Slabs v Slates v Tumbled Stones v Mahrani Green (Marble) v Lady Onyx (Onyx) v Autumn gold (Marble) v Brass Blue (Granite) v Vyara Original (Granite) v Golden Fantasy (Granite) |
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Exports : |
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Countries : |
USA |
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Terms : |
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Purchasing : |
On Letter of
Credit basis |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production In Millions |
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Granites & Marble Slabs & Tiles |
Sq. ft. |
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192851.1965 |
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Scrap & Wastage |
Sq. Ft. |
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3246.2164 |
GENERAL
INFORMATION
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Bankers : |
· Bank of Baroda, International Business Branch, Ahinsa Circle, C-Scheme, Jaipur 302 001 · Bank of India |
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Facilities : |
Cash Credit: Rs. 594.2 millions from Bank
of Baroda as per Hypothecation agreement dated 25.09.2006. First charge by way of hypothecation of
all stock of raw materials, stock in process, semi finished & finished goods,
stock in transit, packing material, consumable stores and spares, all present
& future book debts, outstanding monies, receivables, claims, bills and
all present & future movable plant & machinery and all other current
and fixed assets of the Company. It is further secured by equitable
mortgage extended on land & buildings of the subject company situated at
Survey No. 224/10, 224/11, Addagurukki Village of Hosur Taluk attached to
Shoolagiri, Sub Registration District & Krishnagiri Registration District
of Krishnagiri District. Survey No.
72/1A, 70/17, 75/2, 70/13, 70/15, 75/1, 70/5, 70/6, 70/14, 70/16 at Nallagana
Kothapalli Village of Hosur Talk attached to Shoolagiri, Sub Registration
District & Krishnagiri, Registration District of Krishnagiri District.
The particulars of facilities are given below
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
JSM & Company Chartered
Accountants (Mr Jitendra
Agarwal, Partner, Membership No. 75339) |
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Address 1: |
“Shyam Apartment”, C-77 Sarojini Marg,
C-Scheme, Jaipur |
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Address 2: |
Gajraj Apartment,
C -68, Sarojini Marg, C-Scheme, Jaipur – 302 001, Rajasthan, India |
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Tel. No.: |
91-141-2374815 / 2365549 / 2363849 |
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Fax No.: |
91-141-2374815 / 2365549 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2795638 |
Equity Shares |
Rs.10/- each |
Rs. 27.956 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
27.956 |
27.956 |
27.956 |
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2] Share
Application Money |
40.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
646.040 |
20.000 |
329.345 |
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4] (Accumulated
Losses) |
0.000 |
521.373 |
0.000 |
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NETWORTH
|
713.996 |
569.329 |
357.301 |
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LOAN FUNDS |
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1] Secured Loans |
561.924 |
484.072 |
339.947 |
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2] Unsecured
Loans |
69.183 |
60.862 |
37.773 |
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TOTAL
BORROWING
|
631.107 |
544.934 |
377.720 |
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DEFERRED TAX
LIABILITIES |
33.673 |
25.372 |
19.271 |
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TOTAL
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1378.776 |
1139.635 |
754.292 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
419.254 |
365.724 |
286.554 |
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Capital work-in-progress
|
26.251 |
52.535 |
25.088 |
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INVESTMENT
|
21.500 |
0.000 |
0.005 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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330.842
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230.238 |
85.204
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Sundry Debtors
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604.723
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510.684 |
373.931
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Cash & Bank Balances
|
69.972
|
48.672 |
42.271
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Other Current Assets
|
0.000
|
0.000 |
6.310
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Loans & Advances
|
103.208
|
37.477 |
29.033
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Total Current Assets
|
1108.745
|
827.071 |
536.749 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
190.505
|
105.534 |
94.414
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Provisions
|
7.405
|
1.358 |
0.138
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Total Current Liabilities
|
197.910
|
106.892 |
94.552 |
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Net
Current Assets
|
910.835
|
720.179 |
442.237 |
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MISCELLANEOUS EXPENSES
|
0.936 |
1.197 |
0.408 |
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TOTAL
|
1378.776 |
1139.635 |
754.292 |
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ROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1123.574 |
826.591 |
705.984 |
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Other Income |
4.552 |
2.959 |
0.000 |
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Total Income |
1128.126 |
829.550 |
705.984 |
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Profit/(Loss) Before Tax |
140.389 |
198.139 |
120.417 |
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Provision for Taxation |
15.723 |
6.111 |
14.140 |
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Profit/(Loss) After Tax |
124.666 |
192.028 |
106.277 |
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Export Value |
0.000 |
814.537 |
673.174 |
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Import Value |
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Raw Materials |
61.545 |
10.068 |
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Consumables |
96.363 |
75.205 |
128.312 |
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Capital Goods |
0.000 |
71.701 |
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Total Imports |
157.908 |
156.974 |
128.312 |
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Total Expenditure |
22.815 |
17.328 |
544.448 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
11.05
|
23.15 |
15.05
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Net Profit Margin (PBT/Sales) |
(%) |
12.49
|
23.97 |
17.06
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.03
|
15.91 |
14.63
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.34 |
0.34
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Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
1.14 |
1.32
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Current Ratio (Current Asset/Current Liability) |
|
5.60
|
7.74 |
5.68
|
LOCAL AGENCY
FURTHER INFORMATION
The subject has shifted their Registered Office from S-205, Sangam
Tower, Second Floor, Church Road, Jaipur 302 001, Rajasthan, India to the above
mentioned address with effect from May 26, 2006
Incorporated on August 14, 2002 the subject is
engaged in the business of Manufacturing and Exporting Polished Marble,
Granite, Slate and Sand Stone, Slabs and Tiles
The production capacity of the subject company was enhanced during the
financial year 2004-05 to meet the increasing demands of Granite Slabs and
Tiles in US market. The subject is
concentrating on export of polished Granite Slabs and tiles in USA and received
good orders.
Subject imports
Abrasive, Blades, Segments and Saw Resin Bond and Hardener Steel Grit.
FORM 8:-
|
Name of the
company |
TAB INDIA GRANITES PRIVATE LIMITED |
|
Presented
By |
Director, Tab
India Granites Private Limited, and Bank of Baroda Jointly. |
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1) Date and
description of instrument creating the change |
27.09.2004,
(Registered on 19.10.2004) Hypothecation Agreement Hypothecation of
movable machinery Letter of pledge
of goods for advances Pledge of goods
to secure credit facilities (for Imported) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 34.500
millions Term Loan - I |
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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 |
First Charge by
way hypothecation of all present and future plant and machinery, Furnitures, fixture,
office equipments, tools, accessories, stores, spares, all stock , present
and future book debts, outstanding monies, receivables, claims, bills and all
other misc fixed assets and current assets of the company. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest 10.50%p.a (floating) with monthly rests, subject to change from time to time. Margin: 35% Repayable in 20 quarterly installment, first 19 installment of Rs.
1.700 millions each and last 20th of Rs. 2.200 millions commencing
from December 2004, Interest to be paid separately as and when applied. |
|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Baroda Address: International Banking Branch, Ahinsa Circle, Jaipur |
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6) Date and brief description of instrument
modifying the charge |
21.02.2005 Memorandum of
entry Declaration Letter of
confirmation of mortgage creation Letter of
undertaking |
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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. |
Equitable
Mortgage created as security on first charge basis on all land and building
and structures plant and machinery, present and future situated at: Survey No. 224/10
and 224/11 at Addagurukki Village of Hosur Taluk attached to shoolagiri sub
registration district and Krishnagiri Registration District. Survey No. 72/1A,
70/17, 75/2, 70/13, 70/15, 70/5, 70/6, 70/14, 70/16, situated at to Nallagana
Kothapali Villager, Hosur Taluk attached to shoolagiri sub registration
District and krishnagiri registration district of krishnagiri district. |
As per Website
Details :
Profile :
Subject is the
manufacturer of Granite, Marble, Slate, Quartzite, Sandstone and Limestone. It
produces several variations of tiles, slabs, cut to size, and mosaics. Service,
quality, integrity and excellence in all respects have been the driving force
for all related to the organization.
Factory/Equipments
Tab
India Opens A New Granite Processing Plant In Nov 2003!
They produce Marble,
Granite,
Slate, Quartzite,
Limestone
and Sandstone
in tiles, slabs and cut to size. Polished, honed, brushed, flamed, sandblasted
are some of the finishes while they have a large collection of mosaics and some
unique exclusive colors. Their processing facilities are located all over India
with two main hubs for shipping purposes – Jaipur and Bangalore. With over 300
various stones that they produce, they have divided the process of
manufacturing into various steps to minimize costs and maximize efficiency.
Many of their factories are located at the quarry itself where the raw material
is sorted and cut into various sizes and the finishing touches may be given at
the main processing plant. A combination of very efficient Managers, Dedicated
Staff The Best In The Industry, Technical Knowledge And Commitment To Not Just
Prices And Quality, But Timing Make Us An Irreplaceable Option.
The Following
Machines Are Used By The Company:
Granite Tiles –
Pedrini S.P.A Italy, Tile Line.
Granite Slabs – Breton and Gaspari Menotti Jumbo Gangsaws, Breton and Gaspari –
20 Head Line Poilishers.
Marble Tiles - Pedrini S.P.A Italy, Tile Line.
Marble Slabs – Giorgini Maggi Gangsaw and Breton Bridge Polisher.
Slate, Sandstone,
Limestone and Quartzite – Cal-Ii By M/S M.L Shah Machinery Limited Of Mumbai
For Gauging
As Well As
Polishing Line From Them.
TAB India Inc. is
truly a complete “Indian” stone company, since they supply almost all the
export worthy natural stones from India. Their range offers a multitude of
stone materials to their clients worldwide, be it Granite, Marble, Slate,
Sandstone, Limestone, or Quartzite. They cover it all.
Company’s strength
to meet deadlines is also supported by the Company’s own fleet of trucks and
open body trailors, which transport raw material to packaged crates from one
point to another, without any complications.
Known for their
packing standards, TAB India Inc. uses one of the best packing materials from
the most reputed companies in India. Their average cost of packaging is
approximately 30-40% higher than anyone in the trade, and it shows. Their
pallets use the best wood, and are strong enough to be stacked up to 5 units
high. They are treated and fumigated against pests, termites, or any other
infestations.
All the containers
are braced/lashed properly. Pictures are taken of each container for as a
safeguard against any mis-happenings. TAB India Inc. guarantees against any
breakage or broken pieces, a guarantee that they stand by or they will replace
the entire order.
Projects
Tab India Inc./
Amsum and Ash Inc. has a large presence in the U.S. construction industry
providing natural stone material for hundreds of projects per year. In the last
two years, their company has averaged over 50 cut-to-size projects in 2000 and
2001. They specialize in Commercial office buildings, Hotels, College campuses,
Stadiums, Airport facilities, Medical Facilities, Residential projects, etc.
Amsum and Ash Inc., the U.S. sales and marketing office, provides support in
the form of digital photo libraries, sample boards, sample kits, ASTM data,
etc… to educate consumers of their remarkable products. They have the capacity
to produce 200,000 ft2-1,000,000 ft2 of material per month, depending upon the
material. A project of any size is manageable. Shipping over 1200 containers of
material per year, they utilize the world’s largest shipping company- American
President Lines for timely shipments. Tab India Inc./ Amsum and Ash Inc. prides
itself on providing timely, comprehensive and quality service. This has been
the key to their success.
Office
To serve
a network of 300 + distributors and their ongoing projects in USA and Canada,
they have 3 factory warehouses for back up inventory and support. All logistics
paperwork, documentation, containers clearance, and delivery are handled
through their US sales offices. They have an inflow of about 100 containers a
month, which can take care of any contingencies that may arise. Over 2 million
sq. ft. of inventory is kept at its US locations of all its product lines in
various sizes and finishes. This gives Tab India a unique edge over any other
factory in the world possibly and gives its clients the service they deserve.
News
Capexil (Chemicals
and Allied Products Export Promotion Council), under the department of
Government of India, has awarded TAB INDIA/AMSUM and ASH, with the most
prestigious award from India in their Industry and category. Since 1996 and the
5th year in a row, they have been deemed ‘Exporter of the Year’, ‘Largest
Granite Manufacturer of the Year, ‘Best Export Performance’ – by various Organizations.
This is the best possible recognition any organization in India can receive in
this industry.
QUALITY
- Guaranteed, TIMELINESS – under their control and Service – their broad client
base is testimony to their success. They will cater to the needs and dealing
directly with the factory allows for unbeatable pricing and cost effective
engineering among other factors.
Spotlight ( New
Products )
As the
leading manufacturer of natural stone products from India, they constantly look
for new materials and new finishes on existing materials. The products featured
in this section may be exclusive products of Tab India Inc./ Amsum and Ash Inc.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.66 |
|
UK Pound |
1 |
Rs.78.16 |
|
Euro |
1 |
Rs.58.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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/normal. |
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 |
|