MIRA
INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAHENDRA ELECTRICAL WORKS |
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Registered Office : |
Unit No.1, Plot No.C-30, Road No.16, Wagle Industrial Estate, Thane –
400604, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1974 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM07891C |
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PAN No.: [Permanent
Account No.] |
AAFFM1887Q |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Exporter and Importer of Current Transformers, Control
Transformers, all Instrument Transformers, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 4000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Their
trade relations are fair. Nothing adverse reported. However, Payments are reported
as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Unit No.1, Plot No.C-30, Road No.16, Wagle Industrial Estate, Thane – 400604,
Maharashtra, India |
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Tel. No.: |
91-22-25823743/25801110 |
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Fax No.: |
91-22-25822461 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
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Branch Office : |
Unit No.2, Plot No.A-433, Road No.28, Wagle Industrial Estate, Thane –
400604, Maharashtra, India |
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Area : |
7500 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Mukund Bendre |
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Designation : |
Partner |
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Date of Birth/Age : |
42 years |
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Qualification : |
Engineer Graduate |
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Name : |
Mr. D. N. Bendre |
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Designation : |
Partner |
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Date of Birth/Age : |
65 years |
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Qualification : |
Engineer Graduate |
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Name : |
Mr. Narendra Bendre |
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Designation : |
Partner |
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Date of Birth/Age : |
38 years |
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Qualification : |
Engineer Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Current Transformers, Control Transformers,
all Instrument Transformers, etc. |
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Products : |
·
Ring Type Oil
Immersed Bushing CT ·
LT Bar Primary
Moulded Case CT ·
Custom Made
Current Transformers |
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Exports : |
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Products : |
All Products |
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Countries : |
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Germany ·
Burma ·
Dubai ·
Muscat ·
London |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Turkey |
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Terms : |
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Selling : |
L/C, Credit (30-45 days) Advance |
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Purchasing : |
Credit (30-45 days) advance |
GENERAL
INFORMATION
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Customers : |
·
End Users ·
Automatic
Electric Limited – Bombay, Thane ·
Bharat
Bijlee Limited – Thane ·
Crompton
Greaves Limited – Bombay, Malanpur, Bhopal ·
Emco
Transformers Limited – Thane, Jalgaon ·
Industrial
Meters Limited – Bombay ·
Alstom
Electric Limited – Naini, Cochin ·
Asea
Brown Boveri ·
Thane
Electric Supply Company Limited – Hyderabad ·
Transformers
andRectifiers( India ) Limited – Ahmedabad ·
Emerson
Network Power(India) Private Limited – Thane ·
Apex
Electricals Limited – Baroda ·
Voltamp
Transformers Limited – Vadodara ·
Nelco
Limited – Mumbai ·
Andrew
Yule Limited – Chennai ·
Mahendra
Engineering Limited – Lucknow ·
Virginia
Transformer Corpn. - Virginia, USA |
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No. of Employees : |
125 |
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Bankers : |
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Thane Janata Bank, M. G. Road, Punjab ·
Punjab National Bank, LBS Road, Thane |
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Facilities : |
C/C from Thane Janata Bank – Rs.4.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shyam Mhaskr and Company Chartered Accountants |
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Address : |
Thane |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 Million |
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Borrowed : |
- |
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Total : |
Rs.1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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60.000 |
47.500 |
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Expected Sales (2007-08) :Around Rs.75.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Profile :
Subject An
ISO 9001-2000 Unit, was established in 1974, by Mr. Dattatray N. Bendre
carrying a vision to service the Electrical Industry. Subject is engaged in manufacturing of various types of Instrument
Transformers, Control Transformers etc.. Subject has been persistently following systems to maintain total
quality and have always believed in zero defect products. In more than 2
decades of service to the Electrical industry. subject has been approved by all major Transformer manufacturers,
Electricity boards, Railways and reputed consultants all over the globe.
Located at Road No.16, Wagle Estate, Thane, Subject is equipped with all
facilities to manufacture and routine testing of transformers. The 3500 Sq. Ft
place houses the shop floor for assembling and manufacturing Current
transformers up to 33kv. It also has a testing laboratory to ensure zero defect
products. Testing equipments in the laboratory are periodically calibrated from
Government approved test labs like Lawkim, NPL(National Physical Laboratory),
IDEMI etc.
Subject has been awarded the Green Channel Certification from
M/s. Crompton Greaves Limited for all the 3 divisions in Mumbai, Bhopal and
Gwalior. Subject has also been awarded
the Life time Membership by
TSSIA (Thane Small Scale Industries Association) for their service to the
Electrical Industry.
The Instrument Transformers manufactured at the Subject have been type tested at ERDA,
Baroda which has the acredition from NABL(Govt. of India) Laboratory.
Products manufactured at Subject have wide acceptance both in India as well as
International market. Products are manufactured to IS, BS, IEC, AS, ANSI,
Canadian standards. The company has vast expertise in the design and
manufacture of current transformers for metering, protection and special
protection applications. With the ISO Recognition customers can now look for
better quality from subject.
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Standard |
Standard Number |
Year |
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Indian |
IS 2705 |
1992 |
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British |
BS 3938 |
1973 |
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British |
BS 7626 |
1993 |
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International Electro Technical Commission |
IEC 60044-1 |
1996 |
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Australian |
AS 1675 |
1986 |
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American |
ANSI C.57.13 |
1983 |
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Canadian |
CAN3-C13-M83 |
1998 |
Website details :
Subject - An
ISO 9001-2000 Unit, was established in 1974, by Mr. Dattatray.N. Bendre
carrying a vision to service the Electrical Industry.
Subject is engaged in manufacturing of various types of Current Transformers,
Instrument transformers. Subject, has been persistently following system to
maintain total quality and have always believed in zero defect products.
In more than 2 decade of service to the transformer industry subject has been
approved by all major Transformer manufacturers, electricity boards, railways
and reputed consultants all over the globe.
People
A company is not made by land, building or machinery. Though it is often judged
by the quality of products and outputs, it is ultimately the values and
principles of the people that make a company. They have the right blend of
experience and youth at Subject
- An ISO 9001-2000 Unit.
An introduction to the people who make Subject a world wide name :
·
Mr. Dattatray.N. Bendre (Partner/Founder):
He was with M/s Automatic Electric Limited for 10 years in
the Current Transformer Division before he established subject. He has 37 years of experience and background in the
electrical industry. He is the guiding force of the company and his vision and
ethics form the backbone of the company's philosophy and commitment towards
total quality mangement and customer satisfaction.
Email : dnbendre@mewindia.com
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Mr. Mahendra.D.
Bendre (Production Manager):
A B.Com Graduate from Mumbai University, he has been with the company
for over 13 years as Production Manager. He manages production, planning and
all day to day activity and affairs of the company. Under his able leadership
and guidance Mahendra Electrical Works has gained recognization in the
Electrical industry for zero defect products.
Email : mahendra@mewindia.com
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Mr. Mukund.D. Bendre
(Partner/Manager-Materials and Marketing):
An Electrical Engineer from MIT (Aurangabad), he has 10 years of
experience in the electrical industry. His efforts in marketing the brand of
subject has seen rich prospects worldwide.
Email : mukund@mewindia.com
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Mr.Narendra.D.Bendre(Partner):
An Electrical Engineer from Sardar Patel Engineering College, he has
been with subject for last 6 years.
Email : narendra@mewindia.com
·
Mr.
Makarand.D.Bendre(Purchase Manager):
A Commerce graduate from Mumbai University and well versed in accounts,
he has been with the organization since last 4 years. His knowledge in IT has
helped change the functionality of the Company to incorporate a paperless
office.
Email : makarand@mewindia.com
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Mr. L.V.
Gupte(Quality Control/Administration Manager):
A Commerce graduate from Mumbai University and well versed with finance
and taxation laws, he has been with the organization since incoporation. Under
his able guidance and administration subject has acquired a name in the
industry for zero defect products.
Email : lvgupte@mewindia.com
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.29 |
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UK Pound |
1 |
Rs.77.17 |
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Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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