MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAY CHEMICAL INDUSTRIES LIMITED |
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Registered Office : |
Jay House, Near Saffron Building Panchavati, Ellisbridge, Ahmedabad -
380 006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.03.2000 |
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Com. Reg. No.: |
04-037683 |
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CIN No.: [Company
Identification No.] |
U24119GJ2000PLC037683 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHNJ00516F |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer, Exporter and Importer of Dyes |
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 1600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Alpesh Shah |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9825077673 |
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Date : |
17.07.2008 |
LOCATIONS
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Registered Office : |
Jay House, Near Saffron Building Panchavati, Ellisbridge, Ahmedabad -
380 006, Gujarat |
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Tel. No.: |
91-79-26423363 |
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E-Mail : |
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Website : |
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Area : |
600 Sq. yard |
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Location : |
Owned |
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Head Office : |
Jay House, Panchwati Circle, Ambawadi Ahmedabad - 380 006, Gujarat
India |
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Tel. No.: |
91-79-26423363 |
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Fax No.: |
91-79-26425763 |
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Factory 1 : |
Located at Odhav in Ahmedabad |
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Factory 2 : |
Located at Khambhat in Gujarat |
DIRECTORS
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Name : |
Mr. Jayendra Kumar H. Kharawala |
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Designation : |
Managing Director |
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Address : |
Sharda Bhuvan Maharasta Soc. Mithakhali Ahmedabad - 380 006, Gujarat,
India |
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Date of Birth/Age : |
18.02.1939 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mr. GreevenJ. Kharawala |
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Designation : |
Director |
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Address : |
Sharda Bhuvan Maharasta Soc. Mithakhali Ahmedabad - 380 006, Gujarat,
India |
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Date of Birth/Age : |
29.09.1974 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mr. Dakshesh M. Machhar |
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Designation : |
Director |
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Address : |
10, Arvachin Society, Near. Amidhara Society, Bopal Ahmedabad,
Gujarat, India |
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Date of Birth/Age : |
29.09.1966 |
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Qualification : |
B.Com. |
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Date of Appointment : |
30.03.2003 |
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Name : |
Mr. Ravi Babulal Kabra |
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Designation : |
Director |
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Address : |
283c, Satyagrah Chhavni, Lane No:15, Satellite Road, Ahmedabad – 380
015, Gujarat, India |
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Date of Birth/Age : |
12.05.1976 |
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Qualification : |
MBA |
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Date of Appointment : |
30.03.2003 |
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Name : |
Mr. Sambhunath S. Charaverty |
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Designation : |
Director |
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Address : |
B-71, Venus Appt, B/h Ashima Tower, Bodakdev Road, Vastrapur,
Ahmedabad. Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
28.08.1942 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Hiralal Kumar Kharawala |
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Designation : |
Director |
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Date of Birth/Age : |
69 Years |
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Qualification : |
B.Sc. |
MAJOR SHAREHOLDERS
(As on 30.09.2004)
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Names of Shareholders |
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No. of Shares |
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Jayendrakumar H. Kharawala |
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860000 |
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Greeven J. Kharawala |
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15000 |
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Mokshadaben G. Kharawala |
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5000 |
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Ushaben J. Kharawala |
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5000 |
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Yogesh G. Dubal |
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5000 |
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Jay Infa Trade Private Limited |
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5000 |
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M/s J. H. Kharawala- HUF |
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4975 |
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J. H. Kharawala Private Limited |
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25 |
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Total |
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900000 |
Equity Share Breakup (Percentage of Total Equity)
(As on 30.09.2007)
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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0.56 |
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Directors or relatives of directors |
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99.44 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Dyes |
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Products : |
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Exports : |
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Countries : |
· Japan · Korea · Taiwan · Hong Kong · Latin America · Australia · South Africa · Bangladesh · Pakistan |
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Imports : |
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Countries : |
· Europe · UK · Switzerland · Germany · Japan · China |
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Terms : |
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Selling : |
L/C and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C 50% and Credit (30 days / 60 days / 90 days) 50% |
GENERAL
INFORMATION
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Suppliers : |
Some of its' major suppliers are as under :
· Murtex Limited, UK · Lonza, Switzerland · K. Sakai & Company, Japan · Bayer AG, Germany · Kuffman and Company, Germany · Reliance Industries Limited · Bhor Industries Limited · Colour Chemicals Limited · Uni Impex India Limited · Abir Chemicals Private Limited. |
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No. of Employees : |
100 |
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Bankers : |
·
Bank of Baroda, Ashram Road, Branch Ahmedabad - 380009, Gujarat, India · Bank of Baroda, Panchwati Branch, Ahmedabad - 380 009, Gujarat, India. · Bank of Baroda, Kaligam Branch, Ahmedabad, Gujarat, India. · State Bank of India, Rakhial Branch, Ahmedabad and Cargo Complex, Ahmedabad, Gujarat, India. · Bank Of India, Ambawadi Branch, Ahmedabad, Gujarat, India. · Oriental Bank of Commerce, Ashram Road Branch, Ahmedabad, Gujarat, India. · Colour Mercantile Co. Operative Bank Limited, Ahmedabad, Gujarat, India |
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Facilities : |
CC Rs.1000.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah and Nagori Chartered Accountants |
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Address : |
T/1, Dhaval Complex, B/H Navrangpura P.O. Navrangpura Ahmedabad - 380009,
Gujarat, India |
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Associates/Subsidiaries : |
· Jayendrakumar Hiralal Kharawala Private Limited (as same management holding 81% capital) · Jyoti Plastic Works · Jashika Trading and Investments Private Limited · Janardhan Trading and Investments Private Limited · Jaldhara Trading and Investments Private Limited · Greevan Trading and Investments Private Limited · Jayendrakumar Trading & Investments Private Limited · Janmejaya Trading and Investments Private Limited · Greeva Trading and Investments Private Limited · J. S. Kharawala Private Limited · Jayendrakumar and Company · Jay Enterprises · Prem Chemicals · India Textile Products · Jushika Corporation, India. · Ronuk Dyes and Chemicals · Jay Containers |
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Parent Companies : |
Jay Infra Private Limited, Ambawadi |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity Shares |
Rs.10/-each |
Rs.9.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
9.000 |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
309.694 |
278.438 |
249.022 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
318.694 |
287.438 |
258.022 |
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LOAN FUNDS |
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1] Secured Loans |
458.500 |
369.124 |
194.348 |
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2] Unsecured Loans |
13.274 |
18.837 |
15.811 |
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TOTAL BORROWING |
471.774 |
387.961 |
210.159 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
790.468 |
675.399 |
468.181 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.624 |
100.858 |
101.375 |
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Capital work-in-progress |
1.201 |
1.201 |
0.000 |
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INVESTMENT |
45.425 |
45.425 |
45.671 |
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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 |
398.182
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312.924
|
278.660 |
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Sundry Debtors |
445.133
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438.784
|
234.279 |
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Cash & Bank Balances |
20.238
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12.841
|
6.990 |
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Other Current Assets |
0.000
|
0.000
|
88.200 |
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Loans & Advances |
153.119
|
114.792
|
95.213 |
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Total
Current Assets |
1016.672
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879.341
|
703.342 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
321.063
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304.667
|
345.964 |
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Provisions |
61.391
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46.759
|
36.243 |
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Total
Current Liabilities |
382.454
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351.426
|
382.207 |
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Net Current Assets |
634.218
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527.915
|
321.135 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
790.468 |
675.399 |
468.181 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1762.662 |
1254.147 |
1133.736 |
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Other Income |
2.968 |
1.090 |
52.414 |
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Total Income |
1765.630 |
1255.237 |
1186.510 |
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Profit/(Loss) Before Tax |
46.852 |
37.322 |
21.454 |
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Provision for Taxation |
15.596 |
7.810 |
0.000 |
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Profit/(Loss) After Tax |
31.256 |
29.512 |
21.454 |
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Earnings in Foreign Currency : |
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Manufacturing |
NA |
NA |
728.044 |
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Trading |
NA |
NA |
36.167 |
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Total Earnings |
NA |
NA |
764.211 |
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Imports : |
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Raw Materials |
NA |
NA |
124.469 |
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Total Imports |
NA |
NA |
124.469 |
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Expenditures : |
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Raw Material Consumed |
1398.198 |
893.698 |
861.768 |
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Purchases made for re-sale |
0.000 |
0.000 |
25.485 |
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Consumption of stores and spares parts |
0.000 |
0.000 |
81.353 |
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Increase/(Decrease) in Finished Goods |
(88.351) |
(27.372) |
(59.065) |
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Salaries, Wages, Bonus, etc. |
28.776 |
24.902 |
31.497 |
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Managerial Remuneration |
6.606 |
6.220 |
2.291 |
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Payment to Auditors |
0.166 |
0.129 |
0.080 |
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Interest |
44.949 |
30.632 |
21.486 |
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Insurance Expenses |
6.155 |
5.435 |
37.957 |
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Power & Fuel |
95.587 |
92.541 |
76.018 |
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Depreciation & Amortization |
15.509 |
13.931 |
21.192 |
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Other Expenditure |
211.183 |
177.799 |
64.634 |
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Total Expenditure |
1718.778 |
1217.915 |
1164.696 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.77
|
2.35 |
1.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.66
|
2.98 |
1.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.16
|
3.81 |
1.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13 |
0.83 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
2.57 |
1.48 |
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Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.50 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
Form No.8
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This form is for |
Modification of
Charge |
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Charge
identification number of the charge to be modified |
900099182 |
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Corporate
identity number of the company |
U24119GJ2000PLC037683 |
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Name of the
company |
Jay Chemicals
Industries Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Jay House Nr. SaffronBuilding
Panchavati Ellisbridge, Ahmedabad, Gujarat India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Bank of Baroda Ashram Road,
Ahmedabad - 380009, Gujarat, India |
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Nature of description
of the instrument creating or modifying the charge |
Equitable
Mortgage of title deeds of Plot No. 43A, 44GS, 45+46A, 49+50A, 49+50B, 41B
situated at Odhav Ahmedabad. |
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Date of
instrument Creating the charge |
17.01.2007 |
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Amount secured by
the charge |
Rs.557.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest : As per Agreement ·
Terms of
repayment: As per Agreement ·
Margin: As
per Agreement ·
Extent and
operation of the charge: As per Agreement ·
Others: As
per Agreement |
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Short particulars
of the property charged |
The whole of
immovable properties at Plot No.43A, 44,44GS, 45+46A, 49+50A, 49+50B, 41B
situated at Odhav Ahmedabad. |
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Date of latest modification
prior to the present modification |
05.05.2006 |
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Particulars of
the present modification |
Equitable
mortgage charge amount increased from Rs.447.500 millions to Rs.557.000
millions |
Web Details:
Subject Founded in 1967
by Mr Jayendra H. Kharawala, is today one of the biggest Reactive Dyestuff
producers of India with Sales Turnover of USD 50 Million (2006 – 2007).
The company’s activities span Production and Marketing of Reactive Dyes, Direct
Dyes, Acid Dyes, Phthalocyanine Pigments and Dye Intermediates.
Subject exports its products to more than 35 countries around the Globe and
accounts for...
- 15% share of total Reactive Dyes Exports from India.
- 3% share of Reactive Dyes consumption in the world.
The company is backward integrated and is self sufficient in terms of
requirement of main Dye Intermediates like, H Acid, V.S. (Para Base Ester),
Copper Phthalocyanine Blue Crude.
They have emerged as the only Reactive Dyestuff Company with Self Manufactured
range of more than 250 different Reactive Dyes which the customer can select
from a single source.
With globally competitive offers in terms of quality, service and price, we are
preferred suppliers to some of the major buyers / consumers around the Globe.
Agents List
|
Country |
Company |
Contact |
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Argentina |
CEDECOR S.A. L.N. Alem 116 3 "A" (1642) |
Mr. Carlos Garcia |
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Bangladesh |
INQUISITIVE CHEMISTRY SERVICES |
Mr. Syed Atiqur Rahman E-Mail: info@icsdhaka.com |
|
Egypt |
DELTA CO. FOR TRADING & CHEMICALS |
Mr.Ahmed M. El Sofy. E-Mail:deltaco@soficom.com.eg |
|
Greece |
LOUFAKIS CHEMICALS |
Mr. George A. Eleftherakis Chemist |
|
Iran |
CHEMI PAKSH IRAN COMPANY |
Mr. Mehran Mokhtari (Director) |
|
Japan |
HAKUEI & Co., LTD. |
Mr. Daisuke Nagaoka E-mail: mocha@hakueicoltd.com |
|
Pakistan |
CHEMI COLOUR TRADING CO. |
Mr. Abdual Rashid Khatri E-mail: chemi@cyber.net.pk |
|
Portugal |
JAY CORANTES PORTUGAL LTDA |
Mr. Pedro Sousa E-Mail: jaychemicals@sapo.pt |
|
Turkey |
TEKAY KIMYA MUM. TIC LTD STI |
Mr. Omer Unsal E-mail: tekaykimya@tekaykimya.com.tr |
Business Message
At the company production of dyes was started in 1967 by Mr Jayendra KHARAWALA. The Kharawala family has been dealing in dyes and chemicals since last six generations and were amongst the first six families of India to deal in dyes and chemicals. The company has grown from a single product, 5 man company to over 150 different dyes and 250 people with a turnover of over USD 20 Mn.
Some of the stregnths of company are given below
1)largest self manufactured range of Reactive Dyes in India
2)One of the largest batch sizes in India.
3)Captive Power Plant
4)Captive Ice Plant
5)Largest spray dryer for dyes in India (2000lts water evap.)
6)Largest Nauta-mixer for mixing of dyes in India (10mt)
7)First to implement on-line dedusting facilities (40mt lot)
8)Only company in India to have pilot plant with all kinds of facilities.
9)1st Indian company to sell 1000mt of Reactive Dyes in a single month
10)ISO 9001-2000 certified
Profile
The Kharawalas' are among the first six families in India to begin dealing in Dyestuffs. For nearly 30 years, starting from the early 1920's, the family were representatives of Ciba. Dyestuffs have been the lifeline of this family for over three generations now.
J.H.Kharawala laid the roots of Jay Chemical Industries in 1967. Direct
Turquoise Blue was the first manufactured product and ever since, the company's
name has been synonymous with Turquoise Blues.
Under the guiding light of its President and the dynamism of its young,
charismatic son, Greeven J. Kharawala, Jay Chemical Industries has emerged as a
front runner in the field of Dyestuff manufacturing for
the Textile Dyeing and Printing, Paper and other Industries.
Milestones :
1967 Jay Chemical Industries - Direct Turq. Blue plant commenced
1972 Agency network development started on an all India basis
1979 Jay Enterprise - Reactive Dyes plant
1983 J.H.Kharawala Pvt. Ltd. (Unit I) - Reactive Turq. Blue plant
Technical know-how for manufacturing Reactive and Direct dyes
given to
Thai Ambica Chemical Co. Ltd., Bangkok
1986 Prem Chemicals - Copper Phthalocyanine Blue crude (CPC)
Trading Partners for The Far East, Bangladesh and Pakistan set up during 1986-1987
1988 Greeva - Plant for Koch Acid, K-Acid, Gamma Acid and other intermediates
Jushika Corporation - Reactive Dyes plant
India Textile Products - Reactive Dyes plant
1989 Ronuk Dyes & Chemicals - Reactive Dyes plant
1991 Jayendrakumar & Co. - Pigment Green 7 plant
J.H.Kharawala Pvt. Ltd. (Unit II) - Vinyl Sulphone plant
Jay Containers - M.S. drum manufacturing plant
1995 Reactive Blacks manufacturing commenced in bulk
1996 Centralized Quality Control laboratory established
1997 Jay House - The new Corporate Headquarters and Office
Continuous Plant for Vinyl Sulphone started
Consolidation for the group's manufacturing activities begins
1998 Separate R&D lab starts functioning
New plant for Turquoise Blue commenced
Pilot plant commenced
1999 New plant for Reactive Dyes commenced
Consolidation of the group's manufacturing activities completed
Separate plants for Turquoise Blue, Reactive Blacks and other Reactive dyes made operational within the
same premises
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.42.33 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.66.75 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|