MIRA
INFORM REPORT
|
Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHAHI EXPORTS PRIVATE LIMITED |
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Registered Office : |
3262 Ranjeet
Nagar, New Delhi – 110008 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.07.2005 |
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Com. Reg. No.: |
55-138730 |
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CIN No.: [Company
Identification No.] |
U1810DL2005PTC138730 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS27895A |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer of
Readymade Garments. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2350000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
records. Available information
indicates high financial responsibility of the Company. Trade relations are fair. Payments are correct and as per
commitments. The Company can be considered good for any normal business
dealings. It can be requested as a
promising business partner in a medium to long. |
LOCATIONS
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Registered
Office : |
3262 Ranjeet Nagar, New Delhi – 110 008, India. |
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E-mail : |
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Website
: |
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Corporate
office : |
S. F. No. 107/2B 1, Sedarpalayam Road, Arulpuram, Palladam Main Road,
Tirupur – 641605, Tamilnadu, India |
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Tel.
No.: |
91-421-2212176 |
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Factory
1 : |
Shahi Export House, I.P. – 1 SECTOR 28 , Faridabad,
Haryana. INDIA |
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Tel No
: |
91- 129-25273970 (10 Lines) |
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Fax No :
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91- 129-25273485 |
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Email : |
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Factory
2 : |
Shahi Export House, Belandur Gate, Sarjapur Main Road,
Bangalore INDIA – 560035 |
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Tel No
: |
91 80-28439214 (7 Lines) |
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Fax No :
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91 80-28439356 |
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Email : |
||
DIRECTORS
|
Name : |
Mr. Girish Ahuja |
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Designation : |
Director |
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Address : |
A – 66, Nirman Vihar, Delhi 110092, India |
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Date of Birth/Age : |
18.02.1961 |
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Date of Appointment : |
16.11.2006 |
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Name : |
Mr. Sanjay Tandon |
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Designation : |
Director |
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Address : |
12, Dera Mandi Road, Kh. No. 17, Mehrauli, Delhi 110047, India |
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Date of Birth/Age : |
12.12.1964 |
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Date of Appointment : |
16.11.2006 |
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Name : |
Mr. Venkatesh Babu Garla Nagaraja |
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Designation : |
Director |
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Address : |
5/701, 4th Main road, K. S. Town, Bangalore South 560060,
Karnataka, India |
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Date of Birth/Age : |
13.05.1969 |
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Date of Appointment : |
16.11.2006 |
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Name : |
Mr. Harish Ahuja |
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Designation : |
Director |
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Address : |
115, Jor Bagh, Delhi 110003, India |
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Date of Birth/Age : |
10.09.1955 |
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Date of Appointment : |
15.07.2005 |
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Name : |
Sarla Manghoo Ahuja |
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Designation : |
Director |
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Address : |
115, Jor Bagh, Delhi 110003, India |
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Date of Birth/Age : |
21.07.1938 |
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Date of Appointment : |
15.07.2005 |
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Name : |
Mr. Subhash Tiwari |
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Designation : |
Director |
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Address : |
D-202, Adarsh Residency, 8th Block, Jayanagar, Bangalore
560082, Karnataka, India |
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Date of Birth/Age : |
01.06.1964 |
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Date of Appointment : |
18.07.2005 |
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Name : |
Mr. Jalandhar D.
Giri |
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Designation : |
Director |
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Address : |
112/V, Eros
Garden, Suraj Kund Road, Faridabad 121009, Haryana, India |
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Date of Birth/Age : |
17.11.1947 |
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Date of Appointment : |
15.07.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Akhilesh Kumar Tripathi |
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Designation : |
Company Secretary |
|
Address : |
1374, Sector 19, Faridabad 121003, Haryana, India |
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Date of Birth/Age : |
05.03.1969 |
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Date of Appointment : |
25.04.2006 |
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|
Name : |
Mr. Pritan Paul |
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Designation : |
Secretary |
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Address : |
450A, Ashoka Enclave, Extension III, Sector 35, Faridabad 121003,
Haryana, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
|
Names of Shareholders |
|
No. of Shares |
|
Sarla M. Ahuja |
|
975000 |
|
Harish Ahuja |
|
3950000 |
|
Delhi Brass and
Metal Works Private Limited |
|
5000 |
|
Shahi Export
(India) Private Limited |
|
50000 |
|
AHP Properties
Private Limited |
|
5000 |
|
P. H. Estate Private
Limited |
|
5000 |
|
Seh Approval
(India) Private Limited |
|
5000 |
|
S. F. G.
Developers Private Limited |
|
5000 |
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Total |
|
5000000 |
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|
(As on 31.03.2006) |
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Equity Share
Break-up |
|
Percentage of Holding |
|
Bodies corporate |
|
1.24 |
|
Directors or relatives of Directors |
|
98.76 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Readymade Garments. |
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|
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Products : |
Mens / Boys
Womens / Girls
|
GENERAL
INFORMATION
|
Bankers : |
·
Canara Bank,
Maharani Bagh, New Delhi, India ·
ICICI Bank |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
R. Sabharwal and Associates Chartered Accountant |
|
Address : |
K – 6, 1st floor, Krishna Nagar, Delhi 110051, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4999678 |
Equity Shares |
Rs. 10/- each |
Rs. 49.996 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4999678 |
Equity Shares |
Rs. 10/-
each |
Rs. 49.996 Millions |
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|
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
49.997 |
49.997 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
539.134 |
336.141 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
589.131 |
386.138 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1916.680 |
1469.087 |
|
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2] Unsecured Loans |
|
1320.000 |
1320.000 |
|
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TOTAL BORROWING |
|
3236.680 |
2789.087 |
|
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DEFERRED TAX LIABILITIES |
|
77.840 |
45.018 |
|
|
|
|
|
|
|
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TOTAL |
|
3903.651 |
3220.243 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2062.161 |
1960.297 |
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Capital work-in-progress |
|
386.536 |
48.800 |
|
|
|
|
|
|
|
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INVESTMENT |
|
6.777 |
10.252 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
1032.872 |
940.530 |
|
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Sundry Debtors |
|
1631.487 |
1846.969 |
|
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Cash & Bank Balances |
|
65.945 |
89.964 |
|
|
Other Current Assets |
|
0.000 |
13.545 |
|
|
Loans & Advances |
|
365.757 |
218.791 |
|
Total
Current Assets |
|
3096.061 |
3109.799 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1481.791 |
1826.306 |
|
|
Provisions |
|
166.093 |
82.599 |
|
Total
Current Liabilities |
|
1647.884 |
1908.905 |
|
|
Net Current Assets |
|
1448.177 |
1200.894 |
|
|
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|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
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|
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TOTAL |
|
3903.651 |
3220.243 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
7890.400 |
5648.400 |
|
|
Other Income |
|
369.700 |
328.500 |
|
|
Total Income |
|
8260.100 |
5976.900 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
307.900 |
248.700 |
|
|
Provision for Taxation |
|
104.900 |
69.400 |
|
|
Profit/(Loss) After Tax |
|
203.000 |
179.300 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
NA |
523.200 |
|
|
|
|
|
|
|
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Total Imports |
|
NA |
106.600 |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial charges |
|
112.200 |
87.000 |
|
|
Depreciation & Amortization |
|
276.900 |
109.400 |
|
|
Other Expenditure |
|
7563.100 |
5335.400 |
|
Total Expenditure |
|
7952.200 |
5531.800 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.45 |
2.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.90 |
4.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.96 |
4.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.52 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.29 |
12.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.87 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS
PROFILE
Home Furnishings
Subject is most successful export company in India, started its new Home
furnishings division in 2004.
This division is currently providing complete “top of the bed " solutions
to some of the most demanding names in this business by integrating traditional
craftsmanship and modern technology with decades of experience in apparel,
uncompromising quality control & consistency for covering a wide spectrum
of furnishing fabrics and home textiles.
With dedicated design & merchandising teams supported by state of the art
facilities and latest CAD software, they are able to develop fashion ideas for
the biggest home brands, globally.
A separate new fabric development cell is continuously experimenting with new
avenues in rich jacquards, exclusive Indian fabrics -like silks, velvets,
chenille, voiles denims and organza along with coordinating development
activities with their sourcing offices in far east for linens and synthetic
fabrics.
Today on an average, their monthly capacities include 50000 drapes,
100,000 cushion covers, 20000 coverlets & quilts and 15000 duvets and
bedcovers.
Quality policy of the division starts from the design stage. The Design Team is
responsible to see that the product offered is amenable to quality production
at economical prices with optimum utilization of available materials.
All this is backed by an impeccable track record in manufacturing consistency
and quality management with many of the biggest and the best names in the
business worldwide.
They invite the discerning buyer to feel the difference.
History
Subject started in 1974 at Delhi, Bangalore operations began on 1st July 1988
with 250 associates and 104 machines. Expansion by 60 times by last 30 years.
Awards
- Best
exporters Award from AEPC
- Best Vendor
of the year rated by Wal-Mart/JC Penney/ Target
- Best
Manufacturing facilities rated by NIFT
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Creation of charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate
identity number of the company |
U1810DL2005PTC138730 |
|
Name of the
company |
SHAHI EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3262, Ranjeet
Nagar, New Delhi 110008, India |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank,
Maharani Bagh, New Delhi 110014, India E-mail : managerdelhi0349@canbank.co
.in. |
|
Nature of
description of the instrument creating or modifying the charge |
Term loan
agreement, agreement regarding collateral security machinery, deed of
hypothecation regarding machinery |
|
Date of
instrument Creating the charge |
04.01.2007 |
|
Amount secured by
the charge |
Rs. 180.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 9.75%
p.a. or at such other rate specified by the Bank form time to time. Terms of
repayment Repayable in 29
quarterly installment first 28
installment of Rs. 6.429 each and last installment of Rs. 6.417 commencing
from 04.02.2007 and last installment due on 04.11.2013. Margin : 33.33% Extent and
operation of the charge 100% Others The above is to
secure term loan |
|
Short particulars
of the property charged |
Hypothecation of
plant and machinery purchased and installed during 1999-2003 as per schedule
A of the Deed and Collateral by way of entire fixed assets, plant and
machinery as per schedule A o Collateral security agreement. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
|
Name of the company |
SHAHI EXPORTS PRIVATE LIMITED |
|
Presented By |
CANARA BANK,
MAHARANI BAGH, NEW DELHI |
|
1) Date and description of instrument creating the change |
Hypothecation agreement for packing credit advance dated 28.12.2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 700.000
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 |
Hypothecation of
stocks of raw materials, semi finished, finished goods of manufacturing
garments now lying or hereafter stored at company’s godown, yards and
premises in New Delhi and at Bangalore or at any other place including those
in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure all amounts payable under PC/PCFC/FDB/FBE [O/LC] BRD limit of Rs.
700.000 Millions granted to the
Company together with all interests, costs, charges, expenses etc. Interest is to be
charged @ 7.25% p.a. compounded monthly for the concessional period of 90
days or at such rate[s] as may be specified by the Bank from time to time. In case of
default, interest shall be payable @ 16.25% p.a. compounded monthly. Margin : As may
be stipulated by the Bank from time to time. Payable on
Demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Maharani Bagh, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Name of the company |
SHAHI EXPORTS PRIVATE LIMITED |
|
Presented By |
CANARA BANK,
MAHARANI BAGH, NEW DELHI |
|
1) Date and description of instrument creating the change |
Hypothecation agreement for packing credit advance dated 28.12.2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 700.000
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 |
Hypothecation of
stocks of raw materials, semi finished, finished goods of manufacturing
garments now lying or hereafter stored at company’s godown, yards and
premises in New Delhi and at Bangalore or at any other place including those
in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure all amounts payable under PC/PCFC/FDB/FBE [O/LC] BRD limit of Rs.
700.000 Millions granted to the
Company together with all interests, costs, charges, expenses etc. Interest is to be
charged @ 7.25% p.a. compounded monthly for the concessional period of 90
days or at such rate[s] as may be specified by the Bank from time to time. In case of
default, interest shall be payable @ 16.25% p.a. compounded monthly. Margin : As may
be stipulated by the Bank from time to time. Payable on
Demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Maharani Bagh, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Agreement Re :
Collateral Security: Machinery; Vehicles dated 20.12.2005 |
|
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. |
All amounts
payable under PC/PCFC/FDB/FBE [O/LC]/BBD limit of Rs. 700.000 Millions
together with all interest, costs, charges, expenses etc. stand collaterally
secured all plant, machinery, motor vehicles, tools and accessories already
purchased as described in Schedule ‘A’ of the Agreement as also the machinery
etc. to be purchased hereafter particulars whereof will be furnished later
erected/to be erected/kept/to be kept or in transit for being erected at the
premises of the borrower situated at Industrial Plot No. 1, Sector 28,
Faridabad [Haryana] or wheresover it may be. Other terms and
conditions remained the same. |
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
80000109 |
|
Corporate
identity number of the company |
U1810DL2005PTC138730 |
|
Name of the
company |
SHAHI EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3262, Ranjeet
Nagar, New Delhi 110008, India |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank,
Maharani Bagh, New Delhi 110014, India E-mail : shahjindal@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement |
|
Date of
instrument Creating the charge |
28.09.2007 |
|
Amount secured by
the charge |
Rs. 1587.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Interest @ 9.75%
p.a. or at such other rates as may be specified by the Bank form time to
time. [b] Terms of
repayment On Demand [c] Margin : As per Agreement [d] Extent and
operation of the charge 100% [e] Others The above is to
secure PC/PFC/BRD/FDB/FBE LIMIT |
|
Short particulars
of the property charged |
All the stocks and
Book Debts both present and future and Collateral security of all the plant
and machineries and other fixed assets |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
Extent of
operation of charge over all the stocks and book debts both present and
future and collateral security of all the plant and machineries and other
fixed assets stands enhanced from Rs. 1537.500 Millions to Rs. 1587.500
Millions for PC/PFC/BRD/FDB/FBE Limit.
Other terms and conditions remain the same. |
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. 42.86 |
|
UK Pound |
1 |
Rs. 83.58 |
|
Euro |
1 |
Rs. 66.17 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|