MIRA
INFORM REPORT
|
Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GEODESIC TECHNIQUES PRIVATE LIMITED |
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Registered Office : |
No. 259, Abhishek Complex, Sampige Road, 17th Cross, Malleswaraam,
Bangalore – 560 003, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1986 |
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Com. Reg. No.: |
08-008072 |
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CIN No.: [Company
Identification No.] |
U85110KA1986PTC008072 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providers of Designing and Construction Services. |
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 400000 |
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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 company having fine track. Financial position is good. Payments are
correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms. |
LOCATIONS
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Registered Office : |
No. 259, Abhishek Complex, Sampige Road, 17th Cross, Malleswaraam,
Bangalore – 560 003, Karnataka, India
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Tel. No.: |
91-80-2356 3634/5 |
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Fax No.: |
91-80-2356 3403/4 |
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E-mail: |
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Websites: |
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Corporate Office: |
No. 4, 4th
Cross, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-241524030/
28371502/28371503/28394230 |
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Fax No.: |
91-80-28371502 |
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Administrative Office : |
# 48, 10TH
A, Main 17th Cross, Malleswaram, Bangalore– 560003, Karnataka
India |
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Branches : |
Bangalore Mumbai C-4, Commerce Centre Tel : 91-22-56066165 New Delhi A-416, Somdatt Chambers
- I Tel : 91-11-3500 5105/ 3500 5580 Email: geodesic@vsnl.com |
DIRECTORS
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Name : |
Mrs. Srinidhi
Anantharaman |
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Designation : |
Chairman And
Managing Director |
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Address : |
No, 120, A Main
17th Cross, Malleswaram, Bangalore, Karnataka – 560003, India |
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Date of Birth/Age : |
24.11.1958 |
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Date of Appointment : |
30.12.1986 |
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Name : |
Mrs. Mythili
Anantharaman |
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Designation : |
Whole Time
Director |
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Address : |
No. 9, Moyenvillae
Road, Langford Towll, Bangalore – 560025, Karnataka – 560003, India |
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Date of Birth/Age : |
13.12.1962 |
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Date of Appointment : |
18.06.2002 |
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Name : |
Mr. S. Muralidhar
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Designation : |
Director –
Finance |
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Date of Birth/Age : |
01.11.1958 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. M Pradyumna |
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Designation : |
Director – Design
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Date of Birth/Age : |
01.05.1957 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Y S Nagaraja |
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Designation : |
Director –
Construction |
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Date of Birth/Age : |
24.04.1960 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mrs. Jyoti
Ubhyankar |
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Designation : |
Senior Manager –
Design |
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Name : |
Mrs. Sumitra
Iyengar |
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Designation : |
Director –
Infrastructure |
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Name : |
Cdr. Prakash Rao |
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Designation : |
Director –
Project |
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Date of Birth/Age : |
21.06.1959 |
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Date of Appointment : |
01.01.2007 |
KEY EXECUTIVES
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Name : |
Mr. Mabaksira Purnachar Badrinath |
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Designation : |
Secretary |
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Address : |
95, 1st Cross, 3rd Main , VHBCS Layout,
Mahalaxmi Puram, P O , Bangalore – 560 080, Karnataka, India |
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Date of Birth/Age : |
19.01.1947 |
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Date of Appointment : |
01.11.2007 |
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Name : |
R K Bhat and
Company |
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Designation : |
Company secretary
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Address : |
No. 105/8 &
15, Saleh Ahmed Building, Infantry Road, Bangalore – 560001, Karnataka –
560003, India |
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Tel No.: |
91-80-2327737 / 25587377
(Residential. 91-80-26796726) |
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Fax No. : |
91-80-51132211 |
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Email : |
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Name : |
LT. Col. T. A.
Srinivas |
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Designation : |
Vice President –
Project |
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Name : |
Mr. Biligiri Vasu
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Designation : |
Chief Executive
Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of
Shareholders (as on 31.03.2007):- |
|
No. of Shares |
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Mrs. Srinidhi
Anathraman |
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2336980 |
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Mrs. Mythili and Mrs.
Srinidhi Ananthraman |
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24600 |
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Mrs. Mythili
Ananthraman |
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176700 |
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Mr. H N Ananthraman |
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150600 |
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Mr. H. A.
Gopinath |
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2400 |
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Mr. Ranganathan |
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48120 |
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Mrs. Vandana
Murthy |
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12000 |
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Mr. M. Pradyumna |
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116000 |
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Mrs. Sridevi
Prasad |
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38100 |
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Mr. Sandeep Lal |
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6000 |
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Mr Amith Roy |
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6000 |
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Mr. Gopal Naale |
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6000 |
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Mrs. Jyothi
Ubhaykar |
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40000 |
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Mr. Prakash Rao |
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110000 |
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Mr. S Muralidhar |
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110000 |
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Mr. Y S Nagaraja |
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70000 |
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Mrs. Sumita
Iyengar |
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40000 |
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Mr. B C Mahesha |
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5000 |
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Mr. C H
Mallikarjun |
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5000 |
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Others / Relatives of Director |
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51500 |
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Total |
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3355000 |
Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
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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 : |
Providers of Designing and Construction Services. |
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Products : |
Contract Work |
GENERAL
INFORMATION
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Customers : |
· Infosys Technologies · Tata Consultancy Services · Divyashree Developers |
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No. of Employees : |
300 |
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Bankers : |
· ICICI Bank · Citi Bank · State Bank of India, Industrial Finance Branch, No. 25, Residency Road, Bangalore – 560 025, Karnataka, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
P. Ganapathi Bhat
and Company Chartered
Accountants |
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Address : |
No. 18, II Floor,
V Main Road, 5th Main Gandhinagar, Bangalore – 580009, Karnataka,
India |
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Tel. No.: |
91-80-22267060 |
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Fax No.: |
91-80-22266909 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3355000 |
Equity Shares |
Rs. 10/-
each |
Rs.33.550
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 |
33.550 |
11.775 |
3.925 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.776 |
14.792 |
11.582 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.326 |
26.567 |
15.507 |
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LOAN FUNDS |
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1] Secured Loans |
99.889 |
14.831 |
9.002 |
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2] Unsecured Loans |
5.606 |
4.849 |
3.904 |
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TOTAL BORROWING |
105.495 |
19.680 |
12.906 |
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DEFERRED TAX LIABILITIES |
0.752 |
0.417 |
0.277 |
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TOTAL |
168.573 |
46.664 |
28.690 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.206 |
15.187 |
7.836 |
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Capital work-in-progress |
19.299 |
0.000 |
0.000 |
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INVESTMENT |
0.300 |
0.062 |
0.000 |
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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 |
38.901
|
11.826 |
2.134 |
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Sundry Debtors |
76.406
|
38.016 |
29.899 |
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Cash & Bank Balances |
35.073
|
7.161 |
3.860 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
100.475
|
20.649 |
11.044 |
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Total
Current Assets |
250.855
|
77.652 |
46.937 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
126.195
|
38.651 |
22.774 |
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Provisions |
20.892
|
7.586 |
3.309 |
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Total
Current Liabilities |
147.087
|
46.237 |
26.083 |
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Net Current Assets |
103.768
|
31.415 |
20.854 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
168.573 |
46.664 |
28.690 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
500.575 |
256.476 |
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Other Income |
|
3.639 |
2.019 |
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Total Income |
|
504.214 |
258.495 |
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Profit/(Loss) Before Tax |
|
49.618 |
18.853 |
|
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Provision for Taxation |
|
17.534 |
6.786 |
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Profit/(Loss) After Tax |
|
32.084 |
12.067 |
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Expenditures : |
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Financial Charges |
|
10.620 |
1.514 |
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Depreciation & Amortization |
|
6.144 |
3.133 |
|
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Other Expenditure |
|
437.832 |
234.995 |
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Total Expenditure |
|
454.596 |
239.642 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.36
|
4.67 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
9.91
|
7.35 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.71
|
20.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
0.71 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.05
|
2.48 |
2.51 |
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Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.68 |
1.79 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U45202KA1986PTC008072 |
|
Name of the company |
GEODESIC TECHNIQUES PRIVATE LIMITED |
|
Address |
# 48, 10TH A, Main 17th Cross, Malleswaram,
Bangalore– 560003, Karnataka India |
|
This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
|
State Bank of India Address: Industrial Finance Branch,
Residency road, Bangalore – 560 025, Karnataka, India E-mail: rjayaraman4@dataone.in |
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Amount Secure by the charge |
Rs. 220.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Break u-p for Rs. 220.000 millions , CC – Rs. 60.000 millions , TL 1 –
Rs. 5.000 millions , TL2 – Rs. 35.000 millions , LC – Rs. 20.000 millions and
BG – Rs. 100.000 millions , Interest : CC -11.5% per annum with periodical
rests. TL 1 – 12.25% p.a with periodical rests. TL 2- 12% per annum with
periodical rests. Repayment – CC – On Demand. TL 1 as specified in the old from. TL 2 –
in 36 monthly installments as specified any the bank commencing from April
2007. |
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Description of the property charge whether it is a charge on |
· Plant and Machinery · Book Debts · Stock in Trade |
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Particulars of the Property charged
|
Hypothecation of all present and future goods , book debts and all
other movable assets of the borrower including documents of title to goods,
outstanding monies, receivables, claims, bills, invoices, documents,
contracts, insurance policies, guarantee, engagements, securities,
investments, rights and machinery by
way of first charge. |
|
Brief Description of the instruments modifying the charge under
section 135 |
Supplemental agreement of hypothecation of hypothecation of goods and
assets fro increase in the overall limit. Form C23A, and Letter regarding the
grant of individual limits within the overall limit. |
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Particulars of the present modification |
Amount increased from Rs. 35.000 millions to Rs. 220.000 millions,
securities already OBTD and now OBTD will cover the entire credit facilities
of Rs. 220.000 millions by way of first charge. |
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Name of the company |
GEODESIC TECHNIQUES PRIVATE LIMITED |
|
Presented By |
GEODESIC
TECHNIQUES PRIVATE LIMITED and State Bank of India, IFB Bangalore |
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1) Date and description of instrument creating the change |
21.09.2005 agreement of hypothecation of goods and assets Letter re : the grant of individual limits within the overall limit Both the above pertain to the same charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 35.000 millions CC : Rs. 15.000 millions ; Term Loan Rs. 5.000 millions letter of credit Rs: 5.000 millions Bank guarantee Rs. 10.000 millions 100 % interflexibility between LC and BG Limits permitted on a case to case basis |
|
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 all present and future goods, Book debts and all other movable assets of the borrower including document of title to goods outstanding monies, receivables including receivables by way of cash assistance and cash incentives under the cash incentive scheme or any other scheme, claims including claims by way of refund of customer duties under the duty draw back credit scheme or any other scheme, bills, invoice documents, contacts insurance policies, guarantees, engagements, securities, investment right and the present machinery and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored and kept whether in the possession of the borrower or of the bank or of the nay third party whether in India or elsewhere thorough the world including all such goods, other movable assets as may be in course of shipment, transit of delivery by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : CC – 11.25 % p.a. being 1 % over SBAR with monthly rests TL : : CC – 11.75 % p.a. being 1.5 % over SBAR with monthly rests Margin : CC 25 % TL : 33.33 % Repayment : CC. On Demand TL : in 40 equal monthly installments of Rs. 0.125 millions commencing from the month of October, 2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch Residency Plaza No. 61 Residency Road Bangalore - 560025 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
FIXED ASSETS :
v
Plant and
Machinery
v
Computer
v
Office
Equipments
v
Vehicles
v
Furniture and
Fittings
v
Software
v
Building
Future Prospects
:
The future prospects
of the company is very bright.
AS PER WEBSITE
Subject is founded on a four-decade long civil engineering heritage and
is led by a team of well-qualified and experienced professionals from the
fields of civil engineering, architecture and construction.
The company offers design and construction services to match budgets and
performance needs of clients across a wide spectrum of applications, meeting
stringent quality and safety standards.
The company's expertise in diverse construction techniques enable it to create
innovative and customized solutions to suit every application.
Subject has executed challenging design and construction projects for
companies in the private and public sector, government departments and
individual entrepreneurs.
The company's design and construction projects include factories, offices,
stadiums, auditoriums, hotels, temples and diverse utility outlets.
Design, Construction Management and Turnkey Construction Services in the
field of large-span high-rise commercial, industrial and speciality buildings.
Turnkey Construction
· Large span and/or high rise economical, industrial and specialty building projects
· Integration of architectural engineering, structural engineering and design and construction management capabilities
· Design and construction contracts on lumpsum and cost plus basis
Design and Build
· Automated design process
· Sourcing of wide range of materials and products efficiently and economically
· Large team of trained work force for executing complex pre-fabricated structures
Architectural Engineering
· Architectural detailing of building elements
· Product development in glass, aluminium, steel, fabric and other materials
· Spatial planning for meterial movement and circulation
· Integration of environmental control and energy conservation with intelligent building services
· Design of building forms and function
· Construction metrials and methods
· Design optimisation
· Industrial engineering and process planning
Structural Engineering
· Analysis, design and optimization of structural elements and systems.
· Automated analysis, design and drafting
· Customized and standardized design solutions
· Sophisticated finite element techniques and simulation
· Specialized tools for development of geometrical and mathematical models
· Understanding and advising on structural behaviour
Design and Construction Management
· Design management and co-ordination
· Site selection, schematics and fast-track construction
· Planning and control of activities, costs and time schedules
· Quality and safety management
·
Sophisticated information systems
The company has designed and executed a rich mix of projects.
Aeronautical
Development Agency
Bangalore: Retractable Skylight
Amoeba
Entertainment Centre
Bangalore: Roof and Suspended Floor
Ansun Multitech
Noida: PEB for Factory
Aquatics, Tennis
and Hockey Stadiums
Chennai: Space Frames over Grand Stands
Bangalore
Development Authority
Bangalore: Restoration of Glass House at Lalbagh
Birla Temple
Alibagh: Pyramidal Space Frames
Capital Court
New Delhi: Glazed Inclined Space Frame
Caryaire
Equipments
Greater Noida: PEB for Manufacturing Plant
Hindustan
Aeronautics Limited
Bangalore: PEBs and Turnkey Buildings for
IMGT
Hangar and Kaveri Engine Assembly Shop
Indian Oil
Corporation
14 Plants Countrywide: Space Frame Roofing
For
LPG Bottling Plants
ING Vysya Bank
Bangalore: Glass Skylight
Koramangala Indoor
Stadium
Bangalore: Space Frame Roofing
Mahindra Towers
Mumbai: Space Frame
Mallya Aditi
International School
Bangalore: Terrace Space Frame
Metro Cash and
Carry India
Bangalore: Car Park and Totem
Miss World pagent,
1996
Bangalore: Stage
Nirmal Lifestyles
Mumbai: Glass Geodesic Dome and Barrel Vault
Phoenix Global
Solutions
Bangalore: Glass Geodesic Dome and Corporate Block
SAP Labs
Bangalore: Tensigrity Skylight
Sindhi Seva Samiti
Trust
Bangalore: Glazed Space Frame Skylights
S.S.E.S. Library
Tumkur: Glass Geodesic Dome
Southern Railways
Tambaram: Pre-engineered Maintenance Shed
Unilever
Bangalore: Greenhouse Structure
Skywalks:
Pedestrian Bridges
·
Contemporary design
·
Pedestrian friendly
·
Revenue from Billboards
·
Prefabricated
·
Rapid Installation
·
Pedestrian friendly
·
Spans up to 40m
Elevated roads:
Elevated High Speed Roads
·
Space-frame technology
·
Large spans
·
Partly prefabricated
·
Rapid construction
·
Steel-Concrete composite
·
Slender Pylons
·
Cheaper than RCC/ PSC
Monorails:
People
Mover Transit Systems
·
Electricallypowered
·
Single elevated beam
·
Pollution free
·
Silent operation
·
High speed travel
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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
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 |
NO |
|
--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 |
|