MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AQUARIUS ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
'Aquarius House' Plot No. 65, S No. 297, Sheelavihar
Colony, Off Karve Road, Erandavana, Pune 411038, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
12.08.1997 |
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Com. Reg. No.: |
11-110008 |
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CIN No.: [Company Identification
No.] |
U29244MH1997PTC110008 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA02409B |
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PAN No.: [Permanent Account No.] |
AACCA2748L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
and Exporters of Concrete Pump, Concrete Batching Plants, Batching Plant,
Concrete Paver and Slip Form Paver. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 126550 |
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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 satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. A V Dixit |
|
Designation : |
Director |
|
Date : |
09.06.2008 |
LOCATIONS
|
Registered Office : |
'Aquarius House' Plot No. 65, S No.
297, Sheelavihar Colony, Off Karve Road, Erandavana, Pune 411038,
Maharashtra, India |
|
Tel. No.: |
91-20-25445227 |
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Fax No.: |
91-20-25445228 |
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E-Mail : |
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|
Website : |
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Factory : |
190, 191 Kundaim Industrial Estate,
Kundaim, Goa - 403 115 |
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Tel. No.: |
91-832-2396334, 2395974 |
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Fax No.: |
91-832-2396253 |
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|
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Regional Offices : |
Located
at : v
Ahmedabad v
Bangalore v
Chandigarh v
Delhi v
Hyderabad v
Indore v
Kolkata v Mumbai |
DIRECTORS
|
Name : |
Mr. Milind S. Bhadbhade |
|
Designation : |
Managing Director |
|
Address : |
7, Anand Baugh Society, Navi Peth, Pune – 411030, Maharashtra, India |
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Date of Birth/Age : |
27.01.1955 |
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Date of Appointment : |
15.09.2004 |
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|
|
|
Name : |
Mr. Ashok V. Dikshit |
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Designation : |
Director |
|
Address : |
12 Shamali Society, Prabhat Road, Pune – 411004, Maharashtra, India |
|
Date of Birth/Age : |
13.01.1953 |
|
Date of Appointment : |
16.08.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2005
|
Names of Shareholders |
No. of Shares |
|
Milind Bhadbhade |
81000 |
|
Nita M. Bhadbhade |
9000 |
|
Ashok Dikshit |
900 |
|
Indumati S. Bhadbhade |
10 |
|
Tanvi M Bhadbhade |
10 |
|
Sadashiv T Bhadbhade |
10 |
|
Mona M Bhadbhade |
10 |
|
Mona M Bhadbhade - HUF |
10 |
|
Milind Bhadbhade - HUF |
10 |
|
Total |
90960 |
Equity share
breakup (Percentage of total equity)
As on 31.03.2007
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Concrete
Pump, Concrete Batching Plants, Batching Plant, Concrete Paver and Slip Form
Paver. |
|
|
|
|
Products : |
v Stationary Pumps
v Mobile Line
Pumps v Batching Plants v Retrofits v Boom Pumps v Pavers |
GENERAL
INFORMATION
|
Bankers : |
v
Bank of India,
Pune Main Branch, Dr. Coyaji Road, Camp, Pune – 411001, Maharashtra, India v HDFC Bank |
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|
|
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
|
|
Name : |
Khandelwal Jain and Associates Chartered Accountants |
|
Address : |
12-B, Baldota Bhavan, 5th Floor, 117, Maharshi Karve Road,
Pune – 400020, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
|
50,000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.500 Million |
|
|
Total |
|
Rs. 2.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90,900 |
Equity Shares |
Rs. 10/- each |
Rs. 0.909
Million |
|
60 |
Preference Shares |
Rs. 10/- each |
Rs. 0.001
Million |
|
|
Total |
|
Rs. 0.910 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.909 |
0.909 |
0.909 |
|
|
2] Reserves & Surplus |
24.401 |
13.650 |
10.207 |
|
|
NETWORTH |
25.310 |
14.560 |
11.118 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.297 |
15.222 |
12.960 |
|
|
2] Unsecured Loans |
2.045 |
1.925 |
0.000 |
|
|
TOTAL BORROWING |
18.342 |
17.147 |
12.961 |
|
|
DEFERRED TAX LIABILITIES |
0.445 |
0.866 |
0.468 |
|
|
Negative Bank Balance |
0.000 |
0.000 |
0.193 |
|
|
|
|
|
|
|
|
TOTAL |
44.097 |
32.573 |
24.740 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16.376 |
11.466 |
5.743 |
|
|
Capital work in process |
0.237 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.096
|
13.961 |
14.213 |
|
|
Sundry Debtors |
17.413
|
14.860 |
9.415 |
|
|
Cash & Bank Balances |
1.395
|
1.690 |
0.000 |
|
|
Loans & Advances |
10.953
|
4.364 |
1.647 |
|
Total
Current Assets |
45.857
|
34.875 |
25.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
8.665
|
9.920 |
5.425 |
|
|
Provisions |
9.708
|
3.848 |
0.853 |
|
Total
Current Liabilities |
18.373
|
13.768 |
6.278 |
|
|
Net Current Assets |
27.484
|
21.107 |
18.997 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44.097 |
32.573 |
24.740 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
84.809 |
75.671 |
37.274 |
|
Total Income |
84.809 |
75.671 |
37.274 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
16.189 |
6.926 |
2.410 |
|
Provision for Taxation |
0.000 |
3.394 |
1.282 |
|
Profit/(Loss) After Tax |
16.189 |
3.532 |
1.128 |
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
Export Turnover |
1.138 |
0.213 |
NA |
|
Total Earnings |
1.138 |
0.213 |
NA |
|
|
|
|
|
|
Imports : |
|
|
|
|
Total Imports |
NA |
10.953 |
NA |
|
|
|
|
|
|
Expenditures : |
|
|
|
|
Depreciation |
0.928 |
0.881 |
NA |
|
Other Expenditure |
67.692 |
67.864 |
34.864 |
|
Total Expenditure |
68.620 |
68.745 |
34.864 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
19.09
|
4.67 |
3.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.09
|
9.15 |
6.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.09
|
14.95 |
7.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.48 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
2.12 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.49
|
2.53 |
4.03 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U29244MH1997PTC110008 |
|
Name of the
company |
AQUARIUS ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
'Aquarius House' Plot No. 65, S No.
297, Sheelavihar Colony, Off Karve Road, Erandawane, Pune 411038,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge0 |
|
Particular of
charge holder |
Name : Bank of
India Address :Pune
Main Branch, Dr. Coyaji Road, Camp City : Pune State :
Maharashtra ISO country code
: IN Pin code : 411001 e-mail Id : boipunmb@vsnl.net |
|
Amount secured by
the charge |
Rs. 26.600
Millions |
|
Nature of
description of the instruments creating a modifying the charge |
Hypothecation cum
loan agreement covering hypothecation of plant and machinery construction of
equipment. Term loan
agreement dated 06.10.2007 Deposit of title
deeds vide continuing oral agreement. |
|
Date of the instrument
creating or modifying the charge |
06.10.2007 |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
a) Rate of
Interest Term loan of Rs.
26.600 millions to carry interest @50% over BOI PLR – IE 13.75% p.a. or such
other ROI as may be advised by the bank. b) Terms of
repayment Rs. 0.316 million
per month starting from 01.04.2008 in total 84 monthly instalments interest
may be serviced as and when applied. c) Margin 32% d) Extent and
operation of the charge First charge over
the Plant and Machinery construction equipment situate at village ambadvet
Tal Mulshi Dist Pune or wheresoever situate Equitable Mortgage of the
Immovable property of the company. |
|
Short particulars
of the property charged |
Plant and
Machinery construction equipment situate at village ambadvet Tal Mulshi Dist
Pune or wheresoever situate Equitable Mortgage of the Immovable property of
the company. |
Form 8
|
Name of the company |
AQUARIUS ENGINEERS PRIVATE LIMITED |
|
Presented
By |
Bank of India, Pune Main Branch, Pune |
|
1) Date and description of instrument creating the change |
29.09.1998 Hypothecation of
stocks and book debts Equitable Mortgage Joint and several
guarantees of Mr. M S Bhadbhade and Mrs. N M Bhadbhade All documents for
a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
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 |
1. Hypothecation
of stocks and book debts. 2. Charge on
plant and machinery, all raw materials, spares, finished goods stores,
equitable mortgage of office premises bearing office no. 7 and 8 at 297,
Sheela Vihar Colony, Pune – 411 029 3. Joint and
several guarantee of Mr. Milind Sadashiv Bhadbhade and Mrs. Nita Milind
Bhadbhade |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit Rs.
1.000 million Interest : 4%
OPLR, minimum 17% p.a. + interest
tax. Margin 40% against book debts outstanding for three months, Quarterly
rest. Repayable on demand. Term Loan Rs.
1.500 million Rs. 25000/- payable in each January , February, March 1999 and
further 57 installments o Rsa. 25000/- each from april 1999 to December,
2003. Rate of Interest 4% OPLR minimum 16.9% p.a. + 6+ Interest Tax. Charge on Plant
and Machinery whether in or outside company premises. Charge on all raw
materials, spares, finished goods, stores whether in or outside company
premises. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Pune Main Branch,
Dr. Coyaji Road, Camp, Pune –
411001 |
|
6) Date and brief description of instrument modifying the charge |
20.01.2004 Equitable
Mortgage by deposit of title deeds by oral assent |
|
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. |
1st
Modification on 14.11.2000 the bank has granted additional limit of Rs. 1.500
millions to the company and the total cash credit limit becomes Rs. 2.500
millions and the total facilities granted becomes Rs. 40.000 millions
repayable on demand. Interest 4% over
BOI PLR, minimum 16.50% p.a. 2nd
Modification on 03.03.2001 the cash credit limit increased upto Rs. 50.000
millions Total facilities granted becomes Rs. 6.500 millions. 3rd
Modification on 09.07.2001 the company has by way of equitable mortgage
extended security of office 297, Sheela Vihar Colony, Kothrud, Aquarius
House, Pune admeasuring area 710 Sq.ft. each in favour of bank for the undermentioned
limits. Cash credit – Rs.
5.000 millions Term loan – Rs.
1.500 millions Bank Guarantee –
Rs. 2.000 millions Other terms and
conditions remain same. 4th
modification dated 27.05.2003 bank has at the request of the company granted
additional cash credit facility of Rs. 2.000 millions the total cash credit
limit becomes Rs. 7.000 millions after this modification. Interest @ 12.75%
p.a. with monthly rests or as determined by the bank from time to time. The company has
extended security of its immovable property comprising of building and other
securities , fixed plant and machinery, Equipments, installation, fixtures
and fittings, structure both present and future for the cash credit limit of
Rs. 7.000 millions and bank guarantee limit of Rs. 2.000 millions. Description of
property a) Office
premises no.7, and 8 at CTS No. 297, Sheela Vihar Colony, Kothrud, Aquarius
House, Pune admeasuring area 710 Sq.ft. each offices i.e. total 1420 Sq.ft +
Parking space. b) Flat 2A in the
building called Aquarius House admeasuring 24.165 Sq.mtrs. alongwith covered
parking space no. 1, situated at CTS No. 297, Sheela Vihar Colony, Kothrud,
Aquarius House, Pune -411 038, Maharashtra, India. c) Flat 2B in the
building called Aquarius House admeasuring 60.40 Sq.mtrs. alongwith covered
parking space no. 1, situated at CTS No. 297, Sheela Vihar Colony, Kothrud,
Aquarius House, Pune -411 038, Maharashtra, India. 5th
Modification : 20.01.2004 The cash credit
facility has been increased by Rs. 5.000 millions i.e. from Rs. 7.000
millions to Rs. 12.000 millions. The Bank will have first charge on the
following hypothecated goods. 1. All tangible
movable machineries and plant, present and future. 2. All tangible
movable properties and assets of whatsoever nature (other than movable and
uninstalled machines) present and future, also all stock of finished goods,
spare parts, components including spare parts and stores relating to plant
and machinery present and future. 3. All present
and future book debts outstanding, monies receivables, claims and bills due
from any party. Repayable on
demand Interest: 1.25%
over BOI PLR at present 12.25% p.a. with monthly rests or as determined by
the bank from time to time. Present Modification: The company has
created an equitable mortgage by deposit of title deeds in favour of the bank
in respect of its immovable property comprising of office premises No. 7 and
8 on 4th Floor and flat 2A and 2B on 1st Floor in the
building called “Aquarius House” 297, Sheela Vihar Colony, Kothrud, Aquarius
House, Pune -411 038, Maharashtra, India. As security not only for the
original advance limit of Rs. 10.310 millions (Cash credit Rs. 7.000
millions, Bank Guarantee of Rs. 2.000 millions and Term loan Rs. 1.310
million ) but also for the Increased / revised limits aggregating to Rs.
15.222 millions (Cash Credit Rs. 12.000 millions , Bank Guarantee Rs. 2.000
millions and Term loan Rs. 1.222 million other terms remains same. |
AS PER WEBSITE
Aquarius Engineers manufacture Concrete Pumps,
Concrete Batching Plants and supply complete range of Concrete Paving machines.
Aquarius Engineers began its operations in 1981 as
an engineering consultancy firm. In 1985 it diversified into a sales &
service organization, representing world leaders in the construction equipment
business.
Aquarius Engineers has grown dramatically, since
then, into a multifaceted, multi-venture, manufacturing conglomerate. With two prestigious joint ventures under
its wings, a state-of-art manufacturing plant at Goa and offices spread out
across the country, it has been truly a ‘Tryst with Technology’ for Aquarius
Engineers.
Aquarius offers the latest in technology from its
extensive equipment portfolio. From Stationary Pumps, Mobile Line Pumps, Truck
Mounted Boom Pumps and Pavers to the state-of-art Concrete Batching Plants,
Aquarius can claim to have it all! Be it the ‘S’ valve design of the concrete
pumps or the ‘Mixer Mind’ of the high performance Twin Shaft
Mixers, Aquarius guarantees its customers the most up-to-date in
global technology.
Aquarius House’, the prominent head office of
Aquarius Engineers, is located at Pune. An efficient sales &
service network is set up within the country, with regional offices at Delhi,
Mumbai, Hyderabad, Bangalore, Kolkata, Ahmedabad, Indore and
Chandigarh. It also has a spares
stock/infrastructure at Pirangut, near Pune, as well as at Delhi &
Bangalore. Additionally, well-equipped Service Vans have been introduced
in major cities to provide quick, on-site service to customers.
To strengthen its activity of delivering the latest
in technology, Aquarius has developed its own Software Cell as a part
of its Product Development Team. In addition to the local market it
also now caters to the South East Asian market.
A second factory is under way at Pune, spread over
an expanse of 8.5 acres of land. This will augment the manufacturing
capacity of existing product line as well as help in addition of new products.
A new Technology Training Center is also planned at this location.
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 :
The 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.
The 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. 42.89 |
|
UK Pound |
1 |
Rs. 83.80 |
|
Euro |
1 |
Rs. 66.45 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|