MIRA
INFORM REPORT
|
Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SEWRI ENGINEERING CONSTRUCTION COMPANY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
302, R R Realty Tank Road, Off
LBS Marg, Bhandup – West , Mumbai – 400 078, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
24.05.1951 |
|
|
|
|
Com. Reg. No.: |
11-08526 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U45200MH1951PTC008526 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37000F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACS0713P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Construction Activities |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 53000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Payments are reported as usually correct and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Ms. Asha Singh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9821097225 |
|
Date : |
05.05.2008 |
LOCATIONS
|
Registered Office : |
302, R R Realty Tank Road, Off LBS
Marg, Bhandup – West , Mumbai – 400 078, Maharashtra, India |
|
Tel. No.: |
91-22-25950065 |
|
Mobile No.: |
91-9821097225 |
|
Fax No.: |
91-22-25953505 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. fts |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Apeejay Chambers,
2nd Floor, Wallace Street, Fort, Mumbai – 400 001, Maharashtra,
India |
|
Tel. No.: |
91-22-22073941 |
|
Mobile No.: |
91-9821097225 |
|
Fax No.: |
91-22-22071104 |
|
E-Mail : |
sewri@vsnl.com |
|
|
|
|
Stores: |
Tokersay Jivraj
Road, Near Housing Board Colony No. 10, |
|
Tel. No.: |
91-22-24716481 |
|
Fax No.: |
91-22-25953695 |
|
E-Mail: |
stores@sewriengg.com |
DIRECTORS
|
Name : |
Mr. Ajay Ambadas
Mirajgaokar |
|
Designation : |
Director |
|
Address : |
61, Oshiwara, Vishal Co-op Housing Society Limited, Oshiwara
Park, Adarsh Nagar , Jogeshwari ,
Mumbai – 400 102, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1967 |
|
Date of Appointment : |
20.02.2006 |
|
|
|
|
Name : |
Mr. Shreeprakash
Seonarain Singh |
|
Designation : |
Director |
|
Address : |
C – 4Mulund Shriram Co-op Housing Society Limited, mahatma
Phule Road, Mulund (East), Mumbai – 400 081, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1970 |
|
Date of Appointment : |
20.02.2006 |
|
|
|
|
Name : |
Mr. Sushil Kumar
Singh |
|
Designation : |
Director |
|
Address : |
3/239 Kumod Sion East, Mumbai – 400 022, Maharashtra,
India |
|
Date of Birth/Age : |
01.06.1969 |
|
Date of Appointment : |
14.10.2005 |
|
|
|
|
Name : |
Mr. S C Deshpande |
|
Designation : |
Director |
|
Address : |
104, Savli, Sewri Wadala Estate, Mumbai – 400 031,
Maharashtra, India |
|
Date of Birth/Age : |
30.04.1940 |
|
Date of Appointment : |
16.07.1966 |
|
|
|
|
Name : |
Mrs. Meena S
Deshpande |
|
Designation : |
Director |
|
Address : |
104, Savli, Sewri Wadala Estate, Mumbai – 400 031,
Maharashtra, India |
|
Date of Birth/Age : |
07.07.1946 |
|
Date of Appointment : |
02.04.1975 |
|
|
|
|
Name : |
Mr. Abdemannan
Taherali Kajiji |
|
Designation : |
Director |
|
Address : |
21 Maskati Court Maharashi Karve Marg, Marine line, Mumbai
– 400 020, Maharashtra, India |
|
Date of Birth/Age : |
30.11.1914 |
|
Date of Appointment : |
02.04.1975 |
|
|
|
|
Name : |
Mr. Vikram
Deshpande |
|
Designation : |
Director |
|
Address : |
104, Savli, Sewri Wadala Estate, Mumbai – 400 031,
Maharashtra, India |
|
Date of Birth/Age : |
29.02.1972 |
|
Date of Appointment : |
07.01.1999 |
|
|
|
|
Name : |
Mr. Sudhir
Ranadive |
|
Designation : |
Director |
|
Address : |
402, Ratnamani Apartment, Dadda patil Wadi, Station Road,
Thane (west), Maharashtra, India |
|
Date of Birth/Age : |
02.10.1951 |
|
Date of Appointment : |
09.11.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Mr. S C Deshpande |
317 |
|
Mrs. Meena S
Deshpande |
150 |
|
Mr. Kajiji
Abdemannam |
5 |
|
Mr. Shrikant
Deshpande |
18 |
|
Mrs. Neela S
Talcherkar |
45 |
|
Mr. Sanjay
dEshpande |
4 |
|
Mr. Sandeep
Deshpande |
38 |
|
Mr. Vikram
Deshpande |
68 |
|
Mr. Sudhir
Ranadive |
5 |
|
Mr. S C Deshpande
|
82 |
|
Others |
18 |
Equity Shares
Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Category |
Percentage |
|
Directors or relative of directors |
85.08 |
|
Other top fifty (50) shareholders |
14.92 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (60-90
days) |
|
|
|
|
Purchasing : |
Credit (60-90
days) |
GENERAL
INFORMATION
|
Customers : |
·
Governments ·
Vidharbha Irrigation Development Corporation ·
Maharashtra
Krishna Valley Development Corporation ·
BHEL ·
MSEB ·
Ambernath
Minicipal Corporation |
|
|
|
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
·
State
Bank D N Road Branch, Fort, Mumbai -
400 001, Maharashtra, India ·
State Bank
of India Industrial Finance Branch, World Trade
centre, Cuffe parade, Mumbai – 400 005 |
|
|
|
|
Facilities : |
CC – Rs. 35.500 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Kulkarni and
Khanolkar Chartered
Accountants |
|
Address : |
13/14 Bell And
Company Building, Sir Pherozeshah Mehta Road. Fort , Mumbai – 400 001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2499 |
Equity Shares |
Rs. 1000/- each |
Rs. 2.499
millions |
|
100 |
Unclassified
Shares |
Rs.10/- each |
Rs. 0.001 million |
|
|
Total |
|
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1882 |
Equity Shares |
Rs. 1000/- each |
Rs. 1.882 millions |
|
100 |
Preference shares |
Rs. 10/- each |
Rs. 0.001 million |
|
|
|
Total |
Rs. 1.883 millions |
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 |
1.883 |
0.697 |
0.651 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.807 |
7.700 |
7.277 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.690 |
8.397 |
7.928 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.098 |
9.894 |
5.838 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.156 |
|
|
TOTAL BORROWING |
16.098 |
9.894 |
6.994 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.788 |
18.291 |
14.922 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.179 |
9.700 |
2.326 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.167 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.008 |
0.008 |
0.008 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
12.101 |
|
|
Sundry Debtors |
|
|
6.653 |
|
|
Cash & Bank Balances |
40.299 |
24.579 |
0.483 |
|
|
Other Current Assets |
|
|
0.001 |
|
|
Loans & Advances |
|
|
3.052 |
|
Total
Current Assets |
40.299
|
24.579
|
22.290 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
10.187 |
|
|
Sundray Creditors |
|
|
0.682 |
|
|
Provisions |
[23.698] |
[15.996] |
0.000 |
|
Total
Current Liabilities |
[23.698] |
[15.996] |
10.869 |
|
|
Net Current Assets |
16.601 |
8.583 |
11.421 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.788 |
18.291 |
14.922 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
62.374 |
28.899 |
|
|
Other Income |
|
1.102 |
3.061 |
|
|
Total Income |
|
63.476 |
31.960 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
3.418 |
1.445 |
|
|
Provision for Taxation |
|
1.285 |
0.460 |
|
|
Profit/(Loss) After Tax |
|
2.133 |
0.985 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
|
49.458 |
23.234 |
|
|
Administrative Expenses |
|
9.142 |
5.582 |
|
|
Loss on account of flood |
|
0.000 |
0.809 |
|
|
Provision for Doubtful Debts |
|
0.014 |
0.135 |
|
|
Depreciation & Amortization |
|
1.444 |
0.755 |
|
Total
Expenditure |
|
60.058 |
30.515 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.36
|
3.08 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.47
|
5.00 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.77
|
4.21 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
1.18 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[0.71]
|
[0.72] |
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
[1.70]
|
[1.54] |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Batra
Cement, Nagpur
(Mr. Batra – 91-9422131996)
·
Khatav
Steel , Mumbai
(Mr. Kriti Bhai – 91-22-23485123)
·
Abhyankar
Brothers , Mumbai
(Mr. Gunvant Abhyankar
-91-22-23486827)
·
Mr. Gunvant
Abhyankar
·
Mr.
Arun Abhyankar
Form No. 8
|
Corporation identity number or foreign company registrations number of
the company |
U45200MH1951PTC008526 |
|
Name of the company |
SEWRI ENGINEERING
CONSTRUCTION COMPANY PRIVATE LIMITED |
|
Address |
302, R R Realty Tank Road, Off
LBS Marg, Bhandup – West , Mumbai – 400 078, Maharashtra, India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
·
Book
Debts ·
Movable
Property ·
Others
|
|
Particular of the charge holder
|
State Bank of India Address: D N Road, Fort, Mumbai - 400 001, Maharashtra, India E-mail: kamalax_saraf@hotmail.com |
|
Nature or description of the instrument creating charge |
Agreement of loan – cum – hypothecation |
|
Date of the instrument creating charge |
17.02.2007 |
|
Amount Secure by the charge |
Rs. 19.800 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Cash credit @ 2.25% above SBAR with monthly rests ()Further Details as per arrangement Letter) Terms of repayments: Term Loan (Rs. 1.800 millions ) Term Loans id payable in 84
installments of Rs. 0.022 million + Interest with a start up a period of same
month of disbursement Margin: As per Arrangement Letter Extent and Operation of the charge: As per Arrangement Letter Others As per Arrangement Letter |
|
Short particulars of the Property charged |
A first charge by way of hypothecation of the borrowers entire goods,
movable and other assets present and future including document of title to
goods and other assets, such as book debts , outstanding monies , receivables
including receivables by way of cash assistance and / or cash incentives
under the cash incentive scheme or any other scheme, claims including claims
by way of refund of customs / excise duties under the duty drawback credit
scheme . |
|
Particulars of the present modification : |
Nw by the present modification dated 17.02.2007 the limit increased
from Rs. 12.000 millions to Rs. 19.800 millions. |
|
Name of the
company |
SEWRI ENGINEERING CONSTRUCTION COMPANY PRIVATE LIMITED |
||||||||||||
|
Presented By |
State Bank of India, Industrial Finance Branch, World trade
Centre, Cuffe Parade, Mumbai – 400 005 |
||||||||||||
|
1) Date and
description of instrument creating the change |
Agreement of loan
for overall limit F-C-1 Agreement of
hypothecation of goods and assets F-C-2 Letter regarding
the grant of individual limits within the overall limit All the above
agreement are dated 16.12.2004 and executed for the creation of a single
charge. |
||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 12.000 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 |
A first charge by
way of hypothecation of the borrower entire goods, movables and other assets
present and future including document of title to goods and other assets such
as book debts outstanding moneys, receivables including receivables by way of
cash assistance and / or cash incentives under the cash incentive scheme or
any other scheme claims, including claims by way of refund of claims
including by way of refund of customs / excise duties under the duty
drawback credit scheme or any other
scheme, bills, invoices, documents, contracts, insurances policies, guarantee
, engagement, securities, investment, and rights uncalled capital and all
machinery present and future of such form satisfactory to the bank. Raw
materials, stock in process, bank guarantee, book debts and receivables. |
||||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
ROI : Demand cash Credit : 2.57 %
p.a above SBAR Export packing credit : 12.75 % p.a
at monthly rests Stand By line of credit : 1% Margin: Raw materials: 50% Bank guarantee; 10% Book Debts / Receivables; 50% |
||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch World Trade centre Cuffe parade Mumbai – 400 005 |
||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
No instrument
Memorandum of deposit for creation of further charge for term loan overall
limit where the initial charge is created by way of mortgage by deposit of
title deed dat4ed 16.12.2004 |
||||||||||||
|
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. |
The original
charge was created on 16.12.2004 for Rs. 16.12.2004 for Rs. 12.000 millions
Now by the present modification dated 16.12.2004 the company created an extension
of charge by way of an equitable mortgage by deposit of title deeds over the
immovable property to secure its extended limit of Rs. 12.000 millions
inclusive of all Interest discount commission charges and costs and expenses
payable to or incurred by the bank.
The details of the immovable property
herein above referred under schedule Part II is as follow: Flat No. 602, 6th
Floor, Building, no. A – 5, Azad Nagar, Thane (West) – 400 607 of Brahmand
Phase II, Co-op Housing Society Limited, area admeasuring 390 Sq.fts carpet
situated , lying and being at Village Kolshet, District Thane, on plot of
land bearing city survey No. 80 (Hissa 18.09.20 and 21) and survey No.
equivalent to 29933.91 St. mtrs or thereabouts. Together with all
assets permanently fixed to the lands and building and plant and machinery
appertaining or Aaffixed thereto. |
The company started civil construction in the year 1951, formed subsequent to a partnership firm Sewri Engineering by Mr. Robert M. Francey,Mr. ChintamanV. Deshpande and Mr. P.R. Tongaokar. Since then, it has executed several diverse projects for Government, Semi-Government, Ministry of Defence and other Public and Private Organizations.
The Company is registered as Class I Contractors with Government of
Maharashtra Public Works Department.
The major thrust of its Construction activity has been in Power Stations,
Bridges, Aqueducts, Irrigation Structures, Foundation Engineering apart
from it's involvement in Pump Houses, Cooling Towers, Water Treatment
Plants, Heavy Machine Foundation, Factory Buildings, Industrial Buildings and
Hangars.
The organization has successfully completed various Design and Construction
projects as well as pure Design Consultancy assignments. Currently the
Directors on the Board are:
1. Sushil K. Singh( B.Tech(Civil, IIT Mumbai)
2. Ajay A. Mirazgaoker (
B.Arch(JJ School of Architecture)
3. ShreePrakash D. Singh (B.Com, MBA)
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.42.94 |
|
UK Pound |
1 |
Rs.84.52 |
|
Euro |
1 |
Rs.66.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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
sums66666666666666666666666666666666666666666666666666666666666666 |
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 |
|