MIRA
INFORM REPORT
|
Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SNAM ALLOYS
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
21 (E),
Industrial Estate, Attibele, Anekal Taluk, Bangalore – 562107, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
05.11.1985 |
|
|
|
|
Com. Reg. No.: |
08-7257 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27101KA1985PTC007257 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS01125F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCS7473G |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer,
Exporter and Trader of Alloys, Silicons and Carbides, etc. |
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 339216 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having satisfactory track. Directors are reported as
experienced, respectable and having satisfactory track records. Trade
relations are reported as fair. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
21 (E),
Industrial Estate, Attibele, Anekal Taluk, Bangalore – 562107, Karnataka |
|
Tel. No.: |
91-80-25587710 |
|
Fax No.: |
91-80-41320199 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Kariamanickam Village,
Nettapakkam, Pondicherry-605106, India |
|
Tel. No.: |
91-413-2699440/2699106 |
|
Fax No.: |
91-413-2699199 |
|
Area : |
13 acres |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
40-A, 1st
Cross, Gupta Layout, Bangalore-560008, Karnataka, India |
|
Tel. No.: |
91-80-25587710 |
|
Fax No.: |
91-4344-276880 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. T. V.
Sivaraman |
|
Designation : |
Director |
|
Address : |
C-7 Grassmere Apartments,
57, Osborne Road, Bangalore- 560042, Karnataka, India |
|
Date of Birth
: |
07.07.1943 |
|
Age : |
62 years |
|
Date of Appointment: |
05.11.1985 |
|
Qualification: |
B.E. |
|
Experience: |
19 years |
|
|
|
|
Name : |
Mr. H. D. Naik |
|
Designation : |
Director |
|
Address : |
126, Laskhmidaya
Charles, Compell Road, Bangalore- 560008, Karnataka, India |
|
Date of Birth
: |
14.02.1938 |
|
Age : |
65 years |
|
Date of Appointment: |
05.11.1985 |
|
Qualification: |
PGDEE |
|
Experience: |
19 years |
|
|
|
|
Name : |
Mr. D.
Muralidharan |
|
Designation : |
Whole Time
Director |
|
Address : |
116, 1st
Cross, Ulsoor Road, Bangalore – 560042, Karnataka |
|
Date of Birth: |
25.11.1951 |
|
Age : |
54 years |
|
Date of Appointment: |
|
|
Qualification: |
FCA |
|
Experience: |
19 years |
KEY EXECUTIVES
|
Name : |
M/s V Sreedharan and Associates |
|
Designation : |
Company Secretary |
|
Address : |
G. N. R. Complex, 1st Floor, No. 32/33, 8th
cross, Wilson Garden, Bangalore – 560027 |
|
Tel No. : |
91-80-22290394 / 26593314 |
|
Mobile No. |
91-9845214399 |
|
Email : |
sreedharan@vsnl.com |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Mr. T. V.
Sivaraman |
|
12808 |
|
Mr. H. D. Naik |
|
12808 |
|
Mr. D.
Muralidharan |
|
12808 |
|
Ms. Vasumati
Sivaraman |
|
3192 |
|
Ms. Saraswati D.
Naik |
|
3192 |
|
Ms. Veena Murali |
|
3192 |
|
|
|
|
Equity Share Breakup
|
Sr. No. |
Category |
Percentage |
|
|
|
|
|
1. |
Directors
or Relatives of Directors |
100.00 |
|
|
Total |
100
% |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer,
Importer, Exporter and Trader of Alloys, Silicons and Carbides, etc. |
|
|
|
|
Products : |
|
|
|
|
|
Exports to : |
England, Dubai,
Sri Lanka, Korea, Thailand, Malaysia, Japan, Singapore and Australia, Turkey,
UK, USA, Egypt, New Zealand |
|
|
|
|
Imports from : |
China, Poland,
Russia, Holand and European Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C at sight and
Local D/D or L/C |
|
|
|
|
Purchasing : |
D/P or L/C or
Credit (90-180days) terms |
|
|
|
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Ferro Silicon |
M.T. |
7000 |
2482.255 |
|
F. S. Magnesium |
M.T. |
7000 |
3629.900 |
|
Silicon Carbide |
M.T. |
1000 |
342.200 |
GENERAL
INFORMATION
|
Suppliers : |
|
||||||||
|
|
|
||||||||
|
Customers : |
|
||||||||
|
|
|
||||||||
|
No. of
Employees : |
Office: 16, Factory/ Technical: 30, Group: 150 |
||||||||
|
|
|
||||||||
|
Bankers : |
Ø
State Bank
of India Overseas Branch, M. G. Road, Bangalore-560001, Karnataka, India Ø
State Bank
of India Siruthozhil Branch, Pondichery, India
|
||||||||
|
|
|
||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
S. Anantha and
Company Chartered
Accountants S. V. Complex, 2nd
Floor, No. 55, K. R. Road, Basavanagudi, Bangalore-560004, Karnataka, India |
|
Tel. No.: |
91-80-26520758/26603052 |
|
Fax No.: |
91-80-26620057 |
|
E-Mail : |
|
|
|
|
|
Associates : |
Ø
Snam
Abrasives Private Limited Ø
Snam Micro
Abrasives Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96000 |
Equity Share |
Rs.100/- |
Rs.9.600 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96000 |
Equity Share |
Rs.100/- |
Rs.9.600 Millions |
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 |
|
9.600 |
4.800 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
75.204 |
70.624 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
84.804 |
75.424 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
68.710 |
64.552 |
|
|
2] Unsecured Loans |
|
7.921 |
5.111 |
|
|
TOTAL BORROWING |
|
76.631 |
69.663 |
|
|
DEFERRED TAX LIABILITIES |
|
0.580 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
162.015 |
145.087 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
41.220 |
44.415 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
3.086 |
3.086 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.460 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
51.155 |
65.188 |
|
|
Sundry Debtors |
|
88.212 |
62.898 |
|
|
Cash & Bank Balances |
|
9.566 |
2.480 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
14.724 |
8.216 |
|
Total
Current Assets |
|
163.657 |
138.782 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
38.948 |
41.656 |
|
|
Provisions |
|
7.000 |
0.000 |
|
Total
Current Liabilities |
|
45.948 |
41.656 |
|
|
Net Current Assets |
|
117.709 |
97.126 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
162.015 |
145.087 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
652.369 |
N.A. |
|
|
Other Income |
|
0.000 |
N.A. |
|
|
Total Income |
|
652.369 |
N.A. |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
19.787 |
N.A. |
|
|
Provision for Taxation |
|
10.407 |
N.A. |
|
|
Profit/(Loss) After Tax |
|
9.380 |
N.A. |
|
|
|
|
|
|
|
|
Export Value |
|
142.735 |
146.532 |
|
|
|
|
|
|
|
|
Import Value |
|
265.213 |
145.202 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation |
|
6.529 |
N.A. |
|
|
Other Expenditure |
|
619.524 |
N.A. |
|
Total Expenditure |
|
626.053 |
N.A. |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.43 |
--- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.03 |
--- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.65 |
--- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
--- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.44 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.56 |
3.33 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate identity
number (CIN) Foreign company registration number |
U27101KA1985PTC007257 |
|
Name of the
Company |
SNAM ALLOYS PRIVATE LIMITED |
|
Address |
21 (E), Industrial Estate, Attibele, Anekal Taluk, Bangalore – 562107, Karnataka |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
State Bank of
India Overseas Branch,
LHO Compound, ST. Marks Road, Bangalore – 560001, Karnataka Email ID : rjraman3@gmail.com |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief of the
principal terms and conditions |
a)
Rate of
Interest : Rate : TL At 1.25 % above SBAR with a minimum of 13.50 % P.A.
rising or falling there with , on daily products with monthly rests. Present
effective rate 13.50 % per annum. Penal interest for non compliance of terms
of sanction : max 2 % per annum over the normal rate . prepayment penalty as
per terms of sanction. b)
Terms of
repayment : Term Loan: in 12 quarterly installment of Rs.0.750 million each c)
Margin :
Term Loan – 25 % d)
Extend and
Operation of the charge : Exclusive first charge on the assets of the company
and to the full extent e)
Others :
Term Loan – Rs.10.000 millions |
|
Short particulars
of the property charged indicating |
Equl. Mort. Of
immovable property at SL No. 1 and SL No. 2 respectively of property No. 75
/1, 86/2, 81/1 B And 74/3, 80/1, 81/2, 74/2, village No. 55, Kariamanickm
Village, Nettapakkam Commune, Pondicherry – 605106, Karnataka |
|
Date of
Instrument |
13.08.2007 |
|
Particular of the
present modification |
The amount
secured by the charge stands remains of Rs.10.000 millions security of
immovable property already obtained and detailed in COL No. 14 herein above
continues to be available for the limit all other terms and conditions remain
uncharged. |
Business :
Subject’s products
are used in all Cast Iron and Ductile Iron Foundries Nationwide. In the manufacture
of S. G. Iron and Cast Iron, Mild Steel and Other High Quality Alloy Steel.
Facilities
Subject has its
manufacturing facilities at Pondichery (160 Kms. from Chennai)
Subject is spread over
an area of 13 acres has three units manufacturing Ferro Silicon, Ferro Silicon
Magnesium and Silicon Carbide and Inoculants.
In this facility
there are two submerged arc furnaces for the manufacture of Ferro Silicon,
Ferro Silicon Magnesium and Inoculants. A battery of Resistance Furnaces for
the manufacture of Abrasive and Metallurgical grade Silicon Carbide.
A completely
automatic PLC based and Microprocessor based control system to operate the
Furnaces, Raw Material handing system and Product handling system.
An automatic
crushing and sizing plant to handle the product sizing and maintain uniform
granulometry.
A fully equipped
and modern process control and quality control department for monitoring and
maintaining the process and product quality.
Being accredited
with the ISO 9002 certification is proof of the highest quality in its
manufacturing capabilities.
A team of
professional handling the purchasing of raw materials and shipping of products.
Subject sources its
raw materials from various sources in India and all over the world. Its major
raw materials are as under :-
Ø
Magnesium
Metal
Ø
Cerium Misch
Metal
Ø
Calcium
Silicide
Ø
Manganese
Metal
Ø
Raw Petroleum
Coke
Ø
Quartz
Ø
Wood Charcoal
Ø
Mild Steel
Scrap
Ø
Zirconium
Ø
Strontium
Ø
Barium
Ø
Aluminium
Subject
manufactures products catering to the Foundry, Steel ad Abrasive Industries.
Its product range
is as under :-
For the Steel and Foundry Industry
Ferro Silicon
For the Foundry Industry
Ø
Ferro Silicon
Magnesium
Ø
Inoculants
n
Snam Bacal
n
Snam Hibacal
n
Snam Stron
n
Snam Recal
n
Snam Zircal
n
Snam Ziman
n
Snam Man
n
Snam Cast
Inoculant
Ø
Metallurgical
Silicon Carbide
For the Abrasive Industry
Ø
Silicon
Carbide
Ø
Industrial
Synthetic Diamonds
For the
Construction Industry
Ø
Fumed Silica
Awards
Subject has won various
accolades from The Government of India for its commitment to quality and export
performance .
Subject has been
accredited ISO 9002 since 1994 by BVQI.
Ø
ISO 9002 certificate for its Pondicherry
plant
Ø
Export Performance Award 1994-95.
Ø
Export performance award 1995-96.
Ø
Export Performance award 1996-97.
Ø
Export performance award 1997-98.
Ø
Export Excellence award 1997-98.
Ø
Export Excellence award 1998-99.
The company’s fixed
assets of important value includes land, building, plant and machinery,
electrical installations, furniture, computers, factory equipments, office appliance,
air conditioners, vehicles, cars, lab equipments, air pollution control
systems, inspection equipments and instrumentation and monitoring equipments.
GROUP COMPANIES
SNAM Abrasives
Private Limited
This is the maiden
venture in the group and was formed in 1981 to manufacture 600 M.T. of Silicon
carbide grains. The unit was established successfully with growing at a steady
pace. This unit presently has a capacity of 3,000 of Silicon carbide grains.
Though the furnacing was started intially in this plant, the furnacing
operation were shut down due to steep power cost. Presently, only grain plant
operations are carried out.
SNAM Alloys
Private Limited :
SNAM alloys Pvt
Ltd is the largest unit in the group and was promoted in 1987. Initially SNAM
Alloys was started for making Ferro Silicon. Later on a new facility was
created to manufacture Silicon carbide crude with a capacity of 1,500 M.T. per
annum. Ferro Silicon magnesium, Ferro Silicon based inoculants. SNAM Alloys Pvt
Ltd., has obtained ISO 9002 certificate from BVQI. Its products are exported to
many countries.
SNAM Micro
Abrasives Private Limited :
SNAM Micro
Abrasives was promoted in 1985 to manufacture Silicon carbide micro grits upto
400 mesh. This plant has a production capacity of 300 M.T. per year. Presently,
it's plant is catering to the exacting requirements of many micro grit users.
Agents :
North, East India
Ø Mr. V. Ramasubramanian
48/5, Natesan Nagar, 5th Main
Road, Viragampakkam, Chennai-600092, Tamilnadu, India
Tel No :- 91-44-24791931
Karnataka
Ø Mr. V. Ramesh
R. R. R. Enterprises, No. 25, 1st
Cross, KHM Block, Ganganahalli, Bangalore-560032, Karnataka, India
Tel No :- 91-80-23333293
E-mail :- nithin29@hotmail.com / nithin29@hotmail.com
Coimbatore,
Hosur and Kerala
Ø
Mr. Sankar
Raman
Sami Marketing, 24, Bharathi Park Road No. 8, Sai Baba Colony,
Coimbatore-641011, India
Tel No :- 91-422-2434399
E-mail :- sami_marketing@eth.net
Maharashtra,
Gujarat
Ø Mr. S. S. Somani
Shree Marketing, A-4/5, Narmada Apartments,
Patil Lane No. 1, College Road, Nashik-422005, Maharashtra, India
Tel No:- 91-253-2572382
Fax No :- 91-253-2576382
E-mail :- somanis@bom6.vsnl.net
Tamilnadu
(Except Hosur and Coimbatore) and Andhra
Ø Mr Ramani/Mr. Suresh
Vanijya Ferro Alloys Private Limited, No.65,
IV Street, Padmanabha Nagar, Adyar, Chennai –600020, Tamilnadu, India
Tel No and Fax No :- 91-44-24910264/24916473
E-mail
:- vanijya@yahoo.com
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.40.26 |
|
UK Pound |
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.61.26 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|