MIRA
INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ACCORD SOFTWARE AND SYSTEMS PRIVATE LIMITED |
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Registered Office : |
No.37 Krishna Reddy Colony, Domlur Layout, Bangalore – 560071,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.12.1991 |
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Com. Reg. No.: |
012629 |
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CIN No.: [Company
Identification No.] |
U72200KA1991PTC012629 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA00873F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on business as processors, programmers, dealers and
development of and in, all kinds and descriptions of hi-tech hardware,
software and systems for domestic and export markets (whether for industrial,
business or house-hold use or otherwise) including, without limiting the
generally thereof, computers, accounting and business machines, magnetic
materials, video games, tapes disc and all software and peripherals thereto. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 363324 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No.37 Krishna Reddy Colony, Domlur Layout, Bangalore – 560071,
Karnataka, India |
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Tel. No.: |
91-80-25350105/ 0136/0138 |
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Fax No.: |
91-80-25352723 |
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E-Mail : |
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Website : |
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Corporate Office/ USA Office : |
6121, Suite 400, Lincolnia Road, Alexandria, Virginia VA22312 |
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Tel. No.: |
91-703-9160623 |
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Fax No.: |
91-703-9160624 |
DIRECTORS
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Name : |
Mr. Jayaraman Mohan Sundaresan |
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Designation : |
Managing Director |
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Address : |
685, 5th Main, 6th Cross. HAL 3rd
Stage, Bangalore – 560075 |
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Date of Birth/Age : |
15.05.1952 |
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Date of Appointment : |
17.12.1991 |
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Email : |
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Name : |
Mr. S. Purushotham |
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Designation : |
Whole Time Director |
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Address : |
589, 44th Cross, 8th Block, Jayanagar, Bangalore
- 560075 |
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Date of Birth/Age : |
24.08.1949 |
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Date of Appointment : |
17.12.1991 |
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Name : |
Mr. V. Narayanasamy |
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Designation : |
Whole Time Director |
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Address : |
1032, Ashiana Gitanjali Layout, HAL 3rd Stage, Bangalore -
560075 |
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Date of Birth/Age : |
13.06.1960 |
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Date of Appointment : |
17.12.1991 |
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Name : |
Mr. R. Devanathan |
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Designation : |
Whole Time Director |
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Address : |
1821, 2nd Main Road, HAL 3rd Stage, Bangalore -
560075 |
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Date of Birth/Age : |
20.09.1966 |
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Date of Appointment : |
12.12.1991 |
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Name : |
Mr. Manoor Raghavendra Shenoy |
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Designation : |
Whole Time Director |
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Address : |
A-03, CEDAR, Sharewood, Basavanagar Main Road, Vibhuthipura, Bangalore
- 560037 |
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Date of Birth/Age : |
26.09.1960 |
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Date of Appointment : |
01.03.1992 |
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Email : |
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Name : |
Mr. V. Venkateswara Rao |
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Designation : |
Nominee Director |
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Address : |
Nominee of IDBI, IDBI Tower, Cuffe Parade, Mumbai – 400005, India |
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Date of Birth/Age : |
15.12.1954 |
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Date of Appointment : |
17.06.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 25.07.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. J M Sundaresan |
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292380 |
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Mr. S. Purushotham |
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292380 |
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Mr. V. Narayanasamy |
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292380 |
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Mr. R. Devanathan |
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269860 |
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Mr. Manoor Raghavendra Shenoy |
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198000 |
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IDBI |
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470000 |
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Total |
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1815000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on business as processors, programmers, dealers and
development of and in, all kinds and descriptions of hi-tech hardware,
software and systems for domestic and export markets (whether for industrial,
business or house-hold use or otherwise) including, without limiting the
generally thereof, computers, accounting and business machines, magnetic
materials, video games, tapes disc and all software and peripherals thereto. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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No of Employees : |
150 |
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Bankers : |
Industrial Finance Branch, 61 Residency Plaza, Residency Road,
Bangalore – 560025, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountant |
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Address : |
14th Floor, C Wing Mittal Tower, 47/6 M G Road, Bangalore –
560001, Karnataka, India |
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Subsidiaries : |
Accord Software and Systems Inc. USA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Share |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1815000 |
Equity Share |
Rs.10/- each |
Rs.18.150 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
18.150 |
18.150 |
18.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.681 |
64.310 |
43.484 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
90.831 |
82.460 |
61.634 |
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LOAN FUNDS |
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1] Secured Loans |
43.542 |
35.917 |
25.387 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
43.542 |
35.917 |
25.387 |
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DEFERRED TAX LIABILITIES |
5.654 |
3.804 |
3.101 |
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TOTAL |
140.027 |
122.181 |
90.122 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.600 |
43.179 |
32.976 |
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Capital work-in-progress |
6.412 |
5.000 |
0.508 |
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INVESTMENT |
0.000 |
0.326 |
0.326 |
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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 |
14.287
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12.164 |
13.245 |
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Sundry Debtors |
54.802
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48.080 |
40.793 |
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Cash & Bank Balances |
34.327
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30.066 |
17.659 |
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Other Current Assets |
7.133
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2.914 |
2.717 |
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Loans & Advances |
8.357
|
11.155 |
13.246 |
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Total
Current Assets |
118.906
|
104.379 |
87.660 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
23.008
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17.395 |
18.599 |
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Provisions |
8.883
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13.308 |
12.749 |
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Total
Current Liabilities |
31.891
|
30.703 |
31.348 |
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Net Current Assets |
87.015
|
73.676 |
56.312 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
140.027 |
122.181 |
90.122 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover
(Estimated) |
|
110.000 |
90.000 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
NA
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NA
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NA
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA
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NA
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA
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NA
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Debt Equity Ratio (Total Liability/Networth) |
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0.83
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0.81 |
0.92 |
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Current Ratio (Current Asset/Current Liability) |
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3.73
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3.40 |
2.80 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U72200KA1991PTC012629 |
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Name of the
Company |
ACCORD SOFTWARE AND SYSTEMS PRIVATE LIMITED |
|
Address |
No.37 Krishna Reddy Colony, Domlur Layout, Bangalore – 560071,
Karnataka, India |
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This form is for |
Modification of
charge |
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Type of Charge |
Book Debts Movable Property (not
being pledge) Movable plant and
machineries, goods etc. |
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Particulars of
the charge holder |
State Bank of India Industrial Finance Branch, 61 Residency Plaza, Residency Road,
Bangalore – 560025, Karnataka, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
Loan- cum- Hypothecation of present and future stocks, goods, raw materials,
book debts, movable plant and machineries and other movable assets executed by
company in favour of state Bank of India, Industrial Finance Branch,
Residency Road, Bangalore – 560025 |
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Date of the
instrument creating or modifying the charge |
12.03.2007 |
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Amount secured by
the charge |
Rs.80.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Cash Credit :
1.25% above SBAR effective 13.50% Term Loan : 1.75%
above SBAR effective 14.0% Terms of
Repayment: Tennure: On
Demand Margin: As specified by
the Bank from time to time for the respective facilities. Extent and
operation of the charge: First charge on
present and future stock, goods, raw materials, book debts, movable plant and
machineries and other movable assets. |
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Short particulars
of the property charged (including location of the property) |
Present and
future stock, goods, raw materials, book debts, movable plant and machineries
and other movable assets located at the registered office of the company.
Other Terms and conditions remaining the same. |
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Particular of the
present modification |
Cash Credit
Rs.20.000 Millions @1.25% Monthly
Rs.20.000 Millions Bank Guarantee
Rs.30.000 Millions Enhance Limit
Rs.20.000 Millions Rs.50.000
Millions Term Loan
Rs.10.000 Millions @1.75% above SBAR
Rs.10.000 Millions Total: Rs.80.000 Millions |
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Name of the company |
ACCORD SOFTWARE AND SYSTEMS PRIVATE LIMITED |
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Presented By |
State Bank of India Industrial Finance Branch, Residency Road, Bangalore – 560025 and Accord Software and Systems Private Limited |
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1) Date and description of instrument creating the change |
Date 03.05.2004 General Agreement
for grant of medium term advance to small scale industries and Hypothecation
of Movables, Book Debts and other Assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
Millions |
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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 |
All the present
and future Goods, Book Debts, movable properties and movable assets and which
are now due, owing or payable or belonging to the company or which ma at any
time hereafter become due, owing, payable or belonging to the company in the
course of its business by any person, fire, company or body corporate or by
the government central or state or Indian railways and government departments
or office or corporate or undertaking or project or semi government body or
authority or any body corporate or undertaking or project whatever in the
India or elsewhere throughout the world (Including all such goods,
machineries, movable and other assts as may be in course of shipment, transit
or delivery) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interests: 1.5% above SBAR (10.25%) effective rate 11.75% with periodical
rests and /or such rate and rests as the bank may specify from time to time. Repayment: In 34
monthly Installments, First rate 11.75% with periodical each and last
installment of Rs.0.100 Millions |
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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 Road, Bangalore - 560025 |
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6) Date and brief description of instrument modifying the charge |
Dated 19.01.2006 Supplemental
Agreement of Loan –Cum- Hypothecation. |
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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. |
By the above, the
amount secured by the charge stands Impressed from Rs.10.000 Millions to
Rs.25.000 Millions ( Corporate Loan Rs.10.000 Millions continues and Term
Loan Rs.15.000 Millions now Sanctioned) Rate of
Interests: 0.25% above SBAR EFF. Rate 10.5% p.a. with periodical rests and/or
at such rates as may be specified by the Bank form time to time. Repayment:
Corporation Loan as per old form 08.and 13 Terms Loan In 35 Monthly
Installment. First 35 Installment of Rs.0.420 Millions each and last
installment of Rs.0.300 Millions Security of
Stock, Goods, Book Debts, Receivables, Other Movables Assets, plant and
Machinery etc. already obtained and now obtained both present and future are
available fro the entire credit facilities of Rs.25.000 Millions by way of
First charge. (All Other Terms
and Conditions remain unchanged) |
Profile:
Subject was born in 1991 to realize the vision of five
technologists with an uncanny instinct for technology with purpose. Since then,
the wealth of collective industry experience of its founders and an ability to
innovate has been the prime movers in subject’s journey into the new
millennium.
Through the sheer persistence of quality and commitment, Subject has carved for
itself a niche in the fields of Avionics,
IT Services, Digital Signal Processing and Global Positioning Systems.
The synergizing influence of these vital factors has contributed to the success
of subject in meeting the needs of its global customer base. The solutions
provided by the company are designed, developed and integrated by well
qualified electronics and computer science engineers whose collective
experience in the IT industry spans several decades.
Subject has an ISO 9001-2000 accredited software and systems
quality systems. The Software Division has been assessed at SEI CMMI Level 5
during October 2004. Subject offers world class development and engineering
services with excellent cost benefits.
News:
Jayanta
Kumar Ray (JKR) of Accord is interviewed by GPS World for its Jan, 08 issue.
February
4, 2008
Jayanta Ray (JR) received his Ph.D. from the University of
Calgary in 2000. He has worked in the GPS field since 1992, and is group
manager at Accord Software and Systems in Bangalore, India.
Alan Cameron: Tell us about Accord’s new
GPS-SBAS (satellite-based augmentation systems) receiver.
JR: The development of the aerospace
GPS-SBAS receiver called NexNav is complete, and it was approved by the Federal
Aviation Administration (FAA) on November 1. This receiver can be used in a
civilian aircraft as a primary means of navigation during en-route, terminal,
approach, and landing. This is the first and so far only certified aerospace
GPS-SBAS receiver of its class conforming to the latest FAA standards.
An aerospace GPS receiver is characterized by extreme
reliability, high accuracy, and very good availability. Of these, reliability
is the most important factor. That is achieved by creating a very reliable
hardware and software.
The hardware reliability has to be very good to the extent
that misleading information is less probable than 10–7 during the approach,
where the aircraft is very close to the runway; that is, about 200–250 feet
altitude from the runway. This is done through extensive failure mode and
effect analysis, fault tree analysis of the hardware, and real-time hardware
failure monitoring.
To create very reliable software, the GPS receiver software
and programmable logic device (PLD) software should should be developed
conforming to FAA design assurance standards DO-178B and DO-254. This requires
an enormous amount of effort and a large team of avionics experts.
As we know, GPS guarantees a certain level of accuracy with
say 95 percent probability. But there is no assurance of accuracy for the
remaining 5 percent of the time. With SBAS, the error is bounded to a great
extent. An aerospace GPS receiver takes advantage of SBAS to provide error
bounds up to 99.99999 percent confidence level during approach. The receiver
should also provide the highest level of integrity when there is no SBAS,
through a comprehensive fault detection and fault exclusion algorithm (FD/FDE).
An aerospace receiver should be able to detect and exclude any satellite
failure either through SBAS integrity monitoring or through autonomous FD/FDE
within time-to-alert.
These and many more requirements related to accuracy,
integrity, and interference are specified in RTCA document DO-229D. The FAA
gets involved in the development process life cycle right from the planning
stage until completion. Throughout the process, the FAA-designated engineering
representatives monitor the program and ensure conformance to FAA development
standards.
In the case of Accord, we have two centers of excellence —
one is the GPS and the other is the avionics software. Therefore it was
synergistically appropriate for us to develop an aerospace GPS-SBAS receiver.
We took more than three years from planning to the completion of the
FAA-certified GPS-SBAS receiver.
AC: Does such a rigorous procedure mean the
receiver is qualified for use elsewhere beside the United States?
JR: All the FAA-approved standards for the
aerospace GPS receiver are exactly the same for Europe. A GPS receiver approved
by the FAA is generally accepted by the European Aviation Safety Agency (EASA).
Currently our NexNav receiver is primarily for the U.S. general aviation
market, for more than 200,000 aircraft. We already have an airframe and two
avionics OEM manufactures as our customers. But it can also be used elsewhere.
NexNav receiver is flying in Europe, Australia, and in New Zealand as well.
AC: What about other products?
JR: We have built GPS receivers for the
last 15 years, primarily for the land transportation segment in Latin America,
Southeast Asia, and parts of Europe. In this market we partnered with Analog
Devices (ADI) of the United States.
We have also developed a GPS L2C receiver prototype and were
able to acquire and track the L2C signal within three days of the first IIR-M
satellite beaming the L2C signal, December 16, 2005. This was published in
the Innovation
section of GPS World [May
2006].
We have also developed a 24-channel GPS/GLONASS receiver to
support domestic market needs. On the indoor GPS front, in partnership with ADI
we have created a new chipset, which will be available in mid-2008. We have
benchmarked the performance of our solution with the best in the industry and
are confident about its success. It is an autonomous GPS and its variant uses
assisted GPS protocols using GSM, GPRS, or CDMA networks.
AC: Tell us about GAGAN project.
JR: GPS-Aided Geo-Augmented Navigation
System (GAGAN) is the Indian SBAS. We are not directly working with the GAGAN
program yet, though we have used NexNav to track the GAGAN satellite. We look
forward to working in the initial experimental phase. We have been working with
the Indian Space Research Organizatin (ISRO) since 1999. ISRO has used our
GPS-based satellite positioning systems for all their LEO missions for the past
eight years.
AC: How will GAGAN affect the
international GNSS marketplace?
JR: WAAS in the United States and MSAS in
Japan are now operational. EGNOS will be ready soon in Europe. However, there
is a gap between EGNOS and MSAS which will be filled in effectively by GAGAN,
so that one can have seamless travel from Europe to the Asia-Pacific region.
Another very important aspect is that the problem of large
ionospheric scintillation in the Indian region will have to be solved before
GAGAN can be declared operational. The ionosphere is very turbulent in
equatorial and tropical regions. It’s a big challenge to model the ionosphere
well enough to get required GPS performance for aircraft navigation and
landing. A lot of countries are waiting to see how this problem gets solved in
India. Once solved here, it can be used elsewhere; the single-shell model used
in WAAS and other regions is not really applicable for India. Once GAGAN
becomes operational, similar systems can come up in countries such as Brazil.
The International Civil Aviation Organization (ICAO) has a
mandate that eventually aircraft navigation should primarily use
satellite-based systems such as GPS, GLONASS, or Galileo along with SBAS and/or
ground-based augmentation systems (GBAS). So it is all but certain that
eventually the world will adopt GAGAN or WAAS-like systems. GAGAN is expected
be operational around 2010 or 2011.
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.40.14 |
|
UK Pound |
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.62.59 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|