MIRA
INFORM REPORT
|
Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PROGRESSIVE ENGINEERING WORKS |
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Registered Office : |
Gut No. 123, At Post Chinchani, Taluka Dahanu, District Thane – 401503,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.04.1992 |
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PAN No.: [Permanent
Account No.] |
AABFP5741Q |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturing of Press Metal, Automobile and Tractor Parts |
RATING &
COMMENTS
|
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 25000 |
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Status : |
Satisfactory |
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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 concern having satisfactory
track. Partners are reported as experienced, respectable and having
satisfactory means. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
Gut No. 123, At Post Chinchani, Taluka Dahanu, District Thane –
401503, Maharashtra, India |
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Tel. No.: |
91-2528-242467 / 243110 |
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Mobile No.: |
91-9867645320 |
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E-Mail : |
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Area : |
Owned |
PARTNERS
|
Name : |
Mr. Pradeep Modle |
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Designation : |
Partner |
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Address : |
I -103, Vishnu Park, Rawal Pada, Dahisar [East], Mumbai – 400068 |
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Date of Birth/Age : |
01.06.1955 |
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Name : |
Mr. Hemant Modle |
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Designation : |
Partner |
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Date of Birth/Age : |
24.09.1962 |
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Name : |
Mr. Mahendra Madle |
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Designation : |
Partner |
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Date of Birth/Age : |
30.06.1960 |
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Name : |
Mrs. Asha Modle |
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Designation : |
Partner |
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Date of Birth/Age : |
10.05.1959 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Press Metal, Automobile and Tractor Parts |
PRODUCTION STATUS
|
Particulars |
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Installed
Capacity |
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Sheet Metal Parts |
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100 Tons Per
Months |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50-60 Person |
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Bankers : |
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Facilities : |
Present Banking Relationship
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deepal Rana and Company Chartered Account |
CAPITAL STRUCTURE
AS ON 31.03.2008
|
Capital Investment : |
|
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Partners Capital
|
|
|
Mr. Pradip G. Modle |
Rs. 1.589 Millions |
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Mr. Mahendra G. Modle |
Rs. 1.675 Millions |
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Mr. Hemant G. Modle |
Rs. 1.493 Millions |
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Mrs. Asha D. Modle |
Rs. 1.386 Millions |
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Total |
Rs. 6.143 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Partners Capital |
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6.143 |
2.807 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.143 |
2.807 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
1.084 |
1.262 |
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TOTAL BORROWING |
|
1.084 |
1.262 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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7.227 |
4.069 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.508 |
1.719 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
1.559 |
1.704 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.026 |
0.946 |
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Sundry Debtors |
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5.570 |
8.282 |
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Cash & Bank Balances |
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0.098 |
0.180 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.673 |
3.077 |
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Total
Current Assets |
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9.367 |
12.485 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.207 |
11.839 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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5.207 |
11.839 |
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Net Current Assets |
|
4.160 |
0.646 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
7.227 |
4.069 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
|
37.000 |
31.224 |
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Total Income |
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37.000 |
31.224 |
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Profit/(Loss) Before Tax |
|
0.975 |
0.936 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.975 |
0.936 |
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Expenditures : |
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Purchase |
|
28.200 |
21.979 |
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Salaries, Wages, Bonus, etc. |
|
0.605 |
0.579 |
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Professional Fees |
|
0.012 |
0.009 |
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Staff Welfare Expenses |
|
0.035 |
0.032 |
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Transport Charges |
|
0.242 |
0.218 |
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Telephone and Mobile Expenses |
|
0.126 |
0.115 |
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Machinery Repairs |
|
0.109 |
0.107 |
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Bank CC Interest |
|
0.045 |
0.016 |
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Depreciation |
|
0.211 |
0.248 |
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Other Expenditure |
|
6.440 |
6.985 |
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Total Expenditure |
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36.025 |
30.288 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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2.64 |
3.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.64 |
3.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.97 |
6.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.02 |
4.67 |
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Current Ratio (Current Asset/Current Liability) |
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1.80 |
1.05 |
LOCAL AGENCY
FURTHER INFORMATION
Background
Information
|
Registrations /
Affiliations [Any change in
promoters registration / affiliation] |
11-24-06621 PMT-SSI Dated 25.09.1992 |
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Any Awards Won |
Best Wonder from M and M |
Financial Analysis
|
Last Available financial
statement |
31.03.2007 |
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Recent Summary
Financials |
31.03.2008 |
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Change In
borrowings [from FY07 to FY
08] |
Nil |
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Debtors Position
[At last month
end March 2008 specify amount > 90 days] |
Rs. 5.569 Millions |
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Creditors
position [At last month
end March 2008 specify all suppliers not paid for more than 90 days] |
Rs. 5.546 Millions |
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Stock Position
[At last Month end] |
Rs. 2.025 Millions |
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Drawing Power |
Rs. 3.000 Millions |
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Any other
material development |
-- |
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Whether the
critical ratios conforms to the bench mark stipulation |
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Number of Credit
/ Debts month wise |
Credit 2 to 3 Debts 150-200 |
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Month –wise
Creditors into the Account [Block credits an bounces / reversals to be
ignored ] |
Rs. 1.500 Millions |
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Evidence of
servicing existing debt obligations |
Yes |
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Evidence of
statutory dues being paid on time |
Yes |
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PF and employee
related |
Yes |
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Municipal and
Corporation Taxes |
Yes |
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Last Utility
Payment made [electricity] |
Yes |
For Manufacturing
Entitles/ Factory site [S] :
|
Location of Plot,
accessibility, proximity to other units |
Easy |
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Principal raw
materials and sources |
Available |
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Manufacturing
Process |
Adequately planned |
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Pollution
Control : Any pollutants being generated and their disposal |
Board Approval Obtained |
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Power :
Connected load and back up availability |
Yes |
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Inventory / WIP
/ Finished Goods at the Site |
Yes – Available |
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Storage /
Security / Perishability / Susceptibility to fire and weather |
Available |
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Quality
Certification |
ISO Certified |
Other Particulars
|
Months [During
the current year] |
Purchase |
Sales |
|
2007-2008 |
Rs. 28.200 Millions |
Rs. 37.000 Millions |
Personal Assets of
the Partners
|
Name |
Description of the Assets owned by them |
Amount [Rs. In Millions] |
Whether offered as Security |
|
Mr. Pradip Modle |
Land and
Building and Events |
Rs. 5.136
Millions |
No |
|
Mr. Mahendra
Madle |
Land and
Building and Events |
Rs. 2.439
Millions |
No |
|
Mr. Hemand Modle |
Land and Building
and Events |
Rs. 2.224
Millions |
No |
Insurance Details
|
Unit’s Assets
Covered |
Policy No /
Cover Note |
Validity |
Sum Assured |
Risk Covered |
|
Chinchani |
2253 |
Upto 24.08.2008 |
Rs. 4.000 Millions |
Burglary |
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Chinchani |
6512 |
24.08.2008 |
Rs. 6.500 Millions |
Fire |
Report of
Valuation of Immovable Property
|
Purpose for which valuation made
|
To ascertain present FMV for Corporation Bank, Dahisar – Ashokvan
Branch |
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Date on which valuation made |
28.03.2008 |
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Name of the Purchaser / Owner / Seller |
Progressive Engineering Works |
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If the property is under joint ownership / share of each owner. Is the
share undivided |
Partnership Firm |
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Brief description of property |
Industrial Property situated at Gut No. 123, Village – Chinchani,
Dahanu, Thane Brief
Description : Land The industrial property situated at Gut No. 123, Village – Chinchani,
Taluka – Dahanu, District – Thane. The land is situated at above address is
about 14 kms. from Boisar Railway Station. The civic amenities are available
within easy reach. The property is located in mixed area. The said Plot and
allied construction consists of factory shed and residence building structure
of Ground + 1. As per information provided by the Owner they have to valuate
only Land and factory shed. As per agreement and 7/12 extract, the total
extent of the Land is 12 R i.e. 1210 sq. mtrs. Factory The factory shed consists of Shop floor area office. Godown area. It
is on M.S. column and M. S. truss with A.C. sheet roofing the roof of the
structure is 15 to 18 mtrs. The R.C.C. Brick wall constructed upto 10’
height. The flooring is cement concrete and wiring is surface wiring. As per
physical measurement the Total Built up area of the factory shed is 6016 sq.
ft. |
|
Location, street, Ward No. |
Industrial Property situated at Gut No. 123, Village – Chinchani,
Taluka Dahanu, Thane |
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Survey / Plot No. of Land |
Gut No. 123 |
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Is the property situated in residential / commercial / mixed
industrial area ? |
Mixed area |
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Classification of locality – high class / middle class / poor class |
Middle Class |
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Proximity to civic amenities like schools, officer, hospitals, market,
cinemas, railways etc. |
Al civic amenities are nearby and within easy reach |
|
Means and proximity to surface communication by which the locality is
served |
Bus, Auto and Private Vehicles etc. |
Sales and
Marketability
|
Give instances of sale of immovable property in locality on a separate
sheet, including the name and address of the property, registration No. sale
price and area land sole |
Sales instances are not readily available. As such, local estate
agent, builder and other related agencies were contacted to ascertain fair
market value. |
|
Market Rates adopted |
Prevalent Market Rate : Land Rs. 1800 to Rs. 2200 per sq. mtrs. Rate considered for valuation : Cost of Land Rs. 2000 per sq. mtrs. Dep. Cost of const. RS. 300/- per sq. ft. |
|
If sale instances are not available are relied upon, basis of arriving
at the land rate |
Enquired with local Architects and Real estate consultants about the current
market rates in that are and on this basis, property is valued under “Land
and Building Method”. |
Financial Details
Rs. In Millions
|
Financial Year |
Net Profit |
Income Tax Paid |
|
2003-2004 |
0.405 |
0.037 |
|
2004-2005 |
0.564 |
0.073 |
|
2005-2006 |
0.818 |
0.112 |
|
2006-2007 |
0.936 |
0.120 |
Present Fair Market
Valuation
Valuation = Area X Rate
[A] Cost of Land
|
Total extent of Loan |
1210 sq. mtrs. |
|
Rate adopted for valuation |
Rs. 2000/- per sq. mtrs. |
|
Value |
Rs. 2.420 Millions |
[B] Cost of
Construction
|
Total Built up Area |
6016 sq. ft. |
|
Depreciated cost of construction |
Rs. 300/- per sq. ft. |
|
Value |
Rs. 1.805 Millions |
Total Value = A + B
= Rs. 2.420
Millions + Rs. 1.805 Millions
= Rs. 4.225
Millions
Distress Sale
Value
Rs. 3.380 Millions
Technical details
for The Premises
|
No. of floors and height of each floor |
Ground floor only Height 15’ to 18’ |
|
Location ad Plinth Area |
Industrial Property situated at Gut No. 123 Total extent of the Land –
12 R i.e. 1210 sq. mtrs. – As per agreement and 7/12 extract Total Built up Area of the factory shed – 6016 sq. ft. |
|
Year of Construction |
1992 |
|
Estimated future life |
34 years [Subject to proper repair maintenance of the building] |
|
Type of construction |
Load bearing structure |
|
Type of foundation |
R.C.C. footing |
|
Walls External walls Partitions |
9” thick brick masonry walls both side face plastered. 4˝“ thick masonry walls both side face plastered |
|
Door and Windows |
M.S. Shutter |
|
Flooring |
Cement Concrete flooring |
|
Finishing and Maintenance |
Average |
|
Roofing and terracing |
A.C.C. sheet roofing |
|
Special architectural and decorative features |
Average |
|
Internal wiring – surface or conduit Class of fittings superior / ordinary / poor |
Surface wiring Ordinary |
|
Sanitary installations Class of fittings superior colored / superior white ordinary |
Indian W.C. Ordinary |
|
Compound Wall |
No |
|
No. of lifts and capacity |
No lift |
|
Underground sump |
Existing |
|
Capacity Type of construction |
Sufficient as per requirement R.C.C. |
|
Overhead Tank Where Located Capacity Type of construction |
Existing No Terrace Sufficient as per requirement R. C. C. |
|
Pumps Nos. and their horsepower |
1 pumps |
|
Roads and paving within the compound, approx area |
Kachha Road |
|
Sewage disposal / whether connected to public sewers. If septic tanks
provided, no and capacity. |
As per local norms |
|
Regards to Aesthetics and environment |
Normal |
|
Safety considerations fires, earthquakes, and tides |
As per industrial norms |
PROJECTED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2009 [Projected] |
31.03.2010 [Projected] |
31.03.2011 [Projected] |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
6.212 |
6.271 |
6.633 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.212 |
6.271 |
6.633 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2.585 |
2.585 |
2.585 |
|
|
TOTAL BORROWING |
2.585 |
2.585 |
2.585 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.797 |
8.856 |
9.218 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.329 |
1.176 |
1.047 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.565 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.048
|
3.375 |
3.490 |
|
|
Sundry Debtors |
4.870
|
7.145 |
8.406 |
|
|
Cash & Bank Balances |
0.084
|
0.095 |
0.105 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.873
|
0.673 |
0.373 |
|
Total
Current Assets |
8.875
|
11.288 |
12.374 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2.972
|
3.608 |
4.203 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
2.972
|
3.608 |
4.203 |
|
|
Net Current Assets |
5.903
|
7.680 |
8.171 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.797 |
8.856 |
9.218 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2009 [Projected] |
31.03.2010 [Projected] |
31.03.2011 [Projected] |
|
|
|
|
|
|
|
|
Sales Turnover |
40.000 |
41.000 |
43.000 |
|
|
Total Income |
40.000 |
41.000 |
43.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.120 |
1.250 |
1.500 |
|
|
Provision for Taxation |
-- |
-- |
-- |
|
|
Profit/(Loss) After Tax |
1.120 |
1.250 |
1.500 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchase |
32.230 |
32.164 |
33.400 |
|
|
Salaries, Wages, Bonus, etc. |
0.616 |
0.633 |
0.650 |
|
|
Professional Fees |
0.015 |
0.015 |
0.015 |
|
|
Staff Welfare Expenses |
0.037 |
0.038 |
0.040 |
|
|
Transport Charges |
0.267 |
0.283 |
0.305 |
|
|
Telephone and Mobile Expenses |
0.133 |
0.142 |
0.305 |
|
|
Machinery Repairs |
0.113 |
0.126 |
0.135 |
|
|
Bank CC Interest |
0.350 |
0.350 |
0.350 |
|
|
Depreciation |
0.179 |
0.153 |
0.130 |
|
|
Other Expenditure |
4.940 |
5.846 |
6.170 |
|
Total Expenditure |
38.880 |
39.750 |
41.500 |
|
Fixed Assets
- Land and Buildings
- Plant and Machinery
- Furniture and Fixture
- Computer
- Fax Machine
- Gas Cylinder
- Tempo
- Car [Indigo]
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.40.55 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.62.74 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|