MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANKAR PACKAGINGS PRIVATE LIMITED |
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Registered Office : |
A 4 Purshottam Building, Opera House, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.05.1985 |
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Com. Reg. No.: |
11-36120 |
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CIN No.: [Company
Identification No.] |
U25202MH1985PTC036120 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS01961B / MUMS40482B |
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PAN No.: [Permanent
Account No.] |
AAACS8076P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer HDPE/PP Woven Sacks. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1088372 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Available information indicates high financial responsibility of the company and
its management. General financial position is good. Payments are reported as
usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. It can be regarded as promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
A 4 Purshottam Building, Opera house, Mumbai – 400 004, Maharashtra ,
India |
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Tel. No.: |
91-22-23683911/ 23647043 |
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Fax No.: |
91-22-23642880 |
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E-Mail : |
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Website : |
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Corporate Office : |
303, Turf Estate, 3rd Floor, Off. Dr. E. Moses Road, Mahalaxmi
(W), Mumbai - 400 025, Maharashtra - India |
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Tel. No.: |
91-22-2490 3225 / 2490 3228 |
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E-Mail : |
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Factory & Sales Office : |
4-5-6, GIDC Estate, Vaghodia - 391 760, District: Baroda, Gujarat - India |
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Tel. No.: |
91-2668-262334 / 262434 |
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Fax No.: |
91-2668-262833 |
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E-Mail : |
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Branches : |
(Hyderabad - Marketing) 508, Maheshwari Chambers, Somajiguda, Hyderabad – 82, Andhra Pradesh - India |
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Tel. No.: |
91-40-40038828 |
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Mobile No.: |
91-9908824749 |
DIRECTORS
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Name : |
Mr. Anand Shankar Pandya |
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Designation : |
Director |
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Address : |
1401, Pleasant Palace, 16 N D road, Mumbai – 400 006, Maharashtra,
India |
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Date of Appointment : |
31.08.1985 |
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Name : |
Mr. Govind Shankar Pandya |
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Designation : |
Director |
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Address : |
005, Garia Das CHS Limited, N S Road, Ville Parle (East), Mumbai – 400
049, Maharashtra, India |
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Date of Birth/Age : |
19.03.1930 |
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Date of Appointment : |
10.04.1986 |
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Name : |
Mr. Ganga Sharan Agrawal |
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Designation : |
Director |
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Address : |
801, Pleasant Palace, 16 N S Road, Charni Road Station, Mumbai – 400
006, Maharashtra, India |
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Date of Birth/Age : |
31.07.1931 |
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Date of Appointment : |
27.0.21988 |
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Name : |
Mr. Gaj Singh |
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Designation : |
Director |
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Address : |
Umaid Bhavan Palace, Umaid , Jodhpur – 272 006, Rajasthan, India |
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Date of Birth/Age : |
13.01.1948 |
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Date of Appointment : |
27.02.1988 |
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Name : |
Mr. Pratap Shankar Pandya |
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Designation : |
Director |
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Address : |
112, A, Paradise Apartment, 44 N S Road, Charni Road Station, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
21.03.1924 |
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Date of Appointment : |
06.05.1985 |
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Name : |
Mr. Praveen Shankar Pandya |
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Designation : |
Director |
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Address : |
112, A, Paradise Apartment, 44 N S Road, Charni Road Station, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
04.10.1950 |
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Date of Appointment : |
06.05.1985 |
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Name : |
Mr. Vikram Shankar Pandya |
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Designation : |
Director |
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Address : |
A/5, Garib CHSL, N S Road, No. 5, JVPD, Juhu, Mumbai-400 049,
Maharashtra, India |
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Date of Birth/Age : |
06.04.1961 |
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Date of Appointment : |
01.04.1995 |
KEY EXECUTIVES
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Name : |
Mr. Pranab Lalit Mitra |
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Designation : |
Secretary |
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Address : |
302, Usha Sadan CHSL, Next to Bhavani Nagar, Marol Maroshi Road,
Mumbai – 400 059, Maharashtra, India |
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Date of Birth/Age : |
24.05.1960 |
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Date of Appointment : |
01.01.1986 |
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E-mail: |
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Tel No.: |
91-22-29259586 |
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Fax No.: |
91-22-23642880 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.10.2005) |
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No. of Shares |
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Mr. Praveen Shankar Pandya |
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30000 |
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Mr. Rajeev Shnakar Pandya |
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30000 |
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Mr. Anand Shankar Pandya |
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82500 |
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Mr. Pratap Shankar Pandya |
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85000 |
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M/S Umaid Investment Company Private Limited |
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600000 |
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M/S Mountain Peak Investment Inc |
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140000 |
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Mr. Jyotishankar Pandya & Mrs. Nandini Jyotishankar Pandya |
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37500 |
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Mr. Govind Shankar Pandya |
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223500 |
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Mr. Vikram Shankar Pandya |
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190000 |
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Mrs. Alka Rajeev Pandya |
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27500 |
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Mrs. Namita Praveen Pandya |
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25000 |
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M/S Dolphin Investment Limited |
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150600 |
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Mrs. Urvashi B Bhatt & Mr. Balkrishna B Bhatt |
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1900 |
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Mr. Akshay Shankar Pandya |
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30000 |
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Mrs. Vidyaben Pandya |
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40000 |
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Mrs. Saroj Pandya |
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20000 |
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Mrs. Taraben Pandya |
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40000 |
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Mrs. Aparna Kulkarni |
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5000 |
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Mr. Manoj Selot |
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5000 |
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Mrs. Sangeeta Pandya |
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30000 |
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Mrs. Shivani Pandya |
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30000 |
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Ms. Suchi Pandya |
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30000 |
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Master Avinash Pandya |
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30000 |
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Mr. Siddharth Pandya |
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30000 |
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Master Vivek Pandya |
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30000 |
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M/S Shankar Securities Private Limited |
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150000 |
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M/S Bulk Bags India Limited |
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346500 |
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Total
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2440000 |
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Equity Share Break Up (as on
31.03.2007) |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
12.00 |
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Director or
relative of Director |
88.00 |
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Total |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer HDPE/PP Woven Sacks. |
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Products : |
· FIBC · Big Bags · Woven Sacks, · Fabrics · Big Bag - Standard Bag - Form Stabilised Bag - Conical Bag - Cross Corner Bag - Ventillated Bag - UN Bag - Conductive Bag - Tunnel Loop Bag - Tubular FIBC |
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Exports : |
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Countries : |
USA, Europe |
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Imports : |
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Countries : |
Switzerland |
GENERAL
INFORMATION
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Bankers : |
State Bank of India Address: Industrial Finance Branch, The Arcade, 2nd Floor,
World Trade Center, Cuffe Parade, Mumbai – 400 005, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Rajendra and Company Chartered Accountants |
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Address : |
1311, Dalmal Tower, 211, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Memberships : |
· PLEXCONCIL, · FIEO, · SRTEPC |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2440000 |
Equity Shares |
Rs. 10/-
each |
Rs 24.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
24.400 |
24.400 |
24.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
247.693 |
214.975 |
188.705 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
272.093 |
239.375 |
213.105 |
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LOAN FUNDS |
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1] Secured Loans |
164.466 |
61.841 |
23.195 |
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2] Unsecured Loans |
7.525 |
6.101 |
0.000 |
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TOTAL BORROWING |
171.991 |
67.942 |
23.195 |
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DEFERRED TAX LIABILITIES |
14.727 |
10.629 |
9.117 |
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TOTAL |
458.811 |
317.946 |
245.417 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
204.102 |
126.086 |
100.803 |
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Capital work-in-progress |
27.090 |
30.779 |
0.000 |
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INVESTMENT |
59.319 |
49.918 |
64.488 |
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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 |
133.640
|
106.495 |
78.615 |
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Sundry Debtors |
64.298
|
35.204 |
26.069 |
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Cash & Bank Balances |
8.132
|
10.111 |
4.328 |
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Other Current Assets |
0.207
|
0.162 |
0.038 |
|
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Loans & Advances |
88.867
|
69.214 |
56.111 |
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Total
Current Assets |
295.144
|
221.186 |
165.161 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Current Liabilities |
59.943
|
60.089 |
48.645 |
|
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Provisions |
66.901
|
49.934 |
36.390 |
|
Total
Current Liabilities |
126.844
|
110.023 |
85.035 |
|
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Net Current Assets |
168.300
|
111.163 |
80.126 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
458.811 |
317.946 |
245.417 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
568.000 |
433.500 |
|
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Other Income |
|
11.200 |
7.800 |
|
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Total Income |
|
579.200 |
441.300 |
|
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|
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Profit/(Loss) Before Tax |
|
46.600 |
42.700 |
|
|
Provision for Taxation |
|
13.400 |
14.600 |
|
|
Profit/(Loss) After Tax |
|
33.200 |
28.100 |
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Expenditures : |
|
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Manufacturing Expenses |
|
26.500 |
54.600 |
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Administrative Expenses |
|
59.900 |
48.400 |
|
|
Excise Duty |
|
2.400 |
4.200 |
|
|
Raw Material Consumed |
|
307.200 |
223.200 |
|
|
Increase/(Decrease) in Finished Goods |
|
[8.400] |
[6.800] |
|
|
Salaries, Wages, Bonus, etc. |
|
34.800 |
26.200 |
|
|
Interest |
|
15.300 |
8.400 |
|
|
Power & Fuel |
|
24.000 |
20.400 |
|
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Depreciation & Amortization |
|
12.500 |
10.500 |
|
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Other Expenditure |
|
58.400 |
9.500 |
|
Total Expenditure |
|
532.600 |
398.600 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA |
5.73 |
6.37 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
8.20 |
9.85 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
10.88 |
12.92 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.19 |
2.00 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
0.74 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.33
|
2.01 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Name of the
company |
SHANKAR
PACKAGINGS LIMITED |
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Presented By |
The chief Manager (credit), State Bank of
India, commercial Branch, Justice G N Vaidya Marg, Mumbai -400 023, Maharashtra,
India |
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1) Date and
description of instrument creating the change |
No instrument was
executed on 15th day of December 1995, a joint mortgage was
created by the company by deposit of title deeds by ICICI (hereinafter referred
to as lead institutions) ICICI acting for itself and as agent of SBI |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 50.013
millions in respect of various working capital facilities. |
|
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 that piece of
land known as plot No. 4, 5, and 6 in the Vaghodia Industrial Area, / Estate
consisting of Revenue survey No. 790/P, 791/P, 792/P, 779/P, 790/2/P, 791/P
within the village limits of Vaghodia, Taluka Vaghodia, District Baroda
containing by admeasuring or
thereabouts and bounded as follows: that is to say; · On or towards the North by : 20.00 M GIDC Road C · On or toward the South by :20.00 M Wide Road · On or towards the East by : Plot No. 6 · On or towards the West by: Plot No. 3 Together with all
buildings and structures thereon and all plant and machinery attached to the
earth or permanently fastened to anything attached to the earth. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The company immovable properties as detailed in tem No. 3 are hereby
mortgaged on second charge basis (pursuant to Board Resolution dated
14.12.1994 in favour of the bank as additional security for the payment by
the company to the bank in respect of various working capital facilities
aggregating of Rs. 50.13 millions together with all Interest, commitments.
Charges liquidated damages, premia on prepayment or on redemption costs,
charges and other expenses. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Commercial Branch, Mumbai – 400 023 |
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6) Date and brief description of instrument modifying
the charge |
No instrument was
executed but on the 08.08.1996, a joint mortgage was created by the company
by deposit of title deeds with ICICI acting for itself and as an agent of
SBI. |
|
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 tile deeds
pertaining to the property mentioned in column 3 above was redeposited by way
of constructive delivery by Shri V S Pandya , a Director of Shankar packaging
Limited pursuant to a resolution passed by board of Director of the company on 05.06.1996 in order to create a
security by way of equitable mortgage for securing. |
|
Corporation identity number or foreign company registrations number of
the company |
U25202MH1985PTC036120 |
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Name of the company |
SHANKAR
PACKAGINGS PRIVATE LIMITED |
|
Address |
A -4,
purshottam Building opera house , Mumbai – 400 004, Maharashtra, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
· Immovable property · Others |
|
Particular of the charge holder
|
State Bank of India Address: Industrial Finance Branch, The arcade, world Trade Centre, cuffe
parade, Mumbai – 400 005, Maharashtra, India E-Mail: kamalax_saraf@hotmail.com
|
|
Nature or description of the instrument creating charge |
Deed of simple mortgage was executed |
|
Date of the instrument creating charge |
07.08.2007 |
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Amount Secure by the charge |
Rs. 490.500 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : The mortgagor shall pay Interest at the rate of 0.50% below the state
Bank advance rate (at present 12.75% ) with a minimum of 1.225%p.a Terms of repayment: As per annexure |
|
Short particulars of the Property charged |
All present and future goods, book debts, and all other movable assets
including document of goods, outstanding moneys, receivables including
receivables by way of cash assistance and or cash incentives under the cash incentives scheme or any other
scheme, claims including claims by way of refund of customs / excise duty
under the duty draw back credit scheme, bills, invoices, doc., contracts,
insurance policies, guarantee , engagement, securities , investment and
rights and all present and future machineries. |
|
Particular of the present modification |
Now by the present modification simple mortgage was executed by the
way of first charge on the immovable properties for the repayment with the
Interest of the term loans and second charge over the said properties for the
repayment with Interest on the demand cash credit facilities. (Details of
immovable property described under
annexure) Machinery such as extruder Plant, circular looms, suzler looms, etc. |
WEBSITES DETAILS:
Subject an ISO 9002 certified organisation, located near the city of
Vadodara, is a joint stock company established in 1985, to manufacture HDPE/PP
Woven Sacks. In 1993, the company set up a completely integrated and modern
facility to manufacture Flexible Intermediate Bulk Containers (FIBCs). Today,
FIBCs constitute the largest percentage of the turnover of the company
Packagings and has a continuous and steady growth over the years.
Range of products
comprises of
· FIBCs
· Sling Bags
· Woven PP Sacks
· Narrow Woven Belts
· Sewing Yarn
· Flat and Circular PP Woven Fabrics
The growth of their company has been possible by innovative and creative
policies of the management team backed by a skilled and dedicated staff of
engineers, supervisors, workmen and a unique Quality Assurance Programme.
Facilities
The striking feature of the configuration of their plant is:
· A high level of vertical integration
· Contemporary technology
Since their inception, they have consciously followed a policy of continuously
investing in up-gradation of plant and machinery to keep abreast with the
latest developments in the fields of extrusion, weaving and sewing
technologies. As a result the facilities at their well-versed plant has
achieved a high level of integration of operations.
Quality and timely dispatch is the watchword at the company. All
policies are geared to ensure consistent quality assurance and timely dispatch
of goods through reduced production cycle. They believe that a high level
customer satisfaction is the best and the only guarantee to growth and success.
Quality Assurance
The Quality Assurance System at the company is a scientific and systemic
one based on the twin principles of 'On-line' inspection and 'trend analysis'.
This department is manned by experienced personnel vested with adequate
authority for effective functioning.
The quality oriented and customer focused policies of their company have
registered their reputation, in the global market, as an Efficient, Economical
and Reliable Source of FIBCs.
In 1993, the company set up a completely integrated and modern facility
for manufacturing FIBCs.
Today, FIBCs constitute the largest percentage of the turnover of the
company and has shown a continuous and steady growth over the years.
This growth has been made possible by innovative and creative policies
of the management team backed by a skilled and dedicated staff of engineers,
supervisors, workmen and a unique Quality Assurance Program.
The company, since its inception, has consciously followed a policy of
continuously investing in up-gradation of plant and machinery to keep abreast
with the latest developments in the fields of extrusion, weaving and sewing
technologies. As a result the facilities at the company are in line with the
latest in the field and have also achieved a high level of integration of
operations.
Management Team:
Mr. Vikram Pandya
Buying Inquiries
(Domestic)
Mr. Ashish Johari
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.41.79 |
|
UK Pound |
1 |
Rs.81.60 |
|
Euro |
1 |
Rs.64.01 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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 |
|