MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLEXIBLE HOSE INDUSTRIES |
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Registered Office : |
12th Floor, Suite-11, Chaterjee, 33-a Jawaharlal Nehru Road,
Kolkata- 700 071, Kolkata, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2002 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALF00942E |
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PAN No.: [Permanent
Account No.] |
AMPPS1784A |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Low/ High Temperature Light weight Hoses and Ducts. |
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 20000 |
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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. Trade relations are
fair. Payments are reported as correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditiona. |
INFORMATION PARTED
BY
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Name : |
Mr. V. S. Rao |
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Designation : |
Marketing Executive |
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Contact No.: |
91-9339216606 |
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Date : |
02.05.2008 |
LOCATIONS
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Registered Office : |
12th Floor, Suite-11, Chaterjee, 33-a Jawaharlal Nehru
Road, Kolkata- 700 071, Kolkata, West Bengal, India |
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Tel. No.: |
91-33-22263882 / 22176419/22271303 |
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Mobile No: |
91-9831179093 / 9830082910 |
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Fax No.: |
91-33-24664751 / 22262585 |
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E-Mail : |
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Website : |
www.ductsandhoses.com |
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Area : |
1500 sq fts. |
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Location : |
Owned |
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Factory : |
No. 3, Tarpan Ghat Road, Kolkata - 700053 |
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Area : |
12000 sq fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Bulbul Shah |
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Designation : |
Proprietor |
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Date of Birth/Age : |
67 years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Low/ High Temperature Light weight Hoses and Ducts. |
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Products : |
v Double Ply
Silicone Hose Temperature v Polyurethane
Hose v Double Ply
Neoprene Hose v Santoprene Hose
Tempareature |
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Exports : |
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Products : |
All Products |
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Countries : |
Denmark, Spain, China, Germany, European countries, Thailand, Soth
east Asia and Singapore. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Spain and Italy |
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Terms : |
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Selling : |
Credit (30 days) Advance payment before order and Balance before
dispatch. |
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Purchasing : |
Credit (30 days) Advance payment against proforma invoice. |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End Users and others Multinational Companies. |
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No. of Employees : |
85 (Office -30 and Factory -55) |
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Bankers : |
v State Bank of
India, Jawaharlal Nehru, Kolkata v ABN Amro, Comac
Street Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. L. Vanzara Associates (Chartered Accountant) |
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Address : |
Kolkata |
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Associates/Subsidiaries
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v Ventilation
Engineering Company Private limited v Colliery
Equipment and Spares v Industrial
Equipment Manufacturing Company Private Limited v Safe Plastpack
India Limited |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions (Estimated) |
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Borrowed : |
0.000 |
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Total : |
Rs. 5.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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20.000 |
15.000 |
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Profit/Loss for the year (Group Turnover) |
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150.000 |
Not Applicable |
LOCAL AGENCY FURTHER
INFORMATION
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CUSTOMER |
PROJECT |
DUCT SUPPLIED |
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Nathpa Jhakri Joint Venture |
Naptha Jhakri HE Project,India |
600, 1800, 2200 mm Blower |
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Impregilo SpA |
Kaligandaki HE Project,Nepal |
600, 1800, 1200 mm Blower |
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Continental Foundation J.V |
Nathpa Jhakri HE
Project India |
1800,1450mm Blower |
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Uricivil Contractor AB |
Uri He Project, Jammu and Kashmir, India |
1200mm Blower |
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Dyckerhoff and Widmann AG |
Bombay Sewerage Project. India |
900mm Blower |
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National Hydroelectric Project |
Ranjit HE Project, India |
600, 900mm Semigrid |
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Hindustan Construction Company Limited |
BMCW (A) Tunnel Project, India |
300, 400 mm Semigrid 600, 900 1000mm Blower |
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Asian Techs Limited |
Punasa Project India |
900mm Blower |
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Patel Engineering Company Limited |
Srisailam, Rewa, Udmpur, Ghatghar Pumped
Storage, Parbati HE Project |
600, 900 mm Semigrid 1200mm Blower |
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Koyna Hydroelectric Power Corporation |
Koyna, Alore, India |
600, 760mm Blower |
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Kvaerner Cementation India |
Parson Valley Project, India |
600, 760mm Blower |
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National Projects Construction Corporation
Limited |
Purulia Pumped Storage Project. India |
900mm Blower |
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Water and Power Consultancy Services Limited |
Tala He Project, Bhutan |
350mm Blower |
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Larsen and Toubro Limited |
Tala He Project, Bhutan SALPG – Vizag, Chilime
Project – Nepal, Oman |
1600 1400,900 600, 700 mm Blower and
1400,900 and 600 Semigrid |
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Jaiprakash Industries Limited |
Baglihar, Dulhasti, Vishnu Prayag projects
in India. Tala project in Bhutan |
2200, 1800, 1600, 1400, 1000 mm Blower |
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Gammon India Limited |
Parbati He Project in Bhutan |
1600, 1400, 800mm Blower |
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SSJV Projects Private Limited |
- do - |
1600 mm Felxible and 900 mm Eliptical |
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Satav Construction Private Limited |
Sewal He Project, J and K |
750 mm Semigrid |
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Soma Enterprise |
Suansisri Project and Parbati He Project |
600-1600 and 1800 mm Blower |
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Coastal Projects Private Limited |
Parbati He project |
1600 Blower |
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Tata Iron and Steel Company Limited |
Captive Coal Mines |
600 mm Blower |
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North Eastern Coalfields |
Underground Coal Mines |
600 mm Blower |
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Bharat Coking Coal Limited |
Underground Coal Mines |
600mm Blower |
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South Eastern Coalfields Limited |
Underground Coal Mines |
600mm Semigrid |
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Central Coalfields Limited |
Underground Coal Mines |
550mm Blower |
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Singareni Colleries Company Limited |
Underground Coal Mines |
400, 600 and 900mm dia Semigrid |
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Western Coalfields Limited |
Underground Coal Mines |
600 mm dia Flexible duct |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.83.41 |
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Euro |
1 |
Rs.66.39 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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