MIRA
INFORM REPORT
|
Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROHA DYECHEM PRIVATE LIMITED |
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Registered Office : |
12, Abhishek
Samuel Street, Vadgadi, Mumbai-400
003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.08.1972 |
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Com. Reg. No.: |
11-15941 |
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CIN No.: [Company
Identification No.] |
U24100MH1972PTC015941 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14793C |
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PAN No.: [Permanent
Account No.] |
AAACR4974P |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturing and
Selling of synthetic organic dyestuffs, food colours, acid colours, cosmetic
colours, colouring matters, all organic intermediates, etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 9282856 |
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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. Directors are experienced,
respectable and resourceful industrialists. Trade relations are fair. Financial
position is good. Payments are correct and as per commitments. The company is
doing well. It has several joint ventures outside India. Aggregate means of
directors are large. The company can
be considered good for any normal business dealings. |
LOCATIONS
|
Registered Office : |
12, Abhishek
Samuel Street, Vadgadi, Mumbai-400
003, Maharashtra, India |
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Tel. No.: |
91-22-28271933 |
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Fax No.: |
91-22-28302531 |
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E-Mail : |
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Website : |
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Administrative
Office : |
Suryodaya Mill
Compound, M. P. Mill Road, Tardeo, Mumbai - 400 034, Maharashtra, India |
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Tel. No.: |
91-22-24945924/24939006/24920855 |
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Fax No.: |
91-22-24952631/24939795 |
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Factory 1 : |
MIDC, Plot No.
42, Dhatav, Roha – 402 116, Raigad, Maharashtra, India |
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Tel. No.: |
91-22-28271933 |
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Fax No.: |
91-22-28302531 |
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Factory 2 : |
A44/45, Road No. 2,
MIDC, Andheri, Mumbai – 400 093, Maharashtra, India |
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Tel. No.: |
91-22-28271933/
5/ 7/ 9 |
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Fax No.: |
91-22-28302531/
32 |
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Branches : |
Located at: South Africa. |
DIRECTORS
|
Name : |
Mr. Ramakant J.
Tibrewala |
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Designation : |
Chairman |
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Address : |
603/604, Panchsheel Gokuldham, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Date of Birth/Age : |
21/09/1956 |
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Date of Appointment : |
06.08.1979 |
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Name : |
Mr. Srikant J.
Tibrewala |
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Designation : |
Director |
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Address : |
504, Panchsheel Gokuldham, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Date of Birth/Age : |
22/06/1958 |
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Date of Appointment : |
19.07.1982 |
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Name : |
Mrs. Shushma R.
Tibrewala |
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Designation : |
Director |
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Address : |
603/604, Panchsheel, Mulund Link Road, Gokuldham, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
18/06/1962 |
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Date of Appointment : |
08/11/1990 |
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Name : |
Mr. Ravindra Kedia |
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Designation : |
Director |
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Date of Appointment : |
01.05.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Shrikant
Tibrewala |
5390 |
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Mr. Ramakant
Tibrewala |
48598 |
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Mrs. Sushma
Tibrewala |
15620 |
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Mr. Mahesh
Tibrewala |
33000 |
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Mr. Brijesh
Tibrewala |
36960 |
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Mr. Haresh
Tibrewala |
11000 |
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Mr. Brijesh
Ramakant HUF |
29302 |
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Mrs. Annapurna
Tibrewala |
16720 |
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Mr. Deepesh
Tibrewala |
11066 |
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Mr. Deepesh Shrikant
HUF |
12244 |
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Mr. Jagdish
Prasad Ramakant HUF |
100 |
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Total |
220000 |
Equity share breakup (percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
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|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
Selling of synthetic organic dyestuffs, food colours, acid colours, cosmetic colours,
colouring matters, all organic intermediates, etc. |
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Products : |
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Brand Names : |
"IDACOL" |
GENERAL INFORMATION
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Bankers : |
v
Bank of
India Sion Branch, Sion, Mumbai – 400 022, Maharashtra, India v
ABN Amro
Bank N.V. Hansalaya Building, 15, Barkhamba Road, New Delhi – 110001, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V S Lalpuria and
company, Chartered Accountants |
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Address : |
Banoo Mansion, 2nd
Floor, 16 Nadirsha Sukhia Street, Fort, Mumbai – 400 001,
Maharashtra, India |
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Tel. No.: |
Tel :
91-22-22824932 |
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Associates : |
v
Steinmentz Garments v
Jagdish
Textiles Private Limited v
Roha
(Australia) Pty. Limited v
Roha
(France) S.A.R.L v
Roha (USA)
Limited v
Roha
(Thailand) Limited v
Roha Caleb
(UK) Limited v
Roha Dyechem
(Hong Kong) Limited v
Roha EPS
N.S.L. v
Roha Euro
Limited v
Roha Jojuz
Limited v
Roha S R L
Italy v
Simpsons
(UK) Limited v
Roha Dyechem
(Thailand) Limited v
Roha Dyechem
Vietnam Limited v
Roha
Specialities Incorporation Philippines v
PT Roha
Dyechem Indonesia v
Abhishek
Dyechem Industries Private Limited v
Adhik
Chemicals Private Limited v
Jagdish Textiles
Private Limited v
Steinmetz
Overseas Private Limited v
Manan Shares
and Stock Broking Limited v
Roha Dyechem
Employee Gratuity Trust |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250,000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
220,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 22.000 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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|
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1] Share Capital |
22.000 |
22.000 |
22.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2298.714 |
2107.506 |
1916.186 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2320.714 |
2129.506 |
1938.186 |
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LOAN FUNDS |
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1] Secured Loans |
157.585 |
52.263 |
47.979 |
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2] Unsecured Loans |
44.474 |
55.720 |
111.396 |
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TOTAL BORROWING |
202.059 |
107.983 |
159.375 |
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DEFERRED TAX LIABILITIES |
62.014 |
8.633 |
20.996 |
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TOTAL |
2584.787 |
2246.122 |
2118.557 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
801.784 |
371.719 |
429.167 |
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Capital work-in-progress |
17.192 |
23.135 |
4.030 |
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INVESTMENT |
363.609 |
262.460 |
220.623 |
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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 |
288.470
|
275.787 |
270.520 |
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|
Sundry Debtors |
1009.849
|
784.726 |
702.089 |
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|
Cash & Bank Balances |
69.348
|
126.879 |
94.556 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
536.633
|
507.598 |
475.016 |
|
Total
Current Assets |
1904.300
|
1694.990 |
1542.181 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
496.889
|
100.916 |
72.427 |
|
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Provisions |
5.209
|
5.266 |
5.017 |
|
Total
Current Liabilities |
502.098
|
106.182 |
77.444 |
|
|
Net Current Assets |
1402.202
|
1588.808 |
1464.737 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2584.787 |
2246.122 |
2118.557 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover (Including other income) |
|
1756.462 |
1373.480 |
|
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Total Income |
|
1756.462 |
1373.480 |
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|
|
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|
|
Profit/(Loss) Before Tax |
|
294.303 |
289.167 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
294.303 |
289.167 |
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|
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Earnings in Foreign Currency : |
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Export Earnings |
|
1300.996 |
961.145 |
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Total Earnings |
|
1300.996 |
961.145 |
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Expenditures : |
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|
|
|
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Interest |
|
77.532 |
81.052 |
|
Total Expenditure |
|
1462.159 |
1084.313 |
|
KEY RATIOS
|
PARTICULARS |
Unit |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
16.75 |
21.05 |
-- |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.75 |
21.05 |
-- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.75
|
21.05 |
-- |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14 |
-- |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
0.05 |
0.79 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
15.96 |
19.91 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
ROHA DYECHEM
PRIVATE LIMITED |
|
Presented By |
Bank of India, Sion
Branch, Mumbai - 400022 |
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1) Date and description of instrument creating the change |
Principal deed of
hypothecation of stocks dated 22.03.1975 for Rs. 0.300 million. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 million |
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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 tangible
movable assets of the company, including in particular raw materials and
finished goods, present and future, stored and/or lying in the company’s
factory, godown, whatsoever situated and/or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of all
assets described in column no. 3 and such other assets as are or may at any
time be in the possession or power of the company to secure a demand cash
credit limit of Rs. 0.300 million, carrying interest @7% OBR minimum @17%
p.a. with quarterly rests or at such other rates, as may be notified to the
company, by the bank from time to time with power to the bank to seize and
realise such assets. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Sion Branch, 29, Amba Bhavan, Sion circle, Mumbai - 400022 |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
agreement of hypothecation dated 19.05.2000 |
|
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. |
Original charges
was created 22.03.1975 for Rs. 0.300 million. 1st
modification dated 10.04.1978 enhancing the charge from Rs. 0.300 million to
Rs. 0.350 million. 2nd
modification dated 1.04.1978 enhancing the charge from Rs. 0.350 million to
Rs. 0.700 million. 3rd
modification dated 02.04.1980 enhancing the charge from Rs. 0.700 million to
Rs. 0.900 million. 4th
modification dated 24.07.1981 enhancing the charge from Rs. 0.900 million to
Rs. 1.125 millions. 5th
modification dated 31.10.1981 enhancing the charge from Rs. 1.125 millions to
Rs. 1.250 millions. 6th
modification dated 23.03.1982 enhancing the charge from Rs. 1.250 millions to
Rs. 1.500 millions. 7th
modification dated 09.10.1982 enhancing the charge from Rs. 1.500 millions to
Rs. 1.900 millions. 8th
modification dated 07.12.1982 enhancing the charge from Rs. 1.900 millions to
Rs. 2.200 millions. 9th
modification dated 26.02.1983 enhancing the charge from Rs. 2.200 millions to
Rs. 2.300 millions 10th
modification dated 16.03.1983 enhancing the charge from Rs. 2.300 millions to
Rs. 2.400 millions. 11th
modification dated 16.02.1983 enhancing the charge from Rs. 2.400 millions to
Rs. 3.200 millions. 12th
modification dated 10.09.1984 the charge is reduced from Rs. 3.200 millions
to Rs. 2.500 millions. 13th
modification dated 15.04.1985 enhancing the charge from Rs. 2.500 millions to
Rs. 3.500 millions. 14th modification
dated 19.12.1986 enhancing the charge from Rs. 5.000 millions to Rs. 6.500
millions. 15th
modification dated 13.09.1989 enhancing the charge from Rs. 5.000 million to
Rs. 6.500 millions. 16th
modification dated 15.04.1991 enhancing the charge from Rs. 6.500 millions to
Rs. 10.000 millions. 17th
modification dated 25.11.1992 enhancing the charge from Rs. 10.000 millions
to Rs. 12.500 millions. 18th
modification dated 10.01.1993 enhancing the charge from Rs. 12.500 millions
to Rs. 14.000 millions. 19th
modification dated 09.07.1994 enhancing the charge from Rs. 14.000 millions
to Rs. 18.000 millions. 20th
modification dated 31.10.1994 enhancing the charge from Rs. 18.000 millions
to Rs. 22.500 millions. 21st modification
dated 18.03.1995 enhancing the charge from Rs. 22.500 millions to Rs. 26.500
millions. 22nd
modification dated 19.05.2000 the charge is reduced from Rs. 26.500 to Rs.
22.500 millions. By the present
modification the charge is enhanced from Rs. 22.500 millions to Rs. 31.000
millions by an additional packing credit limit of Rs. 85.000 millions. |
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24100MH1972PTC015941 |
|
Name of the
company |
ROHA DYECHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
12, Abhishek
Samuel Street, Vadgadi, Mumbai-400
003, Maharashtra, India |
|
Type of charge |
v
Book debts v
Movable property
(not being pledge) |
|
Whether
consortium finance is involved |
No |
|
Whether joint
charge involved |
No |
|
Number of charge
holders |
1 |
|
Particular of
charge holder |
Name : Bank of
India Address : Sion (East)
Branch, 29, Amba Bhavan, Laxmi Chowk, Sion circle City : Mumbai State :
Maharashtra ISO country code
: IN Pin code : 400022 e-mail ID : boision@vsnl.net |
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation cum
loan agreement (Plant and machinery, stocks and book debts). |
|
Date of
instrument Creating the charge |
26.06.2007 |
|
Whether charge
created or modified outside India |
No |
|
Amount secured by
the charge |
Rs. 255.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit
(Stock) : 1% below BPLR minimum 12.25% EPC : 9.75% and beyond
180 days and upto 270 days 13.50% PCFC : LIBOR + 1%
+ 0.5% handling charges Cash credit (Book
debts) : 1% below BPLR minimum 12.25% FBP/FCBD : 9.75%
and beyond 90 days and upto 180 days 13% Import L/C DA 90
days : 50% concession in applicable charges Guarantee : As
per extent guidelines Terms of
repayment On demand Margin As per sanction
terms Extent operation
of the charge To secure various
facilities aggregating to Rs. 255.000 millions granted by the bank to the
company as per annexure. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge of all tangible
movable properties, assets and stocks of raw materials such as food
colours, cake colours Quinizanine, sodium sulphate, Sulphuric acid etc, semi
finished goods such as Eosine supra green s red 2G, chocolate Brown etc
finished goods such as Allma Red A/C, Black PN, Patent Blue V, Red shade etc
situated at Roha and entire book debts, outstanding money, receivables,
claims, bills. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company |
No |
Products
Its product range
includes:-
Ř
Food Colours
Ř
Idalacol Lake
Pigments
Ř
D and C
Colours
Ř
F D and C Dyes
Ř
F D and C
Lakes
Ř
Dual Certified
Colours
Ř
Dual Certified
Lakes
Ř
Spheroclean
The company has
entered into a joint venture agreement in Australia, Thailand, UK, USA and
France. All the above joint ventures
are already operational and earning profits.
The company has also entered into a joint venture in Russia during the
current year.
The company is also
reviewing a proposal of setting up a joint venture in Egypt.
The company’s
products are food, lake and acid colour dyes & intermediates, which include
production of colours which are used for consumption.
Profile
Subject is in the
process of being the No. 1 Synthetic food colour manufacture. Subject is a
global company with its presence in more than 100 countries with offices,
manufacturing facilities and laboratories in 11 countries. ‘Subject is Reliable
Partner’ it believes in developing relationships. World best manufacturing
facilities. Subject has spend millions of $ in upgrading its plants. Its entire
production process is computer controlled, hence untouched by hand. Unique
Packaging process, the most modern. Subject has the widest range of colour
forms. Products conform to UN food and agriculture organization requirements
and regulatory requirements like FDA, EU and WHO Specification and Kosher and
Halal Certifitable products.
Subject Co-operates
regularly with customers to improve and innovate its products and help
customers with providing the state-of-the-art technology in using colours.
Subject sells solutions not just a product. Subject has a product for every
application. Subject believe in learning and educating themselves about its
product on a regular basis to preempt its requirements.
More than 5% of its
turnover is spent on R and D activities. Subject has a combined application
experience of its personnel of over 75 years. Its product development turnover
is one of the largest in the world. The most dust efficient product has been
developed by Roha- Spheroclean team.The leading colour user customers audit its
manufacturing facilities regularly. Subject is most efficient distribution
process and fastest delivery scheduled are maintained by subject.
The fixed assets of
the company of important value include land, freehold land, factory building,
plant & machinery, electrical installations, furniture & fixtures, equipments,
vehicles, storage tanks, effluent plants, laboratory instruments, data
processing equipments, etc.
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 :
The 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.
The 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. 42.89 |
|
UK Pound |
1 |
Rs. 84.84 |
|
Euro |
1 |
Rs. 67.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|