%20PRIVATE%20LIMITED%2001-Nov-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
G4S SECURITY SERVICES (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
RAJ SECURITAS INDIA PRIVATE LIMITED |
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Registered Office : |
Flat No. 101 and 103, Savitri Cinema Complex, Greater Kailash Part –
2, New Delhi – 110048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.03.1988 |
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Com. Reg. No.: |
55-31060 |
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CIN No.: [Company
Identification No.] |
U74920DL1988PTC031060 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG03580D |
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PAN No.: [Permanent
Account No.] |
AAACG2185M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provision of
Security Systems, Including the Design, Installation, Maintenance and
Monitoring of Intruder Alarms, Access Control, CCTV and Other Security
Systems. |
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 3000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established and reputed company having fine track
records. The company is progressing well. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. Fundamental are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
Flat No. 101 and 103, Savitri Cinema Complex, Greater Kailash Part –
2, New Delhi – 110048, India |
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Email : |
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Website : |
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Corporate Office : |
Panchwati, 82 – A, Sector 18, Gurgaon 122 016, Haryana, India |
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Tel. No.: |
91-124-2398888 |
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Fax No.: |
91-124-2397131 |
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Branches : |
Located at:
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DIRECTORS
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Name : |
Mr. Arun K. Batra |
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Designation : |
Chairman and Managing Director |
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Address : |
J – 6/3, Dlf City, Phase Ii, Gurgaon 122 002, Haryana, India |
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Date of Birth/Age : |
07.08.1955 |
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Date of Appointment : |
11.11.2002 |
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Name : |
Mr. Harsh Wardhan |
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Designation : |
Managing Director |
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Address : |
A – 313, Sarita Vihar, New Delhi, India |
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Date of Birth/Age : |
02.06.1952 |
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Date of Appointment : |
20.03.2008 |
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Name : |
Mr. Anujan Parameswaran |
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Designation : |
Director |
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Address : |
J – 9/1, DLF City, 1st Floor, Phase II, Gurgaon 122 002,
Haryana, India |
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Date of Birth/Age : |
05.06.1949 |
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Date of Appointment : |
13.10.1992 |
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Name : |
Mr. M. Ramamurty |
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Designation : |
Director |
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Address : |
H No. 208, Nirman Apartments, Mayur Vihar , Phase I, New Delhi, India |
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Date of Birth/Age : |
30.12.1953 |
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Date of Appointment : |
15.03.2004 |
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Name : |
Mr. Sattaluri Narayana Chary |
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Designation : |
Director |
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Address : |
Phase – 5, Tulija Bhawan, Plot No. 46, Sector 16, Navi Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
07.07.1949 |
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Date of Appointment : |
14.04.2005 |
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Name : |
Mr. Tapash Chaudhry |
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Designation : |
Director |
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Address : |
C -902, Koyla Vihar, Vas Nthara VIP Road, Kolkatta 700 052, West
Bengal, India |
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Date of Birth/Age : |
16.14.1959 |
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Date of Appointment : |
14.04.2005 |
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Name : |
Mr. S. S. Mann |
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Designation : |
Director |
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Address : |
H No. 248, Sector II A, Chandigarh 160 011, India |
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Date of Birth/Age : |
21.06.1951 |
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Date of Appointment : |
14.04.2005 |
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Date of Ceasing : |
25.09.2006 |
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Name : |
Mr. Victor Josheph |
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Designation : |
Director |
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Address : |
107, KEMP Avennu, Pal Laput, Bangalore, India |
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Date of Birth/Age : |
21.06.1947 |
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Date of Appointment : |
14.04.2005 |
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Name : |
Mr. Rehana Quereshi |
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Designation : |
Regional Marketing Director |
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Name : |
Mr. Suresh Prasad Pandey |
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Designation : |
Director |
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Address : |
8380, Roshanara Road, New Delhi, India |
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Name : |
Mr. Kapil Kumar Mehta |
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Designation : |
Director |
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Address : |
C – 678, Vikaspuri, New Delhi, India |
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Name : |
Mr. Rakesh Kumar Gupta |
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Designation : |
Director |
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Address : |
118, Dayanand Vihar, Delhi 110 092, India |
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Date of Birth/Age : |
23.04.1960 |
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Date of Appointment : |
25.09.2006 |
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Name : |
Mr. Arun K Agarwal |
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Designation : |
Director |
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Address : |
House No.4652 P, Sector 23 A, Gurgaon, Haryana, India |
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Date of Birth/Age : |
23.12.1968 |
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Date of Appointment : |
02.05.2007 |
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Name : |
Mrs. Indu Wadhwa |
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Designation : |
Director |
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Address : |
L-26, Kailash Colony, New Delhi – 110048, India |
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Date of Birth/Age : |
28.12.1955 |
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Date of Appointment : |
02.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.08.2007)
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Names of Shareholders |
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No. of Shares |
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G4S Holdings India Limited |
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381700 |
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G4S Corporate Services (India) Private Limited |
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38300 |
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Total |
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420000 |
(As on 31.03.2007)
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Category |
Percentage |
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Foreign holdings (foreign institutional
investor(s), Foreign Companie(s), Foreign financial institution(s),
non-resedent Indian(s) or overseas corporate bodies or other |
90.88 |
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Bodies corporate (not mentioned above) |
9.12 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provision of
Security Systems, Including the Design, Installation, Maintenance and
Monitoring of Intruder Alarms, Access Control, CCTV and Other Security
Systems. |
GENERAL
INFORMATION
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Customers
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Bankers : |
DLF Center, Sansad Marg, New Delhi, India |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
T R Chadha and Company Chartered Accountants |
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Address : |
B-30, Connaught Place, Kuthiala Building, New Delhi 110 001, India |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
48 DLF Corporate Park, DLF City, Phase – III, Gurgaon – 122001,
Haryana, India |
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Subsidiaries : |
U74920AP1964PTC001010
U01897AP1975PTC001897
U74999DL2005PTC143659 |
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Associates : |
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Holding Company : |
G4S Holdings India Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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420000 |
Equity shares |
Rs.10/- each
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Rs.4.200
millions |
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Of the above 381700 equity shares of Rs.10
each, fully paid up are held by G4S Holding India Limited, UK the holding
company and 38300 equity shares are held by G4S Corporate Services (India)
Private Limited, a subsidiary of the Holding Company. The ultimate holding
company is Group 4 Securicor Plc.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.200 |
4.200 |
4.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
588.197 |
573.517 |
498.102 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
592.397 |
577.717 |
502.302 |
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LOAN FUNDS |
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1] Secured Loans |
5.453 |
9.533 |
64.357 |
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2] Unsecured Loans |
29.492 |
32.768 |
32.683 |
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TOTAL BORROWING |
34.945 |
42.301 |
97.040 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.653 |
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TOTAL |
627.342 |
620.018 |
604.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
245.016 |
224.825 |
204.853 |
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Capital work-in-progress |
0.000 |
23.553 |
5.394 |
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INVESTMENT |
9.485 |
9.485 |
9.386 |
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DEFERREX TAX ASSETS |
79.363 |
2.195 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.210
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16.685 |
9.316 |
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Sundry Debtors |
1019.245
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895.805 |
602.879 |
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Cash & Bank Balances |
289.723
|
149.395 |
275.815 |
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Other Current Assets |
9.674
|
16.524 |
9.923 |
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Loans & Advances |
190.188
|
100.246 |
80.156 |
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Total
Current Assets |
1532.040
|
1178.655 |
978.089 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1034.890
|
677.862 |
520.751 |
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Provisions |
203.672
|
140.833 |
71.976 |
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Total
Current Liabilities |
1238.562
|
818.695 |
592.727 |
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Net Current Assets |
293.478
|
359.960 |
385.362 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
627.342 |
620.018 |
604.995 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
5586.694 |
4308.812 |
3394.596 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
5586.694 |
4308.812 |
3394.596 |
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Profit/(Loss) Before Tax |
60.652 |
212.538 |
192.718 |
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Provision for Taxation |
45.971 |
134.729 |
70.956 |
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Profit/(Loss) After Tax |
14.681 |
77.809 |
121.762 |
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Export Value |
NA |
1.158 |
0.284 |
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Expenditures : |
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Personnel Expenses |
4519.924 |
2906.859 |
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Administrative Expenses |
770.671 |
1032.982 |
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Uniforms and Liveries |
140.094 |
118.565 |
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Interests and financial Expense |
18.933 |
12.010 |
3201.878 |
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Depreciation & Amortization |
76.421 |
25.858 |
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Total Expenditure |
5526.042 |
4096.274 |
3201.878 |
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%20PRIVATE%20LIMITED%2001-Nov-2008_files/image003.gif){kind=small}
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.26 |
1.80 |
3.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.09 |
4.93 |
5.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.41 |
15.14 |
16.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.36 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.15
|
1.49 |
1.37 |
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Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.43 |
1.65 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Plot No. 1
and 2, Local Shopping Centre, C-9, Vasant Kunj, New Delhi – 110070, India to the present address w.e.f. 08.10.2007
Form 8:
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Name of the
company |
GROUP 4 SECURITAS GUARDING LIMITED |
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Presented By |
GROUP 4
SECURITAS GUARDING LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 27.11.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 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 |
First charge over whole of movable plant and ;machinery equipments, vehicles and all other movable assets, properties, articles and things belonging to the company both present and future including all rights title and interest benefits or accruals arising therefrom said assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Fund based facility rate of interest as the bank may specify from time to time |
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5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank, DLF Center, Sansad Marg, New Delhi, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Website Details:
History
Subject since its
inception in 1989 has remarkably been the respected Security Company in the
country. The Group in India has over 130,000 employees with an extensive
network of 180 branches and regional offices spread throughout the country.
Company in India is proud to have a strong and lasting association with all
their clients ranging from Banks, Corporate, Diplomatic Missions, Embassies,
Hospitality Industry, Residencies, Transport & Communication and Aviation
to name a few.
As the
professional security organisation, company offers a wide range of security
services to its clients from an individual to large multinationals, covering
every security product or service available in the market.
In addition to
its core business of Guarding, Cash Services, Central Monitoring Services
Security, Systems & Products, company also offers a complementary range of
services covering Facility Management, Training, Garment Manufacturing,
Recruitment & Placement, IT Services, Secure IT, Central Monitoring
Services, Fleet Management & Vehicle Tracking.
Profile:
As the largest security company in
India they take pride in providing the highest level of services to their
clients and attending to their individual requirements.
They are a part of a global company with a local flavour and their network of
branch offices throughout India allows extending that personal touch. Customer
satisfaction and concern for their employees are the two values they hold
highest, supported by their deep sense of integrity.
Company prides itself on being a professional security organisation that offers
the following range of services:
- Guarding
- Training
- Security Systems & Products
- Central Monitoring Services
- Cash Services
- Facility Services
- Garment Manufacturing
- Placement Services
- Information Technology
- Secure IT
- Fleet Management & Vehicle Tracking
G4S Security
Services
Company has a strong national presence operating with
over 110 offices spread across the country. They have a team of 110,000 professionally trained
security personnel guarding a impressive list of clients which includes
Diplomatic Missions, IT Industry, Multinationals, Hotels, Industrial units,
Airlines & Airports, Financial & Educational Institutions, Malls &
Multiplexes, BPOs and many more. Company provides smartly uniformed, highly
trained and well-supervised guards who are responsible for security and safety
of assets, personnel and property against losses due to thefts, pilferage,
intrusions, fire, flooding and accidents.
Company is an ISO 9001 2000 certified security
organisation and believes in total commitment to quality and customer
satisfaction.
G4S in India currently provides the following services:
- Static Guarding
- Special Events & Risk
Protection Service
- Corporate & Industrial
Investigations
- Risk Analysis & Loss
Prevention
- Beat Patrol
- Central Monitoring Service
Press Releases &
News
05 Sep 2008
G4S Regional
President Receives Prestigious Award
New Delhi, May 5,
2007: G4S Regional
President David I. Hudson today received from His Excellency the Ambassador of
Denmark to India Ole Lonsmann Poulsen, the prestigious Danish national award,
The Diploma of the Danish Export Association and His Royal Highness Prince
Henrik’s Medal of Honour, for his role in promoting Indo-Danish business
relations.
A Member of the British Empire (MBE), David I. Hudson was bestowed with the
award at an elegant ceremony at the Embassy of Denmark in India, at which
several representatives from a number of leading companies were present.
Speaking on the occasion, HE Ole Lonsmann Poulsen congratulated Hudson for his
leadership in the impressive work and achievements of G4S in India, adding: “I
am delighted to present this award to David I. Hudson for promoting Indo-Danish
business partnership. I wish him and G4S the very best and look forward to more
such partnerships and growing business relations between the two countries.”
The Diploma of the Danish Export Association and His Royal Highness Prince
Henrik’s Medal of Honour are conferred in recognition of outstanding and
meritorious efforts in promoting and marketing Danish products and services
abroad. This recognition is awarded to persons and companies domiciled abroad,
including subsidiaries of Danish companies. Nominations are considered by a
jury chaired by His Royal Highness Prince Henrik, the Executive Committee of
the Danish Export Association, and a representative of Denmark’s Ministry of
Foreign Affairs.
An elated Hudson said: “I am deeply honoured to have The Diploma of the Danish
Export Association and His Royal Highness Prince Henrik’s Medal of Honour
bestowed upon me by the Danish Government and the Diploma awarded to me. I am
humbled by the recognition they have given me, as it has been a privilege to
help the Royal Danish Embassy in any way I can in representation of their fine
country.”
Notes to Editor
About G4S Regional President David I. Hudson
With New Delhi as a base, David I. Hudson currently is the G4S Regional
President, his area of responsibility covering North Africa, the Middle East
and Southern Asia (NAMESA). As a British national, Hudson first came to India
in 1989 and started G4S operations in India in 1989. Under Hudson’s leadership,
G4S today is positioned as India’s largest private security company and second
largest private employer, employing more than 130,000 people across the
country. Hudson is also the recipient of the much-esteemed Shiromani Award and
the Dr. V. V. Giri Centenary Award. Both honours commended G4S for creating
employment opportunities for the less privileged in India.
G4S – Worldwide
G4S Plc is the world's leading provider of security solutions. Registered in
Denmark and headquartered in the UK, G4S has a presence on six continents and
extends its services to cover more than 100 countries. G4S was formed after the
merger, in July 2004, of the Danish Company Securicor Plc and the
Danish-British Company Group 4 Falck A/S, both in the security business. The
Company operates in two key sectors: Security Services (including Manned
Security, Security Systems and Justice Services) and Cash Services. G4S is
listed on the London Stock Exchange (stock symbol: GFS) with a secondary
listing in Copenhagen. With around 470,000 employees, G4S is the largest
employer listed on the London Stock Exchange. With a history of more than 100
years, G4S is a pioneer in providing world class security and related services.
For more information, log on to www.g4s.com
G4S India
Since its inception in India in 1989, G4S has achieved remarkable growth to
become one of the leading and most respected security companies in India. G4S
India today has over 110,000 employees, a strong network of 180 branches and
regional offices, and a strong and lasting association with all clients, which
includes embassies and consulates. As a leading professional security
organisation, G4S India offers a wide range of security services to its
customers, from large multinationals to individuals, covering virtually every
security product or service available in the market.
Besides its security services, G4S operates 24 training schools in India; in
2006, it trained 70,000 people at these schools. The training ranges from basic
security services to advanced management programmes. The Company also operates
community care programmers, including crèches at the Tihar and Haryana jails,
an old age home and orphanages. For more information log on to www.g4s.com/in
Award
The Diploma of the Danish Export Association and His Royal Highness Prince
Henrik’s Medal of Honour is Denmark’s most prestigious recognition for
extraordinary achievement in promoting and marketing Danish products and
services abroad. Since it was founded in 1965, the Association has provided an
unrivalled platform for quality-conscious Danish manufacturers and service
providers to interface with their foreign customers and partners. The winner of
the award is selected by a jury comprised of His Royal Highness Prince Henrik,
the Executive Committee of the Danish Export Association and a representative
of The Danish Ministry of Foreign Affairs. The Danish Export Association is a
private, non-profit organisation whose purpose is to encourage trade between Danish
and foreign companies.
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] 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.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|