MIRA
INFORM REPORT
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Report Date : |
18.11.2008 |
IDENTIFICATION DETAILS
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Name : |
DELKOR TECHNIK INDIA PRIVATE LIMITED |
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Registered Office : |
Room No. 128, Arenja Arcade, Plot No. 4, Sector-17, Vashi, Navi
Mumbai-400703, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
23.12.1998 |
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Com. Reg. No.: |
11-117593 |
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CIN No.: [Company
Identification No.] |
U29197MH1998PTC117593 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD06213E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Liquid Solid Separation Equipments |
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 270000 |
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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 company having satisfactory track.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Payments are correct and as per commitments. The
company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. V S Rangasayee |
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Designation : |
Director |
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Date : |
17.11.2008 |
LOCATIONS
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Registered Office : |
Room No. 128, Arenja Arcade, Plot No. 4, Sector-17, Vashi, Navi
Mumbai-400703, Maharashtra, India |
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Tel. No.: |
91-22-27899063 |
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Fax No.: |
91-22-27899063 |
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E-Mail : |
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Website : |
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Area : |
120 sq.ft (Rented) |
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Corporate Office/ Head Office : |
108/D, 6th Main Road, III Phase, Pennya Indistrial Estate,
Karnataka, India |
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Tel. No.: |
91-80-28392823/ 2824/ 41722113/ 2114 |
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Fax No.: |
91-80-28397540 |
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E-Mail : |
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Factory: |
They have three factories in Pennx Industrial Area |
DIRECTORS
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Name : |
Mr. Gopalkrishna Pochiraju |
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Designation : |
Managing Director |
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Address : |
249Q, Second C Cross, Netravati Road, Girinagar, 1st Phase,
Bangalore-560085, Karnataka, India |
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Date of Birth/Age : |
09.10.1955 |
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Date of Appointment : |
02.05.2002 |
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Name : |
Mr. Sandeep Kumar Roy |
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Designation : |
Director |
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Address : |
Flat No. 003, Citabel Apartment, 443, 3rd Cross, III, Block,
Koramangala, Bangalore-560034, Karnataka, India |
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Date of Birth/Age : |
31.12.1950 |
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Date of Appointment : |
16.07.2005 |
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Name : |
Mr. Mark Levy |
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Designation : |
Director |
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Address : |
Flat No. 4, The Conning Towers, 75, Haven Road, Poole, U.K |
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Date of Birth/Age : |
28.01.1966 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Ramesh Mahdevan |
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Designation : |
Director |
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Address : |
A-504, 27th Cross, Temple Meadows, Near Monotype, Bnsk IInd
Stg, Bangalore-560070, Karnataka, India |
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Date of Birth/Age : |
27.06.1957 |
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Date of Appointment : |
01.01.2003 |
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Date of Ceasing: |
31.12.2005 |
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Name : |
Mr. Vanrasi Arup Kumar Patra |
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Designation : |
Director |
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Address : |
# 3/7, 2nd Floor, 1st Main Road, Maruthinagar,
Madiwal, Bangalore-560068, Karnataka, India |
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Date of Birth/Age : |
30.03.1970 |
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Date of Appointment : |
16.07.2005 |
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Name : |
Mr. V S Rangasayee |
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Designation : |
Director |
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Address : |
No. 5, 13th Cross, Wilson Garden, Bangalore-560027,
Karnataka, India |
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Date of Birth/Age : |
05.06.1950 |
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Date of Appointment : |
01.11.2006 |
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Name : |
Mr. David Minson |
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Designation : |
Director |
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Address : |
Cmino el Huinganal, 3562, D12 Lo Barnehea, Satiago, Chile |
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Date of Birth/Age : |
02.06.1957 |
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Date of Appointment : |
19.05.2008 |
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Name : |
Mr. David Andrew Todd |
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Designation : |
Director |
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Address : |
PO Box 3403, Cramerview, South Africa-2060, Great Britain |
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Date of Birth/Age : |
15.12.1963 |
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Date of Appointment : |
13.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2008
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Names of Shareholders |
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No. of Shares |
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Delkor Technik B V |
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36000 |
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Batman Engineered Techologies B V |
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4000 |
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Total |
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40000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
Companies(s) Foreign financial institution(s), Non-resident indian(s) or
Overseas corporate bodies or Others |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Liquid Solid Separation Equipments |
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Products : |
·
Horizontal Belt Filters ·
Delkor Screen ·
Thickeners ·
Auto Wash Gravity Filters (AWGF) Sand Filters ·
Filter Presses ·
Batch Filters ·
Agitators ·
Spiral Separators ·
Bond Filters |
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Exports : |
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Countries : |
Africa and U.K |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Italy ·
Korea ·
Germany ·
South Africa |
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Terms : |
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Selling : |
L/C, Credit ( 30 Days) |
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Purchasing : |
L/C, Cash ( 3% Discount) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
135 |
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Bankers : |
Axis Bank Limited, ESQUIRE Centre, No. 9, M.G. Raod, Bangalore-560001,
Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B S R and Company Chartered Accountant |
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Address : |
Maruti Inflo Tech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore-560071, Karnataka, India |
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Name : |
Supriya R Gokhale Chartered Accountant |
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Address : |
Archana Co-operative Housing Society, Flat No. 8, Sector 17, Vashi,
Navi Mumbai-400705, Maharashtra, India |
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Group Companies : |
·
Delkor Technik BV, Netherlands ·
Delkor Pty Limited, Australia ·
Delkor Technik (HK) Limited ·
Delkor South America Limited ·
Delkor Chonguing Environmental Engineering
Limited, China ·
Delkar Inc, Canada |
CAPITAL STRUCTURE
As on 30.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares (Of the above, 18360) equity shares are held
by Delkor Technik BV, Netherlands; 17640 (Previous year 17640) equity shares
are held by Mr. Paul Anderson and 4000 (Previous year 4000) equity shares are
held by Mr. P Gopalkrishna) |
Rs. 100/-
each |
Rs. 4.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51.028 |
26.494 |
12.829 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
55.028 |
30.494 |
16.829 |
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LOAN FUNDS |
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1] Secured Loans |
61.752 |
33.079 |
15.685 |
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2] Unsecured Loans |
29.824 |
32.272 |
28.017 |
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TOTAL BORROWING |
91.576 |
65.351 |
43.702 |
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DEFERRED TAX LIABILITIES |
1.379 |
1.188 |
0.722 |
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TOTAL |
147.983 |
97.033 |
61.253 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.489 |
22.539 |
10.278 |
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Capital work-in-progress |
0.601 |
0.301 |
2.582 |
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INVESTMENT |
0.030 |
0.029 |
0.018 |
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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 |
6.624
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21.822 |
7.504 |
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Sundry Debtors |
161.513
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85.034 |
53.892 |
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Cash & Bank Balances |
14.666
|
35.229 |
15.118 |
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Other Current Assets |
67.511
|
0.000 |
13.563 |
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Loans & Advances |
14.225
|
6.781 |
4.931 |
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Total
Current Assets |
264.539
|
148.866 |
95.008 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
131.352
|
72.048 |
38.039 |
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Provisions |
11.324
|
2.654 |
8.594 |
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Total
Current Liabilities |
142.676
|
74.702 |
46.633 |
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Net Current Assets |
121.863
|
74.164 |
48.375 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
147.983 |
97.033 |
61.253 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover and Other Income |
578.865 |
255.677 |
0.000 |
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Total Income |
578.865 |
255.677 |
0.000 |
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Profit/(Loss) Before Tax |
51.649 |
35.868 |
13.547 |
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Provision for Taxation |
19.691 |
13.080 |
9.829 |
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Profit/(Loss) After Tax |
31.958 |
22.788 |
3.718 |
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Earnings in Foreign Currency : |
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Export Earnings |
119.147 |
25.958 |
NA |
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Imports : |
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Import Value |
68.611 |
51.553 |
NA |
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Expenditures : |
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Selling, General and Administrative Expenses |
60.122 |
24.282 |
0.000 |
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Raw Material Consumed |
412.637 |
164.168 |
0.000 |
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Personal Cost |
47.752 |
24.570 |
0.000 |
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Interest and Finance Charges |
11.372 |
5.832 |
0.000 |
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Depreciation & Amortization |
1.879 |
0.957 |
0.767 |
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Prior period Income |
[6.546] |
0.000 |
0.00 |
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Other Expenditure |
0.000 |
0.000 |
12.780 |
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Total Expenditure |
527.216 |
219.809 |
13.547 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
5.52
|
8.91 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.80
|
20.92 |
12.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.94
|
1.18 |
0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.26
|
4.59 |
5.37 |
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Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.99 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
The Register office of the company has been shifted form Plot No. 101/102,
36 Near Bank of India, Sector 24, Turbhe, Mumbai-400705, Maharashtra, India to
present address w.e.f. 01.09.2007
Trade References:
·
Hindustan Zinc, Udaipur
·
Sterlite Industrial Limited, Tuticarin
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10074146 |
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Corporate
identity number of the company |
U29197MH1998PTC117593 |
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Name of the
company |
DELKOR TECHNIK INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Room No. 128, Arenja Arcade, Plot No. 4, Sector-17, Vashi, Navi
Mumbai-400703, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Immovable Property
(not being pledge) |
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Particular of
charge holder |
Axis Bank Limited, ESQUIRE Centre, No. 9, M.G. Raod, Bangalore-560001,
Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Deed (Current Assets, Plant and Machinery) Memorandum of
Entry (Extension of Equitable Mortgage) |
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Date of
instrument Creating the charge |
18.07.2008 |
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Amount secured by
the charge |
Rs. 390.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC: 2.25% below BPLR
i.e. presently 13.00% p.a. at monthly interval Pre-shipment
Credit/ Export Packing Credit: Upto 180 days –
BPLR – 4.5% (Presently 10.75%) Beyond 180 days
and upto 270 days – BPLR p.a. (Presently 15.25%) Post Shipment
Credit/ Export Bills Dicounting / Purchase Limit Upto 90 days –
BPLR- 4.5% (Presently 10.75%) Beyond 90 days –
BPLR p.a. (Presently 15.25%) Terms of
Repayment OCC: On Demand Export Packing
Credit will be allowed upto 180 days or expiry of contract / export letters
of credit for shipment whichever is earlier. Post-shipment
credit/ Export Bills Discounting/ Purchase Limit: on due dates. Margin CC- 25% Pre-Shipment
credit/ Export Packing Credit: Drawing will be permitted upto 90% of the FOB
Value of the confirmed export orders/ letters of credit or 90% of the value
of raw materials / stock in process, finished goods, whichever is lower. Post-shipment
credit/ Export Bills Discounting/ Purchase Limit: 10% LC/ BG/ BUYERS
Credit – 10% Extent and
Operation of the charge The Charge on the
properties being charged operate to the extent of Rs. 390.000 Millions plus
interest, costs, commission, expenses and other charges thereon. Others The said amount
of Rs. 390.000 Millions comprises of the following: Cash Credit (CC)
– Rs. 90.000 Millions (Out of which Rs. 60.000 Millions sanctioned now) fully
interchangeable with export packing credit and post shipment credit within
overall Fund based limit of Rs. 90.000 Millions Lc/BG. Buyers
Credit – Rs. 300.000 Millions (Out of which Rs. 150.000 Millions sanctioned
now) let limit of Rs. 10.000 Millions is sanctioned as submit under overall
non-fund based limit of Rs. 300.000 Millions |
Fixed Assets:
·
Freehold Land
·
Building
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Computer Software
AS PER WEBSITE
Profile:
Delkor was formed in 1973, starting its activities mainly catering to
mining & mineral processing industry specializing in design, manufacture
and supply of Horizontal Vacuum Belt Filters.
Today, the Delkor Group of companies consists of a number of
independently constituted companies with its own regional trade marks and
rights to trade under the Delkor name and supply Delkor products. Each company
constitutes to the Delkor Group in terms of sharing of technical infomration,
human resources, sales references and installation, start up and commissioning
experience. The companies that participate in this group are located in
Australia, United Kingdom, South America, North America, India, China, Thailand
and Hong Kong; Delkor South Africa is no longer apart of the Delkor Group.
The Delkor Group is now well-established in the mineral processing
industry with a very wide range of solid / liquid separation and mineral
processing applications. The Delkor group has been the forefront of providing
fully integrated design, engineering, manufacturing and commissioning services
for over three decades, with over 1900 Delkor units now in operation worldwide.
Delkor is the leading supplier of horizontal belt filters and associated
mineral processing equipment – having successfully executed and commissioned
several major filter contracts including the installation of world’s largest,
second largest and third largest horizontal belt filter.
At Delkor, they are continuously helping industries in application
engineering, process design, supply of equipment and related services.
Horizontal Belt Filters
(HBF)
Delkor Horizontal Belt Filters are efficient and reliable liquid/solids
separation units suitable for dewatering a wide range of materials such as
mineral sands, iron ore and lead zinc concentrates. Over the past few years,
Delkor horizontal belt filters have also become an increasingly popular method
of dewatering fine coal flotation concentrate in coal preparation. Delkor has
now manufactured more than 850 filters worldwide, including over 50 filters for
coal dewatering applications and over 100 Flue gas desulphurisation filters.
Incorporating proven technology with installations all over the world,
Delkor horizontal belt filters outperform other types of filters such as rotary
drum, disc, tilting pan and table filters. Major features of Delkor's
technology include continuous cleansing of the filter cloth, counter-current
washing to minimise the amount of water needed, and the production of a drier
cake than that which is possible with other vacuum filters.
Making use of the most modern materials of construction makes the Delkor
Horizontal Belt Filter an efficient and reliable Liquid/Solids separation unit.
Utilising vacuum filtration it has low capital, running and maintenance costs.
It outperforms traditional rotary drum, disc, tilting pan and table filters in
all situations where capacity, efficient washing and minimum liquor dilution
are required. It has also been adapted to flotation concentrates and sand
drying applications where considerable reductions in cake moisture are
achieved. This new concept makes use of unique process features which results
in large capital and operating cost savings.
Applications :
·
Drying of flotation concentrates or tailings
including:
·
Coal
·
Copper
·
Lead
·
Nickel
·
Zinc
·
Pyrite
·
Phosphate rock
·
Magnetite
Drying of heavy and coarse materials
·
Rutile
·
Zircon
·
Chromite
·
Dewatering paper machine effluents
·
Iron ore
·
Silica sand
·
Power station ashes
·
Tin
·
Smuts from bagasse boilers
·
Sand
Delkor HBF Advantages:
High filtration rates: Typically the
Delkor Filter will require only one third to one half of the area required by a
rotary rum or disc filter. This is due to the top feed application of slurry
which allows coarser particles to form pre-coat on the filter medium.
Flexibility of operation : In the Delkor filter system, the cake
thickness, wash rate, vacuum and cycle time can be varied to achieve optimum
filtration conditions. This results in lower investment costs.
Low operating and maintenance costs : The Delkor filters use specially
designed vacuum seals to reduce friction. This coupled with an open and
accessible design results in long life wearing parts and low running costs.
Continuous cleansing of the filter cloth : Both sides of the filter cloth
are cleaned by wash sprays to ensure long life, and to prevent blinding
throughout the cloth Life cycle. New cloth cleansing methods using positive
back-flush can eliminate the use of sprags and reduce water consumption where
required.
Better washing efficiency : The displacement of mother liquor in the
cake by plug flow washing gives maximum efficiency with a minimum amount of
wash liquor. This ensures a high purity cake and minimises effluent problems.
Counter-current washing : Counter-current washing in several stages can
be used to minimise the amount of wash liquor and reduce mother liquor dilution
while maintaining excellent recoveries.
Drier filter cake : Due to better packing of the particles in the filter
cake. gravity discharge and variable drying zone size, the Delkor filter gives
drier filter cakes than other vacuum filters.
Delkor experience : Today, Delkor is the largest Belt Filter
manufacturer worldwide, and the experience gained is reflected in the designs
and competitively priced units.
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.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
YES |
|
--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 |
|