MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE ANUP ENGINEERING LIMITED |
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Registered Office : |
Behind 66 KV Elec. Sub Station, Odhov Road, Ahmedabad – 382415, Gujarat,
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
14.11.1962 |
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Com. Reg. No.: |
1170 |
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CIN No.: [Company
Identification No.] |
L99999GJ1962PLC001170 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA00478C |
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PAN No.: [Permanent
Account No.] |
AAACT5733A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturing of Fabricated Process Equipment and Components |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 156000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Behind 66 KV Elec. Sub Station, Odhov Road, Ahmedabad – 382415,
Gujarat, India |
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Tel. No.: |
91-79-22870622/ 22872823 |
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Fax No.: |
91-79-22870642 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. mtr |
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Location : |
Leased |
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Factory : |
P B No. 1158, Ahmedabad – 380002, Gujarat, India |
DIRECTORS
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Name : |
Mr. Samveg A. Lalbhai |
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Designation : |
Chairman |
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Address : |
'Shalimar', Shahibaug, Ahmedabad – 380 004, Gujarat, India |
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Date of Birth : |
04.06.1961 |
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Profile : |
Mr. Samveg A. Lalbhai, is a chairman of the Company since
13th June, 1997. He is a Managing Director of Atul Limited. He is
past president of Ahmedabad Textile Mills Association and Gujarat Chamber of
Commerce and Industry. He is an Executive Committee Member of Federation of
Indian Chamber of Commerce & Industry. He is Governing Council Member of
National Institute of Design and Ahmedabad Textile Industry’s Research
Association, etc. |
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Other Directorship : |
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Name : |
Mr. Arun P. Sheth |
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Designation : |
Director |
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Address : |
11, Amrakadam, Near Super Society, Satellite Road, Inside Ramdev Tekra, Ahmedabad, Gujarat, India |
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Name : |
Mr. Pankaj Sudhakar Sheth |
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Designation : |
Director |
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Address : |
278, Manekbag Soc. Near Manekbag Hall Ambawadi, Ahmedabad – 380 015, Gujarat, India |
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Name : |
Mr. Chandrakant T. Parikh |
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Designation : |
Director |
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Address : |
Vrundavan Behind Civil Hospital, Shahibaug, Ahmedabad – 380 004, Gujarat, India |
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Name : |
Mr. Shreyas Chinubhai Sheth |
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Designation : |
Director |
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Name : |
Mr. Vinod R. Shah |
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Designation : |
Director |
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Address : |
6, Dhaval Co. Op. Soc. I, Opp. St. Xavier’s School, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 31.03.2008)
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter Holding |
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Promoters |
308846 |
90.84 |
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Non Promoters
Holding |
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Mutual Funds and Administrator of the Specified Undertaking of Unit
Trust of India |
- |
- |
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Banks, Financial Institution, Insurance Companies etc. |
13848 |
4.07 |
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Foreign Institutional Investors (FIIS) |
- |
- |
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Others |
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Private Corporate Bodies |
3031 |
0.89 |
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Indian Public |
14275 |
4.20 |
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Total |
340000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Fabricated Process Equipment and Components |
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Products : |
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GENERAL
INFORMATION
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Customers : |
Consultants
· Engineers India Limited · UHDE India Limited · Jacob H&G Limited · Kvaerner Powergas India Limited · Toyo Engineering Limited · Linde - West Germany End Clients Pharma Industries: · Ranbaxy Laboratories Limited · DSM Anti-Infectives India Limited · Max GB · Aventis Crop science · Hochest Pharmaceuticals Limited · Lupin Laboratories Limited Petrochemicals and
Refineries: · Indian Oil Corporation Limited - Panipat/Haldia/Gauhati/Vadodara · Kochi Refineries · Hindustan Petroleum Corporation Limited - Vaizag · Bharat Petroleum Corporation Limited Mahul, Mumbai · Reliance Petrochemicals Industries - Hazira · Narmada Chematur Petrochemicals - Bharuch · Indian Petrochemicals Corporation Limited Baroda/ Nagothane Gas · Gas Authority of India Limited · Oil and Natural Gas Corporation Limited · Reliance Industries · Oil India Limited
Fertilizers: · Gujarat State Fertilizer Company Limited · Gujarat Narmada Valley Fertilizer Company Limited · Rashtriya Chemicals and Fertilizers Limited · Indian Farmers Fertilizer Co. Op. Limited
Chemicals Dyes and Intermediates: · Atul Limited. - Valsad · National Organic Chemicals Limited. - Mumbai · Herdilia Chemicals Limited. - Mumbai · Shriram Vinyl and Chemicals Limited. - Kota, Bharuch
Pulp and Paper: · J.K. Industries Limited - raigadh and Kota · Hindustan Paper Corporation Limited Naongaon - Meghalaya
Power Plants: · Nuclear Power Corporation Limited - Tarapur, Hyderabad, Kota, Chennai · ALSTOM · National Thermal Power Corporation Limited Others:
· Bharat Heavy Electricals Limited - Bhopal, Hyderabad, Trichi, Hardwar · Andhra Sugars Limited - Tanaku, A.P. · HEG Limited - Bhopal · I S R O · D R D C |
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No. of Employees : |
1800 |
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Bankers : |
Bank of Baroda |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dalal and Shah Chartered Accountants, |
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Address : |
49-55, Apollo Street, Fort, Mumbai – 400 001, Maharashtra, India |
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Holding Company : |
Arvind Mills Limited |
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Associates : |
Anil Starch and Member Companies of Lalbhai Group. Arvind Products Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 100/- each |
Rs.50.000 millions |
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Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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340000 |
Equity shares |
Rs. 100/- each |
Rs.34.000
millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity shares (allotted to Shareholders of Hind Laboratories Private Limited as fully paid without payment being received in cash, in terms of amalgamation scheme sanctioned by Gujarat High Court, as per order dated 20/07/1964) |
Rs. 100/- each |
Rs.0.500
million |
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2500 |
Equity shares (allotted to Machinefabriek Reineveld N.V, as fully paid without payment being received in cash pursuant to collaboration agreement for Technical Know-how) |
Rs. 100/- each |
Rs.0.250
million |
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332500 |
Equity shares (including 9,992 Shares issued as fully paid Bonus Shares by way of Capitalisation of Reserve) |
Rs. 100/- each |
Rs.33.250
millions |
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Total |
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Rs.34.000 Millions |
Note:
200000 Equity Shares of Rs.100/- each have been issued to Arvind Mills Limited on conversion of part of loan, in terms of Board of Industries and Financial Reconstruction Order Date: 8th December, 2005 approving the Rehibilitation Scheme.
Company has become Subsidiary of Arvind Mills Limited with effect from 19th July, 2007.
Out of the above Shares, 200000 Equity Shares of Rs.100/- each are held by the Holding Company.
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 |
34.000 |
14.000 |
14.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
95.711 |
17.202 |
4.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
129.711 |
31.202 |
18.200 |
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LOAN FUNDS |
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1] Secured Loans |
126.144 |
45.610 |
28.300 |
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2] Unsecured Loans |
70.866 |
73.965 |
65.000 |
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TOTAL BORROWING |
197.010 |
119.575 |
93.300 |
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DEFERRED TAX LIABILITIES |
1.890 |
1.671 |
0.000 |
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TOTAL |
328.611 |
152.448 |
111.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.714 |
22.651 |
5.500 |
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Capital work-in-progress |
9.890 |
1.701 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
211.758
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125.201
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53.900 |
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Sundry Debtors |
135.006
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83.060
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68.900 |
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Cash & Bank Balances |
7.474
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5.116
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3.100 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
16.450
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20.592
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11.500 |
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Total
Current Assets |
370.688
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233.969
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137.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
72.227
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106.074
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35.200 |
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Provisions |
9.454
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1.772
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2.600 |
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Total
Current Liabilities |
81.681
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107.846
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37.800 |
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Net Current Assets |
289.007
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126.123
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99.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.973 |
6.400 |
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TOTAL |
328.611 |
152.448 |
111.500 |
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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 |
630.192 |
321.811 |
352.000 |
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Job Work Charge |
1.214 |
1.648 |
0.000 |
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Other Income |
1.734 |
1.028 |
8.600 |
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Total Income |
633.140 |
324.487 |
360.600 |
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Profit/(Loss) Before Tax |
119.943 |
18.048 |
24.200 |
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Provision for Taxation |
41.434 |
4.812 |
9.200 |
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Profit/(Loss) After Tax |
78.509 |
13.236 |
15.000 |
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Import Value |
79.277 |
12.202 |
NA |
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Export Value |
16.830 |
NA |
NA |
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Expenditures : |
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Manufacturing Expenses |
93.028 |
76.416 |
38.500 |
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Administrative Expenses |
1.973 |
4.420 |
21.600 |
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Raw Material Consumed |
374.076 |
236.542 |
178.000 |
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Excise Duty |
0.000 |
0.000 |
47.900 |
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Increase/(Decrease) in Finished Goods |
(54.833) |
(52.283) |
10.900 |
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Employees Cost |
20.675 |
15.185 |
9.700 |
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Interest |
12.240 |
(0.716) |
4.000 |
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Power & Fuel |
0.000 |
0.000 |
7.400 |
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Depreciation & Amortization |
2.899 |
2.624 |
1.300 |
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Other Expenditure |
63.140 |
24.250 |
17.100 |
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Total Expenditure |
513.197 |
306.439 |
336.400 |
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KEY RATIOS
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
1.97 |
4.31 |
8.26 |
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Long Term Debt-Equity Ratio |
0.07 |
0.00 |
0.14 |
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Current Ratio |
1.21 |
1.03 |
0.98 |
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TURNOVER RATIOS |
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Fixed Assets |
9.05 |
5.84 |
6.83 |
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Inventory |
4.12 |
4.04 |
6.32 |
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Debtors |
6.37 |
4.76 |
6.20 |
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Interest Cover Ratio |
7.34 |
4.53 |
7.05 |
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Operating Profit Margin(%) |
20.41 |
7.10 |
8.38 |
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Profit Before Interest And Tax Margin(%) |
19.99 |
6.38 |
8.01 |
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Cash Profit Margin(%) |
11.72 |
4.36 |
4.63 |
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Adjusted Net Profit Margin(%) |
11.30 |
3.65 |
4.26 |
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Return On Capital Employed(%) |
58.38 |
18.20 |
29.62 |
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Return On Net Worth(%) |
97.58 |
53.44 |
93.17 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS:
During the year the company could achieve turnover of Rs.633.140
Millions as against Rs.324.486 Millions during the year 2006-07. Profit of the
company significantly improved from Rs.13.236 Millions to Rs.78.509 Millions
during the year. This was because of all round improvement in the working of
the company.
PROSPECTS:
Economic indicators during the year continue to be positive.
Momentum of improvement in the industrial environment is continued and the
directors are hopeful that the same will be maintained during the year. As the
past losses are wiped out, the company will be able to manage the Working
Capital Funds in a better way. This would improve the strength of the Company.
The directors are confident that the performance of the company during the
current year will also be satisfactory. Order book position and inquiry base
during the year is encouraging.
SUBSIDIARY OF
ARVIND MILLS LIMITED:
Pursuant to the order of the BIFR dated 8th December 2005, during the
year under report the Company has issued 200000 equity shares of Rs. 100/- each
to the promoter of the Company – Arvind Mills Limited on part conversion of
Unsecured Loan into equity share capital of the company. On issue of these
shares, the Company has become subsidiary of Arvind Mills Limited from 19th
July 2007.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
The sales of the company has significantly improved from Rs.
324.500 Millions to Rs. 633.100 Millions, an improvement of 95 %. Profit before
Taxation jumped from Rs. 18.000 Millions to Rs. 119.900 Millions, 5.66 times
higher than the previous year and Profit net of Tax also shown remarkable rise
from Rs. 13.200 Millions to Rs. 78.500 Millions about 5 times higher than the
previous year. The Directors are happy to report that all round improvements in
the working of the Company has made this possible.
OUTLOOK
Company has undertaken major expansion program to upgrade
and expand its fabrication capacities. Company is also exploring by entering
other value added material fabrication industry where competitions are relatively
less and hence it can improve bottom lines of the company. Company is having
reasonably good order book position and company is hopeful to maintain this for
2-3 more years. Capacity expansion will also help the company to improve its
working in the years to come.
CONTINGENT
LIABILITIES
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31.03.2008 (Rs. In Millions) |
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Bills and cheques discounted Since Realised |
7.537 |
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Claims against the Company not acknowledged as Debts |
0.526 |
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Excise matter under appeal |
0.170 |
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Estimated amount of Contracts remaining to be executed on Capital account and not provided for |
22.000 |
FIXED ASSETS
- Leasehold Land
- Buildings
- Machinery
- Electric Installations
- Tube Well
- Furniture
- Dead Stock
- Drawings
- Vehicles
WEBSITE DETAILS
PROFILE:
Subject is one of the pioneer companies in the
manufacturing of fabricated process equipment and components in India.
Subject is a part of Lalbhai Group of companies. The group
turnover is about Rs.30000.000 Millions (60 million USD)
Subject was established in 1963. The works is located in Ahmedabad, 6 km from
railway station 11 km from international airport.
It is one of the leading engineering industries engaged in manufacturing
process equipment for Oil & Gas, Furtilizer, Petrochemicals, Power, Drugs
& Pharmaceutical & other process plant sectors.
Subject is ASME "U" Stamp Authorized & ISO 9001- 2000 certified
company by BVQI.
Subject is also approved by statutory authorities like IBR, CCOE & National
Board.
The Arvind Mills was set up with the pioneering effort of the Lalbhai
brothers in 1931. With the best of technology and business acumen, Arvind has
become a true Indian multinational, having chosen to invest strategically,
where demand has been high and quality required has been superlative. Today,
The Arvind Mills Limited is the flagship company of Rs.20 billion (US$ 500
million) Lalbhai Group.
Arvind Mills has set the pace for changing global customer demands for textiles
and has focused its attention on select core products. Such a focus has enabled
the company to play a dominant role in the global textile arena. With its
presence across the textile value chain, the company endeavors to be a one-stop
shop for leading garment brands.
Forevision and Technology has brought Arvind to be one of the top three
producers of Denim in the world, and on its way becoming the Global Textile
Conglomerate. Arvind is already making its presence felt in Shirting's, Knits
and Khakis fabrics apart from being all set to create ripples in the ready to
wear Garments world over.
The company is a subsidiary of The Arvind Mills Limited. The principal
business segments of the company include manufacturing and marketing of Voiles
fabrics, Bottomweight fabric (khakis) and Yarn. The company operates through
its divisions viz: Arvind Intex (with both ring and open end yarn manufacturing
under one roof), Arvind Cotspin (manufacturing 100% cotton yarn and double yarn
in a wide range of counts and varieties) and Ankur Textiles (manufacturing
of Voiles)
Arvind Brands, a group company, manages various brands owned by Arvind.
These include Flying Machine, Newport and Ruf and Tuf in Jeans and Excalibur in
Shirts. This company services entire Domestic market in India apart from
exports in the neighboring countries.
Apart from these owned brands, the company has licenses from reputed
International brands like Arrow, Lee, Wrangler and Tommy Hilfiger for the Indian
market. The management out of their office at Bangalore, India manages the
entire retailing (including manufacturing, branding, logistics, marketing and
sales).
For any queries, you may write to:
ARVIND
BRANDS LIMITED
Du Parc Trinity, 8th Floor, 17,
M. G. Road, Bangalore –
560001, Karnataka, India
Tel: +91-80-22973131
The Rs. 6000.000 millions Atul Products,
set up in 1947, is one of the Asia's largest and greenest chemical complexes.
The company has grown to become India's largest dyestuffs manufacturer, making
and marketing over 250 varieties of chemical and intermediates, from basic
commodity chemicals to specialty intermediate required for the agrochemical,
defense, dyestuff, leather, paper, pharmaceutical and textile industries. Atul
exports to more than 50 countries.
A group company with the business ranging from Textile clothing to
Filter Aids to Perlite Products.
For more details, please contact at:
Mr. Shreyas C Sheth
AMOL DICALITE LIMITED
301, Akshay, 53, Shrimal Society, Navrangpura Society, Ahmedabad – 380009, Gujarat, India
Tel: 91-79-26443331
Fax: 91-79-26569103
It is one of the leading Engineering companies engaged in manufacturing
process equipment for Chemicals, Refineries, Petrochemicals, Pharmaceuticals, Fertilizers,
Drugs and Allied Industries. The company is equipped with Laboratory to carry
out various destructive and non-destructive tests apart from an independent
quality control department. The company undertakes design and manufacture of
equipment's to meet the requirements of national and international codes such
as ASME, BS-5500, TEMA, EJMA, IBR, IS2825 etc for design, manufacturing and
testing apart from any other specific quality requirements specified by the
customer. Equipment and components are manufactured out of carbon steel,
stainless steel, monel, inconel, cupronickle, aluminum alloys, clad sheets,
quenched and tempered steels, 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 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.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|