MIRA
INFORM REPORT
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Report Date : |
18.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
STONETECH DI – ABRASIVES LIMITED |
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Registered Office : |
544, White House, C M H Road, 1st Stage, Indira Nagar, Bangalore
– 560038, Karnataka |
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Country : |
India |
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Date of Incorporation : |
24.03.1995 |
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Com. Reg. No.: |
08-17440 |
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CIN No.: [Company
Identification No.] |
U85110KA1995PLC017440 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS26928G |
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PAN No.: [Permanent
Account No.] |
ABDFS9179C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Export of Crockery, Kitchen-wares. Satellite TV
Dealers etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
is poor in Corporate Governance as they failed to file financials with
statutory authority. Trade relations are fair. Payments are slow but correct. The company can be considered for small to mediocre business dealings
on safe and secured terms. |
INFORMATION PARTED
BY
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Name : |
Mr. Venlatesh |
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Designation : |
Account Manager |
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Contact No.: |
91-9844029578 |
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Date : |
16.10.2008 |
LOCATIONS
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Registered Office : |
544, White House, C M H Road, 1st Stage, Indira Nagar,
Bangalore – 560038, Karnataka, India |
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Tel. No.: |
91-80-25257327/ 8045/ 65363870 |
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Fax No.: |
91-80-25258392/ 8045 |
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Mobile No.: |
91-9844029578/ 9844063627 |
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E-Mail : |
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Website : |
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Area : |
2001 sq. ft. |
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Location : |
Owned |
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Head Office : |
No.54, 2nd Floor, Cioss Kiagdi Marol District |
DIRECTORS
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Name : |
Mr. Devaraj |
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Designation : |
Director |
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Address : |
No.-544, White House, Stage, CMH Road, Indira Nagar, Bangalore –
560038, Karnataka, India |
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Date of Birth/Age : |
15.10.1940 |
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Date of Appointment : |
24.03.1995 |
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Name : |
Mr. D. Aravind |
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Designation : |
Director |
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Address : |
No.-544, White House, Stage, CMH Road, Indira Nagar, Bangalore –
560038, Karnataka, India |
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Date of Birth/Age : |
10.08.1975 |
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Date of Appointment : |
24.03.1995 |
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Name : |
Mr. Devi Devaraj |
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Designation : |
Director |
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Address : |
No.-544, White House, Stage, CMH Road, Indira Nagar, Bangalore –
560038, Karnataka, India |
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Date of Birth/Age : |
10.08.1945 |
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Date of Appointment : |
24.03.1995 |
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Name : |
Mrs. Anita D. |
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Designation : |
Director |
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Address : |
No.-544, White House, Stage, CMH Road, Indira Nagar, Bangalore –
560038, Karnataka, India |
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Date of Birth/Age : |
20.05.1972 |
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Date of Appointment : |
24.03.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Devaraj |
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40000 |
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D. Aravind |
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10000 |
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Devi Devaraj |
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10000 |
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Anita D. |
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1000 |
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Sekhar Chandra |
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100 |
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Kamala Chandra Sekhar |
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100 |
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Prakash Babu C. |
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400 |
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Mohan Babu B. |
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400 |
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Total |
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62000 |
(As on 31.03.2006)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Export of Crockery, Kitchen-wares. Satellite TV
Dealers etc. |
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Exports : |
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Products : |
Crockery |
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Countries : |
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Terms : |
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Selling : |
L/C (90-120 days) |
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Purchasing : |
L/C (90-120 days) |
GENERAL
INFORMATION
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No. of Employees : |
50 (Office – 15 and Factory – 35) |
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Bankers : |
No.325, CMH Road, Indira Nagar Branch, 2nd Stage, Bangalore
– 560038, Karnataka, India |
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Facilities : |
CC – Rs.29.000 Millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. S. V. C. and Company Chartered Accountant |
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Address : |
Bangalore |
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Associates/Subsidiaries : |
Bhadra Compre Pioduts, Bangalore |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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62000 |
Equity Shares |
Rs.10/- each |
Rs.0.620
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
The company has not filed financials since incorporation.
Management parted general details, only.
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U85110KA1995PLC017440 |
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Name of the
company |
STONETECH DI – ABRASIVES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
544, White House, C M H Road, 1st Stage, Indira Nagar,
Bangalore – 560038, Karnataka, India |
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This form is for |
Creation of charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Vijaya Bank No.325, CMH Road, Indira Nagar Branch, 2nd Stage, Bangalore
– 560038, Karnataka, India |
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Nature of
instrument creating charge |
Articles of
agreement and memorandum for creation extension of equitable mortgage (Both
the above pertain to the same charge) |
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Date of
instrument Creating the charge |
27.01.2007 |
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Amount secured by
the charge |
Rs.36.700
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Rate WCL/TL – AT
% above Bank’s Prime Lending rate. Interests is payable at monthly rests additional
interests at 2% p.a. over and above the agreed rate of interests. Terms of
Repayment: Working Capital
facility repayable on Demand. Term Loan In 60 Equitable Monthly Installment
after 12 month holiday Margin: Not Stipulated Extent and
operation of the charge: Exclusive first
charge on the assets of the company and to the full extent. Others: WC – Rs.29.000
Millions ML – Rs.7.700
Millions Total – Rs.36.700
Millions |
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Particulars of
the property charged |
Equitable Mortgage
by deposit of title deeds in respect of property specified in schedule – B,
Property situated at Plot No.54, of Mayur 2nd Phase, as security
to Vijaya Bank, Indiranagr Branch, Bangalore, India |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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33 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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