MIRA
INFORM REPORT
|
Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
SPERRY PLAST LIMITED |
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Registered Office : |
B. M. House H-88
A, Kirti Nagar, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
28.04.1992 |
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Com. Reg. No.: |
55 - 048504 |
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CIN No.: [Company
Identification No.] |
U25209DL1992PLC048504 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS09441F |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturing,
Importer and exporter of Shoe Components |
RATING & COMMENTS
|
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 1600000 |
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Status : |
Satisfactory |
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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. Directors are reported as
experienced, respectable and resourceful industrialists. Their trade relations
are fair. General financial position is satisfactory. Payments are correct
and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
|
Name : |
Mrs. Sanmit |
|
Designation : |
Security to General Manager |
LOCATIONS
|
Registered / Head Office: |
B. M. House H-88
A, Kirti Nagar, |
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Tel. No.: |
91-11-25454063/
25442310/ 25412717/ 51424370 |
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Fax No.: |
91-11-25455113/ 25117362/
51424375 |
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E-Mail : |
marketing@sperryplastlimited.com
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Website: |
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Cable: |
Arihant |
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Area : |
100 Sq. ft |
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Location : |
Owned |
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Factory 1 : |
1121, M. I. E. Bahadurgarh – 124 507, Haryana, |
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Tel. No.: |
91-1276-367154, 367552, 367553, 368040, 368552 |
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Factory 2 : |
Unit II, Plot No. 16, Udyog Vihar, Greater Noida – 201 306, |
DIRECTORS
|
Name : |
Mr. Vikram Jain |
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Designation : |
Managing Director |
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Address : |
H-45, Kirti
Nagar, |
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Date of Birth : |
03.10.1969 |
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Qualification : |
Graduate |
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Experience : |
14 years |
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Date of Appointment : |
28.04.1992 |
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Other
Directorships |
B. M. Plastic
Industries, Damyanti Exports,
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Name |
Mr. Nawal Mal
Jain |
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Designation |
Director |
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Address |
H-45, Kirti
Nagar, |
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Date of Birth |
07.11.1941 |
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Date of Appointment
|
28.04.1992 |
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Name |
Mr. Chander Mohan
Gandhi |
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Designation |
Director |
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Address |
1/19, East
Punjabi Bagh, |
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Date of Birth |
24.12.1946 |
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Date of
Appointment |
29.08.1994 |
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Name |
Mr. Deepak Sharma |
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Designation |
Director |
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Address |
H-69, Kirti
Nagar, |
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Date of Birth |
26.08.1964 |
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Date of
Appointment |
07.01.2008 |
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Email : |
KEY EXECUTIVES
|
Name : |
Mr. Ritesh Malhotra |
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Designation : |
Finance Manager |
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Mobile No.: |
91-981143222 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
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No. of Shares |
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Mr.Vikram Jain |
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3753270 |
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Mr.Nawal Mal Jain |
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189500 |
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Ms.Damyanti Jain |
|
75210 |
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Ms.Nayana Jain |
|
646400 |
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Mr.Rajesh Kumar
Bothra |
|
30000 |
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Mr.Hem Raj Bothra |
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50000 |
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Mr.Tilok Chan
Bothra |
|
10000 |
|
Mr.Hans Raj
Bothra |
|
40000 |
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Mr.Tej Lal
Solanki |
|
6000 |
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Mr.Kanti Lal
Solanki |
|
6000 |
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Mr.Arvind Doshi |
|
6000 |
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Mr.Aman Lal Mutta |
|
6000 |
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Mr.Bharat Kumar |
|
6000 |
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Mr.Rasik Lal
Singhi |
|
9000 |
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Mr.Parsoo Ram
Chowdan |
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13000 |
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Mr.Moti Lal
Chowatia |
|
49200 |
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Mr.Himanshu
Chowatia |
|
81000 |
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Mr.Sunil Kumar
Joshi |
|
31000 |
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Mr.Pawan Kumar
Jain |
|
31000 |
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Mr.Ram Kumar |
|
31000 |
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Mr.Som Natha
Rathode |
|
6000 |
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Mr.Boora Mal Jain
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|
9000 |
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Mr.Ram Lal
Solanki |
|
31000 |
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Mr.Goomaraj Lal
Jain |
|
31000 |
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Mr.Harish Kumar
Chodhuri |
|
65000 |
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Mr.Kalpesh Jain |
|
25000 |
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Mr.Mohan Kumar
Bokadia |
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50000 |
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Mr.Ramesh Jain |
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25000 |
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Mr.Miki Singhi |
|
62500 |
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Mr.Roop Kumar
Solanki |
|
13000 |
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Mr.Ramesh
Chowatia |
|
29700 |
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Mr.Rajan Mutta |
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16000 |
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Mr.Rajeev Jain |
|
22000 |
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Mr.Sudhir Kumar
Garg |
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23000 |
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Mr.Sameer Gupta |
|
20010 |
|
Mr.Sudhir Gupta |
|
19000 |
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Mr.Vivek Chowatia |
|
19000 |
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Mr.Shish Kumar
Jain |
|
13000 |
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Mr.Sameer Dutta |
|
208000 |
|
Mr.Rasik Kumar
Doshi |
|
12000 |
|
Mr.Jayanti Lal |
|
12000 |
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Mr.Dev Kumar Jain
|
|
9800 |
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Mr.Rakesh Solanki |
|
30800 |
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Mr.Prince Kumar |
|
6000 |
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Mr.Bawar Dhingra |
|
6000 |
|
Ms.Suman Patel |
|
6000 |
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Mr.Veer Jain |
|
9000 |
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Mr.Yeshwant Soni |
|
9000 |
|
Mr.Girish
Chowatia |
|
9000 |
|
Mr.Dilip Jain |
|
6000 |
|
Mr.Vikash Jain |
|
27330 |
|
Mr.Vijay Jain |
|
25000 |
|
Longlife Agro
Private Limited |
|
40000 |
|
Multipack
Suppliers Private Limited |
|
20000 |
|
Goldmoon Fiscal
Services Private Limited |
|
30000 |
|
Festino Agro
Private Limited |
|
20000 |
|
Immortal Vinimay
Private Limited |
|
60000 |
|
Gajeshwar Sales
Private Limited |
|
30000 |
|
Monnor
Investments Private Limited |
|
22000 |
|
Pallavi Apartments
Private Limited |
|
22000 |
|
Jabali Commercial
Private Limited |
|
24000 |
|
Mr.Rajeev Kumar
Bothra |
|
10000 |
|
Ms.Manju Jain |
|
10000 |
|
Ms.Savita Jain |
|
10000 |
|
Mr.Sayar Bothra |
|
10000 |
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Mr.Tarkeshwar
Yadav |
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8000 |
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Mr.Tilok Chand
Bothra |
|
4000 |
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Ms.Ghewari Devi
Bothra |
|
10000 |
|
Ms.Meenaxi Bothra |
|
10000 |
|
Mr.Tara Chand
Kucheria |
|
10000 |
|
Ms.Veena Bhatia |
|
257610 |
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Mr.Rajesh Bothra |
|
133500 |
|
Mr.Pradeep Bothra |
|
33500 |
|
Murat Properties Private
Limited |
|
80000 |
|
Vandana Design
Private Limited |
|
20000 |
|
Submercible Wire
India Limited |
|
30000 |
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Nandraaj
Commercial Private Limited |
|
10000 |
|
Octal Commercial
Private Limited |
|
30000 |
|
Malvika Merchants
Private Limited |
|
20000 |
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Uchit Creation
Private Limited |
|
20000 |
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Total |
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6909330 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate
(not mentioned above) |
|
7.00 |
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Directors or
relatives of directors |
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68.00 |
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Other top fifty
shareholders (other than listed above) |
|
25.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing,
Importer and Exporter of Shoe Components |
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Products : |
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Brand Names : |
"SPERRY"
- (TPR) |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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TPR |
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Kgs. |
4894196 |
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HIPS |
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Kgs. |
442250 |
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P.P FIELD |
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Kgs. |
1326280 |
GENERAL INFORMATION
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Suppliers : |
Wholesalers, Retailers, End Users and OEM’s
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Customers : |
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No. of Employees : |
700 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Financial Institutions : |
Haryana Financial Corporation Sector 17A, |
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Auditors : |
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Name : |
S. K. Bharti and
Company Chartered
Accountants |
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Address : |
302, Swya Tower, 31,
DDA Community Centre, Paschim Vihar, New Delhi – 110063, India |
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Tel. No.: |
91-11-25287361/25287362 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorized Capital:
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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|
7651226 |
Equity Shares |
Rs.10/- each |
Rs.76.512
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
76.512 |
76.512 |
76.512 |
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2] Share Application Money |
6.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
223.230 |
196.805 |
173.202 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
306.242 |
273.317 |
249.714 |
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LOAN FUNDS |
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1] Secured Loans |
297.555 |
239.111 |
188.688 |
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2] Unsecured Loans |
4.992 |
53.854 |
0.000 |
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TOTAL BORROWING |
302.547 |
292.965 |
188.688 |
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DEFERRED TAX LIABILITIES |
26.155 |
23.707 |
20.106 |
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TOTAL |
634.944 |
589.989 |
458.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
247.294 |
186.349 |
157.057 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
21.450 |
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 |
143.488 |
279.258 |
142.927 |
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Sundry Debtors |
240.699 |
200.417 |
217.488 |
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Cash & Bank Balances |
20.360 |
12.443 |
11.664 |
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Other Current Assets |
10.646 |
3.698 |
2.443 |
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Loans & Advances |
53.480 |
46.997 |
14.871 |
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Total
Current Assets |
468.673 |
542.813 |
389.394 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
101.911 |
139.772 |
86.616 |
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Provisions |
8.326 |
12.848 |
6.569 |
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Total
Current Liabilities |
110.237 |
152.620 |
93.184 |
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Net Current Assets |
358.436 |
390.193 |
286.209 |
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MISCELLANEOUS EXPENSES |
7.764 |
13.447 |
5.241 |
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TOTAL |
634.944 |
589.989 |
485.508 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
815.470 |
694.924 |
569.686 |
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Other Income |
0.000 |
1.454 |
0.000 |
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Total Income |
815.470 |
696.378 |
569.686 |
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Profit/(Loss) Before Tax |
40.135 |
39.128 |
32.396 |
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Provision for Taxation |
0.000 |
15.076 |
0.000 |
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Profit/(Loss) After Tax |
40.135 |
24.052 |
32.396 |
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Export Value |
0.000 |
114.756 |
94.332 |
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Expenditures : |
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Cost of Sales |
681.310 |
559.748 |
477.235 |
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Depreciation |
9.414 |
8.899 |
7.251 |
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Interest |
35.337 |
22.264 |
18.484 |
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Administration and Selling Expenses |
49.274 |
66.339 |
34.320 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
775.335 |
657.250 |
537.290 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
4.92 |
3.45 |
5.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.92 |
5.63 |
5.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.44 |
5.37 |
5.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.14 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.34 |
1.63 |
1.13 |
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Current Ratio (Current Asset/Current Liability) |
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4.25 |
3.56 |
4.18 |
LOCAL AGENCY FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Detail |
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Existence Verification |
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Name |
SPERRY PLAST LIMITED |
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Address |
BM. House H-88 A,
Kirti Nagar, |
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2nd Address |
Plot No.16, Udyog
Vihar, Greater Noida, |
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Phone / |
91-11-41424379 |
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Fax Number |
91-11-41424375 |
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Statutory Approvals |
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Legal Status of Firm |
Limited Company |
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Income Tax Registration |
AAACS2623L |
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Central Sales Tax Registration |
CST : GN-5068006/19.10.2002 |
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State Sales Tax registration |
UPTT : GN-0017293/19.10.2002 |
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AAACS2623LST002 |
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VAT / TIN Registration |
UP TIN : 09366100898 |
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Excise Registration |
AAACS2623LXM002 |
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Import Export Code |
0595043844 |
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Name of Bank |
State Bank of |
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Current account Number |
CC A/C : 10222090181 |
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Account Since |
2002 |
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Emp PF Reg Number |
UP/32279 |
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Company ESI Reg Number |
13-11552-24/UP-16/G |
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RBI Code Number |
AEDC : 00056973490034 |
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Trade Affiliations |
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SSI Registration |
1333/SIA/IMO/2003 DT.22.06.2003 |
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Export Promotion Council |
CLE/NLF/40864 |
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Chamber of Commerce Membership |
PHD CHAMBER OF COMMERCE AND |
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Govt. Recognized Export House Status |
STAR EXPORT HOUSE |
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Standards and Certifications |
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Quality Management Systems |
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Trade Reference:
- Farida
Leather Wear
- Solar Sole
Fixed Assets:
- Industrial Plot
- Building
- Machinery
- Scooter and Motorcycle
- Car
- Computer
- Furniture
- Water Pump
- Capactor Panel
- Electric Fitting
- Electronic Scales
- Electronic UPS
- Fire Extinguisher
- Generator
- Lab Equipments
- Cooling Tower
- Air Conditioner
- Tata
- Storage tank
- Telephone Instruments
- Transformer
- Vacuum Cleaner
- Time Recorder Clock
- Water Cooler
- Coffee Machine
- Water Softhing Part
- Generator
- Industrial Plot
- Fire Extinguisher
- Water Cooler
- Time Recorder Clock
- Coffee Machine
Form 8:
|
Section letter
dated 21/08/2002 issued by State Bank of |
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Rs. 67.000
millions only |
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Hypothecation of all
kinds of stocks, spares, book debts and other current assets of the company
wherever they are located. Third charge on
the entire assets of the company i.e. Plant and Machinery, Land and Building
and other fixed assets situated at 1121 MIE Bahadurgarh, Haryana. |
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Rate of Interest
: in terms of RBI/SBI Guidelines as
applicable to SB-3 units Margin : Stocks –
25% Debts – 50% L. C. 10 % BG
- 10 % |
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State Bank of |
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Sanction letter
of the Bank dt 01.03.2005 issued by State Bank of |
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Corporate
identity number of the company |
U25209DL1992PLC048504 |
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Name of the
company |
SPERRY PLAST LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Modification of
Charge |
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Type of charge |
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Particular of
charge holder |
State Bank of Industrial
Complex Branch, Bahadrugarh – 124507, |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and Assets dated (05.06.2007) Letter regarding
the grant of individual limits within the overall limit dated 05.06.2007 Sanction letter dated
28.05.2007 issued by state bank of |
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Date of
instrument Creating the charge |
05.06.2007 |
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Amount secured by
the charge |
Rs.476.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 10.25% Terms of
Repayment: Working Capital
will be repayable on demand Margin: 25% against Stock 30% against
receivable 25% against term Loan 10% against
Letter of Credit 10% against Bank
Guarantee Extent and
Operation of Charge: Working Capital:
First Charge by way of Hypothecation on the company raw Materials. Stores,
Stock-in-process and finishing good, receivable and all other current assets
of the company wherever they are located. Other: Collateral
security as mentioned in sanction letter of the Bank. |
|
Particulars of
the property charged |
Term Loan: 1st
Hypothecation charge on entire fixed assets of the company having WDV of
Rs.147.200 Millions as on 31.03.2007 including equitable mortgage of the land
and building measuring. 9719.2 sq. mtr
situated at plot no.16, Udyog Vihar, Greater Noida (Uttar Pradesh) 3.6 Acres at Lane
No.5, EPIP, 3.0 acres at
D-29-31 No.5, Irungattukotai, Chennai Working Capital :
1st Charge on entire assets of the company including all king of
stock, spares book debts. |
|
Particulars of
the present modification |
State Bank of |
Website details attached
Profile
Subject has over 25 years of experience in the field of coloring and
compounding thermoplastic materials, using latest processing machines and
highly sophisticated control equipment.
The synthesis of the company’s activity is their vast range of products,
characterized by the 'SPERENE' brand name, formulated on different polymeric
matrices and finalized to satisfy multiple technical requirements.
The consistency and reproducibility of their quality products specially made
for their customers, combined with competitive pricing and specialized
technical support, guaranteed for properties by a vigorous quality control
plan, symbolizes Sperry Plast’s zest to achieve superiority in all operative
sectors of reference.
The products offered to their customers are the result of strict control on
various variables, resulting in benchmark quality. Their total commitment to
quality has led to their earning and retaining ISO 9001 certification for their
manufacturing locations and corporate headquarters. They are proud of this
distinction gained by hard work, attention to details, and unrelenting drive
for quality.
News
Sperry Plast Limited - Going live with SAP
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That's the power of MySAP Customer Relationship Management (MySAP CRM). MySAP
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business processes to deliver value around each customer. The solution enables
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in marketing, sales, and service. Plus, you get a 360-degree view across all
customer touch points and interaction channels -- including the field, the
Internet, interaction centers, and channel partners -- as well as powerful
analytics.
Sperry Plast
Limited - Getting Quality Certification ISO 14001
ISO 14001 is an internationally accepted specification for an
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 49.95 |
|
|
1 |
Rs. 79.56 |
|
Euro |
1 |
Rs. 63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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/normal. |
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 |
|