MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION DETAILS
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Name : |
SAUTER RACE
TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known
As : |
RACE TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
11, Greenways Road, 1st Floor, R. A. Puram,
Chennai 600 028, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.07.1992 |
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Com. Reg. No.: |
18-23051 |
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CIN No.: [Company
Identification No.] |
U30007TN1992PTC023051 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHER02203F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealing in Building Automation Solutions |
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 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. Trade relations are fair.
General financial position is satisfactory. The company is doing well. Its
payments are usually correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ravi Kumar |
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Designation : |
G Min. Finance |
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Contact No.: |
91-99840856401 |
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Date : |
11.09.2008 |
LOCATIONS
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Registered Office : |
11, Greenways Road, 1st Floor, R.A.Puram, Chennai 600 028, Tamil
Nadu, India |
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Tel. No.: |
91-44-2493 3395,
2481 2858, 2481 2866 / 24612858 / 2866 / 42218888 |
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Mobile No.: |
91-9840856401 |
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Fax No.: |
91-44-2493 8330 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Branches : |
402, 4th Floor,
Yashodeep, Thembinaka, Thane (West), Mumbai – 400601, Maharashtra, India Tel. No. :
91-22-25396871/ 25304660 Fax No. :
91-22-25396871 E-mail : mumbai@racetechnologies.net J-701, Indraprasath
Apartments, Drive-in Road, Suvidha Nagar, Ahmedabad - 380 052, Gujarat, India Tel. No. :
91-79-27444503 Fax No. :
91-79-27460232 E-mail : ahmedabad@racetechnologies.net Flat No.510A, Somdutt
Chamber II, No.9 Bhikaji Cama Place, New Delhi -110 066, India Tel. No. :
91-9818286210 E-mail : delhi@racetechnologies.net Ebene Cybercity,
Ebene Village, Rose Hill, Mauritius
Tel. No. : 230-4653633 Fax No. :
230-4653633 E-mail : mauritius@racetechnologies.net 112, 6th Main,
5th Block, Jayanagar, Bangalore – 560041, India Tel. No. :
91-80-26636217/ 26553765 Fax No. :
91-80-26654860 E-mail : bangalore@racetechnologies.net Located at ·
Pune ·
Hyderabad |
DIRECTORS
|
Name : |
Mr. R
Ashok |
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Designation : |
Director |
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Address : |
38/4, C.P. Ramaswamy Road, Alwarpet, Chennai - 600018 |
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Date of
Birth/Age : |
03.10.1956 |
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Qualification : |
B.E. |
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Date of
Appointment : |
26.04.1993 |
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Name : |
Mr. S Bhagavan |
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Designation : |
Director |
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Address : |
420/96, 43rd Cross , 8th Block, Jaya
Nagar, Bangalore 560082 |
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Date of
Birth/Age : |
03.07.1956 |
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Qualification : |
B.E. |
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Date of
Appointment : |
26.04.1993 |
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Name : |
Mr. R Suresh |
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Designation : |
Director |
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Address : |
2C, II Block, Bajaj Apartments, Nandanam Extension,
Chennai 600 035, Tamilnadu, India |
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Date of
Birth/Age : |
20.05.1953 |
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Qualification : |
B.E. |
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Date of
Appointment : |
10.07.1992 |
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Name : |
Mr. G. Srinivasan |
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Designation : |
Director [deceased on 21.02.2002] |
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Address : |
9-B, Chitra Mahal, Canal Bank Road, R. A. Puram, Chennai –
600 028, Tamilnadu |
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Name : |
Mr. Bertram Bardo Franz Schmitz, Foreigner |
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Designation : |
Nominee Director |
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Address : |
Schopfheimerstr 4; Ch-4058, Basel - 004058, SW |
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Date of
Birth/Age : |
11.11.1954 |
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Date of
Appointment : |
24.11.2006 |
KEY EXECUTIVES
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Name : |
Mr T Srinivasan |
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Designation : |
Company Secretary |
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Address : |
Plot no.1483,
Door No.7, 3rd Street, North Ram Nagar, Madipakkam, Chennai 600
091, Tamil Nadu |
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Tel No.: |
91-44-2258 1736 |
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Mobile No.: |
91-93810 51973 |
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E-Mail : |
MAJOR SHAREHOLDERS
(As on
31.03.2007)
|
Names of Shareholders |
No. of Shares |
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R Ashok |
115625 |
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S Bhagavan |
115625 |
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R Suresh |
115625 |
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Shilaja Srinivasan |
115625 |
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Sauter AG, Switzerland |
162500 |
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Total |
625000 |
List of Allotment
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Names of Allottees |
No. of Shares |
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Fr.
Sauter Ag. |
125000 |
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Total |
125000 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2006)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealing in Building Automation Solutions |
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Exports : |
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Countries : |
· Sauter ·
Switzerland |
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Imports : |
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Countries : |
· Sauter ·
Switzerland |
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Terms : |
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Purchasing : |
Letter of Credit basis |
GENERAL INFORMATION
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Customers : |
·
Software Company, Multiplex ·
Stada Pharma, Vietnam ·
Ambe Industries Limited ·
Sauter, Switzerland · Cadila · Alembic · Serium Institute · Shashun Pharma · IPCA · Sunil Synchem · Mico · CTS · ETA · Rinoc · Blue Star · Webb · Voltas · Caryaire · Philips · ISRO, Bangalore ·
APSRTC, Hyderabad |
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No. of Employees : |
80 |
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Bankers : |
·
State Bank of India Siruthozhil Branch, 320, Valluvar Kottam High Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India ·
Indian Bank |
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Facilities : |
CC Rs.80.000 millions
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Banking Relations : |
Satisfactory |
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Auditors 1 : |
Rajan, Chakravarthy and Associates Chartered Accountants (Mr. P T Govindarajan) |
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Address : |
51, 1st Main Road, C.I.T. Colony, Mylapore,
Chennai - 600 004, Tamilnadu, India |
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Tel. No.: |
91-44-2499 0052, 2499 0053, 2499 0054 |
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Fax No.: |
91-44-2499 5395 |
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E-Mail : |
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Auditors 2 : |
Price Water House and Coopers Chartered Accountants |
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Holding Company : |
Sauter AG, Switzerland |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
(As on
31.03.2007)
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
625000 |
Equity Shares |
Rs.10/- each |
Rs.6.250 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.250 |
5.000 |
5.000 |
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2] Share Application Money |
31.125 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.880 |
15.166 |
13.285 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.255 |
20.166 |
18.285 |
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LOAN FUNDS |
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1] Secured Loans |
35.489 |
25.521 |
20.155 |
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2] Unsecured Loans |
0.649 |
1.190 |
2.063 |
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TOTAL BORROWING |
36.138 |
26.711 |
22.218 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.393 |
46.877 |
40.503 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.694 |
10.718 |
8.818 |
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Capital work-in-progress |
0.000 |
0.000 |
4.214 |
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INVESTMENT |
0.016 |
0.016 |
0.016 |
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DEFERREX TAX ASSETS |
0.071 |
0.371 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
35.982
|
47.383 |
10.049 |
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Sundry Debtors |
84.814
|
49.490 |
32.642 |
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Cash & Bank Balances |
0.174
|
0.159 |
0.293 |
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Other Current Assets |
4.037
|
4.760 |
1.372 |
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Loans & Advances |
19.321
|
12.474 |
9.124 |
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Total Current Assets |
144.328
|
114.266 |
53.480 |
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Less
: CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
49.041
|
69.868 |
20.259 |
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Provisions |
17.690
|
9.882 |
5.811 |
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Total Current Liabilities |
66.731
|
79.750 |
26.070 |
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Net Current Assets |
77.597
|
34.516 |
27.410 |
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MISCELLANEOUS EXPENSES |
0.015 |
1.256 |
0.045 |
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TOTAL |
89.393 |
46.877 |
40.503 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
220.667 |
157.231 |
124.528 |
|
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Other Income |
0.000 |
0.000 |
0.000 |
|
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Total Income |
220.667 |
157.231 |
124.528 |
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Profit/(Loss) Before Tax |
12.906 |
6.776 |
8.142 |
|
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Provision for Taxation |
5.930 |
2.633 |
2.260 |
|
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Profit/(Loss) After Tax |
6.976 |
4.143 |
5.882 |
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Expenditures : |
|
|
|
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Consumption of Materials |
122.798 |
109.279 |
0.000 |
|
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Administrative Expenses |
69.512 |
55.065 |
0.000 |
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Financial charges |
3.917 |
3.971 |
0.000 |
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Increase/(Decrease) in Finished Goods |
9.157 |
(19.869) |
0.000 |
|
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Depreciation & Amortization |
2.377 |
2.009 |
0.000 |
|
Total Expenditure |
207.761 |
150.455 |
116.386 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.16
|
2.63 |
4.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.85
|
4.31 |
6.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.27
|
5.42 |
13.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.34 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
5.28 |
2.64 |
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Current Ratio (Current Asset/Current Liability) |
|
2.16
|
1.43 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Tidel park –
Chennai
·
Micro Sodt –
Hyderabsd
Form No. 8
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Name of the company |
M/S. RACE TECHNOLOGIES PRIVATE LIMITED |
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Presented By |
State Bank of
India |
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1) Date and description of instrument creating the change |
Dated 10.12.1993 General agreement
for the grant of small Industrial advances and hypothecation of movables,
book debts and other assets (Working Capital Finance) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
book debts, Book Debts, outstanding monies, receivables, claims, bills,
invoices and documents other movables and immovables including Machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
interest is 0.50% above State Bank advances rate minimum 17% p.a. with
corresponding of interest at quarterly rests. (Effective rate 17.75% p.a.
including interest tax) |
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5) Name and Address and description of the person entitled to the charge. |
The Chief Manager State Bank of India Siruthozhil Branch, Chennai – 600 034, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
Dated 11.03.2005 ·
Supplemental
General Agreement for the Grant of Small Industrial Advances and
Hypothecation of Goods, Book Debts and Other Assets (Working Capital Finance) ·
Agreement for
the Grant of Small Industrial Advances “(Working Capital Finance) Re:
Hypothecation of Goods, Book Debts, Movables and Other Assets, Ancillary
Agreement No. 1 (Two Nos.) ·
Agreement
for the grant of Small Industrial Advances (Working Capital Finance) – Pledge
of goods movables and other assets. )Ancillary Agreement No.2) ·
Agreement
for the grant of Small Industrial Advances (Working Capital Finance) Advances
Against Receivables and Bills in the Course of Collection. Ancillary
Agreement No.3 ·
Agreement
for the grant of Small Industrial Advances (Working Capital Finance)
(Ancillary Agreement No.6)-(2 Nos.) All dated
11.03.2005 and relates to one and the same charge. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Credit
Facility extended to the Company has now been enhanced from Rs.20.000
millions to Rs.34.500 million Comprising of:-
Securities : 1.
Hypothecation
of Raw Materials, Semi-Finished Goods, Finished Goods, Stocks, Receivables,
Book Debts, Post Shipment Finance – Export Bills, Bills in the Course of Collection
and Merchandise Covered under Letter of Credit. 2.
Hypothecation
of Plant and Machinery and Other Equipment. 3.
General
Charge over the entire movable and immovable assets of the Unit. 4.
Earlier securities
given by the Company shall continue to cover the Enhanced Limit of Rs.34.500
millions. Rate of Interest,
Margin and other terms and conditions as per the Agreement. All other terms
and conditions remain the same. |
|
Corporate identity
number of the company |
U30007TN1992PTC023051 |
|
Name of the
company |
SAUTER RACE TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
11, Greenways Road, 1st Floor, R. A. Puram,
Chennai 600 028, Tamil Nadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book Debts ·
Others Hypothecation of stocks and receivables |
|
Particular of
charge holder |
State Bank of India Siruthozhil Branch, 320, Valluvar Kottam High Road,
Nungambakkam, Chennai – 600 034, Tamilnadu, India |
|
Nature of
instrument creating charge |
Agreement of
Loan-cum-Hypothecation dated 23.03.2007 |
|
Date of
instrument Creating the charge |
23.03.2007 |
|
Amount secured by
the charge |
Rs.80.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest @ 0.25% above SBAR (SBAR = 12.25%) with a minimum of 12.50% p.a.
with monthly rests. Present effective rate : 12.50% p.a. Enhanced rate @ 1% subject to a maximum of 2% is applicable in case of
default in repayment – Non-payment. ·
Terms of
repayment Repayable on demand ·
Margin Raw Materials (Domestic/Imported) – 25% Stock0in-process – 25% Finished goods – 25% Receivables (Cover Period upto 90 days) – 25% Letter of Credit – 20% Bank Guarantee – 20% ·
Extent and
operation of the charge The hypothecated assets of the Company shall be held as security for
the due repayment of the overall credit limit of Rs.80.000 millions together
with interest, costs, charges and other expenses, payable by the Company to
the Bank as recorded in the Books of Accounts of the Bank. ·
Others The overall credit limit of Cash Credit (Stock and BD) – Rs.30.000 millions (EPC-Sub limit –
Rs.10.000 millions, DDP )Ch) – Rs.5.000 millions) SLC – Rs.10.000 millions LC – Rs.15.000 millions BG – Rs.25.000 millions |
|
Particulars of
the property charged |
Hypothecation of
stocks, receivables and cheque in the course of collection and counter
guarantee of the Company. Merchandise covered under Letter of Credit. |
Website Details
:
Race Technologies
delivers complete solutions for Building Management covering System Engineering,
supply and implementation of Automation systems with software, integration with
all sub-systems and post implementation services including operation and
maintenance, energy management and facilities management.
With over a decade of experience, backed by 100 years of expertise from Sauter
Switzerland, Race translates the enormous varieties of customer specific
requirements into an economically viable building automation and management
system.
Constant efforts by highly innovating engineers and skilled workforce have
resulted in successful absorption and adaptation of international know-how for
local needs.
Completion of multiple landmark projects stand testimony to the application
engineering and project management skills to the best established standards of
technical and executional quality.
Such all round performance is to the greatest benefit of their customers and
ensures that an investment in Race as a partner is certain of a good
return.
Control and automation
Field equipment from Sauter
Be they sensors, SUT actuators, room control units -all from Sauter's own
production. Component development and production are two of Sauter's
acknowledged core strengths.
EY3600 Automation Stations
They consistently put the concept of distributed intelligence into practice.
The stations are freely programmable allowing decentralised, autonomous
functions for individual control. Alongside extensive regulation, control and logic
functions, the 32 bit architecture automation stations also feature a time and
calendar function and a local historical database.
Process Data Management
Functionality combined with operational efficiency
Centralised, decentralised or remote operation as requirements demand.
View and manage through control panel, touch panel, PC operating software or
web browser, through novaPro Open BMS software
Current News
Himachal Pradesh –
Not just a healthy environment and scenic beauty -it is also becoming a
major centre for Pharma manufacturing. Many of who's who in Indian Pharma
industry are proposing facilities at HP. Race is presently installing controls
at Alembic and Ranbaxy projects.
Continuum Solutions
A 100% subsidiary of Bank of America, is contact management centre at Hyderabad. Race has installed and commissioned the BMS system with interfaces to 5 alien systems through LON and Modbus interfacing to other services -first of its kind in India.
ISRO Bangalore
Race continues the association with ISRO having been awarded BMS work
for the fourth time thorugh Voltas.
Kinfra IT Park Kochi
This major initiative of Government of Kerala in the construction of software parks will have Race Sauter BMS supplied through ABB.
Microsoft Hyderabad
Race installs VAV systems for new software development centre through
Blue Star. Interface to alien systems through BACNET protocol
CCMB
The BMS system for Centre for Cellular and
Molicular Biology is under implemtation.
Qualcomm
The CDMA technology provider will benefit
out of Race Sauter BMS technology.
Acendas IT Park Chennai
This major initiative of Government of Tamil Nadu will benefit from the technologically upto date fully integrated and interoperable BMS system from Race. This is the first design and build BMS contract in India.
Texas Instruments
This new building at Bangalore has been
completed with BMS system from Race.
Mico Bosch
Race has been chosen as the BMS provider (
VAV + VFD ). Race will work with Blue Star on this Bosch software centre
project.
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|