MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CRYSTAL SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
23/625 Nehru Nagarkurla East, Mumbai 24 Steel, Vidyavihar, West,
Mumbai-400086, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Provisional) |
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Date of Incorporation : |
29.10.1996 |
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Com. Reg. No.: |
103602 |
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CIN No.: [Company
Identification No.] |
U72200MH1996PTC103602 |
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PAN No.: [Permanent
Account No.] |
AABCC5661M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Computer Software Consultancy and Trading in Anti Virus Products |
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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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 and reputed company having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
23/625 Nehru Nagarkurla East, Mumbai 24 Steel, Vidyavihar, West,
Mumbai-400086, Maharashtra, India |
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E-Mail : |
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Corporate Office : |
716-717, Reena Complex, Ramdevnagar Road, Vidyavihar (West),
Mumbai-400086, Maharashtra, India |
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Tel. No.: |
91-22-67997401 |
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Fax No.: |
91-22-67179702 |
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Mobile No.: |
91-97179700/ 9820287251 |
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E-Mail : |
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Website: |
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Area : |
Owned |
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US Office : |
244, Fifth Avenue, 2nd Floor, Suite # 2795, New York, NY
10001 |
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Tel. No.: |
91-212-3404640 |
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Fax No.: |
91-801-5041305 |
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Singapore Office : |
139, Cecil Street, # 04-02 Cecil House, Singapore-069539 |
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Tel. No.: |
91-65-93867366 |
DIRECTORS
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Name : |
Mr. Kiran Shiveshwar |
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Designation : |
Director |
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Address : |
Vishwadarshan Building No. 28, Room No. 404, Nehru Nagar, Kurla
(East), Mumbai-400024, Maharashtra, India |
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Date of Birth/Age : |
16.08.1968 |
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Qualification : |
B.E |
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Experience : |
18 Years |
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Name : |
Mr. Vasant Bhanushali |
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Designation : |
Director |
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Address : |
7/D, Aman Park Co-Operative Housing Society, Cardianal Gracing Road,
Andheri (East), Mumbai-400099, Maharashtra, India |
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Date of Birth/Age : |
29.08.1967 |
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Qualification : |
B.E |
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Experience : |
17 Years |
BUSINESS DETAILS
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Line of Business : |
Computer Software Consultancy and Trading in Anti Virus Products |
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Terms : |
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Selling : |
Credit ( 60 Days) |
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Purchasing : |
Credit ( 60 Days) |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
200 |
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Bankers : |
Tel No.: 91-22-25105682 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Haresh Karvat and Company Chartered Accountant |
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Address : |
A/9, Dahisar Apratment, C S Road, Opposite Petrol Pump, Dahisar
(East), Mumbai-400068, Maharashtra, India |
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Address : |
101, Kailash Darshan, New Link Road, Ananad Nagar, Dahisar (East),
Mumbai-400068, Maharashtra, India |
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Tel. No.: |
91-22-28281412/ 2828077/ 28281426/ 28480297 |
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Fax No.: |
91-22-28280599 |
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Mobile No.: |
91-9820124728 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98040 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.980
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 Provisional |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.980 |
0.980 |
0.490 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.368 |
1.453 |
1.498 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.348 |
2.433 |
1.988 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.927 |
0.372 |
1.497 |
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TOTAL BORROWING |
0.927 |
0.372 |
1.497 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.275 |
2.805 |
3.485 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.670 |
0.729 |
0.794 |
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Capital work-in-progress |
0.000 |
0.000 |
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 |
0.452
|
0.385 |
0.035 |
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Sundry Debtors |
6.041
|
4.079 |
2.523 |
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Cash & Bank Balances |
0.312
|
[0.755] |
0.450 |
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Other Current Assets |
1.193
|
0.000 |
0.000 |
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Loans & Advances |
0.000
|
1.892 |
2.098 |
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Total
Current Assets |
7.998
|
5.601 |
5.106 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.834
|
3.526 |
2.416 |
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Provisions |
0.559
|
0.000 |
0.000 |
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Total
Current Liabilities |
4.393
|
3.526 |
2.416 |
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Net Current Assets |
3.605
|
2.075 |
2.690 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.001 |
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TOTAL |
4.275 |
2.805 |
3.485 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 Provisional |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
38.925 |
25.949 |
20.246 |
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Other Income |
0.000 |
0.008 |
0.000 |
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Total Income |
38.925 |
25.957 |
20.246 |
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Profit/(Loss) Before Tax |
1.245 |
0.858 |
0.484 |
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Provision for Taxation |
0.000 |
0.413 |
0.260 |
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Profit/(Loss) After Tax |
1.245 |
0.445 |
0.224 |
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Expenditures : |
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Cost of Goods Sold |
33.086 |
5.265 |
2.743 |
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Bank Charges |
0.101 |
0.000 |
0.000 |
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Commission |
0.423 |
0.000 |
0.000 |
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Remuneration to Directors |
0.900 |
0.000 |
0.000 |
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Conveyance |
0.446 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.058 |
0.065 |
0.097 |
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Office Administration, Selling and Other
Expenses |
0.000 |
7.201 |
6.826 |
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Direct Expenses |
0.000 |
12.568 |
10.096 |
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Other Expenditure |
2.666 |
0.000 |
0.000 |
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Total Expenditure |
37.680 |
25.099 |
19.762 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2008 Provisional |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
3.19
|
1.71 |
1.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.19
|
1.71 |
1.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.38
|
13.55 |
8.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.35 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.59
|
1.60 |
1.97 |
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Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.59 |
2.11 |
LOCAL AGENCY
FURTHER INFORMATION
Business Activities:
|
Profile ( Nature of Activity) |
IT Solutions and Services |
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Details of Fixed Assets |
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Land and Building |
-- |
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Plant and Machinery |
-- |
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Furniture and Fixture |
Rs. 0.500 Millions |
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Other Assets |
Computers of Rs. 0.500 Millions |
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Premises
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Owned |
STATEMENT OF
ASSETS AND LIABILITIES
Mr. Kiran Dinkar
Shiveshwar
Occupation: Business
Annual Income:
|
Source |
Annual Income Rs. In Millions |
|
Salary at Crystal Solutions Private Limited |
0.450 |
Life Insurance Policies:
(Rs. In Millions)
|
Date of Policy |
Policy No. |
Whether Endowment
policy or whole Life Policy |
Annual Premium |
Sum Assured |
Surrender Value
as on 08.08.2008 |
|
28th January 2008 |
880811443 |
Endowment |
0.006 |
0.100 |
0.026 |
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28ht January 2008 |
880811445 |
Endowment |
0.002 |
0.100 |
0.004 |
Immovable Properties:
|
Name of Owner |
Description of Property |
Location / Address of Property (Please furnish full details with survey no. door no. etc) |
|
Kiran Shiveshwar |
House Residential |
Vishwadarshan 28/ 404, Nehru Nagar, Kurla (East),
Mumbai-400024, Maharashtra, India |
|
Extent of Building area Constructed |
Type of property, i.e. whether residential/ agricultural/ industrial/
Commercial etc. |
Details of Documents conferring right |
Date of purchase of property |
|
504 Carpet |
Residential |
Agreement |
Dec. 2005 |
|
Original Purchase Cost (Rs. In Millions) |
Present market value as on |
|
Rs. 2.000 Millions |
Rs. 4.500 Millions |
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Net Worth: |
Rs. 6.000 Millions |
Mr. Vasant Pradhan
Bhanushali
Occupation: Business
Annual Income:
|
Source |
Annual Income |
|
Salary at Crystal Solution Private Limited |
0.485 Millions |
Investment In Business Capital:
|
Name of the
Company/ firm/ Concern in which investment is made |
Amount invested (Rs. In
Millions) |
|
Crystal Solutions Private Limited |
0.245 |
Deposits held with Banks:
|
Name of Bank |
Nature of Deposits held |
Amount of Deposits (Rs. In Millions) |
|
HDFC Bank |
Flexi Dep |
0.040 |
Life Insurance Policies:
(Rs. In Millions)
|
Date of Policy |
Policy No. |
Whether
Endowment policy or whole life policy |
Annual Premium |
Surrender Value as on |
|
06.02.1993 |
900953682 |
Whole Life Policy |
0.005 |
0.225 |
|
01.12.2002 |
902109088 |
Endowment |
0.020 |
0.400 |
|
01.12.2002 |
902109089 |
Term |
0.002 |
0.500 |
|
01.10.2003 |
9022975272 |
Endowment |
0.026 |
0.500 |
|
01.08.2005 |
902640866 |
Endowment |
0.009 |
0.500 |
Immovable Properties:
|
Name of the Owner |
Description of Property |
Location/ Address of property (Please furnish full details with survey no. Door no. etc.) |
|
Vasant Bhanushali (Manjula Bhanushali) |
Tenament |
D16/119, Chittranjjan Nagar, Co-operative
Society Vidyanagar (East), Mumbai-4000, India |
|
Extent of building area constructed |
Type of property i.e. whether residential/ agricultural/ industrial/
commercial etc. |
Details of Documents conferring right |
Date of Purchase of property |
|
78 sq. mtrs |
Residential |
Sale Deed |
2006 |
|
Original Purchase Cost |
Present market value as on |
|
1.500 Million |
3.500 Million |
Other Assets:
|
Nature/ Details of Assets |
Market value of assets as on |
|
Marvil Car |
0.100 Millions |
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Total Assets: |
3.885 Millions |
Borrowings from Others:
|
Nature of the Lender |
Amount Borrowed |
|
Personal Friends and Family |
0.700 Millions |
|
Total Liabilities |
0.700 Millions |
|
Net Worth |
3.185 Millions |
VALUATION REPORT
SUTUATION:
The Property is situated at Vidyavihar. It is about
5 minutes walking distance from Vidyavihar Railway Station of the Central
Railway. Surface transport to the property is by buses, auto-rickshaws and
private vehicles. To the property, all amenities are available. The property is
in well-planned and well-developing locality. To the property, amenities like
shops, banks, hotels, markets, schools, hospitals, etc. are all available in
the surrounding locality.
The area is middle class and developed. The
locality is being redeveloped as one of the most affordable Commercial Zone of
Vidyavihar.
LANDMARKS OF THE LOCALITY:
The important landmarks of the locality are:
i.
Nathani Steel Private Limited
ii.
Bus Depot
DETAILS OF THE LOCALITY:
It is a R.C.C. frame structure having Ground and
Seven upper floors. The foundation is R.C.C. The external walls are 9” thick
masonry plastered on both sides. The internal walls are 6” thick brick masonry
plastered on both sides. Roof is of R,C,C flat slab. The doors are of wooden
glazed frame shutters. The windows are of posder coated aluminum frame with
sliding glazed shutters. Wiring is of the concealed type. Flooring is of
granite tiles. The fittings are of standard type. Means of access to the upper
floor is by RCC staircase and two lifts.
AGE OF THE BUILDING:
We estimate the past age of the Building as 07
years. The future life of the building is estimated as 53 ars subject to proper
care and maintenance.
ACCOMMODATIONS OF THE UNIT:
It is a commercial premises. At the time of
inspection, it is observed that the unit is self occupied. Unit no. 716 and 717
are combined into a single unit.
SANCTION TO THE PROJECT:
a)
Reena Complex Premises Cooperative Society
Limited
Registration No. MUM/WN/ GNL/C/8305/2003-2004
Dated 29.04.2003
BUILT UP AREA:
As per the measurement the Carpet are fo unit
is 397 sq. ft. The Super Built up area works out to be 600 sq. ft.
TECHNIQUE OF VALUATION:
We adopt prevailing market value method of
valuation.
VALUA TION:
From Surveys and enquiries, it is learnet that
Commercial Units in the surrounding locality are sold at rates ranging from Rs,
0.007 Millions to Rs. 0.009 per sq.ft. of S,B.U.A the rates may vary by 15%
depending upon age, location, amenities etc.
From enquiries with real estate agents,
owners, investors, architects and detailed search of our exhaustive data base
of more than 50 customers in the locality, it is revealed that Commercial Units
in the locality are sold at rates ranging from Rs. 0.007 Million to Rs. 0.008
Million per sq.ft. of S.B.U.A; the rates vary by 15% depending on floor area,
amenities, condition etc.
Considering the above, location in developed
area, type of building, quality of materials used, specification of the
building, past age, future llife, etc, we estimate Rs. 0.007 Million per sq.
ft. of super built up area as fair and reasonable rate for this valuation.
(Inclusive of the fitouts, furniture, décor and interior etc)
Thus the fair market value will work out as
under:
|
Super Built up
Area x Estimated rate (In Millions)
= |
Market Value (In Millions) |
|
600.00 sq.ft x 0.007 Million per sq. ft = |
4.290 Millions |
|
(Rupees Forty
Two Lac Ninety Thousand Only) |
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CONCLUSION:
In view of the above, documents and information
furnished by the client, we are of the considered opinion that the fair and
reasonable market value of the property described herein-above is collectively
assessed at Rs. 4.290 Millions as on 25th April 2007.
ESTIMATED AND
PROJECTED BALANCE-SHEET AS ON
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2010 |
|
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|
Projected |
||
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SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.800 |
3.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
|
|
NETWORTH |
3.800 |
4.500 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1.000 |
1.200 |
|
|
TOTAL BORROWING |
1.000 |
1.200 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
4.800 |
5.700 |
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.920 |
0.795 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
0.500 |
0.650 |
|
|
Sundry Debtors |
11.500 |
13.000 |
|
|
Cash & Bank Balances |
0.040 |
0.055 |
|
|
Other Current Assets |
0.000 |
0.000 |
|
|
Loans & Advances |
0.300 |
0.300 |
|
|
Deposits |
0.200 |
0.200 |
|
Total
Current Assets |
12.540 |
14.205 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
8.250 |
8.700 |
|
|
Provisions |
0.410 |
0.600 |
|
Total
Current Liabilities |
8.660 |
9.300 |
|
|
Net Current Assets |
3.880 |
4.905 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
4.800 |
5.700 |
|
PROJECTED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED ON
(Rs. In Millions)
|
PARTICULARS |
31.03.2009 |
31.03.2010 |
|
|
|
Projected |
||
|
Sales Turnover |
46.800 |
57.360 |
|
|
Other Income |
0.000 |
0.000 |
|
|
Total Income |
46.800 |
57.360 |
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.836 |
2.523 |
|
|
Provision for Taxation |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
1.836 |
2.523 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
Cost of Goods Sold |
38.328 |
46.885 |
|
|
Direct Expenses |
0.150 |
0.200 |
|
|
Selling, Administrative and Distribution
Expenses |
5.616 |
6.883 |
|
|
Interest |
0.720 |
0.744 |
|
|
Depreciation & Amortization |
0.150 |
0.125 |
|
Total Expenditure |
44.964 |
54.837 |
|
Fixed Assets:
- Computer Systems
- Air Conditioner
- Fax
- Mobile
- Office Furniture
- Office Premises
- Motor-Car-Esteem
- Pager
- Stabiliers
- Mobile
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.94 |
|
UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|