MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
RESCO RUGS |
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Registered Office : |
Bazar Sardar Khan, Bhadohi – 221 401, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Summarized Figures) |
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Date of Incorporation : |
02.04.1996 |
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IEC No.: |
1596000180 |
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TIN No.: |
09815300448 |
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PAN No.: [Permanent
Account No.] |
ADABA3084C / AISPA0405F |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Hand Made Carpets, Durries, etc. |
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 10000 |
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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 concern meeting its normal
commitments timeously. Trade relations are fair. Business is active. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Mohammad Rashid |
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Designation : |
Proprietor |
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Date : |
20.08.2008 |
LOCATIONS
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Registered Office / Factory : |
Bazar Sardar Khan, Bhadohi – 221 401, Uttar Pradesh, India |
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Tel. No.: |
91-5414-226466 / 228133 |
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Mobile No.: |
91-9794033752 / 9335762272 |
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Fax No.: |
91-5414-228133 |
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E-Mail : |
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Area : |
2400 Sq.Yds |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Mohammad Rashid |
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Designation : |
Proprietor |
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Address : |
Bhadhoi – 221 401, Uttar Pradesh, India |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Experience : |
25 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Hand Made Carpets, Durries, etc. |
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Products : |
· Rugs · Mats · Carpets |
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Exports : |
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Products : |
Carpets |
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Countries : |
USA, Germany, Turkey |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
End users |
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No. of Employees : |
25 (5 in Office and 20 in
Factory) |
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Bankers : |
· Jammu and Kashmir Bank, Bhadhoi – 221 401, Uttar Pradesh, India · Bank of Baroda, Bhadhoi – 221 401, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Thukral and Company Chartered Accountants |
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Address : |
Bhadhoi - 221 401, Uttar Pradesh, India |
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Memberships : |
Carpet Export Promotion Council (CEPC) |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions |
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Borrowed : |
--- |
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Total : |
Rs. 2.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
BALANCE SHEET
(Summarized
Figures)
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Proprietor’s Capital |
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2.000 |
1.700 |
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Fixed Assets |
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4.600 |
3.800 |
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Unsecured loans |
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0.500 |
0.450 |
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Current Assets |
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Inventories |
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1.290 |
1.600 |
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Cash & Bank Balances |
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0.246 |
0.115 |
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Current
Liabilities |
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Current Liabilities |
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13.600 |
15.300 |
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Miscellaneous
Expenses |
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0.180 |
0.105 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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15.000 |
13.400 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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15.000 |
13.400 |
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Profit/(Loss) Before Tax |
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0.880 |
0.750 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.880 |
0.750 |
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Total Expenditure |
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14.120 |
12.650 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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5.87 |
5.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.87 |
5.60 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
· Spa Saekyra, USA
WEBSITE DETAILS:-
Concern Profile:-
The art of carpet making in India is an ancient one, dating
back to the Mughal era. Even today, the Persian art of carpet making which was
introduced by the Mughals, is popular, and designer carpets and rugs are in
high demand. At the concern,
their weavers still carry this legacy with pride and expertise. The concern was
established in the year 1996 and
today it is a widely acclaimed name in the home furnishing industry as a
respected manufacturer and exporter
of pure quality handmade carpets, mats
and rugs.
Capturing the essence of Indian craftsmanship, their
collection of products is manufactured with the sole purpose to optimize the
expertise and expression of their traditionally skilled weavers to fabricate
classic carpets of modern design. Currently, they are considered to be one of
the leading Indian providers of hand woven rugs, with unmatched quality and
standard. Their clients are spread across the globe in USA and Germany, where they export 75% of their products. They are
a premiere member of the prestigious Carpet Export Promotion Council (CEPC).
Products
Showcasing a perfect blend of ethnic designs and
contemporary patterns, subject offer the following range of products to their
clients:
·
Rugs
·
Mats
·
Carpets.
Quality
They have a team of excellent craftsmen and weavers from
different parts of India who incorporate distinct color motifs and a wide
spectrum of geometrical patterns in their handcrafted products. The result is
the creation of wonderful masterpieces. Their endeavor is to maintain high
standards of quality throughout the production process, right from spinning and
dyeing to weaving and finishing. They continually monitor the quality of their
yarns and other materials to further enhance the appeal of their products.
Workforce
The workforce at the concern comprises of efficient and
dedicated artisans and craftsmen from distinct regions of India. They possess
an extensive knowledge in the field and thereby they expeditiously work according
to the requirements of the clients. Their designs have created a rage not just
in India but throughout the world as well.
Why Them?
·
Intricate workmanship, creativity and superb finishing
reflected in their exquisite range of home furnishing items
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Innovative designs and style that set a trend in the
market
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Intense efforts of designers and craftsmen to bring out
the best in every item
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A unique blend of contemporary trends with ethnic touch
and taste by their team of creative designers
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A perfect display of exquisiteness through an array of
distinctive patterns and designs, shades and colors.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.94 |
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UK Pound |
1 |
Rs.82.84 |
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Euro |
1 |
Rs.65.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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