|
Inquiry Date : |
23.12.2013 |
|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SRI SALASAR BALAJI AGRO TECH
PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
SALASARBALAJI BUSINESS COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4-3-18/56, 1st Floor, Ambedker Chowk, Adilabad-504001,
Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.08.2003 |
|
|
|
|
Com. Reg. No.: |
01-041519 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.42.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15143AP2003PTC041519 |
|
|
|
|
IEC No.: |
0904001059 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCS48769 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Processing and Exporting of Raw Cotton Bales |
|
|
|
|
No. of Employees
: |
Approximately 170 (50 in Office, 100 in Factory, 20 Clearing Staff) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 340000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record.
Management has failed to file the financial of 2012 as well as 2013 with the
government department. The information for the FY 2011 and 2012, extracted from indirect
source i.e. ICRA show a dip in the operating income whereas, the net
profitability has reported an increase during 2012. The ratings also take into consideration the weak financial profile
characterized by thin operating profitability and volatility in cotton prices
that are susceptible to agro climatic risk. As per the available, the networth seems to be improving over years,
whereas, the external borrowings appear to be huge and increasing during
2011. Profit margin seems to be low. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of experience of promoters, the subject can be considered for
business dealings with some caution.
|
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in agriculture
and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on
a survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the
savings of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB- [Export Packaging Credit] |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 [Bank Guarantee] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March 2013 |
INFORMATION DECLINED
Management non co-operative [91-8732-226632]
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a
defaulter in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund)
Defaulters’ list as of 31-03-2012.
LOCATIONS
|
Registered Office : |
4-3-18/56, 1st Floor, Ambedker Chowk, Adilabad-504001,
Andhra Pradesh, India |
|
Tel. No.: |
91-8732-226632/ 226692 |
|
Fax No.: |
91-8732-226132 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Processing Unit:
C/O : Sriram Ginning Factory, Mantha Road, Jalna, Maharashtra, India |
|
Tel No. : |
91-248-2230632 |
|
Area : |
9 Acres |
|
Location : |
Owned |
|
|
|
|
Branch : |
|
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Mahesh Kumar Khetan |
|
Designation : |
Director |
|
Address : |
67-72/1/1, Bhoktapoor, Adilabad – 504 001, Andhra Pradesh, India |
|
Date of Appointment : |
14.08.2003 |
|
DIN No.: |
02133124 |
|
|
|
|
Name : |
Mr. Dhiraj Kumar Khetan |
|
Designation : |
Director |
|
Address : |
67-72/1/1, Bhoktapoor, Adilabad – 504 001, Andhra Pradesh, India |
|
Date of Appointment : |
14.08.2003 |
|
DIN No.: |
02687987 |
|
|
|
|
Name : |
Mr. Vikrant Kumar Khetan |
|
Designation : |
Director |
|
Address : |
67-72/1/1, Bhoktapoor, Adilabad – 504 001, Andhra Pradesh, India |
|
Date of Appointment : |
14.08.2003 |
|
DIN No.: |
03007379 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mahesh Kumar Khetan |
|
380000 |
|
Dhiraj Kumar Khetan |
|
380000 |
|
Vikrant Kumar Khetan |
|
380000 |
|
Manju Devi Khetan |
|
800000 |
|
Vidya Devi Khetan |
|
800000 |
|
Kirti Khetan |
|
800000 |
|
Deepak Kumar Birolia |
|
460000 |
|
Sujala Finvest Private Limited |
|
10000 |
|
Rajiv Mittal |
|
30000 |
|
Baid Stock Broking Services
Private Limited - Delhi |
|
50000 |
|
Ravi Duggar |
|
15000 |
|
Munna Lal Baid and Sons (HUF) -
Delhi |
|
10000 |
|
Dashmesh Fininvest Company -
Delhi RTGS Recd. |
|
10000 |
|
Multiple Cap-Stock Private
Limited - Delhi |
|
30000 |
|
Randhawa Hire Purchase Private
Limited - New Delhi |
|
40000 |
|
Bijay Singh Sharma |
|
5000 |
|
|
|
|
|
TOTAL
|
|
4200000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
3.09 |
|
Directors
or relatives of directors |
|
96.91 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing and Exporting of Raw Cotton Bales |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Approximately 170 (50 in Office, 100 in Factory, 20 Clearing Staff) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
The Lakshmi Villas Bank Limited, D No 3-2-29/25,
B, C and D, Ground Floor, Shree Dhanalakshmi Lodge Complex, N.H.7 Road,
Adilabad - 504001, Andhra Pradesh, India ·
State Bank of Hyderabad, Adilabad Branch, Shivaji
Chowk, Adilabad-504001, Andhra Pradesh, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MKA Associates Chartered Accountants |
|
Address : |
Dwarka Nagar, Adilabad,
Andhra Pradesh, India |
|
PAN No: |
AAHFM2660F |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4200000 |
Equity Shares |
Rs.10/- each |
Rs.42.000
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4200000 |
Equity Shares |
Rs.10/- each |
Rs.42.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
42.000 |
40.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
1.000 |
0.000 |
|
|
3] Reserves & Surplus |
42.696 |
7.109 |
31.955 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
84.696 |
48.109 |
41.955 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
277.525 |
129.485 |
99.096 |
|
|
2] Unsecured Loans |
242.888 |
70.173 |
63.122 |
|
|
TOTAL BORROWING |
520.413 |
199.658 |
162.218 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
605.109 |
247.767 |
204.173 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.774 |
2.107 |
0.628 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
441.275
|
228.618
|
46.014 |
|
|
Sundry Debtors |
506.890
|
198.590
|
202.622 |
|
|
Cash & Bank Balances |
4.665
|
3.612
|
2.195 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
122.040
|
39.693 |
7.201 |
|
Total
Current Assets |
1074.870
|
470.513
|
258.032 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
386.236
|
222.247
|
53.396 |
|
|
Other Current Liabilities |
78.774
|
0.187
|
0.000 |
|
|
Provisions |
9.848
|
2.908
|
1.543 |
|
Total
Current Liabilities |
474.858
|
225.342
|
54.939 |
|
|
Net Current Assets |
600.012
|
245.171
|
203.093 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.323 |
0.489 |
0.452 |
|
|
|
|
|
|
|
|
TOTAL |
605.109 |
247.767 |
204.173 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
6948.632 |
1481.489 |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL
|
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
7.886 |
4.292 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.332 |
0.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
7.554 |
4.135 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
2.400 |
1.384 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
5.154 |
2.751 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.29 |
-- |
|
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
|
|
ICRA RATINGS |
|
|
Sales Turnover [Approximately] |
|
6809.100 |
8010.800 |
|
|
|
|
|
|
Profit After Tax |
|
27.000 |
17.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.11
|
0.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.60
|
1.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.16
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.14
|
4.15
|
3.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
2.09
|
4.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last four years |
Yes |
|
12] |
Profitability for last four years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90126793 |
10/01/2012 * |
2,510,000,000.00 |
STATE BANK OF
HYDERABAD |
ADILABAD BRANCH,
SHIVAJI CHOWK, ADILABAD - 504001, ANDHRA |
B30733166 |
|
2 |
90262420 |
10/02/2004 |
3,000,000.00 |
STATE BANK OF
HYDERABAD |
MAIN BRANCH, ADILABAD,
ANDHRA PRADESH, INDIA |
- |
|
* Date of charge modification |
||||||
UNSECURED LOANS
|
Particulars |
As
on 31.03.2011 [Rs.
in Millions] |
As
on 31.03.2010 [Rs.
in Millions] |
|
Loans Directors |
90.040 |
31.464 |
|
Other debts |
152.848 |
38.709 |
|
TOTAL
|
242.888 |
70.173 |
FIXED ASSETS:
·
Freehold Land
·
Building
·
Plant and Machinery
·
Other Equipments
·
Computer
·
Furniture and Fixtures
·
Vehicles
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.61.87 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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 |
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 |
|
-- |
NB |
New Business |
-- |