MIRA INFORM REPORT
|
Report
Date : |
24th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
PAHARPUR COOLING TOWERS LIMITED |
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Registered
Office : |
Paharpur House, 8 / 1-B, Diamond Harbour Road, Kolkata -
700 027, West Bengal, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2004 |
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Date
of Incorporation : |
25.10.1949 |
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Com.
Reg. No.: |
21-18363 |
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CIN
No.: [Company Identification No.] |
U02005WB1949PTC018363 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MRTP00232B |
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Legal
Form : |
Subject is a Closely Held Public Limited Liability
Company. |
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Line
of Business : |
Manufacturing and Marketing of Cooling Towers, Air Coolers
and their components, HDPE/PP Woven Sacks, and Flexible Packaging Products. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
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
6500000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Slow but
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject
is an old and established company having satisfactory track. Directors are reported as experienced, respectable
and resourceful businessmen. Their
trade relations are fair. Business is
active. Payments are reported to be
slow but correct. It can be
considered for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered/Corporate
Office : |
Paharpur House, 8 / 1-B, Diamond Harbour Road, Kolkata -
700 027, West Bengal, India |
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Tel.
No.: |
91-33-2479
1976 / 2050 / 2152 / 2153 |
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Fax
No.: |
91-33-2479
2188 |
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E-Mail
: |
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Website
: |
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Plants
and Warehouse at: |
Ø
5-A,
Oil Installation Road, Kolkata - 700 088, West Bengal Ø
Bhasa,
24 Parganas South, West Bengal Ø
Survey
# 350, Nani Chirai, Taluka Bachau, Kutch - 370 140, Gujarat Ø
Plot
# 9, Industrial Area IV, Sahibabad, District Ghaziabad, Uttar Pradesh Ø
Plot
# 10, Industrial Area IV, Sahibabad, District Ghaziabad, Uttar Pradesh Ø
Plot
# 19, Industrial Area IV, Sahibabad, District Ghaziaba, Uttar Pradesh |
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Branches: |
Located
at : Ø
41,
Cunnigham Road Cross, Bangalore - 560 052, Karnataka Ø
Suite
# 1, Habib Complex, 3, Durgabai Desmukh Road, Chennai - 600 026, Tamilnadu Ø
506,
Navkar Chambers, B Wing, Opposite S. M. Centre, Andheri Kurla Road, Marol Naka,
Andheri (East), Mumbai – 400 059 Ø
Room
# 806, 8th Floor, Ashok Estate Building, 24, Barakhamba Road, New
Delhi - 110 001 Ø
A-3,
Kamala Park Apartment, Vishwas Colony, Alkapuri, Vadodara - 390 052, Gujarat |
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Overseas
Sales Representatives: |
Located
at: Australia,
Bangladesh, Egypt, Iran, Japan, Korea, Malaysia, New Zealand, Philippines,
Saudi Arabia, Syria, UAE, Bahrain, Canada, Indonesia, Iraq, Jordan, Kuwait,
Nepal, Oman, Qatar, Singapore, Thailand and USA |
DIRECTORS
|
Name : |
Mr. Mahendra Swarup |
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Designation
: |
Chairman |
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Address
: |
8/1/B, Diamond Harbour Road, Kolkata – 700 027,
West Bengal |
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Date
of Birth/Age : |
1920 |
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Qualification
: |
M.Sc. Physics from Allahabad University |
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Experience
: |
54 years |
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Name : |
Mr. Vikram Swarup |
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Designation
: |
Managing Director |
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Date
of Birth/Age : |
56 years |
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Qualification
: |
B. E. (Hons) |
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Experience
: |
36 years |
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|
Name : |
Mr. Gaurav Swarup |
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Designation
: |
Managing Director |
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Date of
Birth/Age : |
48 years |
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Qualification
: |
B.E. (Mechanical), MBA (Havard University) |
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Experience
: |
22 years |
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|
Name : |
Mr. Ratan Lal Gaggar |
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Designation
: |
Director |
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Name : |
Mr. Prasanta Kumar Mallick |
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Designation
: |
Director |
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Name : |
Mr. Raghav Mal Mehta |
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Designation
: |
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr. Mahendra Swarup |
129900 |
15.48 |
|
Mr. Gyan
Swarup |
165900 |
19.75 |
|
Mr.
Gaurav Swarup |
155400 |
18.50 |
|
Mr.
Vikram Swarup |
147000 |
17.50 |
|
M. Swarup
& Sons |
126000 |
15.00 |
|
Garima
Private Limited |
42000 |
5.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Marketing of Cooling Towers, Air Coolers
and their components, HDPE/PP Woven Sacks, and Flexible Packaging Products. |
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Brand
Names : |
"PAHARPUR" |
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Exports
to : |
Australia, Bahrain, Bangladesh, Belgium, China, Egypt, Hong
Kong, Indonesia, Iran, Iraq, Japan, Jordan, Kenya, Kuwiat, Libya, Malaysia,
Nepal, New Zealand, Nigeria, Oman, Philippines, Saudi Arabia, Singapore, Sri
Lanka, Syria, Taiwan, Thailand, Trinidad, United Arab Emirates and Vietnam |
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Imports
from : |
Germany,
Japan, Singapore, South Africa, South Korea, Switzerland, Taiwan, U.K. and
U.S.A |
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Terms
: |
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Selling : |
L/C, Contract or Credit (30 days) terms. |
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Purchasing : |
L/C, Cash or Credit (30 days) terms. |
PRODUCTION STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
Cooling
Towers |
2,400 Pcs |
1097 Pcs |
|
Heat
Exchangers |
280 Pcs |
118 Pcs |
|
Flexible
Packing Products |
2760 Tonnes |
6000 Tonnes |
|
Laminates |
-- |
3010.570 tonnes |
|
Plastic
Pouches |
-- |
44.861 million pcs. |
GENERAL INFORMATION
|
Suppliers
: |
˜
Dow
Chemicals ˜
Exxon
Chemical Corporation ˜
Howrah
Engineering Pattern Works ˜
Indian
Aluminium Company Limited ˜
Indian
Petrochemical Corporation Limited ˜
Itochu
Corporation, Japan ˜
Mahabir
Plastic Industries ˜
National
Engineering Corporation ˜
Reliance
Industries Limited ˜
Skill
Engineers ˜
SRC
Engineering Concern ˜
Steel
Authority of India Limited ˜
Taiwan
Glass Corporation, Taiwan ˜
Thai
Plastics and Chemicals, Thailand ˜
Tinkon
and Company, U.S.A. |
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|
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Customers
: |
Its'
major customers include manufacturers and government bodies. Some of
the major customers are :- Ø
Britania
Industries Limited Ø
Dabhol
Power Company Limited Ø
Essar
Oil Limited Ø
Essar
Power Limited Ø
Hindustan
Lever Limited Ø
Indian
Oil Corporation Limited Ø
Indian
Petrochemical Corporation Limited Ø
Mangalore
Refinery and Petrochemicals Limited Ø
National
Thermal Power Corporation Limited Ø
Reliance
Industries Limited Ø
Tata
Tea Limited |
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|
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|
No. of
Employees : |
960 |
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|
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Bankers
: |
˜
ABN
Amro Bank N V, ITC Centre, 4, Russel Street, Kolkata – 700 071, West Bengal ˜
BNP
Paribas, Stephen House, 4 B, B D Bag, Kolkata – 700 001, West Bengal ˜
Canara
Bank, Overseas Branch, 2/1, Russel Street, Kolkata - 700 016, West Bengal ˜
Citibank
NA, Kanak Building, 41, Jawaharlal Nehru Road, Kolkata - 700 071, West Bengal ˜
HDFC
Bank Limited, 9-B, Wood Street, Kolkata - 700 016, West Bengal ˜
State
Bank of India, Commercial Branch, 24, Park Street, Kolkata - 700 016, West
Bengal ˜
ING Vysya
Bank Limited, Kolkata, West Bengal ˜
ICICI
Bank Limited, Kolkata, West Bengal |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Lodha and
Company Chartered
Accountants 14, Government
Place East, Kolkata- 700 069, West Bengal |
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Subsidiaries
: |
Ø
Doypack
System Private Limited Ø
Paharpur
Industries Limited Ø
PCT
Industrial Finance Limited Ø
Selectopack
Private Limited Ø
PBC
Ventures LIMITED Ø
Paharpur
USA, Inc, 165 S, Union Blvd. Suite 672, Lakewood, CO 80228 U.S.A. |
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Affiliates: |
Ø
Paharpur
Fertilisers and Chemicals Limited Ø
Paharpur
Corporation Limited Ø
Unicast
Private Limited Ø
Unispanner
Private Limited |
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|
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Membership: |
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity
Shares |
Rs.100/- each |
Rs.100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
8,40,000 |
Equity
Shares |
Rs.100/- each |
Rs. 84.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
84.000 |
84.000 |
84.000 |
|
|
2] Share
Application Money |
-- |
-- |
-- |
|
|
3]
Reserves & Surplus |
1622.535 |
1316.298 |
1198.990 |
|
|
4]
(Accumulated Losses) |
-- |
-- |
-- |
|
NETWORTH
|
1706.535 |
1400.298 |
1282.990 |
|
|
LOAN
FUNDS |
|
|
|
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|
1]
Secured Loans |
428.384 |
172.691 |
186.364 |
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|
2]
Unsecured Loans |
92.593 |
100.395 |
196.659 |
|
TOTAL
BORROWING
|
520.977 |
273.086 |
383.023 |
|
|
DEFERRED TAX
LIABILITIES |
66.354 |
65.903 |
68.897 |
|
|
|
|
|
|
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TOTAL
|
2293.866 |
1739.287 |
1734.910 |
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
393.490 |
403.754 |
460.211 |
|
Capital work-in-progress
|
51.049 |
40.709 |
43.418 |
|
|
|
|
|
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INVESTMENT
|
968.972 |
643.420 |
562.385 |
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DEFERREX TAX ASSETS
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
566.869 |
937.939 |
1055.670 |
|
|
Sundry Debtors
|
862.564 |
651.642 |
810.527 |
|
|
Cash & Bank Balances
|
59.540 |
71.016 |
76.871 |
|
|
Other Current Assets
|
80.611 |
71.798 |
74.282 |
|
|
Loans & Advances
|
355.208 |
402.014 |
432.562 |
Total Current Assets
|
1924.792 |
2134.409 |
2449.912 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1011.195 |
1449.838 |
1781.016 |
|
|
Provisions
|
33.242 |
33.167 |
0.000 |
Total Current Liabilities
|
1044.437 |
1483.005 |
1781.016 |
|
Net
Current Assets
|
880.355 |
651.404 |
668.896 |
|
|
|
|
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MISCELLANEOUS EXPENSES
|
|
|
|
|
|
|
|
|
|
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TOTAL
|
2293.866 |
1739.287 |
1734.910 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
3303.973 |
2916.112 |
2917.136 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
418.383 |
217.482 |
256.365 |
Provision for Taxation
|
78.904 |
67.007 |
68.662 |
Profit/(Loss) After Tax
|
339.479 |
150.475 |
187.703 |
|
|
|
|
|
Export Value
|
13.738 |
57.954
|
92.796 |
|
|
|
|
|
Import Value
|
407.862 |
98.164 |
163.002 |
|
|
|
|
|
Expenditure
|
NA |
2631.112 |
2370.924 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
10.27 |
5.16 |
6.43 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
12.66 |
7.46 |
8.79 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
12.73 |
6.84 |
7.38 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.25 |
0.16 |
0.20 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
1.92 |
2.25 |
2.69s |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.843 |
1.44 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
Website details are attached herewith:
In
a world of water shortage and an increasing awareness of water problems,
Paharpur has grown from a small lumber saw mill to one of the largest cooling
tower manufacturers in the world.
There
are few problems Paharpur cannot solve related to the cooling of water or other
liquids. We have a first class Research and Development centre which has
consistently produced innovative concepts that have now become industry
standards. All components or materials are carefully selected and tested under
the adverse conditions applicable in operation. Our engineering and production
standards often exceed general standards, the objective being to supply a prime
quality product which will provide low cost and reliable service to our
customers over many years.
Major
industries such as electricity generating, petroleum refining, chemical
processing, sugar, air-conditioning and refrigeration, steel and so on use a
vast assortment of cooling towers and air cooled heat exchangers. Whether you
wish to cool the centralized air-conditioning plant of your building, dissipate
heat from your processing plant or cool the water in your industrial complex,
we at Paharpur are at your service.
No
matter where you go, Paharpur is on the job to help keep you more
comfortable.....to keep plants running profitably.
Experiences:
In its over five decades of
existence, out of which more than 40 years in designing and manufacturing of
evaporative water cooling towers and other products related to water
processing, Paharpur has come to be acknowledged as the pioneer in the Indian
cooling tower industry. At today's selling prices, Paharpur has sold cooling
towers valued at over US$ 1 billion. If these cooling towers were all working
together, they would be able to cool more than 265,000,000 litres of water
every minute or 382 billion litres every day (24 hours).
The Paharpur team consists
of highly qualified engineers & professionals with over 1000 man years of
experience in the field of cooling tower application engineering, designing,
erection and trouble shooting. In virtually every industry one company is
recognised as the leader. Any time there is a fresh new idea for improving the
product (or improving service) this is the company you expect to introduce it.
Paharpur has pioneered several improvements in cooling tower design and
operation in the past 40 years and has emerged as one of the largest cooling
tower manufacturers in the world, with cooling towers conforming to the best
international standards....and service to match.
Quality:
Paharpur Cooling Towers
Ltd. commits to manufacture and market products which comply with the
customers' needs and design specifications.
The quality system is
designed as per ISO-9001 to assure quality of all our products and services
through the evaluation, inspection and verification of processes and systems at
all stages from marketing to design, purchasing, manufacturing, installation
and servicing.
Employees are trained and
retrained to work systematically and strive for continuous improvement to
maximise the efficiency of the organisation, give customers value for their
money and promote on-time delivery of products and services.
Compliance
with the provisions and objectives of the quality manuals is mandatory for all
employees of the company.
PRODUCTS
The
broad spectrum of products ranges from small factory assembled units through
large concrete towers which require construction on site.
Growing
concern over environmental compatibilty, closer evaluation of energy costs, and
the shifting availability of basic materials require continuous research and
development to match customer requirements with the best materials and design
techniques. The industry is never static : it is constantly responding to
external pressures that place the emphasis of the period on critical evaluation
of one design area or another. This has led to the design and installation of
mechanical draught towers in fibreglass, steel, wood and concrete with wood,
plastic and concrete fill options and the development of hyperbolic natural draught
towers.
TURNKEY
Paharpur
does not restrict itself to only manufacturing and supplying cooling towers,
but believes in the concept of turnkey responsibilty including transporting to
site, erection, commissioning and testing of complete cooling towers. In the
case of concrete cooling towers the civil work is undertaken by Paharpur on its
own. We have a full fledged civil design and construction department with
highly trained and experienced civil engineers. We also have experienced
personnel in our shipping and erection departments.
As
a logical extension of our commitment to the concept of turnkey responsibility,
Paharpur also undertakes contracts for packages involving motor control centres,
cabling, lighting, lightning protection, earthing, circulating water piping,
pumps, water treatment plants, fore protection systems and complex
instrumentation in addition to cooling towers. In short, Paharpur is fully
geared to offer single source responsibility to customers.
SERVICES
Paharpur
is dedicated to serving the needs of customers - needs which are far in advance
of the actual purchase of a new cooling tower and vary over the operating
lifetime of the project. In order of probable occurrence, the additional
services offered by Paharpur are as follows:
Application/Sizing/Layout Services - Paharpur field
application engineers are trained to assist you in choosing the proper type and
size of cooling tower and will guide you in the appropriate location on site.
They will also help you write the specifications for its purchase. Being the
only manufacturer who makes all types of cooling towers, Paharpur can be
totally unbiased in pursuit of your requirement.
Construction Service - Paharpur undertakes turnkey responsibility
for civil construction and mechanical erection of your cooling tower finishing
up with the final testing and commissioning of the completed tower - frees you
to look after the rest of your project.
Parts Service - Paharpur maintains a stock of spare parts for your
specific tower. You will not be at the mercy of an outside vendor, because all
the parts required (except for the motor) are designed and manufactured by
Paharpur.
Maintenance Service - In addition to providing complete
instructions and continuing guidance, Paharpur will provide as much "hands
on" maintenance as you require.
Condition Service - From time to time, for your peace of mind,
Paharpur can give your tower a thorough inspection to evaluate its current condition.
This usually allows you to foresee and forestall problems before they become
serious.
Reconstruction Service - Due to operating or atmospheric conditions,
or age, sooner or later your tower will be in need of repairs above and beyond
those categorised as normal maintenance. Paharpur's reconstruction service can
return your tower to Grade A condition.
Performance Improvement Service - Systems served by
cooling towers grow in response to demand for the product produced by that
system. In most cases, customers find that more product could be produced if
the cooling tower were capable of delivering colder water. Fortunately, cooling
tower technology advances with time and Paharpur can apply this increased
technology to upgrade your tower's thermal performance.
Tower Replacement Service - Occasionally, customers will find it of
greater advantage to replace an existing tower than to attempt refurbishing.
Paharpur stands ready to assist you in that endeavor - and in most cases, the
replacement will require little or no change in your concrete basin or support
structure.
Cooling Tower Information Service - It is Paharpur's
feeling that the more informed customers are, the more easily their needs can
be recognised and served. Regular mailing of technical bulletins works to our
mutual advantage
ACHIVEMENT
v ISO 9001 certification by LRQA
v
Adjudged
as the best sub-contractor for Dabhol power project by Bechtel
v
Regular
recipient of safety awards at Dabhol power project site
v
Received
safety awards from Alstom at ST-CMS power station site at
Neyveli
v
R
& D facilities recognised by Government of India
v
Recipient
of various testimonials/certificates from satisfied customers
Generic
Names of the Principal Products of the company are:
Ø
Cooling
Towers and Air Coolers and Components (ITC Code No. 841950)
Ø
Flexible
Packaging Products (ITC No . 392300)
Ø
HDPE
Woven Sacks
Our Global Sales
Representatives are present in:
|
Australia
|
Bahrain |
|
Bangladesh |
Canada |
|
Egypt |
Indonesia |
|
Iran |
Iraq |
|
Japan |
Jordan |
|
Korea |
Kuwait |
|
Malaysia |
Nepal |
|
New
Zealand |
Oman |
|
Philippines |
Qatar |
|
Saudi
Arabia |
Singapore |
|
Syria |
Thailand |
|
UAE |
USA |
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.46.34 |
|
UK Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.57.96 |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |