MIRA
INFORM REPORT
|
Report Date : |
27.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
MOHAN
ROCKY SPRINGWATER BREWERIES LIMITED |
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Registered Office : |
7/7 –
B, Prem Sagar Building, Nesbit Road, Mazgaon, Mumbai – 400010 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
14.01.1970 |
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Com. Reg. No.: |
11-14512 |
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CIN No.: [Company
Identification No.] |
U15500MH1970PLC014512 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM18888C |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer
and Sale of Beer and Indian Made
Foreign Liquor |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an old established company having moderate track. Its payments are
reported as slow but correct. Trade relations are fair. Profit
margin is under server pressure The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
7/7 –
B, Prem Sagar Building, Nesbit Road, Mazgaon, Mumbai – 400010 |
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Tel. No.: |
91-22-23775432 |
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Fax No.: |
91-22-23262403 |
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E-Mail : |
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Head
Office : |
Mohanwadi,
Khopoli – 410203, District – Raigad |
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Tel.
No.: |
91-2192-262458/262459/262460/262461/263600 |
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Fax
No.: |
91-2192-262403 |
DIRECTORS
|
Name : |
Mr.
Mohan Kapil |
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Designation : |
Director
|
|
Address : |
Mohan
Meakin Limited, Mohan Nagar, Ghaziabad – 201007 |
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Date of Birth/Age : |
16.07.1930 |
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Date of Appointment : |
26.02.1973 |
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Name : |
Mr.
Malhotra Lalit Kumar |
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Designation : |
Director
|
|
Address : |
D –
6/22, Vasant Vihar, New Delhi – 110057 |
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Date of Birth/Age : |
07.02.1944 |
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Date of Appointment : |
24.07.1989 |
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Name : |
Mr.
Nandagopal Masilamani |
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Designation : |
Director
|
|
Address : |
6,
Sixth Street, Rutland Gate, Chennai – 600006 |
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Date of Birth/Age : |
09.06.1939 |
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Date of Appointment : |
20.03.1990 |
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Name : |
Mr.
Patankar Ramchandra Ajitsingh |
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Designation : |
Director
|
|
Address : |
Ama
House, 2nd Floor, Near Strand Cinema, Colaba, Mumbai – 400005 |
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Date of Birth/Age : |
05.02.1948 |
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Date of Appointment : |
20.09.1984 |
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Name : |
Mr.
Mohan Satish |
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Designation : |
Director
|
|
Address : |
John
Oakey & Mohan Limited, Mohan Nagar, Ghaziabad – 201007, Uttar Pradesh |
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Date of Birth/Age : |
24.01.1941 |
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Date of Appointment : |
20.12.1999 |
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Name
: |
Mr.
Mohan Vinay |
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Designation
: |
Director
|
|
Address
: |
46,
Pusa Road, New Delhi - 110005 |
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Date
of Birth/Age : |
13.03.1971 |
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Date
of Appointment : |
01.10.1997 |
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Name
: |
Mr.
Jha Nitesh Kumar |
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Designation
: |
Director
and Company Sectary |
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Address
: |
Mohanwadi,
Khopoli – 410203, District – Raigad |
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Date
of Birth/Age : |
21.12.1973 |
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Date
of Appointment : |
15.10.2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Sehgal M M |
1 |
|
Mr.
Kajrolkar N S |
701 |
|
M/s.
Mohan Meakin Limited |
89000 |
|
M/s.
National Cereals Products Limited |
9000 |
|
Mr.
Thorat |
500 |
|
Mr.
Tuli Rajinder Kumar |
500 |
|
M/s.
Trade Links Private Limited |
64000 |
|
Mr.
Singh Amarinder |
10000 |
|
Mr.
Rupinder Kumari |
5000 |
|
Mr.
Baldev Santosh |
500 |
|
Ms.
Mohan Usha |
43002 |
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Mr.
Kapoor Vishwa Nath |
500 |
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Mr.
Mohan Kapil |
3000 |
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Mr.
Tyebjee Sara H |
250 |
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Mr.
Singh Jaywant |
500 |
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Mr.
Kajrolkar Sadashiv Narayan |
100 |
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Mr.
Tandon Ramesh Ramjidas |
500 |
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Mr.
Kajrolkar Yeshwant Narayan |
100 |
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Mr.
Patankar R. A. |
500 |
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Mr.
Mohan Hemant |
15400 |
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Mr.
Mohan Vinay |
67300 |
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M/s.
Artos Breweries Limited |
1000 |
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Mr.
Malhotra L K |
500 |
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Mr.
Nandagopal M |
500 |
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Mr.
Gandhi Feroze Varun |
500 |
|
Ms.
Mohan Pushpa |
2500 |
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M/s.
Mohan Breweries & Disturbers Limited |
2500 |
|
Ms.
Mohan Arti |
170000 |
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Mr.
Mohan Kapil |
50000 |
|
Mr.
Girdharlal Mahendra |
250 |
|
Mr.
Khanna Anju |
11900 |
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Mr.
Mohan Satish |
500 |
|
Mr.
Mohan Arti |
21000 |
|
Mr.
Narang Poonam |
100 |
|
Mr.
Khanna Satish |
100 |
BUSINESS DETAILS
|
Line of Business : |
Sale
of Beer and Indian Made Foreign Liquor |
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|
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Products : |
Beer -
220300 and Indian Made Foreign Liquor – 220830 |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Beer |
HL |
50000 |
125000 |
90930 |
|
IMFL |
BL |
NA |
NA |
4079139 |
GENERAL
INFORMATION
|
No. of Employees : |
700 |
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Bankers : |
Punjab
and Sind Bank, Shastri Nagar, Khopoli - 410203 |
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Facilities : |
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Banking Relations : |
Unknown
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Auditors : |
M. B.
A.dvani & Company Chartered
Accountant |
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Address: |
302
& 304 – B, ‘Neelkanth’ 98, Marine Drive, Mumbai – 400002 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
571704 |
Equity
Shares |
Rs. 10/- Each |
Rs. 5.717 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.717 |
5.717 |
5.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.369 |
2.857 |
2.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.086 |
8.574 |
8.000 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.463 |
27.055 |
26.300 |
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|
2] Unsecured Loans |
17.425 |
14.300 |
13.100 |
|
|
TOTAL BORROWING |
39.888 |
41.355 |
39.400 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
TOTAL |
48.974 |
49.929 |
47.400 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
20.262 |
18.567 |
22.400 |
|
|
Capital work-in-progress |
2.277 |
1.426 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
5.723 |
5.723 |
5.700 |
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|
DEFERREX TAX ASSETS |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
|
|
Inventories |
43.363
|
43.345 |
36.600 |
|
|
Sundry Debtors |
59.718
|
48.633 |
31.500 |
|
|
Cash & Bank Balances |
1.319
|
4.629 |
1.500 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
32.296
|
33.786 |
22.800 |
|
Total Current Assets |
136.696
|
130.393 |
92.400 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
126.154
|
121.436 |
93.400 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total Current Liabilities |
126.154
|
121.436 |
93.400 |
|
|
Net Current Assets |
10.542
|
8.957 |
(1.000) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
10.170 |
15.256 |
20.300 |
|
|
|
|
|
|
|
|
TOTAL |
48.974 |
49.929 |
47.400 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
817.169 |
779.024 |
695.100 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
0.555 |
0.517 |
0.300 |
|
Provision
for Taxation |
0.043 |
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
0.512 |
0.517 |
0.300 |
|
|
|
|
|
|
Import
Value |
247.976 |
225.308 |
NA |
|
|
|
|
|
|
Total
Expenditure |
816.613 |
778.507 |
685.100 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
0.06
|
0.06 |
0.04 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
0.06
|
0.06 |
0.04 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
0.35
|
0.34 |
0.66 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.03 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
18.27
|
18.98 |
16.60 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.08
|
1.07 |
0.98 |
LOCAL AGENCY
FURTHER INFORMATION
Working
Results
The year
under review experienced phenomenal increased in the raw material cost
especially in the alcohol (ENA) of the IMFL. Sale of Beer has recorded an
increased of 14.21% compared to the previous year. During the current year,
since their growth is planned, focussed and continuous, they are poised to take
new challenges and move ahead to improve substantially
Future
Outlook
As a
part of taking various for reduction of production cost, the company has
substituted the old Boiler with a new high efficiency 6T Thermax made Boiler.
This has resulted in improvement in steam efficiency at the plant, reduction of
beer. The ongoing steps to bring efficiency at all levels by maintaining the
quality production continued throughout the whole year. Their business is placed
on a solid foundation and on stellar leadership. Individual performance at
every level and the supporting pillars at every sphere helped the company to
exploit opportunities available in the market. During the current year, the director are hopeful that the business will
grow, returns will increased with greater values and confidence.
Fixed
Assets
v
Land
v
Building
v
Plant
& Machinery
v
Furniture
& Fixture
v
Office
Equipment
v
Laboratory
Equipment
v
Vehicles
v
Electric
Installation
v
Inter
Comm
|
Name of the company |
MOHAN
ROCKY SPRINGWATER BREWERIES LIMITED |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Deed of hypothecation of inland bills and deed of hypothecation of goods both dated 12.01.1994 and together constituting a single charge |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of third party demand etc and hypothecation of fixed assets electric installations, equipments, vehicles furniture and fixture etc |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.75% over RBI rates with a minimum of 19.75% |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank, Shastri Nagar, Khopoli - 410203 |
|
6) Date and brief description of instrument modifying the charge |
No instrument was expected. Charge created on 19.03.2005 by way of equitable mortgage by deposit of title deeds |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Previous Modification Vide modification dated 25.08.1994 total amount secured was enchased from Rs. 1.000 Millions to Rs. 10.000 Millions Collateral security of plant and machineries etc Collateral security of immovable properties of the company Rs. 2.500 Millions out of this limit of purchase of cheque drafts can be converted into bills discounting limit Collateral security of plant and machinery equipment etc and immovable properties shall cover all other facilities Rs. 19.000 Millions Vide modification dated 14.02.2001 security was extended up to Rs. 5.000 Millions by way of first charge and inters rate was modified and security against plant and machinery created for a total of Rs. 19.500 Millions included other facilities Vide modification dated 19.03.2005 security was extended up to Rs. 5.000 Millions by way of first charge and inters rate was modified and security against plant and machinery created for a total of Rs. 17.500 Millions included other facilities Property charged inter allia covered the following All the present charged inter alia covered the following All the present and future book debts outstanding moneys, receivable claims, bills etc Fixed assets of the company (other than and vehicles, furniture, fixture etc) Present modification Additional security provided of immovable property viz., |
|
|
|
|
Name of the company |
MOHAN
ROCKY SPRINGWATER BREWERIES LIMITED |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Deed of hypothecation of inland bills and deed of hypothecation of goods both dated 12.01.1994 and together constituting a single charge |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of third party demand etc and hypothecation of fixed assets electric installations, equipments, vehicles furniture and fixture etc |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.75% over RBI rates with a minimum of 19.75% |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank, Shastri Nagar, Khopoli - 410203 |
|
6) Date and brief description of instrument modifying the charge |
Letter of hypothecation for inland/foreign bills purchased/advance against bills for collection, hypothecation of goods to secure a demand cash credit, agreement of hypothecation of book debts all dated 19.03.2005 and together to modify charge |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Previous Modification Vide modification dated 25.08.1994 total amount secured was enchased from Rs. 1.000 Millions to Rs. 10.000 Millions Collateral security of plant and machineries etc Collateral security of immovable properties of the company Rs. 2.500 Millions out of this limit of purchase of cheque drafts can be converted into bills discounting limit Collateral security of plant and machinery equipment etc and immovable properties shall cover all other facilities Rs. 19.000 Millions Vide modification dated 14.02.2001 security was extended up to Rs. 5.000 Millions by way of first charge and inters rate was modified and security against plant and machinery created for a total of Rs. 19.500 Millions included other facilities Vide modification dated 19.03.2005 security was extended up to Rs. 5.000 Millions by way of first charge and inters rate was modified and security against plant and machinery created for a total of Rs. 17.500 Millions included other facilities Property charged inter allia covered the following All the present charged inter alia covered the following All the present and future book debts outstanding moneys, receivable claims, bills etc Fixed assets of the company (other than and vehicles, furniture, fixture etc) Present modification Additional security provided of immovable property viz., |
|
|
|
|
Name of the company |
MOHAN
ROCKY SPRINGWATER BREWERIES LIMITED |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Deed of hypothecation of inland bills and deed of hypothecation of goods both dated 12.01.1994 and together constituting a single charge |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of third party demand etc and hypothecation of fixed assets electric installations, equipments, vehicles furniture and fixture etc |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.75% over RBI rates with a minimum of 19.75% |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank, Shastri Nagar, Khopoli - 410203 |
|
6) Date and brief description of instrument modifying the charge |
Letter of hypothecation for inland/foreign bills purchased/advance against bills for collection, hypothecation of goods to secure a demand cash credit, agreement of hypothecation of book debts all dated 19.03.2005 and together to modify charge |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Previous Modification Vide modification dated 25.08.1994 total amount secured was enchased from Rs. 1.000 Millions to Rs. 10.000 Millions Collateral security of plant and machineries etc Collateral security of immovable properties of the company Rs. 2.500 Millions out of this limit of purchase of cheque drafts can be converted into bills discounting limit Collateral security of plant and machinery equipment etc and immovable properties shall cover all other facilities Rs. 19.000 Millions Vide modification dated 14.02.2001 security was extended up to Rs. 5.000 Millions by way of first charge and inters rate was modified and security against plant and machinery created for a total of Rs. 19.500 Millions included other facilities Vide modification dated 19.03.2005 security was extended up to Rs. 5.000 Millions by way of first charge and inters rate was modified and security against plant and machinery created for a total of Rs. 17.500 Millions included other facilities Property charged inter allia covered the following All the present charged inter alia covered the following All the present and future book debts outstanding moneys, receivable claims, bills etc Fixed assets of the company (other than and vehicles, furniture, fixture etc) Present modification Additional security provided of immovable property viz., property bearing survey nos. 34, 35-B, 35-A, 38,23,11,12,14,20,25,26,37,35,40,41 and 42 sited at vihari and khopli |
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.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
36 |
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/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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|