MIRA
INFORM REPORT
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Report Date : |
15th
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
ABC
INTERNATIONAL |
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Registered Office : |
402,
Commerce House, 9/1, Cunningham Road, Banglore – 560052, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1985 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05404A |
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PAN No.: [Permanent
Account No.] |
ABXPM9605M |
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Legal Form : |
Sole
Proprietor |
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Line of Business : |
Exporters
of Processed Foods, currently focussing on Tamarind Products, Gherkins,
Spices 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 : |
USD20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
fair. Payments are usually correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
402,
Commerce House, 9/1, Cunningham Road, Bangalore – 560052, Karnataka, India |
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Tel. No.: |
91-80-22203997/
22203526 |
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Fax No.: |
91-80-22251022 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
500
sq.ft. |
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Factory
1 : |
Mysore,
Karnataka |
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Area : |
1000
sq.ft. (2 acres Land) |
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Factory
2 : |
Nidadole,
Andhra Pradesh |
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Area : |
10000
sq.ft. (2 acres Land) |
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Branches
: |
Godown Horamavu, Outer Ring Road, Bangalore |
SOLE PROPRIETOR
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Name : |
Mrs.
Aslesha Madappa |
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Designation : |
Proprietrix |
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Mobile No.: |
91-9845034633 |
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Date of Birth/Age : |
53
years |
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Qualification : |
B. A.
(Hons) |
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Experience : |
30
years |
KEY EXECUTIVES
|
Name
: |
Mr. P.
P. Madappa |
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Designation
: |
Chairman |
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Address
: |
402,
Commerce House, 9/1, Cunningham Road, Bangalore – 560052, Karnataka, India |
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Mobile
No.: |
91-9341249711 |
BUSINESS DETAILS
|
Line of Business : |
Exporters
of Processed Foods. Currently focussing on Tamarind Products, Gherkins,
Spices |
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Products : |
Ø
Tamarind
Concentrate Ø
Tamarind
Powders- Spray Dried, Dehydrated and Tray Dried Ø
Seedless
Tamarind Slabs Ø
Kernel
Tamarind Slabs Ø
Tamarind
Seeds Kernel Powder (TKP) Ø
Tamarind
Seed Oil Ø
Spices-
Whole and Powdered Ø
Tamarind
Candies (Soft and hard boiled) Ø
Tamarind
Fruit Bars Ø
Gherkins-
Bulk packing in Brine, Acetic Acid and Vinegar Ø
Gherkins
– Consumer packing in bottles and cans Ø
Dehydrated
Fruit and Vegetable Powders Ø
Spray
Dried Fruit and Vegetable Powders Ø
Spice
Oils and Oleoresins |
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Exports to : |
Europe,
Korea, Sri Lanka, Australlia, |
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Imports from : |
Burma |
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Terms : |
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Selling : |
TT and
L/C (30 days) |
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Purchasing : |
L/C
(30 days) |
PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Processed Foods |
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500Matric Tonnes Per Annum |
GENERAL
INFORMATION
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Suppliers : |
Ø
Yangoon,
Burma Ø
Hitech
Blow Moulders, Blore Ø
Gujarat
Polyethylene, Mumbai Ø
Esquire
Foods, Doddballapur |
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No. of Employees : |
10 |
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Bankers : |
Ø
Syndicate
Bank Limited, Vasant Nagar, Bangalore-52 Ø
Stanchart
Bank, Cunningham Road, Bangalore-52 |
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Facilities : |
Rs. 2.500 Millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Gnaboba
& Bhar Chartered
Accountant, Bangalore |
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Membership (with Chembers of Commerce,
Associations etc.) |
APEDA,
CHEMEXCIL, FICCI, AWAKE |
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Group/ Sister Companies : |
Ø
Karturi
Networks Limited Ø
Kodagu
Foods Private Limited |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 5.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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6.500 |
5.500 |
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Profit/Loss for the year |
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15-20% |
15-20% |
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Export Value |
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6.500 |
5.500 |
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Import Value |
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2.000 |
1.500 |
Average
Value of Inventories at any Given Time : 2.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Promoters
of the Organisation are specialised in the area of Agricultural Sciences, Agricultural Processing , Agricultural Exports and also
and managing the different Agricultural activities of Growing, Manufacturing
and marketing Core Competence in the above area ensures quality products to
meet international norms.
Website
Details :
The
Company’s firm commitment to product quality and customer satisfaction. Its
business philosophy based on the holistic approach from “seed to shelf, ensures
finest quality, strict adherance to business ethics and reasonable business
terms.
The
People behind the enterprise
The core
competence of the company stems from the fact that the promoters of the company
are specialized in the areas of Agricultural Sciences, Food Processing,
Agricultural Exports and also in managing the different agricultural activities
of growing, manufacturing and marketing. Some of the senior executives in the
company, in Marketing, Finance and International Trade. This is an added
advantage and strength to the company and importers.
ABC
International is a pioneer in the manufacturing of various Tamarind Products in
India have been started processing and marketing since 1970’s. Product
Development efforts have been a continuous process for ABCI. As such, several
tamarind products have been developed over the years.
Product
Characteristics
“KiKi”
brand Tamarind concentrate in paste from is extracted from fresh tamarind which
grows abundantly in Southern and Eastern parts of India. New crop is used to
ensure freshness, flavour, natural colour and long shelf life of the product.
No filler, artificial preservative or additive are used, there by making the
product 100% pure, safe and natural, relying entirely in tamarind’s own
preservative characteristics (natural Tartaric Acid).
ABCI’s
stringent quality control system ensures the total production process according
to international standards at every stage of production and each batch is
checked for its quality.
The
Process
The
entire of manufacturing Tamarind Concentrate is automated, hygienic and
comforting to FPO (Food Processing Order of the Government of India) Standards.
The special process retains the natural tangy flavour, purity, sweetness, taste
and the precious vitamin C. The juice is concentrated to reach the desired brix
level of 65 Degree. Depectinised Tamarind concentrate (80 Degree brix) is by
removing the inherent pectin content through biopectinaze enzyme process.
Applications
Tamarind
Concentrates and other Tamarind Products are used as a souring agent. “KiKi”
Tamarind products are an effective substitute for vinegar, tomatoes and lemon
juice. Extensively used in Indian, Thai, Chinese, Malaysian and Mexican
cuisine, they are also used in the manufacturing of Western sauces and
ketchups. It is a base for soft drinks. Its applications are found in :
Ø
Soups,
noodles, stews, gravies, sauces and ethnic food items
Ø
Seasonings,
dry instant premixes, instant soup premixes, tamarind juice
Ø
Instant
soft drink syrup / powder
Ø
Indian
dishes like vindaloo, sambar, rasam, curry, puliogare, panipuri, many snacks,
chutneys and sauces
Ø
As
a flavouring ingredient in alcoholic and non alcoholic (hot and cold)
beverages- iced tea
Ø
Confectioneries
– candies and pastries
Ø
Pharmaceutical-
oral hygiene products and cough syrup
Ø
As
a material in food processing
Ø
Fish,
meat and seafood preservation
Ø
As
a substitute for vinegar and tartaric acid
Ø
As
a taste enhancer for any food or beverage
Ø
In
curing chewing, pipe and cigarette tobaccos
Ø
Dairy
products – yoghurt and other flavoured milk products
Gherkin
Gherkin
industry is fairly new. It is only 10 years old. Gherkins (cucumos Sativus) are
miniaturised cucumber used for pickling (sweet, vinegar and acetic acid) by
different end users. These pickles are normally consumed as snack for cocktails
of TV meals. The main institutional market for Gherkins is fast-food
restaurants world-wide. The major markets for Gherkins are USA, Europe, Korea,
Japan and Australia.
Grades:
Gherkins
are sold on the basis of counts (number of fruits per kg.). The lower the
count, the lower the price and vice versa. The popular counts in commercial
transactions vary as follows:
5-10,
10-20, 20-30, 30-40, 40-60, 60-80, 80-100, 80-120, 120-160, 150-300, 160-300
and 300+. Some buyers may combine the above counts and ask for assorted counts
such as 80-1210, 150-300 etc. Therefore, the processing and trading / exporting
of gherkins are wholly customer – focussed.
Medium
of Packing:
Gherkins
are usually packed in 3 media.
- Brine
- Vinegar
- Acetic Acid
Packing:
The
products are packed in bulk and consumer packs. Bulk packing is made in food
Grade HMHDPE barrels, 220/ 240 litre capacity or as per customer
specifications. Net drained weight will vary from 150 kgs to 180 kgs per drum
for bulk for bulk packing. Capacity in a 20’s container will be 80 barrels.
Consumer
packs are usually in glass jars of 500ml, 650ml or 750ml. The recipe for
consumer packs are given by the importer. More often than not, the importers of
Gherkins in consumer packs provide bottles, vinegar and labels. Thus, it is
customer – specific.
Product
Specifications
Organoleptic
Characteristics:
Colour:
typical green/ greenish yellow
Aspect:
Sound, Full Gherkins
Texture:
firm and very
crispy to bite
Taste: Characteristic of pickled
product without oxidation
Chemical
Properties:
Gherkins
in Brine
Salinity
as NaCI : 15% ±
1%
Acidity
as Lactic Acid:>0.6%,
pH:<3.5
Gherkins
in Acetic Acid and Natural Vinegar
Acidity:
3.2%±0.2%,
Salt:4%±0.2%
Calcium
chloride:
Customized
Process
Flow [ bulk packing in Brine]
Quality
Rejects:
The
Undesirable fruits would include bloaters, soft/dehydrated, shrivelled,
decayed, injured, discoloured, / bleached fungal infested, putrefied, sunburnt,
curved, crooked, nubbins, borer damaged, cut and rotten, fruits with steam
/flowers, etc. The gherkins also shall not contain foreign material such as
flowers, other vegetative materials (such as hair, bolts, nuts, nails etc.) and
non-vegetable materials (such as stems, grass, leaves etc.) Brine solution
status such as fermentation, salt content and brine solution quality shall be
as per standard required and acceptable to the customer. The packed gherkins
shall not have undesirable levels of insecticide and pesticide residues.
Spice
Oils, Oleoresins and Extracts
ABCI
exports an assorted list of spices and commodities. The major spice items
exported include Chill, Pepper, Cardamom, Ginger, Turmeric etc. in whole of in
powder form. Various spice oils and oleoresins also being exported
sporadically. Other commodities of export include Rice, Sugar, Soya products
etc.
ABCI can
supply Whole and Powdered spices as per specific enquiries of customers.
ABCI
exports Spices Oils, Oleoresins and Extracts as per Buyer’s specific
requirements. These include Tamarind Seed Oil and Red chilly Seed Oil recently
developed and supplied to overseas clients.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.01 |
|
UK Pound |
1 |
Rs.84.91 |
|
Euro |
1 |
Rs.57.48 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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