MIRA
INFORM REPORT
|
Report Date : |
27th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
UQUIFA
ITALIA S.P.A. |
|
|
|
|
Registered Office : |
Via Delle Industrie, 84 20041- Agrate Brianza (MI)
-IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
03.12.1997 |
|
|
|
|
Legal Form : |
Joint Stock Company with Sole Shareholder |
|
|
|
|
Line of Business : |
Production
of basic Chemical Substances. & Wholesaler of Pharmaceutical Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
90.400 .Eur. |
|
|
|
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Unknown
|
|
|
|
|
Litigation : |
Clear |
Company name & Address
UQUIFA ITALIA S.P.A.
Via DELLE INDUSTRIE, 84
20041 - Agrate Brianza (MI) -IT-
SUMMARY
Fiscal Code : 12300670150
Legal Form : Joint Stock company with sole
shareholder
Start of Activities
: 18/03/1998
Patrimonial Consistence :
500.000 Eur
Turnover Range
: 18.000.000/20.000.000 Eur
Number of Employees : from 91 to 110
CREDIT
ANALYSIS
CREDIT OPINION : 90.400 - Eur
Score : 2. Risk high
Creditworthness Rate : 16% (Scanty)
Modest financial and economic aspect - Limited credit is suggested.
n.b.: The Creditworthness Rate shows, in percentage, the ratio
between the suggested credit opinion and the credit amount that the firm could
get if the financial situation would be completely positive.
ACTIVITY
Production
of basic chemical substances.
Pharmaceutical
industry.
Wholesale
of pharmaceutical products.
LEGAL
DATA
Legal
Form : Joint
Stock company with sole shareholder
Fiscal Code
: 12300670150
Foreign Trade Reg. no.
: 290516 of Milano since 04/05/1999
Chamber of Commerce no. : 1544807 of Milano since 18/12/1997
Firms' Register
: MI-1997-318763 since 19/12/1997
Foundation Date
: 03/12/1997
Establishment Date
: 03/12/1997
Start of Activities
: 18/03/1998
Legal Duration Date
: 31/12/2030
Paid up Capital : 100.000 Eur
MEMBERS
Fiordigiglio Fabrizio
Born in VARESE on
23/11/1957 - Fiscal Code : FRDFRZ57S23L682Z
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares
Amount % Ownership
Managing Director 14/06/2005
Director 18/04/2005
Assistant board Chairman 14/06/2005
No
Protests registered.
Robbins Mark Ian
Born in LONDRA-GRAN BRETAGNA on 31/08/1957 - Fiscal Code :
RBBMKN57M31Z114I
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares
Amount %
Ownership
Director 18/04/2005
Board Chairman 18/04/2005
No
Protests registered.
CUMMINS SEAN VINCENT
Born in CORBY on 27/09/1962 - Fiscal Code : CMMSVN62P27Z114U
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount % Ownership
Director 18/04/2005
No
Protests registered.
BURNETT ANDREW
Born in KETTERING on 01/05/1965 - Fiscal Code : BRNNRW65E01Z114O
Residence : Via DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount % Ownership
Director 18/04/2005
No
Protests registered.
CAROLI VITO RUGGERO
Born in MILANO on 12/03/1965 - Fiscal Code : CRLVRG65C12F205L
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares
Amount % Ownership
Attorney with special power 19/12/2005
No
Protests registered.
PUSCEDDU ENRICO
Born in ORISTANO on 04/05/1953 - Fiscal Code : PSCNRC53E04G113T
Residence : Via DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 16/02/2000
No
Protests registered.
CAVALLARETTO PAOLA
Born in MILANO on 21/06/1963 - Fiscal Code : CVLPLA63H61F205J
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
CAVALIERI MASSIMO
Born in ROMA on 14/02/1951 - Fiscal Code : CVLMSM51B14H501G
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2001
No
Protests registered.
COMINARDI ANGELO
Born in CALCINATE on 13/02/1955 - Fiscal Code : CMNNGL55B13B393W
Residence : Viale DELLE INDUSTRIE , 84 - 24050 Calcinate (BG) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
DA ROS LAURA
Born in MONZA on 11/03/1960 - Fiscal Code : DRSLRA60C51F704H
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
FAZIO MARCO PIETRO
Born in MILANO on 07/08/1962 - Fiscal Code : FZAMCP62M07F205Q
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
GUERRA LUCIANO
Born in VENEZIA on 05/02/1965 - Fiscal Code : GRRLCN65B05L736S
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
LORENZON PATRIZIA
Born in ALESSANDRIA on 20/04/1964 - Fiscal Code : LRNPRZ64D60A182F
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
ROSSI FABIO
Born in MONZA on 05/10/1973 - Fiscal Code : RSSFBA73R05F704L
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
VILLA ANGELO MARIO
Born in VARESE on
24/01/1965 - Fiscal Code : VLLNLM65A24L682V
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 14/09/2004
No
Protests registered.
VILLA ROBERTO RICCARDO
Born in MILANO on 30/07/1961 - Fiscal Code : VLLRRT61L30F205M
Residence : Viale DELLE INDUSTRIE , 84 - 20100 Milano (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/10/2002
No
Protests registered.
GREPPI DAVIDE
Born in MONZA on 19/03/1972 - Fiscal Code : GRPDVD72C19F704Y
Residence : Via DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 04/02/2003
No
Protests registered.
YULE CATTO SPAIN SL
Position Since Shares Amount %
Ownership
Sole partner 02/03/2004
No
Protests registered.
POTERE NICOLA
Born in BARI on 03/08/1956 - Fiscal Code : PTRNCL56M03A662Z
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 28/07/2005
No
Protests registered.
SOTTILE SALVATORE
Born in MAZZARINO on 29/05/1973 - Fiscal Code : STTSVT73E29F065N
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 19/12/2005
No
Protests registered.
DONES LORENZO
Born in MILANO on 24/04/1968 - Fiscal Code : DNSLNZ68D24F205W
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 19/12/2005
No
Protests registered.
ROSSI PANCRAZIO
Born in VEDANO AL LAMBRO on
07/08/1958 - Fiscal Code :
RSSPCR58M07L704M
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares
Amount % Ownership
Attorney with special power 22/08/2006
No
Protests registered.
ARMANINO PAOLO
Born in GENOVA on 24/03/1971 - Fiscal Code : RMNPLA71C24D969O
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position Since Shares Amount %
Ownership
Procurator 22/08/2006
No
Protests registered.
COMPANIES
CONNECTED TO MEMBERS *
*checkings
have been performed on a national scale.
*In this
module are listed the companies in which members hold or held positions.
CAVALIERI MASSIMO
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
SOCIETA' ITALO BRITANNICA L.*MANETTI -
H.*ROBERTS E C. PER AZIONI |
Firenze (FI) - IT - |
00394990485 |
Attorney with special power |
Ceased |
|
EURACONSULT SAS DI SARA CAVALIERI E C. |
Roma (RM) - IT - |
02315191003 |
Limited Partner |
Ceased |
|
EURACONSULT 2003 SRL |
Roma (RM) - IT - |
07415021000 |
Sole Director |
Registered |
GREPPI DAVIDE
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
ELMEG S.A.S. DI GREPPI RODOLFO E C. |
Monza (MI) - IT - |
02705390967 |
Limited Partner |
Registered |
The
indication "REGISTERED" as Firm Status could refere to Firms in
Liquidation, Active, Inactive, etc.
For more
information, in this case, we advise to request further investigations.
CAPITAL
SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
YULE CATTO SPAIN SL |
|
|
|
100,00
|
DIRECT
PARTICIPATIONS
The
Company under review has no participations in other Companies.
STRUCTURE
AND COMPANY ACTIVITY
In order
to carry out its activities the firm uses the following locations:
- Legal and operative seat in :
Via DELLE INDUSTRIE , 84 - 20041 - AGRATE BRIANZA (MI) - IT -
PHONE : 039/65751
Employees : 98
Active partners : 2
Fittings and Equipment for a
value of 2.990.285 Eur
Stocks for a value of
2.241.422 Eur
HISTORICAL
INFORMATION AND/OR FIRM'S STATUS
Changes to the legal form
Former legal form New legal form Changement Date
Limited liability company Joint stock company
Ex-Members / Ex-Positions
Robbins Mark Ian
Born in LONDRA-GRAN BRETAGNA on 31/08/1957 - Fiscal Code :
RBBMKN57M31Z114I
Residence : Viale DELLE INDUSTRIE , 84 - 20041 Agrate Brianza (MI) - IT -
Position
Sole Director
Fichera Paolo
Born in Catania on 20/08/1943 - Fiscal Code : FCHPLA43M20C351U
Residence : Viale Delle Industrie ,
84 - 20041 Agrate Brianza (MI) - IT -
Position
Attorney with special power
PAYMENTS
ANALYSIS
The
average term of debts to suppliers is shorter than the sector
one.
PAYMENTS
SCORE : ZZZZZ - No insolvency
CREDIT
REVOLVING
During
last Year, the subject of inquiry has not been monitored by our company.
PROTESTS
Protests
checking on the subject firm has given a negative result.
LEGAL
PROCEDURES
None
reported, standing to the last received edition of the Official Publications.
IMMOVABLES
*
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
Immovable Type Value
Real estates 5.248.109 .Eur
NB.: For
Capital Companies the value of the Immovables is the one reported in the last
available financial documents.
FINANCIAL
AND ECONOMICAL ANALYSIS
The
company is active since 1998
Last two
financial years were marked by losses; in 2005 r.o.e. is -354,18%.
The
return on investment in the last financial year was negative (-4,51%).
Net
worth does not allow a regular management, short-term debts volume is considerably
high, with an high indebtedness volume on the whole (36,1) and increasing if
compared to the previous year.
As far
as financial debts are concerned the rate is high; the average payments' period
is slighlty high anyway better than the field's average.
Liquidity
is rather lacking
FINANCIAL
DATA
Complete balance-sheet for the year as at 31/12/2005 (in Eur x 1 )
Item Type Amount Source
Sales 18.686.214 filed
balance sheet
Profit (Loss) for the period -1.666.525 filed
balance sheet
Complete balance-sheet for the year as at 31/12/2004 (in Eur x 1 )
Item Type Amount Source
Sales 17.088.195 filed
balance sheet
Profit (Loss) for the period -5.078.621 filed
balance sheet
BALANCE
SHEETS
From our
constant monitoring of the Public Administration, actually, no more recent
balance sheets result to be filed.
Balance Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts
x 1
Balance Sheet as at 31/12/2004 - Months 12 - Currency Eur - Amounts
x 1
|
Years |
|
|
2005 |
2004 |
BALANCE SHEET ACCOUNTS
|
||||
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
11.891.972 |
10.357.316 |
|
. Intangible assets |
|
|
10.239 |
14.899 |
|
. Tangible fixed assets |
|
|
11.858.332 |
10.304.655 |
|
. . Land and buildings |
|
|
5.248.109 |
4.700.399 |
|
. . Plants, Equipm.and Machinery |
|
|
6.265.259 |
4.521.466 |
|
. Long-term Investments |
|
|
23.401 |
37.762 |
|
. . Financial loans |
|
|
23.401 |
37.762 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
7.866.117 |
8.302.200 |
|
. Stock |
|
|
4.095.366 |
5.222.554 |
|
. Credits |
|
|
3.689.319 |
2.995.631 |
|
. . Credits to clients |
|
|
2.961.571 |
2.231.373 |
|
. . Other credits |
|
|
727.748 |
764.258 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
81.432 |
84.015 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
313.870 |
397.303 |
|
TOTAL ASSETS |
|
|
20.071.959 |
19.056.819 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
470.526 |
1.137.048 |
|
. Company's capital |
|
|
100.000 |
100.000 |
|
. Reserves |
|
|
1.020.003 |
2.020.001 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
1.017.048 |
4.095.668 |
|
. Profit (loss) |
|
|
-1.666.525 |
-5.078.621 |
|
PROVISION CHARGES ACCOUNTS |
|
|
1.017.851 |
1.169.420 |
|
STAFF TERM INDEMNITY |
|
|
1.470.317 |
1.367.633 |
|
DEBTS |
|
|
17.068.534 |
15.332.256 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
12.474.251 |
10.025.146 |
|
. . Financial short-term banks |
|
|
3.494.841 |
3.061.108 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
8.979.410 |
6.964.038 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
3.286.942 |
4.136.722 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
1.307.341 |
1.170.388 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
44.731 |
50.462 |
|
TOTAL LIABILITIES |
|
|
20.071.959 |
19.056.819 |
|
. |
|
|
|
|
PROFIT AND LOSS ACCOUNTS
|
||||
|
OUTPUT VALUE |
|
|
19.182.039 |
15.362.301 |
|
. Revenues from sales/services |
|
|
18.686.214 |
17.088.195 |
|
. Change of stock (products) |
|
|
247.834 |
-1.881.273 |
|
OPERATING EXPENSES |
|
|
20.088.770 |
20.055.806 |
|
. Purchasing expenses |
|
|
6.879.434 |
7.684.680 |
|
. Change of stock (raw material) |
|
|
1.375.022 |
-527.675 |
|
. Expenses from services |
|
|
4.938.313 |
4.895.427 |
|
. Expenses from leasing |
|
|
127.024 |
98.418 |
|
. General expenses/sundry charges |
|
|
227.117 |
1.188.523 |
|
. Staff expenses |
|
|
4.959.353 |
5.192.138 |
|
. Depreciation/Devaluation costs |
|
|
1.582.507 |
1.524.295 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-527.466 |
-324.776 |
|
. Financial charges |
|
|
-528.527 |
-327.738 |
|
. Financial revenues |
|
|
1.061 |
2.962 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES
(CHARGES) |
|
|
-67.603 |
-16.840 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
-1.501.800 |
-5.035.121 |
|
TAX |
|
|
164.725 |
43.500 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
-1.666.525 |
-5.078.621 |
RATIOS
|
|
Item |
O.V. |
O.V. |
as
at 31/12/2005 |
as
at 31/12/2004 |
Sector
Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
0,16 |
0,24 |
1,44 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
36,10 |
13,41 |
2,22 |
|
Current ratio |
Units |
=> 1 |
l |
0,46 |
0,54 |
1,20 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,22 |
0,20 |
0,94 |
|
Return on Sales |
% |
|
l |
-
0,44 |
-
20,79 |
4,42 |
|
Average stock waiting period |
dd |
|
l |
78,87 |
110,01 |
41,14 |
|
Credits to clients average term |
dd |
|
l |
57,02 |
46,98 |
133,16 |
|
Debts to suppliers average term |
dd |
|
l |
99,03 |
117,43 |
135,28 |
|
Net financial revenues/ charges incidence |
% |
|
l |
-
2,82 |
-
1,90 |
-
0,99 |
|
Labour cost incidence |
% |
|
l |
26,54 |
30,38 |
13,32 |
O.V.
= Optimal Value. When not present refer to the sector's.
A
coloured item indicates the opinion of the rate during the last financial year
(green=good;
orange=not optimal; red=insufficient; n.c.=not computable)
CREDIT
OPINION DETERMINATION
The
credit opinion determination is divided into two phases :
1) Risk
analysis (Score).
2)
Reliability score identification.
RISK
ANALYSIS (SCORE)
On the
base of precise indicators as "Activity sector", "Area",
"Firm's foundation", "Payment
analysis","Profitability", we analysed the companies included in
the same activity sector of subject company, classifying them by their own risk
score.
Classification of companies in the same
sector by risk score :
Score Risk level % Firms
1 very high 3%
2 high 0 %
3 slightly high 9%
4 normal 18%
5 low 70%
The company under review falls within the
range of high risk.
RELIABILITY
SCORE
Considering
also subject's structural and behavioural characteristics its credit margin
rate (from 0 to 100%) is equal to 16%, in respect of a sector average of 55%.
CREDIT
OPINION
On the
basis of the above mentioned, and the sales volume obtained, we deem that the
maximum exposure for short and medium term transactions ( 90 - 120 days ) could
be of:
90.400 .Eur.
REMARKS
1)
Protests checking (relative to the last five years) performed by crossing and
matching the members names and the Firm's Style with the reported addresses, is
supplied by the Informatic Registry managed by the Italian Chamber of Commerce.
If the fiscal code is not indicated, the eventual homonymous cases are
submitted to expert staff evaluation in order to limit wrong matching risks.
2) The
Legal Data, supplied and retrived from the Firm's Registry of the Italian
Chamber of Commerce, are in line with the last registered modifications.
SOURCES
- Our
historical data
- Public
Administration
-
Reporters
- Newspapers
- Users
-
Statistics Bodies
-
Financial Project Editions
N.B.: Data from the Public Administration present in the report are
updated since the last available edition.
MARKET
/ TERRITORY DATA
Population living in the province : 3.839.216
Population living in the region : 9.393.092
Number of families in the region : 3.858.736
Monthly
family expences average in the region (in Eur.) :
- per food products : 460
- per non food products : 2.090
- per energy consume : 114
SECTOR
DATA
The
values are calculated on a base of 1.141 significant companies.
The
companies cash their credits on an average of 133 dd.
The
average duration of suppliers debts is about 135 dd.
The
sector's profitability is on an average of 4,42%.
The
labour cost affects the turnover in the measure of 13,32%.
Goods
are held in stock in a range of 41 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,19.
The
employees costs represent the 13,62% of the production costs.
STATISTICAL
DETRIMENTAL DATA
Statistcally
the trade activity shows periods of crisis.
The area
is statistically considered lowly risky.
In the
region 50.886 protested subjects are found; in the province they count to
24.765.
The
insolvency index for the region is 0,55, while for the province it is 0,66.
Total
Bankrupt companies in the province : 22.523.
Total
Bankrupt companies in the region : 39.612.
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 |
|