MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VOLVO CONSTRUCTION EQUIPMENTS INDIA PRIVATE LIMITED |
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Merged With : |
VOLVO INDIA PRIVATE LIMITED |
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Registered Office : |
Yalachahally Village, Tavarekere Post, Hosakote, Bangalore
– 562 122, Karnataka, India. |
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Country : |
India |
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Date of Incorporation : |
02.08.1996 |
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Com. Reg. No.: |
08-24176 |
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CIN No.: [Company
Identification No.] |
U85110KA1996PTC024176 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV03081B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in manufacturing of heavy commercial
vehicles with gross vehicles weight of 16 tons & upward |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of Volvo, Sweden. The company has produced very good results and wiped out
previous losses. Available information indicates high financial responsibility
of the company. Financial position is good. Trade relations are fair.
Payments are correct and as per commitments. The company can
be considered good for any normal business dealings. It can be regarded as a
promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
Yalachahally Village, Tavarekere Post, Hosakote, Bangalore
– 562 122, Karnataka, India. |
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Tel. No.: |
91-80-27965251/58/59/ 56914000 |
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Mobile No.: |
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Fax No.: |
91-80-27965233 |
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E-Mail : |
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Website : |
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Area : |
10 acres |
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Location : |
Owned |
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Corporate Office : |
201 Embassy Square, 148, Infantry Road, Bangalore – 560
001, Karnataka, INDIA |
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Tel. No.: |
91-80-22266426-28 / 22228446 |
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Fax No.: |
91-80-22284448 / 22250721 |
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E-Mail : |
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Area : |
2000 sq. fts |
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Location : |
Rented |
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Factory 1 : |
Yalachahalli, Tavarekere P.O., Old Madras Road, Hoskote,
Bangalore -562 122, Karnataka, INDIA |
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Tel. No.: |
91-80-27965251/58/59 |
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Fax No.: |
91-80-27965233 |
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E-Mail : |
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Website : |
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Area : |
10 acres |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Claes Svedberg |
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Designation : |
Chairman |
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Address : |
Odensvagen 43362,
Savedalen, Sweden |
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Date of Birth/Age : |
25.10.1957 |
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Date of Appointment : |
13.03.2002 |
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Name : |
Mr. Narsim Shenoy |
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Designation : |
Vice Chairman |
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Address : |
No. 33, Embassy Palace, Cunnigham Road, Bangalore – 560 001. |
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Date of Birth/Age : |
26.04.1931 |
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Date of Appointment : |
09.04.1997 |
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Name : |
Mr. Ravi Uppal |
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Designation : |
Managing Director |
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Name : |
Mr. Rune Lund Berg |
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Designation : |
Director |
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Address : |
Fastningsvagen 1, SE 405 08, Gothenburg, Sweden |
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Date of Birth/Age : |
25.11.1950 |
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Date of Appointment : |
14.03.2005 |
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Name : |
Mr. Lars Ake Javers |
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Designation : |
Director |
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Address : |
Kopparasvagen, 5AA, 42738, Billdal |
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Date of Appointment : |
05.12.1997 |
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|
Name : |
Mr. A M Muralidharan |
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Designation : |
Business Development Manager-VCE |
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Name : |
Mr. Anton Freiesieben |
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Designation : |
Vice President – Marketing |
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Name : |
Mr. Emmanuel David |
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Designation : |
Deputy General Manager – Human Resources & Administration |
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Name : |
Mr. Mansoor Ahmed |
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Designation : |
VP - Marketing |
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Date of Birth/Age : |
43 Years |
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Qualification : |
BE |
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Experience : |
21 Years |
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Date of Appointment : |
14.08.1997 |
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|
Name : |
Mr. Mikael Schill |
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Designation : |
Vice President - Industry |
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|
Name : |
Mr. Rakesh Kapur |
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Designation : |
Financial Controller |
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Name : |
Mr. S Muralidhar |
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Designation : |
Deputy General Manager – Vendor Development. |
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Name : |
Mr. S Ravi Shankar |
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Designation : |
Legal Co-ordinator & Company Secretary |
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Name : |
Mr. Eric Leblanc |
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Designation : |
Managing Director |
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Address: |
Villa No. 20, Phase I, Adarsh Palm, Meadows, Airport Whilefield Road, Ramagondanahalli, Bangalore – 560 066. |
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Date of Birth/Age : |
28.04.1958 |
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Qualification : |
MBA |
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Experience : |
16 Years |
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Date of Appointment : |
02.02.2005 |
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|
Name : |
Mr. Bo Vilhelm Gustavsson |
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Designation : |
Director |
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Address: |
Kutterspaansgatan, 20 416 80, Gothenburg, Sweden |
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Date of Birth/Age : |
08.10.1952 |
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Date of Appointment : |
13.03.2002 |
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Name : |
Mr. Lars Lidman |
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Designation : |
Director |
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Address: |
Corta Sawdelswagatan 412 73, Gothenburg, Sweden |
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Date of Birth/Age : |
17.09.1954 |
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Date of Appointment : |
04.08.1998 |
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Name : |
Mr. Orvar Malte Lundberg |
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Designation : |
Director |
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Address: |
Lovstigen 3, S – 433, 60 Savedalen, Sweden |
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Date of Birth/Age : |
02.09.1943 |
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Date of Appointment : |
09.04.1997 |
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|
Name : |
Mr. Ake Niklasson |
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Designation : |
Director |
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Address: |
Bokskogsbacken 66, S – 42256, Hisings Backa, Sweden |
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Date of Birth/Age : |
12.05.1953 |
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Date of Appointment : |
14.03.2005 |
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|
Name : |
Mr. Vincent Tan Sin Tiah |
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Designation : |
Director |
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Address: |
5, Siak, Kew Avenue, Singapore – 348 043 |
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Date of Birth/Age : |
30.09.1961 |
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Date of Appointment : |
16.09.2004 |
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Name : |
Mr. Keith Ellis |
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Designation : |
Director |
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Address: |
Shangri- La Residences, No. 03/01, IA Ladyhill Road, Singapore – 258 685. |
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Date of Birth/Age : |
01.06.1945 |
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Date of Appointment : |
16.09.2004 (Resigned) |
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Name : |
Mr. Ulf Nordovist |
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Designation : |
Managing Director |
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Address: |
3496, JMD House, 14th Main, HAL II Stage, Indira nagar, Bangalore – 560 069. |
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Date of Birth/Age : |
01.04.1949 |
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Qualification : |
ME |
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Experience : |
32 Years |
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Date of Appointment : |
02.02.2005 (Resigned) |
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|
Name : |
Mr. Finn Sture Wilhelm Adolson |
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Designation : |
Director |
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Address: |
Berghemsvagen 4, 35 Lerum, Sweden |
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Date of Birth/Age : |
29.09.1944 |
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Date of Appointment : |
30.09.2004 (Resigned) |
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Name : |
Mr. S. Ravishankar |
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Designation : |
Company Secretary |
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Address: |
204, “Yogasri” 8th “A” main, 2nd ‘C’ Cross, I Block, Kalyananagar HRBR layout, Bangalore – 560 043. |
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Date of Birth/Age : |
21.01.1965 |
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Date of Appointment : |
02.02.2005 (Resigned) |
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Name : |
Mr. Laxminarayan Hegde |
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Designation : |
Company Secretary |
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Address: |
No. 26/51, 8th Cross-, Swimming Pool Extension, Malleswaram, Bangalore – 560 003. |
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Date of Birth/Age : |
15.04.1964 |
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Date of Appointment : |
03.08.2005 |
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|
Name : |
Mr. Akash Passey |
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Designation : |
VP – Bus Division |
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Date of Birth/Age : |
37 Years |
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Qualification : |
BE |
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Experience : |
15 Years |
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Date of Appointment : |
15.12.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Volvo Truck Corporation, Sweden |
|
104668 |
|
Volvo Holding
Sverige AB |
|
1 |
|
Volvo Truck Corporation |
|
106241 |
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TOTAL: |
|
210910 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing of heavy
commercial vehicles with gross vehicles weight of 16 tons & upward |
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Products : |
"VOLVO" |
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Imports : |
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Countries : |
Sweden and France |
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Terms : |
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Selling : |
Advance against Bookings terms |
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Purchasing : |
Credit
upto 90 days + Documents thru’ Banks te |
PRODUCTION STATUS
|
Particulars |
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Installed
Capacity |
Actual
Production |
|
Tractors |
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|
500 Nos. |
347 Nos. |
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Trailers |
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|
500 Nos. |
101 Nos. |
GENERAL
INFORMATION
|
Suppliers : |
Ř Volvo Truck Corporation, Sweden Ř Sundaram Clayton Limited, Chennai, Tamil Nadu, India Ř Radials International Limited, New Delhi, India Ř Brakes (India) Limited, Chennai, Tamil Nadu, India Ř Z. F. Steering Gears Limited, New Delhi, India Ř ELF Atochem, France ELF Lubricants, France |
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Customers : |
Ř Transport Corporation of India Limited, Secunderabad, Andhra Pradesh, India Ř ACT India Limited, Chennai, Tamil Nadu, India Ř Kondapallai Transports Private Limited, Hyderabad, Andhra Pradesh, India Ř Mittal Road Carriers Private Limited, Mumbai, Maharashtra, India Karnataka State Road Transport Corporation Limited,
Bangalore, Karnataka, India |
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No. of Employees : |
210 |
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Bankers : |
v Vysya Bank, Overseas Branch, Bangalore – 560 001, Karnataka, India v Standard Chartered Grindlays Bank, M. G. Bangalore, Karnataka, India [The company is reported to enjoy substantial facilities amounted to Rs.75 millions from
its banker] |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
Loverlock & Lewes Chartered Accountants |
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Address : |
Mittal Towers, 14th Floor, 47/ 6, M G Road,
Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-559 1941 / 3429 / 7504 |
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Mobile No.: |
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Fax No.: |
91-80-559 3792 |
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E-Mail : |
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Memberships : |
Confederation of Indian Industry |
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Holding Company : |
v Volvo Truck Corporation, Sweden v
AB Volvo, Sweden |
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Associates/Subsidiaries : |
v Volvo Truck India Private Limited v Volvo Bus India Private Limited v Volvo Car India Private Limited v Volvo Penta India Private Limited v PSC Electronics India Private Limited v Volvo Truck Australia Private Limited, Australia v Volvo de Brasil, Brazil v Volvo Motor Graders Limited, Canada v Volvo Information Technology GB Limited, Great Britian v Volvo Construction Equipment, Korea v Volvo Information Technology , East Asia, Malaysia v Volvo Trucks North America Inc., USA v Volvo Construction Equipment, Brussels v Volvo East Asia Pte Limited, Singapore v Volvo Parts Corporation, Sweden v Volvo Bus Corporation, Sweden v Volvo Information Technology, Sweden v Celero Support AB, Sweden v Volvo Wheel Loaders AB, Sweden v Volvo Logistics AB Sweden v Volvo Penta Corporation, Sweden v Volvo Powertrain Corporation, Sweden v Volvo Europa Truck NV, Belgium v Renult Vehicules Industries, France Carrus OY, Finland v Volvo IT North America v Volvo Parts North America Inc., USA v Volvo
East Asia Sdn. Bhd. Malaysia |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
|
15000000 |
Redeemable Preference Shares (Note) |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
TOTAL: |
|
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
10466884 |
Equity Shares [Note (c)[ |
Rs.10/- each |
Rs. 104.668 Millions |
|
10624000 |
0% Optionally Convertible/ Redeemable
Preference Shares [Note (a) & (b)] |
Rs.10/- each |
Rs. 106.240 Millions |
|
|
TOTAL: |
|
Rs. 210.908 Millions |
Note:
a)
At the
option of the allottee, the preference shares are convertible in to equity
shares at par or redeemable at par after 30.11.2005, but on or before
30.11.2020.
b)
The above shares
are held by Volvo Truck Corporation, Sweden, the holding company
c)
Of the
above shares, 10466883 (2002: 10466883) shares are held by Volvo Truck
Corporation, Sweden, the holding company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2003 |
31.12.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
210.909 |
210.909 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1699.279 |
1699.279 |
|
|
4] (Accumulated Losses) |
|
(584.182) |
(846.631) |
|
|
NETWORTH |
|
1326.006 |
1063.557 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
11.467 |
0.384 |
|
|
2] Unsecured Loans |
|
0.013 |
450.000 |
|
|
TOTAL BORROWING |
|
11.480 |
450.384 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1337.486 |
1513.941 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
719.837 |
786.947 |
|
|
Capital work-in-progress |
|
6.037 |
10.001 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
144.341 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
678.372 |
813.125 |
|
|
Sundry Debtors |
|
477.010 |
395.776 |
|
|
Cash & Bank Balances |
|
320.850 |
65.956 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
78.574 |
66.120 |
|
Total Current Assets |
|
1554.806 |
1340.977 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
855.051 |
577.267 |
|
|
Provisions |
|
88.143 |
191.058 |
|
Total Current Liabilities |
|
943.194 |
768.325 |
|
|
Net Current Assets |
|
611.612 |
572.652 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1337.486 |
1513.941 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2003 |
31.12.2002 |
|
Sales Turnover [including other income] |
|
2776.283 |
2315.569 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
453.790 |
(70.256) |
|
Provision for
Taxation |
|
191.341 |
(0.043) |
|
Profit/(Loss)
After Tax |
|
262.449 |
(70.299) |
|
|
|
|
|
|
Export Value |
|
60.795 |
8.360 |
|
|
|
|
|
|
Import Value |
|
1096.180 |
952.742 |
|
|
|
|
|
|
Total Expenditure |
|
2340.493 |
2385.825 |
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2003 |
31.12.2002 |
|
PAT / Total Income |
(%) |
|
9.45 |
(3.04) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
16.35 |
(3.03) |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
|
19.90 |
(3.09) |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
|
0.34 |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
|
0.72 |
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
|
1.65 |
1.75 |
SUMMARISED PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
|
Sales Turnover [including other income] |
|
9851.510 |
5904.660 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
2445.750 |
1254.740 |
|
Provision for
Taxation |
|
838.000 |
442.760 |
|
Profit/(Loss)
After Tax |
|
1607.750 |
811.980 |
|
|
|
|
|
|
Total Expenditure |
|
1978.750 |
1411.560 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 2nd August, 1996 at New Delhi in India having company registration number 80852.
The Registered Office of the company has been shifted to Bangalore in Karnataka with effect from 7th September, 1998 and a new company registration number 24176 of Karnataka ROC was obtained.
The Company became deemed public limited liability company w.e.f. 31st March, 2000 and subsequent to the Company Act, 1956 amendments the company converted itself into a private limited liability company w.e.f. 8th March, 2001.
BUSINESS
The company is engaged in manufacturing of heavy commercial vehicles with gross vehicles weight of 16 tons & upward.
The company started its commercial production from July, 1998.
The company imports critical components & machinery from Sweden, Belgium, Germany and France against Suppliers Credit upto 90 days + Documents thru’ Banks terms.
Subject sells its products under the brand name "VOLVO".
Subject has collaboration with Volvo Truck Corporation, Sweden.
Operations:
The company successfully completed its ninth
year of operations & the directors are pleased to report that the sales
& other income of the company have been extremely god. The operations have
resulted in a profit of Rs. 2445.750 Millions for the year as against a profit
of Rs. 1254.740 Millions during the previous year.
The Board has
recommended a final dividend of Rs. 60 per share. The total payout of dividend
for the year ids Rs. 716.09 Million including dividend tax of Rs. 88.08
Million.
Fixed Assets:
Land, Land Development, Buildings, Plant
& Machinery, Free Hold Land, Leasehold Improvement, Furniture &
Fixtures and Technical Know-How
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.42.88 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|