MIRA INFORM REPORT
|
Report Date : |
14.04.2007 |
IDENTIFICATION DETAILS
|
Name : |
BRINDCO SALES LIMITED |
|
|
|
|
Registered
Office : |
3E/7, 3E/7 Jhandewalan Extension, New
Delhi – 110055 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2006 |
|
|
|
|
Date of
Incorporation : |
27.04.1984 |
|
|
|
|
Com. Reg. No.: |
55-18032 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52110DL1984PLC018032 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
DELB05983F/DELB02134G |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Wholesalers and Distributors of Indian made foreign liquor and beer. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit
Limit : |
USD 1500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having fine track. Trade
relations are fair. Financial position is good. Payments are correct and as
per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
3E/7, 3E/7 Jhandewalan Extension, New
Delhi – 110055 |
|
Tel. No.: |
91-11-23525739 |
|
|
|
|
Administrative Office : |
S-53, Okhla Industrial Area, Phase – II, New Delhi – 110 020, INDIA |
|
Tel. No.: |
91-11-26388707/26385294/26389351/26380587 |
|
E-Mail : |
91-11-26386618 |
|
|
|
|
warehouse |
S-53, Okhla Industrial Area, Phase-II, New Delhi - 110 202, India. Tel. No.:91-11-26842923/26843723/26316618/26918707/ 26918713 /
26920587 Telefax: 91-11-26316618 / 6849175
/ 6848112 / 6318524 E-Mail: delhioffice@brindco.com,amandhall@brindcolimited.com, amandhall@brindco.com, sunil@brindcolimited.com Website:http://www.brindco.com E-49/1, Okhla Industrial Area, Phase - II, New Delhi D-1/5, Okhla Industrial Area, Phase - II, New Delhi |
|
|
|
|
Godown : |
E-49, Okhla Industrial Area, Phase – II, New Delhi |
|
Tel. No.: |
91-11-26388590 |
|
|
|
|
Branch: |
Located at : 805, Gurdev Nagar, Near Aarti Cinema, Ludhiana - 141 011, Punjab,
India. F-203, Kamal Apartments, Power House Road, Near Ram Mandir, Jaipur -
302 016, Rajasthan, India. Flat No B-101, Maharaja Apartment (D-105A), Devi Marg, Bani Park,
Jaipur - 302 016, Rajasthan, India. H-1, H-2 & H-103, Ansa Industrial Estate, Saki Vihar Road, Saki
Naka, Mumbai - 400 072, India |
DIRECTORS
|
Name : |
Mr. Brinder Pal Singh |
|
Designation : |
Director |
|
Address : |
E-38, Kalindi, Maharani Bagh, New Delhi – 110065 |
|
Date of
Birth/Age : |
15.05.1945 |
|
Qualification |
B. Sc. (H), Hindu College, University of
Delhi |
|
Experience |
35 years |
|
Date of
Appointment : |
28.09.2001 |
|
|
|
|
Name : |
Mr. Indra Dhall |
|
Designation : |
Director |
|
Address : |
A – 74, East of Kalish, New Delhi – 110065 |
|
Date of
Birth/Age : |
21.06.1921 |
|
Date of
Appointment : |
27.04.1984 |
|
|
|
|
Name : |
Ms. Simrit Dkall |
|
Designation : |
Director |
|
Address : |
E-38, Kalindi, Maharani Bagh, New Delhi – 110065 |
|
Date of
Birth/Age : |
31.07.1950 |
|
Date of
Appointment : |
30.09.2004 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Brinder Pal Singh |
68695 |
|
Mr. Indra Dhall |
10600 |
|
Ms. Simrit Dkall |
8660 |
|
Mr. Brinder Pal Singh (HUF) |
5 |
|
M/s. Star Investment Private Limited
|
75000 |
|
M/s. Maldeep Investment Private Limited |
50000 |
|
M/s. Raghava Investment Private Limited |
100000 |
|
Ms. Simer Dhall |
10000 |
|
M/s. Brindco Investment Private Limited |
34600 |
|
M/s. Brindco Enterprises Private Limited |
39100 |
|
Mr. Amar Deep Singh |
44540 |
BUSINESS DETAILS
|
Line of Business
: |
Wholesalers and Distributors of Indian made foreign liquor and beer |
|
|
|
|
Brand Names : |
Ř United Breweries Limited : Kingfisher Premium
Large Beer Kingfisher Premium
Diet Beer Kingfisher Premium
Cans Kingfisher Premium
Extra Strong Beer Kalyani Black Label
Beer Ř Millennium Alcobev Limited : Bullet Extra Strong
Beer Ř McDowell & Company : McDowell Signature
Whisky McDowell Vintage
Whisky McDowell Premium
Whisky McDowell No. 1 Whisky McDowell Diplomat
Whisky Gold Riband Whisky Kerala Malt Whisky McDowell Celebration
Rum Forbes Gin Crews Dry Gin Blue Riband Gin Blue Riband Duet Gin Red Riband Vodka Ř United Distillers (India) Limited Black Dog 12 Year Old
Whisky Black & White
Whisky Vat 69 Whisky |
|
|
|
|
Agencies Held : |
v United
Distillers (India) Limited v McDowell &
Company Limited v United Breweries
Limited v Millennium
Alcobev Limited v Chandigarh
Distillers and Bottlers Limited v United
Distillers and Vintners Plc v Maison Albert
Bichot v CVBG Dourthe
Kressman v Moet and Hennessy
India Limited v The Wine Group v Mcwilliams of
Australia v Zonin S.P.A. |
|
|
|
|
Imports from : |
UK, Germany, France and Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (60 days) terms |
|
|
|
|
Purchasing : |
L/C or Credit (90 days) terms |
GENERAL INFORMATION
|
Customers : |
v The Oberoi Group
of Hotels all over India v The Taj Group of
Hotels all over India v ITC Maurya
Sheraton v C. V. B. G. –
Dourthe-Kressmann , France v Chateau Clarke
& Chateau Malmaison, France v Somaines
Schlumberger, France v Maison Louis
Jadot, Burgundy v Maison Albert
Bichot, France v E. Guigal,
France v Henri Bourgeois,
France v Kendall jackson
(International Wine Estates), USA v Caymus, USA v Joseph Phelps,
USA v Cakebread
Cellars, USA v Benziger
Vineyards, USA v St. Francis
Winery, USA v Duckhorn
Vineyards, USA v Jordan
Vineyards, USA v Stag’s Leap, USA v Stimson Lane
Vineyards & Estates, USA v McWilliam’s,
Australia v Leeuwin Estates,
Australia v Clarendon Hills,
Australia v D’Arenberg,
Australia v Cororniu, Spain v Rupert &
Rothschild (and Rothschild Family Estates in Bordeaux), South Africa v Moulderbosch
Vineyards, South Africa v Vina Tapapaca,
Chile v Calina (Part of
Kendall Jackson Estates), Chile v Montana Winery
Pte. Limited, New Zealand v Zonin, Italy v Marchesi
Director Barolo, Italy v Col D’Orcia v Marchesi de
Frescobaldi, Italy v Marco Felluga,
Italy v Carlo
Pellegrino, Italy v Tasca
D’Almerita, Italy v Allegrini, Italy
v Lebanon, Lebanon v Catena Zapata,
Argentina v Grupo Modelo
(Corona Beer, Mexico), Beer v Guinness
(Ireland), Beer v Bulmers (Scrumpy
Jack), Beer v Grolsch, Beer v Marie Brizard
& Roger International, Liqueurs |
|
|
|
|
No. of Employees
: |
100 |
|
|
|
|
Bankers : |
v ABN Amro Bank v Bank of India,
Jhandewalan Extension Branch, New Delhi – 110 055
Contact Person : Mr. Ashok
Kumar v Punjab &
Sind Bank, Sunet Branch, Ludhiana, Punjab v Bank of Baroda,
MI Road, Branch, Jaipur, Rajasthan v Bank of Punjab
Limited, SCO 46/47, Bank of Square, Sector – 9D, Chandfigarh - 160009 |
|
|
|
|
Facilities : |
Secured Loan From Bank Cash credit – Rs. 69.143
Millions From Others Vehicle Loan – Rs. 2.353 Millions Total – Rs. 71.497 Millions |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
Walkar Chandiok & Company (Part of Grant Thorton) Chartered Accountants |
|
Address: |
41 L, Connaught Circus, New Delhi – 110 001 |
|
Tel. No.: |
91-11-372 3361/3713197 |
|
Fax No.: |
91-11-332 9512 |
|
E-Mail : |
|
|
Website |
|
|
|
|
|
Associates/Subsidiaries
: |
Ř WIB Distributors
Private Limited, Mumbai -Engaged in liquor distribution Ř Surajit Yantric
Shilpa Udyog Limited, New Delhi - Engaged in
warehousing and transportation Ř Brindco Sales
Corporation, Jhandelwalan Extension, New Delhi Ř Brindco
Enterprises Private Limited Ř Brindco
Investment Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 100/- Each |
Rs. 40.000
Millions |
|
400000 |
Non Cumulative Redeemable Preferences Shares |
Rs. 100/- Each |
Rs. 40.000 Millions |
|
|
Total |
|
Rs.
80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000 |
Equity Shares |
Rs. 100/- Each |
Rs. 22.500
Millions |
|
225000 |
Non Cumulative Redeemable Preferences Shares |
Rs. 100/- Each |
Rs. 22.500
Millions |
|
|
Total |
|
Rs.
45.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
45.000 |
45.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
344.475 |
297.267 |
250.995 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
389.475 |
342.267 |
295.995 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
71.497 |
65.184 |
56.882 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
71.497 |
65.184 |
56.882 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.190 |
|
|
|
|
|
|
|
|
TOTAL |
460.972 |
407.451 |
354.067 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
31.625 |
33.027 |
28.402 |
|
|
Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.667 |
5.488 |
3.134 |
|
|
DEFERREX TAX
ASSETS |
0.864 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
134.123
|
161.297 |
100.110 |
|
|
Sundry Debtors |
188.056
|
133.848 |
106.442 |
|
|
Cash & Bank
Balances |
24.373
|
15.218 |
10.112 |
|
|
Other Current
Assets |
0.218
|
0.156 |
0.063 |
|
|
Loans &
Advances |
169.315
|
148.658 |
178.115 |
|
Total Current Assets |
516.085
|
459.177 |
394.842 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
64.194
|
59.742 |
44.731 |
|
|
Provisions |
30.075
|
30.563 |
27.580 |
|
Total Current Liabilities |
94.269
|
90.305 |
72.311 |
|
|
Net
Current Assets |
421.816
|
368.872 |
322.531 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.064 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
460.972 |
407.451 |
354.067 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
955.395 |
779.994 |
714.511 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
73.907 |
73.157 |
71.438 |
|
Provision for Taxation |
26.699 |
28.150 |
25.727 |
|
Profit/(Loss) After Tax |
47.208 |
45.007 |
45.711 |
|
|
|
|
|
|
Export Value |
1.975 |
5.140 |
NA |
|
|
|
|
|
|
Import Value |
9.489 |
14.341 |
NA |
|
|
|
|
|
|
Total Expenditure |
881.487 |
706.836 |
643.072 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.94
|
5.77 |
6.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.73
|
9.37 |
9.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.49
|
14.86 |
16.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.21 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.45 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.47
|
5.08 |
5.46 |
LOCAL AGENCY FURTHER INFORMATION
The company’s fixed assets of important value include Land, Buildings,
Generator, Office Equipments, Air-conditioners, Coolers, Furniture &
Fixtures and Vehicles.
HISTORY
The company was incorporated on 27th April, 1984 at New Delhi
in India having Company Registration Number 18032.
Originally subject was incorporated in the year 1967 by Mr. Brinder Pal
Singh to distribute imported alcoholic products viz. scotch whisky, wines
etc. After prohibition of imports in
1972, the company started distributing Indian produce liquor and beer made in
India by McDowell & Company and United Breweries, the leaders in spirits
and brewing industry
The company is in trade terms with the following :
·
Delhi State Industrial Development Corporation Limited
N Block, Bombay Life Building, Connaught
Circus, New Delhi - 110 001
·
Delhi Tourism & Transport Corporation Limited
18A, DDA Complex,
Defence Colony, New Delhi
·
Le Meridian Hotel, Janpath, New Delhi
·
Hyatt Regency, New Delhi
·
TGI Friday's, Vasant Vihar, New Delhi
·
Maldeep Investment Private Limited, Chennai, Tamilnadu
·
Raghva Investment Private Limited. Chennai, Tamilnadu
·
United Distillers & Vinters Limited
(100% subsidiary
of UDV UK / DIAGEO PLC)
Block 2D, No.71, Phoenix Mills Complex, 462,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Tel. No. 91-22-495 2558 /498 3822
Fax No. 91-22-495 2671
·
United Distillers (India) Limited
·
McDowell & Company Limited
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number
of the company |
U52110DL1984PLC018032 |
|
Name of the company |
BRINDCO SALES LIMITED |
|
Address |
3E/7, 3E/7 Jhandewalan Extension, New
Delhi – 110055 |
|
This Form is for |
Modification Charge |
|
Particular of the charge holder
|
Bank of Punjab Limited, SCO 46/47, Bank of
Square, Sector – 9D, Chandfigarh - 160009 |
|
Name or description of the instrument creating charge |
Hypothecation Agreement dated 1.09.1999 |
|
Date of the instrument creating charge |
1.09.1999 |
|
Amount Secure by the charge |
Rs. 40.000 Millions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
|
Property Charge |
E-49/10 Khla Industrial Area Phase, II of Surajit Yantrik Shilpa
Udyog Limited B – 118, Okhla Industrial Area, of Gloden Photo and Warehosing
Private Limited |
|
Modification charge Charge identification number of the charge to be modified |
90032911 |
|
Date of instrument modifying the charge |
19.05.2006 |
|
Particulars of the present modification |
Cash credit ABD Cash Credit increased from Rs. 60.000 Millions to
10.000 Millions |
|
Name of the
company |
BRINDCO
SALES LIMITED |
|
Presented By |
-- |
|
1) Date and description
of instrument creating the change |
Loan Agreement
dated 24.03.2005 bearing loan – WD – 0822
|
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.200 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 |
On security of 6.
Nos. 2005 Model tutsushi pickup bearing E. No. E483CD5C119052,
E483CD5C118774, E483CD5C119057 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The total of Rs.
3.507 Millions is payable in 35 monthly installments as flows installments of
Rs. 0.100 Millions the rest of the 34 monthly 1st loan installment
falls due on 24.03.2005 |
|
5) Name and
Address and description of the person entitled to the charge. |
Sundaram Finance
Limited, No. 21, Patullos Road, Chennai – 600002 |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
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.41.73 |
|
UK Pound |
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.56.50 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|