MIRA
INFORM REPORT
|
Report Date : |
13.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
MEHTA
ENGINEERS LIMITED |
|
|
|
|
Registered Office : |
D –
118/119, Phase V, Focal Point, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
30.11.1979 |
|
|
|
|
Com. Reg. No.: |
4085 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L35921PB1979PLC004085 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JLDM02035F |
|
|
|
|
Legal Form : |
Public
limited liability company. The
company's shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer
and Exporter of Sheet Metal and Tabular Fabricated Components and
Assemblies |
RATING
& COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
USD
579568 |
|
|
|
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Slow
but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is an established company having moderate track. Profit margin is under
pressure. Payments are reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/Factory |
D –
118/119, Phase V, Focal Point, |
|
Tel. No.: |
91-161-2671174
/ 2673514 / 2677376 |
|
Fax No.: |
91-161-2671174
/ 2675464 |
|
E Mail: |
DIRECTORS
|
Name : |
Mr.
Satendra Mohan Mehta |
|
Designation : |
Chairman
Cum Managing Director |
|
Address : |
58 –
C, |
|
Date of Birth/Age : |
26.12.1937 |
|
Date of Appointment : |
30.11.1979 |
|
|
|
|
Name : |
Mr.
Atul Mehta |
|
Designation : |
Whole
Time Director |
|
Address : |
58 –
C, |
|
Date of Birth/Age : |
15.02.1968 |
|
Date of Appointment : |
01.06.1994 |
|
|
|
|
Name : |
Mr.
Ravinder Kumar Mehta |
|
Designation : |
Director
|
|
Address : |
59– C,
|
|
Date of Birth/Age : |
03.12.1941 |
|
Date of Appointment : |
01.09.1997 |
|
|
|
|
Name : |
Mr.
Amit Mehta |
|
Designation : |
Whole
Time Director |
|
Address : |
58 –
C, |
|
Date of Birth/Age : |
06.03.1974 |
|
Date of Appointment : |
01.08.1999 |
|
|
|
|
Name : |
Mr.
Varun Mehta |
|
Designation : |
Director
|
|
Address : |
W-44,
Greater Kailash, Part – II, |
|
Date of Birth/Age : |
08.11.1972 |
|
Date of Appointment : |
01.04.2001 |
|
Name
: |
Mr.
Manohar Lakshminarayan |
|
Designation
: |
Director
|
|
Address
: |
21, |
|
Date
of Birth/Age : |
18.10.1960 |
|
Date
of Appointment : |
01.05.2002 |
|
|
|
|
Name
: |
Mr. |
|
Designation
: |
Director
|
|
Address
: |
12,
Manak Vihar, Indraprastha Extn. |
|
Date
of Birth/Age : |
28.12.1941 |
|
Date
of Appointment : |
01.03.2003 |
|
|
|
|
Name
: |
Mr. N
P Singh |
|
Designation
: |
Director |
|
Address
: |
H No.
1392, Sector 4, Urban Estate, Gurgaon, |
|
Date
of Birth/Age : |
01.03.1956 |
|
Date
of Appointment : |
01.06.1994 |
|
|
|
|
Name
: |
Mr.
Suriender Kumar Mehta |
|
Designation
: |
Director |
|
|
|
|
Name
: |
Mrs.
Usha Mehta |
|
Designation
: |
Director |
|
|
|
|
Name
: |
Mr.
Kiran Mehta |
|
Designation
: |
Director |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Satendra Mohan Mehta |
196307 |
|
Mr. S
K Mehta |
503697 |
|
Ms.
Usha Mehta |
497670 |
|
Ms.
Kiran Mehta |
583878 |
|
Mr.
Atul Mehta |
57935 |
|
Mr.
Vivewk Mehta |
39670 |
|
Mr.
Varun Mehta |
44602 |
|
Mr.
Devashish Mehta |
224689 |
|
Ms.
Sakshi Mehta |
19726 |
|
Ms.
Swaraj Mehta |
278059 |
|
Ms.
Sudesh Mehta |
127486 |
|
Mr. J
K Mehta |
32876 |
|
Mr. R
K Mehta |
71231 |
|
Mr.
Amit Mehta |
83578 |
|
Ms.
Niddhi Mehta |
112144 |
|
Ms.
Rashima Mehta |
149586 |
|
Mr. S
K Mehta (HUF) |
78172 |
|
Mr. S
M Mehta (HUF) |
187028 |
|
Mr. R
K Mehta (HUF) |
247666 |
|
Total |
3536000 |
Equity
share breakup (percentage of total equity)
|
S.
No. |
Category
|
Percentage |
|
1 |
Directors or relatives of directos |
85.50 |
|
2 |
Other top fifty (50) shareholders (other than
listed above) |
14.500 |
|
|
Total
|
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Sheet Metal and Tabular Fabricated Components and
Assemblies |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Sheet Metal, Tubular & Machined
Components |
Tonnes |
|
7500 |
5399.210 |
GENERAL INFORMATION
|
Suppliers : |
v
Abhi Engineers v
Alok Tool Tech v
Anand Industries v
CMH Tools Limited v
Gentech Tooling Private Limited v
Lakshmi Precision Screws Limited v
Mega Rubber Technologies Private Limited v
R S Tools Manufacturer Company v
Shaktiman Enterprises Private Limited v
Sharu Industries Private Limited v
Standard Casting |
|
|
|
|
Bankers : |
v
State Bank of v
Canara Bank v
HDFC Bank |
|
|
|
|
Facilities : |
Secured Loan (As on 31.03.2003) State
Bank of Secured
against hypothecation of stock consisting of raw material, work in progress State
Bank of Secured
against hypothecation of stock consisting of raw material, work in progress State
Bank of Secured
against hypothecation of all movable assets State
Bank of Secured
against hypothecation of machinery HDFC
Bank Limited – Rs. 16.256 millions Secured
against hypothecation of car |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
|
|
Name: |
A
Kumar Gupta & Company Chartered
Accountants |
|
Address: |
K –
109, 1ST Floor, |
|
Tel. No.: |
91-161-2532596/2539576 91-161-2448534 |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 50.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3486000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 34.860 Millions |
|
50000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.500 Million |
|
|
Total
|
|
Rs. 35.360 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 |
35.360 |
35.360 |
35.360 |
|
|
2]
Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
7.532 |
5.705 |
6.721 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42.892 |
41.065 |
42.081 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
69.437 |
74.880 |
73.412 |
|
|
2]
Unsecured Loans |
26.000 |
26.000 |
0.000 |
|
|
TOTAL BORROWING |
95.437 |
100.880 |
73.412 |
|
|
DEFERRED
TAX LIABILITIES |
6.217 |
6.973 |
5.351 |
|
|
|
|
|
|
|
|
TOTAL |
144.546 |
148.918 |
120.844 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
95.608 |
104.167 |
98.585 |
|
|
Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.020 |
0.020 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.749
|
11.018 |
0.000 |
|
|
Sundry
Debtors |
45.670
|
40.639 |
41.293 |
|
|
Cash
& Bank Balances |
23.906
|
26.641 |
11.251 |
|
|
Other
Current Assets |
0.000 |
0.000 |
10.871 |
|
|
Loans
& Advances |
9.762
|
10.930 |
12.781 |
|
Total Current
Assets |
93.087
|
89.228 |
76.196 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
44.222
|
44.602 |
54.115 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities |
44.222
|
44.602 |
54.115 |
|
|
Net Current Assets |
48.865
|
44.626 |
22.081 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.053 |
0.105 |
0.158 |
|
|
|
|
|
|
|
|
TOTAL |
144.546 |
148.918 |
120.844 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
254.118 |
239.066 |
245.489 |
|
|
Other Income |
5.916 |
3.943 |
0.000 |
|
|
Total
Income |
260.034 |
243.009 |
245.489 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3.442 |
0.537 |
4.845 |
|
|
Provision for Taxation |
1.615 |
1.664 |
1.958 |
|
|
Profit/(Loss) After Tax |
1.827 |
(1.127) |
2.887 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
148.748 |
140.854 |
0.000 |
|
|
Consumption of stores and spares parts |
10.703 |
12.244 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(1.992) |
(2.270) |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
11.141 |
9.686 |
0.000 |
|
|
Managerial Remuneration |
3.600 |
3.000 |
0.000 |
|
|
Payment to Auditors |
0.045 |
0.039 |
0.000 |
|
|
Interest |
8.760 |
6.458 |
5.445 |
|
|
Insurance Expenses |
1.027 |
0.829 |
0.000 |
|
|
Power & Fuel |
7.777 |
6.615 |
0.000 |
|
|
Depreciation & Amortization |
10.390 |
10.715 |
0.000 |
|
|
Other Expenditure |
56.393 |
54.302 |
0.000 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
226.265 |
|
Total
Expenditure |
256.592 |
242.472 |
231.710 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.70
|
(0.46) |
1.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.35
|
0.22 |
1.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.82
|
0.27 |
2.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.01 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.25
|
3.54 |
3.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.00 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
Air Conditioners
v
Building
v
Car
v
Computer
v
Computer Software
v
Crates And Bins
v
Cycle / Trolly
v
Dies And Toos
v
Electric Fitting And Instln
v
Fan / Cooler
v
Furniture And Fixture
v
Generator
v
Land
v
Machinery
v
Machinery Installation
v
Office Equipments
v
Tractor
v
Transformer
v
Weighing Scale
|
Name of the company |
MEHTA
ENGINEERS LIMITED |
|
Presented By |
Mr. Atul Mehta |
|
1) Date and description of instrument creating the change |
General agreement for the grant of medium term advances to small scale industries and hypothecation of movable, book debts and other dated 21.03.2003 Anciliary agreement dated 21.03.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000 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 plant and machinery from term loan Collateral Security Equitable mortgage of factory land and building at D – 119 measuring 3000 sq. ft standing in the name of the company Equitable mortgage of factory land and building at D – 119 measuring 3000 sq. ft standing in the name of the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 26% Rate of Interests – 0.50% Above sbmtlr effective rate 11.75% monthly rests extent of operation 100% repayable in 19 quarterly instalment comprising first 10 instalments of Rs. 0.956 and the next 9 instalments of Rs. 1.160 from march, 2003 |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of |
|
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 |
|
Corporation identity number or foreign company registrations number of the company |
L35921PB1979PLC004085 |
|
Name of the company |
MEHTA ENGINEERS LIMITED |
|
Address |
D – 118/119, Phase V, Focal Point, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable Property, Book Debts, Movable Property (not being pledge) |
|
Particular of the charge holder |
Axis Bank Limited (Formerly UTI Bank Limited ) 108, |
|
Nature or description of the instrument creating charge |
|
|
Date of the instrument creating charge |
07.02.2007 |
|
Amount Secure by the charge |
Rs. 72.400 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Cash Credit (stock and book debts) and term loan (I to IV): BPLR – 2% i.e. 11.00% p. a. with monthly rests Term of Repayment: Cash credit (stock and book debts) credit facilities to the tune of Rs. 25.000 millions: Repayable on demand working capital T Loan Rs. 16.000 millions: Repayable in 60 monthly instalments. Term loans I to IV : Rs. 4.500 millions, Rs. 4.800 millions, Rs. 3.600 millions and Rs. 18.500 millions repayable in 4 quarterly instalments, 6 quarterly instalments, 60 monthly instalments and 60 monthly instalments respectively Margin: Inventory: 25% Book Debts: 40% Extent and operation of the charge Extent of operation 100% |
|
Particulars of the Property charged |
Working capital: Primary of raw material, finished goods, stock – in – process and Book Debts. Hypothecation of existing and future current assets and extension of charge on movable fixed assets. Term loans: Hypothecation of existing and future movable fixed assets and extension of charge on current assets. Further secured by deposit of title deeds no. 6173 dt 25.07.2003 of property measuring 4 acres and 9 marla situated at Village Kanganwal, Ludhiana In The Name Of Mehta Engineers Limited |
|
Particulars of present modification |
Total credit facilited to the tune of Rs. 72.400 millions further
secured by deposit of title deeds no. 6173 dt. 25.07.2003 of property measuring
4 acres and 9 marla situated at Village Kanganwal, |
|
Name of the company |
MEHTA ENGINEERS
LIMITED |
|
Presented By |
MR. ATUL MEHTA JOINT MANAGING DIRECTOR |
|
1) Date and description of instrument creating the change |
General agreement dt 11.01.2002 (working capital for small industrial advances) Ancillary agreement no. 1 to the general agreement (working capital finance) dt. 11.01.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 36.000 millions As per the following facilities 1. Cash Credit (Hypothecation) Rs. 18.000 millions 2. Cash Credit (Book debts) Rs. 18.000 millions Interchagebaility of Rs. 9.000 millions from C/C Hypothecation to C/C Book Debts and vice versa and further allocation of C/C Hypothecation limit of Rs. 5.000 millions out of C/C Hypothecation limit of Rs. 10.000 Millions to SBI, New Colony, Gurgaon Branch, For use by company’s Dharuhera Unit |
|
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 |
Prime security: CC (Hypothecation ): Hypothecation of all types of raw material, goods in process and finished goods, CC (Book Debts): Hypothecation of all types of receivables Collateral Security: i Equitable mortgage of factory land and building at D – 119, Measuring 300 sq. yds. Standing in the name of the company. ii Equitable mortgage of factory land and building at D – 118, measuring 300 sq. yds. Standing in the name of the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
CC (Hypothecation) Margin 25% CC (Book debts) Margin 40% Rate of Interest: 2.25% above SBAR with a minimum of 13.75% p. a. with quarterly rests subject to change from time to time as per bank’s instruction. Extent of operation 100% repayable on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of S C B Focal Point, |
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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.40.38 |
|
|
1 |
Rs.81.88 |
|
Euro |
1 |
Rs.55.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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 |