MIRA
INFORM REPORT
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Report Date : |
10.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ESSAR AGROTECH LIMITED |
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Registered Office : |
Essar House, 11 KK Marg Mahalaxmi,
Mumbai-400034, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.04.1993 |
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Com. Reg. No.: |
11-71726 |
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CIN No.: [Company
Identification No.] |
L01120MH1993PLC071726 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME01880E |
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PAN No.: [Permanent
Account No.] |
AAACE1945R |
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Legal Form : |
Public Limited Liability Company.
The Company’s shares are listed on the Stock Exchange. |
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Line of Business : |
Farming, Horticulture, Floriculture, Sericulture, Cultivators of all
kinds of Food grains Seeds, Fruits, Flowers, Properties of Orchards and /or to carry on the business of Exporters,
Sellers, Processors of all kinds of Vegetables, Fruits and dealers of such
products of Agriculture, Farming, Floriculture Activities. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 403000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a old
and established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per commitments.
The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Essar House, 11 KK Marg Mahalaxmi,
Mumbai-400034, Maharashtra, India |
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Tel. No.: |
91-22-24950606/ 56601100 |
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Fax No.: |
91-22-24954765/ 24612070/ 24954331 |
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E-Mail : |
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Website : |
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Branches : |
21, Phiroze Gandhi Road, Lajpat Nagar III, New Delhi-110024, India |
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Tel. No.: |
91-11-26932622 |
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Fax No.: |
91-11-26332282 |
DIRECTORS
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Name : |
Mr. Shyam G. Mohan |
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Designation : |
Director |
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Address : |
B-44, Block B, 4th Floor, Twin
Tower, Priyadarshini, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
13.01.1967 |
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Date of Appointment : |
18.02.1999 |
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Name : |
Mr. Anand Sonthalia |
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Designation : |
Director |
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Address : |
6A, Sanket
Apartments, Pochkhanwala Road, Worli, Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
18.10.1951 |
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Date of Appointment : |
01.10.1998 |
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Name : |
Mr. Madan Mundra |
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Designation : |
Director |
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Address : |
2nd Floor, Pleasant Park, J.B.
Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
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Date of Birth/Age : |
15.01.1964 |
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Date of Appointment : |
06.09.2003 |
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Name : |
Mrs. Vasudha Prashant Ruia |
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Designation : |
Director |
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Address : |
Khalil Al Sayegh Villa # 3, Jummeiran,
Dubai |
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Date of Birth/Age : |
05.12.1972 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mr. Suresh Sundaram |
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Designation : |
Director |
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Address : |
12/B, Jaidarshan , Nepeansea Road, Mumbai – 400034, Maharashtra, India
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Date of Birth/Age : |
03.10.1942 |
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Date of Appointment : |
23.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Srinivasan Venkatesan |
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1 |
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Mr. Swami Dass |
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1 |
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Mr. Param Rao Araua |
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1 |
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Mr. R. Jagannathan |
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1 |
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Mr. Balasundaram Premlaxmi |
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1 |
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Mr. Hitesh Vyas |
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1 |
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Mr. J F Haldar |
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1 |
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Mr. Sundarappadian Raman |
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1 |
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Essar House Limited |
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1800000 |
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Essar House Limited |
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290000 |
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Names of Shareholders |
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% of Holding |
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Others |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Farming, Horticulture, Floriculture, Sericulture, Cultivators of all
kinds of Food grains Seeds, Fruits, Flowers, Properties of Orchards and /or to carry on the business of Exporters,
Sellers, Processors of all kinds of Vegetables, Fruits and dealers of such
products of Agriculture, Farming, Floriculture Activities. |
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Products with ITC Code : |
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Exports : |
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Countries : |
Europe, Asia &
Pacific and Middle East |
GENERAL
INFORMATION
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Bankers : |
Universal Insurance Building, Ground
Floor, Sir P M Road, Fort, Mumbai 400001, Maharashtra, India
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Facilities : |
Secured Loan (Rs. In
millions)
Note: Working Capital Loan is secured by fixed deposit receipts. Unsecured Loan (Rs.
In millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B P Jain and Company Chartered Accountants |
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Address : |
A-16, Everest, 156, Tardeo Road, Tardeo, Mumbai – 400 034,
Maharashtra, India . |
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Holding Company : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1900000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.000 millions |
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310000 |
Preference Shares |
Rs. 100/- each |
Rs. 31.000 millions |
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Total |
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Rs. 50.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1800008 |
Equity Shares |
Rs. 10/-
each |
Rs. 18.000
millions |
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290000 |
Preference Shares |
Rs. 100/-
each |
Rs. 29.000
millions |
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Total |
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Rs. 47.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
47.000 |
47.000 |
35.000 |
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2] Share Application Money |
0.000 |
0.000 |
48.163 |
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3] Reserves & Surplus |
112.340 |
112.340 |
4.340 |
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4] (Accumulated Losses) |
(58.516) |
(49.754) |
(46.877) |
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NETWORTH |
100.824 |
109.586 |
40.626 |
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LOAN FUNDS |
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1] Secured Loans |
14.250 |
5.700 |
3.610 |
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2] Unsecured Loans |
77.520 |
0.000 |
65.687 |
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TOTAL BORROWING |
91.770 |
5.700 |
69.297 |
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TOTAL |
192.594 |
115.286 |
109.923 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
189.767 |
140.395 |
74.739 |
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Capital work-in-progress |
17.990 |
19.121 |
22.889 |
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Unamortised Lease Rentals |
0.361 |
0.421 |
0.480 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.121
|
2.565 |
2.266 |
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Sundry Debtors |
11.010
|
8.159 |
9.374 |
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Cash & Bank Balances |
25.103
|
7.511 |
6.335 |
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Other Current Assets |
0.360
|
0.332 |
0.049 |
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Loans & Advances |
5.853
|
5.636 |
5.358 |
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Total
Current Assets |
45.447
|
24.203 |
23.384 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
60.620
|
68.619 |
11.445 |
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Provisions |
0.351
|
0.235 |
0.144 |
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Total
Current Liabilities |
60.971
|
68.854 |
11.589 |
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Net Current Assets |
(15.524)
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(44.651) |
11.795 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.020 |
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TOTAL |
192.594 |
115.286 |
109.923 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
51.981 |
43.161 |
35.060 |
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Other Income |
0.256 |
0.163 |
0.379 |
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Total Income |
52.237 |
43.324 |
35.439 |
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Profit/(Loss) Before Tax |
(8.459) |
(2.877) |
2.721 |
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Provision for Taxation |
(0.302) |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(8.157) |
(2.877) |
2.721 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
NA |
13.049 |
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Total Earnings |
NA |
NA |
13.049 |
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Expenditures : |
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Operating Expenses |
0.000 |
0.000 |
12.972 |
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Administrative Expenses |
0.000 |
0.000 |
12.326 |
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Raw Material Consumed |
8.538 |
4.691 |
0.000 |
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Purchases made for re-sale |
3.132 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(0.133) |
0.181 |
0.806 |
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Personnel Expenses |
0.000 |
0.000 |
0.588 |
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Financial Charges |
0.000 |
0.000 |
0.304 |
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Prior Period Adjustment |
0.000 |
0.000 |
0.072 |
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Salaries, Wages, Bonus, etc. |
1.603 |
1.438 |
0.000 |
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Payment to Auditors |
0.028 |
0.028 |
0.000 |
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Interest |
0.183 |
0.050 |
0.000 |
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Insurance Expenses |
0.714 |
0.464 |
0.000 |
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Power & Fuel |
0.766 |
0.579 |
0.000 |
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Depreciation & Amortization |
19.636 |
12.916 |
5.648 |
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Other Expenditure |
26.228 |
25.852 |
0.000 |
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Total Expenditure |
49.158 |
46.199 |
32.716 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(15.61)
|
(6.64) |
7.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
(16.19)
|
(6.64) |
7.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.33)
|
(1.56) |
2.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.02) |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.51
|
1.68 |
2.99 |
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Current Ratio (Current Asset/Current Liability) |
|
0.74
|
0.35 |
2.01 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the
company |
ESSAR AGROTECH LIMITED |
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Presented
By |
Mr. Suresh Sundaram, Director |
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1) Date and
description of instrument creating the
change |
Deed of
hypothecation dated 04.08.1997, executed by the company herein and hereafter referred
to as the borrower in favour of UTI Bank Limited, (therein and thereafter as
referred to as “the Bank”) a copy which is enclosed |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 19.634
millions |
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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 |
1. all the
borrower stock of raw materials and stocks in process and finished goods,
consumable stores and spares, packing materials, etc. both present and future
now being or hereafter during the continuance of the agreement brought into
or upon or now or hereafter in course of transit to any godows, jathas or
other place of storage at various factories and sales depots of the borrower
or other place whatsoever and wheresoever in the possession or occupation of
the borrower (hereinafter referred to as “the said goods”) 2. all the
present and future book debts, outstanding monies, receivables, claims,
bills, rights to or immovable properties and movable assets and which are now
due, owing or payable to or belonging to the borrower or which may at any
time hereafter during the continuance of this security become due, owing,
payable, or belonging to the borrower in the course of its business by any
person, firm, company or body corporate or by the government, central or
state or Indian railways, any government departments or office or any
authority or any body corporate or undertaking or project whatever in the public
sector (hereinafter referred to as the “said debts”) 3. all the
tangible, movable properties and assets of the borrower of whatsoever nature
including plant and machinery, tools and accessories, stores, spares relating
to the plant and machinery, furniture, articles, office equipment, computer
and things belonging to the borrower and lying and being at their premises /
factories at Tungi, Mawal Taluka, Maharashtra, being movable properties and
capable of passing by delivery, both present and future, whether installed or
not or whether now lying loose or in cases and now being or at any time
hereinafter during the continuance of this agreement brought into or upon or
at any time in course of transit to the premises, factories of the borrower
at Tungi either by way of substitution or in addition or other place
whatsoever and wheresoever in the possession or occupation of the borrower
(hereinafter referred to as the “said assets”) |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration of the bank having agreed
to lend and advance to the borrower the loan, agreement and declaration by
the borrower, inter alia, as follows: a) covenant by the borrower to repay the
loan and pay interest and all other monies in the manner set out in the loan
agreement between the borrower and the bank and to comply with the terms and
conditions of the said loan agreement. b) the said goods were thereby
hypothecated in the bank as and by way of first charge as security for due
payment of the said sun of Rs. 19.634 millions and interest, discount,
commission, charges and costs and expenses payable to or incurred by the bank
in relation thereon. |
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5) Name and
Address and description of the person entitled to the charge. |
UTI Bank Limited Universal Insurance Building, Ground
Floor, Sir P M Road, Fort, Mumbai 400001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the
company |
ESSAR AGROTECH LIMITED |
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Presented
By |
Company Secretary / Director |
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1) Date and
description of instrument creating the
change |
Deed of
hypothecation dated 17.09.1993 executed by Essar Agrotech Limied (therein and
hereinafter referred to as the “the company”) in favour of the Industrial
Credit and Investment Corporation of India Limited (therein and hereinafter
referred to as “the Lender”) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 27.500
millions |
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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 |
The whole of the
movable property of the company situate at village Tung, Taluka Maval,
District Pune in the State of Maharashtra including the company’s movable
plant and machinery, machinery spares, tools and accessories and othe
movables, both present and future (save and except book debt) (therein and
hereinafter referred to as “the said Goods”) |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration of the bank having agreed
to lend and advance to the borrower the loan, agreement and declaration by the
borrower, inter alia, as follows: a) covenant by the Company to repay the
loan and pay interest and all other monies in the manner set out in the loan
agreement between the Company and the Lender to comply with the terms and
conditions of the said loan agreement. b) the said goods were thereby
hypothecated to ICICI, as and by way of first charge as security for and be charged with repayment of the Loan
with all premia on repayment or on redemption, costs, charges and expenses
including any increase as a result of devolution / revolutions/ fluctuations
in the rates of exchange of the foreign currencies involved and all the
monies payable by the company to ICICI in respect thereof. c) the company to keep the said goods in
marketable and good condition and also insured as provided therein. d) power of entry, power to take charge
and / or possession of, seize, recover, receive, appoint receivers of and
remove and / or sale by auction or private contract, dispatch for realization
or otherwise dispose of or deal with all or any part of the said goods etc.
as provided therein. |
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5) Name and
Address and description of the person entitled to the charge. |
The Industrial Credit and Investment
Corporation of India Limited 163, Backbay Reclamation, Mumbai – 400020,
Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
No instrument was
executed but on the 08.06.1998 a joint mortgage was created by the company jointly
in favour of ICICI and UTI Bank Limited by deposit of title deeds with ICICI,
ICICI acting for itself and as agent of UTI Bank Limited, in respect of the
company’s immovable properties situated at village Tung, Registration Sub
District Vadagain, Taluka Maval, District Pune in the State of Maharashtra
more particularly described in Annexure II hereunder written in order to
create security thereon as and by way of a joint mortgage by deposit of title
deeds pursuant to the Resolution passed by the Company on dated 31.03.1998. |
|
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. |
The Loan together
with all interest, front end fees, liquidated damages, premia on prepayment
or on redemption, costs, charges and all other monies payable by the company
to the lender in respect thereof secured under the abovementioned deed of
hypothecation is also now secured by the said joint mortgage by deposit of
title deeds in respect of company’s immovable properties situated at Village
Tung, Registration Sub District Vadagain, Taluka Maval, District Pune in the
State of Maharashtra together with all buildings and structures thereon and
all plant and machinery attached to the earth or permanently fastened to
anything attached to the earth. |
The company fixed assets of important values include Freehold Land, Buildings,
Furniture and Fixtures, Vehicles, Computers and Printers, Green House (Factory
Building), Office Equipments, Starter Plants, Plant and Machinery.
As Per Web
History
The Indus Valley civilization flourished around 2,500 B.C. in South Asia and civilizations are essentially defined among many things by its agriculture. India and Indians, with such an extensive agrarian ancestry, now has the distilled wisdom of thousands of years in the fine art of farming.
Essar Agrotech Limited (EATL) is
a budding Indian company figuratively and literally. An off-shoot of the Essar
Group of companies brings with it an experience of a Group that has been
running profitable and stable businesses for over a quarter century. So now you
know why we brand our produce Indus
Fresh.
EATL was one
among the pioneers in the Indian
Floriculture business, when it began its foray into growing the
commercial production of Dutch variety of roses as far back as 1994. It has the potential to play a leading role in Indian floriculture transformation, thereby creating a niche for its products and services.
Today, it has grown up the slope and diversified into horticulture to grow exotic vegetables. Fresh produce that find their way from verdant local gardens to
the Europe's outlandish kitchens.
Essar's farms at Lonavla spread over more than 20 lavish hectares of green. At an altitude (825 m above sea level) that is ideal for growing flowers and vegetables. Lonavla is about 90 kms from the port city of Mumbai, India's busiest business hub.
A generous mix of bounteous soil,
plentiful water and salubrious
climate makes Lonavla an ideal location for the cultivation of
floriculture and horticulture products.
Exports
Subject produce reach various destinations in Europe, Asia & Pacific and Middle East within 24 hours of it leaving the hills of Lonavla.Well, they are looking at newer markets and newer customers who value our premium quality fresh produce.
It trading goods include Kini and Apples.
Company Contact
details:
Contact Person:
Mrs. Vasudha Ruia, Director
Contact Nos.:
91-22-66601100
Fax Nos.:
91-22-24954490
Contact Person - Mr. Kamlesh Karle, Chief Operating
Officer
Contact Nos.: 91-22-66601100
Fax Nos.: 91-22-24954490
E-mail : kkkarle@essar.com , kkkarle@vsnl.net
Contact Person - Mr. Ramesh Poojary, Manager -
Marketing
Contact Nos. : 91-22-66601100
Fax Nos.: 91-22-24954490
E-mail : rpoojary@essar.com
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.39.41 |
|
UK Pound |
1 |
Rs.79.81 |
|
Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YS |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
|