MIRA
INFORM REPORT
|
Report Date : |
3rd February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
FULLES I ARRELS SOCIEDAD LIMITADA. |
|
|
|
|
Registered Office : |
Calle Antic
Pas Del Ferrocarril, 1, 43203 Reus (Tarragona) |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
04/03/1998 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of other products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited with full security |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
Identification and
Characteristics
Tax Number B43531060
NAME FULLES
I ARRELS SOCIEDAD LIMITADA.
TRADE NAME NATURA
BUSINESS ADDRESS CALLE
ANTIC PAS DEL FERROCARRIL, 1
Postcode 43203
REUS (TARRAGONA)
URL http://www.naturaselection.com
TELEPHONE 977127893
FAX 977342550
LEGAL FORM LIMITED
LIABILITY COMPANY
DATE FOUNDED 04/03/1998
CAPITAL 3.005,06 Euros
ACTIVITY 1619900 - Wholesale
of other products
CNAE 5170 - Other
wholesale
EXPORT COMPANY YES
IMPORT COMPANY YES
Synthesis
FINANCIAL SITUATION
(Year ending: 31/12/2005)
PROFITABILITY Nil
TREASURY Limited
BALANCE SHEET Degraded
DEBT Heavy
INCIDENTS
COMMITMENTS Respected
INCIDENTS None
or Negligible
PREVIOUS EXPERIENCE
PREVIOUS EXPERIENCE Average
Credit Appraisal
CREDIT ACCORDING TO
OBJECTIVE DATA (From 0 to 6.000.000,00 Euros):
Prudence advised.
SOLVENCY RATING:
3/20 (BASED ON
HOMOGENEOUS FORMULATION)
Analysis made
on 02/02/2007
Financial Elements
Figures given in Euros
|
|
Balance sheet 2.003 (12) |
Balance sheet 2.004 (12) |
Balance sheet 2.005 (12) |
% Sales
|
|
SALES |
612.734,15 |
591.141,51 |
547.769,82 |
|
|
ADDED VALUE |
158.366,52 |
191.059,44 |
185.282,96 |
33,82 |
|
BUSINESS RESULT |
-21.418,75 |
2.222,21 |
3.781,29 |
0,69 |
|
OWN FUNDS |
-69.861,29 |
-67.639,08 |
-63.857,79 |
|
|
DEBT |
261.308,20 |
231.844,56 |
206.992,30 |
|
|
TOTAL ASSET |
191.492,53 |
164.205,48 |
143.134,51 |
|
The sales of
547.769,82 Euros show a change of -7,34% compared
with 2.004 . Between 2.003 and 2.004 , this
change was -3,52% .
Added value grew by
-3,02% compared with the previous year. Shareholders equity are
-63.857,79 Euros for an indebtedness of 206.992,30
Euros .
The result
3.781,29 Euros means financial profitability of
-5,92% and economic profitability of 2,64% . This result
means growth of 70,16% compared with the 2.004 .
THE FIGURES FOR THE
LAST BALANCE SHEET ARE RELEVANT:
SOURCE: FROM THE
MERCANTILE REGISTER
DATE: 06/11/2006
Results Distribution
Annual Report Year
Source: 2.005
Figures given in
Euros
Distribution Base
Profit
and Loss 3.781
Total
of Amounts to be distributed 3.781
Distribution a
Prior
years losses 3.781
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of
PRODUCTION VALUE |
|
|
|
|
SALES |
95,77 |
98,93 |
-3,16 |
|
ADDED
VALUE |
32,39 |
20,83 |
11,56 |
|
BUSINESS
RESULT |
0,66 |
2,86 |
-2,20 |
|
% OF TOTAL
ASSETS |
|
|
|
|
OWN
FUNDS |
-44,61 |
36,47 |
-81,08 |
|
DEBT |
144,61 |
63,53 |
81,08 |
Compared sector (CNAE): 517 - Otro comercio
al por mayor
Number of companies: 2.048
Size (Sales Figure): 0 - 2.800.000,00
Euros
The turnover of the company is
3,16% below the mean for the sector.
The company’s added value was
32,39% s/ the production value, and 11,56% above the mean for the
sector.
The company’s business result
was 0,66% of the PV, 2,20% below the mean for the sector.
The company’s own resources are
-44,61% , 81,08% below the mean for the sector.
The company’s outside resources
are 144,61% , 81,08% above the mean for the sector.
Legal Actions
No legal incidences
registered for this company in the official source
No claims registered
for this company in the official sources
AFFECTED BY: No
significant elemento
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of appointment |
|
ADMINISTRATOR |
PALLEJA SEDO JACINT |
27/02/2001 |
|
ADMINISTRATOR |
LLABERIA ALSINA ROSER |
27/02/2001 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2005) |
31/10/2006 |
829994 |
TARRAGONA |
|
Registration of accounts
(2004) |
27/10/2005 |
805153 |
TARRAGONA |
|
Registration of accounts
(2003) |
15/10/2004 |
630432 |
TARRAGONA |
|
Registration of accounts
(2002) |
30/09/2003 |
494925 |
TARRAGONA |
|
Registration of accounts
(2001) |
12/09/2002 |
363455 |
TARRAGONA |
Complementary Information
02/02/2007 BLOQUE DE
INVESTIGACION:
- Establecimientos:
* Domicilio social:
C/ Antic Pas del Ferrocarril, 1, 43203 Reus.
* Sucursal: C/
Castell, 2, 43201 Reus, local destinado a oficina.
- Actividad: Venta de
regalos, bazar, articulos para el hogar.
----------------------------------------------------------------------
El Bloque de
Investigacion no esta sujeto a actualizaciones sistemati-
cas. Los datos
mostrados fueros aportados por las fuentes consultadas
en la fecha del
encabezamiento.
Remarks for customer
The address correct is: C/
Castell, 2, 43201 Reus (Tarragona), and belongs to branch.
Branches
|
Road |
Postal Code |
Town |
Province |
|
L’EQUADOR |
08029 |
BARCELONA |
BARCELONA |
|
CASTELL |
43201 |
REUS |
TARRAGONA |
The information on the last
account contained in this report is extracted from the Mercantile Register file
of the legal address of the Company and dated 06/11/2006
Balance Sheet (ASSETS)
|
(Figures given in Euros)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR
UNCALLED CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
76.347,20 |
73.919,56 |
56.858,41 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
|
|
|
|
|
III. Tangible assets |
72.649,65 |
70.222,01 |
53.160,86 |
|
|
IV. Financial assets |
3.697,55 |
3.697,55 |
3.697,55 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade
liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
115.145,33 |
90.285,92 |
86.276,10 |
|
|
I. Not paid in shareholder
capital |
|
|
|
|
|
II. Inventory |
115.036,25 |
52.282,46 |
67.488,91 |
|
|
III. Debtors |
|
3.331,78 |
|
|
|
IV. Short term financial
assets |
109,08 |
|
|
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
|
34.671,68 |
18.787,19 |
|
|
VII. Prepaid expenses and
accrued income |
|
|
|
|
|
ASSETS (A + B + C + D) |
191.492,53 |
164.205,48 |
143.134,51 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
-69.861,29 |
-67.639,08 |
-63.857,79 |
|
|
I. Capital |
3.005,06 |
3.005,06 |
3.005,06 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
|
|
|
|
|
V. Prior year earnings |
-51.447,60 |
-72.866,35 |
-70.644,14 |
|
|
VI. Prior year profit or
losses |
-21.418,75 |
2.222,21 |
3.781,29 |
|
|
VII. Dividend paid during the
year |
|
|
|
|
|
VIII. Own shares for change in
capital |
|
|
|
|
|
B) DEFERRED INCOME |
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES
AND EXPENSES |
45,62 |
|
|
|
|
D) LONG TERM LIABILITIES |
8.951,50 |
134.889,61 |
103.185,25 |
|
|
E) SHORT TERM LIABILITIES |
252.356,70 |
96.954,95 |
103.807,05 |
|
|
F) SHORT TERM PROVISIONS FOR
LIABILITIES AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E
+ F) |
191.492,53 |
164.205,48 |
143.134,51 |
Profit and Loss Account
|
(Figures given in Euros)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) EXPENSES (A.1 a A.15) |
|
|
|
|
|
A.1 Operating Expenses |
327.456,01 |
333.082,01 |
254.730,37 |
|
|
A.3. Labor cost |
151.219,03 |
162.996,72 |
157.203,53 |
|
|
Wages |
113.809,96 |
125.102,31 |
116.907,32 |
|
|
Social security expenses |
37.409,07 |
37.894,41 |
40.296,21 |
|
|
A.3. Assets depreciation |
24.357,23 |
19.793,49 |
19.915,50 |
|
|
A.4. Variance in provision for
current assets |
|
|
|
|
|
A.5. Other operating costs |
142.464,64 |
129.616,13 |
131.959,77 |
|
|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
|
8.269,23 |
8.163,93 |
|
|
A.6. Financial expenses |
7.849,05 |
5.990,15 |
4.519,85 |
|
|
Debts with related companies |
2.370,93 |
779,16 |
135,83 |
|
|
Other companies debts |
5.478,12 |
5.210,99 |
4.384,02 |
|
|
A.7. Variation in financial
investments provision |
|
|
|
|
|
A.8. Exchange losses |
|
|
|
|
|
A.II. POSITIVE FINANCIAL
RESULTS (B.2+B.3-A.6-A.7-A.8) |
|
|
|
|
|
A.III. PROFIT FROM ORDINARY
ACTIVITIES (A.I+A.II-B.I-B.II) |
|
2.291,82 |
3.657,67 |
|
|
A.9. Variation in provision in
fixed assets |
|
|
|
|
|
A.10. Losses in fixed assets |
|
|
|
|
|
A.11. Losses from shares and
bonds |
|
|
|
|
|
A.12. Extraordinary charges |
|
174,32 |
410,68 |
|
|
A.13. Prior year’s expenses
and losses |
|
|
|
|
|
A.IV. POSITIVE EXTRAORDINARY
RESULT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13) |
3.638,58 |
|
123,62 |
|
|
A.V. EARNINGS / LOSS BEFORE
TAXES (A.III+A.IV-B.III-B.IV) |
|
2.222,21 |
3.781,29 |
|
|
A.14. Corporate Taxes |
|
|
|
|
|
A.15. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
|
2.222,21 |
3.781,29 |
|
|
B) INCOMES (B.1 a B.8) |
|
|
|
|
|
B.1. Operating income |
628.287,17 |
653.757,58 |
571.973,10 |
|
|
Turnover |
612.734,15 |
591.141,51 |
547.769,82 |
|
|
Other operating income |
15.553,02 |
62.616,07 |
24.203,28 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
17.209,74 |
|
|
|
|
B.2. Financial Income |
1,46 |
12,74 |
13,59 |
|
|
Other |
1,46 |
12,74 |
13,59 |
|
|
B.3. Gains on exchange |
|
|
|
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
7.847,59 |
5.977,41 |
4.506,26 |
|
|
B.III. LOSSES FROM ORDINARY
ACTIVITIES (B.I+B.II-A.I-A.II) |
25.057,33 |
|
|
|
|
B.4. Gains from disposal of
fixed assets |
|
|
|
|
|
B.5. Gains from dealing in own
shares |
|
|
|
|
|
B.6. Paid in surplus |
|
|
|
|
|
B.7. Extraordinary income |
3.638,58 |
104,71 |
534,30 |
|
|
B.8. Prior year’s income and
profits |
|
|
|
|
|
B.IV. EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
|
69,61 |
|
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
21.418,75 |
|
|
|
|
B.VI. NET LOSS (B.V+A.14+A.15) |
21.418,75 |
|
|
Main Ratios
|
(Figures given in Euros)
|
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
1,74 |
-3,52 |
-7,34 |
|
|
Assets Turnover |
3,20 |
3,60 |
3,83 |
|
|
Productivity |
1,05 |
1,17 |
1,18 |
|
|
Increase of the Added Value |
-12,40 |
20,64 |
-3,02 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
-11,18 |
1,35 |
2,64 |
|
|
Financial Profitability |
30,66 |
-3,28 |
-5,92 |
|
|
Financial Expenses |
1,28 |
1,01 |
0,83 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of
sales) |
|
2,00 |
|
|
|
Suppliers’ Credit (In days of
sales) |
|
|
|
|
|
Working Capital (In days of
sales) |
0,00 |
0,00 |
0,00 |
|
|
Working Capital Requirement
(In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
Treasury (In days of sales) |
0,00 |
21,00 |
12,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
-137.211,37 |
-6.669,03 |
-17.530,95 |
|
|
Working Capital Requirement |
-137.320,45 |
-41.340,71 |
-36.318,14 |
|
|
Treasury |
109,08 |
34.671,68 |
18.787,19 |
|
|
Balance Ratio |
-0,80 |
0,91 |
0,69 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
136,46 |
141,19 |
144,61 |
|
|
Own / Permanent Funds |
114,78 |
-100,58 |
-162,37 |
|
|
Payback Capacity |
0,41 |
0,38 |
0,37 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,46 |
0,93 |
0,83 |
|
|
Immediate Liquidity |
0,00 |
0,36 |
0,18 |
Sectorial Analysis
Summary of Assets, Liability
& Equity
|
(Figures given in Percentages)
|
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Assets |
|||
|
DUE FROM
SHAREHOLDERS FOR UNCALLED CAPITAL |
0,00 |
0,08 |
-0,08 |
|
FIXED ASSETS |
39,72 |
26,78 |
12,94 |
|
ACCRUED
EXPENSES |
0,00 |
0,48 |
-0,48 |
|
CURRENT ASSETS |
60,28 |
72,66 |
-12,38 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS
EQUITY |
-44,61 |
36,47 |
-81,08 |
|
ACCRUED
INCOME |
0,00 |
0,12 |
-0,12 |
|
RISK AND
EXPENDITURE COVER |
0,00 |
0,09 |
-0,09 |
|
LONG-TERM
CREDITORS |
72,09 |
12,19 |
59,90 |
|
SHORT-TERM
CREDITORS |
72,52 |
51,09 |
21,43 |
|
SHORT-TERM
RISK AND EXPENDITURE COVER |
0,00 |
0,03 |
-0,03 |
|
TOTAL
LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages)
|
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
95,77 |
98,93 |
-3,16 |
|
Other
operating income |
4,23 |
1,07 |
3,16 |
|
Production
Value |
100,00 |
100,00 |
0,00 |
|
Operating
expenses |
44,54 |
66,14 |
-21,61 |
|
Other
operation expenses |
23,07 |
13,02 |
10,05 |
|
Added value |
32,39 |
20,83 |
11,56 |
|
Labor cost |
27,48 |
14,32 |
13,17 |
|
Gross
Economic Result |
4,91 |
6,52 |
-1,61 |
|
Assets
depreciation |
3,48 |
1,66 |
1,82 |
|
Variation in
provision for current assets |
0,00 |
0,21 |
-0,21 |
|
Net Economic
Result |
1,43 |
4,65 |
-3,22 |
|
Financial
income |
0,00 |
0,36 |
-0,35 |
|
Financial
expenses |
0,79 |
1,30 |
-0,51 |
|
Variation in
financial investment provision |
0,00 |
0,00 |
-0,00 |
|
Ordinary
Activities Result |
0,64 |
3,71 |
-3,07 |
|
Extraordinary
income |
0,09 |
0,42 |
-0,33 |
|
Extraordinary
expenses |
0,07 |
0,16 |
-0,08 |
|
Variation in
provision in fixed assets |
0,00 |
0,00 |
-0,00 |
|
Results
before Taxes |
0,66 |
3,97 |
-3,31 |
|
Corporaye
taxes |
0,00 |
1,11 |
-1,11 |
|
Net Result |
0,66 |
2,86 |
-2,20 |
|
Assets
depreciation |
3,48 |
1,66 |
1,82 |
|
Provisions
fund variation |
0,00 |
0,22 |
-0,22 |
|
Net
Self-Financing |
4,14 |
4,73 |
-0,59 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of
the Sales Figures |
-7,34 |
-7,28 |
2,93 |
13,74 |
|
Assets
Turnover |
3,83 |
1,10 |
1,64 |
2,29 |
|
Fixed Assets
Turnover |
9,63 |
4,12 |
10,61 |
25,74 |
|
Increase of
the Added Value |
-3,02 |
-6,82 |
4,02 |
16,48 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,18 |
1,20 |
1,37 |
1,68 |
|
Change of
Personnel Costs |
-3,55 |
0,00 |
7,38 |
20,09 |
|
Average
Personnel Costs |
|
15.765,20 |
21.175,48 |
29.126,98 |
|
Value Added
by Employees |
|
21.767,67 |
30.168,46 |
44.234,54 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
23.696,79 |
9.373,54 |
21.975,20 |
50.839,72 |
|
Operating
Cash Flow |
28.079,43 |
13.302,22 |
33.002,08 |
72.267,16 |
|
Change in
Cash Flow |
7,64 |
-25,40 |
-2,52 |
22,39 |
|
PROFITABILITY |
|
|
|
|
|
Economic
Profitability |
2,64 |
0,98 |
2,61 |
5,99 |
|
Financial
Profitability |
-5,92 |
4,05 |
10,31 |
19,65 |
|
Financial
Expenses |
0,82 |
0,21 |
0,74 |
1,75 |
|
Gross
Economic Profitability |
19,62 |
4,92 |
8,46 |
13,87 |
|
Gross
Financial Profitability |
-43,97 |
16,62 |
31,55 |
55,84 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’
Credit (In days of sales) |
|
40,61 |
73,92 |
116,63 |
|
Suppliers’
Credit (In days of sales) |
|
0,00 |
0,00 |
0,00 |
|
Working
Capital (In days of sales) |
0,00 |
11,31 |
40,23 |
85,50 |
|
Working
Capital Requirement (In days of sales) |
0,00 |
-17,31 |
13,05 |
47,49 |
|
Treasury (In
days of sales) |
12,00 |
6,85 |
21,85 |
49,70 |
|
Operating
Current Assets |
56,00 |
117,01 |
163,46 |
234,57 |
|
BALANCE |
|
|
|
|
|
Working
Capital |
-17.530,95 |
12.085,33 |
63.419,27 |
173.566,29 |
|
Working
Capital Requirement |
-36.318,14 |
-20.526,42 |
17.631,91 |
96.387,21 |
|
Treasury |
18.787,19 |
9.091,52 |
32.651,52 |
89.832,08 |
|
Balance
Ratio |
0,69 |
1,24 |
2,16 |
4,95 |
|
SOLVENCY |
|
|
|
|
|
Borrowing
Ratio |
144,61 |
52,59 |
70,66 |
84,24 |
|
Own /
Permanent Funds |
-162,38 |
61,10 |
91,12 |
100,00 |
|
Payback
Capacity |
0,36 |
0,25 |
0,37 |
0,59 |
|
Long term
Indebtedness |
72,09 |
0,00 |
3,18 |
15,76 |
|
Gearing |
-224,15 |
210,92 |
340,78 |
634,70 |
|
Financing
Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets
Guarantee |
0,69 |
1,14 |
1,35 |
1,85 |
|
LIQUIDITY |
|
|
|
|
|
General
Liquidity |
0,83 |
1,08 |
1,33 |
1,86 |
|
Immediate
Liquidity |
0,18 |
0,05 |
0,19 |
0,46 |
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 |
|