MIRA INFORM REPORT
|
Report Date : |
26.12.2006 |
IDENTIFICATION DETAILS
|
Name : |
VASAN
PUBLICATIONS PRIVATE LIMITED |
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Registered Office : |
New No. 191, Old No. 757,
Anna Salai, Chennai 600 002, Tamilnadu |
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Country : |
India
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.04.1946 |
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Com. Reg. No.: |
18-3197 |
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CIN No.: [Company Identification No.] |
U22121TN1946PTC003197 |
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TAN No.: [Tax Deduction & Collection Account No.] |
CHEV00309B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Publishers
of Weeklies |
RATING & COMMENTS
|
MIRAs Rating : |
A |
RATING
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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 |
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Maximum Credit Limit : |
USD 225000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Financial position
is good. Trade relations are fair. Payments are correct & as per
commitments. The
company can be considered good for any normal business dealings at usual
trade terms & conditions. |
LOCATIONS
|
Registered Office &
Printing Press : |
New No. 191, Old No. 757,
Anna Salai, Chennai 600 002, Tamilnadu, India |
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Tel. No.: |
91-44-2852 4054 / 64 / 74 /
84 and 94. |
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Fax No.: |
91-44-2852 3819 |
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E-mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
S. Blasubramanian |
|
Designation : |
Managing
Director |
|
Address : |
58,
3rd Main Road, Gandhinagar, Adyar, Chennai 600020, Tamilnadu,
India |
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Date of Birth : |
28.12.1935 |
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Date of Appointment : |
31.03.1965 |
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Date of Ceasing : |
22.11.1996 |
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Date of Reappointment : |
17.04.1997 |
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|
|
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Name : |
Ms.
Saroja Balasubramanian |
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Designation : |
Director |
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Address : |
58,
3rd Main Road, Gandhinagar, Adyar, Chennai 600020, Tamilnadu,
India |
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Date of Birth : |
22.05.1938 |
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Date of Appointment : |
05.12.1987 |
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|
|
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Name : |
Mr.
B. Srinivasan |
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Designation : |
Joint
Managing Director |
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Address : |
58,
3rd Main Road, Gandhinagar, Adyar, Chennai 600020, Tamilnadu,
India |
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Date of Birth : |
08.11.1969 |
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Date of Appointment : |
10.09.1990 |
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|
|
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Name : |
Mr.
M. V. Kumar |
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Designation : |
Executive
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr.
S. Balasubramanian |
|
1035 |
|
Mr.
B. Srinivasan |
|
2065 |
|
Vasan
Print Products Private Limited |
|
1200 |
|
Ms.
Saroja Balasubramanian |
|
900 |
BUSINESS DETAILS
|
Line of Business : |
Publishers
of Weeklies |
|
|
|
|
Brands : |
·
Ananda Vikatan ·
Junior Vikatan ·
Aval Vikatan ·
Chutti Vikatan ·
Chitti Vikatan |
GENERAL INFORMATION
|
No. of Employees : |
400 |
|
|
|
|
Bankers : |
The
Vysya Bank Limited 185,
Mount Road, Chennai 600006 Dhanalakshmi
Bank Limited 104
& 107, Anna Salai, Chennai 600002 Canara
Bank, Teynampet Branch Chennai 600 018 |
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Banking Relations : |
Satisfactory
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Auditors : |
Venkat
& Vasan Chartered
Accountants, Old
No. 27, New No. 44, Parangusapuram Street, Kodambakkam, Chennai 600024,
Tamilnadu, India |
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|
|
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Associates/Subsidiaries
: |
Gemini
Pictures Private Limited engaged in Film Production |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 5.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,200 |
Equity
Shares |
Rs. 100/- Each |
Rs. 0.520 Million |
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 |
0.520 |
0.520 |
0.520 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
56.314 |
38.106 |
33.945 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
56.834 |
38.626 |
34.465 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
58.070 |
37.460 |
44.748 |
|
|
2] Unsecured Loans |
1.821 |
5.772 |
2.623 |
|
TOTAL
BORROWING
|
59.891 |
43.232 |
47.371 |
|
|
DEFERRED TAX LIABILITIES |
8.469 |
8.175 |
5.093 |
|
Deferred Payment Liabilities
|
0.118 |
0.598 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
125.312 |
90.631 |
86.929 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
50.031 |
52.530 |
49.048 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
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Inventories
|
99.049
|
61.817
|
37.938
|
|
|
Sundry Debtors
|
63.924
|
44.859
|
47.731
|
|
|
Cash & Bank Balances
|
4.116
|
2.626
|
2.356
|
|
|
Other Current Assets
|
0.144
|
0.089
|
0.023
|
|
|
Loans & Advances
|
32.490
|
17.718
|
17.262
|
Total Current Assets
|
199.723
|
127.109
|
105.310
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & provisions
|
124.442
|
89.923
|
69.334
|
Total Current Liabilities
|
124.442
|
89.923
|
69.334
|
|
Net Current
Assets
|
75.281
|
37.186
|
35.976
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.915 |
1.905 |
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|
|
|
|
|
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TOTAL
|
125.312 |
90.631 |
86.929 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other income]
|
|
|
290.772 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
|
6.911 |
Provision for Taxation
|
|
|
1.492 |
Profit/(Loss) After Tax
|
|
|
5.419 |
|
|
|
|
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Export Value
|
|
|
1.273 |
|
|
|
|
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Import Value
|
|
|
110.247 |
|
|
|
|
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Total Expenditure
|
|
|
267.043 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
N.A.
|
N.A.
|
1.86 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
N.A.
|
N.A.
|
2.37 |
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|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
N.A.
|
N.A.
|
4.47 |
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|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
N.A.
|
N.A.
|
0.20 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
3.24
|
3.44
|
3.38 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
1.60
|
1.41
|
1.51 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets :
·
Goodwill
·
Land
·
Building I
·
Building II
·
Well
·
Motor Cars/ Vehicles
·
Furniture
·
Plant & Machinery
·
Computer
|
Name of the company |
VASAN PUBLICATIONS LIMITED |
|
Presented By |
Vasan
Publications Limited & The Vysya Bank Limited, Mount Road Branch |
|
1) Date and description of
instrument creating the change |
1. Agreement for
hypothecation of stock in trade, machinery, book debts, bills and all other
movables dated 25.01.2002 2. Two Term Loan Agreements
both dated 25.01.2002 for two term loan facilities 3. Agreement for the
hypothecation of fixed assets dated 25.01.2002 4. The deed of agreement of
Hypothecation and guarantee for both LC and Guarantee Limits both dated
25.01.2002 5. Letter of Hypothecation
dated 25.01.2002 6. Letter of Hypothecation
to secure time to time Trust loan against goods dt. 25.01.2002 7. Letters confirming
mortgage of immovable properties by deposit of title goods. |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Cash Credit Facility : Rs.
25.000 millions Term Loan I : Rs. 22.600
millions Term Loan II : Rs. 16.900
millions Import / Inland LC [DP or DA]
: Rs. 30.000 millions [Sub Limit DA Rs. 20.000 millions] Bank Guarantee : Rs. 2.000
millions Total : Rs. 96.500 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 |
1. Exclusive first charge
on the current assets [for the cash credit facility] 2. Exclusive first charge
on the current assets [for the Term Loan I] 3. Exclusive first charge
on the fixed assets, present & future [for the Term Loan II] 4. Exclusive first charge
on the current assets [for the Import / Inland LC facility] 5. Exclusive first charge
on the current assets [for the Bank Guarantee facility] Collateral Security : 1.
Equitable mortgage of land measuring about 14 grounds at 757, Annal Salai,
Chennai belonging to M/s. Progressive Builders, partners being Mr. B.
Srinivasan & Mr. S. Balasubramaniam directors of the company. 2. Exclusive first charge
on the fixed assets of the company, present and future including land &
building, plant & Machinery etc. 3. Equitable mortgage of
land measuring about 6 grounds and building thereon at Gemini House, Gandhi Nagar, Adyar, Chennai 30 in the
name of the company 4. Joint and several
personal guarantees of Mr. B. Srinivasan, Mrs. Radikha Srinivasan and Mr. S.
Balsubramaniam |
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
Cash
Credit Facility : 1. Interest is PLR + 1.50% p.a. [floating rate]. Margin is
25% on stocks and 30% against book debts. Limit valid till 18.01.2003 Term
Loan I Interest is PLR + 1.50% p.a. 2. Repayment Principal : 20 equal
quarterly installments of Rs. 1.130 millions each with no holiday
period. Interest : Payable quarterly
as and when debited 3. Upfront fee 1% of the limit [one time basis] 4.
Purpose : For meeting long term working capital requirements. Term
Loan II Interest is PLR + 1.50% p.a. 2. Repayment : Principal : 20 equal
quarterly installments of Rs. 0.845 million each with no holiday period.
Interest : Payable Quarterly as and when debited 3. Upfront fee 1% of the
limit [one time basis] 4. Purpose : for take over of existing term loans with
ICICI Bank, Dhanalakshmi Bank and Karur Vysya Bank Import/Inland
LC : 1. Commission as per Bank / FEDAI rates. Cash margin 10% in term
deposits. 2. Sub limit for LC on DA Rs. 20 millions, Limit valid till
18.01.2003. 3. Purpose : Procurement of newsprint. Bank
Guarantee : Commission as per Bank rates. Cash Margin 10% in term deposits.
Limit valid till 18.01.2003 2. Purpose : General such as sales tax, customs
duty etc |
|
5) Name and Address and
description of the person entitled to the charge. |
The
Vysya Bank Limited 185,
Mount Road, Chennai 600006 |
|
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 |
|
Name of the company |
VASAN PUBLICATIONS LIMITED |
|
Presented By |
Vasan
Publications Limited & Dhanalakshmi Bank Limited, Anna Salai, Chennai
600002 |
|
1) Date and description of
instrument creating the change |
19.03.2001 Credit facility arrangement
letter [Annexure E] Letter for deposit of title
deeds from company to bank |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Short term loan of Rs. 10
millions together with all applicable interest which may be debited to an
appropriate amount from time to time |
|
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 |
Equitable mortgage of
residential house property situated at No. 58, III Main Road, Gandhi Nagar,
Adayar, Chennai 600020 |
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
Interest
: PLR [13.5%] + 2.5% . Minimum 16%
repayable in 24 monthly instalments First installment to commence from
15.04.2001 This
security shall be a continuing security for the repayment of the short term
loan Other
terms and conditions to be adhered to as set forth in the sanction letter
dated 14.03.2001 |
|
5) Name and Address and
description of the person entitled to the charge. |
Dhanalakshmi
Bank Limited 104
& 107, Anna Salai, Chennai 600002 |
|
6) Date and brief description of instrument
modifying the charge |
1. Letter of Extension of
mortgage by deposit of Title deeds of the company [As per Annexure F] dated
07.01.2002 2. Memorandum of Agreement
dated 05.01.2002 3. Bank Sanction letter
dated 05.01.2002 4. Company letter dated
05.01.2002 to Bank |
|
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. |
Short term working capital
limit of Rs. 10 millions sanctioned vide banks sanction letter of 14.03.2001
has been enhanced to Rs. 11.500 millions vide sanction letter dated
05.01.2002. The enhancement of Rs.
1.500 millions is at 16% interest, [fixed], bullter re-payment with interest
on or before 31.03.2002 to meet short term working capital requirements. Charge on companys property at No. 58,
III Main Road, Gandhi Nagar, Adayar, Chennai 20, registered with Registrar
of Companies on 2.4.2001 is extended to cover this enhancement also. All other terms and conditions as per
sanction letter dated 05.01.2002 and as stated in documents executed listed
in Sl. No. 6 above |
Form
8 Particular for creation or modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U22121TN1946PTC003197 |
|
Name
of the company |
VASAN PUBLICATIONS PRIVATE
LIMITED |
|
Address |
New No. 191, Old No. 757,
Anna Salai, Chennai 600 002, Tamilnadu |
|
This
Form is for |
Modification
of charge |
|
Type
of Charges |
Book
debts, Floating charge and others |
|
Particular
of the charge holder |
Canara
Bank Teynampet
Branch, Anna Salai, Chennai 600018, Tamilnadu, India E-mail
: chn0416@canbank.co.in |
|
Nature
or description of the instrument creating charge |
Supplemental
Agreement |
|
Date
of the instrument creating charge |
08.11.2006 |
|
Amount
Secure by the charge |
Rs.
87.000 millions |
|
Brief
of the principal terms and conditions and extent and operation of the charge |
10.25%
[Rate of interest is subject to change by the Bank from time to time] Term
of Repayment : As per the agreement Margin
: As per the agreement Extent
and operation of the charge : Exclusive first charge Others
: All other terms and conditions as per the agreement |
|
Particulars
of the Property charged |
All
the existing securities viz all types of stocks, whole of book debts and
receivables, machinery including those acquired and or to be acquired out of
the enhanced / modified credit limits more fully described in schedule c to
the agreement enclosed. This is in
addition to all other existing securities. |
|
Particulars
of the present modification |
Change
amount of the above securities enhanced to Rs. 87 millions comprising OCC /
ODBD Rs. 50 millions, LC Rs. 35 millions, BG Rs. 2 millions and secured
by all existing securities including those acquired out of enhanced credit
limits. The other terms and
conditions of the original charge remain unchanged. |
|
Name of the company |
VASAN PUBLICATIONS PRIVATE LIMITED |
||||||||||||||||||
|
Presented By |
Vasan
Publications Private Limited & Canara Bank, Teynampet, Chennai |
||||||||||||||||||
|
1) Date and description of
instrument creating the change |
22.09.2005 Date of
deposit of the title deeds Equitable mortgage by
deposit of title deeds letter evidencing deposit of title deeds dt.
23.09.2005 is also enclosed |
||||||||||||||||||
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 87.000 millions
comprising Rs. 67.000 millions made available to Vasan Publications Private
Limited and Rs. 20.000 millions made available to Vikatan Tele Vistas Private
Limited together with interest, cost, charges and other expenses which may be
debited to the account from time to time |
||||||||||||||||||
|
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 |
Exclusive charge by way of
equitable mortgage of Agricultural land measuring 228.50 cents in survery no.
161/a/1, 161/A/1B [New survey No. 160-B [Part] & 160/B/1A [New survey No.
160-B [Part], 160/B/1B [New Survey No. 160-B [Part], 160/B/C [New survey no.
160-B [Part] Kilambakka, Kattankulathur Panchayat Union, Oorapakkam
Panchayat, Chennai morefully described in LEDTD, standing the name of M/s.
Vasan Publications Private Limited including all that piece and parcel of
land together with all buildings, structures, fixtures, fittings, machineries
standing / installed thereon and to be erected / installed and to be put up
in future, detailed as under :
|
||||||||||||||||||
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
The above landed properties are taken as a
collateral security for an amount of Rs. 87.000 millions comprising Rs.
67.000 millions made available to Vasan Publications Private Limited and Rs.
20.000 millions made available to Vikatan Tele Vistas Private Limited
together with interest, cost, charges and other expenses which may be debited
to the account from time to time |
||||||||||||||||||
|
5) Name and Address and
description of the person entitled to the charge. |
Canara
Bank Teynampet
Branch, Chennai |
||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
- |
||||||||||||||||||
|
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. |
- |
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 Intl 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
companys 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.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
This score
serves as a reference to assess SCs 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
|
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 |