MIRA
INFORM REPORT
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Report Date : |
31st January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
FLORIN CHEMICAL AND TRADING LTD. |
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Registered Office : |
Zártkörűen működő
Részvénytársaság, 6725 Szeged, Kenyérgyári út 5. |
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Country : |
Hungary |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
21.04.1993 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
Manufacture of perfumes and toilet preparations |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
FLORIN Vegyipari és Kereskedelmi
Zártkörűen működő Részvénytársaság
6725 Szeged, Kenyérgyári út 5.
Phone :+36-62-592100
Telefax :+36-62-592167
E-Mail :marketing@florin.hu
Web : www.florin.hu
Legal form
Company limited by shares
Established on
10/31/1992 - Company limited by shares
11/30/1989 - Co-operative
Legal predecessor
FLORIN Vegyipari Szövetkezet
CrefoNr.: 931 0558034
RegNr.: 06 02 000220
6724 Szeged, Kenyérgyári u. 5.
Transformation
Registered on
04/21/1993 Cj. Csongrád megye, 06 10 000075
Cj. Csongrád megye,
Tax number
11083023-2-06
EU Community VAT identification number: HU11083023
KSH number: 11083023
Registered capital
10/31/1992
From
this non-cash capital contribution
HUF
HUF 424 520 000
424
520 000
Shareholder
Names of the shareholders are not known
Board of directors
Barta Péterné
6723 Szeged, Felső Tisza-part 29.
employee
authorized to collective sign
Beginning of legal relation: 10/29/1999
Cselovszki Dominika
6726 Szeged, Fő fasor 138.
Employee
authorized to collective sign
Beginning of legal relation: 06/14/2004
Dr. Csirinyi György
6724 Szeged, Siha köz 2/a.
Employee
authorized to collective sign
Beginning of legal relation: 06/14/2004
Dr. Hegyesiné Szabó
Mária
6726 Szeged, Rózsa Ferenc sgt. 64.
Employee authorized to company registration
authorized to collective sign
Dr. Szőcs Árpád
László
1025 Budapest, Mandula u. 34.
Office-bearer
authorized to sign alone
Beginning of legal relation: 09/19/2006
Glózikné Egedi Ilona
6710 Szeged, Palánta u. 12.
employee
authorized to collective sign
Beginning of legal relation: 10/29/1999
Hankó Istvánné
6710 Szeged, Márvány u. 26.
Employee authorized to company registration
authorized to collective sign
Beginning of legal relation: 03/16/1995
Hégely Enikő
6725 Szeged, Veresács u. 44.
employee
authorized to collective sign
Beginning of legal relation: 05/18/2002
Hőrits
László
6753 Szeged, Kankalin u. 45333/0. sz.
Employee
authorized to collective sign
Beginning of legal relation: 02/12/2004
László Jenő
6724 Szeged, Kukovecz Nana u. 10.
Office-bearer
authorized to sign alone
Beginning of legal relation: 09/19/2006
Rózsa Zoltán
6791 Szeged, Czékus u. 4.
Employee
authorized to collective sign
Beginning of legal relation: 10/08/2004
Szűcs László
6763 Szatymaz, IV. ker. 3.
Employee authorized to company registration
authorized to collective sign
Beginning of legal relation: 03/16/1995
Táborosiné Lázár
Mariann
6791 Szeged, Dinnyés u. 39.
Employee
authorized to collective sign
Beginning of legal relation: 10/08/2004
Tánczosné Moór
Marianna
6791 Szeged, Czékus u. 2.
Employee
authorized to collective sign
Beginning of legal relation: 01/14/2004
Újlaki-Nagy Sándor
2377 Örkény, Fő u. 16/ A .
Office-bearer
authorized to sign alone
Beginning of legal relation: 09/19/2006
Vári Dénesné
6800 Hódmezővásárhely, Ábrai Károly u. 41.
employee
authorized to collective sign
Beginning of legal relation: 04/24/2003
Supervisory Board
Cselovszki Jánosné
6726 Szeged, Toroczkói u. 1/C.
member of the supervisory board
Beginning of legal relation: 09/19/2006
Dr. Vargha András
1118 Budapest, Otthon u. 10.
member of the supervisory board
Beginning of legal relation: 09/19/2006
Mizser Árpád
2310 Szigetszentmiklós, Málna u. 7.
member of the supervisory board
Beginning of legal relation: 09/19/2006
Auditor
CONTROLLING
Könyvvizsgáló Korlátolt Felelősségű Társaság
6722 Szeged, Gogol u. 23.
Beginning of legal relation: 04/27/2006
Poesz Csaba
1161 Budapest, Rákospalotai határ út 33.
Beginning of legal relation: 09/19/2006
General data
Main activity:
Manufacture of perfumes and toilet preparations (24.52)
Other activities:
Manufacture of other inorganic basic chemicals (24.13)
Manufacture of other organic basic chemicals (24.14)
Manufacture of pesticides and other agro-chemical products (24.20)
Manufacture of paints, varnishes and similar coatings,
printing ink an (24.30)
Manufacture of pharmaceutical preparations (24.42)
Manufacture of soap and detergents, cleaning and polishing
preparation (24.51)
Manufacture of essential oils (24.63)
Manufacture of other chemical products nec (24.66)
Manufacture of metal structures and parts of structures (28.11)
Manufacture of tanks, reservoirs and containers of metal (28.21)
General mechanical engineering (28.52)
Manufacture of other fabricated metal products nec (28.75)
Manufacture of other special purpose machinery nec (29.56)
Steam and hot water supply (40.30)
Collection, purification and distribution of water (41.00)
Agent's wholesale trade in basic materials, fuel (51.12)
Agents involved in the sale of timber and building
materials (51.13)
Agents specializing in the sale of particular products or
ranges of pr (51.18)
Wholesale trade of china and glassware, wallpaper and
cleaning materials (51.44)
Wholesale trade of perfume and cosmetics (51.45)
Wholesale trade of pharmaceutical goods (51.46)
Wholesale trade of wood, construction materials and
sanitary equipment (51.53)
Wholesale trade of chemical products (51.55)
Other wholesale (51.90)
Retail sale via mail order houses (52.61)
Other non-store retail sale (52.63)
Canteens (55.51)
Freight transport by road (60.24)
Storage and warehousing (63.12)
Letting of own property (70.20)
Other software consultancy and supply (72.22)
Data processing (72.30)
Research and experimental development on natural sciences
and engineer (73.10)
Technical testing and analysis (74.30)
Advertising (74.40)
Packaging activities (74.82)
Brand name
UNISTOP, FLÓRALUX, UNIFOSZ, BIOSECT, FAPLASZT, PIRINOR, CLUB, FLORINETT
YUVAN,
CHARME, ALEX, FITTE, MADLENE, FLORISSE, STYLISH, MÉDEA, SANA, UNITOX
Former name
FLORIN Vegyipari és Kereskedelmi Részvénytársaság
Beginning of validity: 10/31/1992
End of validity: 05/26/2006
Name in foreign language
FLORIN Chemical and Trade Company Limited FLORIN Co. Ltd.
Beginning of validity: 04/21/1993
FLORIN
Chemical and Trade Company Limited FLORIN CO.
Beginning of validity: 12/06/1999
FLORIN
Himiko Promislennoe i Targovoe Zakrito Akcionyernoe Obsesztvo FLORIN ZAO
Beginning of validity: 05/26/2006
FLORIN
geschlossene Aktiengesellschaft für Chemieindustrielle und Handelswesen FLORIN
AG.
Beginning of validity: 05/26/2006
FLORIN
Production et Commercialisation des Produits Chimiques S. A. F. FLORIN S.A.F.
Beginning of validity: 05/26/2006
Short name
FLORIN Zrt.
Beginning of validity: 05/26/2006
Export
Bulgaria
Croatia
Great-Britain
Romania
Serbia and Montenegro
Spain
Sweden
Import
Austria
Czech Republic
France
Germany
Netherlands
General contacts
Letter:
6701 Szeged, Pf. 49.
Phone:
+36-62-592100
+36-62-473522
Telefax:
+36-62-592167
+36-62-469365
E-Mail:
marketing@florin.hu
Web:
www.florin.hu
Residence address
6725 Szeged, Kenyérgyári út 5.
Beginning of validity: 10/31/1992
The
company has ISO 9001 quality certificate.
Regular
activity:
Manufacture
and trade of cosmetics,
hair
and bodylotions,other chemicals,
plant
protector chemicals,
delivery
service, lease works
Export:
BENELUX states
Employees
2004. 181
employees
2005. 138
employees
Annual turnover
1993. Net
income HUF
602 607 000
1994. Net
income HUF
792 446 000
1995. Net
income HUF
774 540 000
2000. Net
income HUF
2 974 866 000
2001. Net
income HUF
2 824 154 000
2002. Net
income HUF
2 789 999 000
2003. Net
income HUF
2 318 766 000
2004. Net
income HUF
2 045 159 000
2005. Net
income HUF
1 610 559 000
Property
Company's property: car
4 piece (own data from 2006)
Company's property: truck
5 piece (own data from 2006)
Company's property: property
Book value: 371846000 HUF (According to balance - 2005)
Balance sheets
2005.évi mérleg (hivatalos forrás) (12/31/2005 -
1000 HUF)
2004.évi mérleg (hivatalos forrás) (12/31/2004 - 1000 HUF)
2003.évi mérleg (12/31/2003 - 1000 HUF)
2005.évi "A" eredménykimutatás
(hivatalos forrás) (12/31/2005 - 1000 HUF)
2004.évi "A" eredménykimutatás (hivatalos forrás) (12/31/2004 - 1000
HUF)
2003.évi "A" eredménykimutatás (12/31/2003 - 1000 HUF)
Remarks
The enclosed balance sheet for 2004 is
originated from official source, it is authenticated by the auditor.
The enclosed balance sheet for 2005 is originated from official source, it is
authenticated by the auditor.
The
balance sheet of 2005 data are incomplete.
Main suppliers:
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Szenna Pack Kft.
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Mátrametál, Sirok
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MOL Nyrt., Szolnok
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WELLA AG , Germany
Interests Interested party: 9314183150
Újlaki-Nagy Sándor
Interest: 9314251784
COSMED TRADE Kereskedelmi Korlátolt
Felelősségű
Társaság Manager
Bank relations
K&H Bank Rt. 280
Szeged:
Central address: HU Szeged, Széchenyi tér 9.
Account number: 104028052802461300000000
Account number: 104028052802461370520000
K&H
Bank Rt. Vállalat:
Central address: HU Budapest, Pozsonyi út 77-79.
Account number: 102010066018400900000000
Account number: 102010066018399800000000
Company development
Company development stagnative (39)
Business course
satisfactory (31)
Terms of payment
in so far as known, punctually (29)
Business connection
The establishing of the busness connection is
allowed (21)
Credit limit
HUF 42 200 000
EUR
194 542
Legal agreement
This information is addressed exclusively to
addresse. We don't assume responsibility for negligence referring to the
content of this information.__On behalf of the objective information, please
inform us if you have different observations.
A. 2005.évi mérleg (hivatalos forrás) (12/31/2005 - 1000
HUF)
B. 2004.évi mérleg (hivatalos forrás) (12/31/2004 - 1000 HUF)
C. 2003.évi mérleg (12/31/2003 - 1000 HUF)
Balance row
|
A |
A-> B% |
B |
B-> C% |
C |
|
ASSETS INVESTED |
741 799 |
1 |
711 724 |
0,9 |
675 851 |
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Intangible assets |
111 579 |
0,9 |
95 340 |
0,7 |
64 811 |
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- Rights representing
assets |
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6 811 |
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- Goodwill |
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Advanced money given
for intagible assets |
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- Intellectual
products |
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6 873 |
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- Capitalized value
of experimental development |
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|
49 466 |
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- Capitalized value
of incorporation/reorganization |
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|
1 661 |
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- Adjustment of the
value of intangible assets |
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Tangible assets |
520 547 |
1 |
524 781 |
0,9 |
495 822 |
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- Immovables |
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|
286 029 |
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- Technological
equipment, machinery and vehicles |
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|
117 526 |
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- Other equipment,
appliances and vehicles |
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|
58 802 |
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animals for breeding |
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- Investments |
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|
33 465 |
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- Advance payments
made towards investments |
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- Adjustment of the
value of tangible assets |
|
|
|
|
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Financial means
invested |
109 673 |
0,8 |
91 603 |
1,3 |
115 218 |
|
Permanent interest in
associated company |
|
|
|
|
114 099 |
|
Permanent loan given
in associated company |
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Other permanent
interest |
|
|
|
|
50 |
|
Permanent loan given
in other participating relation |
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|
|
|
|
|
Other loan given to a
longer period |
|
|
|
|
1 069 |
|
Security personifying
permanent credit relation |
|
|
|
|
|
|
- Adjustment of the
value of liquid assets invested |
|
|
|
|
|
|
CURRENT ASSETS |
1 048 286 |
1,1 |
1 153 815 |
1,2 |
1 386 359 |
|
Inventories |
402 905 |
1,3 |
511 398 |
1,2 |
594 793 |
|
- Materials |
|
|
|
|
342 848 |
|
- Commodities |
|
|
|
|
11 063 |
|
- Advance payments
made towards inventories |
|
|
|
|
|
|
- Livestock |
|
|
|
|
|
|
- Incomplete
production and semi-finished products |
|
|
|
|
10 529 |
|
- Finished products |
|
|
|
|
230 353 |
|
Accounts receivable |
406 344 |
0,8 |
340 292 |
1,2 |
414 310 |
|
- Receivables from
clients on account of deliveries |
|
|
|
|
374 919 |
|
Receivables from
associated company |
|
|
|
|
6 875 |
|
Receivables from
other participating relation |
|
|
|
|
|
|
- Bills receivable |
|
|
|
|
|
|
- Other receivables |
|
|
|
|
32 516 |
|
Securities |
|
|
|
|
85 497 |
|
Interest in
associated company |
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|
|
|
|
|
Other interest |
|
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|
|
|
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Securities
personifying circulational credit relation aim |
|
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|
Treasury stock,
business quotas |
|
|
|
|
|
|
Liquid assets |
239 037 |
1,3 |
302 125 |
1 |
291 759 |
|
- Cash at hand and
cheques |
|
|
|
|
495 |
|
- Bank deposits |
|
|
|
|
291 264 |
|
ACCRUED AND DEFERRED
ASSETS |
15 977 |
0,5 |
7 551 |
0,4 |
3 235 |
|
Accrued and deferred
assets of revenues |
|
|
|
|
136 |
|
Accrued and deferred
assets of expenses, expenditures |
|
|
|
|
3 099 |
|
Postponed expenditures
|
|
|
|
|
|
|
TOTAL ASSETS |
1 806 062 |
1 |
1 873 090 |
1,1 |
2 065 445 |
|
SHAREHOLDERS' EQUITY |
1 111 417 |
1 |
1 119 174 |
1 |
1 115 762 |
|
Capital subscribed |
424 520 |
1 |
424 520 |
1 |
424 520 |
|
own shares redeemed
at par value |
|
|
|
|
|
|
a capital increase
not yet registered by the Court of Registration |
|
|
|
|
|
|
a capital decrease
not yet registered by the Court of Registration |
|
|
|
|
|
|
Capital subscribed
but not yet paid |
|
|
|
|
|
|
Capital reserve |
1 |
1 |
1 |
1 |
1 |
|
Profit reserve |
605 451 |
1 |
635 084 |
0,9 |
585 369 |
|
Locked-up reserve |
81 445 |
0,7 |
56 157 |
1,2 |
66 466 |
|
Provision for
re-evaluation differences |
|
|
|
|
|
|
Result as per
balance-sheet |
|
|
3 412 |
11,5 |
39 406 |
|
SPECIFIC RESERVES |
|
|
42 000 |
0,6 |
24 613 |
|
Specific reserves for
anticipated liabilities |
|
|
|
|
|
|
Provisions for the
future expenses |
|
|
|
|
|
|
Other provisions |
|
|
|
|
24 613 |
|
LIABILITIES |
601 411 |
1 |
587 512 |
1,3 |
780 317 |
|
Other liabilities |
|
|
|
|
|
|
Long-term liabilities
|
10 000 |
24 |
239 642 |
0,1 |
15 000 |
|
- Investment and
development credits |
|
|
|
|
|
|
- Other long-term
credits |
|
|
|
|
|
|
- Long-term loans
received |
|
|
|
|
|
|
Convertible
securities |
|
|
|
|
|
|
- Debts assumed on
the issue of bonds |
|
|
|
|
|
|
Permanent liabilities
to associated company |
|
|
|
|
|
|
Permanent liabilities
to other participating relation |
|
|
|
|
|
|
- Other long-term
liabilities |
|
|
|
|
15 000 |
|
Short-term
liabilities |
591 411 |
0,6 |
347 870 |
2,2 |
765 317 |
|
- Advance payments
received from customers |
|
|
|
|
18 184 |
|
- Liabilities from
deliveries and services (suppliers) |
|
|
|
|
175 060 |
|
- Bills payable |
|
|
|
|
|
|
Short-term
liabilities towards affiliated companies |
|
|
|
|
|
|
Short-term
liabilities towards companies in which other participations are held |
|
|
|
|
|
|
- Short-term credits |
|
|
|
|
506 127 |
|
- Short-term loans |
|
|
|
|
|
|
from this:
convertible securities |
|
|
|
|
|
|
- Other short-term
liabilities |
|
|
|
|
65 946 |
|
ACCRUED EXPENSES |
93 234 |
1,3 |
124 404 |
1,2 |
144 753 |
|
Accrued expenses of
revenues |
|
|
|
|
15 949 |
|
Accrued expenses of
costs, expenditures |
|
|
|
|
78 860 |
|
Postponed revenues |
|
|
|
|
49 944 |
|
TOTAL LIABILITIES |
1 806 062 |
1 |
1 873 090 |
1,1 |
2 065 445 |
|
Balance indices |
A |
|
B |
|
C |
|
Liquidity 1 |
1.7725 |
|
3.3168 |
|
1.8115 |
|
Liquidity 2 |
1.0913 |
|
1.8467 |
|
1.0343 |
|
Rate of sources
(Liabilities/Shareholders' equity) |
54.11% |
|
52.50% |
|
69.94% |
|
Rate of tangible
assets (Tangible assets/Fixed assets) |
28.82% |
|
28.02% |
|
24.01% |
|
Rate of current
assets (Current assets/Fixed assets) |
58.04% |
|
61.60% |
|
67.12% |
|
Capital
(Shareholders' equity/Sources) |
61.54% |
|
59.75% |
|
54.02% |
|
Measure of
indebtedness (liability / all sources) |
33.30% |
|
31.37% |
|
37.78% |
|
Security of fixed
assets (shrhldr's equity / fixed assets) |
149.83% |
|
157.25% |
|
165.09% |
|
Liquidation acid test
ratio: financial assets/ current liabilities |
40.42% |
|
86.85% |
|
38.12% |
|
A. 2005.évi
"A" eredménykimutatás (hivatalos forrás) (12/31/2005 - 1000 HUF) -
Warning! The figures stated in the balance sheet may contain error(s). |
|
Balance row |
A |
A-> B% |
B |
B-> C% |
C |
|
- Net returns from
domestic sales |
1 259 465 |
|
|
|
1 731 865 |
|
- Net returns from
export sales |
351 094 |
|
|
|
586 901 |
|
Net returns from
sales |
1 610 557 |
1,3 |
2 045 159 |
1,1 |
2 318 766 |
|
Other revenues |
61 744 |
0,4 |
23 164 |
6 |
139 814 |
|
- Capitalized value
of assets of own production |
|
|
|
|
31 149 |
|
- Changes in the
stock of inventories compiled from own products |
|
|
|
|
64 130 |
|
Capitalized value of
own performance |
-36 940 |
-0,1 |
2 104 |
45,3 |
95 279 |
|
Depreciation |
|
|
|
|
|
|
- Material costs |
|
|
|
|
1 328 070 |
|
- Value of
material-type services the Company availed itself of |
|
|
|
|
429 707 |
|
Value of other
deliveries |
|
|
|
|
15 114 |
|
- Purchase value of
the goods sold |
|
|
|
|
14 748 |
|
Value of sold
(intermediate) services |
|
|
|
|
|
|
Material--type costs |
1 156 366 |
1,3 |
1 473 298 |
1,2 |
1 787 639 |
|
- Wages and salaries |
|
|
|
|
263 244 |
|
- Other staff
emoluments |
|
|
|
|
44 133 |
|
Payment contributions
|
|
|
|
|
100 869 |
|
Staff costs |
286 815 |
1,3 |
368 327 |
1,1 |
408 246 |
|
Depreciation |
68 973 |
0,9 |
64 368 |
1,1 |
71 672 |
|
Other costs |
|
|
|
|
|
|
Other expenditures |
166 583 |
1 |
171 450 |
1,2 |
201 044 |
|
Depreciation |
1 996 |
23,3 |
46 581 |
0,1 |
2 964 |
|
TRADING PROFIT/INCOME
FROM OPERATIONS |
-43 374 |
0,2 |
-7 016 |
-12,2 |
85 258 |
|
Interest receivable
and similar income |
|
|
|
|
2 076 |
|
Given to associated
company |
|
|
|
|
|
|
Dividends received
and profit sharing |
|
|
|
|
515 |
|
Received from
associated company |
|
|
|
|
|
|
Depreciation of
selling the interests |
|
|
|
|
|
|
Received from
associated company |
|
|
|
|
|
|
Exchange profit and
interest of the invested liquid assets |
|
|
|
|
|
|
Received from
associated company |
|
|
|
|
|
|
Other revenues from
financial transactions |
|
|
|
|
76 560 |
|
Revenues from
financial transactions |
50 066 |
1 |
50 988 |
1,6 |
79 151 |
|
Depreciation of the
invested liquid assets |
|
|
|
|
|
|
Given to associated
company |
|
|
|
|
|
|
Interest paid and
interest related expenses |
|
|
|
|
14 456 |
|
Given to associated
company |
|
|
|
|
|
|
Depreciation of
interests, shares and bank deposits |
|
|
|
|
14 785 |
|
Other expenditures on
financial. transactions |
|
|
|
|
76 560 |
|
Expenses on financial
transactions |
22 931 |
1,6 |
37 239 |
2,8 |
105 801 |
|
PROFIT FROM FINANCIAL
TRANSACTIONS |
27 135 |
0,5 |
13 749 |
-1,9 |
-26 650 |
|
PROFIT FROM ORDINARY
ACTIVITIES |
-16 239 |
-0,4 |
6 733 |
8,7 |
58 608 |
|
Extraordinary incomes
|
19 564 |
0,7 |
13 217 |
0,8 |
10 779 |
|
Extraordinary
expenditures |
1 956 |
0,7 |
1 277 |
1,1 |
1 468 |
|
EXTRAORDINARY PROFITS
|
17 608 |
0,7 |
11 940 |
0,8 |
9 311 |
|
PRE-TAX PROFITS |
1 369 |
13,6 |
18 673 |
3,6 |
67 919 |
|
Tax payable |
635 |
10,7 |
6 771 |
2 |
13 655 |
|
AFTER-TAX PROFIT |
734 |
16,2 |
11 902 |
4,6 |
54 264 |
|
Use of accumulated
profit reserve for dividends and profit sharing |
|
|
|
|
|
|
Dividend and profit
sharing approved and paid |
|
|
|
|
14 858 |
|
PROFIT AS PER
BALANCE-SHEET |
|
|
3 412 |
11,5 |
39 406 |
|
Balance indices |
A |
|
B |
|
C |
|
Rentability |
.09% |
|
.91% |
|
2.93% |
|
Annual change of the
net return of sales |
-21.25% |
|
-27.58% |
|
-16.89% |
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 |
|