MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
IMI MOBILE PRIVATE LIMITED |
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Formerly Known As : |
IMI SOFTWARE LIMITED |
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Registered Office : |
'Kautilya', 6-3-652,
Somajiguda, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.07.1987 |
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Com. Reg. No.: |
01-7601 |
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CIN No.: [Company
Identification No.] |
L72200AP1987PTC007601 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDI00007A |
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PAN No.: [Permanent
Account No.] |
AABCI0546B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in delivering software solutions in Advanced Engineering & Design for the Utility sector. |
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 720000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate tracl. Profit margin is under severe pressure. Payments are usually correct and as per commitments. The company can be considered moderate for business dealings at usual trade terms and conditions. Financial position of the company may be regarded as moderate having substantial accumulated losses. |
LOCATIONS
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Registered Office : |
'Kautilya', 6-3-652,
Somajiguda, |
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Tel. No.: |
91-40-23310233 |
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Fax No.: |
91-40-23311643 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 770, Road No. 44, Jubilee Hills, |
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Tel. No.: |
91-40-23555945 |
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Fax No.: |
91-40-23555984 |
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Branches : |
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Mumbai ·
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DIRECTORS
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Name : |
Mr. Michael Joseph Primiyani |
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Designation : |
Director |
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Address : |
P O Box – 50009, |
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Date of Birth/Age : |
08.05.1948 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Alluri Reddy Vishwanath |
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Designation : |
Chairman cum Managing Director |
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Address : |
2 D Atlas Apartments, Road No 10, Banjara Hills, Hyderabad – 500034,
Andhra Pradesh, India |
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Date of Birth/Age : |
30.06.1953 |
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Date of Appointment : |
01.10.1995 |
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Name : |
Mr. S S Bhat |
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Designation : |
Whole Time Director |
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Address : |
409 Janapriya Pramila Enclave, Uma Nagar, |
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Date of Birth/Age : |
22.04.1960 |
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Date of Appointment : |
15.02.1999 |
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Name : |
Mr. Vikas Paranjepe |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
31.12.2001 |
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Name : |
Mr. Amish Anil Jani |
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Designation : |
Director |
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Address : |
49, |
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Date of Appointment : |
29.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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40.50 |
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Bodies corporate |
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27.30 |
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Directors of relatives of directors |
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12.50 |
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Other top fifty shareholders |
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19.70 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in delivering software solutions in Advanced Engineering & Design for the Utility sector. |
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Products : |
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GENERAL INFORMATION
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Customers : |
International
National
(Engineering Services Customers) Telecom
Power Transmission
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No. of Employees : |
150 |
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Bankers : |
State Bank of Overseas Branch, Somajiguda, Development
Credit Bank Limited Secunderabad Branch |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. B. Reddy and Company Chartered Accountants |
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Address : |
206, Srinilaya Estates, Ameerpet, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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18000000 |
Equity Shares |
Rs. 10/- |
Rs. 180.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7177563 |
Equity Shares |
Rs. 10/- |
Rs. 71.776 million |
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 |
71.776 |
59.026 |
59.026 |
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2] Share Application Money |
8.729 |
0.000 |
0.000 |
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3] Reserves & Surplus |
114.806 |
32.860 |
32.860 |
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4] (Accumulated Losses) |
[13.825] |
[34.103] |
[37.621] |
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NETWORTH |
181.486 |
57.783 |
54.265 |
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LOAN FUNDS |
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1] Secured Loans |
14.159 |
5.127 |
4.563 |
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2] Unsecured Loans |
0.000 |
56.982 |
0.000 |
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TOTAL BORROWING |
14.159 |
62.109 |
4.563 |
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DEFERRED TAX LIABILITIES |
2.147 |
0.000 |
0.000 |
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TOTAL |
197.792 |
119.892 |
58.828 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.641 |
28.172 |
12.205 |
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INVESTMENT |
10.192 |
0.223 |
1.072 |
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Software Development |
0.000 |
0.000 |
8.192 |
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DEFERREX TAX ASSETS |
0.000 |
23.209 |
25.593 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
175.041
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71.651 |
26.326 |
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Cash & Bank Balances |
33.922
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35.023 |
0.052 |
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Other Current Assets |
0.234
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0.000 |
0.000 |
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Loans & Advances |
14.667
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6.468 |
3.349 |
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Total
Current Assets |
223.864
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113.142 |
29.727 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
86.146
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42.716 |
18.948 |
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Provisions |
7.759
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2.138 |
1.936 |
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Total
Current Liabilities |
93.905
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44.854 |
20.884 |
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Net Current Assets |
129.959
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68.288 |
8.843 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.923 |
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TOTAL |
197.792 |
119.892 |
58.828 |
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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 |
255.977 |
98.387 |
41.738 |
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Other Income |
1.617 |
0.113 |
0.148 |
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Total Income |
257.594 |
98.500 |
41.886 |
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Profit/(Loss) Before Tax |
50.371 |
5.902 |
[9.644] |
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Provision for Taxation |
29.372 |
2.384 |
0.135 |
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Profit/(Loss) After Tax |
20.999 |
3.518 |
[9.779] |
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Earnings in Foreign Currency : |
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Total Earnings |
NA
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5.746 |
20.571 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
20.277 |
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Purchases made for re-sale |
3.768 |
2.335 |
0.000 |
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Salaries, Wages, Bonus, etc. |
69.832 |
25.354 |
22.749 |
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Managerial Remuneration |
4.844 |
3.010 |
0.000 |
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Payment to Auditors |
0.230 |
0.125 |
0.000 |
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Interest |
1.229 |
1.688 |
0.978 |
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Insurance Expenses |
0.310 |
0.194 |
0.000 |
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Power & Fuel |
1.995 |
1.042 |
0.000 |
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Depreciation & Amortization |
8.731 |
3.878 |
2.541 |
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Other Expenditure |
116.284 |
54.972 |
4.986 |
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Total Expenditure |
207.223 |
92.598 |
51.531 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
8.15
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3.57 |
[23.35] |
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Net Profit Margin (PBT/Sales) |
(%) |
19.68
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6.00 |
[23.11] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.89
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4.18 |
[23.00] |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.10 |
[0.18] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.60
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1.85 |
0.47 |
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Current Ratio (Current Asset/Current Liability) |
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2.38
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2.52 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Plant and
Machinery
- Office
Equipment
- Furniture and
Fixture
- Vehicles
Bankers Charges
Report as per Registry
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Name of the company |
IMI SOFTWARE
LIMITED |
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Presented By |
A R Vishwanath, Managing
Director |
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1) Date and description of instrument creating the change |
08.04.2003, Deed
of Hypothecation of Tangible Moveable Property, Deed of Charge and
Hypothecation of Book Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
C. C. Rs. 4.000
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 |
Hypothecation of
book debts not exceeding 90 days; Collateral
Security : Hypothecation of Tangible Moveable Property of the company to the
extent of Rs. 13.054 Millions viz.
Plant and Machinery Rs. 10.021 Millions, Furniture and Fixture Rs. 2.309
Millions and equipment Rs. 0.724 Millions as per balance sheet as on 31.03.2002
excluding vehicles to the extent of Rs. 1.017 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 16 %
p.a. with monthly rests. Margin : 50 % on
book debt Repayment : on
demand / annual review |
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5) Name and Address and description of the person entitled to the charge. |
Development
Credit Bank Limited Secunderabad
Branch |
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6) Date and brief description of instrument modifying the charge |
Supplemental Deed
of Hypothecation Additional Limit dated 01.10.2005 |
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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. |
Cash Credit Limit
enhanced from Rs. 1.600 Million to Rs. 6.000 Million. On closure of term
loans and including the present enhancement aggregate credit facilities now
reduced from Rs. 10.100 Millions to Rs. 6.000 Millions |
AS PER WEBSITE
Subject leading software technology and
professional services company. IMIsoft, a dedicated company in total tower
engineering involved in the fields of Transmission line towers, Telecom towers
and Switchyard structures.
IMIsoft has been around since 1988 both as a professional
services group designing transmission line towers, microwave towers, switchyard
structures on some of the biggest projects in the world and also as a software
development company producing the most sophisticated software programs for design
calculations and detailing of self supporting lattice steel towers .
IMIsoft provides a unique management tool that simplifies
management of transmission lines, communication networks and portfolio
management, enhancing the collaborative work experience and saving time and
money
Brief Intro of products & services
i TOWERS Designer - The
complete software for analysis and design of steel latticed Transmission line
(TL) and Microwave (MW) towers
With the most advanced features, i TOWERS Designer
cuts down the time for the design of TL towers and MW towers. The powerful
tools of the software enable the designer to handle analysis and design of even
the most complex tower geometries in a very less time. Exclusive versions are
available for Transmission line towers and Microwave/Telecom towers.
i SWITCHYARD is an
advanced engineering tool, conceived to assist engineers in performing
analysis, design and optimization studies of switchyard structures. i
SWITCHYARD is designed to accommodate switchyard structures of any
configuration, with multi-level girders and towers.
i TOWERS Detailer
is a revolutionary program that generates detailing drawings of
the tower automatically and instantly, as a logical consequence of design
process. This means to say that once you have completed the tower designs
using i TOWERS Designer , the detailing drawings and shop
drawings are ready!!!
- Unique
capabilities
- Erection
drawings
- Shop sketches
- Bill of
materials
- Member
cutting plan with material procurement list
i TOWERS Simulator – Test bed simulation
software for steel latticed towers
IMIsoft is currently working on a most challenging
technology of simulation study of the tower as on the test bed including the
effect of plates, bolts, joints etc., using the most advanced finite element
analysis technologies first time in the world. This would revolutionize the
entire tower community in the world.
DESIGN SERVICES- IMIsoft also provides engineering
services globally for companies involved in the Structural Steel, Telecom &
Power Industries. IMIsoft offers design and detailing services to many
companies across the world.
TLBASE - is a unique management tool that simplifies
management of transmission lines and activities in multiple locations. TLBASE
is an integrated Internet embedded application. This tool is tailor made for
transmission companies.
TelcoBASE - is a unique management tool that simplifies
management of communication networks and telecom activities at multiple
locations. TelcoBASE is an integrated Internet embedded application for On-line
control of multi-location projects of any organization
VCBASE - represents the next generation of
portfolio management, enhancing the collaborative work experience and saving
time and money. VCBASE removes traditional constraints on accessing and
delivering information. VCBASE is an innovative management tool that
simplifies company management and communication.
It is the people that make IMIsoft the company it is today.
Their vision, enthusiasm, experience and expertise directly shape the success
of IMIsoft, supporting customers and driving new product innovation. Everyone
in the company has a fundamentally important role to play. IMIsoft was founded
by AR Vishwanath (known to everyone as Vish) and SS Bhat, who enthusiastically
maintain their hands-on involvement in the company today. They explain their
vision and philosophy for IMI Software.
A.
R. Vishwanath, Chairman & Founder
Founded IMIsoft in 1988 with a vision of developing world class
design software products for Transmission line and Telecom towers. Provides
leadership and maintains relationship with top management of customers.
Chartered accountant by qualification.
SS Bhat, R&D Technology Director
A graduate in civil engineering from IIT,
M. Sandeep, General Manager
Over 17 years of experience in Planning, Project Management,
Design Engineering & QA services of Oil & Gas, Power plant,
transmission line structures and Telecom tower projects in India &
overseas. Has engineered all power plant structures for over 10 projects in
A Venu Gopal Rao, Finance Manager
A Chartered Accountant with over 11 years experience in
varied professional environments, with specialisation in Auditing and Business
Process Consulting.
B Ravikumar, Head - Operation Support
Over 17 years of experience at IMIsoft in Planning, Project
Management, Detailed Engineering & QA services of Transmission line and
Towers.
M.G. Sudhakar, Product Manager – iTOWERS
Over 13 years of experience at IMIsoft in development of the
features of Structural Engineering software products viz. iTOWERS Designer,
iSWITCHYARD and iTOWERS Simulator.Published two papers on the development of
preprocessor and post processor for a Finite Element Analysis of cracked plate
problem in American Society of Civil Engineers Journals during M.E.
dissertation.
S.S. Sudhakar, Product Manager (iTOWERS Detailer)
Is coupled with 8 years of experience in Structural
Engineering Services and Software development for engineering applications. He
has work experience in reputed organisation "KVAERNER Process".
Sudhakar holds postgraduation in Structural Engineering from "REC"
T S Sunitha, Testing Manager - iTOWERS Designer
Over 16 years of experience at IMIsoft in Tower Designing,
Training, Marketing, Customer support & Testing of the in-house software
products. Managed the Quality Department as Management Representative for 3
years.
M Muthuvel, Product Manager – iBASE
Over 13 years of experience at IMIsoft in Project Management
Software viz. iBASE.
M Sitaramayya, Head - Quality Services
Over 17 years of experience in Planning, Project Management,
QA services and implementation of Large Industrial project and Telecom sites.
iTowers
Designer
Analysis and design of TL and MW towers
New tower designs
Checking of existing tower designs
Maintenance & up gradation of existing lines
Addition of communication cables
iTowers
detailer
Generate fabrication drawings
Assembly drawings and shop sketches
Bill of materials and procurement list
Link to CNC machines
iSwitchyard
Analysis and design of switchyard structure
Standardize the design of switchyard structures
Check contractor’s submissions to ensure the most
cost-effective design
iTowers
simulator
Revolutionary break through – Testbed
simulation
For the first time in the history of the tower engineering,
IMIsoft is shortly launching a iTOWERS TestBed– Test bed simulation software
for steel latticed towers simulating the true tower behavior of steel latticed
towers including the effect of plates, bolts, joints etc.,
Services
Telecom Towers Ground based, Roof Top, Design checking , Preparation
of Structural / Fabrication Drawings
TLBASE is a unique management tool that simplifies
management of Transmission lines and activities in multiple locations.
Makes access quicker and faster to relevant information concerning transmission
lines and sites.
TelcoBASE is a unique management tool that simplifies
management of Telecommunication Networks and activities in multiple sites and
geographical locations.
Total Management for Telecommunications
industry involved in Cellular, Microwave and Fiber optics installation and
Operations.
Includes asset management and other
operations related functions.
Offers high levels of security and personalized access to users.
VCBASE is an innovative management tool for Venture
Capitalists that simplify company management and communication.
Accelerate access to relevant management information
concerning portfolio companies.
Present portfolio company information in a coherent, timely
manner.
Reduce costs of distributing information to executives and staff.
History
IMImobile is one of the two
divisions of IMI Software Ltd. (“IMISoft”), the other being an Engineering
division. IMISoft was established in 1988 with a focus on developing
world-class software products for engineering and management applications. The
flagship product of IMISoft is “iTOWERS Designer”, this is internationally
renowned as a best in class product for the analysis and design of transmission
line towers and microwave towers. IMIsoft has licensed the product worldwide
and its engineering customers include ABB (
In
1999, after several years of continued growth and success, IMISoft diversified
and created IMImobile to develop intellectual property in the mobile value
added services market area to exploit the huge business potential created by
the fast emerging mobile data services market.
IMImobile is a profitable and
fast growing business and has in April 2005 raised further expansion capital
from its largest shareholder New Media Spark Plc. NewMedia Spark is a quoted
venture capital organization based in
Overview
IMImobile
is a global "End-to-End enabler" of mobile Value Added Services.
IMImobile supplies leading edge mobile technologies, services and content to
Operators, Media Owners, Content Owners and
IMImobile is an IPR centric
company that has created its own technology platforms to enable all the players
in the value chain to deploy value added services quickly and cost effectively.
IMImobile has developed a range of platform technologies including carrier
grade messaging platforms (SMSC, MMSC), messaging gateways (MMS, SMS, USSD,
WAP), a service delivery platform and content management system (DaVinci SDP™)
and a host of client and server side applications and content. The company also
has a range of voice platforms (IVR, Voicemail, CRBT). IVR platforms are
multi-service, robust & scalable system for rapid deployment.
The
company principally adopts a managed services model to the launch and
deployment of VAS services, this provides a clearer ROI proposition to
customers, ensures quicker deployment and integration and a shorter time to
market for new products and services.
The business employs over 150
people and has offices in
Press Releases
Hyderabad, India, May 2005 ,
“With increasing
popularity of Mobile games in
“The
Indian market represents a huge potential for connected mobile gaming and
IMImobile plays an important role as a leading content aggregator to make this
happen”.
About IMImobile
IMImobile is a global end-to-end enabler of mobile Value Added Services.
IMImobile supplies leading edge mobile technologies, services and content to
Operators, Media Owners, Content Owners and
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.75 |
|
|
1 |
Rs.81.63 |
|
Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|