MIRA
INFORM REPORT
|
Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
ISPAT INDUSTRIES
LIMITED |
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Registered
Office : |
“ |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
23.05.1984 |
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Com. Reg. No.: |
21-37519 |
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CIN No.: [Company
Identification No.] |
U99999WB1984PTC037519 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALI01452D |
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PAN No.: [Permanent
Account No.] |
AAACI6293E |
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Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges. |
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Line of
Business : |
Manufacturing and
Selling of galvanized coils/ sheets, cold rolled carbon steel sheets/coils,
direct reduced iron and PVC coated sheets |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 110000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Unknown |
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Comments : |
Subject is an
established company but track record is moderate. Financial position is
unfavorable. Its payment are reported as slow and delayed by 60 days. In view of the
aforesaid, it would be prudent to do business on safe and secured trade terms
and conditions, initially |
LOCATIONS
|
Registered
Office : |
“ |
|
Tel. No.: |
91-33-2249 2213 /
3119 / 5102 / 5104 / 2249 1011 |
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Fax No.: |
91-33-2249 1956 |
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E-Mail : |
1.
ispat.park@ndil.sprintrpg.ems.vsnl.net.in
2.
ispatcal@giascl01.vsnl.net.in |
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Website : |
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Plants : |
Cold Rolling Mill and Coating Plant
Complex: A-10/1 MIDC Industrial Area, Kalmeshwar – 441 501, District Sponge Iron Plant: Geetapuram, Dolvi – 402 107, Taluka Pen, District Raigad, Hot Strip Mill: Gettapuram, Dolvi – 402 107, Taluka Pen, District Raigad, Blast Furnace Plant: Geetapuram, Dolvi-402 107, Taluka Pen, Dist.
Raigad, |
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Central
Marketing Office : |
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DIRECTORS
|
Name : |
Mr. M. L. Mittal |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Pramod M.
Mittal |
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Designation : |
Chairman & Managing Director |
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Name : |
Mr. V. K. Mittal |
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Designation : |
Managing Director |
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Name : |
Dr. A. Besant C.
Raj |
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Designation : |
Director |
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Name : |
Mr. U. Mahesh Rao |
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Designation : |
Director |
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Name : |
Mr. Manu Chanda |
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Designation : |
Director |
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Name : |
Mr. B P Singh |
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Designation : |
Director |
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Name : |
Mr. V. Prakash |
|
Designation : |
Director – ICICI Nominee |
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Name : |
Mr. Sanjeev Ghai |
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Designation : |
Director – IFCI Nominee |
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Name : |
Mr. C. P. Philip |
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Designation : |
Director – IDBI Nominee |
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Name : |
Mr. M.
Sankaranarayanan |
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Designation : |
Director – UTI Nominee |
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Name : |
Mr. Vinod Garg |
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Designation : |
Executive Director (Marketing) |
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Name : |
Mr. Anil Sureka |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. Sanjoy Chowdhury |
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Designation : |
Nominee – IFCI |
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Name : |
Mr. K M Jaya Rao |
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Designation : |
Nominee - ICICI |
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Name : |
Mr. Vinod Garg |
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Designation : |
Executive Director (Marketing) |
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Name : |
Mr. Anil Sureka |
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Designation : |
Executive Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. T. P.
Subramanian |
|
Designation : |
Senior Vice President and Company Secretary |
|
|
|
|
Name : |
Mr. P. K. Mittal |
|
Designation : |
Vice Chairman & Managing Director |
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Date of
Birth/Age : |
46 Years |
|
Qualification
: |
B.com, DBM |
|
Experience : |
28 Years |
|
Date of
Appointment : |
01.06.1986 |
SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding
of Promoter and Promoter Group2 |
|
|
|
Indian |
|
|
|
Individuals/ Hindu Undivided
Family |
1329236 |
0.11 |
|
Bodies Corporate |
217583466 |
17.80 |
|
|
|
|
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Foreign |
|
|
|
Individuals (Non-Residents
Individuals/ Foreign Individuals) |
677576 |
0.06 |
|
Bodies Corporate |
398613640 |
32.61 |
|
Public
shareholding |
|
|
|
Institutions |
|
|
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Mutual Funds/ UTI |
986464 |
0.08 |
|
Financial Institutions / Banks |
380660675 |
31.14 |
|
Central Government/ State
Government(s) |
768 |
0.00 |
|
Insurance Companies |
62151389 |
5.08 |
|
Foreign Institutional
Investors |
3503409 |
0.29 |
|
Non-institutions |
|
|
|
Bodies Corporate |
23815736 |
1.95 |
|
Individuals |
|
|
|
Individuals -i. Individual
shareholders holding nominal share capital up to Rs 0.1 Millions |
105160601 |
8.60 |
|
ii. Individual shareholders
holding nominal share capital in
excess of Rs. 0.1 Millions |
23569028 |
1.93 |
|
Any Other (specify) |
|
|
|
NRI |
2497544 |
0.20 |
|
Foreign Companies |
1774460 |
0.15 |
|
Foreign Nationals |
76 |
0.00 |
|
Shares held by Custodians and against which Depository
Receipts have been issued |
118150 |
0.01 |
|
TOTAL |
1222442218 |
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of galvanized coils/ sheets, cold rolled carbon steel sheets/coils,
direct reduced iron and PVC coated sheets. |
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Product : |
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PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
|
Direct Reduced
Iron |
MT |
|
16,00,000 |
|
Hot Rolled Coils |
MT |
|
3000000 |
|
Cold Rolled Carbon
Steel Sheets/Coils |
MT |
|
330000 |
|
Galvanised
Coils/Sheets |
MT |
|
325000 |
|
PVC Coated Sheets |
MT |
|
50000 |
|
Pig Iron/ Hot
Metal |
MT |
|
2000000 |
GENERAL INFORMATION
|
Suppliers : |
Ř
Vyankatesh
Udhyog Ř
Vns
Chemicals Industries Ř
Elca
Carbone Lorraine Private limited Ř
Nexus
Engineering Ř
Gotey
Engineers Ř
Geeta
Timber Mart Ř
Eastern
Chemicals Ř
Prabhat
Electricals Ř
Paras
Saw Mills Ř
The
Asiatic Oxygen Ř
R. N.
Patel Ř
Brush
India Manufacturing Company Ř
Bajaj
Chemicals Industries Ř
Chemtech
Industrial Valves Private Limited Ř
Niketa
Insulators Private Limited Ř
A S
& T India Limited Ř
Smith
Glass Product Private Limited Ř
Aditya
Air Products Private Limited Ř
Arvind
Rub-Web Controls Limited Ř
Devaki
Polyfilms Private Limited Ř
Ř
Anti
Corrosive Equipment Ř
B. B.
Surface Coating Ř
D. B.
Engineering Works Ř
Kings
Rolling Machinery |
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No. of Employees : |
4000 |
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Bankers : |
v
State
Bank of v
Bank
of v
Punjab
National Bank v
Indian
Overseas Bank v
The v
Banking
Corporation Limited v
ICICI
Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
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Name : |
S. R. Batliboi
& company Chartered
Accountants, |
|
Address : |
22, |
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Associates/Subsidiaries : |
Kalyani Mukund
Limited Tata Teleservices
[ Ispat Profiles
India Limited Ispat Alloys
Limited Gontermann-Peipers
( P T Ispat and
Others SUBSIDIARIES Ispat Steel Holdings Limited Ispat Holdings (Private) Limited Ispat Finance Limited Mudra Ispat Limited Denro Holding (Private) Limited Mita Holdings (Private) Limited Gold Jine Tracom (Private) Limited Gontermann Peipers India Limited GPI Investments (Private) Limited Kartik Credit (Private) Limited Kamrup Fabricators (Private) Limited Rajgarh Trading Co (Private) Limited Sanwatsari Investments (Private) Limited Ushaditya Investments (Private) Limited Kanoria Plastokem (Private) Limited GPI Textiles Limited Elephanta Gases Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 40000.000
millions |
|
100,000,000 |
Preference Shares
|
Rs. 100/- each |
Rs. 10000.000
millions |
|
1,000,000,000 |
Preference Shares
|
Rs. 10/- each |
Rs. 10000.000
millions |
|
|
Total
|
|
Rs.
60000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2288740000 |
Equity Shares |
Rs. 10/- each |
Rs. 22887.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
22887.400 |
22887.000 |
11369.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
5888.400 |
|
|
3] Reserves &
Surplus |
6529.300 |
8596.200 |
11020.000 |
|
|
4] (Accumulated
Losses) |
0.000 |
(10985.100) |
0.000 |
|
NETWORTH
|
29416.700 |
20498.100 |
28277.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
78490.700 |
82410.600 |
56992.400 |
|
|
2] Unsecured
Loans |
4664.300 |
200.300 |
1329.900 |
|
TOTAL BORROWING
|
83155.000 |
82610.900 |
58322.300 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
88.300 |
|
|
|
|
|
|
|
TOTAL
|
112571.700 |
103109.000 |
86688.000 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
98233.300 |
89014.400 |
61698.300 |
|
Capital work-in-progress
|
546.800 |
3981.900 |
6303.700 |
|
|
Pre-operative & Trial Run Expenses |
0.000 |
2176.500 |
3029.700 |
|
|
|
|
|
|
|
INVESTMENT
|
1135.900 |
1133.200 |
534.300 |
|
DEFERREX TAX ASSETS
|
0.000 |
6283.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
10561.900
|
9856.100
|
6290.200
|
|
|
Sundry Debtors
|
6450.200
|
5941.300
|
10669.900
|
|
|
Cash & Bank Balances
|
3276.500
|
1288.600
|
1225.400
|
|
|
Loans & Advances
|
26438.900
|
5876.500
|
7863.200
|
Total Current Assets
|
46727.500
|
22962.500
|
26048.700
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
33783.700
|
22318.300
|
10835.700
|
|
|
Provisions
|
288.100
|
124.200
|
91.000
|
Total Current Liabilities
|
34071.800
|
22442.500
|
10926.700
|
|
Net Current Assets
|
12655.700
|
520.000
|
15122.000
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
112571.700 |
103109.000 |
86688.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
83625.800
|
56534.400
|
62566.900
|
|
|
Other
Income |
2050.200
|
940.800
|
7375.700
|
|
|
Stock
Adjustments |
281.300
|
846.800
|
[46.800]
|
|
|
Total
Income |
85957.300 |
58322.000 |
69895.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
33.400
|
[11968.800]
|
8955.100
|
|
|
Provision for Taxation |
128.700
|
[3842.100]
|
1994.500
|
|
|
Profit/(Loss) After Tax |
[95.300]
|
[8126.700]
|
6960.600
|
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
7860.200 |
16680.700 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
NA |
14881.400 |
5824.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw
Materials |
37020.400
|
29101.200
|
30256.600
|
|
|
Excise
Duty |
8898.000
|
6324.300
|
3879.000
|
|
|
Power
& Fuel Cost |
11535.200
|
8498.600
|
6329.100
|
|
|
Other
Manufacturing Expenses |
5486.900
|
4682.400
|
4188.900
|
|
|
Employee
Cost |
1611.700
|
1295.600
|
1103.900
|
|
|
Selling
and Administration Expenses |
3320.500
|
3603.000
|
3076.900
|
|
|
Miscellaneous
Expenses |
816.700
|
1020.500
|
1307.500
|
|
|
Interest
& Financial Charges |
10996.200
|
10050.900
|
6438.900
|
|
|
Depreciation
|
6238.300
|
5714.300
|
4359.900
|
|
Total Expenditure |
85923.900 |
70290.800 |
60940.700 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio |
4.84 |
3.91 |
4.35 |
|
Long Term Debt
Equity Ratio |
4.53 |
3.76 |
4.26 |
|
Current Ratio |
1.11 |
1.17 |
1.44 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.73 |
0.59 |
0.82 |
|
Inventory |
8.19 |
6.87 |
11.32 |
|
Debtors |
13.50 |
6.67 |
8.34 |
|
Interest Cover
Ratio |
1.02 |
(0.22) |
1.77 |
|
Operating Profit
Margin (%) |
20.81 |
6.48 |
25.15 |
|
Profit Before
Interest and Tax Margin (%) |
13.35 |
(3.82) |
18.18 |
|
Cash Profit
Margin (%) |
7.39 |
(4.35) |
13.10 |
|
Adjusted Net
Profit Margin (%) |
-0.07 |
(14.65) |
6.13 |
|
Return on Capital Employed (%) |
0.00 |
0.00 |
14.18 |
|
Return on Net
Worth (%) |
0.00 |
0.00 |
28.98 |
STOCK PRICES
|
Face Value |
Rs. 10.00/- |
|
High |
Rs. 15.00/- |
|
Low |
Rs. 14.49/- |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Ispat Industries (IIL) (formerly Nippon Denro Ispat) was
promoted by the Mittals of Ispat Group and is into manufacture of all types of galvanised
plain/corrugated steel sheets/strips, coils and sponge iron. The company has
its plants at
IIL has set up its cold-rolling mill in technical collaboration with Nippon
Denro and
The company came out with a Euro-issue of 125-mln fully convertible bonds in
1994 to part-finance the expansion of its hot strip mill (HSM) capacity to 2.50
lac tpa. As a forward integration to the existing sponge iron plant at Dolvi
and backward integration to the existing cold rolling complex at
IIL has appointed the UK-based marketing consultants, Kemp System, to undertake
a marketing study for its proposed Rs 60000 Millions refinery in
The Company is having two subsidiary Companies, Nippon Ispat Singapore (PTE)
Limited is a limited private Company in
The first phase of 1.5 million tonne Hot rolled coil project was already
commenced its operations. The company would enhance the capacity of HR coil to
2.4 million tonnes p.a by September, 2003. It is also aiming to increase the
capacity to 3 million tonnes by the end of 2004-05. The total estimate cost was
Rs.79200 Millions.
The company has undertaken a debottlenecking program of the 1.2 million tpa
sponge iron plant. It entered into a tri-partite agreement with Kalyani Mukund
Limited and Gas Authority of India Limited (GAIL) for allocation of additional
Natural Gas.
Financial Institutions cleared the financial restructuring programme of the
company. Under the restructuring programme Rs 5100 Millions of the rupee debt
for the company's hot rolled coil project at Dolvi will be converted into
various forms of equity - Rs 3100 Millions into equity and over Rs 2000
Millions into 1% non-cumulative preference shares. With the conversion of debt,
the institution's stake in the company will go up to 48% while that of the
promoters will also be at 48%. The rest will be with the public. The
restructuring exercise is also learnt to include writing down 50% of the
existing equity base of the company which is at Rs 6930 Millions.
Ispat Energy Limited (a Subsidiary company of Ispat Industries Limited) is
planning to set up power plant with a capacity of 250 MW. However IEL has
decided to initially implement 110 MW second hand plant only as this will be
having a gestation period of 12-14 months and also at a lower capital cost.
To provide basic Telecom Services in Maharashtra and Goa the company had
promoted a JV company in the name of Hughes Ispat Limited now changed to Hughes
Tele.com(India) Limited The company with other promoters viz Hughes Electronics
Corporation, Alltell Corporation, Ritambara Agents Private Limited have agreed
to sell Hughes Tele.com Limited to Tata Tele Services Limited
Ispat Metallics India Limited (IMIL) would be merged with IIL with effect from
1st April 2003, under the corporate debt restructuring mechanism, approvals are
awaited from Central Government. Ispat Metallics India Limited (IMIL) was
merged with IIL with effect from 1st April 2004 in the ratio of 1:1.
The company is in the process of increasing the capacity of the Hot Rolled
Coils Plant to 3 Million MTs by the addition of Electric Arc Furnace and Gas
Cleaning Plant which is scheduled to be completed during the current financial
year. Further the company has planned to commission an oxygen plant of the capacity
of 1260 Tones per day & also a Sinter Plant with a capacity of 2 Million
MTs per annum. Both the projects are at an advanced stage of implementation and
are scheduled to be commissioned during the current financial year.
FIXED ASSETS:
- Building
- Plant and Machinery
- Electrical Installations
- Vehicles
- Furniture and Fixtures
- Air Conditioners
- Office Equipment
- Computers
- Refrigerators
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 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.40.30 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.55.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
23 |
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 |
|