MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ECI ENGINEERING AND CONSTRUCTION COMPANY LIMITED |
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Registered Office : |
1-10-44/2/1, Chikoti Gardebs, Begumpet, Hyderabad-500016, Andhra
Pradesh |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.01.1994 |
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Com. Reg. No.: |
01-16827 |
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CIN No.: [Company
Identification No.] |
U45200AP1994PLC016827 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDE00924A |
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PAN No.: [Permanent
Account No.] |
AAACE4411G |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Subject is engaged in Infrastructural activities such as National
Highways, State highways, Major earth Grading work, Railway Track Laying,
Power Generation (On BOT and EPC basis), Power Transmission (EPC), Power
Distribution (EPC), Sub Stations, Irrigation, Refineries and Marine works. |
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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Maximum Credit Limit : |
USD 790000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1-10-44/2/1, Chikoti Gardebs, Begumpet, Hyderabad-500016, |
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Tel. No.: |
91-40-27766965/ 23552988-87 |
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Fax No.: |
91-40-27763323/ 23552980 |
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E-Mail : |
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Website : |
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Area : |
4500 Sq.ft. (Owned) |
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Corporate Office : |
Plot No.70, Anshu Colors, 2nd and 3rd Floor,
Road No.1, Jubilee Hills, Hyderabad-500033, |
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Tel. No.: |
91-40-23552983-87 |
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Fax No.: |
91-40-23552980 |
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Area : |
10500 Sq.ft. |
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Location : |
Owned |
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Factory 1 : |
D. No.305 and 306, Behind HMT, Chintal, Hyderabad-500037 |
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Mobile No.: |
91-9866760008 |
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Area : |
50000 Sq.ft. |
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Location : |
Leased |
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Branches : |
Located at : v
v
Guwahati v
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DIRECTORS
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Name : |
Mr. Kaza Venkata Rao |
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Designation : |
Chairman and Managing Director |
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Address : |
Plot No.87, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh |
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Date of Birth/Age : |
19.04.1950 |
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Qualification : |
B.E. |
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Experience : |
25 years |
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Date of Appointment : |
04.01.1994 |
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Name : |
Mr. T K Nagaraj |
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Designation : |
Director |
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Address : |
403, |
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Date of Birth/Age : |
21.07.1934 |
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Qualification : |
B.E. |
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Experience : |
38 years |
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Date of Appointment : |
08.02.1995 |
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Name : |
Mr. Surapaneni Rama |
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Designation : |
Director |
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Address : |
18-58-15, Mes Colony, Venkatapuram, Secunderabad, Ranga Reddy
Disctrict, Andhra Pradesh |
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Date of Birth/Age : |
15.03.1936 |
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Qualification : |
B.E. |
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Experience : |
38 years |
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Date of Appointment : |
10.05.1995 |
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Name : |
Mr. Kaza Vijay |
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Designation : |
Whole time Director |
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Address : |
Plot No.87, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh |
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Date of Birth/Age : |
05.03.1973 |
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Qualification : |
B.E. MBA ( |
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Experience : |
5 years |
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Date of Appointment : |
03.10.1995 |
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Name : |
Mrs. Kaza Kanaka Durga Prasunamba |
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Designation : |
Director |
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Address : |
Plot No.87, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh |
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Date of Birth/Age : |
14.12.1954 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
04.01.1994 |
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Name : |
Mr. Kaza Venkat Phani |
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Designation : |
Director |
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Address : |
Plot No.87, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh |
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Date of Birth/Age : |
07.02.1974 |
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Qualification : |
B.E. |
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Experience : |
5 years |
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Date of Appointment : |
03.10.1995 |
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Name : |
Mr. Kaza Ajay |
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Designation : |
Director |
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Address : |
Plot No.87, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh |
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Date of Birth/Age : |
08.10.1977 |
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Qualification : |
M.Com. (MBA), |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mrs. T Vijaya Lakshmi |
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Designation : |
Director |
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Address : |
Angaluru, Gudivada Taluk, Krishan District |
KEY EXECUTIVES
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Name : |
Mr. Venumadhav G |
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Designation : |
Executive (Purchasing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Kaza Venkata Rao |
1924880 |
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Mrs. Kaza Kanaka Durga Prasunamba |
611480 |
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Mrs. Tripuraneni Vijaya Lakshmi |
575303 |
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Mr. Kaza Venkata Phani |
1662349 |
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Mr. Kaza Vijay |
1866218 |
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Mr. Tripuraneni H Rao |
9656 |
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Mr. Kaza Ajay |
1600714 |
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Virajitha Investment & Finance Limited |
1548189 |
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Total
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9798789 |
As on 31.03.2006
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Bodies Corporate |
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15.80 |
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Directors or relatives of directors |
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84.20 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Infrastructural activities such as National
Highways, State highways, Major earth Grading work, Railway Track Laying,
Power Generation (On BOT and EPC basis), Power Transmission (EPC), Power
Distribution (EPC), Sub Stations, Irrigation, Refineries and Marine works. |
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Products : |
Contract Receipts
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Terms : |
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Selling : |
-- |
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Purchasing : |
L/C, Cash and Credit (30/ 60/ 90 days) |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Manufacturing of Transmission, Sub station and Communication towers of
132 KV, 220 KV and upto 400 KV |
MT/ year |
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12000 |
8000 |
GENERAL INFORMATION
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Customers : |
v Numaligarh
Refinery in v Hindustan
Petroleum Corporation, v Mangalore
Refinery and Petrochemicals Limited, Mangalore v BASF India
Limited, Mangalore v Jindal
Vijayanagar Steel plant at Hospet v National Thermal
Power Corporation’s Simhadri Project, Vizag v ITC Limited, v Haldia
Petrochemicals Limited, Haldia v W.B. North-East
Frontier Railway, South Eastern Railway, East Central Railway, National
Highways Authority of India Limited v Indian Oil
Corporation Limited, Chennai v Bharat Petroleum
Corporation Limited, Mumbai v Bridge and Roof
India Limited v Indian Tobacco
Company Limited, v
National Aluminium Company Limited, v
Bharat Heavy Electricals Limited, Chennai v
Bongaigaon Refinery and Petro Chemicals Limited, v
SE Railways, Waltair v
NF Railway, Guwahati v
IJM India Infrastructrue Limited, v
South Central Railway, Rail Nilayam, Secunderabad v
National Highway Authority of India Limited, v
Raod Construction Department, Government of
Bihar, v
Meenakshi Power Limited, v
NEEPCO Limited, Mizoram v
Karnataka Power Transmission Corporation Limited,
v
A P Transco, Hydrabad v
Power Grid Corporation of India Limited, Gurgaon v
v
A P Transco, v
U.P. Power Corporation Limited, v
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No. of Employees : |
930 (In Office : 60, In factory : 20, In Branch :850) |
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Bankers : |
v
Bank of v
Oriental Bank of Commerce v
State Bank of v
L&T Finance Limited, 201, 2nd Floor, v
United Bank of v
UCO Bank, 5-1-908, Pushpanjali Complex, Koti
Tel. No.:91-40-24744024/ 24741274
Fax No.: 91-40-24744024 v
United Bank of
Tel. No.: 91-40-24756994/ 24755486
Fax No.: 91-40-24756811 v
IDBI Bank Limited,
Tel. No.: 91-40-23236846/ 23235466
Exten.117
Fax No.: 91-40-23230613 v
Oriental Bank of Commerce, S D Road Branch,
9-1-129/1, Oxford Plaza Building, S D Road, Secunderabad-500003
Tel. No.: 91-40-27704935
Fax No.: 91-40-27705898 v
Development Credit Bank, Corporate Finance Group,
9-1-125/3-1, 4th Floor,
Tel. No.: 91-40-27806426/ 2786433
Fax No.91-40-27806428 |
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Facilities : |
Secured Loans (as
on 12.04.2007): (Rs.
In millions)
. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Tukaram & Company Chartered Accountants |
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Address : |
3-6-69, Flat No.209, |
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Tel. No.: |
91-40-23228785 |
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Fax No.: |
91-40-23221474 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9820000 |
Equity Shares |
Rs.10/- each |
Rs.98.200
millions |
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 |
97.988 |
97.988 |
84.793 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
101.909 |
81.225 |
45.076 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
199.897 |
179.213 |
129.869 |
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LOAN FUNDS |
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1] Secured Loans |
325.615 |
214.894 |
177.831 |
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2] Unsecured Loans |
132.358 |
196.407 |
155.357 |
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TOTAL BORROWING |
457.973 |
411.301 |
333.188 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.906 |
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TOTAL |
657.870 |
590.514 |
468.963 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
123.778 |
146.364 |
138.099 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.146 |
10.783 |
10.779 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
36.849
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81.659 |
48.559 |
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Sundry Debtors |
405.856
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381.703 |
273.162 |
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Cash & Bank Balances |
35.694
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38.403 |
26.075 |
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Other Current Assets |
142.522
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109.819 |
94.016 |
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Loans & Advances |
146.584
|
97.294 |
68.055 |
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Total
Current Assets |
767.505
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708.878 |
509.867 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
205.103
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189.782 |
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Provisions |
28.456
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29.593 |
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Total
Current Liabilities |
233.559
|
275.511 |
189.782 |
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Net Current Assets |
533.946
|
433.367 |
320.085 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
657.870 |
590.514 |
468.963 |
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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 |
1400.364 |
1038.919 |
637.536 |
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Other Income |
7.384 |
11.316 |
1.295 |
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Total Income |
1407.748 |
1050.235 |
638.831 |
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Profit/(Loss) Before Tax |
43.207 |
59.866 |
24.964 |
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Provision for Taxation |
22.522 |
23.718 |
13.018 |
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Profit/(Loss) After Tax |
20.685 |
36.148 |
11.946 |
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Total Earnings |
NA |
0.265 |
4.190 |
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Expenditures : |
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Administrative Expenses |
74.834 |
59.021 |
31.185 |
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Raw Material Consumed |
354.194 |
332.824 |
98.799 |
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Salaries, Wages, Bonus, etc. |
47.376 |
60.685 |
45.257 |
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Interest |
50.876 |
46.771 |
24.019 |
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Depreciation & Amortization |
31.291 |
35.641 |
39.404 |
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Other Expenditure |
778.036 |
450.133 |
238.665 |
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Total Expenditure |
1336.607 |
985.075 |
613.781 |
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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 |
(%) |
1.47
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3.44 |
1.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.06
|
5.70 |
3.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.85
|
7.00 |
3.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
|
0.33 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.46
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3.83 |
4.03 |
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Current Ratio (Current Asset/Current Liability) |
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3.29
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2.57 |
2.69 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
ECI
ENGINEERING AND CONSTRUCTION COMPANY LIMITED |
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Presented By |
MR. K VENKATA RAO, MANAGING
DIRECTOR |
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1) Date and description of instrument creating the change |
Loan cum hypothecation agreement dated 17.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.000 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 |
2 Nos L& T Komatsu PC 200 Hydraulic Excavators bearing S. Nos. NL-11989 and NL-11990 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Loan period of 36 months Loan repayable in 35 equated monthly installments of Rs.0.259 millions Penal interest on delayed installment at 36% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
L&T Finance Limited 201, 2nd Floor, |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporation identity number or foreign company registrations number of the company |
U45200AP1994PLC016827 |
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Name of the company |
ECI ENGINEERING AND CONSTRUCTION COMPANY LIMITED |
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Address |
1-10-44/2/1, |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts Movable property Hypothecation of goods |
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Particular of the charge holder |
United Bank of 4-3-331, |
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Nature or description of the instrument creating charge |
Letter of lien, hypothecation of debts and movable assets, hypothecation of goods, hypothecation of plant and machinery, counter guarantee. |
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Date of the instrument creating charge |
05.01.2007 |
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Amount Secure by the charge |
Rs.1330.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : Floating interest rate @ 13.00% p.a. i.e. Bank’s BPLR Plus 1.25% with monthly rests. Terms of repayment : On demand Margin : 25% on inventories and 40% on receivables in the case of Cash Credit 5% in case of Bank Guarantee Extent and operation of the charge Pari passu first charge with other working capital lenders on all the current assets f the company. First charge on entire fixed assets of the company except the assets acquired under hire purchase scheme on which bank has second charge. |
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Modification charge Charge identification number of the charge to be modified |
90121907 |
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Particulars of the Property charged |
Primary : Pari passu first charge with other working capital lenders on all the current assets of the company First charge on entire fixed assets of the company except the assets acquired under hire purchase scheme on which the bank has second charge. Additional : Exclusive mortgage charge on immovable properties in the name of promoters and their relative valued at Rs.203.900 millions Personal guarantee of the directors as specified in the agreement. |
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Particulars of present modification |
Enhancement of overall limit to Rs.1330.000 millions comprising CC Limit Rs.130.000 millions BG Limit Rs.1200.000 millions |
Company’s fixed assets include Land, Plant and Machinery, Construction
Vehicle, Tools and Equipment, Computer Equipments, Office Vehicles, Furniture
and Fixtures, Miscellaneous assets and Temporary Sheds.
Contingent
Liabilities :
Contingent Liabilities not provided for :
(Rs.
In millions)
|
Particulars |
31.03.2005 |
31.03.2004 |
|
Counter Guarantee given to the Banks : |
|
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Bank of |
64.521 |
60.269 |
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Oriental Bank of Commerce |
-- |
2.395 |
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State Bank of |
110.152 |
25.000 |
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Counter Guarantee given to Others: |
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L&T Finance Limited |
100.587 |
120.587 |
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Claims against the company for delay payment charges not acknowledge
as debts |
-- |
2.581 |
Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) - Nil.
Website Details :
They are one of the companies in electrical transmission
lines in
The Organization
:
Subject is a medium sized construction company with 25 years experience
engaged in undertaking major civil works like Mass Earthwork, Roads, Buildings,
Highways, Electrical Projects etc. it has on its board and staff highly
qualified and experienced professionals to meet the challenges offered by
several mega sized projects in the core sectors such as steel, power, oil and
other infrastructure projects such as roads, ports etc. the organizational
setup has on its board Mr. K Venkata Rao as its Managing Director, who has 30
years experience in Marketing, manufacturing and construction line. He is
supported by a team of highly qualified and experienced management personnel
which forms the core of the organization.
The Crown Decors
:
Subject have under this banner executed and or executing currently
several works forming part of the major projects such as Numaligarh Refinery in
Assam, Hindustan Petroleum Corporation, Visakhapatnam, Mangalore Refinery and Petrochemicals
Limited, Mangalore, BASF India Limited, Mangalore and Jindal Vijayanagar Steel
plant at Hospet, National Thermal Power Corporation’s Simhadri Project, Vizag,
ITC Limited, Bangalore, Haldia Petrochemicals Limited, Haldia, W.B. North-East
Frontier Railway, South Eastern Railway, East Central Railway, National
Highways Authority of India Limited etc. where diversified works are being
executed.
Subject has worked under the following reputed EPC contractors like :
v Toyo Engineering
Corporation –
v Bovis
v EIL
v LEA associates –
v SMEC
v RITES
The Sectors :
Subject has over the years gained considerable experience in diverse activities
comprising of the following :
v Large volume
Earthworks in cutting and bank formations for Railways, Oil Refineries and
Petrochemical Project, Thermal Power Plants etc.
v Construction of
v Highways
v Hydro Electric
Projects
v Housing and
Infrastructure
v Water Supply
Schemes
v Electrical
Transmission and Sub stations
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.40.84 |
|
|
1 |
Rs.80.47 |
|
Euro |
1 |
Rs.54.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
53 |
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 |
|