MIRA
INFORM REPORT
|
Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
R PIYARELALL IMPORT AND EXPORT LIMITED |
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Registered Office : |
"Regent House" 12, Government Place (East), 1st
Floor, Kolkata – 700069, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.10.1981 |
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Com. Reg. No.: |
21-34241 |
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CIN No.: [Company
Identification No.] |
L99999WB1981PLC034241 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALR00316B |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Importing and trading of Agri Produce particularly Wheat,
Sugar, Pulses, R. B. D., Palm Oil, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 570000 |
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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 / Corporate Office : |
"Regent House" 12, Government Place (East), 1st
Floor, Kolkata – 700069, West Bengal, India |
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Tel. No.: |
91-33-2230 2682 / 5907 / 2673
/ 2682 |
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Fax No.: |
91-33-2230 9939 |
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E-Mail : |
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Website : |
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Mumbai Office : |
1102, Embassy Centre, 11th
Floor, Nariman Point, Mumbai |
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Tel. No.: |
91-22-5630 8597/ 98/ 99 / 2284 |
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Fax No.: |
91-22-2282 2275 |
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E-Mail : |
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Delhi Office : |
12, Doctors Lane, Classic
House, 1st floor, Gole
Market, New Delhi - 110001 |
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Tel. No.: |
91-11-2336 4195 |
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Fax No.: |
91-11-2374 6455 |
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E-Mail : |
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Tuticorin
Office: |
5, Perira Street, 1st
floor, Tuticorin - 628001 |
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Tel. No.: |
9843232185 |
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Export House : |
3B & C, Everest House,
46-C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India |
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Tel. No.: |
91-33 2288 6140/7597/7014/8886 |
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Fax No.: |
91-33 2288 8215 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramesh Kumar Agarwal |
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Designation : |
Director |
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PAN No. : |
ACXPA2324N |
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Address : |
5 Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
14.04.1955 |
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Qualification : |
B. Com (Hons) |
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Date of Appointment : |
28.10.1981 |
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Other
Directorships : |
1. Ramesh Kumar & Company 2. R. Piyarelall International
Limited |
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Name : |
Mr. Suresh Kumar Agarwal |
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Designation : |
Director |
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PAN No. : |
AFVPA2271H |
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Address : |
5 Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
19.04.1958 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Siddharth Agarwal |
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Designation : |
Whole time Director |
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PAN No. : |
ADDPA0566B |
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Address : |
5 Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
01.11.1977 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Varun Agarwal |
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Designation : |
Director |
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PAN No. : |
AFTPA5226Q |
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Address : |
5 Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
01.02.1981 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Karan Agarwal |
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Designation : |
Director |
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Address : |
5 Gokhale Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
07.06.1984 |
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Date of Appointment : |
22.06.2006 |
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Other Directorship : |
CIN No.: U45200MH1995PTC085562 Agrasen Builders Private Limited CIN No.: U63090WB2003PTC096942 R. P. Logistics Private Limited
CIN No.: U70101WB2004PTC100192 White Swan Land And Infrastructure Private Limited CIN No.: U70101WB2004PTC100193 Drishti Land And Infrastructure Private Limited CIN No.: U27109WB2005PTC102921 R. Piyarelall Iron And Steel Private Limited CIN No.: U27209WB1976PTC030802 Ramesh Kumar And Company Private Limited CIN No.: U74120MH1977PTC019469 Chemicon Engineering Consultants Private Limited CIN No.: U51100MH1992PTC069423 Dinodiya Overseas Private Limited CIN No.: U51900MH1995PTC087692 Suhag Overseas Trading Private Limited CIN No.: U365900MH1996PTC099294 RSN Financial Services Limited CIN No.: U65990MH1994PTC081134 R. Piyarelass Finance And Investments Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ramesh Agarwal |
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12055 |
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Phuli Devi Agarwal |
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22705 |
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Suresh Kumar Agarwal |
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13450 |
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Sangeeta Agarwal |
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9510 |
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Dwarka Prasad Agarwal |
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2300 |
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Chameli Devi Agarwal |
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2040 |
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Varun Agarwal |
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7400 |
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Siddharth Agarwal |
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7600 |
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Hari Prasad Agarwal |
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2260 |
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Janki Das Pilania |
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2200 |
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Jai Bhagwan Pilania |
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1460 |
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Nathuram Agarwal |
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1420 |
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Ramdhari Pilania |
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1450 |
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Ramesh Kumar Company Private Limited |
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146000 |
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R. Piyarelall International Limited |
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315000 |
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Karan Agarwal |
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6450 |
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Rishi Agarwal |
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6450 |
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Anamika Agarwal |
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7000 |
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Priyanka Agarwal |
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6500 |
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Gayatri Finlease and Investment Private Limited |
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43000 |
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Rajgharhia K. N. |
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85000 |
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R. Piyarelall Private Limited |
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95000 |
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Omi Broderies Private Limited |
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55000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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77.00 |
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Directors of relatives of directors |
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11.00 |
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Other top fifty shareholders |
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12.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importing and trading of Agri Produce particularly Wheat,
Sugar, Pulses, R. B. D., Palm Oil, etc. |
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Terms : |
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Selling : |
Credit terms |
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Purchasing : |
Credit, L/C and D/A terms |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. Singhi & Company Chartered Accountants |
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Address 1: |
29-A, Rabindra Sarani, Kolkata – 700 073, West Bengal,
India |
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Address 2: |
Four Mangoe Lane, Ground floor, Kolkata – 700 001, West
Bengal |
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Associates/Subsidiaries : |
CIN No.: U45200MH1995PTC085562 Agrasen Builders Private Limited CIN No.: U63090WB2003PTC096942 R. P. Logistics Private Limited
CIN No.: U70101WB2004PTC100192 White Swan Land And Infrastructure Private Limited CIN No.: U70101WB2004PTC100193 Drishti Land And Infrastructure Private Limited CIN No.: U27109WB2005PTC102921 R. Piyarelall Iron And Steel Private Limited CIN No.: U27209WB1976PTC030802 Ramesh Kumar And Company Private Limited 12, Government Place (East), 1st Floor, Kolkata
– 700069, West Bengal Tel No. 91-33-24476226 CIN No.: U74120MH1977PTC019469 Chemicon Engineering Consultants Private Limited CIN No.: U51100MH1992PTC069423 Dinodiya Overseas Private Limited CIN No.: U51900MH1995PTC087692 Suhag Overseas Trading Private Limited CIN No.: U365900MH1996PTC099294 RSN Financial Services Limited CIN No.: U65990MH1994PTC081134 R. Piyarelall Finance And Investments Limited R. Piyarelall International Limited 46 C, Government Place (East), 1st
Floor, Kolkata – 700069, West Bengal Tel No. 91-33-22429451 / 22100767 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs. 100.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
100.000 |
100.000 |
90.000 |
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2] Share Application Money |
0.000 |
0.000 |
10.000 |
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3] Reserves & Surplus |
54.950 |
43.977 |
38.797 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
154.950 |
143.977 |
138.797 |
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LOAN FUNDS |
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1] Secured Loans |
112.192 |
214.919 |
217.654 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
112.192 |
214.919 |
217.654 |
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DEFERRED TAX LIABILITIES |
0.000 |
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TOTAL |
267.142 |
358.896 |
356.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.600 |
10.488 |
6.348 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.432 |
5.135 |
5.135 |
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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 |
1372.206
|
696.808 |
647.916 |
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Sundry Debtors |
52.070
|
20.798 |
17.959 |
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Cash & Bank Balances |
115.094
|
114.878 |
55.055 |
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Other Current Assets |
3.227
|
0.000 |
0.000 |
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Loans & Advances |
150.287
|
41.150 |
100.698 |
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Total
Current Assets |
1692.884
|
873.634 |
821.628 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Current Liabilities |
1424.039
|
514.861 |
464.510 |
|
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Provisions |
19.735
|
15.500 |
12.150 |
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Total
Current Liabilities |
1443.774
|
530.361 |
476.660 |
|
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Net Current Assets |
249.110
|
343.273 |
344.968 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
267.142 |
358.896 |
356.451 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
2419.269 |
1620.957 |
1892.517 |
|
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Other Income |
18.833 |
5.296 |
25.581 |
|
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Total Income |
2438.102 |
1626.253 |
1918.098 |
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Profit/(Loss) Before Tax |
15.190 |
8.492 |
8.959 |
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Provision for Taxation |
4.217 |
3.312 |
3.202 |
|
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Profit/(Loss) After Tax |
10.973 |
5.180 |
5.757 |
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Earnings in Foreign Currency : |
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Total Earnings |
1.173 |
0.643 |
0.333 |
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Imports : |
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Total Imports |
898.134 |
642.801 |
599.765 |
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Expenditures : |
|
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|
Opening Stock |
0.000 |
647.916 |
513.423 |
|
|
Purchase |
0.000 |
1552.439 |
1928.015 |
|
|
Expenses |
0.000 |
89.355 |
94.036 |
|
|
Interest |
0.000 |
34.967 |
20.444 |
|
|
Financial Charges |
19.477 |
24.966 |
20.444 |
|
|
Depreciation |
3.347 |
1.663 |
1.136 |
|
|
Other Expenditure |
3052.662 |
0.000 |
0.000 |
|
Total Expenditure |
3075.486 |
2351.306 |
2577.498 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.45
|
0.22 |
0.22 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
0.52 |
0.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.88
|
0.96 |
1.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.06 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.04
|
5.18 |
5.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.65 |
1.09 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
- Land
- Ownership
premises
- Type writers
- Air
conditioners
- Refrigerators
- Franking
Machine
- Furniture and
Fixture
- Motor car
- Motor cycle
- Generators
- Computers
- Office
equipments
- Machineries
Performance
and Future Outlook
The import and sales during the period under report has
decreased as compared to the previous year. In spite of the above the company
has managed to show a marginal in profit.
The directors hope that the sales and profit will increase
in the current year due to better business opportunity and increase in Pulse
Price.
Contingent
liabilities not provided for in respect of :
- Letters of Credit
issued by bank on behalf of the Company in favour of foreign suppliers Rs.
301.941 Millions margin Money Deposited Rs. 97.380 Millions
- Guarantee
issued by Banks on behalf of the Company Rs. 27.244 Millions and Margin
Money deposited Rs. 10.050 Millions
- Claims against the company not acknowledged as debts :
Custom Duty : Rs. 26.495
Millions
Gross Rs. 26.575 Millions
Sales Tax Rs. 30.727 Millions
Gross Rs. 37.669 Millions
- Plant quarantine inspection fees : Rs. 6.458 Millions
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90255800 |
|
Corporate
identity number of the company |
L99999WB1981PLC034241 |
|
Name of the
company |
R PIYARELALL IMPORT & EXPORT LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
"Regent House" 12, Government Place (East), 1st
Floor, Kolkata – 700069, West Bengal |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of
India Overseas Beanch,
Samriddhi Bhawan, 1 Strand Road, Kolkata – 700001, West Bengal, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental agreement
of Hypothecation of Goods and assets for Increase in the Overall Limit. |
|
Date of
instrument Creating the charge |
19.09.2006 |
|
Amount secured by
the charge |
Rs. 590.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: @ 2.00 above
SBAR, currently 11.00 % w.e.f. 02.08.2006, rising and falling therewith, the
effective rate being 13.00 % p.a. at present with monthly rests. Terms of
Repayment On Demand Margin : 25 % Stocks in
Trade, Receivables and Letter of Credit 10 % on Insurance 10 % on Acceptance
and 10 % Bank Guarantee Extent and
operation of the charge First charge on
the whole of the hypothecated assets |
|
Short particulars
of the property charged |
All present and
future goods book debts and all other movables assets of the borrower
including documents of title to the goods, outstanding moneys, receivable,
claims, bills, plant and machinery both present and future and all other
current assets by way of first charge. |
|
Date of latest
modification prior to the present modification |
19.01.2005 |
|
Particulars of
the present modification |
By this modification,
the Overall Limit is enhanced from Rs. 290.000 Millions to Rs. 590.000
Millions. All other terms and conditions continue to remain as before in full
force and effect. |
AS PER
WEBSITE
Incorporated in 1981, subject is the flagship company of the
group. The company imports over a quarter million metric tonnes of pulses in
India, making it the top importer of pulses, nationwide. Sourcing pulses,
beans, sugar, jute products, oilseeds, edible oil and many other agricultural
products from Australia, Canada, France, Denmark, Germany, Switzerland, Russia,
Turkey, China, Thailand, Myanmar and other countries, the company then trades
the imports all over India.
Its branded variety of peas, selling under the name of Rumpa
Clean yellow/white peas has captured more than 70% of the market share in
Eastern India and nearly 30% countrywide.
Coordinating smoothly between leading Public Sector
channelising agencies like the STC, MMTC, National Agricultural Cooperative
Marketing Federation, National Consumers Federation, Spices Trading
Corporation, etc. and a diverse client-base featuring renowned corporate houses
like Top Glory, Mitsui and Cargill, among others, the company continues to
provide the best of quality and services at the best possible prices.
History
Late Shri Piyarelall Agarwal the founder of the R.Piyarelall
Group was a self-made man who started small but dreamt big. Hailing from Myanmar
he was quick to gauge the shortfall between demand and supply of various
commodities and started channelising agricultural produce of surplus countries
into Indian market and gradually to other parts of the world. The Group owes
its present growth to the extraordinary vision of its founder and continually
endeavours to live up to his hopes for the future.
If one could go back in time, as far as history could take
us, they would find that trading is how all that they know today as 'business'
emerged. As providers of goods and services grew, so did competition. In order
to survive and prosper, a trader needed to provide much more than just goods.
It took business acumen to know where demand existed and which would be the
most cost-efficient source that could meet this demand with quality
supplies.
It was this proverbial eye for opportunities that saw Shri Piyarelall Agarwal
make the first foray into the agro-trading business in Myanmar, way back in the
middle of the 20th century. Commencing operations with the export of surplus
foodgrain production and the trading of textiles, the business gradually
diversified into the then underdeveloped market of commodity trading. The
R.Piyarelall Group formally began operations as an incorporated body in India in
1981. From its modest beginning in 1981, in just over two and half decades, the
Group turnover crossed the 6000 million mark maintaining the growth curve on
not just its import-business, but in all spheres of its activities - from
exports to logistics and manufacturing. Today Late Piyarelallji Agarwal would
have been proud to see R.Piyarelall Group of Companies, that he founded grown
and spread over its worldwide network of business associates, ... striving to
build new and stronger bridges ... connecting supply to demand.
Business
Partners
- PEC Limited
- ABB Grain
- Tata International Limited
- Agrocorp
- STCL
- MMTC Limited
- The State Trading Corp. of India Limited
- J. K. International Pte. Limited (Australia)
- Pulses ETC (SA)
- Cargill
- VISA Industriebs
- Invivo (France)
- WJ Grain, Hungary
- Zhejiang Materials Industry International Company, Limited, China
- China Minmetals Corporation
- Sinochem Corporation
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on 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.39.32 |
|
UK Pound |
1 |
Rs.82.08 |
|
Euro |
1 |
Rs.56.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
This score serves as a reference to assess 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 |
|