MIRA
INFORM REPORT
|
Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
QUEST MACHINING AND MANUFACTURING PRIVATE LIMITED |
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Formerly Known As : |
MECHANICAL TRAINING ACADEMY PRIVATE LIMITED |
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Registered Office : |
No. 7/13, 21/2, Bhattarhalli, 14th Km, Old Madras Road,
Bangalore 560049, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.2000 |
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Com. Reg. No.: |
08-26760 |
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CIN No.: [Company
Identification No.] |
U80302KA2000PTC026760 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM02575G |
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PAN No.: [Permanent
Account No.] |
AACCM3073E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Training of Mechanical Engineering Software and Computer Aided
Engineering Analysis |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old Company having moderate track. Its profitability is under severe
pressure. It has huge accumulated
losses. Payments are reported as slow
and delayed. The Company can be considered for any business dealing on fully safe
and secured trade terms and conditions. |
LOCATIONS
|
Registered Office : |
No. 7/13, 21/2, Bhattarhalli, 14th Km, Old Madras Road,
Bangalore 560049, Karnataka, India |
|
Tel. No.: |
91-80-25618764 |
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Fax No.: |
91-80-25618764 |
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E-Mail : |
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|
Website : |
DIRECTORS
|
Name : |
Mr. Shankar Narayanan Madhava Menon |
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Designation : |
Director |
|
Address : |
11th floor, Brindaban – III, Poonam Nagar, off Mahakali
Cave, Andheri (East), Mumbai 400093, Maharashtra, India |
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Date of Birth/Age : |
08.08.1962 |
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Date of Appointment : |
03.01.2005 |
|
|
|
|
Name : |
Mr. Wayne Wen Tsui Tsou |
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Designation : |
Director |
|
Address : |
House No. 14, 6-16, Peel Rise, Hong Kong NA, Hong Kong |
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Date of Birth/Age : |
10.02.1967 |
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Date of Appointment : |
03.01.2005 |
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|
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|
Name : |
Mr. Aravind S. Melligeri |
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Designation : |
Director |
|
Address : |
23, Municipal Quarters, Hosur, Hubli, Karnataka, 580021, India |
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Date of Birth/Age : |
10.08.1970 |
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Date of Appointment : |
27.03.2000 |
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|
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|
Name : |
Mr. Ajit A. Prabhu |
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Designation : |
Director |
|
Address : |
676/13, 12th Cross, 4th Main MC Layout
Vijayanagar, Bangalore 560040, Karnataka, India |
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Date of Birth/Age : |
27.07.1970 |
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Date of Appointment : |
27.03.2000 |
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|
|
|
Name : |
Dr. Ajay A. Prabhu |
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Designation : |
Director |
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Address : |
3537, 2nd cross, Main Stage, Bangalore 560038, Karnataka,
India |
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Date of Appointment : |
31.07.2003 |
KEY EXECUTIVES
|
Name : |
Mr. N. Srivatsa |
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Designation : |
Company Secretary |
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Address : |
32, VHBCS Layout, West of Chord Road, Bangalore 560086, Karnataka,
India |
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Tel No. : |
91-80-23493013 |
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|
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|
Name : |
Mr. Narendra Shanbhag |
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Designation : |
General Manager - Operations |
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E-mail : |
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Date of Birth/Age : |
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Name : |
Mr. Nagabhushana Junjappa |
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Designation : |
Senior Manager – Business Development and CRM |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Jagdish Melligeri |
|
50 |
|
Ajit Prabhu |
|
50 |
|
Quality Engineering and Software Technologies Private Limited |
|
9900 |
|
|
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|
Equity Share
Break-up |
|
Percentage of
Holding |
|
Foreign Holdings |
|
0.01 |
|
Bodies Corporate |
|
99.99 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Training of Mechanical Engineering Software and Computer Aided
Engineering Analysis |
GENERAL
INFORMATION
|
Bankers : |
Ø Corporation Bank Ø State Bank of
India Residency Plaza, Industrial Finance Branch, Residency Road, Bangalore
560025, Karnataka, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
UB City Canberra Block 12th and 13th floor, No.
24, Vittal Mallya Road, Bangalore, Karnataka 560001, India |
|
Tel. No.: |
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Holding Company : |
Quality Engineering and Software Technologies Private Limited |
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|
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Associates/Subsidiaries : |
Quest Machining and Manufacturing LLC |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.0000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1901581 |
Equity Shares |
Rs. 10/- each |
Rs. 19.015
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 |
19.016 |
1.815 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[19.738] |
[1.326] |
[1.042] |
|
|
NETWORTH |
[0.722] |
0.489 |
[0.942] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
57.889 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
23.106 |
0.000 |
1.013 |
|
|
TOTAL BORROWING |
80.995 |
0.000 |
1.013 |
|
|
DEFERRED TAX LIABILITIES |
0.762 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
81.035 |
0.489 |
0.071 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
68.014 |
0.114 |
0.273 |
|
|
Capital work-in-progress |
24.018 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.233 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.240
|
0.000 |
0.000 |
|
|
Sundry Debtors |
3.624
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
3.407
|
0.421 |
0.347 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.605
|
0.194 |
0.282 |
|
Total
Current Assets |
14.876
|
0.615 |
0.629 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
26.004
|
0.232 |
0.831 |
|
|
Provisions |
0.102
|
0.008 |
0.000 |
|
Total
Current Liabilities |
26.106
|
0.240 |
0.831 |
|
|
Net Current Assets |
[11.230]
|
0.375 |
[0.202] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
81.035 |
0.489 |
0.071 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5.590 |
0.691 |
2.666 |
|
|
Total Income |
5.590 |
0.691 |
2.666 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[17.579] |
[0.284] |
[0.716] |
|
|
Provision for Taxation |
[0.833] |
- |
[0.024] |
|
|
Profit/(Loss) After Tax |
[18.412] |
[0.284] |
[0.740] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
5.084 |
- |
- |
|
|
|
|
|
|
|
|
Total Imports |
65.635 |
- |
- |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
2.804 |
- |
- |
|
|
Depreciation & Amortization |
3.414 |
0.159 |
0.180 |
|
|
Other Expenditure |
10.733 |
0.657 |
3.022 |
|
Total Expenditure |
16.951 |
0.816 |
3.202 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[329.37]
|
[41.09] |
[27.75] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[314.47]
|
[41.09] |
[26.85] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[21.20]
|
[38.95] |
[19.37] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[24.34]
|
[0.58] |
[0.76] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[148.33]
|
0.490 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56
|
2.56 |
0.75 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
Subject covers the
entire spectrum of engineering, offering end-to-end product development solutions
to global majors. Subject expertise ranges from concept design, detailing and
analysis, to product realization solutions. Subject uses Six Sigma methodology,
ISO and AS9100 certified processes to provide better, faster and more
value-optimized solutions to its customers.
Subject specializes in precision manufacturing for aerospace, automotive and
industrial components, power generation, large scale turn key fabrication,
design and manufacturing of test rigs, tooling, fixtures and gages. The integrated
engineering and manufacturing capability uses best in class manufacturing
processes, state of the art technologies and technically competent people. The
flexible, modular approach from design through to manufacturing provides a
customized, end-to-end solution to the customers; thereby reducing cost and
increasing value.
Aravind Melligeri – President & CEO
Aravind Melligeri is responsible for balancing growth
and stability through acquisitions, partnerships and strategic alliances. He
focuses on long-term and strategic needs for building QuEST into an
organization that provides efficient global delivery capabilities. His ability
to sense new opportunities and ‘quest’ for exploiting the out of the box ideas
has given the company a competitive edge.
Presently, Aravind is leading QuEST’s foray
into Design & Build, and Manufacturing of Aerospace, Automotive and
Industrial components. Before co-founding QuEST with Ajit Prabhu in 1997,
Aravind worked at Ford Motor Company, U.S.A, developing new tools to
accelerate the evaluation of occupant safety compliance of new vehicles at
concept and preliminary design stage using computer simulations, robust design
and Six Sigma methodologies.
He has been conferred with the ‘Young Achiever Award’ by the
Indo-American Society for his contributions in fostering better relationship
between India and USA. The National Institute for Technology, Karnataka Alumni
Association has also awarded him with an Alumni Excellence Award.
Aravind holds a Bachelor's degree in Mechanical Engineering
from Karnataka Regional Engineering College, India and a Master's degree in
Mechanical Engineering from Pennsylvania State University, U.S.A.
Integrated Product Development is a process by
which a customer’s needs get translated into product realization. It is based
on incorporation of design, manufacturing and support processes which requires
simultaneous and combined development of all the elements in the process to
warrant an optimum approach to manufacture and support a product.
Subject follows the principles of Integrated Product
Development through:
Ø An
understanding of the customer and their requirements
Ø Use of
digital product models to capture and maintain a more complete and consistent
representation of the design
Ø Integration
of CAE, CAD and CAM tools to improve effectiveness and reduce design cycle time
Ø Simulation
of product performance and manufacturing processes electronically to reduce
costly design/build/test iterations
Ø Use of
quality engineering and reliability techniques to develop a more robust product
and process design
Ø Creation
of an efficient and streamlined development approach to reduce cost and design
cycle time
An Integrated
Product Development Model Helps:
Ø
Drive down costs of development and product
Ø
Reduced time to market
Ø
Improved product quality and performance
Subject is focused on providing complete manufacturing
solutions to customers. The integrated engineering and manufacturing capability
uses best in class manufacturing processes, state of the art technologies and
technically competent people. The flexible, modular approach from design
through to manufacturing provides a customized, end-to-end solution to the
customers; thereby reducing cost and increasing value.
Their Capabilities in Precision Manufacturing:
Ø
Castings and precision machining
Ø
Forgings and precision machining
Ø
Precision turned parts
Ø
Ready to assemble precision machined parts with special
processing
Ø
Assemblies and sub assemblies
Their Capabilities in Design to build:
Ø
Test rigs
Ø
Tooling and fixturing
Ø
Large scale projects
Their Capabilities in Global Sourcing:
Ø
Complete sourcing solution by integrating design and
manufacturing
Ø
Large scale fabrication for industrial and power generation
sectors
Ø
Castings and forgings with and without machining, precision
machined parts for industrial, medical and automotive sectors
Ø
Managing large turn key fabrication projects
Ø
Help customers achieve quality, cost and delivery objectives
Ø Robust vendor
qualification and monitoring process
Form 8
|
Corporate
identity number of the company |
U80302KA2000PTC026760 |
|
Name of the
company |
QUEST MACHINING AND MANUFACTURING PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Merside Heights 5th floor, K R Puram, Bangalore 560049,
Karnataka, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Ø
State Bank
of India Residency Plaza,
Industrial Finance Branch, Residency Road, Bangalore 560025, Karnataka, India |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of goods and assets Form C-2 Letter regarding the grant of
individual limits within the overall limit.
Form C-5. |
|
Date of
instrument Creating the charge |
06.06.2006 |
|
Amount secured by
the charge |
Rs. 90.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Breakup for Rs.
90.000 Millions CC Rs. 20.000 Millions TL – Rs. 50.000 Millions, LC – Rs.
10.000 Millions and BG – Rs. 10.000
Millions. Interest : CC – Present
Eff. Rate 11.5% per annum with periodical rests. EPC/FBD – as specified by the Bank TL – Present Eff. Rate 12%
per annum with periodical rests.
Margin : 15% on LC/BG & 25% on RM/SIP/FG/Rec. Repayment : CC – On
Demand. TL – in 58 monthly installments as specified by the Bank commencing
from November 2006. FCNRB facility at
the applicable rate specified in the sanction. |
|
Description of
the property charged |
Plant and
machinery Furniture and
fixtures Stock in trade Book debts |
|
Particulars of
the property charged |
Hypothecation of
all present and future goods, Book debts and all other movable assets of the
borrower including documents of title to goods. Outstanding monies, receivable, claims, bills, invoices,
documents, contracts, insurance policies, guarantee, engagements, securities,
investments, rights and machinery etc. stored at borrower premises or godown
or factory or wherever else the same may be is by way of First Charge. |
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
10007012 |
|
Corporate
identity number of the company |
U80302KA2000PTC026760 |
|
Name of the
company |
QUEST MACHINING AND MANUFACTURING PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No. 7/13, 21/2, Bhattarhalli, 14th Km, Old Madras Road,
Bangalore 560049, Karnataka, India |
|
Type of charge |
Ø
Book debts Ø
Movable
property Ø
Floating
charge |
|
Particular of
charge holder |
Ø
State Bank
of India Residency Plaza, Industrial Finance Branch, Residency Road, Bangalore 560025, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
agreement of hypothecation of goods and assets for overall increase in limit
Form C-2A and letter regarding the grant of individual limits within the
overall limits Form C – 5 |
|
Date of
instrument Creating the charge |
23.8.2007 |
|
Amount secured by
the charge |
Rs. 128.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Ø
Rate : WCL –
At 1.50% above SBAR – present effective rate 14.25% p.a. with monthly
rests. TL (II) – at 1.75% above SBAR
– present effective rate 14.50% p.a. with monthly rests. Penal interest for non compliance of terms
of sanction max 2% per annum over the normal rate prepayment penalty as per
terms of sanction [b] Terms of
Payment working capital
facility repayable on demand term loan (II) in
19 Quarterly installments 1) 4 quarterly
installments of Rs. 1.000 Millions each 2) 11 Quarterly
installments of Rs. 1.500 Millions each 3) 4 Quarterly
installments of Rs. 2.000 Millions each [c] Margin raw materials – semi
finished goods/ finished goods 25% Stores and spares
25% Book debts /
Receivable 25% LC/BG – 15% Term Loan –
38.71% [d] extend and
operation of the charge Exclusive first
charge on the assets of the company and to the full extent. (e) Others CC Rs. 30.000
Millions TL – I (Existing)
Rs. 50.000 Millions TL- II- Rs.
28.500 Millions LC – Rs. 10.000
Millions BG – Rs. 10.000
Millions Total Limit – Rs.
128.500 Millions |
|
Short particulars
of the property charged |
Hypothecation of all
present and future of all the borrowers stocks of raw materials, finished
goods, Outstanding monies,
receivable, claims, bills, invoices, documents, contracts, insurance
policies, guarantee, engagements, securities, investments, rights and
machinery etc. wherever situate held or stored or in transit or in the
custody of any third party. |
|
Date of latest
modification prior to the present modification |
20.10.2006 |
|
Particulars of
the present modification |
By the present
modification amount secured by the charge stands increased from Rs. 90.000
Millions to Rs. 128.500 Millions security of current assets. Movable fixed assets other movables
already obtained and detailed in Col No. 14 herein above continues to be
available for the enhanced limit also all other terms and conditions remain
unchanged. |
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. 39.33 |
|
UK Pound |
1 |
Rs. 81.70 |
|
Euro |
1 |
Rs. 57.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
20 |
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. |
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 |
|