MIRA
INFORM REPORT
|
Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SYMANTEC SOFTWARE
INDIA PRIVATE LIMITED |
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Formerly Known As : |
VERITAS SOFTWARE
INDIA PRIVATE LIMITED |
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Registered Office : |
Symphony Survey No.
210, A/1, Opposite Vrindavan Society Range Hills Pune – 411020, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.09.1995 |
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Com. Reg. No.: |
11-92611 |
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CIN No.: [Company
Identification No.] |
U72200MH1995PTC092611 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04026B |
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PAN No.: [Permanent
Account No.] |
AAACV6015F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is engaged in Providing of Research and Development Services
and Technical Support Services. |
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 10000000 |
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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 an established and reputed software development company
having fine track. Trade relations are fair. Financial position is good.
Payments are usually correct and as per commitment. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
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Registered Office : |
Symphony Survey
No. 210, A/1, Opposite Vrindavan Society Range Hills Pune – 411020,
Maharashtra, India |
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Tel. No.: |
91-20-25520180 / 25538136 / 25536404 |
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Fax No.: |
91-20-25536404 / 25520190 |
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E-Mail : |
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Website : |
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Administrative
Office : |
Mayfair Towers, Bombay Pune Road, Shivaji Nagar, Wakdewadi, Pune -
411 005, Maharashtra. |
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Tel. No.: |
91-20-25530203 |
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Software
Development Center : |
Unit No. 217, "Bonanza", Sahar Plaza Complex, M. V. Road,
Andheri (East), Mumbai - 400 059. |
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Tel. No.: |
91-22-28303025 / 28 / 37 /
26950227 / 30 |
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Fax No.: |
91-22-28303043 |
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Overseas
Office : |
Located at : Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Indiana,
Kansas, Kentucky, Brazil, Canada, South Africa, Israel, Middle East, Peoples
Republic of China, Australia, Hong Kong, Japan, Korea, New Zealand,
Philippines, Austria, Switzerland, Germany, Denmark, Spain, Finland. France,
Italy, Belgium, The Netherlands, Norway, Poland, Sweden, Michigan, Minnesota,
Missouri, North Carolina, New Jersey, New York, Ohio, Oregon, Pennsylvania,
Tennessee, Texas, Utah, Virginia, U. K., Washington, Wisconsin, Singapore,
Malaysia, Philippines and Thailand |
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Branches : |
Aundh Road, Bhau Patil Marg, Pune-411020, Maharashtra, India Tel No :- 91-20-25822485/24055600 Fax No :- 91-20-25822485/24055595 Bund Garden Road, Next to Ruby Hall, Pune-411001, Maharashtra, India Tel No : 91-20-24066999/26050100 Fax No : 91-20-24066985/86/26050090/91 RMZ Icon Project, S/No 3/8, Baner Road, Pune – 411008, India Tel No.: 91-22-25538136 |
DIRECTORS
|
Name : |
Mr. Sharad Sharma |
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Designation : |
Director |
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Address : |
52, Shalimar Apartments, 3 D’Souza Road, Bangalore, Karnataka, India |
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Date of Birth/Age : |
04.04.1964 |
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Date of Appointment : |
30.03.2004 |
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Name : |
Mr. Mark Bregman |
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Designation : |
Director |
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Address : |
720, Bair Island Road, Apartment 101 Redwood City, CA-94063, USA |
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Date of Appointment : |
30.03.2004 |
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Name : |
Mr. Jay Jones |
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Designation : |
Director |
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Address : |
2734, Benvenue Avenue, Berkeley, CA-94705, USA |
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Date of Appointment : |
20.02.1998 |
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Name : |
Mr. Anand Madhukar Gadgil |
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Designation : |
Director |
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Address : |
Royash Apartments, Flat No. 6, Anand Krupa Society, Paud Road,
Pune-411038 |
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Date of Appointment : |
16.04.1997 |
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Name : |
Mr. Anil Srinivasa
Chakravarthy |
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Designation : |
Additional
Director |
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Address : |
1522 Flamingo
Way, Sunnyvale, California – 094087, US |
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Date of Birth/Age : |
08.12.1967 |
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Date of Appointment : |
25.04.2006 |
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Name : |
Mr. Stephen
Markowski |
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Designation : |
Director |
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Address : |
191, Vista Del
Monte Los Gatos, California |
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Name : |
Mr. Arthur
Courville |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Veritas Software Global Corporation |
|
8599980 |
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Veritas Operating Corporation |
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15276550 |
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Total |
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23876530 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Providing of Research and Development Services
and Technical Support Services. |
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Products : |
v Software Development
& Services v Research &
Development v Technical
Support Service |
GENERAL
INFORMATION
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No. of Employees : |
About 750 |
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|
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Bankers : |
v
IDBI Bank
limited, IDBI House, Dyaneshwar Paduka Chowk, F.C. Road, Pune – 411004Bank of India, Pune, Maharashtra
v
State Bank of India, Pune, Maharashtra v ABN Amro Bank,
Pune, Maharashtra |
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Banking Relations
: |
Good |
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Auditors : |
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Name : |
Bharat S Raut and Company Chartered Accountants |
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Address : |
KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-24913030/3131/24988368 |
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Fax No.: |
91-22-24913132 |
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Associates/Subsidiaries : |
v
Veritas Software Global Corporation v Veritas
Software Solutions Private Limited |
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Parent Company : |
VERITAS
Software Corporation |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
83,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 830.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23,876,530 |
Equity Shares |
Rs. 10/- Each |
Rs. 238.765 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 |
238.765 |
238.765 |
238.765 |
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2] Share Application Money |
588.916 |
588.916 |
0.282 |
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3] Reserves & Surplus |
1758.243 |
1192.729 |
927.609 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2585.924 |
2020.410 |
1166.656 |
|
|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
78.277 |
92.432 |
22.221 |
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TOTAL |
2664.201 |
2112.842 |
1188.877 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1568.001 |
1544.814 |
1081.423 |
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Capital work-in-progress |
73.986 |
39.963 |
8.901 |
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|
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INVESTMENT |
10.110 |
10.110 |
10.110 |
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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 |
0.000
|
0.000 |
1.154 |
|
|
Sundry Debtors |
949.987
|
685.346 |
110.831 |
|
|
Cash & Bank Balances |
235.320
|
227.799 |
161.015 |
|
|
Other Current Assets |
1.342
|
0.785 |
0.257 |
|
|
Loans & Advances |
361.584
|
379.902 |
284.778 |
|
Total
Current Assets |
1548.233
|
1293.832 |
558.035 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
452.637
|
589.312 |
372.811 |
|
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Provisions |
83.492
|
186.565 |
96.787 |
|
Total
Current Liabilities |
536.129
|
775.877 |
469.598 |
|
|
Net Current Assets |
1012.104
|
517.955 |
88.437 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
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|
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TOTAL |
2664.201 |
2112.842 |
1188.877 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
4329.145 |
2957.567 |
1866.856 |
|
|
Total Income |
4329.145 |
2957.567 |
1866.856 |
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|
|
|
|
|
|
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Profit/(Loss) Before Tax |
742.885 |
433.049 |
178.212 |
|
|
Provision for Taxation |
177.371 |
167.929 |
40.491 |
|
|
Profit/(Loss) After Tax |
565.514 |
265.120 |
137.721 |
|
|
|
|
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Earnings in Foreign Currency : |
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|
|
|
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Total Earnings |
4114.692 |
2894.291 |
1843.309 |
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|
|
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Imports : |
|
|
|
|
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Total Imports |
678.702 |
973.546 |
-- |
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Expenditures : |
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|
|
|
|
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Depreciation & Amortization |
0.000 |
701.928 |
456.611 |
|
|
Other Expenditure |
3586.260 |
1822.591 |
1232.034 |
|
Total Expenditure |
3586.260 |
2524.519 |
1688.645 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.06
|
8.96 |
7.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.16
|
14.64 |
9.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.84
|
15.26 |
10.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.21 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.21
|
0.38 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.89
|
1.67 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
Formerly known as Veritas
Software India Private Limited and changed into present name Symantec Software India Private Limited w.e.f.
October 24, 2007
Business
To carry on
business of software development services, selling of Software packages and
research and development activities as regards software development and
computer systems and to carry on business as computer programmers, data
processors, system analyst and to provide services for establishing Management
Information Systems.
|
Name of the company |
VERITAS SOFTWARE
INDIA PRIVATE LIMITED |
|
Presented By |
MR. A. G.
GADGIL, COMPANY SECRETARY |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation of goods and assets dated 28.01.2000 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 15.000 Millions |
|
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 |
Present and future goods, book debts and all other movable assets,
title documents of the goods, receivable including receivable under any
scheme, drawbacks. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Margin of Security 10 %, Charge as per FEDAI Routes |
|
5) Name and Address and description of the person entitled to the
charge. |
IDBI Bank limited IDBI House, Dyaneshwar Paduka Chowk, F.C. Road, Pune – 411004 |
|
6) Date and brief description
of instrument modifying the charge |
Supplemental agreement of Hypothecation of goods and assets for
increase in overall limits dated 15.06.2005 |
|
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. |
Original charge created on 28.01.2000 is further modified by
supplemental agreement dated 15.06.2005 increasing the limit from Rs. 15.000
Millions to Rs. 70.000 Millions. Other terms and conditions remains the same. |
|
Name of the company |
VERITAS SOFTWARE
INDIA PRIVATE LIMITED |
|
Presented By |
MR. A. G.
GADGIL, COMPANY SECRETARY |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation of goods and assets dated 28.01.2000 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 15.000 Millions |
|
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 |
Present and future goods, book debts and all other movable assets,
title documents of the goods, receivable including receivable under any
scheme, drawbacks. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Margin of Security 10 %, Charge as per FEDAI Routes |
|
5) Name and Address and description of the person entitled to the charge.
|
IDBI Bank limited IDBI House, Dyaneshwar Paduka Chowk, F.C. Road, Pune – 411004 |
|
6) Date and brief description
of instrument modifying the charge |
NA |
|
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 |
AS PER WEBSITE
About Symantec:
Symantec
is the world leader in providing solutions to help individuals and enterprises assure
the security, availability, and integrity of their information. Headquartered
in Cupertino, Calif., Symantec has operations in more than 40 countries.
Symantec
employs over 15,500 employees worldwide, with research and development
facilities located in over 12 countries including India.
Symantec Pune:
The Symantec Pune centre comprises of over 1500 world class professionals
actively engaged in
- Product
Research & Development
- Information
Technology Development & Support
- Technical Support
Services for our world wide customers.
Symantec in India has
established a Strong brand as Employer of Choice based on its W2C2 model that focuses on:
- Challenging Work
- Open Work environment
- Competitive Compensation
and
- Career development
Subject is a wholly owned subsidiary of
Veritas Software, USA With state of the art development facilities, informal
working environment, excellent compensation packages and challenging
assignments make it one of the most attractive destinations for dedicated
professionals.
VERITAS
Software USA
Founded in 1982, the Mountain View,
Calif.-based Company has grown to over 4,500 employees residing in 17 countries
worldwide. Included in its rapid growth are the significant acquisitions of the
Network and Storage Management Group of Seagate Software on May 28, 1999 and
Open Vision Technologies in April 1997. Revenues exceeded $210 million in FY98
and, for the second consecutive year, the Company ranked as one of Forbes' 200
Best Small Companies in America with an overall ranking of 12, including the
second-highest ranking market value (Forbes, November 22, 1998). Over the past
decade, VERITAS Software has become the largest and fastest-growing
storage-management software company and became part of the Nasdaq-100 Index in
January 1999. With a $3.37 billion market capitalization (Feb 6, 1999), VERITAS
Software has been on the "Hot Growth Companies" list at BusinessWeek
magazine for four consecutive years, debuting in 1996 at 59 and steadily
acending to position 30 in 1999; and was featured as the second most dynamic
software company in the Forbes
ASAP "Dynamic 100" list (Forbes
ASAP, April 5, 1999).
VERITAS Software is the de-facto standard for
application storage management, with over 60 of the world's leading servers and
operating systems integrating its software. To ensure integrated,
out-of-the-box application storage management solutions, VERITAS Software is a
premier strategic partner with all major industry drivers. The Company's OEM
customers and strategic alliances include industry pacesetters from the device
level to high-end UNIX vendors. VERITAS Software provides continuous
availability of business-critical information for companies of all sizes from
some of the world's best-known blue-chip corporations to business managers to
IT professionals. VERITAS Software provides these customers with
enterprise-class application storage management software solutions that they
can rely on and appeases their desire to work with a company that not only
cares about them, but also exhibits integrity - VERITAS translates to
"Truth."
Parent Company
+
VERITAS Software Corporation
1600, Plymouth
Street, Mountain View, California, USA.
It was founded in 1989 to develop and market
high availability products. In April,
1997, it merged with OpenVision Technologies, expanding its own backup and
hierarchical storage management solutions with OpenVision’s operating
system-level data management and clustering products in a strategy designed to
provide end-to-end storage management solutions for enterprise customers.
In May, 1999, it further extended its end-to-strategy with
the acquisition of the network and Storage Management Group of Seagate
Software. That merger enabled the
company to quickly diversify from its core UNIX solutions into the Windows NT
and NetWare spaces. Integration of the companies' product lines has enabled the
company to offer enterprises the ability to use a common product across
multiple operating platforms for ease of administration and economies of scale.
It has been listed on the Nasdaq National Market under the symbol VRTS
since 1993. It was added to the Nasdaq-100 Index in January 1999 and to the
S&P 500 Index in March 2000. The company's corporate headquarters is
located in Mountain View, California.
Subject is the leading provider of storage
management software for data protection, application availability and disaster
recovery. Over 86% of the Fortune 500
companies rely on its storage management solutions which offers proven
interoperability across diverse applications, servers, storage hardware and
appliances. With more than 5700
employees in 31 countries and annualised revenues of $ 1.5 billion in 2001, it
ranks among the top 10 software companies in the world.
Subject is widely recognized as
one of the fastest growing companies with industry-leading products. As a
testament to this leadership, its products continue to gain awards and
recognition throughout the world.
VERITAS Software Venture Capital Group
Created in February 2000 with an initial allocation of $100 million,
the VERITAS Software Venture Capital Group focuses on early to mid-stage
companies that have the potential to be leaders in a segment of the data
availability market.
VERITAS Software Foundation
In an effort to promote philanthropy and to
give back to local communities, the company has established the VERITAS
Software Foundation, a private, non-profit organization.
Its’ product range includes :
Storage
Management
It leads the market in providing highly
interoperable, storage management solutions that can work seamlessly across the
entire infrastructure.0
Data
Protection
It is the market leader in providing
data-protection solutions to ensure the data is protected against any type of
failure.
High
Availability
It is the market leader in providing high availability
solutions to protect against planned and unplanned downtime.
Disaster
Recovery
It delivers end-to-end disaster recovery solutions
to ensure the data is protected and available, even in the most difficult
situations.
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|