MIRA
INFORM REPORT
|
Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
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Registered Office : |
52/60, Mahatma Gandhi Road, 5th Floor, Mumbai - 400 001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.1900 |
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FCRN : |
F00947 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT00181G |
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Legal Form : |
Subject is a multinational bank. |
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Line of Business : |
Subject is engaged as providers of complete range of banking services
including corporate banking, personal banking, merchant banking advisory services,
treasury related services, trade finance and automated delivery systems such
as ATMs and Hexagaon - the desk top bank. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2200000000 |
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Status : |
Excellent |
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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 Foreign bank in India.
Fundamentals are strong and healthy. Trade relations are fair. Payments are always
correct and as per commitments. The bank 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
|
Registered Office : |
52/60, Mahatma Gandhi Road, 5th
Floor, Mumbai - 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22674921 |
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Fax No.: |
91-22-22658312/22658309 |
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E-Mail : |
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Website : |
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Corporate Banking : |
Located at :
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Western India : |
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Eastern India : |
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Northern India : |
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Southern India : |
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Institutional Banking : |
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DIRECTORS
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Name : |
Mr. Dilip K. Sheth |
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Designation : |
Director |
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Name : |
Mr. Vijay Lamba |
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Designation : |
Director |
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Name : |
Mr. L. Annamalai |
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Designation : |
Director |
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Name : |
Mr. Zarir J. Cama |
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Designation : |
Director |
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Name : |
Mr. T. C. Narayan |
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Designation : |
Director |
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Name : |
Mr. Keki M. Elavia |
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Designation : |
Director |
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Name : |
Mr. Nitin G. Thakker |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Naina Lal Kidwai |
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Designation : |
Group General Manager and Chief Executive
Officer |
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Name : |
Mr. Simen Munter |
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Designation : |
Deputy Chief Executive Officer |
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Name : |
Mr. Anurag Adlakha |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Leslie Leland |
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Designation : |
Chief Information Officer |
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Name : |
Mr. Ranjit Gokarn |
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Designation : |
Head of Credit Risk Management |
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Name : |
Ms. Jasmine Batliwala |
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Designation : |
Head of Legal & Compliance |
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Name : |
Ms. Malini Thadani |
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Designation : |
Head of Group Public Affairs |
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Name : |
Mr. Hitendra Dave |
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Designation : |
Co-Heads of Global Markets |
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Name : |
Mr. Anand Krishnamurthy |
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Designation : |
Co-Heads of Global Markets |
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Name : |
Mr. Rajnish Bahl |
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Designation : |
Head of Personal Financial Services |
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Name : |
Mr. Tarun Kataria |
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Designation : |
Head of Corporate, Investment Banking and
Markets |
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Name : |
Mr. Ravininder Singh |
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Designation : |
Head of Corporate and Institutional Banking |
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Name : |
Mr. Maitri Kumar |
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Designation : |
Chief Marketing Officer |
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Name : |
Mr. Puneet Chaddha |
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Designation : |
Head of Commercial Banking |
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Name : |
Mr. Tim Kirby |
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Designation : |
Head of Human Resources |
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Name : |
Mr. Vikramaaditya |
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Designation : |
Head of Custody and Clearing |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
The banks entire share capital (100%) are held by HSBC, Honk Kong.
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged as providers of complete range of banking services
including corporate banking, personal banking, merchant banking advisory
services, treasury related services, trade finance and automated delivery
systems such as ATMs and Hexagaon - the desk top bank. |
GENERAL
INFORMATION
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No. of Employees : |
1515 |
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Bankers : |
Reserve Bank of India, Mumbai, Maharashtra |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat S. Raut & Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra |
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Associates/Subsidiaries : |
HSBC Securities and Capital Markets (India) Private Limited |
CAPITAL STRUCTURE
|
|
Amount
in Millions |
|
Amount of deposit kept with the Reserve
Bank of India under Section 11(2) (b) of the Banking Regulation Act,1949. |
5669.320 |
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Capital |
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Opening Balance |
13677.500 |
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Add : Capital Infusion by Head Office |
9038.000 |
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Total |
22715.500 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
CAPITAL AND LIABILITIES |
|
|
|
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Share Capital |
22715.500 |
13677.500 |
13677.500 |
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Reserves and Surplus |
38878.909 |
27985.221 |
22095.597 |
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Deposits |
348246.476 |
249551.124 |
170127.893 |
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Borrowings |
48874.873 |
31159.523 |
32363.211 |
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Other Liabilities and Provisions |
91155.693 |
52357.338 |
40733.542 |
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GRAND TOTAL
|
549871.451 |
374730.706 |
278997.743 |
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ASSETS |
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Cash and balances with Reserve bank of India |
32532.786 |
14564.166 |
13845.731 |
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Balances with banks and Money at call and short notice |
47915.335 |
14184.609 |
8280.852 |
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Investments |
141308.280 |
121419.272 |
91688.648 |
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Advances |
231416.786 |
168122.960 |
126206.114 |
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Fixed Assets |
7021.596 |
4207.050 |
4236.791 |
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Other assets |
89676.668 |
52232.649 |
34739.607 |
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GRAND TOTAL |
549871.451 |
374730.706 |
278997.743 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Interest Earned |
35079.255 |
22019.337 |
16268.295 |
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Other Income |
12123.377 |
9282.571 |
6610.710 |
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TOTAL
|
47202.632 |
31301.908 |
22879.005 |
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Interest expended |
12133.860 |
8278.766 |
6444.405 |
|
Operating Expenses |
15844.861 |
10252.413 |
6984.789 |
|
Provisions & Contingencies |
10767.769 |
7621.486 |
6080.753 |
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TOTAL
|
38746.490 |
26152.665 |
19509.947 |
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Net Profit for the year |
8456.142 |
5149.243 |
3369.058 |
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Profit brought forward |
415.140 |
0.000 |
485.225 |
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TOTAL
|
8871.282 |
5149.243 |
3854.283 |
LOCAL AGENCY
FURTHER INFORMATION
Background
The financial
statements for the year ended 31 March 2007 comprise the accounts of the India
branches of The Hongkong and Shanghai Banking Corporation Limited ('the Bank'),
which is incorporated and registered in the Hong Kong Special Administrative
Region. The Bank's ultimate holding company is HSBC Holdings plc, which is
incorporated in England.
Basis of preparation
The financial
statements are prepared and presented under the historical cost convention and
accrual basis of accounting, except where otherwise stated, and in accordance
with the generally accepted accounting principles and statutory provisions
prescribed under the Banking Regulation Act, 1949, circulars and guidelines
issued by the Reserve Bank of India ('RBI'), Accounting Standards ('AS') issued
by the Institute of Chartered Accountants of India ('ICAI'), to the extent
applicable and current practices prevailing within the banking industry in
India.
Use of estimates
The preparation of
the financial statements, in conformity with generally accepted accounting
principles, requires management to make estimates and assumptions that affect
the reported amount of assets, liabilities, revenues and expenses and disclosure
of contingent liabilities as at the date of the financial statements. Actual
results could differ from those estimates. Any revision to accounting estimates
is recognized prospectively in current and future periods.
Transactions involving foreign exchange
Transactions
denominated in foreign currencies are recorded at the rates prevailing on the
date of the transactions. Exchange differences arising on foreign currency
transactions settled during the year are recognized in the profit and loss
account of the year. Assets and liabilities denominated in foreign currencies
as at the balance sheet date are restated at the closing rates notified by
Foreign Exchange Dealers Association of India ('FEDAI') and resultant exchange
differences are recognized in the profit and loss account.
Outstanding spot
and forward exchange contracts are revalued at the exchange rates notified by
FEDAI prevailing at the year end and the resultant gain or loss is recognized
in the profit and loss account. Contingent liabilities denominated in foreign
currencies are disclosed at closing rates of exchange notified by FEDAI.
Provisions and contingent liabilities
The Bank creates a
provision when there is a present obligation as a result of a past event that probably
requires an outflow of resources and a reliable estimate can be made of the
amount of the obligation. A disclosure for contingent liability is made when
there is a possible obligation or a present obligation that may but probably
will not require an outflow of resources. When there is a possible obligation
or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Provisions are
reviewed at each balance sheet date and adjusted to reflect the current best
estimate. If it is no longer probable that an outflow of resources would be
required to settle the obligation, the provision is reversed.
Contingent assets
are not recognized in the financial statements. However, contingent assets are
assessed continually and if it is virtually certain that an inflow of economic
benefits will arise, the asset and related income are recognized in the period
in which the change occurs.
The related parties of the Bank are broadly
classified as follows:
a) Parent
The Hongkong and
Shanghai Banking Corporation Limited, Hongkong (including branches) is the Head
office of the Bank and HSBC Holdings plc is the ultimate holding company.
b) Fellow subsidiaries
Fellow
subsidiaries comprise companies, which have a common ultimate holding company,
HSBC Holdings plc, i.e. HSBC Securities and Capital Markets (India) Private
Limited, HSBC Pragati Finance (India) Private Limited
(erstwhile HSBC
Primary Dealership (India) Private Limited), HSBC Asset Management (India)
Private Limited, HSBC Professional Services (India) Private Limited, HSBC
Electronic Data Processing (India) Private Limited, HSBC Operations and
Processing Enterprise (India) Private Limited, HSBC Private Equity Advisors
(India) Private Limited, HSBC Private Equity Management (Mauritius) Limited
(Liaison office), HSBC Software Development (India) Private Limited, HSBC
Insurance Brokers (India) Private Limited, HSBC Financial Holding (India)
Private
Limited, HSBC
Consumer Services (India) Private Limited, HSBC Bank of Middle East, HSBC Bank
Canada, HSBC Private Banking Hldgs Republic (Suisse) SA, HSBC Republic Bank
(UK) Limited, HSBC Bank Malaysia Berhad, Marine Midland Bank (HSBC Americas
Inc), Credit Commercial de France SA, HSBC Trinkaus and Burkhardt, British Arab
Commercial Bank, HSBC Bank Mauritius Limited and HSBC Bank Australia Limited
|
CONTINGENT LIABILITIES |
Amount
in Millions |
|
Claims against the bank not acknowledged as debts (including tax
matters) |
2311.985 |
|
Liability for partly paid investments |
0.500 |
|
Liability on account of outstanding forward exchange and derivative
contracts |
|
|
i) Forward contracts |
1185357.107 |
|
ii) Currency options |
667752.173 |
|
iii) Derivative contracts |
3765442.558 |
|
Guarantees given on behalf of constituents |
|
|
i) In India |
48055.872 |
|
ii) Outside India |
16754.102 |
|
Acceptances, endorsements and other obligations |
106318.461 |
|
Bills rediscounted |
0.792 |
|
Other items for which the bank is contingently liable |
727.439 |
|
TOTAL |
5792720.989 |
as per website
HSBC in India
HSBC's origins in India date back to 1853, when the
Mercantile Bank of India was established in Mumbai. The Bank has since, steadily
grown in reach and service offerings, keeping pace with the evolving banking
and financial needs of its customers.
In India, the Bank offers a comprehensive suite of
world-class products and services to its corporate and commercial banking clients
as also to a fast growing personal banking customer base.
HSBC Group
entities in India
- The Hongkong and Shanghai Banking Corporation Limited (HSBC)
- HSBC Asset Management (India) Private Limited
- HSBC Electronic Data Processing (India) Private Limited
- HSBC Insurance Brokers (India) Private Limited
- HSBC Operations and Processing Enterprise (India) Private Limited
- HSBC Private Equity Management (Mauritius) Limited
- HSBC Professional Services (India) Private Limited
- HSBC Securities and Capital Markets (India) Private Limited
- HSBC Software Development (India) Private Limited
HSBC
Group entities in India
Commercial Banking
The Hongkong
and Shanghai Banking Corporation Limited (HSBC)
Personal
Banking
HSBC offers a wide range of personal
financial services, including personal lending and deposit products, through
its branch network in Ahmedabad, Bangalore, Chennai, Chandigarh, Coimbatore,
Gurgaon, Hyderabad, Jaipur, Kochi, Kolkata, Ludhiana, Mumbai, New Delhi, Noida,
Pune, Thane, Trivandrum and Visakhapatnam. Also offered branch-wide are
international Gold and Classic credit cards from VISA and MasterCard and debit
cards from Visa. Customers have access to 24-hour banking services through an
extensive network of automated teller machines (ATMs), an integrated Call
Centre, and internet banking - online@hsbc .
Non Resident
Indian Banking
HSBC's Non Resident Indian
Banking (NRI) centres located in Asia-Pacific, the Middle East, Europe and
North America, together with HSBC's offices worldwide, provide the
international Indian Diaspora access to a range of products and services. These
include NRI related investment (both international and domestic), transactional
and deposit products, together with a full range of personal and private banking
products in India and overseas. Internet banking also provides easy access to
HSBC's services.
Financial
Planning Services
Services include investment and
custodian management and access to stock broking and insurance services, which
are offered to resident as well as non-resident Indians.
Corporate
Banking
HSBC has well-established,
long-term corporate banking relationships with large domestic Indian
corporations and foreign multinationals operating in India. Services include
term and working capital finance, trade facilities, corporate deposits,
syndications, payments and cash management services and factoring.
Business
Banking
HSBC's Extra Mile Business
Banking offers two types of account to small and medium-sized businesses - The
Business Account and the Business Vantage Account. Services include Business
Phone Banking, Business Doorstep Banking and Multi Branch Business Banking.
Payments and
Cash Management
HSBC provides integrated
domestic and regional transaction support to corporate clients through a
sophisticated range of cash management solutions, including collection and
payment services and integration with customer back-end systems. Operations and
client services are ISO 9001 certified. Hexagon, the HSBC Group's dedicated
electronic banking service allows users to perform financial transactions,
obtain international financial markets information, and review details of their
domestic and international accounts, from anywhere in the world, 24 hours a
day.
Trade (international
and domestic) and Factoring Services
A wide range of solutions
tailored to meet customer's requirements for both domestic and international
businesses is offered. HSBC is also one of the leading banks involved in the
bullion business through its offices in Ahmedabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi and is supported by the Group's global expertise
in the precious metal business. HSBC is the leading provider of trade services
in India and its trade centres are ISO 9002 certified.
Institutional
Banking
Working closely with Group
offices in India and overseas, trade services, payments and cash management,
treasury and capital markets, custody and clearing, and correspondent and
electronic banking activities are offered to banks, financial institutions,
securities houses, insurance companies, asset management companies and other
non-banking companies, non-government and development organisations operating
in India.
Treasury and
Capital Markets
Clients consistently rate HSBC's
Treasury business as one of the best in India. Its dealing room in Mumbai is
one of the largest in the country, serving clients in Mumbai and in the major
metropolitan centres across the country. It provides a comprehensive range of
products which include - foreign exchange, money market and fixed income
products and derivatives in both rupees and major currencies.
Custody and
Clearing
The leading custodian in Asia,
HSBC's custody and clearing services are available in 28 markets in
Asia-Pacific and the Middle East. With experienced staff and the latest
technology, HSBC is the premier provider of sub-custodian and clearing services
to foreign institutional investors (FIIs) in India. HSBC clients include the
domestic fund management sector in both the retail and institutional segments.
Institutional Fund Services launched by the bank offers a comprehensive suite
of products to domestic mutual funds and insurance companies ranging from
custody, fund administration services, unit distribution and Cash Management Services.
Technology
The HSBC Group develops and applies advanced
technology to the efficient and convenient delivery of banking and related
financial services. In India, the Group provides:
- Self-Service Banking with over 150 in-branch and off-branch ATMs and
24-hour Phone Banking.
- Trade and Corporate Banking services with real-time access to a
centralised information database
- Instantaneous inter-city transactions through online connections
between all branches
- A state-of-the-art treasury dealing system
- A sophisticated card system supporting debit and credit cards,
domestic and international VISA, MasterCard, and co-branded cards
- A dedicated acquiring system for both MasterCard and Visa transactions
- online@hsbc, HSBC's internet banking service, provides customers with
an integrated and secure platform to access their accounts.
- Internet Payment Gateway handles credit card transactions on the
internet
Asset Management
HSBC Asset Management (India) Private
Limited offers mutual funds to its customers. With the Group's
Global Fund Management expertise and investment capabilities, it is able to
deliver quality products to meet customers' investment objectives.
Global resourcing
HSBC Electronic Data Processing (India)
Private Limited, through its offices in Hyderabad, Bangalore and
Visakhapatnam provides data processing / customer service facilities for the
HSBC Group's overseas operations.
Insurance
HSBC Insurance Brokers (India) Private
Limited is licensed by the Insurance Regulatory Development
Authority (IRDA) to operate as a composite insurance broking company, which
will function as a direct and a reinsurance broker.
Data processing
HSBC Operations and Processing
Enterprise (India) Private Limited, through two centres in Mumbai
and Chennai, provides operational processing services for HSBC offices in
India.
HSBC
Group entities in India
Private equity
HSBC Private Equity Management
(Mauritius) Limited a subsidiary of HSBC Private Equity (Asia) Limited
in Hong Kong, has a Liaison Office in Mumbai. The company specialises in the
provision of equity capital to unlisted growth companies in India and Sri
Lanka.
Audit service
HSBC Professional Services (India)
Private Limited provides internal audit services to the HSBC
Group's internal audit units worldwide, with particular emphasis on the IT,
Treasury, Asset Management, Private Banking and Insurance functions.
Investment
Banking
HSBC Securities and Capital Markets
(India) Private Limited has two main business lines. Its
Institutional and proprietary broking business is based in Mumbai and, has
seats on two of India's premier stock exchanges, the Bombay Stock Exchange and
the National Stock Exchange. It deals in Indian securities for both Indian and
international institutions and for select retail clients and is backed by an
extensive research team. The Corporate Finance and Advisory business, with
offices in Mumbai and New Delhi, offers a full range of integrated investment
banking services in India and internationally.
Software development
HSBC Software Development (India)
Private Limited has established a software centre in Pune to
develop solutions for HSBC's Group offices worldwide.
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.39.35 |
|
UK Pound |
1 |
Rs.80.53 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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 |
|