MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
HINDUSTAN PAPER CORPORATION LIMITED |
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Registered Office : |
Vishal Bhawan, 2nd Floor, 95, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.05.1970 |
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Com. Reg. No.: |
55-5301 |
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CIN No.: [Company
Identification No.] |
U74899DL1970PLC005301 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH04019B |
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PAN No.: [Permanent
Account No.] |
AAACH9463K |
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Legal Form : |
Subject is a closely held public limited liability company. The company's entire share capital is held
by Government of India. |
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Line of Business : |
Manufacturing of Writing and Printing papers, Chlorine Gas and Caustic
Soda. |
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 31000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Government of India company and has satisfactory track of
performance and financial status. Financial position of the company is
satisfactory. Its' payments are
reported as usually correct and as per commitments. However, as it is a Government of India company, lenders and creditors
can feel confident of its' exposure to the company. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Vishal Bhawan, 2nd Floor, 95, |
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Tel. No.: |
91-11-26284245 / 26432182 / 2893 / 9971 |
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Fax No.: |
91-11-26432796 / 26453796 |
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E-Mail : |
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Website : |
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Corporate Office : |
75-C, |
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Factory 1 : |
Nagaon Paper Mill, Haflong, |
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Tel. No.: |
91-3673-22425 |
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Factory 2 : |
Cachar Paper Mill, HPC, |
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Tel. No.: |
91-3842-233649 |
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Northern Region : |
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Eastern Region : |
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North Eastern Region : |
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Western Region : |
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Southern Region : |
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Liaison Offices : |
Located at :
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Located at : |
DIRECTORS
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Name : |
Mr. Raji Philip |
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Designation : |
Chairman cum Managing Director |
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Tel.No. |
91-33-22267806 |
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Fax.No. |
91-33-2249-4996 |
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E-mail |
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Name : |
Mr. A. Didar Singh |
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Designation : |
Director |
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Name : |
Mr. Amitava Chaudhuri |
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Designation : |
Director |
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Tel.No. |
91-33-2457553 |
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E-mail |
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Name : |
Mr. P. K. Borthakuar |
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Designation : |
Director |
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Name : |
Mr. A. K. Bhatia |
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Designation : |
Director |
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Tel.No. : |
91-33-22457357 |
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E-mail |
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Name : |
Mr. H. C. Gandhi |
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Designation : |
Director |
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Name : |
Mr. A. G. Kulkarni |
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Designation : |
Director |
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Name : |
Shri M.V. Narasimha Rao |
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Designation : |
Director (Finance) |
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Tel.No. : |
91-33-22293309 |
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E-mail |
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Name : |
Smt Arundhaty Ghosh |
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Designation : |
Chief Vigilance Officer |
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Tel.No. : |
91-33-2249-7361 |
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E-mail |
KEY EXECUTIVES
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Name : |
Mr. Biplab Chaudhuri |
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Designation : |
Company Secretary |
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Name : |
Mr. D.R.S. Chaudhary |
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Designation : |
Joint Secretary, Dept. of Heavy Industry,
Ministry of HI&PE, Govt. of |
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Name : |
Mr. Harish Sonowal |
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Designation : |
Principal Secretary, Industries &
Commerce Department |
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Name : |
Mr. K G Deb Krori |
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Designation : |
Part-time Non official Director |
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Address : |
Lachit Nagar, By-Lane-7, Guwahati 781007 |
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Name : |
Mr. T R Malakar |
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Designation : |
Part-time Non official Director |
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Address : |
163 Abhinav Apptts., B-12 Vasundhra
Enclave, |
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Name : |
Mr. Kallol Acharjya |
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Designation : |
Executive Director Cachar Paper Mill |
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Tel.No. : |
(03845) 268106 (BDS) |
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E-mail |
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Name : |
Mr. D D Adhikary |
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Designation : |
Chief Executive, Nagaon Paper Mill |
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Tel.No. : |
91-3678-242331, 2541433 |
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E-mail |
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Name : |
Shri N.P. Prabhu |
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Designation : |
Managing Director, Hindustan Newsprint Limited |
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Tel.No. : |
91-4829-256701 |
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E-mail |
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Name : |
Mr. A. Mannan |
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Designation : |
Chief Executive Officer, Nagaland Pulp & Paper Company Limited
& Executive Director - Marketing, HPCL |
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Tel.No. : |
91-33-22262471 |
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E-mail |
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Name : |
Mr. Jagdish Borah |
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Designation : |
Executive Director (HR&ES) |
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Tel.No. : |
91-33- 2217-5696 |
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E-mail |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
The company’s entire (100%) share capital is held by Government of
India.
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Writing and Printing papers, Chlorine Gas and Caustic
Soda. |
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Products : |
v
Cream Wove v
Surface Sized
Maplitho v
Computer Stationery
Paper v
Computer Stationery
Deluxe Paper v
Deluxe Maplitho v
Copier Paper v
White Offset
Printing v
Newsprint v
Duplicating (Full
Size) v
Duplicating (Cut
Size) v
Coloured Printing v
Offset Cartridge v
Telephone Directory
Printing Paper v
Typewriting Paper v
White Cover v
Caustic Flake v
Caustic Lye |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
v
Assam Tribune Group, v
Sentinel Group, v
Daily Desher Katha, Agartala v
v
v
Board of Secondary Education, Orissa v
Directorate of School Education, v
Council of Higher Secondary Education, Manipur v
Higher Secondary Council, Orissa v
Bihar State Text Book Corporation, v
Assam State Tex Book Corporation, v
Delhi Transport Corporation, v
v
P. v
School of v
Saraswati Press, Kolkata, v
Printing & Stationery Department, v
Government of v
Central Coalfields Limited, v
Telecom, Guwahati v
Chief Election Officer, Tuli, Nagaland v
Punjab & Sind Bank v
Director of Hindi Implementation, v
Haryana Vidyut Prasaran Nigam v
Central Excise & Customs |
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No. of Employees : |
Around 7000 |
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Bankers : |
v
Canara Bank v
State Bank of Mumbai - 400 021, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. Chhawchharia & Company Chartered Accountants |
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Memberships : |
Confederation of Indian Industry |
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Associates : |
All Government of India Undertaking Companies |
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Subsidiaries : |
v
Hindustan Newsprint Limited, Kerala v
Nagaland Pulp & Paper Company Limited, (A joint venture of the Government of India and Government of
Nagaland) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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700,380,000 |
Equity Shares |
Rs.10/- each |
Rs. 7003.800 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7003.800 |
7003.800 |
7003.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
774.700 |
142.500 |
[271.300] |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7778.500 |
7146.300 |
6732.500 |
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LOAN FUNDS |
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1] Secured Loans |
3.800 |
[1641.900] |
[1508.000] |
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2] Unsecured Loans |
2933.000 |
2793.800 |
2659.900 |
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TOTAL BORROWING |
2936.800 |
1151.900 |
1151.900 |
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DEFERRED TAX LIABILITIES |
348.800 |
0.000 |
0.000 |
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TOTAL |
11064.100 |
8298.200 |
7884.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2645.500 |
2854.300 |
2515.400 |
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Capital work-in-progress |
782.200 |
0.000 |
0.000 |
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INVESTMENT |
1964.600 |
1964.600 |
1964.600 |
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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 |
1607.600
|
1613.400 |
1593.700 |
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Sundry Debtors |
949.700
|
477.300 |
830.200 |
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Cash & Bank Balances |
2037.000
|
1993.500 |
1129.800 |
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Other Current Assets |
28.400
|
0.000 |
0.000 |
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Loans & Advances |
3525.100
|
4084.600 |
3769.800 |
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Total
Current Assets |
8147.800
|
8168.800 |
7323.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2487.300
|
3632.300 |
3276.100 |
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Provisions |
0.000
|
1066.000 |
643.000 |
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Total
Current Liabilities |
2487.300
|
4698.300 |
3919.100 |
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Net Current Assets |
5660.500
|
2470.500 |
3404.400 |
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MISCELLANEOUS EXPENSES |
11.300 |
8.800 |
0.000 |
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TOTAL |
11064.100 |
8298.200 |
7884.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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7468.800 |
5963.900 |
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Other Income |
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244.700 |
239.800 |
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Total Income |
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7713.500 |
6203.700 |
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Profit/(Loss) Before Tax |
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880.700
|
556.000
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Provision for Taxation |
|
293.500
|
214.400
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Profit/(Loss) After Tax |
|
587.200
|
341.600
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Expenditures : |
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Raw Materials
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1473.400
|
1285.900
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Excise
Duty |
|
439.800
|
315.300
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Power
& Fuel Cost |
|
1007.500
|
877.400
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Other
Manufacturing Expenses |
|
1186.900
|
1079.000
|
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Employee
Cost |
|
853.800
|
881.200
|
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Selling
and Administration Expenses |
|
1101.700
|
577.400
|
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Miscellaneous
Expenses |
|
333.600
|
366.900
|
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Stock
Adjustments |
|
93.000
|
3.100
|
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Interest
& Financial Charges |
|
147.000
|
71.000
|
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Depreciation
|
|
196.100
|
190.500
|
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Total Expenditure |
|
6832.800 |
5647.700 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
|
7.61 |
5.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.79 |
9.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
7.99 |
5.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.12 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.82 |
0.75 |
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Current Ratio (Current Asset/Current Liability) |
|
3.28
|
1.74 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 29th May, 1970 at
The company having planned development of the paper industry in
HPC group has four paper mills, two of which are units, and two are
subsidiary companies. The company is the holding company for Hindustan
Newsprint Limited and Nagaland Pulp and Paper Company Limited. Nagaon Paper
Mill and Cachar Paper Mill function directly under company control and their
performance is reflected in company's operating results. Over a period of three
decades, the company has built up a total capacity of about 0.335 million
tonnes of paper and newsprint.
Major Institutional Buyers
- Newspapers
Assam Tribune Group,
Sentinel Group,
Daily Desher Katha, Agartala
Dainik Janambhumi, Jorhat
- Universities
IGNOU,
- Education Board
West Bengal Board of Primary Education,
Kolkata,
West Bengal Board of Higher Secondary
Council, Kolkata,
Directorate of School Education,
Board of Secondary Education, Orissa,
Board of Secondary Education,
Board of Secondary Education, Rajasthan
Board of Secondary Education, Manipur
Council of Higher Secondary Education,
Manipur
Higher Secondary Council, Orissa
Hindi
Board of Intermediate Education, Chennai,
Tamilnadu
International Institute of Tamil Studies
A.P. B alala
Academy,
IIT, Kharagpur
Delhi Transport Corporation,
- School Book Publishing Houses
Directorate of School Education,
Bihar State Text Book Corporation,
Text Book Production & Marketing,
Assam State Text Book Corporation,
M.P. Text Book Corporation,
Tamilnadu Text Book Corporation, Chennai,
Tamilnadu
A. P. Government Text Book Press,
Asom Rashtrabhasa Prochar Samity
Text Book Corporation, Kerala
- Publishing Houses
Saraswati Press, Kolkata,
Printing & Stationery Department,
Tripura
Printing & Stationery Department,
Directorate of Printing,
Director (Printing & Stationery),
Gandhinagar,
Directorate of Printing & Stationery,
Chennai, Tamil Nadu
Director (P&S), Agartala, Tripura
Director of Printing, Stationery &
Publication,
Government of
National Book Trust
Printing & Stationery,
Secretariat Press,
Press Forms, Bihar,
Director Printing and Stationery,
Printing & Stationery, H. P., Simla
Printing & Stationery, Chennai,
Tamilnadu
- Government Departments
Central Coalfields Limited,
Telecom,
Chief Election Officer, Itanagar, Arunachal
Pradesh
Chief Election Officer, Imphal, Manipur
Chief Election Officer,
Chief Election Officer, Tuli, Nagaland
Chief Election Officer, Shillong, Meghalaya
Chief Election Officer, Aizawl, Mizoram
N.C.E.R.T.,
Southern Railway
State Election Commission,
Assam State Transport Corporation
Election Department, Tripura
Police Department, Arunachal Pradesh
Chief Election Officer,
Delhi Transport Corporation
NRDC
Chief Election Commissioner,
Central Excise & Customs
Punjab & Sind Bank
Pillavam Transport Corporation, Chennai,
Tamilnadu
Director of Hindi Implementation,
Haryana Vidyut Prasaran Nigam
State Road Transport,
To be
a major contributor to the cultural segment in paper industry in terms of volume
as well as quality, production standard, customer services, R&D and
technology upgradation.
To ensure optimum utilization of existing assets to generate
maximum internal resources for renovation, growth and expansion.
To develop professional management culture consistent with
the requirement of the industry to attract, develop and retain committed and
skilled workforce with emphasis on trust and teamwork.
To preserve the ecological balance and explore eco-friendly
production process to strike a harmonious relationship between nature and
industry.
To explore and implement technological upgradation of the
existing equipment for improved quality and increasing productivity and for
greater cost effectiveness.
To enlarge market channels for perennial supply of all
variety of cultural paper and to ensure customer satisfaction through value
addition and constant upgradation of quality.
To increase utilization of unconventional raw materials and
adopt recycling method to reduce dependence on forest resources for maintaining
ecological balance.
To provide adequate thrust on product diversification and
manufacture value-added items like computer stationery, copier paper, S.S.
Maplitho, etc. and create a brand equity for higher profitability and greater
market share.
Overview
Incorporated
on May 29, 1970
HPC Units Annual Capacity
Nagaon Paper Mill (NPM),
Cachar Paper Mill (CPM),
There
is a provision to produce 20,000 tonnes of newsprint in each of these mills within
the total capacity of 1 lakh tonnes. An increase in capacity by 30% is under
consideration.
Subsidiaries Annual Capacity
Hindustan Newsprint Limited (HNL),
Kerala 1,00,000
tonnes
Nagaland Pulp & Paper Company
Limited (NPPC), Nagaland
(A joint venture of the Government of
India and Govt. of Nagaland). 33,000
tonnes
All
the operating Mills of HPC are ISO-9001:2000 and ISO-14001 certified.
Export
Strategic
Planning underway for further growth in overseas markets
w Competitive Pricing
w Quality
w Penetrating New Market
Press Release
September
11, 2007.
Shri
Raji Philip, Chairman-cum-Managing Director presenting the dividend
cheque for Rs.252 Millions to Shri
Sontosh Mohan Dev, Union Minister of HI&PE in the presence of Dr. Ramesh Chandra Panda, Secretary,
HI&PE on September 08, 2007 at Udyog Bhawan, New Delhi.
1.
2.
HPC’s is a case of spectacular turnaround in operational and financial
performance. HPC paid the maiden dividend of Rs. 152 Millions for FY 2005-06
after wiping out all accumulated losses on the strength of a decade-long
track-record of uninterrupted net profits.
3. HPC
operates three large integrated mills – two
in
4. Duing FY 2006-07, HPC’s operating mills
produced 320880 tonnes, exceeding 100% capacity utilisation mark cumulatively
for the fifth time in succession. Cachar Paper Mill located in the
infrastructurally deficient and logistically difficult
5. HPC recognises that the demand for paper will swell in tandem with the
general economic upsurge and is therefore committed to pursue a path of
‘gainful growth’ marked by volume augmentation and value enhancement for
capturing durable scale economies and thereby attaining sustainable
competitiveness by ascending the ‘value spiral’ while upgrading plant and
equipment and scaling up manufacturing capabilities. HPC has embarked on major
capital investment programmes – HNL’s
Expansion-cum-Diversification Project (EDP) seeking to add capacity for
production of 170,000 tpa finer papers and HPC units in Assam undertaking
Modernisation and Technological Upgradation Plan (MTUP) to recontemporise the
process technology and equipment into environment-friendly, energy-efficient
and resource-conserving modes.
6. HPC was recategorised as a Schedule-A CPSE
and HNL as a Schedule-B CPSE on January 03, 2007. Based on corporate
performance during FY 2005-06 against MoU targets, HPC was rated as one among
the Top Ten PSEs entitling the Company to receive the MoU Excellence Award from
Hon’ble Prime Minister on March 08, 2007. Shri Abdul Rouf Khan, Senior Operator
of NPM was recently declared a winner of the Shram Shree Award - 2005.
7. As part of its steadfast commitment to Corporate Social Responsibility, HPC
has been endeavouring to encourage entrepreneur development for incubating
micro and small enterprises in the vicinity of the mills to enable them to
become enduring supply chain partners on commercially sound and sustainable
principles.
8. HPC mills in
9. HPC is also spearheading the Revival and
Upgradation Scheme covering the Nagaland Pulp & Paper Company Limited,
Tuli, Distt. Mokokchung, Nagaland which has remained inoperative since
October, 1992. With the BIFR sanctioning the Rehabilitation Package based on
Union Cabinet approval, NPPC Revival
& Upgradation Scheme has taken off with effect from June 27, 2007 for
completion in 27 months by September, 2009.
10.
With the preparatory work for establishing a large capacity mill in Central
Uttar Pradesh in full swing, HPC group is poised to achieve a sales turnover of Rs. 30000 Millions by 2012 with installed
capacity for producing over 800,000 tonnes per annum of paper/newsprint.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.69 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.56.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|