MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
GORA MAL HARI RAM LIMITED |
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Registered Office : |
39, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.11.1984 |
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Com. Reg. No.: |
19368 |
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CIN No.: [Company
Identification No.] |
L74899DL1984PLC019368 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG00114C |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Subject is engaged in manufacturers and exporters of Soaps, Detergents, Agarbatties (Incense Sticks). |
RATING & COMMENTS
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MIRAs 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 529948 |
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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 as well established and reputed company having fine tracks
records. The company is progressing well. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. Fundamental are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long run. |
LOCATIONS
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Registered Office/Factory : |
39, |
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Tel. No.: |
91-11-545 1555 / 419 0555 / 25190555 / 25450555 |
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Mobile No.: |
91-9868110514 |
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Fax No.: |
91-11-543 3555 / 25433555 / 25928333 |
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E-Mail : |
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Location : |
Owned |
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Sales Office : |
503 Khari Baoli, |
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Tel. No.: |
91-11-395 1020 |
DIRECTORS
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Name : |
Mr. Satya Pal |
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Designation : |
Chairman cum Whole Time Director |
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Address : |
27, Paschimi Marg, Vasant Vihar, |
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Date of Birth/Age : |
23.03.1924 |
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Date of Appointment : |
22.11.1984 |
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Name : |
Mr. Vipin Kumar |
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Designation : |
Whole Time director |
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Address : |
C 1 Street , 6F Sanik Farm, |
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Date of Birth/Age : |
20.07.1948 |
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Date of Appointment : |
22.11.1984 |
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Name : |
Mr. Ranjan Kumar |
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Designation : |
Whole Time Director |
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Address : |
27, Paschimi Marg, Vasant Vihar, |
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Date of Birth/Age : |
11.12.1950 |
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Date of Appointment : |
22.11.1984 |
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Name : |
Mr, Pawan Kumar |
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Designation : |
Whole Time Director |
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Address : |
27, Paschimi Marg, Vasant Vihar, |
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Date of Birth/Age : |
04.10.1952 |
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Date of Appointment : |
22.11.1984 |
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Name : |
Mr. Vinod Kumar |
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Designation : |
Whole Time Director |
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Address : |
27, Paschimi Marg, Vasant Vihar, |
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Date of Birth/Age : |
25.12.1946 |
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Date of Appointment : |
15.05.1985 |
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Name : |
Mr. C L Handa |
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Designation : |
Director |
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Address : |
L 1/37, Qutab Enclave, Phase II District Gurgaon , |
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Date of Birth/Age : |
03.03.1937 |
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Date of Appointment : |
24.10.1998 |
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Name : |
Mr. Pradeep Kapassi |
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Designation : |
Director |
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Address : |
B - 49, |
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Date of Birth/Age : |
24.04.1945 |
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Date of Appointment : |
15.01.2005 |
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Name : |
Mr. Harban Lal |
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Designation : |
Director |
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Address : |
B-3/395 Pashchimi Vihar, |
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Date of Birth/Age : |
07.12.1926 |
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Name : |
Mr. Sunil Grover |
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Designation : |
Director |
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Address : |
913-Sector 14, Sonepat, |
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Date of Birth/Age : |
28.04.1950 |
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Name : |
Mr. Karun Manaktala |
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Designation : |
Additional Director |
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Address : |
27, Paschimi Marg, Vasant Vihar, |
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Date of Birth/Age : |
16.05.1983 |
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Date of Appointment: |
24.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Satya Pal |
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Designation : |
Chief Executive Officer |
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Address : |
27, Pashmi Marg, Vasant Vihar, |
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Date of Birth/Age : |
23.03.1924 |
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Date of Appointment : |
22.11.1984 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Satyapal |
2200 |
13.33 |
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Mr. Tilaj Raj Manaktala |
685 |
4.15 |
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Mr. Prithvi Manaktala |
685 |
4.15 |
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Mr. Vipin Kumar |
1650 |
10.00 |
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Mr. Ranjan Kumar |
1100 |
6.67 |
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Mr. Pawan Kumar |
1100 |
6.67 |
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Mr. Santosh Manaktala |
1290 |
7.82 |
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Mrs. Sunita Manaktala |
590 |
3.58 |
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Mr. Nitin Manaktala |
410 |
2.48 |
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Mrs. Vinti Bhatia |
360 |
2.18 |
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Mrs. Reecha Bahl |
540 |
3.27 |
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Mrs. Rajni Manaktala |
1670 |
10.12 |
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Mr. Vinod Kumar |
1100 |
6.67 |
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Mrs. Rita Mehra |
350 |
2.12 |
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Mrs. Shobha Anand |
450 |
2.73 |
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Mr. Banarasi Lal Suri |
200 |
1.21 |
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Mrs. Phool Chawla |
600 |
3.64 |
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Mrs. Sangeeta Arora |
500 |
3.03 |
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Mr. Vijit Manaktala |
510 |
3.09 |
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Mr .Karun Manaktala |
510 |
3.09 |
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Total |
16500 |
100 |
Equity Share Break up (Percentage of Total Equity )
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
90.61 |
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2 |
Other top fifty (50) shareholders |
9.39 |
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Total |
100 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturers and exporters of Soaps, Detergents, Agarbatties (Incense Sticks). |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
· Big Bazaar ·
Subhiksha
·
Vishal
Mega Mart ·
Spencer ·
BSF
Canteens and ·
Co-operative
Stores |
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No. of Employees : |
182 (30 persons in office, 140 persons in factory and 12 others). |
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Bankers : |
Sate Bank of Address 1: C Block, Floor 7, Address 2: |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Verma Aggarwal and Company Chartered Accountants |
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Address : |
10159 Padam singh Road, Karol Bah, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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24000 |
Equity shares |
Rs.100/- each |
Rs.2.400 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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16500 |
Equity Shares |
Rs.100/-
each |
Rs. 1.650
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.650 |
1.650 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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130.837 |
123.970 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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132.487 |
125.620 |
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LOAN FUNDS |
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1] Secured Loans |
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23.277 |
24.043 |
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2] Unsecured Loans |
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0.008 |
0.008 |
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TOTAL BORROWING |
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23.285 |
24.051 |
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DEFERRED TAX LIABILITIES |
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3.311 |
4.065 |
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TOTAL |
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159.083 |
153.736 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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63.191 |
64.840 |
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Capital work-in-progress |
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0.292 |
0.000 |
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INVESTMENT |
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0.025 |
0.025 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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55.183 |
56.511 |
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Sundry Debtors |
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40.237 |
32.406 |
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Cash & Bank Balances |
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0.405 |
0.178 |
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Other Current Assets |
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9.501 |
7.688 |
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Loans & Advances |
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24.733 |
22.344 |
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Total
Current Assets |
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130.059 |
119.127 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.361 |
21.003 |
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Provisions |
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10.123 |
9.253 |
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Total
Current Liabilities |
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34.484 |
30.256 |
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Net Current Assets |
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95.575 |
88.871 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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159.083 |
153.736 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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586.207 |
558.928 |
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Other Income |
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0.743 |
0.527 |
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Total Income |
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586.950 |
559.455 |
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Profit/(Loss) Before Tax |
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11.810 |
9.491 |
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Provision for Taxation |
|
4.647 |
5.672 |
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Profit/(Loss) After Tax |
|
7.163 |
3.819 |
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Expenditures : |
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Raw Material Consumed |
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306.217 |
288.504 |
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Purchases made for re-sale |
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159.423 |
155.642 |
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Consumption of stores and spares parts |
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0.188 |
0.208 |
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Increase/(Decrease) in Finished Goods |
|
1.495 |
[0.894] |
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Salaries, Wages, Bonus, etc. |
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21.655 |
19.767 |
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Managerial Remuneration |
|
1.245 |
1.531 |
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Payment to Auditors |
|
0.095 |
0.095 |
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Interest |
|
1.914 |
1.580 |
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Insurance Expenses |
|
0.597 |
0.648 |
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Power & Fuel |
|
10.960 |
10.157 |
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Depreciation & Amortization |
|
8.084 |
8.557 |
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Other Expenditure |
|
63.264 |
64.164 |
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Total Expenditure |
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575.141 |
549.963 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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1.22 |
0.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.01 |
0.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.10 |
5.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.43 |
0.43 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.77 |
3.93 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
·
·
Staff Residential Building and Flats
·
Electric Control Penal
·
Pumps
·
Generators
·
Other Fixed assets
·
Furniture and Fixtures
·
Office and Electrical Appliances
·
Computers
·
Cycles
·
Scooter
·
Cars
·
Trucks
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Corporation identity number or foreign company registrations number of
the company |
L74899DL1984PLC019368 |
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Name of the company |
GORA MAL HARI RAM LIMITED |
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Address |
39, |
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This Form is for |
Modification of charge |
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Type of Charges |
·
Immovable
property ·
Any interest
in immovable property ·
Book Debts ·
Movable
Property ·
Floating
Charge ·
Others |
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Particular of the charge holder
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State Bank of Email ID : SBI.4078@SBI.CO.IN |
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Nature or description of the instrument creating charge |
No Instrument Executed, Confirmation Letter for Creation of EM
Property in the name of the company |
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Date of the instrument creating charge |
30.04.2007 |
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Amount Secure by the charge |
Rs.107.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: As per agreement Terms
of Repayment Repayable as per agreement Margin Raw Material, Stock in process and
Finished Goods as per agreement Extent
and operation of the charge: EM of Plot No.32 Sector 8A At IIE
Haridwar Measuring 4050 sq. mtrs in the name of company |
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Shorts Particulars of the Property charged ( including location of the
property) |
EM of Plot No.32 Sector 8A At IIE
Haridwar Measuring 4050 sq. mtrs in the name of company |
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Date of latest modification prior to the present modification |
19.01.2007 |
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Particulars of the present modification |
EM of Plot No.32 Sector 8A At IIE
Haridwar Measuring 4050 sq. mtrs in the name of company. Limits remain same |
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Name of the
company |
GORA MAL HARI RAM LIMITED |
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Presented
By |
State Bank of |
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1) Date and
description of instrument creating the change |
Agreement of Cash
Credit (Hypothecation of goods, Book Debts and other Assets) Dated :
03.12.1985 (Regd on 26.06.1987) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.800 millions
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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 |
First charge by
way of hypothecation of stocks of raw material, work in progress, finished
goods, stores and spares and book debts, outstanding monies, receivables,
claims bills, contracts, engagement, securities, investments, rights and
other assets. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 16.50%p.a. Margin: Goods- 40% Book Debts - 30% (Payable on Demand) |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument
modifying the charge |
Form C 1-A Supplemental
Agreement of loan for increase on the overall limit dated 06.03.2003 Form C 2A
Supplemental Agreement of hypothecation of Goods and assets for the increase
in the overall limit dated 06.03.2003 Form C 5 Letter
regarding grant of individual limits within the overall limit dated
06.03.2003 Advance renewal
cum Enhancement Proposal dated 06.03.2003 |
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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. |
Limit Enhanced
from Rs. 70.000 millions Rs. 75.000
millions as under:
Security: Primary: -
Hypothecation
of Company stocks of Raw Materials, sip, Stores and spares, finished goods
etc lying in their godowns and including goods in transits. -
Company
all present and future book debts / receivables not exceeding 30 days old. -
EM of property situated No. 27, Panschimi
Marg, Basant Vihar in the name of Ranjan Kumar and Mr. Pawan Kumar. -
EM of
property situated at v85 and 86 Sector VIII, Noida Uttar Pradesh. -
Charge
over -
Personal
guarantee of Directors Mr. Satya pal, Mr .Vinod Kumar, Mr. Vipin Kumar, Mr.
Ranjan Kumar, Mr Pawan Kumar -
Margin
Raw Material 25%, Stock in Progress 25%, Finished Goods 25%, Book Debts
- 40%, (cover period 30 Days), L.C. 10%. -
Rate
of Interest: as applicable to SB 2
rating presently 1.6% over SBAR minimum 12.35% p.a. compounded with monthly
rests. |
WEBSITE DETAILS:
Subject manufactures wide range of household items, primarily Washing
Soaps and Detergents of various types. Established for more than 9 decades, they
have gained reputation in both international and domestic market. With four
manufacturing units across
They offer user-friendly soaps and detergents for washing and cleaning
purposes.
Vision: To become the global market leader through their sincere and
dedicated efforts contributed by their staff management and employees.
They Offer
They manufacture wide range of quality
products, which includes washing soap, detergent cake, detergent powders, dish
wash bar, cleaning powder and toilet soaps. Since the quality of surfactants is
measured on cleaning effects, they manufacture the products using soft and
eco-friendly chemicals, which are not harsh to skin and fabrics. Their varied
range includes:
Detergent Powder
They offer eco-friendly detergent powder
which provides high power cleaning. It is ideal for washing laundering garments
woolen cloths etc. It is easy to use this detergent powder for both manual
washing as well as washing machines. Highly effective active ingredients ensure
effective washing every time. The detergent powder is available in the packing
of 180g, 400g, 800g and 1 kg. However, the
pack size can be customized as per the buyers' requirements.
Detergent Cakes
They offer detergent cakes which come in the packaging of 75 gm, 200 gm and 300gm. The same can be customized as per the buyers' requirements. These detergent cakes are useful for the routine washing. With a minimum use of water, the washing is effective. For better results, these can be used with detergent powder. The micelles action is very high and therefore cleaning effect is maximum.
Washing Soaps
They manufacture washing soaps that are used
to wash garments. The washing soap, which is primarily oil-based, effectively
removes stains and could be used for washing several types of fabrics such as
cotton, woolen, polyester, nylon and silk.
Dish Wash Bar
Available in the form of a set of 3 pieces of
300g each, the dish wash bars are primarily used to remove the stains from the
utensils. Manufactured with good quality chemicals, it possesses high cleaning
effect.
Cleaning and
Scouring Powder
They offer Cleaning and Scouring powder with
good cleaning action. These cleaning powders are used in multi-purpose
applications. As this powder can clean several surfaces, it can be used for
cleaning kitchenware. These are available in a packaging of 500 gms, 1
kg and 2 kg, and the same can be
customized as per the buyers' requirements.
Toilet Soaps
Available in 3 variants namely Lime,
Fairy and Rose, these toilet soaps
contain attractive fragrance. These soaps are skin-friendly and match the
international standards.
Established in 1914, They - Gora Mal Hari Ram Ltd. have emerged as a globally recognized company engaged in manufacturing and exporting of soaps and detergents, under the brand name 555.
The company was established under the visionary leadership of Late Shri Hariram
at
In their endeavors to meet the growing market requirements, they have
established four manufacturing units across
Quality Assurance
They know the importance of quality products
for the consumers. It is important to mention that they have served their
customers always with quality products. In addition to it, they constantly
improve the quality of their products. They follow stringent quality control
measures to ensure the same. They import raw materials from best global firms
to ensure that they can offer their products at the best possible competitive
price. They use eco-friendly chemicals which are soft to human skin and cloth's
fiber.
Infrastructure
and Team
I.
Manufacturing
Facility: They have well
equipped manufacturing units in
II.
Team: They recruit dynamic professionals who are
well-versed with their work and have ability to execute mega projects. These
competent professionals are familiar with latest technological advancements.
Distribution
Network
Their manufacturing units are easily
connected to major Indian cities and they have a well developed distribution
network in major parts of
Clientele
Apart from
catering to domestic market for a long time, they have now entered the
international market. They have developed good overseas connections and have
established their trade with countries like
Big Bazaar
Subhiksha
Vishal Mega Mart
Spencer
BSF Canteens and
Co-operative Stores
OTHER INFORMATION:
Contingent
Liabilities:
The Company has not acknowledged the following claims as debts and
therefore no provision has been made for the same. Interest on this claim
amount has not been shown as contingent liability.
(Amount in millions)
|
a)
Excise Duty |
0.937 |
|
b)
Income tax |
0.310 |
|
c)
Sales Tax |
0.238 |
|
d)
ESI |
0.146 |
|
e)
Power / Electricity Bills |
1.946 |
|
f)
Suit filed on the company by Mr. Prithvi
Manaktala on account of profit |
0.000 |
|
g)
Suit filed on the company by Mr. Tilak Raj
Manaktala on account of recovery |
3.960 |
|
h)
Suit filed on the company by Mr. J D Chemicals, |
90.100 |
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 Intl
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 companys 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.40.50 |
|
|
1 |
Rs.81.72 |
|
Euro |
1 |
Rs.56.09 |
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 SCs 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 |
|