%20PRIVATE%20LIMITED-%2024-Apr-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
24.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOOLTECH SOFTWARE (INDIA) PRIVATE LIMITED |
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Registered Office : |
1187/ 59 Jangli Maharaj Road, Motwani Chambers, Shivaji Nagar, Pune –
411 005, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.03.1999 |
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Com. Reg. No.: |
23-13375 |
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CIN No.: [Company
Identification No.] |
U72200PN1999PTC013375 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET04003G |
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PAN No.: [Permanent
Account No.] |
AABCT0205A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To provide wide variety of software, hardware, digital technology
services, maintenances including custom application development, engineering
services, ecommerce, internet retailing and services, application set up,
modification, conversion and interface development and train and placement of
professionals to impart computer software and technology in India and abroad.
Subject is also engaged in development of CAD, CAM, Software Jobs. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Maximum Credit Limit : |
USD 430000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. It’s profit
margin is under pressure. Payments are usually correct and as per
commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office : |
401, Beta 1,GIGA Space, Viman Nagar, Pune - 411014, Maharashtra, India |
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Tel. No.: |
91-20-30511200 |
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Fax No.: |
91-20-30511201 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Prakash Chandur Gurbaxani |
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Designation : |
Managing Director |
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Address : |
4, Gokul, 23 Kalyani Nagar, Pune – 411 006, Maharashtra, India |
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Date of Birth/Age : |
03.08.1954 |
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Date of Appointment : |
01.05.2001 |
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Name : |
Mr. Jagdish N Khanna |
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Designation : |
Chairman |
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Address : |
11 Baghwan Apartment, Worli Seaface, Mumbai – 400 018, Maharashtra,
India |
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Date of Birth/Age : |
26.09.1935 |
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Date of Appointment : |
01.05.2001 |
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Name : |
Mr. Atul Jagdish Khanna |
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Designation : |
Director |
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Address : |
Motwani Chambers, 1187/59 Shiva Jinagar, Pune – 411005, Maharashtra,
India |
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Date of Birth/Age : |
05.11.1961 |
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Date of Appointment : |
01.03.1999 |
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Name : |
Mr. Sharad Patel |
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Designation : |
Director |
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Address : |
313-C, Kanakia park II, Opposite Hotel Suruchi, Thakur Complex,
Kandivali West, Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
18.10.1964 |
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Date of Appointment : |
26.12.2007 |
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Name : |
Mr. Gunter Dentler |
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Designation : |
Director |
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Name : |
Mr. Klaus Faust |
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Designation : |
Managing Director, Tooltech
Deutschland |
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Name : |
Mr. Jukka Kallio |
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Designation : |
Director, Tooltech Europe Oy |
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Name : |
Mr. Michel Kreps |
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Designation : |
Director, B2i-Tooltech |
KEY EXECUTIVES
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Name : |
Mr. Kailas Prajot |
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Designation : |
Company Secretary |
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Name : |
Mr. Vivek
Annaswamy |
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Designation : |
President and Chief Mentor |
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Name : |
Mr. Gunter
Albrecht |
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Designation : |
Senior Advisor |
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Name : |
Mr. Kurt Issaksson |
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Designation : |
Senior Advisor, Tooltech
Scandinavia |
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Name : |
Mr. Ralf Speth |
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Designation : |
Director |
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Name : |
Ms. Shobhana Joseph-Taneja |
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Designation : |
Business Development Manager |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2004
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Names of Shareholders |
|
No. of Shares |
|
Kiran Jagdish Khanna |
|
947510 |
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Mona Atul Khanna |
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10 |
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Atul Jagdish Khanna |
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42520 |
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Gurbaxani C Prakash |
|
10 |
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Total |
|
990050 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
To provide wide variety of software, hardware, digital technology
services, maintenances including custom application development, engineering
services, ecommerce, internet retailing and services, application set up,
modification, conversion and interface development and train and placement of
professionals to impart computer software and technology in India and abroad.
Subject is also engaged in development of CAD, CAM, Software Jobs. |
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Products : |
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Exports : |
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Products : |
Develops software projects |
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Countries : |
USA |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
Þ Kotak Mahindra
Bank Limited
36-38 A, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 400 021,
Maharashtra, India Þ ABN Amro Bank Þ The Zoroastrian
Bank Þ Nordea Bank,
Helsinki Þ Hypo Gereins
Bank, Munich |
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Facilities : |
The Company enjoys mortgage facilities of Rs. 41.000 millions from
Kotak Mahindra Bank Limted dated 30.11.2006. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandrashekhar B Doshi and Associates Chartered Accountants |
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Address : |
4, Rachna Park, Atreya Co-Operative Housing Society, S B Road, Pune –
411 016, Maharashtra, India |
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Phone: |
91-20-26651269 |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9750000 |
Equity Shares |
Rs. 10/- each |
Rs. 97.500 millions |
|
250000 |
Preference Shares |
Rs. 10/- each |
Rs. 2.500 millions |
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Total |
|
Rs. 100.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 95.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
95.000 |
9.900 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
12.898 |
0.000 |
|
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4] (Accumulated Losses) |
|
0.000 |
(3.652) |
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NETWORTH |
|
107.898 |
6.248 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
19.502 |
0.354 |
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2] Unsecured Loans |
|
17.352 |
73.429 |
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TOTAL BORROWING |
|
36.854 |
73.783 |
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TOTAL |
|
144.752 |
80.031 |
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
34.012 |
23.044 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
|
5.777 |
1.879 |
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Foreign Exchange Translation Reserve
|
|
0.000 |
0.507 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.884
|
0.928
|
|
|
Sundry Debtors |
|
51.707
|
22.393
|
|
|
Cash & Bank Balances |
|
8.871
|
4.949
|
|
|
Other Current Assets |
|
8.821
|
5.525
|
|
|
Loans & Advances |
|
72.557
|
34.264
|
|
Total
Current Assets |
|
142.840
|
68.059
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
34.246
|
12.215
|
|
|
Provisions |
|
4.091
|
1.243
|
|
Total
Current Liabilities |
|
38.337
|
13.458
|
|
|
Net Current Assets |
|
104.503
|
54.601
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.460 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
144.752 |
80.031 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Total Income |
|
130.089 |
74.923 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
16.201 |
11.362 |
|
Provision for Taxation |
|
-- |
|
|
Profit/(Loss) After Tax |
|
16.201 |
11.362 |
|
|
|
|
|
|
Total Expenditure |
|
113.888 |
63.561 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
12.45 |
15.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
12.45 |
15.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.16 |
12.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.15 |
1.82 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.70 |
13.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.73 |
5.06 |
Financials of TECODESIGN GMBH, Germany
ABRIDGED BALANCE
SHEET
(UNITS IN EUROS)
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
25.000 |
25000.000 |
|
|
2] Reserves & Surplus |
|
20476.000 |
33434.000 |
|
|
4] (Accumulated Losses) |
|
(229281.530) |
(40182.800) |
|
|
NETWORTH |
|
207741.580 |
130014.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
207741.580 |
130014.000 |
|
|
TOTAL BORROWING |
|
207741.580 |
130014.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
23936.050 |
148265.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6060.000 |
3302.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
Foreign Exchange Translation Reserve
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
155077.580 |
205508.960 |
|
|
|
Inventories |
|
|
|
|
|
Sundry Debtors |
|
|
|
|
|
Cash & Bank Balances |
|
|
|
|
|
Other Current Assets |
|
|
|
|
|
Loans & Advances |
|
|
|
|
Total
Current Assets |
|
155077.580 |
205508.960 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
137201.530 |
60545.760 |
|
|
|
Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
137201.530 |
60545.760 |
|
|
Net Current Assets |
|
17876.050 |
144963.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
23936.050 |
148265.200 |
|
PROFIT & LOSS
ACCOUNT
(UNITS IN EUROS)
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
|
772108.600 |
806581.500 |
|
Other Income |
|
228.620 |
38157.520 |
|
Total Income |
|
772337.220 |
844739.020 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(199924.050) |
(37685.890) |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
(199924.050) |
(37685.890) |
|
|
|
|
|
|
Total Expenditure |
|
972261.270 |
882424.910 |
LOCAL AGENCY
FURTHER INFORMATION
Registered Office of the company has been shifted from 1187/ 59 Jangli
Maharaj Road, Motwani Chambers, Shivaji Nagar, Pune – 411 005, Maharashtra,
India to the present address w.e.f. 05.02.2007
As Per Web:
Corporate Profile
Tooltech is an entrepreneurial venture based on the belief of its founders and realized through the passion and dedication of its stake holders.
Tooltech is headquartered in Pune, India and has offices in 7 countries throughout Europe and North America. It has a pool of trained manpower resources of 270 which includes 40 European nationals.
Tooltech is a pioneer in engineering services outsourcing having recognized the benefits of a global engineering model, long before it was hailed as the “new wave” in the India success story. From its inception in 1999, as a two-engineer start-up, Tooltech has striven to be an engineering knowledge management company, rather than an offshore provider of low-end digitizing and drafting services. The other differentiator has been its focus on Europe rather than North America.
The management of this privately held group is comprised of experienced independent professionals of varying nationality. In fact, Tooltech was among the first Indian companies in the outsourcing sector to have a multinational board of directors.
Tooltech's global delivery model has evolved over time to include an optimized mix of on-site, off-site, nearshore and offshore engineering support that best meets the need of its international clientèle. BMW, Aker Yards, Atlas Copco are just a few of Tooltech's 25 marquee relationships.
Tooltech's services range from concept design, solid & surface 3D model generation, 2D detailing & drafting to product development and customized software solutions. Analysis services include mesh generation, static (linear & non – linear), buckling, dynamic, structural, acoustic & thermal analysis.
Tooltech's concurrent engineering solutions cuts across industry verticals: automotive, aerospace, heavy engineering, oil & natural gas, marine & tool design. To each of these sectors the company brings to the table, industry specific knowledge and past experience of having dealt with leading international OEM's and their System Suppliers.
Tooltech is an ISO 9001:2000 certified company.
The Company’s Fixed Assets of important value includes :
- Air
Conditioner
- Fax
- Hot and Cold
Water Dispenser
- EPBAX
- Fire
Extinguisher
- Aqua Guard
Filter
- Exide FX
Power Box
- Access
Control Systems
- Fire Alarm Systems
- Paper
Shredding Machine
- LCD Projector
- Computer
Software
- Fiat Siena
- Mitsubishi
Lancer
- Two Wheeler –
M-80
- Maruti Esteem
- Electrical
Fitting
- Electronic
Vacuum Cleaner
- Furniture and
Fixtures
Board of Directors
Mr. J.K. Khanna, Chairman
Mr. Khanna is a highly reputed Chartered Accountant and Financial Consultant based in Bombay, India.
Executive:
Mr. Prakash Gurbaxani, Managing Director
Mr. Gurbaxani has an MBA from the US, and 27 years of experience in Information Systems and Finance in the USA, West Asia and India, including 15 years of experience in IT-related outsourced services. Mr. Gurbaxani has also been a visiting professor for MBA students in Pune, India
Mr. Atul Khanna, Director
Mr. Khanna is a successful entrepreneur in the Indian engineering industry, having promoted various businesses involving international collaboration with Germany, the USA and Sweden. Mr. Khanna’s new initiative is in the area of systems biology to promoting a bioscience corridor between Finland and India.
Non Executive:
Mr. Gunter Dentler, Director
Mr. Dentler has been the former Director, International Operations & Technology Transfer with Hertel AG. He has been involved with training and building design know-how/transfer projects between Germany, India and Asia. He has supported several German/India/Asia know how projects. He is based in Nurnberg, Germany.
Dr. Klaus Faust, Director
Dr Faust is a former senior engineering management leader at BMW, who now manages a reputed family owned concern, Lodenfrey GmbH, the well known German clothing company. Dr Faust’s area of expertise is automotive engineering & general management. Dr Faust is based in Munich, Germany.
Mr. Jukka Kallio, Director, Tooltech Europe Oy.
Mr. Kallio is a senior corporate lawyer and senior partner of a leading law firm in Helsinki. Mr. Kallio’s area of expertise includes international law issues. Mr. Kallio is based in Helsinki, Finland.
Mr. Timo Törmälä, Director, Tooltech Europe Oy.
Mr. Törmälä is an authority on intellectual property rights and in the business of evaluating and exploiting patents and their applications. He is the Managing Director of Licentia Oy, the Finnish leader in the business. Mr. Törmälä is based in Helsinki, Finland.
Senior Advisors:
Mr. Gunter Albrecht
Mr. Albrecht is the former Vice President – Military Programmes of MTU Aero Engines. He was also previously involved with Rolls Royce Aero Engines. Mr. Albrecht is a well-known authority in the field of aero engines & simulation. He is based in Munich, Germany.
Mr. David Miles
Mr. Miles was the Chief Design Engineer for the Canadian Regional Jet CRJ100 and other aircraft. He retired as Director of Propulsion and Chief Engineer of Propulsion for all models of Bombardier aircraft, specializing in fuel systems, nacelles, thrust reversers, APU'S, hydraulics, environmental control systems, anti ice systems, cabin noise, and acoustics. Mr. Miles is based in Montreal, Canada.
Mr. Ravi Sonalkar
Mr. Sonalkar is an engineer and entrepreneur with over 25 years experience in Machine Tools and Accessory Manufacture. He was involved with the Indian Machine Tool Manufacturers' association in various capacities. Mr. Sonalkar has also been involved in the setting up of a technology center for Mazak (the World’s largest machine tools builder) in Pune. Mr. Sonalkar is based in Pune, India.
Product
Concept Design :
%20PRIVATE%20LIMITED-%2024-Apr-2008_files/image003.gif){kind=small}
Product visualization
Product layout
Assembly design
Assembly analysis : Interference,
clearance and mass properties Detailing and Drafting :
Engineering production drawings
Assembly layout drawings
Dimensional tolerances &
surface finishes
Bill of Materials
Mechanism Design :
Kinematic study of assemblies
Definition of driver mechanisms,
linkages and joints
Interference and clearance checks
Reverse Engineering :
Creation of detailed and accurate
models and drawings using scanning techniques such as CMM.
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.39.95 |
|
UK Pound |
1 |
Rs.79.46 |
|
Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|