MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
B V BIO–CORP LIMITED |
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Formerly Known As : |
B. V. FEED SUPPLEMENTS MANUFACTURING COMPANY LIMITED |
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Registered Office : |
Venkateshwara House, S. No. 114/A/2,
Pune-Sinhagad Road, Viththalwadi,
Pune - 411 030, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.01.2002 |
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Com. Reg. No.: |
25-16680 |
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CIN No.: [Company
Identification No.] |
U15332PN2002PTC016680 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02478A |
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PAN No.: [Permanent
Account No.] |
AABCB8390C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Poultry Products |
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 860000 |
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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 well established and reputed company and a part of
Venky’s Group. 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. Fundamentals 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 / Corporate
Office / Investor Services
: |
Venkateshwara House, S.No. 114/A/2, Pune-Sinhagad
Road, Viththalwadi, Pune - 411 030,
Maharashtra, India |
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Tel. No.: |
91-20-24251530
to 41 / 24389144 / Extn: 287 and 289 |
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Fax No.: |
91-20-24251077
/ 1060 |
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E-Mail : |
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Central Marketing Office : |
Sharada Center, 3/303, 3rd Floor, 11/1Erandwane, Pune -
411004 , Maharashtra, India |
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Tel. No.: |
91-20-25448834,
25422876/887 |
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Fax No.: |
91-20-25458797 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Anuradha Jitendra Desai |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mr. Venkatesh B. Vasudev Rao |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
31.12.1965 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mr. Balaji B. Vasudev Rao |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje, Taluka,
Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
08.12.1972 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mr. Jitendra Morreshwar Desai |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
27.04.1962 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Dr. Gendalal Chaaganlal Jain |
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Designation : |
Director |
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Address : |
4, Ramnadhi Co-operative Housing Society Bavdhan, Khurd, Pune –
411027,Maharashtra, India |
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Date of Birth/Age : |
29.02.1940 |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mr. Om Prakash Balmiki Singh |
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Designation : |
Director |
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Address : |
Utopla Fantasia D, Flat No. 2, 2nd Floor, Wanawarie, Pune –
411041, Maharashtra, India |
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Date of Birth/Age : |
15.03.1962 |
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Date of Appointment : |
16.06.2006 |
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Name : |
Mr. Nageswaran Kuppuswamy Iyer |
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Designation : |
Director |
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Address : |
Flat No. 1104, 11th Floor, Rohan Garima, Near Shivaji
Housing Society, Senapati Bapat Marg, Pune – 411005, Maharashtra, India |
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Date of Birth/Age : |
27.07.1937 |
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Date of Appointment : |
31.10.2003 |
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Date of Ceasing : |
12.10.2004 |
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Name : |
Mr. Murtuza Rasool Ismail Magdum |
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Designation : |
Director |
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Address : |
“Venkattesh Farms”, S. No. 95/1, N. D. A. Road, Village Mauje Warje,
Taluka, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
30.07.1946 |
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Date of Appointment : |
31.10.2003 |
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Date of Ceasing : |
12.10.2004 |
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Name : |
Mr. Charles Edward Reeves Jr. Reeves III |
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Designation : |
Director |
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Address : |
3155, Hunterdon Ct. Marietta, Georgia, USA 30067 |
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Date of Birth/Age : |
02.03.1957 |
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Date of Appointment : |
16.06.2006 |
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Name : |
Mrs. Pamela W. Charles Edward
Reeves III |
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Designation : |
Director |
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Address : |
3155, Hunterdon Ct. Marietta, Georgia, USA 30067 |
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Date of Birth/Age : |
11.01.1957 |
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Date of Appointment : |
16.06.2006 |
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Name : |
Mr. Ashok Kumar Harikishanlal Mahajan |
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Designation : |
Director |
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Address : |
Flat No. 304, Brownie Nyati Estate, Mohammad Wadi, Hadapsar, Pune –
411 028, Maharashtra, India |
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Date of Birth/Age : |
20.05.1945 |
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Date of Appointment : |
21.10.2005 |
KEY EXECUTIVES
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Name : |
Mr. P L Shettigar |
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Designation : |
Company Secretary |
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Address : |
A – 10, Aditya Nagar, 4A / 4B, Hadapsar (Gadital), Pune – 411012 |
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Tel No. : |
91-20-26990048 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Anuradha Jitendra Desai |
19497 |
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Venkatesh B. Vasudev Rao |
19497 |
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Balaji B. Vasudev Rao |
19497 |
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Jitendra Morreshwar Desai |
10450 |
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Gendalal Chaaganlal Jain |
5000 |
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Srivenk Investments Private Limited |
554 |
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Om Prakash Balmiki Singh |
5450 |
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Venkateshwara Hatcheries Private Limited |
24554 |
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Total |
104499 |
List of Allottees
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Names of Allottees |
No. of Shares |
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Anuradha Jitendra Desai |
14497 |
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B. Venkatesh Rao |
14497 |
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B. Balaji Rao |
14497 |
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Jitendra Morreshwar Desai |
5450 |
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Srivenk Investments Limited |
54 |
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Venkateshwara Farms Private Limited
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54 |
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Om Prakash Singh |
5450 |
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Total |
54499 |
List of Allottees (As on 11.03.2008)
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Names of Allottees |
No. of Shares |
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Anuradha Jitendra Desai |
80503 |
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B. Venkatesh Rao |
220317 |
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B. Balaji Rao |
220317 |
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Uttara J Desai |
239814 |
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Jitendra Morreshwar Desai |
89550 |
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Dr. Gendalal Chaganlal Jain |
45000 |
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Total |
895501 |
Equity Share
Breakup (As on 30.09.2007)
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Category |
Percentage of
Holding |
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Bodies corporate |
24.02 |
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Directors of relatives of directors |
75.98 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Poultry Products |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Bank of Maharashtra Head Office : Lokmangal 1501
Shivajinagar, Pune – 411005, Maharashtra, India Branch Office : Agri Hi Tech
Branch, Pune – 117A/2, Mangal Murti Complex, Pune Sinhagad Road, Pune – 411030,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sudit K. Parekh and Company Chartered Accountants |
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Address 1: |
12, A Suleman Chambers, 4 Battery Street, Apollo Bunder, Mumbai –
400039, Maharashtra, India |
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Address 2: |
Office 15, 3rd Floor, Primrose Mall, Baner Road, Pune – 411
045, Maharashtra, India |
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Tel. No.: |
91-20-66454800 |
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Fax No.: |
91-20-66454840 |
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Associates/Subsidiaries : |
·
Venkateshwara Hatcheries Private Limited ·
Venky's (India) Limited ·
Venco Research and Breeding Farm Limited ·
Venkateshwara Research and Breeding Farm Private Limited ·
VJ Equipment Limited ·
VR Equipment Limited ·
Uttara Foods and Feeds Private Limited ·
Shivalik Hatcheries Limited ·
Eastern Hatcheries Private Limited ·
Venkateshwara Biosentry (India) Limited ·
BV Feed Supplements Manufacturing Company Limited ·
Bala Enterprises International Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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104499 |
Equity Shares |
Rs.10/- each |
Rs.1.045
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.045 |
1.045 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
171.617 |
103.863 |
26.176 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
172.662 |
104.908 |
26.676 |
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LOAN FUNDS |
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1] Secured Loans |
232.020 |
127.547 |
70.375 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
232.020 |
127.547 |
70.375 |
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DEFERRED TAX LIABILITIES |
5.975 |
5.653 |
3.000 |
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TOTAL |
410.657 |
238.108 |
100.051 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.611 |
99.566 |
39.753 |
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Capital work-in-progress |
0.135 |
0.443 |
0.422 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
80.160
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81.627 |
39.803 |
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Sundry Debtors |
254.525
|
231.535 |
65.311 |
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Cash & Bank Balances |
112.183
|
7.003 |
8.893 |
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Other Current Assets |
1.050
|
1.197 |
0.330 |
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Loans & Advances |
1.591
|
9.866 |
6.020 |
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Total
Current Assets |
449.509
|
331.228 |
120.357 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
132.090
|
192.976 |
60.543 |
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Provisions |
0.508
|
0.249 |
0.057 |
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Total
Current Liabilities |
132.598
|
193.225 |
60.600 |
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Net Current Assets |
316.911
|
138.003 |
59.757 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.096 |
0.119 |
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TOTAL |
410.657 |
238.108 |
100.051 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
744.390 |
659.340 |
274.904 |
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Other Income |
9.638 |
5.821 |
1.320 |
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Total Income |
754.028 |
665.161 |
276.224 |
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Profit/(Loss) Before Tax |
104.186 |
85.170 |
25.584 |
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Provision for Taxation |
36.424 |
30.600 |
9.184 |
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Profit/(Loss) After Tax |
67.762 |
54.570 |
16.400 |
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Earnings in Foreign Currency : |
0.000 |
0.418 |
0.000 |
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CIF Value of Imports |
198.749 |
230.745 |
69.329 |
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Expenditures : |
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Manufacturing And Other Expenses |
538.550 |
408.509 |
146.903 |
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Goods Purchased for Trading |
77.187 |
171.609 |
113.396 |
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Financial Charges |
9.894 |
7.876 |
3.055 |
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Decrease / (Increase) in stocks |
14.399 |
(15.353) |
(14.364) |
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Depreciation & Amortization |
9.782 |
7.345 |
1.650 |
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Prior Period Items |
0.030 |
0.005 |
0.000 |
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Total Expenditure |
649.842 |
579.991 |
250.640 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.99 |
8.20 |
5.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.99 |
12.92 |
9.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
46.06 |
19.77 |
15.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.60 |
0.81 |
0.96 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.11
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3.06 |
4.91 |
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Current Ratio (Current Asset/Current Liability) |
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3.39
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1.71 |
1.99 |
LOCAL AGENCY
FURTHER INFORMATION
Amalgamation:
Venkateshwara Biosentry (India) Limited has been amalgamated with the subject company with effect from 1.04.2006 in term of scheme of Amalgamation sanctioned by the High Court of Judicature at Bombay, vide their orders dated 05.05.2006. The scheme came into effect on 1.04.2005 and pursuant thereto all assets, claims, debts, liabilities, duties, obligations and benefits under Income Tax, Excise, sales tax, duties have been transferee to and vested in the company retrospectively with effect from 01.04.2005
The difference between the amounts as Share capital issued and the amount of share capital of the transferor company has been debited to general reserve of Transferee company.
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Name of the Amalgamating Company |
Venkateshwara Biosentry (India) Limited |
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Nature of Business |
Manufacturers and Sale of Disinfectants and Disinfectants Equipments. |
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Effective Date of Amalgamation |
01.04.2005 |
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Description and Number of Shares Issued |
54,500 Equity Shares of Transferee company in the Ratio of 1.09 Equity Shares of face value of Rs.10/- each in exchange for 1 Equity Shares of face value of Rs.10/- each held by the shareholders of Venkateshwara Biosentry (India) Limited |
Bankers Charges
Report as per Registry
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Name of the company |
B. V. FEED SUPPLEMENTS MANUFACTURING COMPANY LIMITED |
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Presented By |
Mr. O. P. Singh, Director |
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1) Date and description of instrument creating the change |
26.03.2003 Memorandum of
Equitable Mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 36.260
Millions Term Loan Rs.
21.260 Millions and Cash Credit Rs. 15.000 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 |
Equitable
Mortgage by way of deposit of title deeds relating to the land situated at
gat No. 215 Part adm. About 3HA-BR constructed or to be constructed on all those
pieces of land situate being lying at village Morvadi in the Registration
District Pune, Sub district Pune Bhor area of plot adm about 3HA=8R sq. ft.
and bearing Gat No. 215 Part and bounded as below. On or towards the
North Gat No 346 On or towards the East Gat No 215 remained Part On or toward the
East : Gat No. 346 and 215 remaining part. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company has
been sanctioned Term Loan as well as Cash Credit facilities against the
security of the properties as described above in item No 3 Rate of Interest Term Loan : PLR
11.50 % p.a. Cash Credit : PLR
12.00 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra Head Office Lokmangal 1501
Shivajinagar, Pune – 411005, Maharashtra, India Branch Office : Agri Hi Tech
Branch, Pune – 117A/2, Mangal Murti Complex, Pune Sinhagad Road, Pune –
411030, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
22.08.2005 ·
Memorandum
of of equitable mortgage dated 22.08.2005 ·
Composite
deed of hypothecation for all facilities dated 22.08.2005 ·
Clean cash
credit facilities agreement dated 22.08.2005 ·
Term loan
agreement dated 22.08.2005 Note : The above
four documents constitute a single charge dated 22nd August, 2005 |
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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. |
By present
modification dated 22.08.2005. The amount secured by the charge has been
increased from Rs 86.260 Millions to Rs. 166.260 Millions the charge has been
modified by means of ·
Memorandum of
record of Equitable Mortgage dated 22.08.2005 by redeposit of title deeds for
immovable properties a detailed below for securing by payment of all
principal amount, interest, penal interest, additional all outstanding
amounts whatsoever due or to become due or to become payable to the Bank from
the mortgage either as borrower or guarantee in or under or in respect of the
accounts, loans, advances, limits or facilities granted or to be granted by
the Bank descried in the Third schedule. List of title Deeds ·
SA extract
of Gat No. 215 Part (3 Ha-08 R) ·
7*12 Extract
of Gat No. 215 Part (3 Ha – 08 R) ·
Index II of
Gat No. 215 Part (3 Ha – 08 R) ·
Original
receipt of registration issued by the Sub Registrar Bhor ·
Sale deed of
Gat No. 215 Part (3 Ha – 08 R) Description of Property All those pieces
of lands at Gat No. 215 Part at village Morvadi Taluka and Sub Registrar
Bhor, pune and bounded as follows : On or toward the
East : Gat No. 346 and 215 remaining part. On or towards the
West : gat No. 215 remaining part On towards the
North : Dhamgdewadi Border Together with
structure standing thereon. ·
First and
exclusive charge and security by way of Composite deed of hypothecation for
all facilities in favour of the Bank over the Company’s present and future
movable plants, machineries, goods, stocks of raw materials, items,
inventories, stocks in process, semifinished and finished goods, stores and
spares not relating to plant and machinery (consumable stores and spares),
stock in trade, goods in process, movables in transit, bills receivables and
book debts and all of the Company’s other movable assets and properties both
present and future situated at located at any place and now being lying,
affixed or installed at any place at any time and the Company’s goodwill and
a;; outstanding monies, claims, receivables, book debts due or become due o
the Company at any time of from time to tome and all of the Company rights,
titles or interest therein as mentioned Third schedule such as total running
feed supplements manufacturing plant erected at village Morwadi, Taluka Bhor,
Pune, Gat No. 215 Part on 3.08 Ha acrs as mentioned in the Fourth schedule. |
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This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90082851 |
|
Corporate
identity number of the company |
U15332PN2002PTC016680 |
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Name of the
company |
B V BIO–CORP LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Venkateshwara House, S.No. 114/A/2,
Pune-Sinhagad Road, Viththalwadi,
Pune - 411 030, Maharashtra, India |
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Type of charge |
·
Immovable Property ·
Book Debts ·
Movable Property ·
Floating Charge |
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Particular of
charge holder |
Bank of Maharashtra Agri Hi Tech Branch,
Pune – 117A/2, Mangal Murti Complex, Pune Sinhagad
Road, Pune – 411030, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
·
Composite deed of hypothecation for all facilities dated 31.03.2007 ·
Composite deed of Hypothecation for all dated 31.03.2007 and ·
Memorandum of records of equitable mortgage dated 31.03.2007 The above three constitute a single charge dated 31.03.2007 |
|
Date of
instrument Creating the charge |
31.03.2007 |
|
Amount secured by
the charge |
Rs.301.260
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Term Loan I :
BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests For Term Loan II
: BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests For Term Loan III
: BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests For Cash Credit :
BPLR – 2.50 % presently @ 10.00 % p.a. with monthly rests Terms of repayment For Term Loan I :
Realigned as 28 Monthly installments of Rs. 0.357 Million w.e.f. April 2007
plus interest For Term Loan II
: Realigned as 36 Monthly installments of Rs. 1.538 Million w.e.f. April 2007
plus interest For Term Loan III
: Moratorium upto March, 2008 48 Monthly installments of Rs. 2.306 Million
w.e.f. April 2007 plus interest For Cash Credit :
Account to be reviewed / revised on annual basis Margin For Term Loan I :
25% For Term Loan II
: 25% For Term Loan III
: 25% For Cash Credit :
25% on stock and book debts outstanding for maximum of 135 days Extent operation of the charge The charge cover
the sanctioned Cash credit and Term Loan facilities aggregating to Rs.
301.260 Millions and interest / penal interest and other bank charges against
the security . |
|
Short particulars
of the property charged |
First and
exclusive charge by way of hypothecation of present and future movable plant
stock in process semi finished goods stores and spares stock in trade tangible
and intangible assets bills claims receivables book debts and hypothecation
of plant and machinery and charge on current assets and equitable mortgage of
land and building thereon at gat No 215 3Ha 08R) Morwadi, Taluka Bhor,
District Pune and at village Patvi Taluka Naraingarh District Ambala, State
Haryana |
|
Date of latest
modification prior to the present modification |
22.08.2005 |
Fixed Assets
·
Land
·
Building
·
Plant
and Machinery
·
Electrical
Installation
·
Office
Equipments
·
Furniture
and Fixtures
·
Vehicles
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.48.71 |
|
UK Pound |
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |
|