- Summary Information
|
Company Name |
SHRIRAM BIOSEED GENETIC INDIA
LIMITED |
Principal Name 1 |
MR. AJAY S. SHRIRAM |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. VIKRAM S. SHRIRAM |
|
Street Address |
6TH FLOOR, KANCHUNJANGA BUILDING, 18 BARAKHAMBA ROAD, NEW DELHI –110001, INDIA |
||
|
Established Date |
21.07.1992 |
SIC Code |
-- |
|
Telephone# |
91-11-23316801/8069 |
Business Style 1 |
DEVELOPER |
|
Fax # |
91-11-23357803/ 23318072/
23719570 |
Business Style 2 |
PRODUCER |
|
Homepage |
Product Name 1 |
COTTON |
|
|
# of employees |
105 |
Product Name 2 |
SUNFLOWER |
|
Paid up capital |
Rs.57236570 |
Product Name 3 |
VEGETABLE SEED |
|
Shareholders |
FOREIGN HOLDINGS – 49.00% BODIES CORPORATE – 50.99% DIRECTORS
OR RELATIVES OF DIRECTORS – 0.01% |
Banking |
ICICI BANK LIMITED |
|
Public Limited Corp. |
NO |
Business Period |
16 YEARS |
|
IPO |
NO |
International Ins. |
- |
|
Public Enterprise |
NO |
Rating |
BA |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
CEO |
|
HOLDING COMPANY |
NEW DELHI |
DCM SHRIRAM CONSOLIDATED LIMITED |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
369688000 |
Current Liabilities |
396815000 |
|
Inventories |
244332000 |
Long-term Liabilities |
222014000
|
|
Fixed Assets |
86284000 |
Other Liabilities |
2307000 |
|
Deferred Assets |
- |
Total Liabilities |
621136000 |
|
Invest& other Assets |
49355000 |
Retained Earnings |
71286000 |
|
|
|
Net Worth |
128523000 |
|
Total Assets |
749659000 |
Total Liab. & Equity |
749659000 |
|
Total Assets (Previous Year) |
552566000 |
|
|
|
P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
821719000 |
Net Profit |
11828000 |
|
Sales(Previous yr) |
550190000 |
Net Profit(Prev.yr) |
11473000 |
MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
SHRIRAM BIOSEED GENETIC INDIA LIMITED |
|
|
|
|
Formerly Known As : |
BIOSEED GENETICS INDIA LIMITED |
|
|
|
|
Registered Office : |
6th Floor, Kanchunjanga Building, 18 Barakhamba Road, New Delhi –110001, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
21.07.1992 |
|
|
|
|
Com. Reg. No.: |
55-49649 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U01119DL1992PLC049649 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDB00633D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Developer and Producer of Hybrids in Corn, Sorghum, Pearl Millet, Cotton, Sunflower, Sorghum Sudan Grass and Vegetable Seed. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company. Trade relations are
reported as fair. Payments are usually correct and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions.
|
LOCATIONS
|
Registered Office : |
6th Floor, Kanchunjanga Building, 18 Barakhamba Road, New Delhi –110001, India |
|
Tel. No.: |
91-11-23316801/8069 |
|
Mobile No.: |
91-9441902233 |
|
Fax No.: |
91-11-23357803/ 23318072/ 23719570 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Head Office : |
Plot 206, Road 14, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23555801-06 |
|
Fax No.: |
91-40-23555530 |
|
|
|
|
Corporate Office 1: |
DCM Shriram Consolidated Limited, 5th Floor, Kanchunjanga Building, 18 Barakhamba Road, New Delhi –110001, India |
|
Tel. No.: |
91-11-23316801 |
|
Fax No.: |
91-11-23318072 |
|
|
|
|
Corporate Office 2: |
Plot No 206, House No 8-2293/82/A/206, Road No 14, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23296161 |
|
Fax No.: |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No. 65, Gundlapochampally, Medchal Mandal, RR District Andhra, Pradesh – 501401 |
|
Tel. No.: |
91-8418-233261/23236 |
|
Fax No.: |
91-8418-233454 |
|
Area : |
Owned |
|
|
|
|
Oversea Office
: |
Located At: ·
Vietnam · U.S.A. · Philippines · South Africa |
DIRECTORS
|
Name : |
Mr. Ajay S. Shriram |
|
Designation : |
Chairman |
|
Address : |
Shivam, A-37, Vasant Marg, Vasant Vihar, New Delhi
– 110057, India |
|
Date of Birth/Age : |
04.03.1954 |
|
Date of appointment : |
15.12.1995 |
|
|
|
|
Name : |
Mr. Vikram S. Shriram |
|
Designation : |
Director |
|
Address : |
5/16,
Shanthiniketan, New Delhi – 11021, India |
|
Date of Birth/Age : |
06.12.1958 |
|
Date of Appointment : |
15.12.1995 |
|
|
|
|
Name : |
Mr. Indrajit Ghosh |
|
Designation : |
Director |
|
Address : |
8-1, Northcliff
Street, Milsons, Point New 2061 Australia |
|
Date of Birth/Age : |
01.08.1957 |
|
Date of Appointment : |
15.12.1995 |
|
Date of Ceasing : |
28.03.2008 |
|
|
|
|
Name : |
Mr. Rajiv Sinha |
|
Designation : |
Director |
|
Address : |
A-14/14, Ground
Floor, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
05.06.1950 |
|
Date of Appointment : |
15.12.1995 |
|
|
|
|
Name : |
Ms. Premla Doshi |
|
Designation : |
Director |
|
Address : |
C/O Kanjur Bleaching
Company Private Limited, Kanjur Village Road, Kanjur Marg (East), Mumbai,
Maharashtra |
|
Date of Birth/Age : |
17.02.1976 |
|
Date of Appointment : |
08.06.2001 |
|
Date of Ceasing : |
28.03.2008 |
|
|
|
|
Name : |
Dr. Sharad Sharma |
|
Designation : |
President |
KEY EXECUTIVES
|
Name : |
Mr. L B Sachadeva |
|
Designation : |
Company Secretary |
|
Address : |
F-19, 2nd
Floor, Ashok Vihar Phase I, Delhi – 110052 |
|
Date of Birth/Age : |
16.08.1956 |
|
Date of Appointment : |
27.09.2004 |
|
|
|
|
Name : |
Mr. Jain K A |
|
Designation : |
Company Secretary |
|
Address : |
6 B/7, New
Rajindra Nagar, New Delhi – 110060, India |
|
Date of Birth/Age : |
23.12.1954 |
|
Date of Appointment : |
30.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 16.09.2008)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Bioseed Genetics International Incorporation |
|
219968 |
|
DCM Shriram Consolidated Limited, India |
|
2919058 |
|
Vikram Shridhar Shriram |
|
1 |
|
Rajiv Sinha |
|
1 |
|
Kirti C Shah |
|
1 |
|
Indrajit Ghosh |
|
2 |
|
Vijay Prakash Agarwal |
|
1 |
|
Zeus Investment Limited |
|
2584624 |
|
K J Jain |
|
1 |
|
|
|
|
|
Total |
|
5723657 |
(As on 30.09.2008)
|
Category of
Shareholders |
|
Percentage |
|
|
|
|
|
Foreign holdings(Foreign Institutional investor(s), Foreign Companie(s), Foreign financial institution (s), Non-resident Indian(s) or Overseas corporate bodies or others) |
|
49.00 |
|
Bodies corporate |
|
50.99 |
|
Directors or relatives of directors |
|
0.01 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developer and Producer of Hybrids in Corn, Sorghum, Pearl Millet, Cotton, Sunflower, Sorghum Sudan Grass and Vegetable Seed. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Countries : |
U.S.A |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Credit (90 days) terms |
||||||||
|
|
|
||||||||
|
Purchasing : |
Credit (30/90 days) terms |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
||||||||||
|
|
|
||||||||||
|
No. of Employees : |
105 persons – 17 persons in office, 24 persons in factory and 64 persons in branches |
||||||||||
|
|
|
||||||||||
|
Bankers : |
ICICI Bank Tower Level IV, 1-11-256 Begumpet Branch, Hyderabad – 500016, Andhra Pradesh, India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R. P. Malhan and Company Chartered Accountants |
|
Address: |
1A and C Vadhna Building, 11, Tolstoy Marg, New Delhi – 110 001, India |
|
Tel. No.: |
91-11-23313225 / 3310228 |
|
Fax No. |
91-11-3313908 |
|
Telex : |
91-11-3163125 |
|
Mobile No.: |
91-11-23731220 |
|
Email : |
|
|
|
|
|
Subsidiaries : |
Plot No 206, Road No.
14, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India (Research and Development of all seeds, Seedling, Sapling and
Plantlet)
Holding Company : DCM Shriram Consolidated Limited |
|
|
|
|
|
|
|
|
|
|
Parent /Holding Company : |
v DCM
Shriram Consolidated Limited (L74899DL1989PLC034923) 5th Floor, Kanchenjunga Building, 18, Barakamba Road, New Delhi – 110 001, India (Fertilizers, Power, Chemicals, Cement, Agri Merchandise) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5723657 |
Equity Shares |
Rs.10/- each |
Rs.57.237 millions |
|
|
|
|
|
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
||||||
|
SHAREHOLDERS
FUNDS |
|
|
|
||||||
|
1] Share Capital |
57.237 |
57.237 |
57.237 |
||||||
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
||||||
|
3] Reserves & Surplus |
71.286 |
66.773 |
72.228 |
||||||
|
4] (Accumulated Losses) |
0.000 |
(6.292) |
0.000 |
||||||
NETWORTH
|
128.523 |
117.718 |
129.465 |
||||||
|
LOAN
FUNDS |
|
|
|
||||||
|
1]
Secured Loans |
222.014 |
234.520 |
129.315 |
||||||
|
2]
Unsecured Loans |
0.000 |
0.000 |
40.000 |
||||||
TOTAL BORROWING
|
222.014 |
234.520 |
169.315 |
||||||
|
DEFERRED TAX
LIABILITIES |
2.307 |
0.00 |
1.882 |
||||||
|
|
|
|
|
||||||
TOTAL
|
352.844 |
352.238 |
300.662 |
||||||
|
|
|
|
|
||||||
|
APPLICATION
OF FUNDS |
|
|
|
||||||
|
|
|
|
|
||||||
|
FIXED
ASSETS [Net Block] |
86.284 |
59.271 |
59.580 |
||||||
|
Capital
work-in-progress |
15.706 |
2.500 |
0.000 |
||||||
|
|
|
|
|
||||||
|
INVESTMENTS |
33.649 |
4.914 |
0.000 |
||||||
|
DEFERREX TAX ASSETS |
0.000 |
3.161 |
0.000 |
||||||
|
|
|
|
|
||||||
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
||||||
|
Inventories |
244.332 |
198.551 |
157.566 |
||||||
|
Sundry Debtors |
285.741 |
193.267 |
153.043 |
||||||
|
Cash & Bank Balances |
5.063 |
4.729 |
5.404 |
||||||
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
||||||
|
Loans & Advances |
78.884 |
86.173 |
47.783 |
||||||
|
Total Current
Assets |
614.020 |
482.720 |
363.796 |
||||||
|
Less
: CURRENT LIABILITIES & PROVISIONS |
|
|
|
||||||
|
Current Liabilities |
392.300 |
198.145 |
120.638 |
||||||
Provisions
|
4.515 |
2.183 |
2.075 |
||||||
Total
Current Liabilities
|
396.815 |
200.328 |
122.713 |
||||||
|
Net Current Assets |
217.205 |
282.392 |
241.082 |
||||||
|
|
|
|
|
||||||
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
||||||
|
|
|
|
|
||||||
TOTAL
|
352.844 |
352.238 |
300.662 |
||||||
|
|
|
|
|
|
|
|
|
||
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover
|
821.719 |
550.190 |
561.996 |
|
Other Income
|
3.546 |
3.936 |
4.380 |
|
Total Income
|
825.265 |
554.126 |
566.376 |
|
|
|
|
|
|
|
Profit/(Loss) Before Tax
|
19.447 |
(14.344) |
15.118 |
|
Provision for Taxation
|
7.619 |
(2.871) |
7.951 |
|
Profit/(Loss) After Tax
|
11.828 |
(11.473) |
7.167 |
|
|
|
|
|
|
|
Export Value
|
103.871 |
54.741 |
NA |
|
|
|
|
|
|
|
Import Value
|
34.016 |
23.160 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing and Other Expenses |
764.466 |
545.958 |
536.835 |
|
|
Interest |
36.721 |
18.176 |
10.445 |
|
|
Depreciation & Amortization |
4.631 |
4.336 |
3.978 |
|
Total Expenditure |
805.818 |
568.470 |
551.258 |
|
KEY RATIOS
|
PARTICULARS
|
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
PAT / Total Income
|
|
1.43 |
(2.07) |
1.27 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales)
|
|
2.37 |
(2.61) |
2.69 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets}
|
|
2.78 |
(2.65) |
3.57 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth)
|
|
0.15 |
0.12 |
0.11 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth)
|
|
4.81 |
3.69 |
2.25 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current Liability)
|
|
1.55 |
2.41 |
2.96 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
v Shriram Fertilizers and Chemicals,
19, Kirti Mahal, Rajendra Place, New Delhi-110008, India
v Darak Agencies,
60, 1st Floor, Lokmat Nagar, Opp to MGM Hospital, CIDCO, Aurangabad, Maharashtra, India
v Balaji Agro Agencies,
25//1, Chamrajpet, Devangere-577001, Karnataka, India
Form 8:
|
Name of the
company |
SHRIRAM BIOSEED
GENETICS INDIA LIMITED |
|
1) Date and description of instrument creating the change |
Modification of
Equitable mortgage or mortgage of property by depositing the title deeds of
immovable properties dated 19.05.2006 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.180.000
Millions |
|
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 |
Modification of
Equitable mortgage or mortgage of immovable properties of the company
situated at G Pochampalli Village, Medchal Mandal, Ranga Reddy District in the
state of Andhra Pradesh |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
NA |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited ICICI Bank Tower,
Level IV, 1-11-256, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
19.05.2006 |
|
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. |
Additional
working capital limit of Rs 40.000 millions from ICICI Bank under master
facility agreement dated 17.02.2006 is also secured by the mortgage by
deposit of title deeds on first charge basis. |
Fixed Assets
- Land
- Building
- Plant and Machinery
- Equipment and Computers
- Software
- Vehicles
- Furniture and Fixtures
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] 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.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|