MIRA
INFORM REPORT
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Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
IMP POWER LIMITED |
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Formerly Known As : |
INDUSTRIAL METERS LIMITED |
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Registered Office : |
Survey No. 263/3/2/2, Sayli Village, Umar Kuin Road, Silvassa (U.T.
D&NH) -396230 |
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Country : |
India |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
24.03.1961 |
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Com. Reg. No.: |
232 |
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CIN No.: [Company
Identification No.] |
L31300DN1961PLC000232 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI06707B |
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PAN No.: [Permanent
Account No.] |
AAACI0999M |
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Legal Form : |
Public limited liability company. Company’s Shares are listed on the
Stock Exchange. |
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Line of Business : |
Manufacturing of electrical measuring instruments,
electrical testing equipments, power and distribution transformers and on load
tap changers. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by average 45 days |
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Litigation : |
Clear |
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Comments : |
Subject is an established company and expected to wipe out previous losses
in near future. It has moderate track of performance. It’s payments are
usually delayed. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Survey No. 263/3/2/2, Sayli Village, Umar Kuin Road, Silvassa (U.T.
D&NH) -396230 |
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Tel. No.: |
91-2368-02368 / 42255 / 02368 / 43201 – 2 |
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Fax No.: |
91-2368-42711 |
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E-Mail : |
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Website : |
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Corporate Office : |
35/C, Popular Press Building, 2nd Floor, Pt. M M Malviya Road, Tardeo,
Mumbai - 400034 |
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Factory : |
85,Government Industrial Estate, Kandivli (West), Mumbai –
400 067, India |
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Tel. No.: |
91-22-8686331 / 8686333 / 8683332 |
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Fax No.: |
91-22-8688977 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramniwas R. Dhoot
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Designation : |
Chairman |
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Address : |
Shriniketan, 2nd Floor, 86-A, Netaji Subhash
Road, Mumbai – 400 002, India. |
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Date of Birth/Age : |
5th March, 1941 |
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Date of Appointment : |
16th August, 1962 |
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Name : |
Mr. Ajay R. Dhoot |
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Designation : |
Managing Director |
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Address : |
Shriniketan, 2nd Floor, 86-A, Netaji Subhash
Road, Mumbai – 400 002, India. |
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Date of Birth/Age : |
9th March, 1964 |
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Date of Appointment : |
14th May, 1982 |
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Name : |
Mr. Aditya R. Dhoot |
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Designation : |
Joint Managing Director |
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Address : |
Shriniketan, 2nd
Floor, 86-A, Netaji Subhash Road, Mumbai – 400 002, India. |
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Name : |
Mr. R T Rajguroo |
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Designation : |
Director |
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Name : |
Mr. Prashant J Pandit |
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Designation : |
Director |
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Name : |
Mr. Jayant N Godbole |
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Designation : |
Additional Director |
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Name : |
Mr. Vishal Tulsyan |
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Designation : |
Additional Director |
KEY EXECUTIVES
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Name : |
Gaurav Thakur |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
2525360 |
42.68 |
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Banks/Financial Inst./Insurance Company |
819978 |
13.86 |
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Corporate Bodies |
1106822 |
18.71 |
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Indian Public |
1433760 |
24.23 |
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NRI |
23809 |
0.40 |
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Clearing Members |
6896 |
0.12 |
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Total |
5916625 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of electrical measuring instruments, electrical
testing equipments, power and distribution transformers and on load tap
changers. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Distribution & Power
Transformers |
MVA |
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3600 |
1507 |
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Electrical Measuring
Instruments & Testing Equipments |
Nos. |
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164400 |
61767 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 250 |
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Bankers : |
¨ State
Bank of Hyderabad, Nariman Point Branch, Mittal Towers, C Wing, 1st
Floor, Nariman Point, Mumbai – 400 021, India. ¨ IndusInd
Bank, Industrial Centre, Bandra (West), Mumbai – 400 050, India. ¨ State
Bank of Saurastra, Nariman Bhavan, 1st Floor, Nariman Point,
Mumbai – 400 021, India. ¨ The
Karnataka Bank Limited, Fort Branch, 294/A Perin Nariman Street, Behind
Reserve Bank of India, Fort, Mumbai – 400 001, India.
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Milwani Associates Chartered Accountants |
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Address : |
Bagaria House, 1st Floor, 31/33, Dr. M.B. Velkar St.,
(Kalbhat Lane), Mumbai 400 002 |
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Collaborators : |
Skoda ETD. s.r.o., Czech Republic |
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Group Company : |
IMP – Mangalam Group |
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Associates/Subsidiaries : |
¨ Mangalam
Drugs & Organics Limited Manufacturer of Phenyl / Ethyl
/ Alcohol, Aluminium Chloride, Dispersed Dyes Intermediates, 4, 7 Dichloroquinoline,
Chloroquine Phosphate, Meta Chloro Analine ¨ Mangalam
Laboratories (Private) Limited Manufacturer
of Mono Chloro Acetic Acid
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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34,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 340.000 Millions |
Issued, Subscribed Capital :
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No. of Shares |
Type |
Value |
Amount |
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5921025 |
Equity Shares |
Rs. 10/- each |
Rs. 59.210
Millions |
Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5916625 |
Equity Shares |
Rs. 10/- each |
Rs. 59.166 Millions |
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Add : Shares Forfeited |
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Rs. 0.022
Millions |
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Total |
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Rs. 59.188 Millions |
Redeemable Preference Share Capital :
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No. of Shares |
Type |
Value |
Amount |
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2450000 |
4 % Cumulative Preference Share |
Rs.10/-
each |
Rs. 24.500
Millions |
Warrant Application Money :
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No. of Shares |
Type |
Value |
Amount |
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Warrant Application Money |
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Rs. 59.096
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
30.06.2007 [12 Months] |
30.06.2006 [12 Months] |
30.06.2005 [15 Months] |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
142.785 |
89.598 |
64.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
241.113 |
170.533 |
50.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
383.898 |
260.131 |
114.600 |
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LOAN FUNDS |
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1] Secured Loans |
544.569 |
620.450 |
650.800 |
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2] Unsecured Loans |
56.675 |
40.406 |
67.300 |
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TOTAL BORROWING |
601.244 |
660.856 |
718.100 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
985.142 |
920.987 |
832.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
308.705 |
293.282 |
277.300 |
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Capital work-in-progress |
7.366 |
0.000 |
0.000 |
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INVESTMENT |
3.101 |
3.271 |
3.300 |
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DEFERREX TAX ASSETS |
0.349 |
7.526 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
279.302
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243.640 |
211.300 |
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Sundry Debtors |
396.235
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359.491 |
297.500 |
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Cash & Bank Balances |
44.940
|
42.071 |
18.800 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
98.124
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98.962 |
132.800 |
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Total
Current Assets |
818.601
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744.164 |
660.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
152.980
|
127.256 |
109.900 |
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Provisions |
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|
0.100 |
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Total
Current Liabilities |
152.980
|
127.256 |
110.000 |
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Net Current Assets |
665.621
|
616.908 |
550.400 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.700 |
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TOTAL |
985.142 |
920.987 |
832.700 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.06.2007 [12 Months] |
30.06.2006 [12 Months] |
30.06.2005 [15 Months] |
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Sales Turnover |
1130.615 |
724.685 |
448.400 |
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Other Income |
2.345 |
6.905 |
2.500 |
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Total Income |
1132.960 |
731.590 |
450.900 |
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Profit/(Loss) Before Tax |
88.540 |
35.416 |
[79.100] |
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Provision for Taxation |
13.422 |
[1.912] |
[23.300] |
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Profit/(Loss) After Tax |
75.118 |
37.328 |
[55.800] |
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Earnings in Foreign Currency : |
244.960 |
128.110 |
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Expenditures : |
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Cost of Goods Sold |
767.596 |
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(Increase)/Decrease
in Stocks |
[25.397] |
[7.299] |
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Manufacturing
Expenses |
113.404 |
59.537 |
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Salaries, Wages and
other employee's benefits |
42.769 |
26.347 |
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Selling Expenses |
23.144 |
13.118 |
530.000 |
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Financial
Expenses |
77.013 |
71.853 |
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Depreciation |
15.122 |
12.982 |
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Administrative
& Other Expenses |
30.768 |
26.313 |
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Total Expenditure |
1044.419 |
696.176 |
530.000 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2007 |
31.12.2007 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales
Turnover |
|
264.900 |
381.000 |
|
Other
Income |
|
02.000 |
00.500 |
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Total
Income |
|
266.900 |
381.500 |
|
Total
Expenditure |
|
219.400 |
318.600 |
|
Operating
Profit |
|
47.500 |
62.900 |
|
Interest |
|
16.700 |
12.800 |
|
Gross
Profit |
|
30.800 |
50.100 |
|
Depreciation |
|
03.800 |
03.900 |
|
Tax |
|
06.100 |
13.400 |
|
Reported
PAT |
|
20.900 |
32.800 |
KEY RATIOS
|
PARTICULARS |
30.06.2007 [12 Months] |
30.06.2006 [12 Months] |
30.06.2005 [15 Months] |
|
Debt-Equity
Ratio |
2.49 |
4.74 |
12.56 |
|
Long
Term Debt-Equity Ratio |
1.66 |
3.12 |
7.39 |
|
Current
Ratio |
1.93 |
1.91 |
1.55 |
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TURNOVER
RATIOS |
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Fixed
Assets |
2.84 |
1.99 |
1.05 |
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Inventory |
4.32 |
3.19 |
1.71 |
|
Debtors |
2.99 |
2.21 |
1.25 |
|
Interest
Cover Ratio |
2.15 |
1.49 |
0.03 |
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Operating
Profit Margin(%) |
15.98 |
16.61 |
4.08 |
|
Profit
Before Interest And Tax Margin(%) |
14.65 |
14.82 |
0.58 |
|
Cash
Profit Margin(%) |
7.98 |
6.94 |
-8.94 |
|
Adjusted
Net Profit Margin(%) |
6.64 |
5.15 |
-12.44 |
|
Return
On Capital Employed(%) |
16.37 |
11.76 |
0.00 |
|
Return
On Net Worth(%) |
20.81 |
17.90 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Outstanding
Features:
·
It is an ISO 9001 certified Company.
·
One of the largest manufacturer of Electrical Indicating and
Measuring Instruments, Testing Equipments and Transformers in India.
·
Collaboration for EHV Transformers with SKODA ETD. s.r.o. of
the Czech Republic with buy back agreement.
·
Nearly 4 decades of experience with wide satisfied customer
base Globally.
·
Recipient of various awards.
·
One stops electrical conglomerate in power generation,
distribution and transmission.
HISTORY
The flagship of the IMP Mangalam group,IMP Power(formerly
Industrial Meters) was established in 1961 and was promoted by R R Dhoot. It
manufactures electrical instruments like ammeters, voltmeters, frequency
meters, wattmeters, power factor meters, etc. Meters such as the three-vector
meter, maximum demand indicator, low power factor meter, etc, have been
introduced and developed by the company.
Company has build up a strong brand name viz.'IMP'. to take advantage of the
strong brand name and also to properly indicate the companies activities the
name of the company is being changed name to 'IMP Power Limited'. It is one of
the few companies in India manufacturing on-load tap changers, an integral part
of the transformer. Industrial meters modernised and expanded their activities
and set up a unit to manufacture power transformers, distribution transformers,
and special-purpose transformers at Silvassa, Gujarat.
Company entered into the technical collaboration for the manufacture of higher
rating transformers cum buy back agreement with Skoda ETD s.r.o. of the Czech
Republic. The company's products have been successfully tested and approved by
CPRI, Bhopal; ERDA, Baroda, IDEMI, Bombay; and SISIR, Singapore. Its satisfied
clientele include all the state electricity boards, railways, public and
private sector undertakings. It also exports its products to countries in
South-East Asia, the Gulf, Africa and the Mediterranean rim; it is the only
company in India to do so.
Company has received order of 100 MVA, 220/132 KV power transformer from MSEB.
With this order IMP entered into the 220 KV class extra high voltage
manufacturing where only few companies at present.
Company has got ISO 9001 for Silvassa Unit from DNV Netherland. Company also
took some measures to face competition in the market at Silvass Unit that
Specialized flooring which contribute fine qulaity & dust free
environments, Setting up Oil Filteration system to ensure continuous power at
lower cost & in process of enhancing internal transformer testing
capacities to meet requirement for mfg. of EHV & higher rating transformer.
During 2002-03 the company signed the contracts in West Indies,UK,Australiaand
New Zealand for supply of various capacity HT/LT Transformers. The company is
expecting a good demand for its products and this has been reflected in the
order book position which stands to RS.660 million as on March,2003.
The name of the company has been changed during January 2005 from IMP Power
Limited to IMP Powers Limited
OPERATIONS
The Financial year ended 30th June 2007 would be remembered as year of
continuing the growth of the Company. The Company has achieved in the financial
year ended 30th June 2007 impressive gross sales of Rs. 1130.600 Millions
showing a significant increase of 56% as compared to the previous year gross
sales of Rs.724.600 Millions. During the year, the Company exported
products worth Rs. 251 Millions which constituted 22% of the total sales of the
Company. The exports made during the year was direct exports as against the
exports of the last year, where the majority were deemed exports.
The EBIDTA (Earning Before Interest, Depreciation and Tax) has increased to Rs.
180.600 Millions registering a commendable increase of 50% as compared to
previous financial year and the Net profit after tax (PAT) for the year has
also shot up to Rs. 75.100 Millions as compare to 37.300 Millions of the
previous financial year. The net profit to sales ratio improved to 7.30% as
compare to previous year of 5.53%.
During the year, The Company has received orders from Sunil Hitech,
Zambia and from various other state electricity boards and also bagged multiple
orders from state-owned Power Grid Corporation of India (PGCIL). The Company
has also bagged an order worth Rs. 200 Millions from GETCO during the
year.
FUTURE PROSPECTS:
The Company is undertaking an expansion project with a capital outlay of Rs 300
millions including working capital. The project includes expansion of its
manufacturing facilities situated at Silvassa (U.T) from existing 3,600 MVA to
6,000 MVA.
The India Business Excellence Fund I, Mauritius and India Business Excellence
Fund, the Funds managed & advised by Motilal Venture Capital Advisors
Private Limited invested Rs 190 millions to part finance the expansion project
in September 2007. Simultaneously, the Company has also issued 700000 warrants
convertible into Equity Shares to Promoters and Person other than promoter
group to finance the balance of the capex program of the Company. The Company
has already acquired additional land in Silvassa for the proposed expansion
plan of the Company which would be ready by June 2008.
NEW
CORPORATE OFFICE
The Company has also shifted to a new Office at Tardeo integrating all
departments of the Company under one roof.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Transformer Manufacturing Industry in India
The Transformer manufacturing industry in India has evolved significantly and
has a well-matured technology base upto 800KV class. Indian manufacturers have
a proven ability, technology and the capacity to manufacture a wide range
Power, Distribution transformers and other special types of transformers.
Infact, around 90% of the transformers installed in the Indian Power Networkare
indigenous.
India is now catering to overseas demand from the Middle East, Africa, Europe
and USA for the designing and manufacturing of Energy Efficient transformer,
which have low losses and low noise levels.
Transformer Industry Outlook
Demand for transformers comprises of new demand as well as replacement
demand.
New demand- As per the CEA's Estimates Approximately 78000MW would be
added in the 11" and 12" Plan. As a Thumb rule, for every 1 MW of
capacity that comes up, 7 MVA of transformers will be used across the generation,
transmission and distribution segments. This means an additional new demand of
840,000 MVA of transformer capacity will need to be satisfied. Besides this,
20% of the existing transformers would be replaced in the next 10 years.
FINANCIAL
PERFORMANCE:
The Financial year ended 30th June 2007 would be remembered as year of
continuing the growth of the Company. The Company has achieved in the financial
year ended 30th June 2007 impressive gross sales of Rs. 1130.600 Millions
showing a significant increase of 56% as compared to the previous year gross
sales of Rs.724.600 Millions. During the year, the Company exported products
worth Rs. 251 Millions which constituted 22% of the total sales of the Company.
The exports made during the year was direct exports as against the exports of
the last year, where the majority were deemed exports.
The EBIDTA (Earning Before Interest, Depreciation and Tax) has increased to Rs.
180.600 Millions registering a commendable increase of 50% as compared to
previous financial yearand the Net profit after tax (PAT) for the year has also
shot up to Rs. 75.100 Millions as compare to 37.300 Millions of the previous
financial year. The net profit to sales ratio improved to 7.30% as compare to
previous year of 5.53%.
During the year, The Company has received orders from Sunil Hitech, Zambia and
from various other state electricity boards and also bagged multiple orders
from state-owned Power Grid Corporation of India(PGCIL). The Company has also
bagged an order worth Rs. 200 Millions from GETCO during the year.
The company's fixed assets of important value include
leasehold land, freehold land, building residential, building under
construction, building & head office building, plant & machinery, dies
& jigs, electrical installation, air conditioning equipments, furniture
& fixtures, office equipments, cars & vehicles and computer and
software.
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.39.43 |
|
UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.58.41 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
|