MIRA
INFORM REPORT
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Report Date : |
29.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASSOMAC MACHINES LIMITED |
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Formerly Known As : |
ASSOMAC MACHINES PRIVATE LIMITED |
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Registered Office : |
546,
Bisrakh Road, Chappraula, Ghaziabad – 201009, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.06.1986 |
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Com. Reg. No.: |
20-7952 |
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CIN No.: [Company
Identification No.] |
U27101UP1986PLC007952 |
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IEC No.: |
0592038319 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTA00284E MRTA00915F |
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PAN No.: [Permanent
Account No.] |
AABCA4266G |
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Legal Form : |
A Closely Public Limited Liability Company |
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Line of Business : |
Manufacturer of Wire Drawing Plants and Allied machinery |
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 168000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Nirmal Singh |
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Designation : |
Director |
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Contact No.: |
91-9810075965 |
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Date : |
12.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
546, Bisrakh Road, Chappraula, Ghaziabad – 201009,
Uttar Pradesh, India |
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Tel. No.: |
91-120-4674620/ 4674694/ 2866505 |
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Mobile No.: |
91-9810297599 |
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E-Mail : |
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Website : |
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Area : |
150000 Sq fts |
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Location : |
Owned |
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Factory : |
26/2, South Of G.T. Road, Site No. 1, B. S. Road
Industrial Area, Ghaziabad - 201009, Uttar Pradesh, India |
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Tel. No.: |
91-120-2866505 / 2866506 / 2866507 / 2866509 |
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Fax No.: |
91-120-2866508 |
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E-Mail : |
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Branch Office: |
785,
Pocket - E, Mayur Vihar, Phase II, Delhi – 110091, India |
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Tel. No.: |
91-11-22472799 |
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Administrative Office: |
Ground Floor, Multi Storey Building, Industrial
Zone, Adobe, Ghaziabad, Uttar Pradesh, India |
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Area: |
5000 Sq mtrs |
DIRECTORS
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Name : |
Mr. Raj Kumar Tyagi |
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Designation : |
Director |
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Address : |
B-24 Ashok Nagar, Ghaziabad - 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
01.08.1979 |
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Qualification : |
Bachelor of Science and Engineering |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Nirmal Singh |
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Designation : |
Whole Time Director |
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Address : |
285, New Gandhi Nagar, Ghaziabad - 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
08.09.1958 |
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Qualification : |
MBA |
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Date of Appointment : |
08.11.1988 |
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Name : |
Mr. Ashish Tyagi |
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Designation : |
Director |
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Qualification : |
MBA |
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Name : |
Ms. Mamta Tyagi |
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Designation : |
Director |
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Address : |
B-24 Ashok Nagar, Ghaziabad - 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
04.12.1971 |
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Qualification : |
B.A. , Graduate |
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Date of Appointment : |
15.12.1989 |
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Name : |
Mr. Mahavir Prasad Tyagi |
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Designation : |
Whole Time Director |
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Address : |
B-24 Ashok Nagar, Ghaziabad - 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
28.07.1944 |
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Date of Appointment : |
03.06.1988 |
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Name : |
Mr. P.C Gupta |
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Designation : |
Purchasing Gupta |
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Name : |
Mr. Umesh Gupta |
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Designation : |
Accounts Officer |
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Name : |
Mr. D.N. Ahuja |
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Designation : |
Technical General Manager |
KEY EXECUTIVES
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Name : |
Mr. Nirmal Singh |
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Designation : |
Director and Head of Administration and Marketing |
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Address : |
285, New Gandhi Nagar, Ghaziabad - 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
08.09.1958 |
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Qualification : |
MA, Master of Business Administration |
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Experience : |
02 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. R Kumar Tyagi |
700 |
5.403 |
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Mr. M P Tyagi |
1010 |
7.796 |
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Mr. Rakesh Kumar |
700 |
5.403 |
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Unnati Mercantitle Limited |
3000 |
23.157 |
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Mrs. Rajbala Tyagi |
520 |
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Mr. Ratan Lal |
600 |
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Mr. Dharampal Tyagi |
550 |
58.240 |
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Mrs. K. M. Varsha Tyagi |
600 |
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Radiant Wires Limited |
600 |
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Total: |
12955 |
100.000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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15.00 |
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Directors or relatives of directors |
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66.00 |
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Other top fifty shareholders (other than listed above) |
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19.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wire Drawing Plants and Allied machinery |
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Products : |
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Exports : |
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Products: |
Wire Drawing Plants |
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Countries : |
Middle East Many Places in Africa (SAARC) Countries. |
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Imports : |
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Countries : |
Europe |
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Terms : |
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Selling: |
Cash |
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Purchasing : |
Cash , Open Account (30 days) |
PRODUCTION STATUS
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Particulars |
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Qty
M.T |
Period
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Actual
Production per year (Rs. In
millions) |
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Machines: |
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03 to 04 |
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Production |
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1140, (516) |
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Sales |
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1149, (516) |
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Rs. 94.615 |
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Machinery parts: |
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03 to 04 |
254 metric tons |
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Production |
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1091, (403) |
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Sales |
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1091, (403) |
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Rs.8.015 |
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Machines |
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02 to 03 |
166 metric tons |
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Machinery parts |
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02 to 03 |
501 metric tons |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
20 (In Office), 160 (In Factory) Total:180 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Lal and Company Chartered Accountant |
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Address : |
87/88, Navyug Market, Ghaziabad – 201001,Uttar Pradesh , India |
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Associates/Subsidiaries : |
Address: 26/2, South of G.T Road, Site ,
B.S Road, Industrial Area, Ghaziabad-200109, Uttar Pradesh, india Line of Business:
Manufacturer of Wire Machinery
Address: 545, Bisrakh Road, Chappraula,
Ghaziabad, Uttar Pradesh, India Line of Business: Engineering Goods
relating to Wire Drawing
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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34026 |
Equity Shares |
Rs.100/- each |
Rs.3.403
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
1.295 |
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2] Share Application Money |
0.000 |
0.000 |
0.705 |
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3] Reserves & Surplus |
31.195 |
19.458 |
14.984 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.695 |
21.958 |
16.984 |
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LOAN FUNDS |
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1] Secured Loans |
6.223 |
10.335 |
10.047 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
6.223 |
10.335 |
10.047 |
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DEFERRED TAX LIABILITIES |
3.222 |
2.527 |
2.556 |
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TOTAL |
43.140 |
34.820 |
29.587 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.050 |
22.032 |
19.806 |
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Capital work-in-progress |
0.000 |
2.307 |
0.476 |
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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 |
37.991
|
33.134 |
21.763 |
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Sundry Debtors |
21.739
|
9.169 |
11.349 |
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Cash & Bank Balances |
13.617
|
5.119 |
3.610 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
12.923
|
3.591 |
1.643 |
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Total
Current Assets |
86.270
|
51.013 |
38.365 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
81.402
|
37.937 |
28.804 |
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Provisions |
5.820
|
2.642 |
0.256 |
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Total
Current Liabilities |
87.222
|
40.579 |
29.060 |
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Net Current Assets |
(0.952)
|
10.434 |
9.305 |
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MISCELLANEOUS EXPENSES |
0.042 |
0.047 |
0.000 |
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TOTAL |
43.140 |
34.820 |
29.587 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
208.910 |
105.583 |
58.550 |
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Other Income |
0.461 |
0.389 |
0.585 |
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Total Income |
209.371 |
105.972 |
51.135 |
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Profit/(Loss) Before Tax |
18.252 |
7.086 |
1.078 |
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Provision for Taxation |
6.515 |
2.612 |
0.711 |
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Profit/(Loss) After Tax |
11.737 |
4.474 |
0.367 |
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Export Value |
30.465 |
6.786 |
26.857 |
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Expenditures : |
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Raw Material Consumed |
152.118 |
78.061 |
43.057 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
4.656 |
2.615 |
1.557 |
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Increase/(Decrease) in Finished Goods |
(6.488) |
(6.906) |
(5.148) |
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Salaries, Wages, Bonus, etc. |
5.877 |
3.332 |
2.686 |
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Managerial Remuneration |
0.810 |
0.696 |
0.636 |
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Payment to Auditors |
0.038 |
0.032 |
0.023 |
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Interest |
0.848 |
0.493 |
0.871 |
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Insurance Expenses |
0.100 |
0.077 |
0.030 |
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Power & Fuel |
6.454 |
4.168 |
2.868 |
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Depreciation & Amortization |
1.536 |
1.168 |
1.013 |
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Other Expenditure |
25.170 |
15.150 |
10.464 |
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Total Expenditure |
191.119 |
98.886 |
58.057 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.60
|
4.22 |
0.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.74
|
6.71 |
1.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.00
|
8.54 |
1.85 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.32 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
2.32 |
2.30 |
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Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.26 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
Note:Assomac Machines Private Limited changed to Assomac Machines
Limited with effect form 23.07.1996
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Details |
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Existence Verification: |
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|
Name |
ASSOMAC MACHINES LIMITED |
|
Address |
26/2, South of G.T Road Site
No. 1, B.S Road, Industrial Area, Ghaziabad-201009, Uttar Pradesh, India |
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Phone / Mob No: |
91-9810075965/9810057092 |
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Fax No. |
91-120-2866508 |
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Electricity Bill: |
Approximately Rs.172645 p.m |
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Statutory Approvals: |
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Legal Status of Firm |
Public Limited Company Registered under Indian Companies Act. 1956 |
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Income Tax Registration |
AABCA4266G |
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Central Sales Tax Registration |
GD-5218004 (02.12.1988) |
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State Sales Tax No.: |
GD-0275792 |
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Service Tax Registration |
AABCA4266G ST 001 |
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VAT/ TIN Registration |
09590500485 |
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Excise Registration |
AABCA4266G XM 001 |
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Import Export Code |
0592038319 |
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Name of Bank |
Central Bank of India |
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Current Account Number |
62860500503 |
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Account Since |
3 Years |
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Emp PF Reg No. |
UF 17017 |
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Company ESI Reg No. |
67-14056-67 |
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RBI Code Number |
KA-001351 |
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Credibility Factors: |
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IndiaMART Client Since |
Last 6 years |
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Years of Establishment |
1986 |
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Trade Affiliations: |
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SSI Registration |
D/20/56/02698/PMT/SSI/08 (Date : 08.06.1989) |
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Export Promotion Council |
EPC/D/R-3856/Engg/SSI |
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Chambers of Commerce Memberships |
Delhi Chamber of Commerce No-5265 |
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D and B D-U-N-S No. |
91-803-2132 |
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Government. Recognised Export House Status |
EEPC |
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Other Affiliations |
FISME |
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Standards and Certifications: |
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Quality Management systems |
Our Own Quality System |
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Safety Certificates |
All Safety Norms |
List of Machineries:
- Wire Drawing Machine for Mild steel/ copper / aluminium/ high carbon/ stainless steel along with accessories
Specification: 300mm, 400mm, 450mm, 500mm, 560mm, 610mm, 660mm, 750mm, 960mm, 960mm capstan diameter
- Handling Equipment
Electric Hoist with E. Trolley
Specification: 500kgs, 1000 kgs, 2000 kgs, 3000 kgs, 5000 kgs,
EOT Crane
Specification: 2mt, 3mt, 5mt EOT Crane/30-35 Span
- Galvinizing Plant
Hot dip fine/ thick wire galvanizing plants
- Allied machinery:
Pointing Machine
Butt Welding Machine
Pay off/ Coil Binding Stand
Electrical Control panel
Trade Reference:
- Panchmahal Steal Limited, Kalol Gujarat, India
- Esabe Industries Limited
Form 8:
|
Name of the
company |
ASSOMAC MACHINES LIMITED |
|
Presented By |
Central Bank of India Bulandshahr Road, Industries Area, Ghaziabad - 201001, Uttar Pradesh, India |
|
1) Date and description of instrument creating the change |
Packing Credit
Advance under the liberalized scheme of reserve Bank of India dated
11.03.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
Packing Credit
Facility Rs.2.000 Millions, against hypothecation of pre-shipment of goods. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The obovesaid are
hypothecation to secure the packing credit facility of Rs.2.000 Millions
granted by Bank to the Company. Interests shall
now be charged of the rate with a minimum of 7 % p.a. or of such other rate
or rates as may be notified by the Bank to the borrower from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Central Bank of India Bulandshahr Road, Industries Area, Ghaziabad - 201001, Uttar Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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Corporate
identity number of the company |
U27101UP1986PLC007952 |
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Name of the
company |
ASSOMAC MACHINES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
546,
Bisrakh Road, Chappraula, Ghaziabad – 201009, Uttar Pradesh, India |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Central Bank of India Bulandshahr Road, Industries Area, Ghaziabad - 201001, Uttar Pradesh, India |
|
Nature of
instrument creating charge |
Letter dated 24.03.2008
from the company for recharging its industrial property to created Equitable
Mortgage. |
|
Date of
instrument Creating the charge |
24.03.2008 |
|
Amount secured by
the charge |
Rs.5.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: As applicable Terms of
Repayment: As per Agreements Margin: Nil Extent and
operation of the charge: Equitable
Mortgage created on the immovable property of the company to collaterally secure
working capital limits of Rs.5.000 Millions by way of C/C (H) limit of
Rs.2.500 Millions and bills Discounting Limit of Rs.2.500 Millions. |
|
Particulars of
the property charged |
Company’s
Immovable Properties Situated at 546, Bisrakh Road, Chhapparula, Ghaziabad |
|
Particulars of
the present modification |
Aggregate amount
of various credit facilities Rs.5.000 Millions (C/C (H) Rs.2.500 Millions and
Bills Discounting Limit Rs.2.500 Millions Collaterally Secured by creation of
equitable mortgage on the immovable property of the company. |
Website details
Profile:
The Assomac Group has established itself as one of India’s
leading names in the field of wire drawing machines with their promise of quality
products that stay ahead of time. The Assomac Group of Companies is an
integrated conglomerate of engineering companies engaged in manufacturing all
types’ equipment and the accessories used in making Alloy Steel, Carbon Steel,
Mild Steel, Stainless Steel and other non-ferrous wires.
The Company works on the solid foundation of the very latest technology and the
best equipments, supported by a team of highly qualified and well-trained
personnel. In a short span of time, it has become one of the names in India as
well as abroad as manufacturers of superior quality wire machinery.
The team is lead by Mr. R K Tyagi, who is a highly experienced and qualified
professional. He is the member of wire association international since 1992 and
takes keen interest by participating as panel member of various wire
manufacturing units, involving himself from the inception stage upto the
completion and helps in establishing and organising the units with his vast
experience in the field.
He has developed various prototype machines which are performing efficiently at
various defence establishments of Govt. of India. Has developed various
machines for drawing ferrous and non-ferrous wires. Developed CO2 wire drawing
plant indigenously for the first time in India. He has also developed the CO2
Wire Drawing Plant indigenously for the first time in India. He also has the
credit of carrying developmental work in the machinery building for drawing PC
Wires, CO2 Wire, Resistance Wire, Stainless Wire, High Carbon Wire and other
categories of non-ferrous wire with very fine gauge
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. 42.30 |
|
UK Pound |
1 |
Rs. 84.03 |
|
Euro |
1 |
Rs. 66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|