MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIKASH METAL AND POWER LIMITED |
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Registered Office : |
35, Chittaranjan Avenue, 6th Floor, Kolkata-700012, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.07.1996 |
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Com. Reg. No.: |
080353 |
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CIN No.: [Company
Identification No.] |
L27109WB1996PLC080353 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALV01098G |
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PAN No.: [Permanent
Account No.] |
AAACV8850A |
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Legal Form : |
Public Limited Liability
Company. Company's Shares are Listed on the Stocks Exchange. |
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Line of Business : |
Manufacturer of Sponge Iron, MS Billets and TMT Bars |
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 2900000 |
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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. General
financial position is satisfactory. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
35, Chittaranjan Avenue, 6th Floor, Kolkata-700012, West
Bengal, India |
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Tel. No.: |
91-33-22318305-09 |
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Fax No.: |
91-33-22318303 |
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E-Mail : |
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Website : |
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Corporate Office : |
21, Hemanta Basu Sarani, (Centre Point), 3rd Floor, Room
No. 312, Kolkota- 700001,West Bengal, India |
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Tel. No.: |
91-33-22318305-09 |
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Fax No.: |
91-33-22318303 |
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E-Mail : |
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Website : |
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Factory : |
Vill- Poradiha, P.S. –Santuri, District- Purulia-722153, West Bengal, India |
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Tel. No.: |
91-3251-272158 / 59 |
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Fax No.: |
91-3251-272160 |
DIRECTORS
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Name : |
Mr. Vimal Kumar Patni |
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Designation : |
Chairman |
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Name : |
Mr. Vikash Patni. |
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Designation : |
Managing Director |
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Name : |
Mr. Akash Patni |
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Designation : |
Director |
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Name : |
Mr. Virendra Kumar Jain |
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Designation : |
Director |
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Name : |
Mr. Chhatar Singh Dugar |
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Designation : |
Director |
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Name : |
Mr. Vijay Kumar Jain |
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Designation : |
Director |
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Name : |
Mr. Kailash Chand Jain |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ruchika Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Category |
No. of Shares |
Percentage of
Holding |
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Promoters |
20704600 |
58.95 |
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Institutional Investors |
Nil |
Nit |
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Bodies Corporate |
6070537 |
17.29 |
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Indian Public |
8241656 |
23.47 |
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NRIs/OCBs |
103307 |
0.29 |
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Total |
35120100 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sponge Iron, MS Billets and TMT Bars |
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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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Sponge Iron |
M.T. |
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130000 |
61562630 |
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M.S. Ingot/Billets |
M.T. |
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85500 |
38012.050 |
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Iron and Steel Production |
M.T. |
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N.A. |
Nil |
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Coal |
M.T. |
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N.A. |
Nil |
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Iron Ore |
M.T. |
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N.A. |
Nil |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Jaykishan Chartered Accountant |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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35120100 |
Equity Shares |
Rs. 10/-
each |
Rs. 351.201
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
351.201 |
351.201 |
103.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
391.241 |
311.869 |
22.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
742.442 |
663.070 |
126.200 |
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LOAN FUNDS |
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1] Secured Loans |
908.989 |
459.449 |
176.900 |
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2] Unsecured Loans |
142.806 |
10.454 |
20.400 |
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TOTAL BORROWING |
1051.795 |
469.903 |
197.300 |
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DEFERRED TAX LIABILITIES |
59.693 |
34.087 |
0.000 |
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TOTAL |
1853.930 |
1167.060 |
323.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
551.823 |
361.242 |
232.600 |
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Capital work-in-progress |
673.288 |
265.374 |
18.600 |
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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 |
424.726 |
155.012 |
52.600 |
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Sundry Debtors |
456.725 |
125.314 |
74.900 |
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Cash & Bank Balances |
27.320 |
52.403 |
1.400 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
284.605 |
333.672 |
69.800 |
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Total
Current Assets |
1193.376 |
666.401 |
198.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
536.513 |
135.343 |
125.400 |
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Provisions |
41.295 |
8.488 |
3.000 |
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Total
Current Liabilities |
577.808 |
143.831 |
128.400 |
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Net Current Assets |
615.568 |
522.570 |
70.300 |
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MISCELLANEOUS EXPENSES |
13.251 |
17.874 |
2.000 |
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TOTAL |
1853.930 |
1167.060 |
323.500 |
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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 |
1694.821 |
586.040 |
350.800 |
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Other Income |
2.047 |
5.273 |
0.200 |
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Total Income |
1696.868 |
591.313 |
351.000 |
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Profit/(Loss) Before Tax |
115.776 |
63.072 |
35.000 |
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Provision for Taxation |
39.860 |
21.418 |
14.100 |
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Profit/(Loss) After Tax |
75.916 |
41.654 |
20.900 |
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Earnings in Foreign Currency : |
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Export of goods on FOB Basis |
63.222 |
0.000 |
0.000 |
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Imports : |
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CIF Value of Imports |
50.865 |
36.385 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
832.015 |
200.451 |
0.000 |
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Manufacturing Expenses |
142.471 |
25.751 |
3.800 |
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Administrative Expenses |
55.230 |
29.659 |
14.300 |
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Raw Material Consumed |
475.056 |
295.784 |
229.500 |
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Excise Duty |
0.000 |
0.000 |
37.800 |
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Power and Fuel Cost |
0.000 |
0.000 |
17.300 |
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Employee cost |
0.000 |
0.000 |
3.400 |
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Miscellaneous Expenses |
0.000 |
0.000 |
1.600 |
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Increase/(Decrease) in Finished Goods |
[14.356] |
55.767 |
[23.100] |
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Interest |
36.018 |
20.235 |
21.100 |
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Depreciation & Amortization |
25.946 |
12.128 |
10.300 |
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|
339.100 |
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Total Expenditure |
1581.092 |
528.241 |
316.000 |
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QUARTERLY RESULTS
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Particulars |
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
31.12.2007 3rd Quarter |
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Sales Turnover |
842.500 |
607.000 |
824.900 |
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Other Income |
1.400 |
1.500 |
15.500 |
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Total Income |
843.900 |
608.500 |
840.400 |
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Total Expenditure |
778.500 |
544.700 |
739.400 |
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Operating Profit |
65.400 |
63.800 |
101.000 |
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Interest |
14.000 |
13.500 |
25.000 |
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Gross Profit |
51.400 |
50.300 |
76.000 |
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Depreciation |
7.800 |
8.100 |
11.300 |
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Tax |
14.900 |
14.400 |
22.100 |
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Reported PAT |
28.700 |
27.800 |
42.600 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.08 |
0.85 |
1.68 |
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Long Term Debt-Equity Ratio |
0.84 |
0.66 |
1.32 |
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Current Ratio |
1.60 |
1.91 |
1.18 |
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TURNOVER RATIOS |
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Fixed Assets |
3.67 |
2.04 |
1.92 |
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Inventory |
6.26 |
6.23 |
9.84 |
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Debtors |
6.24 |
6.46 |
6.84 |
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Interest Cover Ratio |
3.53 |
3.53 |
2.66 |
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Operating Profit Margin(%) |
10.32 |
15.47 |
18.93 |
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Profit Before Interest And Tax Margin(%) |
8.89 |
13.60 |
15.99 |
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Cash Profit Margin(%) |
5.61 |
8.32 |
8.89 |
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Adjusted Net Profit Margin(%) |
4.18 |
6.45 |
5.96 |
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Return On Capital Employed(%) |
11.15 |
12.25 |
19.69 |
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Return On Net Worth(%) |
10.80 |
10.57 |
19.56 |
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|
3.67 |
2.04 |
1.92 |
LOCAL AGENCY
FURTHER INFORMATION
PERFORMANCE OVERVIEW:
During the year the turnover of the Company increased to Rs.1815.792
Millions from Rs. 647.046 Millions in 2005-06. Profit before Tax increased from
Rs. 63.072 Millions in 2005-06 to Rs. 115.776 Millions Profit after tax
increased from Rs. 41.654 Millions in the year 2005-06 to Rs. 75.917 Millions
resulting an increase of 82.26%.
GENERAL and
PERFORMANCE OVERVIEW:
The Company, Vikash Metal and Power Limited had developed a platform
that allows it to cater the needs of Indian Steel consumers. The financial year
2006-07 was a landmark for the Company, and during the year it has reported a
remarkable turnover of Rs. 1815.700 Millions and posted a net profit of
Rs.75.900 Millions The Financial Statements have been prepared and presented in
compliance with the requirements of the Companies Act, 1956 and Generally
Accepted Accounting Principles (GAPP) in India. The Statement depict true and
fair state of affairs of the Company and the management of Vikash Metal and
Power Limited accepts responsibility for the integrity and objectivity of these
financial statements as well as for various estimates and judgments used
therein.
INDUSTRY STRUCTURE and DEVELOPMENT:
The impressive growth of the steel sector continued for the fourth
consecutive year, in the line with global trend. During the year, the Indian
economy continued to grow strongly on the back of macroeconomic fundamentals
with a growth rate 9.2% (ES-2006-07). During the first three quarters of the
fiscal year 2006-07, steel prices started firming up. The price rise has been
stronger in case of flat products, where most of the key items saw marked rise
during October 2006, from a year ago. For non-flat steel, the rise has been of
a lesser intensity as compare6 to the flats. The increase has been mainly due
to the strong domestic demand for steel and increase in cost of raw materials
like Zinc and Ferro-Alloys. Along with Brazil, Russia and China, India is
expected to be a strong growth engine for global steel demand in the coming
years, With an overall upsurge in the Indian economy, the demand of Iron and
Steel is ai an all time high and the growth in automotive sector and
investments in housing projects are expected to trigger a growth in demand for
steel by over 10% during 2007-08.
On the global front world - wide steel consumption during 2006-07 was
over 1,113 million tons, which was higher by 8% over the previous year. The
prestigious International Iron and Steel Institute has projected an apparent
steel use of over 1,250 million tons by 2008 at an annual growth exceeding
6%.
The agreement between Arcelor and Mittal Steel is one of the biggest
developments in the global steel industry, creating the world's biggest steel
company by a significant margin. The Lakshmi Narayan Mittal owned Mittal Steel
acquired French steel Company Arcelor for Euro 18.6 billion ($22.7 billion) to
create the world's number one steel company, Arcelor Mittal.
After the Mittal - Arcelor takeover, one the biggest international
victories for India Inc. was India's Tata Steel's victory for Anglo-Dutch steel
giant Corus.
OPPORTUNITY AND THREATS:
Domestic demand of steel is expected to grow at a rate of 7% on a
compounded basis over the next decade. Additionally, global demand is expected
to grow by over 6% creating enormous opportunities for being explored by main
line steel producers. There are tremendous opportunities with the company. With
the thrust on economic development and infrastructure, the products
manufactured by the company have tremendous scope. There are all round
infrastructure developments both within the state and country, where the long
products manufactured by the company will find its use. The company is under
pressure of the varying prices of its key Yaw materials namely iron ore, coal
and melting scrap. In order to safeguard itself with such variations the
company is exploring options to acquire or lease mines. Imports of key raw
materials have been done to hedge against price variations. All efforts are
being made to reduce the cost of raw materials but not compromising on the
quality of its finished products. With the commissioning of the power plant
soon, the company expects to reduce its cost further and will be in a more
stronger position to sustain competition from other plants.
FUTURE
OUTLOOK:
The outlook for 2006-07 remains growing for a number of reasons. The
Indian Government has continued its focus on investment, job creation, rural
development etc. with a stress on comprehensive economic reforms. Industrial
growth in India has risen by around 10% per annum and similar growth is
expected to continue. The Company is taking all out efforts to improve plant
efficiency and enhance production and marketing.
Notes on Account
1. Contingent Liabilities not provided for –
a) Bank Guarantees amounting to Rs. 14.555 Millions (Previous year - Rs.
14.555 Millions) [FDR for Rs. 1.633 Millions pledged with the banks as margin].
b) Demand from Sales Tax Department for tax and interest for the year
ended 31.03.2004 amounting to Rs. 0.740 Million The Company has filed an appeal
before the ACCT, which is pending foij disposal (Payment made - Rs. 0.149
Million-).
c) Income Tax Demands for Assessment year 1998-99 to 2004-05 amounting
to Rs. 137.082 Millions disputed in appeal. The Company's application for
settlement of its cases has been admitted by Income Tax Settlement Commission
under Section 245D(1) of Income Tax Act, 1961 (Payment made-Rs. 0.124
Millions).
d) Estimated amount of commitments on Capital Account (Net of Advances)
- Rs. 306.509 Millions (Previous year - Rs. 349.444 Millions)
The Company operates mainly in one business segment which is Iron_and
Steel products. Since the revenue generated from purchases and sale of coal is
less than 10% of the total revenue, segment reporting as required by Accounting
Standard -17 is not applicable.
FIXED ASSETS
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Land and Site Development
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Leasehold Land
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Freehold land
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Factory Shed and Building
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Plantand Machinery
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Electrical Installations
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Air Conditioner
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Office Equipments
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Computers
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Software
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Furniture and Fixtures
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Motor Car
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Pollution Control Equipments
-
Moulds
AS PER WEBSITE
Company Profile
Subject, a VKP group company is an insurgence of Impex Ferrotech Limited. Impex
Ferrotech, in its own right, born way back in 90's. The journey began in the
year 1995 with Ferro Alloys and from its humble beginning, the company has
achieved such heights that in the following quarter of the century, the company
crossed turnover of over 200.000 Millions, which no one ever dreamt of.
The growing demand in the alloy and metal and infrastructure sector resulting
in the Industrial growth was the vision of Group Chairman, Shri Vimal Kumar
Patni, coupled with the Government's “Look East Policy” thus providing many
more opportunities in West Bengal in particular. Vikash Metal and Power
Limited, the Fully Computerized and Automated Integrated Steel Plant is a part
of the esteemed Impex Group. Vikash Metal and Power Limited having incorporated
in the year 1996 has come in a long way, and today it is one of the leading
Sponge Iron, MS Billets and TMT Bars manufacturer serving lot many steel and
infrastructure industries.
The group’s product range spans a wide array of Structural Products to Ferro
Alloys serving the nation with pride.
Vikash Metal and Power Limited, manufacturing sponge iron in its unit having
capacity of 100 tpd x 4 kiln and MS Billets in its induction furnace capacity
of 8 MT x 3 along with Concast Plant are very proud serving large section of
the Structural and Infrastructure industries, with the slogan 'From Structure
To Infrastructure”, using world's most advanced technology, the TEMPCORE
process under license from Centre De Recherches Mettalurgigues (CRM) Belgium.
“Vikash” brand TMT bars are supplied to leading construction companies and
turnkey projects. Apart from receiving the prestigious ISO 9001-2000 SGS
certification, the company has also received accreditation by UKAS Quality
Management System, Geneva, Switzerland.
Ensuring quality, the group with its Vikash brand TMT Bars has created high
demand in the infrastructure sector and turnkey projects believing in Values,
Trust, Respect and Fellowship.
The expansion plans never ended as the group rightly predicting the demand for
Ferro Alloys are setting up a 9 MVA submerged arc furnace to produce Silico
Manganese using power from the in-house 10 MW Power
Plant.
THE MANAGEMENT
The management is lead by great visionary Shri Vimal Kumar Patni, Chairman and
Founder of the group guiding the organization to its insurmountable growth. The
team for the success of the group is also due to the able guidance from Mr.
Vikash Patni, MD, a Master in Business Administration from Tasmac University,
Canada and Mr. Akash Patni, Director (Finance), a young CA with admirable
financial management skills. Ably supporting the team is Mr. Rajesh Patni,
Master in Finance from Melbourne University, Australia, other Directors on the
Board, and the excellent Projects, Purchase, HR, Finance and Marketing
executives, guiding the company in its continuing success story.
THE
GROWTH
The figures show the growth the company attained in the years 2005-06, 06-07
and for the year ended 31-03-
008 thus
satisfying its shareholders with dividend. With its continued performance
crossing Rs. 330.000 Millions turnover for the year ended 31st March 2008, the
company will declare dividend and strongly affirms that it would pay dividends
continuously in the years to come.
Range of Products
Required by Steel Industry for making MS Billets.
Using the best quality of Iron Ore from reputed mines, due to our high quality
process control system and stage-wise inspections, we produce to deliver sponge
iron of best quality meeting international standards. After satisfying the
requirement of domestic clients, the company began its exports to neighboring
countries.
Production Capacity 1,30,000 MT per annum
TMT BARS and HR STRIPS
|
Percentage (Maximum) |
||||
|
Constituent |
Fe-415 |
Fe-500 |
Fe-550 |
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Carbon |
0.25 |
0.25 |
0.25 |
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Sulphur |
0.050 |
0.050 |
0.050 |
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Phosphorus |
0.060 |
0.055 |
0.050 |
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|
Sulphur and Phosphorus |
0.110 |
0.105 |
0.100 |
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CMT REPORT
(Corruption, Money Laundering and 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 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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
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 |
YES |
|
--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 |
|