MIRA
INFORM REPORT
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Report Date : |
20.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
VISHAL VIDEO AND APPLIANCES PRIVATE LIMITED |
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Registered Office : |
1/6, Ghokley Marg, Lucknow – 226001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.04.1997 |
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Com. Reg. No.: |
021847 |
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CIN No.: [Company
Identification No.] |
U31200UP1997PTC021847 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
ALDV00428B |
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PAN No.: [Permanent
Account No.] |
AAEFV0042M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Electronics, Electrical and Consumables Items. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 359000 |
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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 having fine track.
Available information indicates high financial responsibility of the Company.
Trade relations are fair. Payments are Correct and as per Commitments. The Company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
1/6, Ghokley Marg, Lucknow – 226001, Uttar Pradesh, India. |
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Tel. No.: |
91-522-2207226, 2207446 |
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E-Mail : |
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Area: |
1200 Sq.ft. |
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Factory: |
Good Shed Road, Aishbagh, Lucknow – 226001, Uttar Pradesh, India. |
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Corporate Office : |
601, Golden Chambers, Opp. Citi Mall, Link Road, Andheri (West),
Mumbai – 400053, Maharashtra, India. |
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Tel. No.: |
91-22-40107001 - 03 |
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Toll Free : |
1800 22 7585 |
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Fax No.: |
91-22-40107005 |
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Branches : |
v B – 102, Kanti Nagar,
Near Shakti Mandir, Shadara, New Delhi – 110 051, India. |
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Tel. No.: |
91-11-22097339 |
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Mobile No: |
91-9811008875 |
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Branches : |
v Ground Floor,
Gold Towers, 50, Residency Road, Bangalore – 560 001, India. |
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Tel. No.: |
91-80-22211961 |
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Mobile No: |
91-9980316003 |
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Branches : |
v 3rd
Floor, 18, British Indian Street, Kolkata, India. |
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Tel. No.: |
91-33-22487236 |
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Mobile No: |
91-9830890474 |
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Branches : |
v 7/136
Swaroop Nagar, Behind Crazy Food Restaurant, Kanpur, Uttar Pradesh, India. |
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Tel. No : |
91-512-2549313 |
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Mobile No : |
91-9839068831 |
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Branches : |
v Flat No. 25, Block No. 4, Ada Flats, Nawab Yusuf Road, Panchshila Colony, Allahabad, Uttar Pradesh, India. |
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Tel. No : |
91-532-2560108 |
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Mobile No : |
91-9839277630 |
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Branches : |
v Gf-12, Kuber AC Market, D-58/2, Rathyatra Xing, Varanasi, Uttar Pradesh, India. |
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Tel. No : |
91-542-2226323/334 |
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Branches : |
v Anandkunj, Bank Road, Gorakhpur, Uttar Pradesh, India. |
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Tel. No : |
91-551-2335380/3090212 |
DIRECTORS
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Name : |
Mr. Manoj Agarwal |
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Designation : |
Managing Director |
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Address : |
6 – A, R K Tandon Road, Qaiser Bagh, Lucknow – 226001, Uttar Pradesh,
India. |
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Qualification: |
B.com |
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Date of Appointment : |
30.04.1997 |
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Name : |
Mr. Vineet Agarwal |
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Designation : |
Director |
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Address : |
6 – A, R K Tandon Road, Qaiser Bagh, Lucknow – 226001, Uttar Pradesh,
India. |
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Qualification: |
B. Tech |
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Date of Appointment : |
22.01.1999 |
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Name : |
Mr. Ravi Agarwal |
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Designation : |
Director |
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Address : |
Anand Kunj, Bank Road, Gorakhpur, Uttar Pradesh, India. |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Manish Agarwal |
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Designation : |
Director |
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Address : |
New Building, Hasan Ganj, Faizabad Road, Lucknow – 226001, Uttar
Pradesh, India. |
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Qualification: |
B. Tech |
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Date of Appointment : |
24.03.2000 |
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Name : |
Mr. Sandeep Agarwal |
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Designation : |
Director |
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Address : |
Ved Bhawan, 21, S P Mukherjee Road, Siliguri, Uttar Pradesh, India. |
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Date of Appointment : |
10.10.2002 |
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Name : |
Mr. Rajeev Agarwal |
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Designation : |
Director |
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Address : |
Kalumal Chauraha, Sadar Bazar, Lucknow – 226001, Uttar Pradesh, India. |
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Date of Appointment : |
15.04.2001 |
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Name : |
Mr. Navneet Vaid |
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Designation : |
Director |
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Address : |
91, Uphar, Udyani -1, Eldeco, Lucknow – 226001, Uttar Pradesh, India. |
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Date of Appointment : |
15.04.2001 |
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Name : |
Mr. Rajeev Jindal |
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Designation : |
Director |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Anand Agarwal |
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Designation : |
Director |
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Address : |
Anand Kunj, Bank Road, Gorakhpur, Uttar Pradesh, India |
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Qualification: |
M.Com |
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Date of Appointment : |
22.01.1999 |
KEY EXECUTIVES
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Name : |
M/s. Amit Gupta and Associates |
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Designation : |
Company Secretary |
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Address : |
C- 17, Vinay Nagar, Krishna Nagar, Lucknow – 226023, Uttar Pradesh
,India. |
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Tel No: |
91-522-2471742 |
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Mobile No: |
91- 9415005108 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2006
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Names of Shareholders |
No. of Shares |
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Mr. Manoj Agarwal |
450000 |
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Mr. Vineet Agarwal |
337500 |
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Mr. Anand Agarwal |
150000 |
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Mrs. Suneeta Agarwal |
75000 |
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Mr. Manish Agarwal |
300000 |
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Mr. Sandeep Agarwal |
75000 |
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Mr. Mudit Agarwal |
67500 |
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Total |
1455000 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2006
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Electronics, Electrical and Consumables Items. |
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Products : |
v Fire test standards for 1-2 hrs v Modern Design v A4 size document fit v 2 sets personal code v Installation v Modern Design v Fashionable exterior design v Reliable card reader system v Lap top computer fit v Distributor of Mobiles – Nokia v Consumer Electronics – Sony, Samsung v White Goods – Whirlpool v Electric Appliances – Philips v MTS – Racold, Forbes and Symphony. |
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Imports : |
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Products : |
Electronic Goods |
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Countries : |
v Singapore v Korea v China |
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Terms : |
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Selling : |
Cash / Credit (30 days) |
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Purchasing : |
L/C, Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v End Users |
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No. of Employees : |
About 250 |
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Bankers : |
Union Bank of India Main Branch, Hazratganj, Lucknow - 226001, Uttar Pradesh, India |
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Facilities : |
CC limit Rs. 50.000 millions The Company enjoys Credit Facilities Rs. 225.500 millions to Rs.
250.500 millions from its Bankers. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
v Khanna Taker and
Company, Chartered Accountants 7C/72, Tilak marg, Dalibagh, Opp. Narmada Bhawan, Lucknow – 226016,
Uttar Pradesh, India. v Amar Tandon BR & Associates, Chartered Accountants Lucknow, Uttar Pradesh |
CAPITAL STRUCTURE
As on 31.03.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 95.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39,13,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 39.130
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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39.130 |
14.550 |
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2] Share Application Money |
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28.656 |
10.030 |
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3] Reserves & Surplus |
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21.964 |
14.727 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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89.750 |
39.307 |
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LOAN FUNDS |
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1] Secured Loans |
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226.483 |
103.499 |
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2] Unsecured Loans |
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18.173 |
15.970 |
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TOTAL BORROWING |
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244.656 |
119.469 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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334.406 |
158.776 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.905 |
13.387 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.370 |
0.311 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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184.918 |
129.672 |
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Sundry Debtors |
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104.063 |
60.406 |
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Cash & Bank Balances |
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12.310 |
10.948 |
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Other Current Assets |
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13.777 |
5.850 |
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Loans & Advances |
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29.221 |
0.318 |
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Total
Current Assets |
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344.289 |
207.194 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.853 |
55.334 |
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Provisions |
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11.318 |
6.796 |
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Total
Current Liabilities |
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27.171 |
62.130 |
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Net Current Assets |
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317.118 |
145.064 |
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MISCELLANEOUS EXPENSES |
|
0.011 |
0.012 |
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TOTAL |
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334.406 |
158.776 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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5372.280 |
3015.148 |
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Other Income |
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0.065 |
0.000 |
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Incentive and Discount |
|
64.487 |
0.275 |
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Commission |
|
0.208 |
3.259 |
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Total Income |
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5437.040 |
3018.682 |
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Profit/(Loss) Before Tax |
|
34.393 |
18.528 |
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Provision for Taxation |
|
12.604 |
6.780 |
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Profit/(Loss) After Tax |
|
21.789 |
11.748 |
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Expenditures : |
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Selling and Distribution Expenses |
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9.630 |
9.573 |
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Loss on sale of Fixed Assets |
|
0.000 |
0.202 |
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Purchases made for re-sale |
|
5374.831 |
2964.103 |
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Management and Office Expenses |
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53.674 |
46.757 |
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Increase/(Decrease) in Finished Goods |
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(55.246) |
(35.820) |
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Provision for Bad Debts |
|
0.518 |
0.246 |
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Preliminary Expenses W/O |
|
0.001 |
0.001 |
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Financial Charges |
|
15.655 |
10.391 |
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Depreciation & Amortization |
|
3.584 |
4.701 |
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Other Expenditure |
|
5457.893 |
3035.974 |
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Total Expenditure |
|
5402.647 |
3000.154 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.40 |
0.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.64 |
0.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.63 |
0.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.38 |
0.47 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.30 |
1.58 |
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Current Ratio (Current Asset/Current Liability) |
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12.67 |
3.33 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90279509 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U31200UP1997PTC021847 |
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Name of the company |
VISHAL VIDEO AND APPLIANCES PRIVATE LIMITED |
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Address |
1/6, Ghokley Marg, Lucknow – 226001, Uttar Pradesh, India. |
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Type of Charges |
v Book Debts v Movable property
(not being pledge) |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Union Bank of India Address: Main Branch, Hazratganj City: Lucknow State: Uttar Pradesh ISO country code: IN Pin code: 226001 e-mail ID: jkscoknp@gmail.com |
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Nature or description of the instrument creating or modifying the charge |
(i) Composite Hypothecation Deed (SD-20) (ii) D P Note (iii) Letter No. AB/HUSS/ADV/118 dated 22.02.2007 from Allahabad Bank. Hussain Ganj, Lucknow ceding pari passu charge. (iv) Letter dated 22.02.2007 from Union Bank of India, Hazratganj, Lucknow ceding pari passu charge. |
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Date of the instrument creating charge |
21.02.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 250.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest On Cash Credit (Hypothecation) limit- @ 1% above Bank Prime Leading Rate with a minimum of 13.50% p.a. with monthly rests. (b) Terms of repayment Cash Credit – Repayable on Demand (c) Margin (i) Cash Credit (Hypothecation) – 25% (ii) Letter of Guarantee – 100% (d) Extent and operation of the charge (i) The Company’s properties as mentioned hereunder (as per column 14) are hypothecated to secure credit facilities aggregating to Rs. 250.500 millions granted by the Union Bank of India to the Borrower. (ii) The charge over entire current assets book debts and other current assets of the company shall rank pari passu between Union Bank of India (Rs. 250.000 millions) and Allahabad Bank (Rs. 150.000 millions). |
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Short particulars of the Property charged |
(i) Hypothecation of whole of the movable goods and assets both present and future and including but without prejudice to generally of the foregoing worlds, all stocks of raw materials, work in progress, semi finished and finished goods such as TV, Fridge, Washing Machine, Geyser, camera, DVD, coolers etc... (ii) Hypothecation of all present and future book debts, outstanding monies receivables, claims, bills, contracts, engagements and securities.... |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
19.10.2006 |
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Particulars of the present modification |
(i) Adhoc CC (Hypothecation) limit of Rs. 50.000 millions granted by Bank on 19.10.2006 has been paid off and the Bank has granted additional CC limit of Rs. 50.000 millions. However Letter of Guarantee remain same at Rs. 50.000 millions. Therefore, total amount of charge remained the same at Rs. 250.500 millions. (ii) The charge over entire current assets, book debts and other current assets of the company shall rank pari passu between Union Bank of India and Allahabad Bank.. |
Form 8
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Name of the company |
VISHAL VIDEO AND APPLIANCES PRIVATE LIMITED |
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Presented By |
Union Bank of India, Hazrat Ganj Branch,
Lucknow |
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1) Date and description of instrument creating the change |
Memorandum of Entry for creation of equitable dated 30.01.2004 and registered on 24.02.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 45.696 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable Mortgage by way of Deposit of Title Deeds in respect of Company’s Immovable properties being office space no. B-20, with built up area 1116 Sq.ft. in the basement of Multi storied Complex situated at 13,m Ashok Marg, Hazrat Ganj, Lucknow bounded as under: North – others property: South – open to sky East – Open to sky; west – passage Together with the constructions that may hereafter be made thereon and also together with the fixtures, fittings and other things attached thereto. Free from all other charges and encumbrances. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Hazrat Ganj Branch,
Lucknow |
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6) Date and brief description of instrument modifying the charge |
Memorandum of Entry dated 18.02.2005 for Extension of Equitable Mortgage (Earlier modified on 18.09.2004 to enhance the upto Rs. 85.511 millions and modification registered on18.10.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
On renewal, the Cash Credit (Stocks) Limit has been enhanced from Rs. 85.000 millions to Rs. 100.000 millions within which foreign Currency Loan of Rs. 42.500 millions. However, the Letter of Guarantee Limit remained the same of Rs. 5.110 millions. Therefore, the total amount of charge secured against Equitable properties as mentioned in column number (3) above and modified as above has now been enhanced /modified upto Rs. 100.511 millions to secure the credit facilities:
|
History
Subject was incorporated on 30th April, 1997 at Lucknow in Uttar Pradesh having Company Registration Number 21847.
Profile
Since 2000 The Company has manufactured high quality products of fireproof, home safe, hotel safes and other safes for the various requirements of the customers worldwide. Safewell's constant efforts to produce the best quality safes has made it the largest safe manufacturer in the world with considerable annual exports volume to more than 50 countries in the world, thanks to hold of famous international certificates on the quality products such as UL, ISO, CE, KS, SP, JIS standards.
Safewell – World’s largest manufacturer of Safes has partnered Vishal Video & Appliances Pvt. Ltd. (VVAPL) for sales & marketing of their products in India.
VVAPL, an ISO 9001:2000 company, is a premier distribution house with annual turnover of USD 175 million. With a rich experience of over 23 years in distribution of Consumer goods viz. White & Brown goods, Mobile Phones, Furniture etc., VVAPL has established itself as one of the leading supply chain management company in India.
Trade Terms
v Whirlpool India Limited, Plot-2, Village Asiamu, Camppell Road, Kishore Ganj, Lucknow – 226012, Uttar Pradesh, India
v HCL Infinet Limited, 6th Floor, Shenan Chamber, 5 – Park Road, Lucknow – 226001, Uttar Pradesh, India
v Sony India Private Limited, C/o Gati Carque Management Services, Plot No. 563 & 564, Hind Nagar, Near Balia Service Centre, Lucknow – 226012, Uttar Pradesh, India
v Samsung India Electronics Limited, 8, No. Chauraha, Nirala Nagar, lucknow, Uttar Pradesh, India
v Philips India Limited, Plot No. C-32, Transport Nagar, Lucknow, Uttar Pradesh, India
v Eureka Forbes Limited, 7 P, Dalibagh, Lucknow, Uttar Pradesh, India
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 :
The 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.
The 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. 42.67 |
|
UK Pound |
1 |
Rs. 83.41 |
|
Euro |
1 |
Rs. 66.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|