MIRA
INFORM REPORT
|
Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
R D SILK EXPORT |
|
|
|
|
Registered Office : |
G – 1/16, 2nd Floor, Malviya Nagar, New Delhi – 110017 |
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Country : |
India |
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|
Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
January, 2007 |
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|
Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Silk Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 2500 |
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|
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|
Status : |
New Concern |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new concern in its field. Scale of activity is
limited. No complaints have been heard against the subject. The concern can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Raj Kishore Dewangan |
|
Designation : |
Key Executive |
|
Contact No.: |
91-9717103539 |
LOCATIONS
|
Registered Office : |
G – 1/16, 2nd Floor, Malviya Nagar, New Delhi – 110017,
India |
|
Mobile No.: |
91-9717103539/ 9329601729/ 9329667498 |
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E-Mail : |
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Website : |
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Area : |
100 sq. ft. |
|
Location : |
Owned |
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|
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|
Factory : |
Champa, Chhatisgarh, India |
|
Tel. No.: |
91-7819-245527/ 245494 |
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Area : |
2000 sq. mtr |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Naval Kishore Dewangan |
|
Designation : |
Proprietor |
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Date of Birth/Age : |
26 years |
|
Qualification : |
Chartered Accountant Course from NIFT (National Institute of Fashion Training) Graduate |
|
Experience : |
5 years |
KEY EXECUTIVES
|
Name : |
Mr. Purushotam Dewangan |
|
Designation : |
Key Executive |
|
Date of Birth/Age : |
31 years |
|
Qualification : |
Graduate |
|
Experience : |
9 years |
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|
|
|
Name : |
Mr. Raj Kishore Dewangan |
|
Designation : |
Key Executive |
|
Date of Birth/Age : |
28 years |
|
Qualification : |
Graduate |
|
Experience : |
5 years |
|
|
|
|
Name : |
Mr. Kamal Kishore Dewangan |
|
Designation : |
Key Executive |
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Date of Birth/Age : |
23 years |
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Qualification : |
Graduate (Diploma in Fashion Designing) |
|
Experience : |
1 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Silk Products |
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Products : |
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Exports : |
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Products : |
Scarfs |
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Countries : |
|
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Terms : |
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Selling : |
T/T, L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
Capacity to increase production by: 200%
GENERAL
INFORMATION
|
Suppliers : |
Own Manufacturing |
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Customers : |
Retailers |
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No. of Employees : |
30 (Office – 10 and Factory – 20) |
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Bankers : |
ICICI Bank Limited, Shashant Lok Phase – I, Gurgaon, Haryana, India |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
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Memberships : |
SRTEPC (Synthetic and Rayon Textiles Export Promotion Council) |
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Parent Company/ Associates : |
Ram Gopal
Dewangan and Sons Activity: Manufacturer and Exporter of Silk Products Incorporation Date: 1975 Sale Turnover: Rs.20.000 Millions Customers: Silk Creation Private Limited Eastern Silk Industries – Kolkata R D SILK EXPORT Address: Located at G – 1/16, 2nd Floor, Malviya Nagar Line of Business: Export Name (Furnishing) RAM GOPAL
DEWANGAN AND COMPANY Address: Located at Rani Road, Champa Line of Business: Silk name Furnishing / Wholesale |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.0.500 Million |
|
Borrowed : |
- |
|
Total : |
Rs.0.500 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
1.500 |
|
|
|
|
|
|
Profit/Loss for the year |
|
|
12% |
Expected Sales (2008-09): Rs.10.000 Millions
R D SILK EXPORT
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.200 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(0.030) |
|
|
NETWORTH |
|
|
0.170 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
0.170 |
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|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.160 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.010 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.170 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.000 |
|
|
Net Current Assets |
|
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.170 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2008 |
|
|
Sales Turnover |
|
|
NA |
|
|
Total Income |
|
|
NA |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.030 |
|
|
Provision for Taxation |
|
|
NA |
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|
Profit/(Loss) After Tax |
|
|
0.030 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
|
|
0.030 |
|
Total Expenditure |
|
|
0.030 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.17 |
RAMGOPAL DEWANGAN
AND SONS
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.600 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.250 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.850 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.800 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.650 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.200 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.700 |
|
|
Sundry Debtors |
|
|
0.500 |
|
|
Cash & Bank Balances |
|
|
0.100 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.350 |
|
Total
Current Assets |
|
|
1.650 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.200 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.200 |
|
|
Net Current Assets |
|
|
1.450 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.650 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2008 |
|
|
Sales Turnover |
|
|
3.500 |
|
|
Other Income |
|
|
0.200 |
|
|
Total Income |
|
|
3.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.200 |
|
|
Provision for Taxation |
|
|
0.015 |
|
|
Profit/(Loss) After Tax |
|
|
0.185 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
2.650 |
|
|
Administrative Expenses |
|
|
0.500 |
|
|
Interest |
|
|
0.100 |
|
|
Other Expenditure |
|
|
0.250 |
|
Total Expenditure |
|
|
3.500 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 |
|
PAT / Total Income |
(%) |
|
|
05.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
05.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
10.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
8.25 |
RAMGOPAL DEWANGAN
AND COMPANY
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.800 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.300 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.700 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.700 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.250 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.850 |
|
|
Sundry Debtors |
|
|
0.400 |
|
|
Cash & Bank Balances |
|
|
0.100 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.400 |
|
Total
Current Assets |
|
|
1.750 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.200 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.200 |
|
|
Net Current Assets |
|
|
1.550 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.800 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2008 |
|
|
Sales Turnover |
|
|
3.400 |
|
|
Other Income |
|
|
0.000 |
|
|
Total Income |
|
|
3.400 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.210 |
|
|
Provision for Taxation |
|
|
0.015 |
|
|
Profit/(Loss) After Tax |
|
|
0.195 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
2.500 |
|
|
Administrative Expenses |
|
|
0.050 |
|
|
Interest |
|
|
0.090 |
|
|
Other Expenditure |
|
|
0.550 |
|
Total Expenditure |
|
|
3.190 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 |
|
PAT / Total Income |
(%) |
|
|
05.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
06.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
10.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
8.75 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
SRTEPC – Synthetic and Rayon Textile Exports
Promotion Councils.
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.47.18 |
|
UK Pound |
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.60.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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 |
|