MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
KEYTOOL ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
First Floor, Plot No. 2, Gat No. 626, Opposite Gabriel India Limited,
Pune Nashik Highway, At Post Kuruli (Chakan), Taluka Khed, Pune – 411 501,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.01.2008 |
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Date of Incorporation : |
01.08.2005 |
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Com. Reg. No.: |
25-21087 |
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CIN No.: [Company
Identification No.] |
U51503PN2005PTC021087 |
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IEC No.: |
3105008862 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK06838G |
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PAN No.: [Permanent
Account No.] |
AACCK6217E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer of high quality of cutting tools and measuring instruments. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a two and half year’s old company, but has shown
satisfactory progress. The company has incurred some initial losses. However,
the company expects to wipe-off all its previous losses during the current
financial year. Trade relations are fair. Business is active. Payments are
reported as slow but correct. The company can be considered for small to
mediocre business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Mandar Kulkarni |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9860100834 |
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Date : |
04.11.2008 |
LOCATIONS
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Registered Office : |
First Floor, Plot No. 2, Gat No. 626, Opposite Gabriel India Limited, Pune
Nashik Highway, At Post Kuruli (Chakan), Taluka Khed, Pune 411 501,
Maharashtra, India |
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Tel. No.: |
91-2135-326139 |
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Mobile No.: |
91-9822657572 / 9860100850 / 9860100834 |
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Fax No.: |
91-2135-320321 |
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E-mail : |
marketing@keytoolsolutions.com |
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Website : |
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Area : |
3 Floor Building |
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Location : |
Owned |
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Showroom and Warehouse : |
Located at: Chakan (parallel to the Nashik Pune Highway), Maharashtra, India |
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Representative
Office : |
Located at ·
Bangalore ·
Delhi ·
Coimbatore ·
Mumbai ·
Chennai |
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Their Dealers are located in Jamshedpur, Pune etc. |
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DIRECTORS
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Name : |
Mrs. Anita Sanjay Waghulade |
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Designation : |
Director |
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Address : |
Plot No. 464/ 27 A, PCNDTA, Nigdi, Pune - 411 044, Maharashtra, India |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B. Com. |
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Date of Appointment
: |
01.08.2005 |
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Name : |
Mrs. Kalpana Nandkishore Sheety |
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Designation : |
Director |
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Address : |
Plot No. 584/ 28, PCNDTA, Nigdi, Pune - 411 044, Maharashtra, India |
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Date of Birth/Age : |
43 Years |
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Qualification : |
M. Com. |
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Date of Appointment
: |
01.08.2005 |
MAJOR SHAREHOLDERS
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Anita Sanjay Waghulade |
8000 |
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Kalpana Nandkishore Sheety |
2000 |
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Total |
10000 |
List of Allotees
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Names of Allottees |
No. of Shares |
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Anita Sanjay Waghulade |
112000 |
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Kalpana Nandkishore Sheety |
28000 |
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Total |
140000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer of high quality of cutting tools and measuring instruments. |
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Products : |
· High Quality
Cutting Tools · Measuring
Instruments |
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Agencies Held : |
Carol Lubricants |
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Exports : |
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Products : |
Carbide Cutting Tools |
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Countries : |
· Japan · Korea · Czech Republic · Germany |
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Imports : |
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Products : |
Tools |
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Countries : |
· Japan · Korea · Portugal ·
Germany |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · End Users |
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No. of Employees : |
20 |
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Bankers : |
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The Saraswat Co-Operative Bank Limited Hotel Surya Kiran, Pune Mumbai Road,
Chinchwad, Pune, Maharashtra, India ·
The Saraswat Co-Operative Bank Limited, Pimpri Branch, Pune. |
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Financial
Institution : |
SBI Factors and Commercial Services Private Limited Tara Chambers, 2nd Floor, Wakdewadi Branch,
Pune – 411 003 Maharashtra, India |
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Facilities : |
CC Rs.2.000 millions and LC Rs.6.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gauri Phadnis Chartered Accountants |
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Address : |
17, Vijigeeha, Prashant Nagar, Behind Kaka Halwai, Off LBS Road, Pune
411 030, Maharashtra, India |
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Tel. No.: |
91-20-24330505 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.01.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.294 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.344) |
(0.448) |
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NETWORTH |
1.394 |
(0.244) |
(0.348) |
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LOAN FUNDS |
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1] Secured Loans |
0.849 |
1.991 |
1.040 |
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2] Unsecured Loans |
1.001 |
1.017 |
0.700 |
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TOTAL BORROWING |
1.850 |
3.008 |
1.740 |
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DEFERRED TAX LIABILITIES |
0.022 |
0.023 |
0.014 |
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TOTAL |
3.266 |
2.787 |
1.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.175 |
0.196 |
0.185 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.026 |
0.026 |
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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 |
2.737
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2.817 |
1.582 |
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Sundry Debtors |
8.890
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1.928 |
0.792 |
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Cash & Bank Balances |
0.032
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0.055 |
0.000 |
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Other Current Assets |
0.000
|
0.199 |
0.085 |
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Loans & Advances |
1.667
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0.000 |
0.000 |
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Total
Current Assets |
13.326
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4.999 |
2.459 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.731
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2.341 |
1.233 |
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Provisions |
0.544
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0.109 |
0.051 |
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Total
Current Liabilities |
10.275
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2.450 |
1.284 |
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Net Current Assets |
3.051
|
2.549 |
1.175 |
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MISCELLANEOUS EXPENSES |
0.015 |
0.016 |
0.020 |
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TOTAL |
3.266 |
2.787 |
1.406 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.01.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
19.066 |
7.209 |
1.350 |
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Other Income |
0.073 |
0.056 |
0.023 |
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Total Income |
19.139 |
7.265 |
1.373 |
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Profit/(Loss) Before Tax |
1.294 |
0.113 |
(0.421) |
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Provision for Taxation |
0.000 |
0.009 |
0.027 |
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Profit/(Loss) After Tax |
1.294 |
0.104 |
(0.448) |
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Expenditures : |
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Cost of Goods Sold |
14.902 |
5.488 |
1.039 |
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Direct Expenses |
1.418 |
0.000 |
0.000 |
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Administrative Expenses |
1.104 |
1.136 |
0.495 |
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Interest |
0.000 |
0.324 |
0.214 |
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Financial Charges |
0.392 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.028 |
0.025 |
0.009 |
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Other Expenditure |
0.000 |
0.177 |
0.046 |
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Total Expenditure |
17.844 |
7.150 |
1.803 |
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KEY RATIOS
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PARTICULARS |
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31.01.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
6.76
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1.43 |
(32.62) |
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Net Profit Margin (PBT/Sales) |
(%) |
6.76
|
1.55 |
(30.66) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.56
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2.16 |
(15.77) |
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Return on Investment (ROI) (PBT/Networth) |
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0.93
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(0.46) |
(1.21) |
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Debt Equity Ratio (Total Liability/Networth) |
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9.71
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(21.45) |
(7.72) |
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Current Ratio (Current Asset/Current Liability) |
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1.29
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2.04 |
1.91 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Widin Company Limited, Korea
·
Palbit Cutting Tools Solutions, Portugal
·
2 P Ventures
·
A B Engineers
·
Accord Tools and Accessories Private Limited
·
Acme Industries
·
Ahmadnagar Forgings Limited
·
Alka Engineering Works
·
Amforge Industries Limited
·
Amok Minning and Drilling Equipment Private Limited
·
Arihant Auto Components Private Limited
·
Arihant Domestic Appliances Private Limited
·
Arihant Steel and Metal Wires Private Limited
·
Aswan Intel Engineering Company LLC
·
Automotive Stampings and Asseemblies Limited
·
Avitosh Enterprises
·
Auto Line Industries Limited
·
Bajaj Auto Limited
·
Bajaj Tempo Limited
·
Bajaj Tool Private Limited
·
Ball Race Manufacturing Company Private Limited
·
Balzers India Limited
·
Creative Components Private Limited
·
Cascade Fans Private Limited
·
Bitil Oil India Private Limited
·
Carboline Tooling
·
Dev International
·
Econ Tooling Systems Private Limited
·
Ghatge Patil Industries Limited
·
Grindwell Industries
·
India Forge and Drop Stamping Limited
·
Jaya Hind Industries Limited
·
Jyoti Tooling
·
Victory Fabrication Engineering Private Limited
·
Windals Auto Private Limited
Form 8:
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Name of the
company |
KEYTOOL ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Presented By |
The Saraswat Co-operative Bank Limited |
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1) Date and
description of instrument creating the change |
·
Agreement of
Hypothecation of Movable Property dated 7th December, 2005 ·
Letter
Evidencing Deposit to Title Deeds dated 7th December, 2005 (Both these documents constitute single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
The Borrower/s
doth do hereby hypothecate in favour of the Bank all the stock, Tangible
Movable Property/ including the stocks for the time being whether new or
manufactured or in process of manufacturing and every Tangible Movable
Property / machinery / plant (both present and future) belonging to the
Borrower and lying at Borrower’s place of business or any where else. The borrower/s
doth do hereby hypothecate and charge in favour of the Bank by way of First
Charge all the Book Debts, outstandings, monies receivables, claims and
approved book debts due to the borrower and bills which are now due and owing
or which mat at any time hereinafter during the continuance of this security
become due and owing to the Borrower/s in the course of his business from any
person, or local or Public body or authority. All that piece
and parcel of the land situated at Gat No. 626/1, admeasuring O H 6.5 R i.e.
650 sq. mtrs. bearing private plot no. 2, at Village Kuruli, Khed, Dist –
Pune, together with the Building, other structure and fixed machinery and
plant, fixture and fitting erected, electrical installation and installed
whether present or future, and all easementary rights. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
1.
Facility :
Cash Credit 2.
Rate of
Interest : PLR : 11.5% p.a. with monthly rests or at such rates as may be
prescribed by the bank from time to time. |
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5) Name and
Address and description of the person entitled to the charge. |
The Saraswat Co-Operative Bank Limited, Pimpri Branch, Pune. |
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6) Date and brief description of instrument
modifying the charge |
Not Available |
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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. |
Not Available |
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Corporate
identity number of the company |
U51503PN2005PTC021087 |
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Name of the
company |
KEYTOOL ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
First Floor, Plot No. 2, Gat No. 626, Opposite Gabriel India Limited,
Pune Nashik Highway, At Post Kuruli (Chakan), Taluka Khed, Pune – 411 501,
Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Others o
Stock |
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Particular of
charge holder |
SBI Factors and Commercial Services Private Limited Tara Chambers, 2nd Floor, Wakdewadi Branch,
Pune – 411 003 Maharashtra, India |
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Nature of
instrument creating charge |
Agreement for factoring
facilities (Hypothecation Agreement). The agreement executed on 26.04.2008. |
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Date of
instrument Creating the charge |
26.04.2008 |
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Amount secured by
the charge |
Rs.13.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest The finance charge will be at FPLR+1.50% i.e. effective 14% at monthly
rests. Penal interest 1% from the date of irregularity up to 29 days. 2% from
the date of irregularity after 45 days and 3% irregularity continue after 45
days. Commitment charges 0.25% on unitized portion if average utilization is
less than 60% annually. ·
Terms of
repayment As factoring is based on whole turnover concept, all credit invoices
raised on all the mutually approved customers whose names have been appeared
in the sanction letter should be routed through SBI Factors and Commercial
Services Private Limited. Post dated cheques be submitted along with the
accepted Hundi while factoring invoices under the PBF facility. ·
Margin Margins on prepayment facility : 30% ·
Extent And
operation of the charge Entire Single charge on the stock and book debts for the receivables
factoring and for Purchase Factoring facility the instruments duly drawn in
favour of SBI Factors and Commercial Private Limited, with continuation
charge on 30% cash collateral in the form of TDR duly pledged of which 10%
up-front and remaining amount will be built up within 6 months. Personal
Guarantee by the two directors for the factoring facility. Prepayment against
invoices maximum 70% of face vale maximum not exceeding 13.000 millions. |
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Particulars of
the property charged |
Entire Single
Charge on the present and future book debts recorded about the mutually
agreed and approved debtors for which the reference has been given and for
which the is being maintained at the factory and registered office of the
company situated a Plot No. 2, Gat No. 626 opp. Gabrial Indi, Chakan, At post
Kurli, Taluka Khed Distt Pune – 410501. |
Introduction:
Subject is an importer and distributor for
high quality cutting tools and measuring instruments. They are based in
Chakan which is a rapidly developing industrial / commercial town about 25 kilometers
from Pune city. They wish to take this opportunity to introduce ourselves and
inform us about overall activities expecting to start a long lasting business
relationship with your company.
Strengths:
·
Excellent infrastructure i.e. 5000 sq. ft.
modernized and fully computerized office/ showroom and warehouse in Chakan
located parallel to the Nashik Pune highway.
·
Extremely experienced and highly dedicated
marketing / application / sales and commercial team who will support customers
to establish the cost effectiveness of the solutions provided through Keytool.
·
Well spread network of 15 dealers appointed
all over India who are technically strong and also have their own team of
experienced sales and marketing engineers.
·
Shorter delivery time dur to huge stocking
capacity for all standard items at end to reduce inventory carrying costs.
·
Large product base from reputed manufactures
in India and abroad. Making products available for lowest end application to the
highest end application.
·
Policy of working with everyone in a concept
of low margins and very high volumes.
Existing Range of Products:
Union Tools Limited, Japan
·
Solid carbide end mills for high end
application for high maching with material hardness above 50 HRC.
·
PCB and micro drills for very small diameters
and special applications.
·
End mill run-out tester for checking radial
and axial runouts of end mills in running conditions (contact free testing).
Miranda Tools Limited, India
·
HSS Drills – Jobbers, tapers, center drills
·
HSS and Carbide End Mills
·
HSS Reamers
·
Tungsten Carbide Rotary burrs
·
Measuring Instruments – Vernier Calipers,
Micrometers, Tesa Height masters
·
Pneumatic Tools – Die grinders, Pencil
Grinders
·
Drill Point Re-sharpening machines for HSS and
carbide drills
·
T-Slot covers for protecting T-Slot of milling
machines form burr clogging
Kalra Tools, India
·
HSS cut taps
·
HSS In-roll taps
·
HSS Special taps (like thru coolant taps) for
special application
SAK Abrasives Limited, India
Manufactures of Bonded and Vitrified grinding
wheels like Off hand wheels, tool room wheels, cur-off, cylindrical, centerless
wheels. Also they used to cater all special type of vitrified wheels as per
customer’s requirements.
LMT Fette GmbH, Germany
·
Boehlerit Products: Indexable inserts,
toolholder, solid carbide rods, etc
·
Fette: HSS-E, HSS-E-PM cut tapes, roll taps,
indexable taps, thread rolling systems that can be fitted of CNC turning
machines.
Haimer GmbH, Germany
·
Manufacture of CNC Tool Holders
·
Measuring instruments
·
Balancing machines
·
Shrink fir machines and tools holders
TSE Tube Scarfing Equipment Company
·
Manufacturer of internal tube scarfing carbide
rings
·
External OD scarfing inserts
·
Tube scarfing tool hilders and total
equipments for tube scarfing
CAROL Petroleum Limited, India
·
Soluable cutting oils (Minerals, Semi
Synthetic, Synthetic)
·
External OD Scarfing inserts
·
Rust Preventive Oils (Dewatering, Oil based,
Dry Coating, Bitumen Based)
·
Spindle Oils, Gen-set oils, Gear oils, Heat
Transfer Fluids
·
Hydraulic, drawing oils, rolling oils,
quenching oils, turbine oils, slide way oils
Apart from these also import and supply precision measuring machines
like:
·
Helious (Mahr) Universal measuring machines,
Germany
·
ARC Video measuring systems, Taiwan
·
Kosaka Contour measuring machines, Japan
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.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|