MIRA
INFORM REPORT
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Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIMPLEX PROJECTS LIMITED |
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Registered Office : |
12/1, Nellie Sengupta Sarani, Kolkata 700087, West Bengal. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.10.1990 |
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Com. Reg. No.: |
21-050101 |
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CIN No.: [Company
Identification No.] |
L45201WB1990PLC050101 |
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Legal Form : |
A Public Limited Company. The Company's Shares are Listed on the
Stocks Exchange |
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Line of Business : |
Subject is Engaged in Civil Engineering and Construction activities. |
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 6135490 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are reported as Slow but Correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
12/1, Nellie Sengupta Sarani, Kolkata 700087, West Bengal. |
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Tel. No.: |
91-33-22527231/32 |
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Fax No.: |
91-33-22528013 |
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E-Mail : |
general@simplexprojects.com |
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Website : |
DIRECTORS
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Name : |
Mr. Balkrishandas Mumdhra |
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Designation : |
Chairman and Managing Director |
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Experience : |
35 Years |
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Name : |
Mr. Prabir Kumar De |
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Designation : |
Director |
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Qualification : |
Chartered Engineer [Institution of Structural Engineers(UK)] |
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Experience : |
35 Years |
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Name : |
Mr. Shyam Das Mundhra |
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Designation : |
Director |
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Date of Birth/Age : |
64 Years |
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Experience : |
40 Years |
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Name : |
Mr. Anand Chopra |
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Designation : |
Director |
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Date of Birth/Age : |
57 Years |
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Name : |
Mr. Nitindra Nath Som |
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Designation : |
Director |
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Date of Birth/Age : |
66 Years |
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Qualification : |
Civil and Geo –Technical Engineers. |
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Experience : |
40 Years |
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Name : |
Mr. Jai Kishan Bagri |
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Designation : |
Whole Time Director |
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Qualification : |
BE Civil Engineer |
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Experience : |
28 Years |
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Name : |
Mr. Sudarshan Das Mundhra |
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Designation : |
Whole Time Director |
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Qualification : |
B .Sc Economics |
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Experience : |
6 Years |
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Name: |
Mr. Raghav Das Mundhra |
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Designation: |
Whole Time Director |
KEY EXECUTIVES
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Name : |
Mr. Binya Kumar Dash |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2008)
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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A. Promoter and Promoter Group |
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1. Indian |
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Individual / HUF |
594714 |
4.955 |
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Bodies Corporate |
6365552 |
53.044 |
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2. Foreign Promoters |
-- |
--- |
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Sub- total (A) |
6960267 |
58.003 |
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B Not Promoter’s Holdings |
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1. Institutional Investors |
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Mutual Funds /UTI |
1204872 |
10.04 |
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Foreign Institutional Investors |
1130195 |
9.417 |
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Sub-total (B) (1) |
23335067 |
19.4582 |
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2. Non- Institutional Investors |
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Bodies Corporate |
369293 |
3.077 |
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Individuals: |
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Nominal Share Capital |
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Up to Rs.0.100 Millions Holding |
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BUSINESS DETAILS
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Line of Business : |
Subject is Engaged in Civil Engineering and Construction activities. |
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Products : |
·
Piling ·
Concreting, Building and Finishing Work ·
Miscellaneous Works. |
GENERAL
INFORMATION
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Customers : |
Private Sector: ·
A L Sudarshan Construction Company Limited ·
Bengal Ambuja Housing Dev. Limited ·
Bengal Unitech Universal Limited ·
Bihar Caustic and chemicals Limited ·
Birla Jute and Industries Limited ·
Calcutta Medical Research Institute ·
DLF Limited. Public Sector: ·
All India Radiao ·
BHEL ·
Calcutta Improvement Trust ·
Central Government Employees Welfare Housing Organisation ·
CMC ·
CMDA |
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No of Employees: |
1000 |
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Bankers : |
·
UCO Bank ·
Bank of Baroda ·
Axis Bank Limited ·
State Bank of Travancore ·
Industrial Development Bank of Limited ·
Development Credit Bank Limited. ·
Standard Chartered Bank ·
Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors: |
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Name: |
Chaturvedi and Company, Chartered Accountants |
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Associates/Subsidiaries : |
·
Simpark Infrastructure Private
Limited ·
Bharat Gypsum Private Limited ·
Pioneer Engineering Company Private Limited ·
Simplex Fiscal Holdings Private Limited ·
Kirti Vinimay Private Limited ·
Datson Exports Limited ·
Triveni Engicons Private Limited ·
Simplex Project Private Limited |
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Joint Venture: |
·
Triveni Engicons Private Limited ·
Simplex Projects Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/-Each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000378 |
Equity Shares |
Rs. 10/-Each |
Rs120.003Millions |
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Of the above Equity shares:- |
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1795714 |
Note: Shares were allotted as fully paid-up Bonus
share by capitalization of Rs. 17.957 Millions from General Reserve. |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
120.004 |
90.000 |
41.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1107.094 |
417.178 |
190.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1227.098 |
507.178 |
232.100 |
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LOAN FUNDS |
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1] Secured Loans |
279.561 |
401.742 |
314.700 |
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2] Unsecured Loans |
38.812 |
61.192 |
82.800 |
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TOTAL BORROWING |
318.373 |
462.934 |
397.500 |
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DEFERRED TAX LIABILITIES |
19.364 |
19.364 |
0.000 |
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DEFERRED PAYMENT LIABILITY |
61.773 |
20.818 |
0.000 |
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TOTAL |
1626.608 |
1010.294 |
629.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
319.908 |
174.660 |
149.400 |
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Capital work-in-progress |
36.950 |
1.022 |
4.900 |
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INVESTMENT |
122.254 |
60.541 |
14.600 |
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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 |
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173.600 |
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Sundry Debtors |
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374.600 |
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Cash & Bank Balances |
1773.622
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1057.443 |
71.900 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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105.800 |
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Total
Current Assets |
1773.622
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1057.443 |
725.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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250.500 |
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Provisions |
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14.700 |
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Total
Current Liabilities |
626.126
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287.508 |
265.200 |
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Net Current Assets |
1147.496
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769.935 |
460.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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SHARE ISSUED EXPENSES |
0.000 |
4.136 |
0.000 |
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TOTAL |
1626.608 |
1010.294 |
629.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
2290.127 |
1357.571 |
801.000 |
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Other Income |
8.631 |
4.118 |
3.900 |
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Total Income |
2298.758 |
1361.689 |
804.900 |
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Profit/(Loss) Before Tax |
223.762 |
117.882 |
41.900 |
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Provision for Taxation |
25.871 |
13.615 |
3.700 |
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Profit/(Loss) After Tax |
197.890 |
104.267 |
38.200 |
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Expenditures : |
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Manufacturing Expenses |
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709.300 |
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Administrative Expenses |
2005.040 |
1169.962 |
8.800 |
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Miscellaneous Expenses |
0.000 |
0.000 |
2.400 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
(21.000) |
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Employee Cost |
0.000 |
0.000 |
8.100 |
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Interest |
56.229 |
64.021 |
46.600 |
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Power & Fuel |
0.000 |
0.000 |
0.500 |
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Depreciation & Amortization |
13.727 |
9.824 |
8.300 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
2074.996 |
1243.807 |
763.000 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
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Type |
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1st
Quarter |
2nd
Quarter |
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Sales Turnover |
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601.600
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722.800
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Other Income |
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2.000
|
2.400
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Total Income |
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603.600
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725.200
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Total Expenditure |
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534.300
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645.100
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Operating Profit |
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69.300
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80.100
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Interest |
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16.400
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18.600
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Gross Profit |
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52.900
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61.500
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Depreciation |
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5.000
|
5.900
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Tax |
|
5.600
|
6.600
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Reported PAT |
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42.300
|
49.000
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
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0.50
|
1.19 |
1.97 |
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Long Term Debt-Equity Ratio |
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0.20
|
0.57 |
0.78 |
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Current Ratio |
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1.88
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1.72 |
1.29 |
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Turnover Ratios |
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Fixed Assets |
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7.79
|
6.86 |
4.88 |
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Inventory |
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4.82
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6.06 |
5.00 |
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Debtors |
|
3.48
|
3.00 |
2.37 |
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Interest Cover Ratio |
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4.44
|
2.72 |
1.90 |
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Operating Profit Margin (%) |
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13.21
|
14.46 |
12.08 |
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Profit Before Interest and Tax Margin (%) |
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12.61
|
13.74 |
11.05 |
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Cash Profit Margin (%) |
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9.24
|
8.40 |
5.81 |
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Adjusted Net Profit Margin (%) |
|
8.64
|
7.68 |
4.77 |
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Return on Capital Employed (%) |
|
22.27
|
23.08 |
18.39 |
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Return On Net Worth (%) |
|
22.82
|
28.22 |
23.57 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONAL PERFORMANCE AND BUSINESS PROSPECT
The Company has significantly increased its presence in the
infrastructure sector as a whole and more specifically in the segments of core
competency, which include construction of buildings and bridges. The Company is
further committed to strengthen its presence in these segments. There is ample
growth potential of road, highway segment and other infrastructural projects of
construction industry. Though there is tough competition in this segment, the
company will persist in its endeavor to improve further its operational
efficiency. The Company has benchmarked itself with the best practices in the
Industry and will constantly endeavour to maintain the highest level of quality
in execution and corporate governance.
The Company will pursuit policy and expand geographically across the
country to achieve its goal of strategic growth in terms of volume as well as
geographical spread. To further the growth, the Company is also trying its
level best to procure jobs and execute contracts outside India. The Company has
in-house expertise and capability in construction and project management,
development consultancy, sales and marketing, thereby making the Company
vertically integrated. This enables the Company to meet the project timeliness
and commitments and ensuring that the highest levels of technical and service.
MANAGEMENT
DISCUSSION AND ANALYSIS
BUSINESS OVERVIEW:
Subject one of the leading emerging civil infrastructure solutions
providers in India. Incorporated in 1990, the Company has significantly
increased its presence in the infrastructure sector as a whole and more
specifically in the segments of core competence, which includes Pilling,
Building Multilevel Car Parking system and other urban infrastructure/ construction.
The company is committed to further strengthen its presence in the industry by
focusing on all the segments falling under urban as well as rural
infrastructure.
PERFORMANCE
REVIEW:
For the financial year:
a) Revenue for the year is Rs. 22.987 Millions as against Rs. 13.616
Millions for the previous period, thus
showing an increase of 69 % as against the Previous period
b) Profit before tax (after interest and depreciation charges) is Rs.
2.237 Millions as against Rs. 1.178 Millions for the Previous period, a rise of
90 % as against theprevious period.
c) Profit after providing for current tax and fringe benefit tax is Rs.
1.978 Millions as against Rs. 1.042 Millions for the previous period, a rise of
90 %.
THE
INDUSTRY-STRUCTURE AND DEVELOPMENTS
Infrastructure Industry in India has been experiencing a rapid growth in
its different sectors with the development of urbanization and increasing
involvement of foreign investments in this field. The Indian government has
taken initiatives to develop the infrastructure sector, with major emphasis on
construction, engineering, IT, entertainment, textiles, food, and utility to
name some. The construction industry is the second largest industry of the
country after agriculture. It makes a significant contribution to the national
economy and provides employment to large number of people. The use of various
new technologies and deployment of project management strategies has made it
possible to undertake projects of mega scale. The Indian construction sector
has been growing at more than 12% pa in the last four years i.e. almost 1.5
times the country's overall growth. In its path of advancement, the industry is
still faced with some major challenges, including housing, disaster resistant
construction, water management and mass transportation. Further relatively
higher inflation levels in the country and slowdown in the global economic
growth, especially in the US seems to dampen the favorable economic climate.
The Indian industry, however, had a higher share of 30% in the annual average growth achieved in GDP during the last 5 years. A notable feature of this growth phase is the significant up trend seen in the manufacturing, construction, transport and communication sectors. It is heartening to note that the foreign direct investment during the fiscal year 2007-2008 increased to USD 25 billion and is expected to scale up with further opening up of core and infrastructure sectors. Inclusive development of the economy supported by a strong infrastructure is a prerequisite for sustaining the growth momentum and improving an all round quality of life. With the government commitment to a faster pace of reform and creating a slew of world class infrastructure, the industrial outlook remains encouraging.
OUTLOOK
Infrastructure in India generally refers to the elementary supporting
factors responsible for the entire frame of India. The infrastructure
definition says that anything that forms the core of the functioning of any
country is infrastructure. India being the seventh-largest country in the world
has maintained an infrastructure management that has enabled India to reach new
heights. Over the last increase of basic raw materials costs as cement, steel
and labour etc.
Fixed Assets:
·
Building
·
Plant and Machinery
o
Cranes
o
Winch and Engine
o
Pile Frame
o
Other Plants
o
Tools and Implements
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Trucks and Tippers
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Motor Vehicles
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Two Wheelers
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Computers
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Furniture and Fixtures
·
Office Equipment
Contingent
Liabilities:
There are outstanding guarantees amounting to Rs. 735.550 Millions (Year
ended 31.03.07 - Rs 460.126 Millions) and outstanding letters of credit
amounting to Rs.51.862 Millions (Year ended 31.03.07 - Rs. 8.763 Millions)
given on behalf of the Company by Banks and an outstanding guarantee amounting
to Rs.17.700 Millions (Year ended
31.03.07 - Nil) and outstanding letter of credit amounting to Rs. Nil (Year
ended 31.03.07 – 8.763 Millions) given on behalf of the subsidiary of the
company by earmarking the limits of the company by the Banks, which are secured
by the securities as specified in Schedule 3 of the accounts. The receipts of
term deposits are also held by Banks towards margin money against the
guarantees/letters of credit given by them on Company's behalf, besides the
counter indemnity by the Company for such guarantees/letters of credit.
Website Details
Attached:
Company Profile:
Incorporated in the year 1990 as a Public Limited Company. The Registered
Office at Calcutta is controlling Project Sites all over India. In a decade of
its working. Subject has emerged as a renowned civil engineering and
construction company.
The Company has procured a fleet of costruction equipment over this
period.
It got Listed in the Bombay and National Stock Exchange at Rs.180 and
the stock prices reached its peak at Rs.480
Ongoing Projects:
Construction of 560 M length ROB at Mithapur, Patna for Eastern Railway
for Rs.150 million. (Multiple Span 39.1 Mtrs.)
12 nos. ROBs varying from 500 to 750 mtrs. long (total 12,000 M length) at
various locations in and around Ranchi and Dhanbad in the state of Jharkhand
for Konkan Railway Corpn. Limited. Approximate value of the job is Rs.650
million.
Bhutan - Construction of Thimphuchu Bridge on Thimbu Babesa Expressway
for Royal Govt. of Bhutan, Dept. of Bridges Job value Rs.52.9 million approx -
50% work completed.
Construction of ROB work at Patna for apprx. Rs.86 million, main client
being IRCON and contractor being Nagarjuna Construction Company Limited. on
back to back basis. (Total length 2500 mtrs. (70 multiple span).
Completed Projects:
Some of the prestigious bridges/ROBs constructed by the Company are –
7 bridges, with span ranging from 18-50 mtrs. on Digha Tamluk Rail Link. Four laning with Grade Separator/interchange at Tumkur bye pass, Bangalore for M/s. A.L. Sudharshan and Company.(main client- NHAI) Bridge length (12 x 20.0 M + 4 x 40.0 M).
Construction of 4-lane flyover 560 mtr. Length, 28.0 mtr. Span, 11 nos. twin
hollow box pre-stressed concrete girder at Taratala for PWD,Govt. of West
Bengal, Kolkata
Company Services and Activities:
CORE
ACTIVITIES:
Piling and Foundation Work Soil Investigation and
recommendation Soil Densification work - sand piles, stone columns,
dynamic compaction. Sheet Piling Heavy RCC and pre-stressed concrete
foundation works Basement Structures Pile foundation - cast-in-situ
driven,
Specialisation:
Car Parking Systems.
Bridges and Flyovers/reinforced and pre-stressed Industrial Structures Long Span Structure-steel and prestressed concrete.
Niche Area:
· Multistoried Buildings
· Townships, Group Housing Design and Construction.
· Commercial buildings Complexes
· Water, Waste and Sewage Treatment Plants
Services:
TURNKEY CONSTRUCTION
·
Large span and/or high-rise commercial,
·
Industrial and specialty building Projects,
·
Structural engineering, design and construction management
·
On lumpsum and cost plus basis Design and Build
·
Automated design and estimation Processes
·
Large team of trained work force for executing complex structures
·
Mobile, site-based ready mix concrete
·
manufacturing facilities
Structural
Engineering:
·
Analysis and design of elements and systems
·
Automated analysis, design and drafting
·
Customized design solutions
·
Understanding and advising clients
·
Structural management
DESIGN AND CONSTRUCTION MANAGEMENT
·
Design management and co- ordination
·
System selection for fast-track construction
·
Planning of activities, costs and time schedules
·
Quality and Safety Management
·
Management Information System.
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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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 |
|