MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
EXPO GAS CONTAINERS LIMITED |
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Registered Office : |
150 Sheriff Devji Street, Mumbai – 400 003, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
19.07.1982 |
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Com. Reg. No.: |
027837 |
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CIN No.: [Company
Identification No.] |
L40200MH1982PLC027837 |
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Legal Form : |
Public Limited Liability Company. The Company Shares Are Listed On
Stock Exchange. |
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Line of Business : |
Manufacturer of Gas Containers Products. |
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 500000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s
profitability is under severe pressure. Financial position is weak having good amount of accumulated losses.
Trade relations are fair. No complaints have been heared from the market
sources. The company can be considered for small to mediocre business. |
INFORMATION
DECLINED BY
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Name : |
Mr.Dharmendra Yadav |
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Designation : |
Network Engineer |
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Date : |
21.10.2008 |
LOCATIONS
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Registered Office : |
Expo House, 150 Sheriff Devji Street, Mumbai – 400 003, Maharashtra,
India. |
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Tel. No.: |
91-22-23432106 / 07 / 08 |
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Fax No.: |
91-22-3401635 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.ft. |
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Location : |
Rented |
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Factory 1 : |
A-10, MIDC, Murbad, Dist. Thane – 421 401,Mumbai, Maharashtra, India. |
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Tel. No.: |
91-2524-222366 / 22344 |
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Fax No.: |
91-2525-222186 |
DIRECTORS
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Name : |
Vijay S.Shelke |
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Designation : |
Director |
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Address : |
27, Kit-Kat Co.Op.Society, Kasturba Cross Road, Borivali (East),
Mumbai – 400066, Maharashtra, India. |
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Date of Birth : |
23.10.1966 |
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Din No.: |
01073945 |
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Date of Appointment : |
01.10.2007 |
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Name : |
Vazirali G.Lokhandwalla |
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Designation : |
Additional Director |
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Address : |
244 /B, Saini Andrews RD, C-11, Gulapts, 3rd FLR, Pali
Hill, Bandra (West), Mumbai – 400050, Maharashtra, India. |
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Date of Birth : |
13.09.1957 |
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Din No.: : |
02276558 |
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Date of Appointment : |
11.07.2008 |
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Name : |
Mr.Bhagwan N. Bharadwaj |
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Designation : |
Non- executive Director |
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Address : |
1102, B1, Lakaki Road, Pune – 411016, Maharashtra, India. |
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Qualification : |
Qualified Engineer |
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Experience : |
30 years |
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Date of Appointment : |
28.06.1991 |
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Name : |
Mr.Mohammed Ali Kalyan |
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Designation : |
Director |
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Address : |
Flat No. 934, Khoja Azakhana, Nrbharatnacar, Bhavnagar, Gujarat |
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Date of Appointment : |
31.12.2003 |
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Name : |
Mr.Abbas Syyed Ali |
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Designation : |
Non-executive Director |
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Address : |
Expo House 150 Sheriff Devji Street, Masjid Bunder Mumbai - 400003,
Maharashtra, India. |
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Date of Appointment : |
15.12.2005 |
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Name : |
Mr.R.Ramanathan |
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Designation : |
Director |
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Name : |
Mr.Indra Kumar Paharia |
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Designation : |
Director (Marketing) |
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Qualification : |
Qualified Engineer and Post Graduate in Financial Management. |
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Experience : |
30 years |
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Name : |
Mr.Sadruddin Jiwani |
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Designation : |
Director |
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Name : |
Mr.D.C.Anjaria |
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Designation : |
Director |
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Qualification : |
Graduate in Commerce and Post Graduate in Business Management |
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Experience : |
20 years |
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Name : |
Mr.Mahesh Bhuta |
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Designation : |
Director (Businessman) |
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Name : |
Mr.S.H.Jiwani (NRI) |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr.Shaukatali S. Mewawala |
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Designation : |
Chairman and managing Director |
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Qualification : |
Technocrat, Businessman and Qualified Engineer from I.I.T., Bombay. |
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Date of Appointment : |
19.07.1982 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2008
|
Names of Shareholders |
No. of Shares |
Percentage of
Paid up Capital |
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Promoters, Relatives and Person acting in concert |
1660979 |
21.33 |
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Foreign Institutional Investors |
0 |
0.00 |
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Financial Institutions and Banks |
0 |
0.00 |
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NRI |
536461 |
6.89 |
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Mutual Funds and UTI |
400 |
0.00 |
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Private Corporate Bodies |
786051 |
10.10 |
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Public and others |
4802509 |
61.68 |
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Total |
7786400 |
100.00 |
Changes In The Shareholding Pattern / Voting Rights
Pre-allotment in terms of shares
Post-allotment in terms of shares
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Sr.No |
Category |
No. |
% |
No. |
% |
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A. |
Promotes and Persons acting in concert |
1660979 |
21.33 |
6160979 |
50.14 |
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B |
Mutual Funds / Foreign Institutional
Investors |
400 |
0.01 |
400 |
0.00 |
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C |
Public |
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(a) NRIs/ OCBs |
536461 |
6.89 |
536461 |
4.37 |
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(b) others |
5588560 |
71.77 |
5588560 |
45.49 |
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Total |
7786400 |
100.00 |
12286400 |
100.00 |
AS ON 31.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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6.81 |
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Bodies corporate |
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21.06 |
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Directors or relatives of directors |
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10.70 |
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Other top fifty shareholders |
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13.93 |
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Other |
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47.49 |
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Mutual Funds |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gas Containers Products. |
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Exports : |
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Countries : |
v Europe v Gulf Countries |
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Imports : |
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Products : |
v Steels |
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Countries : |
v Japan v Europe |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Cylinders |
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Nos. |
350000 |
Nil |
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Pressure Vessels |
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Mt. |
3000 |
397.364 |
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Structural Material |
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Mt. |
Nil |
276.405 |
GENERAL
INFORMATION
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Customers : |
Ø
Indian Oil Corporation Limited Ø
Bharat Petroleum Corporation Limited Ø
Hindustan Petroleum Corporation Limited Ø
Projects & Development India Limited Ø
Petroleum Indian International Ø
Oil & Natural Gas Corporation Limited Ø
UTST Limited Ø
Navin Fluorine Industries Ø
M/s. Toyo Engineering Limited Ø
Chennai Petroleum Company Limited ( CPCL ) Ø
Indian Farmers Fertilizer Co-op. Limited / Lloyds Steel Ø
Gujrat Gas Company Ø
SHV Energy North West India Private Limited
Ø
Gas Authority of India Limited Ø
Bharat Shell Limited. Ø
Hitachi Zosen Corporation - Japan Ø
Gapco (Sudan) Limited - Sudan Ø
Trimeta Petroleum - Madagascar Ø
LP Gas Limited
- Bangladesh Ø
M/s. OKI Bering Middle East FZE - U.A.E. Ø
L.G. Engineering & Construction Corporation. Ø
Kochi Refineries Limited Ø
Stork Engineers & Contractors B.V., Amsterdam Ø
Cipla Ø
Mitsubishi Heavy Industries Limited - Japan Ø
Godrej & Boyce Manufacturing Company Limited Ø
Tecnimont ICB Limited Ø
National Aluminum Co. Ltd (NAALCO) |
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No. of Employees : |
40 |
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Bankers : |
Khand Bazar Branch, Mumbai |
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Facilities : |
As on 31.03.2008 Secured Loans
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Auditors : |
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Name : |
Ketan N.Shah and Company Chartered Accountant |
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Address : |
Room No. 36, 2nd Floor, Guru Ashish Building, 1st
Ganeshwadi Corner, Zaveri bazaar, Mumbai -400002, Maharashtra, India. |
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Memberships : |
Confederation of Indian Industry |
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Associates/Subsidiaries : |
v Expo Projects
Eng. Services Private Limited v Arabesque
Investments Private Limited v Bianca
Investments Private Limited v L.Ebrahim Haji Sheriff
and Company Private Limited v K.S. Shivji and
Company v Steelex
Corporation v Expo India
Agencies |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs. 10/- Each |
Rs.80.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7786400 |
Equity Shares |
Rs. 10/- Each |
Rs.77.864 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.09.2006 |
30.09.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
77.864 |
77.864 |
77.864 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.663 |
28.663 |
28.663 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
106.527 |
106.527 |
106.527 |
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LOAN FUNDS |
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1] Secured Loans |
182.458 |
189.001 |
189.403 |
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2] Unsecured Loans |
25.582 |
4.963 |
7.719 |
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TOTAL BORROWING |
208.040 |
193.966 |
197.122 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
314.567 |
300.493 |
303.649 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.762 |
99.176 |
106.449 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
89.756 |
100.302 |
47.601 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.366
|
9.768 |
26.113 |
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Sundry Debtors |
58.547
|
46.221 |
53.881 |
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Cash & Bank Balances |
6.506
|
13.579 |
5.651 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.194
|
12.323 |
24.860 |
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Total
Current Assets |
99.613
|
81.891 |
110.505 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
13.237
|
38.800 |
44.575 |
|
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Provisions |
16.685
|
0.000 |
0.000 |
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Total
Current Liabilities |
29.922
|
38.800 |
44.575 |
|
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Net Current Assets |
69.691
|
43.091 |
65.930 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit and Loss account |
64.358 |
57.916 |
83.669 |
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TOTAL |
314.567 |
300.493 |
303.649 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
01.10.2006 To 31.03.2008 |
01.10.2005 To 30.09.2006 |
01.10.2004 To 30.09.2005 |
|
|
Sales Turnover |
116.678 |
81.148 |
92.712 |
|
|
Other Income |
0.828 |
0.161 |
0.588 |
|
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Total Income |
117.508 |
89.513 |
93.300 |
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Profit/(Loss) Before Tax |
4.233 |
(28.729) |
9.674 |
|
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Provision for Taxation |
10.674 |
(52.620) |
8.624 |
|
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Profit/(Loss) After Tax |
(6.441) |
23.891 |
1.050 |
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Expenditures : |
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Raw Material Consumed |
18.723 |
47.251 |
29.112 |
|
|
Increase/(Decrease) in Finished Goods |
(0.019) |
(0.001) |
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|
|
Salaries, Wages, Bonus, etc. |
21.210 |
14.603 |
17.020 |
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Payment to Auditors |
0.092 |
0.062 |
0.060 |
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Interest |
0.000 |
0.018 |
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Power & Fuel |
2.508 |
1.277 |
1.692 |
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Depreciation & Amortization |
8.585 |
7.766 |
7.756 |
|
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Other Expenditure |
62.176 |
47.266 |
27.986 |
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Total Expenditure |
113.275 |
118.242 |
83.626 |
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QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2008 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
24.000 |
|
Other Income |
|
|
0.000 |
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Total Income |
|
|
24.000 |
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Total Expenditure |
|
|
26.000 |
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Operating Profit |
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|
(02.000) |
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Interest |
|
|
0.000 |
|
Gross Profit |
|
|
(02.00) |
|
Depreciation |
|
|
01.900 |
|
Tax |
|
|
0.00 |
|
Reported PAT |
|
|
(03.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.09.2006 |
30.09.2005 |
|
PAT / Total Income |
(%) |
(5.48)
|
26.68 |
1.12 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.62
|
(35.40) |
10.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.51
|
(10.21) |
3.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.26) |
0.09 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
2.18 |
2.26 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.32
|
2.11 |
2.47 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 19th July, 1982 at Mumbai in
Maharashtra having Company Registration No. 27837.
Director’s Report
Extension of
Financial Year
As you are aware their company’s financial year is from October to September.
Last year ended on 30.09.2006. This time the company has extended its year
ending to 31.03.2008 thereby making it for 18 months period. The Company has
sought the permission under section 210(4) from the office of the Ministry of
Corporate Affairs for extending its year ending up to 31.03.2008 vide their
order dated 31.01.2008. Further the permission of Ministry was also sought
under section 166 (1) of the companies Act, 1956 to conduct its Annual General
Meeting for its 18 months period ended 31.03.2008 by 30.09.2008 thereby the gap
between the two Annual General Meeting will be more than 15 months. The company
got the favourable order of MCA dated 13.02.2008
Current Year and
Future Perceptions
Current market scenario in their type of industry is very bright. As on
today, the demand is more than supply. They have secured good orders in the
current year of approximately Rs.150.000 Millions and expect to at least double
the orders before close of the year in March 2009.
As per the indications available, there are many projects, both in India
and overseas and the demand in their industry will remain high at least for the
next 3 to 5 years
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Indian economy continued to grow strongly in 2007-08. There are
concerns about the country’s ability to sustain a very high growth rate into
the future without further substantive reforms. The engineering industry to be
specific also continued to do well.
OUTLOOK
The future scenario offers both challenges and opportunities.
Engineering industry continues to be in demand. Scope of business is still more
than the demand for the next 5 years. India has also emerged as exporter of
process plant equipments and there are good prospects internationally.
Bankers Charges
Report as per Registry
|
Name of the company |
Expo Gas Containers Limited |
|
Presented
By |
Union Bank of India, Khand Bazar Branch,
Mumbai |
|
1) Date and description of instrument creating the change |
Letter of
Hypothecation Dated :- 24.10.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
Millions |
|
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 |
Purchase from or
negotiate a bills of exchange drawn or accepted or endorsed against goods and
/ or merchandise or shipping or other documents and / or hold such or any
other bill or bills of exchange and or documents for collection on the
borrower’s account under to the bank. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 10% for the FEDB / FUDBP limit of Rs.10.000 Millions granted by the
bank to the company. |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Khand Bazar
Branch, 109, Kazi Sayed Street, Khand Bazar, Mumbai-400003, Maharashtra,
India. |
AS PER WEB SITE DETAILS
Subject, is a fully integrated Engineering and Construction company which was incorporated in 1982, and governed by Board of Directors who are eminent personalities in the field of technology, finance and management.
They manufacture a wide range of Process Plant Equipments such as Coded Pressure Vessels, Distillation Columns, Towers, Reactors, Heat Exchangers, Liquefiable Gas Cylinder, LPG Cylinders etc. They also undertake turnkey projects to construct Fixed and Floating Roof Tanks, Mounded Storage Tanks, Horton Spheres, Cryogenic Tanks Cross Country and In- Plant Piping.
Their manufacturing facilities are located at Murbad 90km. North of Mumbai, where all basic infrastructure facilities are available. Over the years the company has transformed itself into an organization with most modern manufacturing works with a highly knowledgeable and experienced manpower. Their facilities are approved by Chief Controller of Explosives, under Indian Boiler Regulations and Cylinder division is accredited
ISO 9002 : 1994 by DNV.
Their manufacturing facilities are located at Murbad 90km.
North of Mumbai, where all basic infrastructure facilities are available. Over
the years the company has transformed itself into an organization with most modern
manufacturing works with a highly knowledgeable and experienced manpower. Their
facilities are approved by Chief Controller of Explosives, under Indian Boiler
Regulations and Cylinder division is accredited ISO 9002 : 1994 by DNV.
EXPO is company with customer satisfaction as its prime
objective. They believe that to maintain their success, they must always exceed
their customer's expectations and they are dedicated to achieving this. Their
experience provides clients with an undivided guarantee on the workmanship and
performance of their equipment and products.
Dedication to work and deepest commitment to their clients
have propelled us to strive and integrate the science of engineering and design
with the art of perfect execution, qualitative service and in-time delivery.
They are confident of taking up any challenging projects in diversified
industrial sector by forging tie-ups with world leaders wherever necessary, to
bring in the best and latest technology
FIXED ASSETS
Ø
Land
Ø
Factory Shed
Ø
Furniture and Fixture
Ø
Vehicles
Ø
Spares Tools and Dies
Ø
Plant and Machinery
Ø
Electrical Installation
Ø
Office Equipments
Ø
Computers
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.49.29 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|