MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOVIND RUBBER LIMITED |
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Registered Office : |
G -15, Creative, 72, N MK Joshi Marg, Lower Parel, Mumbai – 400 011, Maharashtra
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
23.05.1985 |
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Com. Reg. No.: |
36320 |
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CIN No.: [Company
Identification No.] |
U25110MH1985PLC036320 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08858D |
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PAN No.: [Permanent
Account No.] |
AAACG3682P |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the stock exchange. |
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Line of Business : |
Manufacturer of Cycle Tyres. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. Its
financial position can be regarded as poor having accumulated losses. It’s
payments are reported as slow but correct. The company can be considered moderate for business dealings sat usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
G -15, Creative, 72, N MK Joshi Marg, Lower Parel, Mumbai – 400 011,
Maharashtra |
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Tel. No.: |
91-22-23095641/1784/30921124/30921126 |
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Fax No.: |
91-22-23092296 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
318, Creative Industrial Estate, Sitaram Mill Compound, 72-N.M Joshi Marg, Mumbai – 400 011, Maharashtra, India. |
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Tel. No.: |
91-22-3091784/5641/0569/3071831 |
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Fax No.: |
91-22-3073918 |
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E-Mail : |
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Factory 1 : |
VPO Jugiana, GT Road, Ludhiana 141 120, Punjab |
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Tel. No.: |
91-161-2510335/416/449/825 |
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Fax No.: |
91-161-2510535 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
Kanganwal Road, VPO Jugiana , GT Road, Ludhiana – 141 120, Punjab |
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Factory 3 : |
SP-923, RIICO, Phase III, P.O. Bhiwadi – 301019, District Alwar, Rajasthan, India |
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Tel. No.: |
91-1493-20074/20075 |
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Fax No.: |
91-1493-20073 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vinod Poddar |
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Designation : |
Managing Director |
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Name : |
Mr. K M Garg |
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Designation : |
Director |
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Name : |
Mr. Umesh Lathi |
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Designation : |
Director |
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Date of Appointment : |
01.07.2007 |
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Name : |
Mr. Sandeep Jhunjhunuwalal |
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Designation : |
Director |
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Name : |
Mr. Madhusudan Lohia |
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Designation : |
Director |
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Date of Ceasing: |
26.06.2007 |
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Name : |
Mr. Ramen Ray Mandal |
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Designation : |
Nominee Director |
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Date of Appointment : |
26.06.2007 |
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Name : |
Nimesh Shah |
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Designation : |
Nominee (ICICI) |
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Name : |
K. Goenka |
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Designation : |
Director |
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Name : |
Mr. J. K. Jain |
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Designation : |
Director |
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Name : |
Mr. Arvind Poddar |
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Designation : |
Director |
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Name : |
Mr. S. M. Merchant |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Dharaprasad Poddar |
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Designation : |
Chairman |
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Name : |
Mr. Nimesh Shah |
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Designation : |
Nominee (ICICI) |
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Name : |
Mr. Rahul Poddar |
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Designation : |
Management Committee |
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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Foreign Investors |
95238 |
0.44 |
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NRI |
26102 |
0.12 |
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Promoters |
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Individual |
4908365 |
22.46 |
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Companies |
6849515 |
31.36 |
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Other Companies |
2169552 |
09.93 |
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Mutual Funds |
1768655 |
8.10 |
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Financial Institu8tions / Banks |
506919 |
2.32 |
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Others |
5520691 |
25.27 |
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Total
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21845037 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cycle Tyres. |
PRODUCTION STATUS (31.03.2008)
Millions
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Cycle Tyres |
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Nos |
30.000 |
24.080 |
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Cycle Tubes |
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Nos |
30.000 |
27.723 |
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Auto Tyres |
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Nos |
1.500 |
0.100 |
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Auto Tubes |
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Nos. |
2.500 |
1.200 |
GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
· Central Bank of India · State Bank of India · Bank of Baroda · Indian Overseas Bank |
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Facilities: |
Note : Cash credit ,packing credit
, working capital Demand loan Loans ands bill discounting facilities from the
bank as shown above are secured against the hypothecation of inventories and
book debts and further secured by way of second charge on Pari passu basis on
the fixed assets of the company at Ludhiana Term loans from financial institutions/ Banks are secured by way of
first charge on Pari passu basis on company movable and immovable properties
assets both present and future subject to prior charge on inventories and
book debts in favour of company’s Bankers Vehicle loans are secured by hypothecation of vehicles acquired out of
proceeds of the loans Loans / facilities from banks and financials institutions as shown
above are personally guaranteed by the managing director Unsecured loan Loan from a company Security Deposit from Agents / distributors - Rs. 202.677 Millions |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
M/s Jayantilal Thakkar and Company Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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22000000 |
Equity shares |
Rs. 10/- each |
Rs. 220.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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21845037 |
Equity shares |
Rs. 10/-
each |
Rs. 218.450 millions |
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Less: |
Allotment money in arrears |
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Rs. 0.033 millions |
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Total |
Rs. 218.417 millions |
Out of Above
i) 1745000 Equiiy Shares of Rs.10/- each alloted as fully paid up without payment being received in cash, pursuant to Schemes of Amalgamation,
ii) 2495000 Equity Shares of Rs.10/-each issued as fully paid bonus shares by way of capitalisation of Amalgamation Reserve.
iii) 5058745 Equity shares of Rs. 1 0/- each are issued as fully paid up to Financial Institutions/Bank against simple Merest duas as on 31st March 2003 as per restructuring package approved by CDR Cell of RBI.
iv) 458474 Equity shares of Rs. 1 07- each are issued as fully paid up on Net present value (NPV) basis on account of 1 % reduction in the rate of interest payable in future to Financial Institution/Bank, in terms of re-workout package approved by CDR Cell of RBI.
v) 828930 Equity shares issued as fully paid up to promoter's company on preferential basis during the year as por SEBi guidelines.
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 |
218.417 |
208.847 |
207.533 |
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2] Share capital suspense pending allotment |
0.000 |
0.000 |
4.188 |
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3] Share Application Money |
0.000 |
0.000 |
0.000 |
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4] Reserves & Surplus |
267.960 |
247.542 |
245.709 |
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5] (Accumulated Losses) |
(390.554) |
[412.555] |
[432.598] |
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NETWORTH |
95.823 |
43.834 |
24.832 |
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LOAN FUNDS |
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1] Secured Loans |
883.582 |
1065.582 |
888.207 |
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2] Unsecured Loans |
202.677 |
126.024 |
128.863 |
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TOTAL BORROWING |
1086.259 |
1191.606 |
1017.070 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1182.082 |
1235.440 |
1041.902 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
289.607 |
275.046 |
277.814 |
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Capital work-in-progress |
0.000 |
0.000 |
1.290 |
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INVESTMENT |
0.073 |
0.073 |
0.073 |
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DEFERREX TAX ASSETS |
101.451 |
101.451 |
101.451 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
460.461 |
354.057 |
251.153 |
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Sundry Debtors |
817.456 |
795.244 |
684.500 |
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Cash & Bank Balances |
3.678 |
9.794 |
14.472 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
100.853 |
95.808 |
63.759 |
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Total
Current Assets |
1382.448 |
1254.903 |
1013.884 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
581.687 |
388.781 |
339.547 |
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Provisions |
9.810 |
7.252 |
13.063 |
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Total
Current Liabilities |
591.497 |
396.033 |
352.610 |
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Net Current Assets |
790.951 |
858.870 |
661.274 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1182.082 |
1235.440 |
1041.902 |
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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 |
2508.400 |
2437.033 |
2091.375 |
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Other Income |
1.100 |
0.922 |
4.916 |
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Stock Adjustments |
0.000 |
0.000 |
0.000 |
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Total Income |
2509.500 |
2437.955 |
2096.291 |
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Profit/(Loss) Before Tax |
22.700 |
20.573 |
13.276 |
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Provision for Taxation |
0.700 |
0.530 |
0.519 |
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Profit/(Loss) After Tax |
22.000 |
20.043 |
12.757 |
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Export Value |
376.200 |
464.570 |
381.315 |
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Import Value |
548.323 |
717.840 |
262.300 |
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Expenditures : |
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Manufacturing Expenses and other Expenses |
73.400 |
2275.050 |
1959.098 |
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Raw materials |
1636.800 |
0.000 |
0.000 |
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Excise duty |
1.300 |
0.000 |
0.000 |
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Power nad Fuel Cost |
157.000 |
0.000 |
0.000 |
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Employee cost |
189.400 |
0.000 |
0.000 |
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Selling and Administrative Expenses |
262.600 |
0.000 |
0.000 |
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Miscellaneous Expenses |
14.600 |
0.000 |
0.000 |
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Interest and finance charge |
117.800 |
111.040 |
93.707 |
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Depreciation & Amortization |
33.900 |
32.423 |
37.710 |
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Total Expenditure |
2486.800 |
2418.513 |
2090.515 |
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QUARTERLY RESULTS
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Year |
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30.06.2008 (1st
Quarter) |
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Sales Turnover |
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612.500 |
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Other Income |
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0.100 |
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Total Income |
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612.600 |
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Total Expenditure |
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571.900 |
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Operating Profit |
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40.700 |
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Interest |
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31.700 |
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Gross Profit |
|
9.000 |
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Depreciation |
|
7.700 |
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Tax |
|
0.100 |
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Reported PAT |
|
1.200 |
KEY RATIOS
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Year |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
16.38 |
33.11 |
68.85 |
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Long Term Debt-Equity Ratio |
9.15 |
19.92 |
48.86 |
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Current Ratio |
1.43 |
1.44 |
1.52 |
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TURNOVER RATIOS |
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Fixed Assets |
2.44 |
2.46 |
2.12 |
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Inventory |
6.16 |
8.29 |
8.68 |
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Debtors |
3.11 |
3.39 |
3.50 |
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Interest Cover Ratio |
1.19 |
1.17 |
1.04 |
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Operating Profit Margin(%) |
6.95 |
6.49 |
6.18 |
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Profit Before Interest And Tax Margin(%) |
5.60 |
5.20 |
4.46 |
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Cash Profit Margin(%) |
2.23 |
2.09 |
1.87 |
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Adjusted Net Profit Margin(%) |
0.88 |
0.80 |
0.14 |
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Return On Capital Employed(%) |
8.73 |
8.36 |
6.57 |
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Return On Net Worth(%) |
4.67 |
4.41 |
0.69 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Subject was incorporated in the year 1981 at Mumbai in Maharashtra having company registration number 36320. Subject was founded by late Mr. M. P. Poddar a true visionary who always globalisation of operations.
Set up in 1982 at Ludhiana, Govind Rubber took over a sick unit, Pavan Tyres, in 1984 and amalgamated it in 1991. The unit was promoted by Siyaram Poddar group. The company manufactures cycle tyres & tubes and auto tyres and tubes.
The company
came out with a public issue in Oct.'92 at a premium to part-finance an
export-based project to manufacture nylon colour/gum wall tyres and tubes. It
has a technical collaboration agreement with Union Rubber Industries Company,
Taiwan, and an export obligation under the Export Promotion Capital Goods scheme.
The Auto Tyres Project at Bhiwandi unit was completed in 96-97 and the project
was financed by term loan and internal cash accruals.
In 1997-98, the installed capacity of cycle tyres was increased to
4,50,00,000 nos.; cycle tubes to 4,50,00,000 nos.; auto tyres to 25,00,000
nos.; auto tubes to 45,00,000 nos.
During 1999-2000, the company's unit at Bhiwadi - Rajasthan has achieved ISO
9002 certificate for all its products viz. auto tyres and tubes, cycle tyres
and tubes. The company was honoured by CAPEXIL for the 9th time in succession,
with the top export award for the cycle tyre industry. Modernisation programme
at Ludhiana and Bhiwadi plant was implemented in the year 2000-2001. As the
Bhiwadi Plant is a loss making one, the company sold the same to Balkrishna
Industries Ltd unit Balkrishna Tyres,a Tyre Manufacturing unit for Rs.169.600
Millions
OPERATIONS:
The Company has achieved a Gross Turnover and Operational Income of Rs.
2508.400 Millions as compared to Rs.2509.400 Millions in the previous year. The
gross profit is Rs. 56.500 Millions as compared to Rs. 51.800 Millions in the
previous year. The net profit for the year stood at Rs. 22.000 Millions as
compared to Rs.20.000 Millions in the previous year before exceptional items
reflecting an increase of 10%.
OUTLOOK FOR THE
CURRENT YEAR 2008-09:
The year gone by was a most turbulent on the volatility in the price
spiral of natural rubber and crude oil. Fierce Competition in the market place
would be another big challenge to be met with. The Company is fully geared up
to review all key areas under continuous improvement system to maximize market
share and reduce costs in order to meet the market realities. The Company
expects to show growth in replacement and export markets due to various steps
undertaken to improve its market share. The Company continues to develop new
patterns, designs in all segments to meet needs of niche market
Contingent Liabilities in
respect of
a) Guarantees given by the bankers to various authorities & vendors
on behalf of the Company Rs 49.617 Millions (Rs.36.011 Millions).
b) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) Rs. 14.681 Millions (Rs. 12.500
Millions)
c) Disputed Sales-tax liabilities not provided for against which Company
has filed appeal Rs.0.891 Millions (Rs. 0.475 Millions)
d) Disputed Excise Liability not provided for against which the Company
has filed an appeal with the appropriate authority Rs.8.399 Millions (Rs.8.399
Millions) (The contingent liabilities in respect of Bank Guarantees and other
matters arising in the ordinary course of Business from which it is anticipated
that no material liabilities will arise.)
3. The Gross Block of Fixed Assets includes Rs.22.581 Millions
(Rs.22.581 Millions) on account of revaluation of Fixed Assets carried out in
the past. Consequent to the said revaluation there is an additional charge of
depreciation of Rs.0.445 millions (Rs.1.038 Millions) and an equivalent amount
has been withdrawn from Revaluation Reserve and credited to Profit and Los
Account.
Except Land, Factbry Building and the Main Production Plant and
Machinery, which are revalued, all other Fixed Assets continue to appear at
cost.
4. The Company has during the year adopted AS-15 (revised)
"Employee Benefits" notified by the Company's Accounting Standard
Rules, 2006 and an additional amount of Rs 4.956 Millions has been provided in
the financial statements.
FIXED ASSETS:
· Land
· Factory building
· Plant and machinery
· Electrical installation
· Furniture, Fixture and equipments
· Vehicles
OTHER INFORMATION:
Subject is a part of a big Industrial group called Siyaram Poddar Group (SPG). The group is engaged in the business of diverse products like Tires, Textiles and Paper products.
Subject has made exclusive and strategic agreements/arrangements in the USA, Europe, Middle East and cater to its wide customer base.
Subject has achieved ISO 9002 certificate for its all products viz. Auto Tyres and Tubes, Cycle Tyres and Tubes.
WEBSITE DETAILS:
Subject is a part of a big Industrial group called SIYARAM PODDAR GROUP(SPG). The group is engaged in the business of diverse products like Tires,Textiles and Paper products.
The company Tire range in "INTERNATIONAL" brand is reconed for high degree quality consistency.It has earned customer confidence and goodwill in international and domestic markets with prestigious OEM's and in replacement markets,worldwide.The development of new sizes,profiles and special types of Tires is an ongoing in-house activity. The research and development department has its own fully equipped laboratory for conducting checks and controls where stingent tests are conducted and findings can be traced for each batch.
Subject’s mission is to achieve Industry Leader status in special niche markets by continuously improving on its tires through its fully developed Research and Development Labs, while recognising the requirements in consonance with its customers.
The Motto of Govind
is to Extend Tire Life,Reduce Down Time,Improve Performance and
Safety and thereby reduce the consumers operating cost i.e. "more miles
from smiles"TM
Subject was founded by late Mr.M.P.Poddar a true visionary who always thought of globalization of operations.With reliability of quality,service and on time delivery while keeping a constant eye on Research and Development, being the cornerstones of his working principles. As a result subject has made exclusive and strategic agreements/arrangements in the USA,Europe,Middle East and Far East to cater to its wide customer base.
They invite equipment manufactures/dealers to discuss with
them on how they can jointly develop Tires for their special applications. Come
contact them today and see how they can make a difference to the business.
Using the latest Computer Technology,their innovative Research and Development team based in India and USA keeps INTERNATIONAL on the fore-front of design and technology.
All their compounds are mixed in most modern banburry mixers.They use heighst grade natural Rubber and other chemicals used for making tires.
INTERNATIONAL manufactures just-in-time system using advanced production techniques.The end result is a highly efficient high quality manufacturing plant.
With regular training programmes the production team is
proud of its skills to maintain the quality standard at the highest level. All
their batches are checked to ensure consistency of product. Every tire is
subjected to stringent final inspection before despatch.
All INTERNATIONAL tires are manufactured to ETRTO specifications.
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
YES |
|
--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/normal. |
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 |
|