RISK evaluation of a BOND[09/2009] in Offer

Within Bond nomenclature how secure are Bonds issued by a Private Enterprise that do
not have a ISIN# and NOT quoted/listed,Principal NOT guaranteed/not protected?
Valuation/Comments sought Bonds issued by www.merchant-capital.net/ a FSA
regulated UK/London entity. If the Principal is NOT protected and Guaranteed is the
Coupon's guaranteed?
(http://www.merchant-capital.com/recent-press/merchant-capital-closes-first -round-of-bond-sales-for-recovery-fund-at-590000)
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**Response solicited from Fixed Income Advisors or Specialists

Additional Information:

Within Bond nomenclature how secure are Bonds issued by a Private Enterprise that do not have a ISIN# and NOT quoted/listed,Principal NOT guaranteed/not protected?
Valuation/Comments sought Bonds issued by www.merchant-capital.net/ a FSA
regulated UK/London entity. If the Principal is NOT protected and Guaranteed are the Coupon's guaranteed?
(http://www.merchant-capital.com/recent-press/merchant-capital-closes-first -round-of-bond-sales-for-recovery-fund-at-590000)
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**Response solicited from Fixed Income Advisors or Specialists