MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SYNTHOKEM
LABS PRIVATE LIMITED |
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Registered Office : |
P. B. No. 1911, B-5, Industrial Estate, Sanathnagar,
Hyderabad - 500 018 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.12.1994 |
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Com. Reg. No.: |
01-19102 |
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CIN No.: [Company
Identification No.] |
U99999AP1994PTC019102 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS03466B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturing
of Bulk Drugs and Drug Intermediates. |
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 225000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experience and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office / Factory
: |
P. B. No. 1911, B-5,
Industrial Estate, Sanathnagar, Hyderabad - 500 018, India |
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Tel. No.: |
91-40-23702660/23702061/23707832 |
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Mobile No.: |
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Fax No.: |
91-40-23700621 |
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E-Mail : |
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Website : |
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Area : |
2500
sq. yds. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr.
Jayant M. Tagore |
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Designation : |
Managing Director |
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Address : |
Plot No. 6-3-1085/1, Alplne Heights, B Block, Flat No.
P-2, Somajiguda, Hyderabad, Andhra Pradesh |
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Date of Birth/Age : |
06.02.1962 |
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Qualification : |
B.Com |
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Date of Appointment : |
04.01.1995 |
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Date of
Ceasing : |
03.01.2010 |
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|
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Name : |
Mrs.
Shakuntala M. Tagore |
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Designation : |
Managing Director |
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Address : |
Apartment No. 701, Alpine Towers, Next to Viceroy Hotel,
Lower Tank Bund Road, Gandhi Nagar, Hyderabad - 500 080, Andhra Pradesh |
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Date of Birth/Age : |
01.06.1935 |
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Qualification : |
M.A. |
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Date of Appointment : |
04.01.1995 |
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Date of
Ceasing : |
03.01.2006 |
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Name : |
Mr.
M. Rabindranath Tagore |
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Designation : |
Director |
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Address : |
Apartment No. 701, Alpine Towers, Next to Viceroy Hotel,
Lower Tank Bund Road, Gandhi Nagar, Hyderabad - 500 080, Andhra Pradesh |
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Date of Birth/Age : |
07.01.1932 |
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Qualification : |
B.Com,
L.L.B. P.C.A., P. G. D. J. |
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Date of Appointment : |
04.01.1995 |
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Date of
Ceasing : |
03.01.2010 |
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|
|
|
Name : |
Ms. Rama
Madireddi |
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Designation : |
Director |
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Address : |
Plot No. 6-3-1085/1, Alplne Heights, B Block, Flat No.
P-2, Somajiguda, Hyderabad, Andhra Pradesh |
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Date of Birth/Age : |
27.08.1966 |
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Date of Appointment : |
24.08.2001 |
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Date of
Ceasing : |
23.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
M. B. Krishna Rao
|
|
100000 |
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Ms. Rama
Madireddi |
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20000 |
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Aishwarya
Madireddi |
|
340000 |
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Mr.
Jayant M. Tagore |
|
600000 |
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Mrs.
Shakuntala M. Tagore |
|
460000 |
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Mr.
M. Rabindranath Tagore |
|
540000 |
|
Aryaman
Madireddi |
|
240000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Bulk Drugs and Drug Intermediates. |
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Products : |
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Exports : |
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Countries : |
US, Japan, Canada, France, UK, Spain, Switzerland, Germany,
Belgium, Italy, Brazil, Vietnam, Egypt, Korea, Iran, Mexico, Columbia,
Bangladesh and Pakistan |
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Imports : |
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Countries : |
France, Japan, Italy, China and Korea |
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Terms : |
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Selling : |
Credit
(30 days) terms |
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Purchasing : |
D/A
(120 days) terms |
GENERAL
INFORMATION
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No. of Employees : |
45 |
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Bankers : |
State
Bank of Hyderabad, Sanathnagar Branch, Sanathnagar, Hyderabad - 500 018,
Andhra Pradesh, India Andhra
Pradesh State Financial Corporation, Chirag Ali Lane, Hyderabad |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raju
& Mahendra Chartered
Accountants |
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Address : |
5-8-512/18,
Abid Shopping Centre, Chirag Ali Lane, Abids, Hyderabad - 500001, Andhra
Pradesh, India |
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Associates/Subsidiaries : |
Senor
Organic Private Limited 7-1-71,
Dharam Karan Road, Ameerpet, Hyderabad – 500 016, Andhra Pradesh, India (Manufacturers
of Bulk Intermediates) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity shares |
Rs. 1000/- each |
Rs. 25000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2400000 |
Equity shares |
Rs. 1000/- each |
Rs. 24000.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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24000.000 |
24000.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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32431.006 |
35278.021 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
56431.006 |
59278.021 |
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LOAN FUNDS |
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1] Secured Loans |
|
60648.311 |
47306.239 |
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2] Unsecured Loans |
|
2252.416 |
2053.531 |
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TOTAL BORROWING |
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62900.727 |
49359.770 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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119331.733 |
18637.791 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
65759.029 |
30530.287 |
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Capital work-in-progress |
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0.000 |
41395.270 |
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INVESTMENT |
|
7666.800 |
7666.800 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
31861.458 |
13984.121 |
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Sundry Debtors |
|
20866.169 |
28023.989 |
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Cash & Bank Balances |
|
6991.376 |
9517.076 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
26077.126 |
16389.800 |
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Total
Current Assets |
|
85796.129 |
67914.986 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Current Liabilities |
|
26595.806 |
27681.733 |
|
|
Provisions |
|
13347.219 |
11247.219 |
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Total
Current Liabilities |
|
39943.025 |
38928.952 |
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Net Current Assets |
|
45853.104 |
28986.034 |
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MISCELLANEOUS EXPENSES |
|
52.800 |
59.400 |
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TOTAL |
|
119331.733 |
108637.791 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
110897.160 |
141757.645 |
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Total Income |
|
110897.160 |
141757.645 |
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Profit/(Loss) After Tax |
|
2499.675 |
14711.940 |
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Earnings in Foreign Currency : |
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Total Earnings |
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105804.706 |
1131316.748 |
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Expenditures : |
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Interest |
|
6375.363 |
4795.728 |
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Depreciation & Amortization |
|
6428.442 |
6038.069 |
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Other Expenditure |
|
95593.680 |
116211.908 |
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Total Expenditure |
|
108397.485 |
127045.705 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.25 |
10.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.70 |
0.65 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.14 |
1.74 |
LOCAL AGENCY
FURTHER INFORMATION
Business
It is
also engaged in Manufacturing, Producing, Converting, Exporting, Buying, Selling,
Dealing in all Chemicals Whether inorganic or organic alcohol based chemicals
fine and pharmaceutical chemical drugs and drug intermediates formulations drug
extracts, perfumery items, ayurvedic medicines, enzymes, vaccines, animal
husbandry veterinary medicines and feeds soaps, detergents hospital machinery
requirements.
The
company has become imperative to address and meet various quality standards.
Ø
It
is an ISO 9002 Certification from DNV.
Ø
A
COS for Guaifenesin (Ph.Eur.) by the Council of Europe, European Directorate
for the Quality of Medicines.
Ø
The
Company submitted relevant DMFs to USFDA for Certification of Methocarbamol /
Guaifenesin.
The
company is in trade terms with:
- Astra Zaneca Pharmaceuticals Limited
- Glenmark Pharmaceuticals Limited
- Pfizer
- Borregaard Italia S.P.A., Italy
- Via Cargo 73, 24040 Madone (BG), Italy
- Rhone-Polenc, France
- Rhodia Organique
- 6, Rue Georges Marrane, BP 55,
Venissieux Cedex, France
- Samsung Corporation, Korea
- C.P.O. Box No. 1144, Seoul, Korea
- Nissho Iwai Corporation
- 4-5, Akasaka, 2-Chome, Minato - Ku,
Tokyo - 107, Japan
- Bayer AG, Germany
The
company's fixed assets of important value include factory land & building,
plant & machinery, furniture, office vehicles and office equipments.
The pharmaceutical
industry is knowledge driven industry and is heavily dependent on Research and
Development for new products and growth. However, basic research (discovering
new molecules) is a time consuming and expensive process and is thus, dominated
by large global multinationals.
In the
global pharmaceutical market, western markets are the largest and fastest
growing due to introduction of newer molecules at high prices. A
well-established reimbursement and insurance system implies that per capita
drug expenditure is abnormally high in Western Countries as compared to the
developing nations.
The
Indian pharmaceutical industry is highly fragmented, but has grown rapidly due
to the friendly patent regime and low cost manufacturing structure. Intense
competition, high volumes and low prices characterize the Indian domestic
market. Exports have been rising at around 30% CAGR over last five years.
The
Drug Pricing Control Order (DPCO) has severely restricted profitability and
hence innovation. However, the government has been relaxing controls in a slow
but progressive manner. The span of control of DPCO has come down from 90% in
1980s to 50% in 1995 and is likely to be further reduced as per the latest
proposed changes.
In the
domestic market, old and mature categories like anti- infectives, vitamins,
analgesics are degrowing or stagnating while new lifestyle categories like
cardiovascular, CNS, anti diabetic are growing at double-digit rates. The
growth of a company in the domestic market is thus critically dependent on its
therapeutic presence.
As Per Website
SYNTHOKEM LABS PRIVATE LIMITED is a manufacturer of
Active Pharmaceutical Ingredients and drug intermediates, located in Hyderabad,
INDIA.
Their commitment lies in providing the required
quality API's and Intermediates to their exacting customers worldwide. They
cater to a cross section of clients in Asia, Europe, North and South America.
Their inherent strength lies in producing
cutting edge intermediates, for new as well as off patent API's within the
requisite time frame stipulated by their customers. Fifty percent of their
business has evolved from custom synthesis projects, which start from gram
level and rise to multi ton supplies.
Beginning:
SYNTHOKEM was promoted by Mr. M. RABINDRANATH TAGORE in the year 1978 as
a private limited company to be in the business of research, developing,
manufacturing and marketing of pharmaceutical substances and intermediates for
Indian and International markets.
First success:
In the first year of operations it achieved a
sales figure of Rs.1.5 millions and the company's first product was GUAIFENESIN
which is an anti expectorant drug. Since then the company has introduced many
API's into the market.
To day:
SYNTHOKEM LABS which began its operation as a
single unit with 10 employees, today has 2 manufacturing facilities and
employees around 250 people.
Milestones of SYNTHOKEM LABS:
1978 : Incorporated - 1978 for manufacture of
API's.
1979 : First full year in Operations - 1978 - 1979
sales Rs.1.5 millions.
1993 : They have also submitted relevant DMF's to
USFDA for Certification of METHOCARBAMOL & GUAIFENESIN
2000 : SYNTHOKEM has obtained an ISO-9001:2000
Certification from DNV (Det Norske Veritas).
2000 : Acquired 50% equity in Senor Organics in
the year 2000.
2001 : A CoS for GUAIFENESIN (Ph.Eur.) by the
Council of Europe, European Directorate for
the Quality of Medicines.
2002 : SYNTHOKEM has obtained WHO-GMP
Certificate.
2004 : SYNTHOKEM acquired second manufacturing
site at Pashamylaram, Hyderabad.
2005 : SYNTHOKEM's Unit-I has been inspected in
Jan. 2005 by the USFDA for Methocarbamol and has been approved in March
2005"
At SYNTHOKEM quality is a way of life, made
possible by sustained effort and total dedication. Progressive and proactive,
dynamic and innovative, SYNTHOKEM is a corporation well on its way into a
future full of both promise and fulfillment.
SYNTHOKEM LABS is committed to meet the customer
requirements through manufacturing of high quality pharmaceutical ingredients
and marketing at agreed delivery schedules, implementing Current Good
Manufacturing Practices and continually improving the effectiveness of the
Quality Management System.
The secret of their success is complete customer
satisfaction. Customers are their lifeline and guideline!
People
Teamwork is paramount at SYNTHOKEM:
They strongly believe that if you can combine
youthful ambition with a strong goal oriented work culture, the sky is the
limit in reaching the milestones that are set.
SYNTHOKEM has over 250 employees spread across various
administrative and technical functions. They have a strong team of R&D,
Manufacturing, Quality Control and Quality Assurance chemists with very
pertinent skills in process development, manufacture and testing of their
product range. The team comprises of Doctorates, Post Graduates, Graduates and
Chemical Engineers from some of the premier institutes in India.
Needless to say, it takes quality efforts to meet the
stringent standards of the international markets and ensure total customer
satisfaction. Their experienced and reliable teams of administrative, technical
and skilled personnel, who have pledged themselves to their vision and mission,
are the main forces behind their continuing efforts to create nothing but the
best. SYNTHOKEM makes chemistry work for you, always.
Their API's and Intermediates encompass a broad spectrum, and have wide areas
of application.
ACTIVE
PHARMACEUTICAL INGREDIENTS/BULK DRUGS
|
S.No. |
Product |
Therapeutic
Category |
|
1. |
Antifungal
/ Cosmetics |
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2. |
Muscle
relaxant (Skeletal) |
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3. |
Antispasmodic |
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4. |
Expectorant |
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5. |
Antiepileptic
/ Anticonvulsant |
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6. |
Antispasmodic |
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7. |
Muscle
relaxant (Skeletal) |
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8. |
Muscle
relaxant (Skeletal) |
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9. |
Expectorant |
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10. |
Antihypertensive |
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11. |
Antiviral |
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12. |
Muscle
Antiparkinsonian |
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13. |
Muscle
Antihypertensive |
INTERMEDIATES/FINE
CHEMICALS
|
S.No. |
Product |
Use |
|
1. |
Zolpidem |
|
|
2. |
Lamotrigine |
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3. |
Drotaverine |
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4. |
Drotaverine |
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5. |
Drotaverine |
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6. |
Drug
Intermediate |
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7. |
Intermediate |
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8. |
Prazosin |
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9. |
Tamsulosin |
|
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10. |
Perfumery
& Drug |
|
|
11. |
Intermediate |
|
|
12. |
Alfuzosin
& Terazosin |
|
|
13. |
Terazosin |
|
|
14. |
Drug
Intermediate |
|
|
15. |
Capsaicin |
|
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16. |
Drug
Intermediate |
|
|
17. |
Drug
Intermediate |
|
|
18. |
Verapamil |
|
|
19. |
Verapamil |
SYNTHOKEM has two manufacturing sites
where they produce different products
Bulk activities and
Intermediates:
SYNTHOKEM has built up a large
infrastructure to undertake, manufacturing in bulk activities and intermediates.
With a combined capacity of 200 KL, from stainless steel and glass lined
reactors, these facilities are well equipped with modern line up of
instrumentation, utilities, clean rooms and environment management systems
required to produce finished products of a very high quality. An efficient
Quality Assurance system ensures compliance with the current quality norms
prevalent.
This infrastructure has enabled
SYNTHOKEM emerge very strong, in areas of custom synthesis and process
chemistry. SYNTHOKEM has significant expertise in :
Substituted Phenoxy Glyceryls
Carbomate
Cynations
Alkylations
Arylations
Friedel
Crafts reactions
Grignard
reactions
Chloromethylation
Reductive
Aminations
Oxidations
Darzens
Glycidic Ester Condensation
Precious
metal handling (Ru, Pd & Pt)
Resolutions
Nitrations
Indole
Chemistry
Brominations
Chlorinations
Piperazine
Chemistry
Furans
Chemistry
Quality Division:
At SYNTHOKEM, they have always
advocated total quality. They also uphold the same in all their tools,
techniques and processes. All this is to make doubly sure that only the produce
of the best quality reaches their valued customers. Their qualified, trained
and experienced personnel spare no effort in the quest of that coveted quality.
Their Quality Assurance and Quality Control departments determine and enforce
product property and purity, deploying state-of-the-art tools and
methodologies.
Constant review and improvement
of quality control procedures is in practice at SYNTHOKEM. SYNTHOKEM bases APIs
and intermediates production of USP, BP, EP, FP, JP, IP and BPC pharmacopoeial
standards. Their Quality Control Laboratory is part of SYNTHOKEM's total
built-up area of 50,000 Sq.ft.
They at SYNTHOKEM, are not
satisfied with past and present laurels. They strive, innovate and inject the
latest into their efforts to expressly ensure sustained quality management and
total customer satisfaction. At SYNTHOKEM quality is not a by product but the
end result in itself! It is what they have resolved to achieve and sustain.
SYNTHOKEM established in 1978 to primarily focus on the
export market. SYNTHOKEM currently exports more than 75% of its world class
products to the US, Japan, Canada, France, UK, Spain, Switzerland, Germany,
Belgium, Italy, Brazil, Vietnam, Egypt, Korea, Iran, Mexico, Columbia,
Bangladesh and Pakistan. In short, SYNTHOKEM has made its presence felt
worldwide.
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.43.13 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|