MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIRO CLINPHARM PRIVATE LIMITED. |
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Registered Office : |
63 Lady Ratan Tata Medical And Research Centre 31, Maharshi Karve
Marg, Mumbai 400021 Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.03.2000 |
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Com. Reg. No.: |
11-125061 |
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CIN No.: [Company
Identification No.] |
U24230MH2000PTC125061 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a
pharmaceutical commercialisation service provider offering solutions
in clinical staffing, biostatistics and data management |
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 640000 |
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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 experienced and respectable businessman . 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
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Registered Office : |
63 Lady Ratan Tata Medical And Research Centre 31, Maharshi Karve Marg
Mumbai 400021, Maharashtra , India |
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Tel No.: |
91-22-22844011 |
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E-Mail : |
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Corporate Office : |
Dil Premises, Swami Vivikanand Road, Near Tatvagyan Veedyapeeth ,
Ghodbunder Road , Thane (W) 400607 , India. |
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Tel. No.: |
91-22-25848000 |
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Fax No.: |
91-22-25848475-79 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Gautam V. Daftary |
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Designation : |
Director |
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Date of Birth/Age : |
03.10.1959 |
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Date of Appointment : |
21.03.2000 |
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Name : |
Mr. Bharat V Daftary |
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Designation : |
Director |
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Date of Birth/Age : |
01.12.1956 |
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Date of Appointment : |
21.03.2000 |
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Name : |
Mr. Dilip J Mehta |
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Designation : |
Director |
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Address : |
870 United Nations Plaza New York. US
NY10017 |
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Date of Birth/Age : |
07.04.1932 |
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Passport No.: |
155462546 |
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Pan No.: |
00505483 |
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Date of Appointment : |
18.04.2002 |
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Name : |
Mr. Raju R Shah |
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Designation : |
Director |
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Date of Birth/Age : |
09.01.1960 |
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Date of Appointment : |
18.04.2002 |
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Name : |
Mr. Madusudan Shankar Vaidya |
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Designation : |
Additional Director |
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Address : |
13 , Vaibhav , 220/222 Cadell Road , Mahim Mumbai 400016 Maharashtra |
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Date of Birth/Age : |
13.04.1935 |
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Date of Appointment : |
20.08.2006 |
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Income - tax Pan No.: |
AABPV2441B |
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PAN: |
00383945 |
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Name : |
Mr. Hasmukh Ch. Shah |
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Designation : |
Director |
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Address : |
7 A , Saahil , 14 Altamount Road , Mumbai 400026 , Maharashtra India |
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Tel No.: |
91-22-2351993 |
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Date of Birth/Age : |
18.06.1931 |
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Pan No.: |
0013818 |
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Date of Appointment : |
24.02.2006 |
KEY EXECUTIVES
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Name : |
Dr. Chetan Tamhankar , Ph. D |
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Designation : |
Chief Operating Officer |
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Name : |
Priya Pawar |
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Designation : |
Head – Business Development |
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Experience : |
6 year |
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Date of Appointment : |
2003 |
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Name : |
Mr. Vishnu Banka |
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Designation : |
Head – Finance & Cost Managements |
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Qualification : |
B.Com , ICWA |
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Experience : |
17 Years. |
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Name : |
Jayanti Vaiyanath |
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Designation : |
Head – Legal , administration & CTS Management |
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Qualification : |
Master Degree in Law |
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Date of Appointment : |
2001 |
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Name : |
Dr. Nimita |
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Designation : |
Head – Clinical Data Management & Biometrics. |
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Qualification : |
Ph. D |
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Experience : |
11years |
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Name : |
Rupaal Achrekar. |
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Designation : |
Human Resources |
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Qualification : |
B.Com , MBA in Human Resources |
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Experience : |
13 years. |
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Name : |
Dr. Ashok Ghone , Ph,.D |
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Designation : |
Sr. Manager |
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Name : |
Nomita Chatterjee, |
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Designation : |
Sr. Project Manager |
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Qualification : |
MD. |
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Name : |
Dr. Anand Bidarkar |
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Designation : |
Senior Manager |
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Name : |
Dr. Aparna Kalsekar , MD |
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Designation : |
Manager – Medical Services |
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Name : |
Mr. Partha Chatterjee |
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Designation : |
Project Manager |
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Qualification : |
M.Sc |
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Date of Appointment : |
1998 |
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Name : |
MR. Sunil Garg |
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Designation : |
Manager – Clinical Monitoring |
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Qualification : |
M. Pharm , MBA, RICR |
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Experience : |
35 years |
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Name : |
Shashikant Bhat |
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Designation : |
Manager – Quality Assurance |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Gautam V Daftry |
20100 |
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Bahrat V Daftary |
20100 |
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Foreign Holding (Foreign institutional investor(s) , Foreign companie(s)
Foreign financial institution(s) , Non-resident Indian(s) or overseas
corporate bodies or others. |
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29.97% |
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Directors or relatives od directors |
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70.03% |
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Total |
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100% |
BUSINESS DETAILS
|
Line of Business : |
Commercialisation services provider offering solutions in clinical
staffing, biostatistics and data management |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
M.M. Nissim & Company Chartered Accountants |
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Address : |
Barodawala Mansion , B – Wing , 3rd Flr., 81 , Dr. A.B.
Road Worli Mumbai 400018 |
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Pan No.: |
AAAFM5103E |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/-each |
Rs.0.500/-Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
4020 |
Equity |
Rs. 10/-
each |
Rs.0.040/-
Million |
Issued Share Capital breakup:
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/-each |
Rs.0.500/-Million |
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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0.521 |
0.402 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
161.795 |
21.720 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
162.316 |
22.122 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
2.344 |
19.253 |
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TOTAL BORROWING |
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2.344 |
19.253 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.889 |
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TOTAL |
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164.660 |
42.264 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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39.111 |
20.837 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
1.330 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.307 |
1.264 |
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Sundry Debtors |
|
34.943 |
19.816 |
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Cash & Bank Balances |
|
87.044 |
1.398 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
22.283 |
10.720 |
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Total
Current Assets |
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144.577 |
33.198 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.911 |
11.211 |
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Provisions |
|
2.447 |
0.560 |
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Total
Current Liabilities |
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20.358 |
11.771 |
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Net Current Assets |
|
124.219 |
21.427 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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164.660 |
42.264 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
154.986 |
110.899 |
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Total Income |
|
154.986 |
110.899 |
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Profit/(Loss) After Tax |
|
23.646 |
5.350 |
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Earnings in Foreign Currency : |
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Total Earnings |
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74.558 |
59.007 |
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Expenditures : |
|
|
|
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Interest |
|
2.687 |
2.244 |
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Depreciation & Amortization |
|
5.247 |
3.728 |
|
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Other Expenditure |
|
123.406 |
99.576 |
|
Total Expenditure |
|
131.340 |
105.548 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
15.25 |
4.82 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.12 |
0.53 |
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Current Ratio (Current Asset/Current Liability) |
|
|
7.10 |
2.82 |
LOCAL AGENCY
FURTHER INFORMATION
Web Site Details Attached:
Dr. Chetan
Tamhankar, Ph.D
Chief Operating Officer
Dr. Chetan Tamhankar, a Ph.D by qualification and has been
instrumental right from the inception of SIRO. He has been associated with SIRO
since the early years and he has steered the company to its current No. 1
position in the Indian clinical research industry.
Dr. Tamhankar oversees the entire operations of SIRO across
the various departments. In addition to his role as COO, Dr. Tamhankar is also
an important member of the steering committee of the Indian Society of Clinical
Research (ISCR) and a highly sought-after guest speaker at the Academy of
Clinical Excellence (ACE) in Mumbai.
Priya Pawar
Head - Business Development
Ms. Priya Pawar has been with SIRO since 2003 and was
instrumental in leading the CAGR of 100% in the last 3 years. With an MBA in Marketing
and 6 years of experience in setting up and leading the business development
team for a leading Indian Central Laboratory, Ms. Pawar is now responsible for
leading the Business Development and Feasibility teams to make SIRO Clinpharm
the No. 1 CRO of choice in both the domestic as well as the global markets.
Mr. Vishnu Banka
Head - Finance & Cost
Management
Mr. Vishnu Banka is a B.Com, ICWA with over 17 years of
industry experience in finance, accounts and costing. His professional
expertise ranges from the Automobiles to Healthcare. Having worked extensively
with the Mahindra group, he has gained valuable insights into the SME & ERP
consultancy from the USA
Jayanti
Vaidyanath
Head - Legal, Administration & CTS Management
Ms. Jayanti Vaidyanath holds a Masters degree in Law and
has been with SIRO since 2001 managing several key functions in the company.
Currently, Ms. Vaidyanath advises on all legal contracts and agreements besides
overseeing all administrative functions for SIRO. Her portfolio also includes
overseeing the functioning of the Clinical Trial Supplies Management group and
guiding its operations and growth.
Dr.
Nimita Limaye, Ph.D
Head - Clinical Data Management & Biometrics
Dr. Nimita Limaye is a Doctorate in Biotechnology from Pune
University with eleven years of work experience. She also carries the unique
distinction of being the first Indian Certified Clinical Data Manager from
SCDM, USA. She has received international training in Data management, programming
and medical writing. Dr. Limaye has held pivotal positions in Altana Pharma and
Quintiles India. She currently leads a team of 150 professionals in the areas
of data management and biometrics.
Dr.
Ashok Ghone, Ph.D
Sr. Project Manager
Dr. Ashok Ghone has a doctorate in Pharmaceutical Sciences
and has close to 9 years of experience in clinical monitoring, project
management and regulatory activities from leading multinational companies like
Janssen-Cilag in India. He is currently supervising the Indian arm of global
studies in areas like CNS, Rheumatology and Vaccines for several US-based and
EU-based pharmaceutical companies.
Nomita
Chatterjee, MD
Sr. Project Manager
Dr. Nomita Chatterjee has an MD in Pharmacology from Delhi University.
She has previously held senior positions in Clinical Operations for leading
pharmaceutical companies like Ranbaxy and CROs like Wellquest for close to
eight years. Apart from being the Senior Project Manager,
Dr. Chatterjee is also a key member of
the Project Risk Assessment and Management (PRAM) group in SIRO, which is an
important advisory group to Project Managers across all projects.
Dr.
Anand Bidarkar
Senior Manager
Dr. Anand Bidarkar is a dental surgeon with an executive
Masters in Business Administration. He has 7 years of experience across a wide
range of areas in the healthcare industry. He started his career with Apollo
Hospitals, and has worked with Sun Pharmaceuticals and Novartis group before
joining SIRO. He has undergone extensive training in Health informatics and
healthcare marketing. He has a rich managerial background and has trained on
the Manage Mentor program, for new age managers, from the Harvard Business
School during his stint with Novartis.
Dr.
Aparna Kalsekar, M.D
Manager - Medical services
Dr. Aparna Kalsekar has done her M.D. in Microbiology. She
has held pivotal positions in the industry as well as in academia. She embarked
on her professional journey as a lecturer with the Lokmanya Tilak Municipal
Medical College and Hospital, Sion and has worked with renowned firms like
Alkem laboratories. She currently leads the Medical Services department which
looks into medical and safety management.
Mr.
Partha Chatterjee M. Sc
Project Manager
Armed with a Masters Degree in Microbiology from Aurangabad
University, Mr. Chatterjee began his career in clinical research as a CRA in
the Clinical Operations team in SIRO in 1998. Since then, Partha has moved on
to become one of SIRO’s oldest employees and one of our key Project Managers
with a diverse portfolio of clinical trials in oncology and rheumatology.
Mr.
Sunil Garg M. Pharm, MBA, RICR
Manager - Clinical Monitoring
Sunil Garg is post graduate in pharmaceuticals from Delhi
University and also holds a degree in management. He has five years of
experience in CRO operations with a leaning towards clinical research training.
He currently leads a team of more than 35 professionals in the area of clinical
monitoring at SIRO.
Shashikant
Bhat
Manager - Quality Assurance
Mr. Shashikant Bhat heads Quality Assurance and is
responsible for ensuring compliance within the company to ICH GCP and the SIRO
SOPs.
The QA group has contributed to SIRO’s success in all the
sponsor audits. Mr. Bhat has built a team of QA professionals that is
proficient in conducting investigator sites, data management and vendor audits
for clients. Mr. Bhat also serves as faculty and has held several workshops on
clinical research and quality assurance audits for academics as well as
sponsored QA teams.
Location
SIRO Clinpharm is headquartered in Mumbai, the financial
capital of India, and the heart of the Indian pharmaceutical industry. Situated
on the outskirts of Mumbai, SIRO is well-connected to the city and the major
domestic and international airports by a robust Eastern Express Highway
Located in Thane, it is away from the hustle-and-bustle of
the city and yet remains well connected by virtue of it being a rapidly
developing district of Mumbai. SIRO’s offices are spread over 40,000 square
feet of space allowing for a very conducive work environment.
Milestones
From its very inception, SIRO has evolved as an
organisation. It has grown both in size as well as in scope and today offers specialized
services in different areas of clinical research. With each passing year, SIRO
has added to its capabilities.
Alliances
The SIRO-Pfizer Clinical Data Management and Biometrics Pact
Pfizer, the world’s leading
pharmaceutical company, needs little by way of introduction. In May 2004,
Pfizer and SIRO Clinpharm announced a pact wherein SIRO would provide complete
data management and biometrics services for all of Pfizer’s global clinical
trials run worldwide. SIRO has set up a separate facility with resources
dedicated to this project, all of which are equipped to deliver according to
Pfizer standards.This was a significant acheivement for SIRO.
SIRO & Covance
Covance is one of the world’s largest and the most
comprehensive drug development solution providers. It has the people, global
resources and problem-solving culture to respond to even the most demanding
challenges of drug development services. SIRO entered into an alliance with
Covance in 2003 to offer the “India” advantage to global pharmaceutical
companies for their drug development programs, while providing Indian companies
with global expertise.
SIRO & Spacelabs Medical Data
Spacelabs Medical Data is a leading
US-based global cardiac safety monitoring service provider. It has formed a
strategic alliance with SIRO Clinpharm in December 2004. The alliance aims at
providing companies conducting trials in India with centralized cardiac safety
monitoring services (viz. 12 lead ECG, Holter monitoring, Ambulatory Blood
Pressure monitoring etc.)
SIRO and Fisher Clinical Services
Fisher Clinical Services is a global
drug distribution and warehousing company with operations spread across 18
countries. The expertise of the global clinical trial supply distribution has
now extended to India via SIRO Clinpharm. Its alliance with SIRO has allowed
Fisher to tap the vast resources available in India. SIRO functions as the
Indian depot, providing warehousing and distribution services to Fishers’
clients who conduct clinical trials in India.
InVentiv-SIRO (India) Ltd.
inVentiv Clinical Solutions is a
leading US-based pharmaceutical commercialisation services provider offering
solutions in clinical staffing, biostatistics and data management. This joint
venture offers the double benefits of inVentiv’s broad statistical analysis,
data management services and premier client portfolio and SIRO’s expertise in
conducting large-scale Phase II – IV clinical trial data management projects.
InVentiv-SIRO (India) will provide pharmaceutical and biotech companies access
to a broad pool of offshore talent who will design databases, conduct data and
statistical analysis. This joint venture is also capable of providing
large-scale off-shore services to fulfill clinical data management and
biometrics requirements in a manner that is both time as well as
cost-effective.
Indian Society for Clinical Research
(ISCR)
ISCR is an association of clinical
research. It aims to build awareness of clinical research as a speciality in
India and promote Good Clinical Practices in the clinical research industry.
SIRO has been involved in the foundation of this society and is part of its
steering committee. Being one of the oldest players in the clinical research
sector in India, our association with such societies adds credibility and value
to their aims.
Confederation of Indian Industry (CII)
The CII works to create and sustain an environment
conducive to the growth of industry in India, partnering industry and
government alike through advisory and consultative processes. CII is a
non-government, not-for-profit,
industry-led and industry-managed organization, playing a proactive role in
India’s development process. A facilitator, CII catalyses change by working
closely with government on policy issues, enhancing efficiency, competitiveness
and expanding business opportunities for industry through a range of
specialized services and global linkages.
SIRO is a key opinion leader in the Clinical Research industry
with more than 10 years of experience is a valuable member of CII. The
extremely valued insights that SIRO offers in such confederations have helped
take the clinical research industry to its present heights.
Academy for Clinical Excellence (ACE)
ACE is a premier institute which provides training in
clinical research in India. Founded in October 2002 at the Bombay College of
Pharmacy, ACE was conceived as a one-stop-shop for all the training needs of
clinical research professionals across the country.
SIRO has been instrumental in designing the curricula of
these institutes. The senior management from SIRO is often invited as guest
faculty to deliver presentations on a range of topics.
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.42.87 |
|
UK Pound |
1 |
Rs.84.79 |
|
Euro |
1 |
Rs.57.56 |
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/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 |
|