MIRA
INFORM REPORT
|
Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SAMSONITE SOUTH
ASIA PRIVATE LIMITED |
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|
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|
Formerly Known
As: |
SAMSONITE INDIA
PRIVATE LIMITED |
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Registered
Office : |
Gat Nos. 159 to 163,
Mumbai- Nashik Highway, Nashik Village-Gonde (Dumala), Igatpuri, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2006 |
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Date of
Incorporation : |
08.11.1995 |
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Com. Reg. No.: |
11-94287 |
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CIN No.: [Company
Identification No.] |
U19120MH1995PTC094287 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
NSKS02903F |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
The Company is engaged
in manufacture, purchase, sale and distribution of travel good such as
suitcases, briefcases and accessories in the domestic and export market. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 2580000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of SAMSONITE Group worldwide. Available information indicates high financial
responsibility of the company. Trade relations are fair. Payments are correct
and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Gat Nos. 159 to
163, Mumbai- Nashik Highway, Nashik Village-Gonde (Dumala), Igatpuri,
Maharashtra, India |
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Tel. No.: |
91-2553-225131/32/34 |
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Fax No.: |
91-2553- 225133 |
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Factory 1 : |
Village Gonde
(Dumala), District-Nashik, Maharashtra, India |
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Tel. No.: |
91-2553-225131,32,34,35 |
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Fax No.: |
91-2553-225133 |
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Factory 2 : |
Tainwala House,
18th Road, MIDC, Andheri (E), Mumabi-400093. |
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Tel. No.: |
91-22-228219171,
228350388 |
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Fax No.: |
91-22-228352510 |
DIRECTORS
|
Name : |
Mr. Marc Marie
Bertrand Robert Matton |
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Designation : |
Chairman cum
Managing Director |
|
Address : |
Marlbouroughstraat,
12, 9630, Zwalm, Belgium |
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Date of
Birth/Age : |
12.02.1949 |
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Date of
Appointment : |
01.04.2003 |
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|
Name : |
Mr. Mahesh S
Makhijani |
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Designation : |
Whole time
Director and Company Secretary |
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Address : |
5A, Space Venus,
Mahatma Nagar, Nashik-422005, Maharashtra, India |
|
Date of
Birth/Age : |
26.01.1959 |
|
Date of
Appointment : |
15.05.2006 |
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|
|
|
Name : |
Mr. Mukund B
Khadilkar |
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Designation : |
Whole time
Director |
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Address : |
Shree Apartments,
56, Samarth Nagar, Nashik-422005, Maharashtra, India |
|
Date of
Birth/Age : |
18.08.1949 |
|
Date of
Appointment : |
31.05.2005 |
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|
Name : |
Dr. Ramesh
Tainwala |
|
Designation : |
Chief Operating
Officer |
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Date of
Birth/Age : |
46 years |
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Date of Appointment
: |
8th
November, 1995 |
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|
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|
Name : |
Mr. Marcello S
Bottoli |
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Designation : |
Director |
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Address : |
Belforts Street,
18/E, 9000 Gent 9000, Belgium |
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Date of
Birth/Age : |
05.01.1962 |
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Date of
Appointment : |
16.04.2004 |
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Name : |
Mr. Shashi S Dash |
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Designation : |
Director |
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Address : |
32, Kshitij Hill
Road, Bandra (West), Mumbsi-400050, Maharashtra, India |
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Date of
Birth/Age : |
03.10.1943 |
|
Date of
Appointment : |
10.07.1997 |
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Name : |
Mr. Patrick A
Baele |
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Designation : |
Director |
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Address : |
Markette 4A,
9688, Maarkedal, Belgium |
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Date of
Birth/Age : |
15.01.1957 |
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Date of
Appointment : |
01.06.2000 |
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|
|
|
Name : |
Mr. Rajendra V
Agarwal |
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Designation : |
Director |
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Address : |
408, Shantivan, 2-B,
Raheja Township, Malad (East), Mumbai-400097, Maharashtra, India |
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Date of
Birth/Age : |
19.09.1962 |
|
Date of
Appointment : |
31.05.2000 |
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Name : |
Mr. Paul J
Melkebeke |
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Designation : |
Director |
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Address : |
Diepstraat, 14-9860,
Oosterzele, Belgium |
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Date of
Birth/Age : |
23.06.1959 |
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Date of
Appointment : |
07.03.2003 |
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Date of
Ceasing : |
25.06.2004 |
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|
|
|
Name : |
Mr. Willy M
Vanslembrouck |
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Designation : |
Director |
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Address : |
Watervallestreet,
52 B-8480, Bekegem, Belgium, Europe |
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Date of
Birth/Age : |
29.09.1945 |
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Date of
Appointment : |
10.09.2003 |
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Date of
Ceasing : |
02.12.2004 |
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|
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|
Name : |
Mr. Paul J
Melkebeke |
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Designation : |
Director |
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Address : |
Diepstraat, 14-9860,
Oosterzele, Belgium |
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Date of
Birth/Age : |
23.06.1959 |
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Date of
Appointment : |
07.03.2003 |
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Date of
Ceasing : |
25.06.2004 |
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|
Name : |
Mr. Sandeep Keshav Goenka |
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Designation : |
Alternate Director |
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Address : |
232/C, Grand Paradi Apartments, August Kranti Marg, Mumbai 400036,
Maharashtra, India |
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Date of Birth/Age : |
03.06.1967 |
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Date of Appointment : |
10.07.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
|
Mr. Ramesh D
Tainwala |
1802020 |
|
Samonite
Mauritius Limited |
21294740 |
|
Tainwala
Chemicals & Plastics India Limited |
3069873 |
|
Tainwala Personal
Care Products Private Limited |
1795000 |
|
Tainwala Holdings
Private Limited |
556000 |
|
Tainwala Trading
and Investment Company Private Limited |
2189000 |
|
Tainwala
Gangadhar Dungarmal |
1433000 |
|
Mr. Rajkumar D
Tainwala |
226600 |
|
Ms. Shobha R
Tainwala |
5000 |
|
Katyayan Constructions
& Developers Private Limited |
2500000 |
|
Amishi R Tainwala |
620000 |
|
Concept Realty
& Securities Limited |
1236500 |
|
Concept Realty
& Securities Limited |
620000 |
|
Tainwala Holdings
Private Limited |
688000 |
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|
|
|
Equity
Share Break-up |
Percentage
of Holding |
|
Foreign Holdings |
60.00 |
|
Bodies Corporate |
28.49 |
|
Other |
11.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
The Company is engaged
in manufacture, purchase, sale and distribution of travel good such as
suitcases, briefcases and accessories in the domestic and export market. |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Unit |
Licensed Capacity |
Installed Capacity |
|
Luggage |
|
Nos. |
Delicenced |
312,000 |
GENERAL
INFORMATION
|
Bankers : |
v State Bank of India, IFB Branch, Andheri
(East), Mumbai v ICICI Banking Corporation Limited, Mumbai v Indusind Bank Limited, Mumbai |
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Banking Relations : |
Good |
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Auditors : |
BSR and Company Chartered
Accountants KPMG House,
Kamala Mills Compounds, 448, Senapati Bapat Marg, Lower Parel, Mumbai-400013,
India |
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Tel. No.: |
91-22-24913030,
3131, 91-22-24988368 |
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Fax No.: |
91-22-24913132 |
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Associates/Subsidiaries
: |
Ø
Samsonite
Corporation, USA Ø
Samsonite
Mauritius Limited Ø
Samsonite
Europe N. V. Ø
Samsonite
Asia Limited –Hongkong Ø
Samsonite SA
de CV Ø
Samsonite
Argentina Ø
Samsonite
Italy Ø
Samsonite
Brazil Ø
Samsonite
Germany Ø
Longberg
Express S A Uruguay Ø
Samsonite
Taiwan |
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Joint Venture:
|
Ø
Taiwala
Chemicals and Plastics Limited Ø
Taiwala
Holding Limited Ø
Dr. Ramesh
Tainwala Ø
Tainwala
Trading and Investment Co. Limited Ø
Taiwala
personal Care Products Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36000000 |
Equity Shares |
Rs. 10/- each |
Rs. 360.000 Millions |
Issued,
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
35491233 |
Equity Shares |
Rs. 10/- each |
Rs. 354.912 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
354.912 |
354.912 |
354.912 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
290.992 |
97.178 |
21.332 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
645.904 |
452.090 |
376.244 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
177.375 |
173.562 |
159.946 |
|
|
2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL BORROWING
|
177.375 |
173.562 |
159.946 |
|
|
DEFERRED TAX
LIABILITIES |
43.279 |
48.494 |
45.238 |
|
|
|
|
|
|
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TOTAL
|
866.558 |
674.146 |
581.428 |
|
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APPLICATION OF FUNDS
|
|
|
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|
|
|
|
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FIXED ASSETS [Net Block]
|
536.720 |
460.364 |
374.914 |
|
Capital work-in-progress
|
14.510 |
48.769 |
52.397 |
|
|
|
|
|
|
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
473.575
|
315.709 |
225.795 |
|
|
Sundry Debtors
|
348.478
|
271.268 |
97.719 |
|
|
Cash & Bank Balances
|
4.560
|
11.550 |
9.044 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
336.053
|
204.407 |
81.830 |
Total Current Assets
|
1162.666
|
802.934 |
414.388 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
637.018
|
561.693 |
242.698 |
|
|
Provisions
|
210.320
|
76.228 |
17.573 |
Total Current Liabilities
|
847.338
|
637.921 |
260.271 |
|
Net
Current Assets
|
315.328
|
165.013 |
154.117 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
866.558 |
674.146 |
581.428 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
|
1678.857 |
1152.722 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
1678.857 |
1152.722 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
182.594 |
99.469 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
182.594 |
99.469 |
|
|
|
|
|
|
|
|
Export Turnover |
|
893.743 |
545.105S |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
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|
Manufacturing Expenses |
|
|
|
|
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Administrative Expenses |
|
|
|
|
|
Raw Material Consumed |
|
|
|
|
|
Purchases made for re-sale |
|
|
|
|
|
Consumption of stores and spares parts |
|
1496.263 |
1053.253 |
|
|
Increase/(Decrease) in Finished Goods |
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
|
|
|
Managerial Remuneration |
|
|
|
|
|
Payment to Auditors |
|
|
|
|
|
Interest |
|
10.610 |
7.751 |
|
|
Depreciation & Amortization |
|
64.117 |
56.145 |
|
Total
Expenditure |
|
1570.99 |
1117.149 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2005 |
31.12.2004 |
PAT / Total Income
|
(%)
|
|
10.87
|
8.62 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
10.87
|
8.62 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
|
14.45
|
12.60 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.40
|
0.26 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
1.79 |
1.12 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
|
1.26 |
1.59 |
LOCAL AGENCY
FURTHER INFORMATION
|
This Form is for |
Modification of Charge |
|
Charge
identification number of the charge to be modified |
90156589 |
|
Corporate
identity number of the company |
U19120MH1995PTC094287 |
|
Name of the
company |
SAMSONITE SOUTH
ASIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Gat Nos. 159 to
163, Mumbai- Nashik Highway, Nashik Village-Gonde (Dumala), Igatpuri,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of
India, Industrial Finance Brnach, Snehal Chambers, Andheri (East),
Mumbai-400069, Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental to
Working Capital Consortium Agreement Supplemental
Joint Hypothecation Deed |
|
Date of
instrument Creating the charge |
28.08.2006 |
|
Amount secured by
the charge |
Rs. 287.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest As stipulated by
the said banks in their sanction letters and as advised from time to time
plus service charges as are applicable to the said facilities from time to
time. |
|
Short particulars
of the property charged |
Borrowers current
assets such as stock of raw materials, semi finished and finished goods,
stores and spares not relating to plant and machinery [consumable stores and
spares] receivable and book debts and all other pertaining to the said both
present and future excluding such movables as permitted by bank |
|
Date of latest
modification prior to the present modification |
08.01.2004 |
|
Particulars of the
present modification |
Now by the
present modification the limit increased from Rs. 218.250 Millions to Rs.
287.000 Millions and borrowers div. of village Gonde in Nasik in Maharashtra
on a pari passu basis with Indusind Bank and ING Vysaya Bank |
|
Name of the company |
SAMSONITE SOUTH
ASIA PRIVATE LIMITED |
||||||||||||||||||||||
|
Presented By |
Shri. Mahesh
Makhijani Director Finance and Company Secretary |
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|
1) Date and description of instrument creating the change |
a. Agreement of loan for overall
limit FC – 1 b. Agreement pf
hypothecation of goods and assets F-C-2 c. Letter regarding grant of
individual limits within the overall limit FC – 5. All the above agreements are dated 26.11.1996 and executed for the
creation of a single charge. |
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|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 137.000
Millions |
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|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A first charge by
way of hypothecation of the borrowers entire goods, movables and other assets
such as book debts, outstanding moneys, receivables by way of cash assistance
and/or cash incentives under the cash
incentives scheme or any other scheme, claims including claims by way
of refund of customs/excise duties as under the duty drawback credit scheme
or any other scheme, bills, invoices documents and rights uncalled capital
and all present and future machinery. |
||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI 4% above SBAR
min 19.5% p.a. effective rate 20.25% p.a. inclusive of int. tax. |
||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India,
Industrial Finance Branch, Snehal Chambers, Andheri (East), Mumbai-400069,
Maharashtra, India |
||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
No instrument was
executed. On 25.09.2001 a
memorandum of entry was executed together with a declaration by the Directors
of the Company in the matter of Joint Mortgage by Deposit of Title Deeds in
respect of immovable properties of the Company. |
||||||||||||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created on 26.11.1996 for Rs. 137.Millions. 1stly modified on 02.12.1997
wherein the Company offered an additional collateral security. 2ndly modified on 02.08.2001 when the
limit of Rs. 137 Millions was reduced to Rs. 127.688 Millions as given below
: Working Capital
Demand
3rdly modified on
02.08.2001 wherein the Company offered primary/additional security by way of
hypothecation of the machineries of Cruisair Project installed at Gat Nos. 159
to 163, Mumbai- Nashik Highway, Nashik Village-Gonde (Dumala), Igatpuri,
Maharashtra, India Now by the
present modification no instrument was executed but a Memorandum of
Entry [constructive Delivery] and
deposit of title deeds was executed on 25.09.2001 with ICICI Limited, ICICI
acting for itself and as agent of State Bank of India. By the present modification the Company
has offered additional security by way of first charge on the Company’s
immovable properties more particularly
described in the schedules to the Memorandum of Entry situated at
Village Gonde Taluka Igatpuri, District Nashik together with all buildings
and structures thereon and all plant and machinery attached to the earth or
permanently fastened to anything attached to the earth both present and future on a paripassu
basis with other banks and financial institutions for securing the due
repayment of fresh Term Loan of Rs. 25.000 Millions and EPCB limits of Rs. 17.000 Millions [included in the limits
of Rs. 127.688 Millions ] together with additional interest, liquidated
damages, commitment charges, premises on repayment or on redemption all costs
charges and other monies payable by the Company to State Bank of India. |
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 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. 39.67 |
|
UK Pound |
1 |
Rs. 81.78 |
|
Euro |
1 |
Rs. 58.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|