MIRA
INFORM REPORT
|
Report Date : |
06.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GINI
AND JONY APPAREL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A-2/470,
Shah and Nahar Industrial Estate, Lower Parel, Mumbai-400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2003 |
|
|
|
|
Date of Incorporation : |
11.11.1994 |
|
|
|
|
Com. Reg. No.: |
11-82837 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U1810MH1994PLC082837 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG07955D |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers
of Apparels. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
225000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 : |
A-2/470,
Shah and Nahar Industrial Estate, Lower Parel, Mumbai-400013, Maharashtra,
India |
|
Tel. No.: |
91-22-24942126 |
|
Fax No.: |
91-22-24934139 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory
1 : |
A-601,
Citipoint, Next to Kohinoor Continental, Andheri-Kurla Road, Andheri (East),
Mumbai-400059, Maharashtra, India |
|
E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Prakash Harichand Lakhani |
|
Designation : |
Managing
Director |
|
Address : |
1456,
Sector 42-B, Chandigarh-160044 |
|
Date of Birth/Age : |
21.01.1960 |
|
Date of Appointment : |
11.11.1994 |
|
|
|
|
Name : |
Mr.
Jaikishan Harichand Lakhani |
|
Designation : |
Director |
|
Address : |
1402, A-Wing, Valencia Hiranandani Garden,
Powai, Mumbai-400076, Maharashtra, India |
|
Date of Birth/Age : |
05.06.1965 |
|
Date of Appointment : |
11.11.1994 |
|
|
|
|
Name : |
Mr.
Anil Harichand Lakhani |
|
Designation : |
Director |
|
Address : |
1304,
B Wing, Valencia Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra,
India |
|
Date of Birth/Age : |
07.01.1967 |
|
Date of Appointment : |
11.11.1994 |
|
|
|
|
Name : |
Mr.
Rajesh Raj Mehra |
|
Designation : |
Director |
|
Address : |
208,
B-Wing, Sunset – II, Raheja Vihar Complex, Chandivali, Mumbai-400076,
Maharashtra, India |
|
Date of Birth/Age : |
03.11.1963 |
|
Date of Appointment : |
07.04.2004 |
KEY EXECUTIVES
|
Name
: |
Mr.
Ajay Kulkarni |
|
Designation
: |
Head –
Business Development |
|
Address
: |
118,
Arihant Industrial Estate, Kranti Nagar, Off Saki Vihar Road, Saki Naka,
Mumbai – 400072, Maharashtra, India |
|
Tel.
No. : |
91-22-28526872
/ 28598255 |
|
|
|
|
Name
: |
Mr.
Deepak Mukhija |
|
Designation
: |
Secretary |
|
Address
: |
C –
2/06/04, Sector 2, Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
E-mail
: |
|
|
PAN
No. : |
AJSPM8298F |
|
|
|
|
Name
: |
Mr.
Ritesh Kumar Jain |
|
Designation
: |
Secretary
|
|
Address
: |
404-A,
Vihang Residency, Nerul [West], Navi Mumbai – 400709, Maharashtra, India |
|
Date
of Birth/Age : |
23.06.1977 |
|
Date
of Appointment : |
15.11.2006 |
|
E-mail
: |
jainritesh23@rediffmail.com |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Prakash H. Lakhani |
590000 |
|
Mr.
Jaikishan H. Lakhani |
540000 |
|
Mr.
Anil H. Lakhani |
540000 |
|
Mrs.
Jyoti P. Lakhani |
1405480 |
|
Mrs.
Varsha J. Lakhani |
985040 |
|
Mrs.
Manisha A. Lakhani |
1014160 |
|
Mrs.
Rajkumari Lakhani |
440880 |
|
Mr.
Kiran P. Lakhani |
14960 |
|
Ms.
Roshani P. Lakhani |
42680 |
|
Mr.
Ashish J. Lakhani |
12760 |
|
Mr.
Shailesh J. Lakhani |
13640 |
|
Mr.
Rajesh Mehra |
400 |
|
Mr.
Atul Sanghani |
400000 |
|
Sonata
Investments Limited |
2000000 |
|
TOTAL |
8000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Apparels. |
||||||
|
|
|
||||||
|
Products : |
T-shirts,
Shirts, Jackets, Trousers, Cargos and Jeans for Boys and Capris, Dungarees,
Skirts, Co-ordinates Tops, Jamaicans, Jeans and Pants for Girls and Garments
for Infants |
|
Particulars |
Unit |
Actual Production |
|
Apparels |
Pcs. |
966712 |
GENERAL
INFORMATION
|
Bankers : |
Punjab
National Bank Citi
Bank HDFC
Bank Limited HDFC
Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013,
Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
P.
Maheshwari & Associates Chartered
Accountants Bhageria
Naredi & Associates Chartered
Accountants, 23 –
B, Mehta Estate, 88, Andheri Kurla Road, Chakala, Andheri [East], Mumbai -
400093 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 15.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 15.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
15.000 |
12.632 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
43.767 |
18.110 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
58.767 |
30.742 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
93.845 |
54.545 |
|
|
2] Unsecured Loans |
|
18.009 |
13.903 |
|
|
TOTAL BORROWING |
|
111.854 |
68.448 |
|
|
DEFERRED TAX LIABILITIES |
|
3.086 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
173.707 |
99.190 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
38.345 |
17.648 |
|
|
Capital work-in-progress |
|
0.000 |
1.840 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.096 |
0.003 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
120.516 |
71.252 |
|
|
Sundry Debtors |
|
69.967 |
47.859 |
|
|
Cash & Bank Balances |
|
0.736 |
0.467 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
12.917 |
8.950 |
|
Total Current Assets |
|
204.136 |
128.528 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
|
68.876 |
57.263 |
|
Total Current Liabilities |
|
68.876 |
57.263 |
|
|
Net Current Assets |
|
135.260 |
71.265 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.006 |
8.434 |
|
|
|
|
|
|
|
|
TOTAL |
|
173.707 |
99.190 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
|
347.363 |
247.394 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
12.554 |
8.644 |
|
Provision
for Taxation |
|
[0.868] |
[0.134] |
|
Profit/(Loss)
After Tax |
|
13.422 |
8.778 |
|
|
|
|
|
|
Export
Value |
|
5.333 |
4.098 |
|
|
|
|
|
|
Total
Expenditure |
|
333.213 |
236.319 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
|
3.86 |
3.54 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
3.61 |
3.49 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
5.17 |
5.91 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.28 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
3.07 |
4.08 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.96 |
2.24 |
LOCAL AGENCY
FURTHER INFORMATION
Operations
:
The
company’s performance during the year under report recorded an increase in
Sales from Rs. 223.427 millions to Rs. 303.783 millions, an increase by 36%
over the previous year. Profit before tax was Rs.12.554 millions as compared to
Rs. 8.645 millions in the previous year and Profit after tax increased from Rs.
8.778 millions to Rs.13.423 millions in the financial year 2002-03.
Future
Outlook
Subject
is a leading international Kidswear brand with an experience of 20 years in
Kidswear. Gini & Jony specialized
in designing for Toddlers [6-36 months], Kids [4-8 years] and Youth [9-16
years]. The essence of Brand is
‘freedomwear’. The product portfolio comprises
of T-shirts, Shirts, Jackets, Trousers and Jeans for boys and Capris, Dungrees,
Skirts, Co-ordinates Tops, Jaimaicans, Jeans and Pants for Girls and a complete
range of garments for infants.
The
company is continuously enhancing its customer base by increasing franchisee,
shops-in-shops and dealers network nation wide. The company is giving thrust to increase its exports in the
international market. The company is also
venturing in to Brand Extension in the field of Sleepwear, Footwear, Timewear,
Eyewear to market same through its well establish network to broadbase its
business.
Fixed
Assets
Industrial
Premises, Residential Flat, Plant & Machineries, Furniture & Fixtures,
Computers, Vehicles and Office Equipments.
Notes on
Accounts :
a. Contingent
liabilities not provided for in respect of :-
|
|
2002-2003 [Rs. in
Millions] |
2001-2002 [Rs. in
Millions] |
|
Income
tax demand under appeal |
Nil |
0.892 |
|
Bank
Guarantees |
1.819 |
0.135 |
|
Other
claims not acknowledged as debts |
Nil |
0.724 |
In the
opinion of the management, there is no contingent liability other than stated
above and adequate provision have been made for all known liabilities, except
interest and penalty as may arise.
b.
Remuneration to Managing Director and Whole Time Directors
|
2002-2003 [Rs. in
Millions] |
2001-2002 [Rs. in
Millions] |
|
0.960 |
0.648 |
c.
Auditors Remuneration : Audit fees
|
2002-2003 [Rs. in
Millions] |
2001-2002 [Rs. in
Millions] |
|
0.183 |
0.131 |
d. Break
up of expenditures incurred on employees employed throughout the financial year
whose aggregate remuneration was not less than Rs. 2.400 millions for the year
and on employees for part of the financial year whose aggregate remuneration
was not less than Rs. 0.200 per month -
Nil
e. The
credit facilities availed from Punjab National Bank are collaterally secured by
:
i.
Equitable mortgage of gala no. A – 470 [of M/s Harison] & A – 474 [of Mr.
Jaikishan Lakhani] at Shah &
Nahar Industrial Estate, Lower Parel,
Mumbai – 400013
ii.
Equitable mortgage of company’s gala no. 110 to 117 & 123 and gala no. 118
to 122 [of M/s Hariraj] at
Arihant Industrial Estate, Sakinaka,
Mumbai – 400072
iii.
Hypothecation of Plant & Machinery and personal guarantee of all the three
directors.
f. Due
to change in method of providing depreciation on fixed assets during the year
from written down
value method to straight line method, the
company has added back the difference of Rs. 6.832 millions
to the Profit & Loss Account and the
profit is overstated to that extent.
g. The
company has discontinued deferring revenue expenses and the amount brought
forward of Rs.
8.423 millions has been debited to the
Profit & Loss Account, to that extent the profit is understated
[Previous year the profit is overstated by
Rs. 3.318 millions]
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U1810MH1994PLC082837 |
|
Name of the company |
GINI AND JONY APPAREL PRIVATE LIMITED |
|
Address |
A-2/470, Shah and Nahar Industrial Estate,
Lower Parel, Mumbai-400013, Maharashtra, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
|
Particular of the charge holder |
HDFC
Bank Limited HDFC Bank House, Senapati Bapat
Marg, Lower Parel [West], Mumbai – 400013, Maharashtra, India E-mail : vivek.vazirani@hdfcbank.com CIN No. : L65920MH1994PLC080618 |
|
Amount Secure by the charge |
Rs. 45.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Margin : 25% on cost of purchase Repayment Schedule : The amount will be repayable in seven yearly instalment starting from the day of the first down Interest :Term Loan – 9% subject to revision by the Bank + Interest Tax and any other statutory Levy if and when |
|
Description of the property charge whether it is a charge on |
Immovable Properties |
|
Modification charge Charge identification number of the charge to be modified |
80009145 |
|
Date of instrument modifying the charge |
08.07.2006 |
|
Particulars of the Property charged |
A – 601, on the 6th floor in the building known as City Point, Andheri [East], Mumbai – 400093 |
|
Bried description of the instrument modifying the charge under section 135 |
Memorandum of equitable mortgage by deposit of title deed |
|
Particulars of the present modification |
Company’s immovable property at A – 601 & A – 701, on the 6th & 7th Floor City Point, Andheri [East], Mumbai – 400093 has been mortgaged and limit of term loan increased from Rs. 45 millions to Rs. 55 millions |
|
Name of the company |
GINI & JONY APPAREL PRIVATE LIMITED |
|||||||||
|
Presented By |
Prakash Lakhani, Director |
|||||||||
|
1) Date and description of instrument creating the change |
25.10.2005 Declaration cum undertaking and memorandum recording creation of mortgage by deposit of title deeds |
|||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term loan of Rs. 45 millions |
|||||||||
|
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 |
Mortgage by deposit of title / lease deeds of immovable property described in the Part A Schedule 1 Schedule 1 Part A All that Unit / office No. A – 601, on the sixth floor admeasuring as given in the table below respectively in the building known as ‘Citi Point’ at Andheri [East], Mumbai – 400093 situated on the land or ground more particularly described in the Part B of Schedule 1
|
|||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin :25% on Cost of purchase Repayment : The amount will be repayable in seven half yearly instalments starting from the day of the first down Interest : Term Loan – 9% p.a. subject to revision by the bank plus interest tax and any other statutory levy if and when applicable and payable at monthly rests. |
|||||||||
|
5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited Emerging Corporate Group, Trade World, ‘A’ Wing, 2nd Floor, Kamla Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 |
|||||||||
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|||||||||
|
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. |
Not Applicable |
GINI & JONY APPAREL PRIVATE LIMITED is a leading international
Kidswear Brand offering Ready-made Garments and accessories for Children (Boys
and Girls) from 6 months to 16 years. It was conceptualized in 1980 and within
a span of few years it revolutionized the way children would present themselves
in future. The product portfolio comprises of T-Shirts, Shirts, Jackets,
Trousers, Cargos, and Jeans for boys and Capris, Dungarees, Skirts,
Co-ordinates Tops, Jamaicans, Jeans and Pants for girls and a complete range of
garments for infants.
Over the years, it has elevated the concept of kids fashion and has given new
dimension to the Lifestyle of Children. Today GINI & JONY is an
International Brand with over 500 employees supporting the Brand nationally and
internationally. Currently it has 19 Franchisees, 40 Shop-in-Shops & 11
Factory Outlets and around 180 Multi-Brand outlets in India. Each ensemble of
GINI & JONY takes shape at the In-house Design Studio, comprising of
Designers from the best fashion Institutes in India. The company is seeking for
a Head - Human Resources.
Professional managers from Marketing, Production, Quality control, Sourcing
& Logistics interact with management on a day-to-day basis to ensure smooth
functioning of the organization. The company is looking for HRD/HR in Apparel/Clothing
Industry.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|