MIRA
INFORM REPORT
|
Report Date : |
24th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
LACTOSE
INDIA LIMITED |
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Registered Office : |
Survey No. 6, Village Poicha (Rania), Savli, Dist. Vadodara – 397 080,
Gujarat, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.03.1991 |
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Com. Reg. No.: |
04-15186 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML01469G |
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Legal Form : |
Public
Limited Liability company. The company’s shares are listed on the Stock
Exchanged. |
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Line of Business : |
Manufacturing
and sale of pharmaceutical products such as Lactose Powder. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate
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Payment Behaviour : |
Slow
by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject
has a moderate track of performance and financial status. Profit margin is
under severe pressure. Payments are slow by average 30 days. The company can
be considered for small to moderate business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Survey No. 6, Village Poicha (Rania), Savli, Dist. Vadodara – 397 080,
Gujarat, India |
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Tel. No.: |
91-2667-244308/244225/244729 |
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E-Mail : |
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Website : |
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Corporate
Office : |
211, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra, India |
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Tel.
No.: |
91-22-56952701-03 |
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Fax
No.: |
91-22-56952704 |
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E-Mail
: |
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Administrative
Office : |
5th Floor, R C Dutt Road, Alkapuri, Baroda-390005, Gujarat,
India |
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Tel.
No.: |
91-265-2330825/2840397 |
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Fax
No.: |
91-265-2840397 |
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Factory
1 : |
Survey No. 6, Village Poicha (Rania), Savli, Dist. Vadodara – 397 080,
Gujarat, India |
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Tel.
No.: |
91-2667-244308/244225/244729 |
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E-Mail
: |
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Area : |
10121 sq. mtrs. |
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Sales
Office : |
10, Shah and Nahar Industrial Estate, Off. E. Moses Road, Worli Naka,
Mumbai-400018, Maharashtra, India |
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Tel.
No.: |
91-22-24921953/24946148/24973953 |
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Fax
No.: |
91-22-24939838 |
DIRECTORS
|
Name : |
Mr. S
M Maheshwari |
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Designation : |
Chairman
and Managing Director |
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Name : |
Mr.
Atul Maheshwari |
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Designation : |
Executive
Director |
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Address : |
52/A, Aashit Apartments, Stan Burg Est.
Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
2nd July, 1965 |
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Date of Appointment : |
11th March, 1991 |
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Name : |
Mr. O
P Singhi |
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Designation : |
Director
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Name : |
Mr.
Anand Sharma |
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Designation : |
Director
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Name : |
Mr.
Abhijit Periwal |
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Designation : |
Director
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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|
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Indian
Promoters |
397862 |
7.21 |
|
Person
acting in concert |
706720 |
12.80 |
|
Non-Indian
Promoters |
78020 |
1.41 |
|
Others
|
4337398 |
78.58 |
|
Total |
5520000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and sale of pharmaceutical products such as Lactose Powder. |
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Products : |
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Imports from : |
Europe
and USA (mainly from Holland and New Zealand) |
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Terms : |
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Purchasing : |
against
L/C terms |
PRODUCTION
STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
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Lactose |
|
MT |
|
937.675 |
|
Machine |
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RY |
1500 MT |
-- |
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Nergy Sachets |
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Nos. |
|
-- |
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Strength Plus Sachet |
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Nos. |
|
-- |
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Fabric |
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Mtrs. |
|
1138420 |
GENERAL
INFORMATION
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No. of Employees : |
About
120 |
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Bankers : |
v State Bank of India Industrial Finance Branch, Shivsagar Estate, Worli (South), Mumbai – 400 018 v State Bank of India R. C. Dutt Road, Vadodara – 397 080, Gujarat, India v Oriental Bank of Commerce Prabhadevi Branch, Aman Chambers, 1st Floor, Veer Savarkar Marg, Opp New Passport Office, Prabhadevi, Mumbai – 400 025, Maharashtra, India |
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Facilities : |
Secured Loan (Rs. in millions)
Notes: Term Loan n
Oriental
Bank of Commerce Term Loan – I is secured against first charge of all fixed
assets of the company situated at Baroda. n
Oriental
Bank of Commerce Term Loan – II is secured against hypothecation of project
Export Receivable. n
Both
Term Loans are also secured by the personal guarantee of the two Directors of
the company. Working Capital Loan n
is
secured by hypothecation of stocks and book debts and second charge on all
movable and immovable assets and also personal guarantee of the two Directors
of the company. Unsecured Loan (Rs. in millions)
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Banking Relations : |
Satisfactory
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Auditors : |
K. M.
Tulsian and Associates Chartered
Accountants |
|
Address : |
201,
204 Rajeshri Accord, Telly Cross Lane, S. N. Road, Andheri (East), Mumbai –
400 069, Maharashtra, India |
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|
|
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Associates : |
Ř
Lotus
Global Limited Ř
Eurolife
Health Care Private Limited Ř
Toshniwal
Agro Chem Limited Ř
Black
Box Electronics Limited Ř
Uncil
Investments Limited Ř
Toshniwal
Chemicals Limited Ř
Toshniwal
Chem and Industries Limited Ř
Lactose
Investments Private Limited Ř
Lactose
Vinimay Private Limited Ř
Toshniwal
Holdings Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs. 10/- |
Rs.75.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6420000 |
Equity
Shares |
Rs. 10/- |
Rs. 64.200 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
64.200 |
64.200 |
55.200 |
|
|
2] Reserves & Surplus |
30.325 |
25.601 |
12.676 |
|
|
NETWORTH |
94.525 |
89.801 |
67.876 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
52.926 |
48.978 |
35.552 |
|
|
2] Unsecured Loans |
4.738 |
3.642 |
1.645 |
|
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TOTAL BORROWING |
57.664 |
52.620 |
37.197 |
|
|
DEFERRED TAX LIABILITIES |
6.832 |
4.936 |
5.219 |
|
|
|
|
|
|
|
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TOTAL |
159.021 |
147.357 |
110.292 |
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
58.428 |
64.276 |
62.708 |
|
|
Capital work-in-progress |
2.453 |
0.000 |
4.080 |
|
|
|
|
|
|
|
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INVESTMENT |
2.152 |
2.367 |
1.772 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.887
|
10.399 |
8.621 |
|
|
Sundry Debtors |
81.340
|
75.351 |
26.755 |
|
|
Cash & Bank Balances |
12.738
|
4.779 |
5.732 |
|
|
Loans & Advances |
23.120
|
21.886 |
29.933 |
|
Total Current Assets |
120.085
|
112.415 |
71.041 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24.097
|
31.701 |
28.109 |
|
|
Provisions |
0.000
|
0.000 |
1.200 |
|
Total Current Liabilities |
24.097
|
31.701 |
29.309 |
|
|
Net Current Assets |
95.988
|
80.714 |
41.732 |
|
|
|
|
|
|
|
|
TOTAL |
159.021 |
147.357 |
110.292 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
246.447 |
237.560 |
189.742 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
7.154 |
17.995 |
15.303 |
|
Provision
for Taxation |
2.195 |
(0.023) |
7.019 |
|
Profit/(Loss)
After Tax |
4.959 |
18.018 |
8.284 |
|
|
|
|
|
|
Export
Value |
NA |
NA |
NA |
|
|
|
|
|
|
Import
Value |
0.001 |
0.001 |
65.154 |
|
|
|
|
|
|
Total
Expenditure |
238.505 |
219.537 |
174.437 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2006 |
30.09.2006 |
|
Type |
|
1st Qtr |
2nd Qtr |
|
Sales Turnover |
|
32.800 |
42.300 |
|
Other Income |
|
1.600 |
1.000 |
|
Total Income |
|
34.400 |
43.300 |
|
Total Expenditure |
|
28.800 |
38.200 |
|
Operating Profit |
|
5.600 |
5.100 |
|
Interest |
|
1.700 |
1.700 |
|
Gross Profit |
|
3.900 |
3.400 |
|
Depreciation |
|
1.900 |
1.900 |
|
Tax |
|
0.200 |
0.100 |
|
Reported PAT |
|
1.800 |
1.400 |
200609
Quarter 2 :-- Expenditure Includes
(Increase)/decrease in stock in trade Rs 0.513 million Materials Consumption Rs
23.748 million Staff Cost Rs 3.067 million Manufacturing and other Expenditure
Rs 8.791 million Administrative, Selling & Distribution Expenses Rs 2.102
million.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.60 |
0.57 |
0.55 |
|
Long Term Debt Equity Ratio |
0.32 |
0.30 |
0.28 |
|
Current Ratio |
1.93 |
1.59 |
1.34 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.92 |
1.94 |
1.64 |
|
Inventory |
36.06 |
24.18 |
21.95 |
|
Debtors |
3.06 |
4.56 |
7.04 |
|
Interest Cover Ratio |
1.97 |
4.53 |
3.93 |
|
Operating Profit Margin (%) |
9.17 |
13.16 |
16.10 |
|
Profit Before Interest and Tax Margin (%) |
6.01 |
9.93 |
12.29 |
|
Cash Profit Margin (%) |
5.21 |
10.96 |
8.74 |
|
Adjusted Net Profit Margin (%) |
2.04 |
7.74 |
4.93 |
|
Return on Capital Employed (%) |
9.77 |
18.66 |
22.07 |
|
Return on Net Worth (%) |
5.32 |
22.83 |
13.70 |
STOCK PRICES
|
Face
Value |
Rs.
10.00 |
|
High |
Rs.
(0.01) |
|
Low |
Rs.
(0.01) |
LOCAL AGENCY
FURTHER INFORMATION
History
The
company was incorporated on 11th March, 1991 at Vadodara in Gujarat
having Company Registration 15186.
Subject
was originally set-up to manufacture lactose IP/BP grade, an import substitute,
with an installed capacity of 465 tpa at an estimated cost of Rs.45 millions.
The project was part financed by a public issue in December 1991. The company
was promoted by Mr. S. S. Toshniwal, Mr. S. M. Maheshwari and Mr. Atul
Maheshwari.
Commercial
production of the company commenced in 1994. The complete plant was supplied by
Alfa Laval (India) Limited. Cheese whey is the raw material used for production
of lactose. Lactose is used in the manufacture of pharmaceutical products. It
also finds application in baby tools, confectionery and in bakery as a flavour
enhancer.
In 1994,
the company undertook an expansion and forward expansion programme involving the
capacity expansion of lactose from 465 tpa to 1,500 tpa and also setting up of
a pharmaceutical formulation plant with three sections – capsule section,
tablet section and injectables section. It came out with a rights issue in
November 1994 to part-finance the project.
In
1995-96, the company started processing sweetened condenced milk for domestic
supply and acid casein for exports.
Review Of
Operations
During the year under review the Company has earned a profit before tax of
Rs.794.200 millions, compared to last year's profit before tax of Rs. 1802.200
millions. The decline in profit during the year under review is mainly due to
huge increase in raw material price not commensurate with sales realization and
thus reducing the profit margin substantially. Profit for the year has also
declined due to lower project export realization during the year under review
as compared to earlier year where the company has earned substantial profit
from this activity. The project exported by the Company has been successfully
implemented and the buyer has shown keen interest for procuring another set of
the project.
Corporate Governance
The Company has in place a system of Corporate Governance. A separate report on
Corporate Governance forms part of this Annual Report and the Management's
Discussion and Analysis report forms part of this report. A certificate from
the Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement is annexed to
the report on Corporate Governance.
The company’s fixed assets of important
value include Land, Factory Building, Plant & Machinery, Laboratory
Equipments, Electric Installations, Office Equipments & Air Conditioners,
Computers, Vehicle and Furniture and Fixtures.
The
company has FDA approved Manufacturing Dairy Technologists and FDA approved
Quality Control Chemists. Subject also has a fully equipped Quality Control
Testing Laboratory consisting of Physical, Chemical and Bacteriological departments.
The company has recently achieved GMP and
WHO certificates for their Pharmaceutical manufacturing division. The company
has also obtained ISO 9001-2000 certification and is going in for obtaining the
HACCP Certification (Hazardous Control).
As Per Web
Profile
Lactose (India) Limited forces home one strong promise "Only the best is good enough for our customers and good enough to carry our name" Products that leave the company's manufacturing facility in Vadodara, Gujarat, are sure to meet the exacting standards set by the company and its demanding customers.
Lactose (India) Limited's plant in Vadodara, Gujarat was commissioned by Alfa Laval, Pune (which is a subsidary of Alfa Laval of Sweden) and was also given a 'thumbs up' by reputed dairy experts from the Netherlands in October 1991. Subsequently Alfa Laval, reputed dairy experts from Sweden and a joint commission from the Netherlands studied the plant and its working and confidently acknowledged the plant for its quality standards as well.
With its unparalled infrastructure of requisite equipment and dedicated work force, Lactose (India) Limited has a state of the art manufacturing facility for contract manufacturing of pharmaceutical products.The latest in its diverse interests is the manufacturing of pharmaceutical formulations for Aventis Pharma Ltd.(earlier-Hoechst Marion Roussel), for the purpose of domestic use and export to Russia.
This state
of art manufacturing facilities for the manufacture of pharmacuetical
formulations is in compliance with all international standards.The plant is
approved under WHO-cGMP guidelines and also holds TUV certificate as an ISO
9001 : 2000 company.The manufacturing facilities include wet granulation,Fluid
bed drying, compaction, blending and coating facilities with the latest
technology equipments.The manufacturing facilities is well supported by its
total in-house Quality Control set-up with latest Testing equipments and an
upto date Microbiology Testing Laboratory.The Facility is supported by an equally
competent and FDA approved Manufacturing professionals.
The company is forcefully led by a balanced combination of technical and industrial experts. Mr. S. S. Toshniwal - Chairman, brings in a wealth of industrial experience having diversified in businesses of varying natures ie trading, export and manufacturing. Over 30 years of unmatched experience in a global market have added to his experience.
Mr. S. M. Maheshwari - Managing Director, is the company's forefront in
operations and brings his experience of over 35 years with pharmaceutical
giants like Hoechst Marion Roussel, Abbott Labs, American Cynamid and Warner
Lambert. His vast experience in the manufacturing, quality assurance and
operational competencies in real time management is quite unmatched.
Mr. Atul Maheshwari - Executive Director, with his MBA in Marketing faculty from the USA, handles the marketing and sales portfolio for the company along with his focus on overall business and product development. His past experience includes the export of US products to India and the import of Indian dairy products to the US.
The executive team is well backed by a work force of devoted and skilled professionals.
Products
Advances in medical science would be inconceivable without materials known as carriers. The pharmaceutical industry demands these auxiliary materials of absolute neutrality that do not themselves act within the organism nor initiate any reaction with any active substances. Crystals made from 'Milk Sugar' have these qualities. And yes, when we say 'Milk Sugar', we mean Lactose.
Lactose, besides being a dominant ingredient in pharmaceutical products, is also extensively used in the Dairy, Food, Confectionery, and Beverage Industries. Yes, Lactose is a key ingredient that touches our daily lives as a support ingredient that acts as a carrier in tablets and capsules or as a key ingredient in food and dairy products.
For ten years now, Lactose (India) Limited has stood for perfection, quality, constant innovation and complete dedication to their clients.
With up to date technology, the company is one of India's leading producers of Edible and Pharmaceutical grade Lactose. Apart from this, the company also manufactures Dairy Whitener, Dairy Calcium, Whey Powder, Casein, Caseinate, Butter and Ghee.
It still boasts of being the first company to manufacture Lactose in the Asian subcontinent. The company has since grown to be a leading player in the Lactose market and continues to supply consistent quality Lactose to several global giants in the pharmaceutical world. It commands a 40% overall market share and this makes the company the leading Lactose supplier in the country.
Exports
With coordinated infrastructure, intricate network, industrial and technical expertise international WHO approved and ISO 9001:2000 manufacturing facilities, professional competency, vast experience and above all the zeal and dedication towards perfection - The World is now our Market.
They dare to take care of all your medical needs from head to toe, that includes pharmacuticals formulations, bulk drugs, drug intermediates fine chemicals, nutraceuticals and speciality products.
Network
Lactose India Limited is well backed up by its excellent network of
indenting agents in India ie Mumbai, Delhi, Chennai, Bangalore, Calcutta,
Hyderabad and Ahmedabad.
Besides providing Lactose for Pharmaceutical giants, Food,Confectionary
and Dairy companies in India, the company's product also leaves Indian shores
for the African continent, South East Asia, and some of its other neighbouring
countries.
Contact
Lactose (India) Limited
211, Laxmi Plaza, Laxmi Industrial Estate,
New Link Road, Andheri (West), Mumbai - 400 053, Maharashtra, India
Tel. No.: 91-22-56952701/0.2-0.3
Fax No.: 91-22-56952704
Email : lactose@vsnl.com
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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|