MIRA
INFORM REPORT
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Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GOLDIAM INTERNATIONAL LIMITED |
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Registered Office : |
Gems and Jewellery Complex, SEEPZ, Andheri (East), Mumbai
– 400096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.10.1986 |
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Com. Reg. No.: |
11-41203 |
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CIN No.: [Company
Identification No.] |
L36912MH1986PLC041203 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08508D |
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PAN No.: [Permanent
Account No.] |
AAACG2271J |
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Legal Form : |
Subject is a Public Limited Liability Company. The
company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers of jewellery and diamonds. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6000000 |
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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 well-established
and reputed company having satisfactory track. Directors are reported as
experienced 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
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Registered Office : |
Gems and Jewellery Complex, SEEPZ, Andheri (East), Mumbai
– 400096, Maharashtra, India |
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Tel. No.: |
91-22-2829 1893 / 2829 0396 /
2829 2397 |
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Fax No.: |
91-22-2829 0418 / 2829 2885 |
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E-Mail : |
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Website : |
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Branches : |
Located at:
Tel.
No. 91-22-22694127 |
DIRECTORS
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Name : |
Mr. Manhar R. Bhansali |
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Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
64 Years |
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Qualification : |
Int. Com |
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Experience : |
40 Years |
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Date of Appointment : |
24/01/2001 |
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Name : |
Mr. Rashesh M. Bhansali |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
38 Years |
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Qualification : |
T. Y. B. Com |
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Experience : |
38 Years |
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Date of Appointment : |
01.09.1988 |
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Name : |
Mr. Ajay M. Khatlawalal |
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Designation : |
Director |
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Name : |
Mr. Rajesh G. Kapadia |
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Designation : |
Director |
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Name : |
Mr. V. N. Nadkarni |
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Designation : |
Director |
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Name : |
Dr. R. Srinivasan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. M. K. Varma |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of jewellery and diamonds. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Jewellery |
Kgs |
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714.92 |
GENERAL
INFORMATION
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No. of Employees : |
450 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pulindra Patel and Company Chartered Accountants |
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Associates : |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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27000000 |
Equity Shares |
Rs.10/- each |
Rs. 270.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26982800 |
Equity Shares |
Rs.10/- each |
Rs. 269.828
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
269.828 |
132.164 |
132.164 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1346.157 |
1226.838 |
1022.152 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1615.985 |
1359.002 |
1154.316 |
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LOAN FUNDS |
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1] Secured Loans |
80.118 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.006 |
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TOTAL BORROWING |
80.118 |
0.000 |
0.006 |
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DEFERRED TAX LIABILITIES |
3.100 |
1.169 |
0.000 |
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TOTAL |
1699.203 |
1360.171 |
1154.322 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
116.192 |
81.667 |
77.003 |
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Capital work-in-progress |
0.083 |
0.000 |
0.000 |
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INVESTMENT |
495.037 |
370.035 |
230.270 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.650 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
265.277
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160.595 |
238.590 |
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Sundry Debtors |
702.540
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628.889 |
568.739 |
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Cash & Bank Balances |
182.100
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280.253 |
243.504 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
247.765
|
101.442 |
57.125 |
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Total
Current Assets |
1397.682
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1171.179 |
1107.958 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
264.367
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252.044 |
229.160 |
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Provisions |
45.424
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10.666 |
33.399 |
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Total
Current Liabilities |
309.791
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262.710 |
262.559 |
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Net Current Assets |
1087.891
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908.469 |
845.399 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1699.203 |
1360.171 |
1154.322 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1509.298 |
1796.874 |
1820.206 |
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Other Income |
78.915 |
48.998 |
0.000 |
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Total Income |
1588.213 |
1845.872 |
1820.206 |
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Profit/(Loss) Before Tax |
259.427 |
248.105 |
183.342 |
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Provision for Taxation |
14.687 |
5.928 |
(3.579) |
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Profit/(Loss) After Tax |
244.740 |
242.177 |
186.921 |
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Earnings in Foreign Currency : |
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Other Earnings |
1461.990 |
1792.265 |
1782.907 |
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Total Earnings |
1461.990 |
1792.265 |
1782.907 |
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Imports : |
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Raw Materials |
417.869 |
362.833 |
539.506 |
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Consumable Stores |
3.581 |
5.843 |
8.185 |
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Capital Goods |
1.974 |
1.648 |
1.844 |
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Total Imports |
423.424 |
370.324 |
549.535 |
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Expenditures : |
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Raw Material Consumed |
1112.100 |
1410.278 |
1407.014 |
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Manufacturing & Other Expenses
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192.812 |
173.127 |
211.045 |
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Other Operating Expenses
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0.000 |
0.000 |
0.000 |
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Depreciation
|
12.693 |
11.026 |
11.194 |
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Loss on sale of assets
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0.000 |
0.139 |
0.621 |
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Purchases made for re-sale |
0.703 |
0.000 |
0.000 |
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Interest & Finance Charge |
5.477 |
3.197 |
0.000 |
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Total Expenditure |
1323.785 |
1597.767 |
1629.874 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
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Sales
Turnover |
426.600 |
432.300 |
545.200 |
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Other
Income |
21.100 |
16.300 |
26.600 |
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Total
Income |
447.700 |
448.600 |
571.800 |
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Total
Expenditure |
393.000 |
356.100 |
464.000 |
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Operating
Profit |
54.700 |
92.500 |
107.800 |
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Interest |
01.400 |
01.300 |
01.500 |
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Gross
Profit |
53.300 |
91.200 |
106.300 |
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Depreciation |
03.100 |
04.100 |
05.200 |
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Tax |
13.900 |
26.800 |
31.200 |
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Reported
PAT |
35.900 |
60.300 |
71.300 |
200606
Quarter 1 –
Expenditure Includes (Increase)/Decrease in Stock in Trade
Rs 1.454 million Consumption of Raw Materials Rs 346.858 million Staff Cost Rs
17.424 million Other Expenditure Rs 27.253 million Tax Includes Provision for
Current Tax Rs 13.750 million Deferred Tax Rs 0.406 million Fringe Benefit Tax
Rs 0.230 million EPS is Basic Status of Investor Complaints for the quarter
ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter 24 Complaints disposed off during the
quarter 24 Complaints unresolved at the end of the quarter Nil 1. The above
results have been duly considered by the Audit Committee and were taken on
record by the Board of Directors of the Company at its meeting held on July 28,
2006. 2. The Company has only one segment of activity namely Jewellery
Manufacturing. 3. Consolidated financial statement of the Company and its
subsidiaries have been has been of Accounting Standard AS 21 issued by The
Institute of Chartered Accountants of India.
200609
Quarter 2 –
EPS is Basic & Diluted Status of Investor Complaints for
the quarter ended September 30, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 16 Complaints disposed off during
the quarter 16 Complaints unresolved at the end of the quarter Nil 1. The above
unaudited results have been duly considered by the Audit Committee and were
taken on record by the Board of Directors of the Company at its meeting held on
October 28, 2006. 2. The Company has only one segment of activity namely
Jewellery Manufacturing. 3. Consolidated financial statements of the Company
and its subsidiaries have been prepared as par Accounting Standard AS 21 issued
by The Institute of Chartered Accountants of India. 4. Liability in any arising
out of the application of revised AS-15 Accounting for employee benefits with
effect from April 01, 2006 is under review and will be given effect at the year
end. 5. The Board of Directors has decided to pay Interim Dividend of Re 1/-
(10%) per Equity Share. 6. The Company has npened 20 retail outlets of Silver
Jewellery, this quarte & March 2007, will have a total of 80 retail
outlets. The initial respinse from these retail outlest is highly encouraging.
7. Consoldiated results represent our subsidiary Diegold Designs Limited
(50.99%), Goldiem HK Limited (50.27%) and Goldiam Jewels Limited (50.55%),
Goldiam HK Limited and Goldiam Jewels Limited went into operation in Current
fiscal year. 8. The figures in Rs Lacs are rounded off to two decimals.
200612
Quarter 3 –
Expenditure Includes (Increase)/Decrease in Stock in Trade
Rs 6.466 million Consumption of Raw Materials Rs 420.177 million Staff Cost Rs
13.658 million Other Expenditure Rs 23.681 million Tax Includes Provision for
Current Tax Rs 30.900 million Deferred Tax Rs (1.410)million Fringe Benefit Tax
Rs 0.260 million EPS is Basic Status of Investor Complaints for the quarter
ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter 18 Complaints disposed off during the
quarter 18 Complaints unresolved at the end of the quarter Nil 1. The above
unaudited results have been duly considered by the Audit Committee and were
taken on record by the Board of Directors of the Company at its meeting held on
January 31, 2007. 2. The Company has only one segment of activity namely
'Jewellery Manufacturing'. 3. Consolidated financial statement of the Company
and its subsidiaries have been has been prepared as per Accounting Standard AS
21 issued by The Institute of Chartered Accountants of India. 4. Liability, if
any arising out of the application of revised AS - 15 Accounting for employees
benefits with effect from April 01, 2006 is under review and will be given effect
at the year end. 5. The Company has opened 42 retail outlets of Silver
Jewellary. 6. Consolidated results represents our subsidiary Diagold Design
Limited (50.99%), Goldiam HK Limited (50.27%) and gold Jewels Limited (50.55%),
Goldiam HK Limited and Goldiam Jewels Limited went into operations in Current
fiscal year. 7. Goldiam Jewellary Limited a 100% subsidiary situated at
Seepz-Sez has commenced its commercial production from January 16, 2007.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity
Ratio |
0.03 |
0.00 |
0.00 |
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Long
Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Current
Ratio |
3.91 |
4.33 |
4.68 |
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TURNOVER
RATIOS |
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Fixed
Assets |
8.10 |
12.00 |
12.63 |
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Inventory |
6.91 |
9.06 |
9.11 |
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Debtors |
2.21 |
3.02 |
3.33 |
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Interest
Cover Ratio |
38.58 |
78.53 |
23.39 |
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Operating
Profit Margin(%) |
15.29 |
14.50 |
11.77 |
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Profit
Before Interest And Tax Margin(%) |
14.42 |
13.89 |
11.15 |
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Cash
Profit Margin(%) |
14.10 |
14.00 |
11.11 |
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Adjusted
Net Profit Margin(%) |
13.24 |
13.39 |
10.48 |
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Return
On Capital Employed(%) |
13.89 |
20.00 |
18.23 |
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Return
On Net Worth(%) |
13.10 |
19.27 |
17.14 |
STOCK PRICES
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Face Value |
Rs.10.00/- |
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High |
Rs.109.95/- |
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Low |
Rs.106.00/- |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Promoted by M R Bhansali and K R Bhansali, Goldiam
International started exports of cut and polished diamonds and of plain and studded
gold jewellery in 1986. The company was converted into a public limited company
in Aug.'94.
It undertakes jewellery-making in addition to diamond cutting and polishing. It
has a state-of-the-art manufacturing facility in Bombay, in an exclusive 100%
export-oriented zone. Some of its products are gold and diamond-studded rings,
light-weight American cluster rings, cocktail rings, channel set bands,
pendants, diamond and colour studded bracelets, earrings, etc.
The company has started manufacturing Platinum Jewellery, which is expected to
give far better returns and increase profitability. During the year 1999-2000,
the company has registered a growth of 45% and hence the directors are happy to
inform the company could achieve this due to its reputation earned in the
international market over the years and continued quality control
measures.
The company has enhanced its export and value addition by introducing Invisual
Setting in Diamond Jewellery and Princess Cut Diamond Grooving Machinery.
Goldiam Jewels Limited has become Subsidiary of Goldiam International Limited
during the month of February 2005 and this is as a consequence of company's
stake in Goldiam Jewels which has risen to 50.05%.
OPERATIONS:
The turnover for the year under review was Rs.1471.324 Millions. The net
profit after provision for interest, depreciation and taxation is Rs.244.740
Millions compared to previous year's profit of Rs.242.177 Millions.
MANAGEMENT DISCUSSION AND ANALYSIS:
Industry structure and developments:
Jewellery has an ever increasing market abroad and Goldiam with its
manufacturing facilities comparable to international standards has been able to
capture a reasonable portion of the same. Opportunities are abundant for
exports of Goldiam s products. With a view to augment revenue and thereby
profitability Goldiam has decided to enter the domestic retail market, for
Silver and CZ fashion accessories, which is having a booming business potential
and with strategic and experienced partners joining hands, Goldiam is expecting
its brand 'OLA Style Expressions' to capture a reasonable share of the domestic
retail market with substantial profitability.
Opportunities and threats:
Goldiam believes that demographic factors such as increase in discretionary
income, combined with growing number of women in work place are encouraging
trends for the jewellery industry and provide a significant opportunity for
Goldiam's growth.
Diamond jewellery continues to enjoy a dominant position in the luxury market.
Demonstrating this, USA which accounts for 50% of the world diamond trade,
recorded a growth in retail diamond jewellery for the 10th consecutive year in
2005. Diamond jewellery sales rose to $33.7 billion, up 7 percent from $31.5
billion in 2004.
Goldiam intends to keep pace with the world's conceptual jewellery design
trends and manufacture technically improved highest quality standard
jewellery.
In the exports market the Company is looking at other large international
markets like Russia and Japan. Besides, the Company is working towards
improving the retail mix of the business by selling more directly to existing
retailers and increasing the number of retailers.
Another opportunity that can take the Company into higher growth trajectory is
the Company's entry into retail of fashion accessories in India through Ola
Style Expressions. The Company expects a rapid roll out of stores in the coming
year.
The threat for the Company include increase in gold prices, fashion trends and
competition.
Outlook:
The outlook for the Company is encouraging. The Company expects the export
business to be on high growth trajectory in the coming year. The Company's
retail foray also has the potential to grow and utilize the Company's strong
balance sheet to create shareholder value.
CONTINGENT LIABILITIES NOT PROVIDED FOR
The
Company has outstanding performance guarantee of Rs.10.019 Millions as on the
Balance Sheet date, executed in favour of Assistant Commissioner of Customs!
Previous Year Rs.106.760 Millions.
The
Company had disputed the demand in respect of Custom Duty Rs. 0.865 Millions
and Penalty of Rs. 0.100 Millions and the Commissioner of Customs Sahar
Airport, has preferred an appeal before the Supreme Court of India against the
order of the Customs, Excise & Gold (Control) Appellate Tribunal, West
Zonal Bench, Mumbai
The
Municipal Corporation of Greater Mumbai has preferred an appeal in the High
Court of Judicature at Bombay against the order of Small Causes Court rejecting
the claim of Municipal Corporation of Greater Mumbai for an amount of Rs.
13.696 Millions on account of property tax.
The company’s fixed assets of important value includes
factory building, office premises, furniture and fixtures, Air Conditioner,
office equipments, plant and machinery and vehicles.
AS PER WEBSITE
Goldiam
International Limited, is located in Mumbai, in India's premier jewelry
Manufacturing zone- SEEPZ., specially created by the Government of India to
encourage Indian industrialists to set up world class jewelry manufacturing
facilities for 100% Export.
Goldiam
International Limited was set up by the entrepreneurial initiatives of its
Managing Director, Mr. Rashesh Bhansali. Goldiam is one of the largest exporters
of INVISIBLE SET jewelry. The annual turnover for the year 2005 is US $ 54
million. Goldiam caters to the needs of all customers Globally. 70% of their
annual production is exported to the American market.
Goldiam's
product line consists of 7000 designs, in RINGS, EAR RINGS, PENDANTS,
BRACELETS, BANGLES and NECKLACES. Goldiam manufacture the above in gold as well
as in platinum. The continuous commitment of their management along with 450
skilled workers has enabled them to approach the new millennium with a positive
and aggressive attitude.
Infrastructure
at Goldiam:
- Modern Machinery imported from Japan,
Germany & USA
- Sources Designs locally and
Internationally
- In house Design Team
- State of the art Computer Aided
Designing (CAD)- Computer Aided Manufacturing (CAM) facilities.
- Setting Capacity of 60,000 stones per
day.
- In-house Quality Control
- Active web presence to ease
communication.
The structure of their organization enables them to be
responsive to the needs of their clients. Their pursuit in research and
development and an encouraging attitude towards innovativeness moves them
towards their goal, which is to continuously deliver a better product to their
clients.
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.44.17 |
|
UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.58.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
66 |
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 |
|