MIRA
INFORM REPORT
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Report Date : |
09.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIMPLEX CASTINGS LIMITED |
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Registered Office : |
89, Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.01.1980 |
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Com. Reg. No.: |
11-67459 |
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CIN No.: [Company
Identification No.] |
L27320MH1980PLC067459 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS03006D |
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Legal Form : |
Public limited liability company. The shares of the
company are listed on Stock Exchanges. |
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Line of Business : |
Manufactures heavy castings in grey cast iron, alloy cast iron, stainless steel and steel. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. Directors are resourceful industrialists. One of the directors of the company who was involved in killing of union leader at Bhilai plant is in jail and imprisoned for life time. Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
89, Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22825831/22826719 |
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Fax No.: |
91-22-22871170 |
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E-Mail : |
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Website : |
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Factory 1 : |
5 and 5A, Industrial Estate, Bhilai, District: Durg, Chhattisgarh – 490026 |
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Tel. No.: |
91-788-2382031/32 |
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Area : |
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Location : |
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Factory 2 : |
Urla Industrial Estate, Raipur, Chhattisgarh – 492001 |
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Tel. No.: |
91-771-2323805/2323483/2326301/2326302 |
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Fax No.: |
91-771-2324090 |
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Branches : |
New Delhi : 1515,Modi Corp., 98,
Nehru Place, Calcutta : 119,Park Street,White
House Chennai : Shakti Tower,5th
Floor,'K' Block, Rajnandgaon : 28, Industrial
Estate,Tedesara |
DIRECTORS
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Name : |
Mr. Hasmukhlal B. Shah |
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Designation : |
Director |
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Name : |
Mr. H. S. Parikh |
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Designation : |
Director |
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Name : |
Mr. Kisan R. Choksey |
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Designation : |
Director |
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Name : |
Mr. Shivji R. Shah |
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Designation : |
Director |
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Name : |
Mr. Rajendra R. Shah |
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Designation : |
Director |
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Name : |
Mr. Arvind S. Shah |
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Designation : |
Chairman |
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Name : |
Mr. Moolchand R. Shah |
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Designation : |
Managing Director |
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Name : |
Mr. Ketan M. Shah |
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Designation : |
Executive Director |
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Name : |
Mr. Shailesh A. Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Aloke Sinha |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters/ Persons acting in concert |
3460200 |
57.8222 |
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Financial Institutions Bank and Mutual Fund |
26100 |
0.4361 |
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Corporate Bodies |
304349 |
5.0859 |
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NRI, Foreign National, OCBs and FIIs |
233665 |
3.9047 |
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Indian Public |
1959886 |
32.7511 |
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TOTAL |
5984200 |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufactures heavy castings in grey cast iron, alloy cast iron, stainless steel and steel. |
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Products : |
Generic Names or Principal Products/Services of the
Company are :-
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Exports : |
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Products : |
v Sinter
pallets and side wall for sinter plants v Coke
oven door & accessories v Castings
for earth moving equipments v Rolling
mill equipments v Various
castings for heavy industries v Coal
charging machine spares v Coke
oven equipments v Pump
castings v 264 Tonnes Metal Ladles |
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Countries |
Japan, USA, Cis countries, Australia, Egypt |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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AT BHILAI |
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Cast Iron Castings/ Components Metallurgical Industry |
M/T |
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15000 |
8439 |
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MS/ Forging Quality ingots |
M/T |
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1000 |
0 |
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AT URLA |
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Steel Castings, Special Alloy Iron and SG Iron Castings |
M/T |
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10000 |
7124 |
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Equipment and Spares |
M/T |
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500 |
NIL |
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MS/ Forging quality ingots |
M/T |
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15000 |
1900 |
GENERAL
INFORMATION
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No. of Employees : |
650 |
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Bankers : |
v Central Bank of India v Bank of Baroda v State Bank of India |
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Facilities : |
Secured Loans :
Unsecured Loans
:
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Taunk and Srikanth Chartered Accountants |
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Address : |
Bhilai |
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Group Companies : |
v Simplex Engineering and Foundry Works Private Limited v Sangam Forgings Private Limited v Prabha Plantations Private Limited v Sim Prabha Estates and Trading Company Private Limited v Simshahs Estates and Trading Company Private Limited v H. B. Farm Products Private Limited v Eastern Metallurgical Equipments Private Limited |
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Associates/Subsidiaries : |
v Simplex International |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6093000 |
Equity Shares |
Rs.10/- each |
Rs.60.930
millions |
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5984200 |
Equity Shares |
Rs.10/- each |
Rs.59.842
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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59.842 |
59.842 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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241.609 |
226.748 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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301.451 |
286.59 |
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LOAN FUNDS |
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1] Secured Loans |
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284.090 |
288.972 |
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2] Unsecured Loans |
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74.095 |
82.476 |
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TOTAL BORROWING |
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358.185 |
371.448 |
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DEFERRED TAX LIABILITIES |
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33.802 |
38.304 |
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TOTAL |
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693.438 |
696.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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317.608 |
291.842 |
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Capital work-in-progress |
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29.093 |
8.900 |
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INVESTMENT |
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0.890 |
0.793 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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241.710 |
187.099 |
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Sundry Debtors |
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268.649 |
328.061 |
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Cash & Bank Balances |
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17.707 |
41.036 |
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Other Current Assets |
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0.102 |
0.015 |
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Loans & Advances |
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70.678 |
58.225 |
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Total
Current Assets |
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598.846 |
614.436 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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218.576 |
200.856 |
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Provisions |
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34.423 |
18.773 |
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Total
Current Liabilities |
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252.999 |
219.629 |
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Net Current Assets |
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345.847 |
394.807 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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693.438 |
696.342 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1084.105 |
1000.752 |
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Other Income |
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23.567 |
1.909 |
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Total Income |
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1107.672 |
1002.662 |
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Profit/(Loss) Before Tax |
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38.703 |
21.073 |
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Provision for Taxation |
|
11.147 |
7.657 |
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Profit/(Loss) After Tax |
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27.556 |
13.416 |
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Total Earnings |
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75.560 |
24.798 |
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Imports : |
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Others |
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615.693 |
10.000 |
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Total Imports |
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615.693 |
10.000 |
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Expenditures : |
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Manufacturing Expenses |
|
328.763 |
284.365 |
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Consumption of stores and spares parts |
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615.693 |
592.667 |
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Salaries, Wages, Bonus, etc. |
|
39.803 |
32.386 |
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Interest |
|
57.072 |
46.857 |
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Depreciation & Amortization |
|
33.560 |
31.234 |
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Total Expenditure |
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1074.891 |
987.509 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
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Sales Turnover |
268.400 |
303.300 |
366.400 |
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Other Income |
1.500 |
0.100 |
24.400 |
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Total Income |
269.900 |
303.400 |
390.800 |
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Total Expenditure |
240.800 |
267.500 |
348.100 |
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Operating Profit |
29.100 |
35.900 |
42.700 |
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Interest |
11.900 |
11.400 |
12.100 |
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Gross Profit |
17.200 |
24.500 |
30.600 |
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Depreciation |
6.900 |
6.900 |
6.900 |
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Tax |
4.100 |
4.800 |
10.300 |
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Reported PAT |
6.900 |
13.500 |
14.100 |
200606 Quarter 1
Notes:
1. The above results were reviewed by the Audit Committee and thereafter
approved and taken on record by the Board of Directors at their meeting held on
July 31, 2006. 2. Deferred Tax Asset / Liability has been provided as per
applicable Accounting Standards. 3. The Company has only one business i.e.
Castings, hence 'Segment Reporting' as defined in Accounting standard 17 is not
applicable. 4. There are no investor's grievances pending as on 30th June 2006.
There were 7 investors complaints received and disposed off during the quarter
ended 30th June 2006.
200609 Quarter 2
Notes
Expenditure Includes (Increase)/Decrease in Stock Rs 18.218 million Consumption
of Raw Materials Rs 156.466 million Personnel Cost Rs 10.987 million Power
& Fuel Rs 24.455 million Other Expenditure Rs 57.435 million Tax Includes
Provision for Tax Rs 4.50 million Provision for Fringe Benefit Tax Rs 0.25
million Provision for Deferred tax Rs (0.70) million 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 Nil
Complaints disposed off during the quarter Nil Complaints unresolved at the end
of the quarter Nil 1. The above results were reviewed by the Audit Committee
and thereafter approved and taken on record by the Board of Directors at their
meeting held on October 27, 2006. 2. Deferred Tax Asset / Liability has been
provided as per applicable Accounting Standards. 3. The Company has only one
business i.e. Castings, hence 'Segment Reporting' as defined in Accounting
standard 17 is not applicable.
200612 Quarter 3
Notes
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 Nil Complaints disposed off during the quarter Nil
Complaints unresolved at the end of the quarter Nil 1. The above results were
reviewed by the Audit Committee and thereafter approved and taken on record by
the Board of Directors at their meeting held on January 25, 2007. 2. Deferred
Tax Asset / Liability has been provided as per applicable Accounting Standards.
3. The Company has only one business i.e. Castings, hence 'Segment Reporting'
as defined in Accounting Standard 17 is not applicable.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
1.65 |
1.57 |
1.40 |
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Long Term
Debt-Equity Ratio |
0.69 |
0.72 |
0.64 |
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Current Ratio |
1.25 |
1.35 |
1.38 |
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TURNOVER RATIOS |
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Fixed Assets |
1.61 |
1.61 |
1.28 |
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Inventory |
5.06 |
5.61 |
4.30 |
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Debtors |
3.63 |
3.69 |
3.89 |
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Interest Cover
Ratio |
1.68 |
1.45 |
1.29 |
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Operating Profit Margin(%) |
11.39 |
9.31 |
10.02 |
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Profit Before
Interest And Tax Margin(%) |
8.85 |
6.78 |
7.10 |
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Cash Profit
Margin(%) |
5.09 |
3.87 |
3.80 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.43.00/- |
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Low |
Rs.31.00/- |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY
Subject was incorporated on 29th June, 1992 at
Mumbai in Maharashtra having Company Registration Number 67459.
The company has technical collaborations with a number of
companies for its products. Some of the firms are Nippon Steel Corporation,
Japan; Ikio Iron Works, Japan; Dango & Dienenthal, Germany; China
Metallurgical, China; Schalker, Germany; etc.
In 1993 a public issue was made to finance the modernisation of Urla
unit.
During 1999-2000, the company developed bi-metallic rolls being used in Thermal
Power Plant.
The company has for the first time in India developed Truck Frame for Deisel
Locomotive Works as per drawing and design of G.M. Motors USA and with
technical expertise from one of the leaders in Rail and Road Castings M/s
Atchison Casting Corp. USA. The company is engaged in developing different
casting for Steel Plants and also Valve and Cone Castings for supplying the
same to Valve and Pump manufacturers.
BUSINESS
Subject manufactures heavy castings in grey cast iron, alloy
cast iron, stainless steel and steel.
Subject is engaged in manufacturing of engineering castings
in various grades for core industrial sector like Steel, Power, Railroad
equipment, Mining, Cement, Defence, Sugar and other specialized areas in as
cast, machined and in assembled condition.
Subject consists of two major units one heavy grey iron unit
and other heavy steel casting foundry. To balance the facilities both the units
have been equipped with machine moulding lines also.
Pattern Making :
Both the foundries have their own experienced pattern makers
with pattern shop which are fully equipped with various wood working machines.
The experienced pattern inspector ensure the quality of patterns.
Heat Treatment :
Both the foundries have in-house facilities for stress
relieving, normalising, quenching etc. to achieve the properties of castings as
per technical delivery conditions.
Machining :
The foundries and the Group Company "Simplex Engineering"
are equipped with 350 sophisticated machine tools comprising of Horizontal
& Vertical Boring machines, Milling Machines, CNC Lathes, Radial Drilling
Machines, Plano Millers and Tool Planners backed by 3000 experienced and
professional work force. To match the exact machining requirement of the
product subject also delivers the castings in proof machined as well as in
finish machined condition.
Quality Standards :
Subject’s products are accepted by inspection agencies such
as LLOYDS, RITES, RDSO, SGS, BUREAU VERITAS and other such international
inspection agencies.
The products of the company go mainly to steel plants, power plants, mining and
cement plants, Defence and the Railways. Main products go to blast furnaces and
coke oven batteries.
EXPORTS
Subject is exporting products/castings since 1976 to quality
conscious technological advanced markets of Japan, USA, Cis countries,
Australia Egypt etc.
It received award of export excellence by Engineering Export
Promotion Council.
Subject offer’s export quality products/castings conforming
to international standards with competitive price. It targets to export 30%
products/castings produced. It received national and international recognition
for manufacturing critical, intricate & quality castings.
PROJECTS
Some of the projects executed by subject are :-
v Turnkey
projects with Tyazhpromeexport(TPE), Moscow - cast house slag granulation plant
for blast furnace N0. 7 for Bhilai Steel Plant - Bhilai India.
v TPE-SIMPLEX
won repeat order from Bhilai Steel Plant for cast house slag granulation plant
for blast furnace No.6 for Bhilai Steel Plant.
v TPE-SIMPLEX
won order from Bokaro Steel Plant - Bokaro - India for cast house slag
granulation plant for blast furnace No.5.
v SCHLOEMANN-SIEMAG-SIMPLEX
executed Turnkey Projects for hot rolled steckel mill for Salem Steel
Plant-India.
v TPE-SIMPLEX
received order for complete sintering plant-II from Rourkela Steel
Plant-Rourkela-India, which is under execution.
v Complete
mini blast furnace 350 mtr, for M/s. Southern Iron Steel Company Limited-India,
in collaboration with M/s. China Metallurgical Import Export Corporation,
China.
v Bokaro
Steel Plant under its modernisation package awarded work of 2000 mm hot strip
mill modernisation to Simplex, which is under execution.
v Turnkey
contract for complete Sinter Plant No.3 for Bhilai Steel Plant with MITSUI
& CO./KAWASAKI/HITACHI ZOSEN of Japan, under execution.
Subject is in trade terms with the following:
v D
& H Welding Electrodes India Limited
v Gargi Huttenes
Albortes Limited
v Golden
Ceramic Works
v V. P.
Limited
v Jai
Kishan Engineering Works
v Metaflux
Company Private Limited
v Pankaj
Oxygen Limited
v Shamlax
Meta-Chem Private Limited
PERFORMANCE REVIEW:
The sales and other Income for the financial year 2005-2006
were Rs.1085.895 millions as against Rs.1008.552 millions compared to previous
year, registering an increase of 7.67%. The Profit before tax was Rs.38.703
millions and Profit after tax was Rs. 27.555 millions for the financial year
under review as against.Rs.21.073 millions and Rs. 13.416 millions in the
previous year, an improvement by 83.66% and 105.39% respectively.
FUTURE PROSPECTS:
Strong performance by the Engineering, Railways, Power sector
and Infrastructure sectors will have a positive impact on the profitability of
the Company.
Subject’s fixed assets of important value includes land,
building, plant and machinery, mould boxes, patterns, office equipments,
furniture and fixtures, computers, vehicles and jigs and fixtures.
Website Details :
"Simplex Castings Limited" under the above
"Simplex Group of Industries" is engaged in manufacturing of
engineering castings in various grades for core industrial sector like Steel,
Power, Railroad equipment, Mining, Cement, Defence, Sugar and other specialized
areas in as cast, machined and in assembled condition. "Simplex Castings
Limited" consists of two major units one heavy grey iron unit and other
heavy steel casting foundry. To balance the facilities both the units have been
equipped with machine moulding lines also.
Pattern Making : Both the foundries have their own experienced pattern makers
with pattern shop which are fully equipped with various wood working machines.
The experienced pattern inspector ensure the quality of patterns.
Heat Treatment : Both the foundries have in-house facilities for stress
relieving, normalising, quenching etc. to achieve the properties of castings as
per technical delivery conditions.
Machining : The foundries and the Group Company "Simplex Engineering"
are equipped with 350 sophisticated machine tools comprising of Horizontal
& Vertical Boring machines, Milling Machines, CNC Lathes, Radial Drilling
Machines, Plano Millers and Tool Planners backed by 3000 experienced and
professional work force. To match the exact machining requirement of the
product they also deliver the castings in proof machined as well as in finish
machined condition.
Quality Standards : Their products are accepted by inspection agencies such as
LLOYDS, RITES, RDSO, SGS, BUREAU VERITAS and other such international
inspection agencies.
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|