MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
KARNAVATI
ENGINEERING LIMITED |
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Registered Office : |
Cadila Corporate House , Sarkheh Dholka Road , Bhat , Ahmedabad 382
210 , Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.07.1981 |
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Com. Reg. No.: |
04-4488 |
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CIN No.: [Company
Identification No.] |
U29199GJ1981SGC004488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMK00433G |
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PAN No.: [Permanent
Account No.] |
AAACK6047Q |
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Legal Form : |
Closely Held Public Limited Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Kalweka and Rimek,
Karnavati (Pharmaceutical Machineries] |
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 : |
USD 144016 |
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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 company having fine track. It is a part of Cadila Group. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Cadila Corporate House , Sarkheh Dholka Road , Bhat , Ahmedabad 382 210 , Gujarat , India . |
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Tel. No.: |
91-2718-225001 |
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Fax No.: |
91-2718-225039 |
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E-Mail : |
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Website : |
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Corporate Office : |
342, Nani Kadi, Taluka Kadi, District Mehsana, Gujarat –
382715 |
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Tel. No.: |
91-2764-241464-66 |
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Fax No.: |
91-2764-242608 |
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Website : |
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International Branches : |
KARNAVATI AMERICA 9801 Washingtonian Blvd,
Suite 220 , Gaithersburg , MD 20878, USA Voice : 301 208 6785
Fax
: 301 208 6784 Cell
: 240 620 7493 E-mail : sales@karnavatiamerica.com,
mayur@karnavatiamerica.com
URL : http://www.karnavatiamerica.com
Email : middleeast@karnavatiengineering.com
Email : export@karnavatiengineering.com
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National Branches : |
· Oxford Chamber, 6 th Floor, ‘A' Wing Opposite Saki Vihar Telephone Exchange, Saki Vihar Road, Andheri (East) Mumbai - 400072 Tel : 91-22-2857 8474/7604/5 Email : mumbai@karnavatiengineering.com · D-1011, New Friends Colony, Opposite Mata Temple, New Delhi Tel : 91-11-26326126 Email: delhi@karnavatiengineering.com ·
Tel : 91-80-5321651/52 |
DIRECTORS
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Name : |
Mr. I. A. Modi |
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Designation : |
Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road, Paldi, Ahmedabad |
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Date of Birth/Age : |
79 years |
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Qualification : |
B. Tech. |
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Experience : |
55 years |
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Name : |
Dr. R. I. Modi |
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Designation : |
Director |
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Address : |
13, Sajeev Baug, New Sharda Mandir Road, Paldi, Ahmedabad |
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Date of Birth/Age : |
46 years |
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Qualification : |
M. Sc., B. Tech, PHD |
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Experience : |
20 years |
KEY EXECUTIVES
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Name : |
Mr. Subodh N. Naik |
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Designation : |
Chief Executive Officer |
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Address : |
E-33, Galaxy Tower, S. G. Road, Ahmedabad |
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Date of Birth/Age : |
56 years |
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Qualification : |
Engineer |
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Experience : |
30 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Capsule Filling Machine, Packing Machines, Wrapping
Machinery & Punches. Dyes. |
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Export : |
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Countries: |
USA, Latin America, UK, Belgium, Indonesia and Russia
[Pharmaceutical Machines] |
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Import: |
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Countries: |
Italy and Poland [CNC Machines] |
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Terms : |
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Selling : |
L/C or Credit (30 days) |
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Purchasing : |
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
144 |
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Bankers : |
Vijaya Bank, Industrial Finance Branch, Ahmedabad Syndicate Bank, Ashram Road, Ahmedabad |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Name : |
Mukesh M. Shah and Company Chartered Accountants |
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Address : |
H. K. House, Ashram Road, Ahmedabad |
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Tel. No.: |
91-79-26585814/26580549 |
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Fax No.: |
91-79-26581236 |
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E-Mail : |
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Associates/Subsidiaries : |
· Cadila Pharmaceuticals Limited At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Pharmaceuticals and Bulk Drugs · Casil Health Products Limited At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Hospital Products, Sulpholane and Soft Geletine · Green Channel Travel Services At P. O. Bhat, Sarkhej-Dholka Road, Ahmedabad Line of Business: Travel
Services and Forex |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16500000 |
Equity Shares |
Rs. 10/- each |
Rs.165.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.504 |
19.196 |
13.563 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.004 |
26.696 |
21.063 |
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LOAN FUNDS |
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1] Secured Loans |
122.983 |
45.810 |
25.300 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
122.983 |
45.810 |
25.300 |
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DEFERRED TAX LIABILITIES |
11.726 |
7.501 |
4.718 |
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TOTAL |
170.713 |
80.007 |
51.081 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.696 |
35.983 |
24.868 |
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Capital work-in-progress |
0.426 |
8.775 |
7.961 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
100.441 |
35.761 |
31.484 |
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Sundry Debtors |
22.498 |
26.927 |
23.307 |
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Cash & Bank Balances |
5.798 |
1.699 |
0.732 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
78.183 |
7.608 |
2.258 |
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Total Current Assets |
206.920
|
71.995 |
57.781 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
101.416 |
33.707 |
37.514 |
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Provisions |
8.913 |
3.039 |
2.015 |
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Total Current Liabilities |
110.329
|
36.746 |
39.529 |
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Net Current Assets |
96.591 |
35.249 |
18.252 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
170.713 |
80.007 |
51.081 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
230.603 |
109.141 |
95.486 |
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Other Income |
6.944 |
5.151 |
0.000 |
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Total Income |
237.547 |
114.292 |
95.486 |
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Profit/(Loss) Before Tax |
18.939 |
9.597 |
7.291 |
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Provision for Taxation |
(7.065) |
(3.536) |
3.015 |
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Profit/(Loss) After Tax |
11.874 |
6.061 |
4.276 |
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Export Value |
139.416 |
48.254 |
51.767 |
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Imports : |
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Stores & Spares |
1.507 |
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Capital Goods |
4.167 |
7.143 |
7.515 |
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Purchase of Trading Goods |
7.056 |
0.000 |
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Total Imports |
12.730 |
8.032 |
7.515 |
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Expenditures : |
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Cost of Materials Consumed |
81.506 |
51.636 |
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Purchase Of Trading Goods |
117.820 |
0.852 |
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Personal Exp |
18.287 |
13.100 |
88.280 |
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Other Expenses |
45.700 |
36.555 |
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Total Expenditure |
263.313 |
102.143 |
88.280 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.99 |
5.30 |
4.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.21 |
8.79 |
7.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.60 |
27.22 |
8.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.35 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.06 |
1.37 |
3.07 |
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Current Ratio (Current Asset/Current Liability) |
|
1.87 |
1.95 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
- Globe Pharma
P. O. Box 10837, New Bronswick, NJ-08906-9998
Website: http://www.globepharma.com
- DMG India Private Limited
Hosto Centre A3, Miller Road, Bangalore
- Wyth Limited, Goa
Contact person: Mr. Swyngle
Tel.: 91-832-2782631/8
- Pletehco Limited, Indore
Contact Person: Mr .Kachollya
Tel.: 91-832-2897618/7691
WEBSITE DETAILS
MISSION
To maintain and
extend Rimek's market leadership in design and supply of Pharmaceutical
Machineries viz Tablet Presses, Capsule Filling Machines, Laboratory Equipments
etc. by ensuring the following :-
Innovative,
Ergonomic, Customized, Futuristic, elegant, cost-effective product, system and
service solutions to Customers' requirements of Solid Dosage Pharmaceutical Equipments.
An ongoing Research
and Development program to maintain their position of Technological leadership
in the Industry
A staff of highly
motivated, well trained, committed professionals working in a well managed free
and creative environment which encourages them to achieve their full potential
and which rewards them for their success;
The highest
standards of quality in System Design, product manufacture and system
performance.
An efficient,
effective, affable, trained, soft network of own companies and agents to
provide a worldwide pre and after sales service to their global clients.
A financially
sound, profitable and growing company which will create substantial capital for
their shareholders;
100% Customer
Satisfaction by ensuring World Wide Best Warranty Services of 4 R – “Rimek”
Repair, Replace or Refund Policy
By having highly
efficient communication network of internal and external customers to compete
well in terms of :
(1) New Product
Innovation, (2) Existing Product Improvements, (3) Fiercely fight low price war
(4) Increase the Value for money for customer.
Capabilities :
VITAL INGREDIENTS
· Experienced Pharmaceutical Turn Key project management
· Experienced Equipment Manufacturing Infrastructure
· Effective Quality Management System
· Excellent communication
EVALUATION AND PLANNING
· Assisting customer in production of a detailed ‘User Requirement Specification' URS
· Full scale performance testing in customer works or within a Rimek's Pharma Plant Like Test Labs.
· Development and evaluation of a concept design for facility and process
· Planning in details, outline functional specifications and production programmes
· Provision of a comprehensive RIMEK proposal covering all technical and commercial aspects;
DESIGN AND REVIEW
· Detailed review of the URS and project requirements
· Quality Plans, detailed production programmes and Documentation Requirements
· Comprehensive detailed design of the process as well as mechanical and control systems
· Complete package of Engineering documentation, including drawings and specifications
· Detailed Installation, Operation and Maintenance manuals
· Regular Customer and internal reviews to ensure ongoing compliance with the URS
MANUFACTURE, INSTALLATION AND COMMISSIONING
· Detailed specification and supervision of all sub-orders
· High quality manufacturing and assembly to exacting specifications
· Regular Customer and internal reviews to ensure ongoing compliance with the URS
· Installation support, on-site supervision, commissioning and training
· Comprehensive after sales support including, spares and service
VALIDATION
· Preparation of project documentation in accordance GAMP 4 and Cgmp recommendations
· Comprehensive inspection of materials and finished products
· Material certificates and original manufacturers data-sheets from the start of project
· FAT, SAT, IQ and OQ protocols assisting the customer in execution
· Assist Customers in generation of practical SOP's
CREDENTIALS
ISO 9001 – 2000
Certified
“CE” Certified
Products
Financial
Reliability – DandB Registration ( traceability)
Pursuing “CSA” and
“GS”.
Registered with
EEPC, DGFT, EIA, SGS, BUREAU VISTAS
Currently,
they have agents in
Vietnam, Malaysia,
Australia, China , Ireland , UK, Singapore, France, Sweden, New Zealand,
Vietnam, Jordan, Turkey, Syria, Romania, Iraq, Iran, Belgium, Nigeria, Peru,
Chile, Canada / USA (their office), Bangladesh, Israel ……….. MANY MORE……..
HISTORY
1951
Shri Indravadan
Modi becomes the founder of India's First Pharamceutical Company
Cadila
Pharmaceutical Limited (www.cadilapharma.com , wwww.cplinc.net)
1960
Team
"KARNAVATI" was formed within Cadila Pharma to maintain all imported
European/American Pharmaceutical Machineries.
1981
Team of talented
engineers of "KARNAVATI" become a part of a new company formed called
"KARNAVATI ENGINEERING LIMITED" with a brand "RIMEK" under
the flagship Group "MODI GROUP OF COMPANIES"
The company besides
maitaining pharmaceutical machineries of cadila pharma launched India's First
50cc Motor Bike.
1991
Diversified fully
in to core strength of "PHARMACEUTICAL MACHINERIES"
1992
KEL develops
KADKARE Tooling Kits
1993
KEL launches Dies
and Punches, Tooling
KEL opens up
Mumbai, India.
1994
KEL opens up office
in Bangalore,India.
1995
KEL opens up office
in Delhi, India.
KEL splits with a
popular partner in India.
KEL launches
India's First KALWEKA Series of Laboratory Equipments.
1996
Tablet Presses -
Mini I was launched along with basic RSP 16 D
1997
KEL launches UNIK
II PC , India's First Fully Automatic Tablet Press
KEL launches UNIK I
FC, India's First Front Control Mi
1998
KEL Launches MINI
PRESS II Tablet Press
1999
KEL becomes India's
Highest Exporter of Pharma Machineries ( Tablet Press ) to USA.
2000
KEL becomes India's
First company to introduce ERP 100% for all manufacturing and dispatch
procesesses
2001
KEL launches MINI
II SF
2002
KEL Launches UNIK
III ML and scores Half Century of Tablet Presses Types availability
KEL launches it's first Rapid Mixer Granulator
2003
KEL launches MINI
CAP
KEL Launches UNIK
PC AUTO
KEL opens a
susidiary office in MD, USA ( www.karnavatiamerica.com)
2004
KEL becomes India's
First company to buy New Top of Line 5 CNC Machining and Turning Centres.
KEL Launches KR 40
Capsule MC
2005
KEL triples it's
Production Capacity with Manufacturing space of over 5000 Sq. mtr and
KEL touches exports
to more than 50 countries,
INTRODUCTION
The engineering arm
of the CADILA ( www.cadilapharma.com ) group,
Karnavati Engineering Limited (KEL)( www.karnavatiengineering.com )
, is a well-established( 1981 AD) manufacturer of “RIMEK” Brand of precision
components and machinery for pharmaceuticals and allied industries.
Following its
breakthrough with the all- purpose Kalweka for Pharma research in academic
institutions, RandD centre, pharmaceuticals and associated industries, SUBJECT
has been developing a range of innovative machineries.
SUBJECT has been at
the helm of technology revolution in the field of Pharma machinery for a decade
and has become synonymous with tablet press series worldwide.
SUBJECT invests a
major chunk of its turnover in R and D. The company participates at various
exhibitions worldwide and offers trial runs on its machines at its factory and
has won the appreciation of technocrats and end-users worldwide. The products
have achieved wide acceptance in domestic and international markets, and are
exported to USA, UK, CIS countries, Italy, Belgium, France, South Africa,
Columbia, Indonesia, Malaysia, Syria etc.
Today it ranks No.1
in the country in exporting Pharma machinery to the US , and is relentlessly
making its way to become the best in the precision equipment manufacturing sector.
THE PRODUCTS :
Tablet
Compression: ( from 1000 Tablets/Hour to 0.5 Million /Hour )
Mini Press I, II ,
MT , SF, SST,
RSP 16,20,23
RSP 10 sp,15 sp, 21
sp
UNIK PC 20,27,33
UNIK PC AUTO 20,
27,35
UNIK EC 27, 35,45
UNIK I PRESS
27,35,45
UNIK I FC 27,35,45
UNIK II SE 37,
45,55,61
UNIK II EC
51,61,75,81
UNIK II PC
UNIK III ML 50, 61
Tablet Press Accessories :
RIMEK Tooling :
Dies and Punches : Multi Tip also.
Dedusting Deburring
Unit
Dust Extraction
Unit
Metal Detection
Unit
Vacuum Loading
System
CAPSULE FILLING EQUIPMENT :
MINI CAP 3000 HG
Cap Per Hour
KR 40- 40000 HG
Capsule Per Hour
Capsule Filling Equipment Accessories :
Sorter Elevator
Capsule Polisher
Auto weight
checker, Metal Detection Unit
Partially Filled
and Empty Capsule Eliminator
LABORATORY EQUIPMENTS :
RIMEK RCLM Colloid
Mill for liquid emulsification
KALWEKA All Purpose
Equipments
Vertical Main Drive
Horizontal Main
Drive
KOMIL
30 different Attachment
to simulate all kinds of different production process viz. milling, mixing,
stirring, blending, wet/dry, sieving etc.
GRANULATION EQUIPMENT:
Tangential Milling
: Comminuting Mill: Fitz Type
Radial-Conical
Milling : KOMIL : Quadro type
TURN KEY PROJECTS :
Clean Room Panel,
Pharma Plant Designand Erection
Liquid Line, Tablet
Line, Soft and Hard Gelatin Capsule Line, Packaging Line
Credentials
ISO 9001-2000
Certification
“CE” Certiciation
ECGC
EEPC
DandB
DGFT
100% SATISFIED CUSTOMERS
· TARO Israel
· ISP Worldwide ( China , India etc.)
· WYETH ( One of the world's top 20 )
· SPI Pharma ( USA )
· Daroupaksh ( Iran )
And many
more…..separate
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.39.33 |
|
UK Pound |
1 |
Rs.81.70 |
|
Euro |
1 |
Rs.57.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
73 |
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 |
|