- Summary Information
|
Company Name |
GOYAL KNITFAB PRIVATE LIMITED |
Principal Name 1 |
MR. SITARAM RAMKUMAR
GOYAL |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. ATUL
SITARAM GOYAL |
|
Street Address |
PLOT NO. 505, N.
H. NO. 8, VILLAGE PALSANA, SURAT-
394315, GUJARAT, INDIA |
||
|
Established Date |
22.03.2001 |
SIC Code |
-- |
|
Telephone# |
91-262-2265266 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-262-2265268 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
WARP KNITTED FABRICS |
|
|
# of employees |
35 |
Product Name 2 |
- |
|
Paid up capital |
Rs.25,590,000 |
Product Name 3 |
- |
|
Shareholders |
BODIES CORPORATE
– 5.44%, DIRECTORS OR RELATIVES OF DIRECTORS – 81.00% OTHER TOP FIFTY
SHAREHOLDERS-13.56% |
Banking |
STATE BANK OF INDIA |
|
Public Limited Corp. |
NO |
Business Period |
7 YEARS |
|
IPO |
NO |
International Ins. |
- |
|
Public Enterprise |
NO |
Rating |
BA |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
CEO |
|
ASSOCIATES |
GUJARAT,
INDIA |
KUSUM SYNTHETICS PRIVATE LIMITED, |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
56,415,000 |
Current Liabilities |
14,843,000 |
|
Inventories |
21,543,000 |
Long-term Liabilities |
166,232,000 |
|
Fixed Assets |
192,235,000 |
Other Liabilities |
6,972,000 |
|
Deferred Assets |
- |
Total Liabilities |
188,047,000 |
|
Invest& other Assets |
835,000 |
Retained Earnings |
52,291,000 |
|
|
|
Net Worth |
82,981,000 |
|
Total Assets |
271,028,000 |
Total Liab. & Equity |
271,028,000 |
|
Total Assets (Previous Year) |
91,589,000 |
|
|
|
|
|
|
|
|
P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
150,833,000 |
Net Profit |
9,150,000 |
|
Sales(Previous yr) |
90,046,000 |
Net Profit(Previous yr) |
5,023,000 |
MIRA
INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOYAL KNITFAB PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 505, N. H.
No. 8, Village Palsana, Surat-
394315, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
22.03.2001 |
|
|
|
|
Com. Reg. No.: |
04-39344 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17118GJ2001PTC039344 |
|
|
|
|
IEC No.: |
5201000193 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTG00345C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCG3803B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Warp Knitted Fabrics - Tricot, Raschel and Simplex
Machine |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 505, N.
H. No. 8, Village Palsana, Surat –
394315, Gujarat, India |
|
Tel. No.: |
91-262-2265266 |
|
Fax No.: |
91-262-2265268 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Sitaram
Ramkumar Goyal |
|
Designation : |
Managing
Director |
|
Address : |
4A, Ravitej
Apartments, Athawa Lines, Surat-395007, Gujarat, India |
|
Date of Birth/Age : |
19.01.1951 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
22.03. 2001 |
|
|
|
|
Name : |
Mr. Atul
Sitaram Goyal |
|
Designation : |
Director |
|
Address : |
4A, Ravitej
Apartments, Athawa Lines, Surat-395007, Gujarat, India |
|
Date of Birth/Age : |
26.12.1977 |
|
Qualification : |
B.E.
(Chemical) |
|
Date of Appointment : |
22.03.2001 |
|
|
|
|
Name : |
Mrs. Kanta Sitaram Goyal |
|
Designation : |
Director |
|
Address : |
4A, Ravitej
Apartments, Athawa Lines, Surat-395007, Gujarat, India |
|
Date of Birth/Age : |
18.12.1954 |
|
Date of Appointment : |
02.07.2007 |
|
|
|
|
Name : |
Mr. Santoshkumar R. Sgarwal |
|
Designation : |
Director |
|
Address : |
71, Ganesh
Chandra Avenue, 3rd Floor, Kolkata – 700013, West Bengal, India |
|
Date of Birth/Age : |
10.04.1954 |
|
Date of Appointment : |
02.07.2007 |
|
|
|
|
Name : |
Mr. Ramawtarsingh R. Poonia |
|
Designation : |
Director |
|
Address : |
Plot No. 505, N.
H. No. 8, Village Palsana, Surat –
394315, Gujarat, India |
|
Date of Birth/Age : |
30.11.1979 |
|
Date of Appointment : |
04.01.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sitaram
Ramkumar Goyal |
|
600710 |
|
Sitaram Goyal
& Sons (HUF) |
|
|
|
Kanta Sitaram
Goyal |
|
185000 |
|
Atual Sitaram
Goyal |
|
415990 |
|
Sitaram Goyal |
|
240000 |
|
Ramkumar Lakshmichand
Goyal |
|
18000 |
|
Ramkumar
Goyal & Sons (HUF) |
|
30000 |
|
Deepakkumar
Subhashchandra Goyal |
|
15000 |
|
Rameshwarlal
Dayma |
|
30000 |
|
Ghanshyamlal
Dayma |
|
25000 |
|
Subhashchandra
Goyal |
|
35000 |
|
Rajkumar
Dayma |
|
15000 |
|
Nandkishore
Ratanlal Dayma |
|
20000 |
|
Jagdishprasad
Bhagirathram Kerwasara |
|
25000 |
|
Radhadevi
Rameshwarlal Daymal |
|
20000 |
|
Deepak Dalmia |
|
5000 |
|
Bholaram
Poddar |
|
10010 |
|
Kaniram
Chandala |
|
20000 |
|
Hargobind
Goyal |
|
30000 |
(As on 29.09.2007)
|
Category |
|
Percentage
|
|
|
|
|
|
Bodies Corporate |
|
5.44 |
|
Directors or relatives of directors |
|
81.00 |
|
Other top fifty shareholders (other than listed above) |
|
13.56 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Warp Knitted Fabrics - Tricot, Raschel and Simplex
Machine |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Knitted Fabrics |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
|
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C, Cash or TT |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C or Cash |
GENERAL
INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
35 |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
Ring Road, Surat- 395002, Gujarat, India
Industrial Estate, Pandesara Branch, Plot No.157/1, GIDC, Pandesara, Surat – 395001, Gujarat, India
Industrial Finance Branch, Marble Arch, Race Course Circle,
Baroda – 390007, Gujarat, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
S. K.
Kabra and Company Chartered
Accountant |
|
Address : |
1006, Rathi Palace, Kamela Darwaja, Ring Road, Surat –
395002, Gujarat, India |
|
Tel No.: |
91-261-28320131/28311014 |
|
|
|
|
Parent Company : |
Goyal Industries Limited, 701, Trividh Chambers, Ring Road, Surat-395002 , Gujarat, India Tel No:- 91-265-2632919 Fax No :- 91-265-2652375 E-mail :- goyal@ad1.vsnl.net.in |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2559000 |
Equity Shares |
Rs.10/- each |
Rs.25.590
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.590 |
19.500 |
5.000 |
|
|
2] Share Application Money |
5.100 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
52.291 |
23.225 |
12.689 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
82.981 |
42.725 |
17.689 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
144.342 |
18.050 |
21.226 |
|
|
2] Unsecured Loans |
21.890 |
22.798 |
21.127 |
|
|
TOTAL BORROWING |
166.232 |
40.848 |
42.353 |
|
|
DEFERRED TAX LIABILITIES |
6.972 |
5.340 |
5.430 |
|
|
|
|
|
|
|
|
TOTAL |
256.185 |
88.913 |
75.472 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
192.235 |
54.785 |
44.997 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.715 |
0.190 |
0.190 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.543
|
18.353 |
14.261 |
|
|
Sundry Debtors |
17.273
|
7.771 |
8.289 |
|
|
Cash & Bank Balances |
17.661
|
1.145 |
0.795 |
|
|
Other Current Assets |
1.154
|
0.660 |
0.657 |
|
|
Loans & Advances |
20.327
|
8.535 |
9.705 |
|
Total
Current Assets |
77.958
|
36.464 |
33.707 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
13.547
|
2.116 |
2.738 |
|
|
Provisions |
1.296
|
0.560 |
0.684 |
|
Total
Current Liabilities |
14.843
|
2.676 |
3.422 |
|
|
Net Current Assets |
63.115
|
33.788 |
30.285 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.120 |
0.150 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
256.185 |
88.913 |
75.472 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
150.833 |
90.046 |
85.482 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
150.833 |
90.046 |
85.482 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
9.150 |
5.023 |
6.566 |
|
|
Provision for Taxation |
4.444 |
0.488 |
2.141 |
|
|
Profit/(Loss) After Tax |
4.706 |
4.535 |
4.425 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
0.000 |
2.735 |
3.547 |
|
|
Depreciation & Amortization |
0.000 |
4.063 |
4.085 |
|
|
Other Expenditure |
141.683 |
78.225 |
71.284 |
|
Total Expenditure |
141.683 |
85.023 |
78.916 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
3.12
|
5.04 |
5.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.07
|
5.58 |
7.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.31
|
5.50 |
8.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.12 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.18
|
1.02 |
2.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.25
|
13.63 |
9.85 |
LOCAL AGENCY FURTHER
INFORMATION
NOTE:
The company’s Registered
Office has been shifted from ‘268-270, GIDC, Pandesara, Surat – 394 221,
Gujarat’ to the present address.
TRADE REFERENCE:
- Lovable Lingerie Private
Limited,
18/2 Opp.
Khodays Breweries Knakpura Main Road, Bangalore, Karnataka, India
- Gini and Jony Apparel Private
Limited,
118,
Arihant Industrial Estate Saki Naka,
Andheri (East), Mumbai, Maharashtra, India
- Citizen Synthetics Private
Limited,
Behind
Rizvi Nagar, Santacruz (West), Mumbai, Maharashtra, India
FORM 8:
|
Corporate
identity number of the company |
U17118GJ2001PTC039344 |
|
Name of the
company |
GOYAL KNITFAB PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 505, N.
H. No. 8, Village Palsana, Surat-
394315, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India Industrial Finance Branch, Marble Arch, Race Course Circle, Baroda – 390007, Gujarat, India |
|
Nature of
instrument creating charge |
Memorandum of deposit
for creation of further charge for term loan/ overall limit where the initial
charge is created by way of mortgaged by deposit of title deeds. |
|
Date of
instrument Creating the charge |
03.04.2008 |
|
Amount secured by
the charge |
Rs.230.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Cash Credit – At
SBAR, Present effective rate of 12.25% p.a. with monthly rests. Term Loan (Existing
and New) - At SBAR, Present effective rate of 12.25% p.a. with monthly rests,
reset every two years. Margin: Raw Materials,
Stocks in Process and Finished Goods – 25% Book Debts and
Receivables – 40% Land and
Building/ Plant and Machinery – 10% Extent and
operation of the charge: The charge will
operates as first and exclusive charge in favour of the charge holder and is
a continuing security for the total outstanding in all the credit facilities
and account including the interests, additional interests, penal interests
etc. |
|
Particulars of
the property charged |
Equitable
mortgage of immovable properties at Block No. 505, National Highway No.8,
Village: Palsana. Bearing Revenue Survey No.472 and 473 Paike of Village –
Palsana, Taluka – Palsana, District Surat – 394315 Admeasuring 12367 sq.
mtrs. |
|
Particulars of
the present modification |
The charge is
modified to increase cash credit limit by Rs.8.500 Millions and sanction new
Term Loan of Rs.30.000 Million the company making an aggregate of the total
credit facilities at Rs.230.000 Millions. Thus the total credit facilities
consist of the following: Cash Credit –
Rs.38.500 Millions, Term Loan (Existing) – Rs.144.000 Millions, Term Loan
(New) – Rs.30.000 Millions Letter of Credit – Rs.5.000 Millions, one time BG
(EPCG)- Rs.12.500 Millions. |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Electrification
- Office Equipment
- Furniture and Fixture
- Computers
- Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is a manufacturer of warp knitted fabrics - tricot, raschel and
simplex – in India.
Subject invested in constructing a world class manufacturing facility
conforming to strict manufacturing standards
- The latest
and state of the art machines from Karl Mayer for manufacturing fabrics
- Humidity and
temperature controlled environment specially for elastane (spandex and
Lycra®)
- Factory
illumination
- Safety and
fire fighting equipments.
Company works closely with its fiber suppliers for new fabric
developments. Hollow fiber, optical white yarn, perspiration management yarn,
micro fibers and elastane (Lycra® and spandex) are some of the special fibers
they use regularly.
They have training programs, both in-house and at Karl
Mayer, Germany. The professionals have undergone training course at Karl Mayer.
With experienced technical staff on the production line,
they guarantee consistent quality fabrics to their customers.
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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--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. |
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 |
|