MIRA
INFORM REPORT
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Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PACIFIC – HARISH INDUSTRIES LIMITED |
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Registered Office : |
19, Pari Panchayat Road, Ground Floor, Andheri (East), Mumbai – 400069
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
16.09.1999 |
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Com. Reg. No.: |
121784 |
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CIN No.: [Company
Identification No.] |
U51900MH1999PTC121784 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP10711B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Non – Woven Fabrics and Recycled Polyester Staple
Fibre. |
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 131156 |
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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 a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered goods for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
19, Pari Panchayat Road, Ground Floor, Andheri (East), Mumbai – 400069
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Tel. No.: |
91-22-66490251/52/53/54/23800804 |
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Fax No.: |
91-22-28230889/28385359 |
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E-Mail : |
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Website : |
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Factory : |
Gat No. 522-B, Village Gonda – Dumala, Taluka Igatpuri, District Nashik,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Gandhi S. Kirtikumar |
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Designation : |
Director |
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Address : |
6, Krishna Building, N S Road, No. 11, J V P D Scheme, Vile Parle
(West), Mumbai – 400056 |
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Date of Birth/Age : |
16.10.1938 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Gandhi H Nikhil |
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Designation : |
Director |
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Address : |
101/B, Panarama Premises Co – Operative Society, Santacruz (West),
Mumbai – 400054 |
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Date of Birth/Age : |
20.06.1967 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Gandhi K Sandeep |
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Designation : |
Director |
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Address : |
6, Krishna Building, N S Road, No. 11, J V P D Scheme, Vile Parle
(West), Mumbai – 400056 |
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Date of Birth/Age : |
02.06.1964 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Brahmbhatt Ramesh Chimanlai |
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Designation : |
Director |
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Address : |
3, Anupam Building, Opposite D n Garden, 7 Bunglow, Andheri (West),
Mumbai – 400054 |
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Date of Birth/Age : |
24.10.1939 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Mehta Nandish Shantilal |
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Designation : |
Director |
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Address : |
4A, Retreat II, Saraswat Colony, Sharda Path, Sabtacruz (West), Mumbai
– 400054 |
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Date of Birth/Age : |
04.11.1948 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Jayantilal Hargovindas Shah |
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Designation : |
Additional Director |
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Address : |
601-B, Divya Darshan, R K Singh Marg, P P Road, Andheri (E), Mumbai –
400069, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Gandhi K Sandeep |
13000 |
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Mr. Gandhi K Niranjana |
6500 |
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Ms. Gandhi H Kumudben |
13000 |
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Mr. Gandhi S Kiritkumar (HUF) |
424000 |
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Mr. Gandhi H Nikhil |
424000 |
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Mr. Gandhi H Chayya |
13000 |
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Mr. Gandhi S Shaila |
6500 |
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Total |
900000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Non – Woven Fabrics and Recycled Polyester Staple
Fibre |
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Products : |
Fibre The application and end users for Polyester Staple Fibre are from:
They manufacture Recycled Polyester Staple Fibre in the
following sizes and colors:
Non-Woven
Auto-interiors
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Non – Woven Fabrics |
Mtrs. |
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15,00,000 |
907351.50 |
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Recycled Polyester Staple Fiber
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MT |
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12000 |
1257.391 |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
Around 300 |
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Bankers : |
Chakala Branch, Opposite Sangam Cinema, Sir M V Road, Chakala, Andheri
(East), Mumbai – 400093
Fort Branch, Mumbai – 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Abhay Bhagat and Company Chartered Accountant |
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Address : |
Office 4, Shilpa, 7th Road, Prabhat Colony, Santacruz
(East), Mumbai – 55 |
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Tel. No.: |
91-22-26160007 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity Share |
Rs.10/- each |
Rs.9.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.000 |
10.000 |
9.000 |
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2] Share Application Money |
7.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.289 |
10.255 |
3.093 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.789 |
20.255 |
12.093 |
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LOAN FUNDS |
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1] Secured Loans |
101.551 |
102.534 |
49.523 |
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2] Unsecured Loans |
29.928 |
30.011 |
15.577 |
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TOTAL BORROWING |
131.479 |
132.545 |
65.100 |
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DEFERRED TAX LIABILITIES |
1.855 |
5.557 |
2.097 |
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TOTAL |
166.123 |
158.357 |
79.290 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
114.192 |
111.040 |
53.280 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.282 |
2.282 |
2.032 |
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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 |
37.782
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23.216 |
18.532 |
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Sundry Debtors |
27.973
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38.005 |
13.618 |
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Cash & Bank Balances |
1.263
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1.250 |
0.495 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
17.844
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20.599 |
8.305 |
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Total
Current Assets |
84.862
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83.070 |
40.950 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.153
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38.035 |
16.991 |
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Provisions |
6.060
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0.000 |
0.000 |
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Total
Current Liabilities |
35.213
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38.035 |
16.991 |
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Net Current Assets |
49.649
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45.035 |
23.959 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.019 |
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TOTAL |
166.123 |
158.357 |
79.290 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
150.000 |
149.396 |
55.002 |
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Total Income |
150.000 |
149.396 |
55.002 |
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Profit/(Loss) Before Tax |
N.A. |
11.602 |
3.200 |
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Provision for Taxation |
N.A. |
4.410 |
1.432 |
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Profit/(Loss) After Tax |
N.A. |
7.192 |
1.768 |
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Earnings in Foreign Currency : |
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Export Earnings |
N.A. |
5.226 |
11.956 |
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Total Earnings |
N.A. |
5.226 |
11.956 |
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Imports : |
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Stores & Spares |
N.A. |
0.623 |
0.441 |
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Capital Goods |
N.A. |
2.046 |
0.375 |
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Total Imports |
N.A. |
2.669 |
0.816 |
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Expenditures : |
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Interest |
N.A. |
7.014 |
5.260 |
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Depreciation & Amortization |
N.A. |
2.652 |
1.176 |
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Other Expenditure |
N.A. |
137.794 |
51.802 |
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Total Expenditure |
N.A. |
147.460 |
58.238 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
N.A.
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4.81 |
3.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
N.A.
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7.76 |
5.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
N.A.
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5.97 |
3.39 |
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Return on Investment (ROI) (PBT/Networth) |
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N.A.
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0.57 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.08
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8.42 |
6.78 |
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Current Ratio (Current Asset/Current Liability) |
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2.41
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2.18 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U51900MH1999PTC121784 |
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Name of the
Company |
PACIFIC – HARISH INDUSTRIES LIMITED |
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Address |
19, Pari Panchayat Road, Ground Floor, Andheri (East), Mumbai – 400069
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Type of Charge |
Book Debts and
Movable Property |
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Particulars of
the charge holder |
Bank of India, Chakala Branch, Opposite Sangam Cinema, Sir M V Road,
Chakala, Andheri (East), Mumbai – 400093 |
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Nature of the
instrument |
Supplemented deed of hypothecation of plant and machinery, stock and
book debts |
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Date of
instrument charged |
16.11.2006 |
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Amount secured by
the charge |
Rs.59.319
Millions |
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Brief of the
principal terms and conditions |
Rate of Interets –
C/C T/L – 1.25% over BPLR presently 12.75%, Inland L/C – As per extant
guidelines or as notified by the bank from time to time Term of repayment
– TL by stipuated and other facilities on demand Margin – As
stipulated by the bank from time to time Extent and
operation of the charge – the hypothecation assets for the due payment of all
moneys, including the principals sums, the said facilities and also the due
repayment of all present and future
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Short Property |
All tangible movable
machineries and palnt both present and future All tangible
movable and assets of whatsoever nature All the present
and future book debts |
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Corporate
identity number (CIN) Foreign company registration number |
U51900MH1999PTC121784 |
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Name of the
Company |
PACIFIC – HARISH INDUSTRIES LIMITED |
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Address |
Andheri (East),
Mumbai – 400069, Maharshtra, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Two Car |
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Particulars of
the charge holder |
Bank of India Chakala Branch, Opposite Sangam Cinema, Sir M V Road, Chakala, Andheri
(East), Mumbai – 400093, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation Cum
Loan Agreement |
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Date of the
instrument creating or modifying the charge |
23.04.2007 |
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Amount secured by
the charge |
Rs.1.498 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: 1.50 % below the
Bank BPLR rising or falling therewith a minimum of 11.75% p.a. with monthly
rests as notified by the Bank from time to time. Terms of repayment
: Monthly EMI of
Rs.0.033 Million Commencing from 23.05.2007 till the loan is repaid Margin : As required by
Bank from time to time. Extent and
operation of the charge : Security and
charge hereby created shall be by way of first charge on all the said
hypothecated assets for the loans and also for all indebtedness or
liabilities of borrower to Bank together with interest/ commission costs
charges and expenses payable to or incurred by Bank. |
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Short particulars
of the property charged (including location of the property) |
One Octanic Rider
Skoda 1-9 TDI Car and One Tata Indigo LS Car. |
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Particular of the
present modification |
N.A. |
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Name of the company |
PACIFIC – HARISH INDUSTRIES LIMITED |
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Presented By |
Bank of
Maharshtra and PACIFIC – HARISH INDUSTRIES LIMITED |
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1) Date and description of instrument creating the change |
Dated 15th
July, 2003
All the above
instrument create a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible
movable machineries and plant both present and future whether lying loose or
in case at site or in transit a short particulars of which are disclosed in
part A of the schedule II to the agreement or which may at any time during
the continuance of this security being installed or lying loose or in case or
being in or upon or about the borrower premises at Gat No. 522-B,
Village Gonda – Dumala, Taluka Igatpuri, District Nashik or wherever else the
same may be or be held by any party any where to the order and disposition of
the borrower or in the course of transit to the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
avall the
following credit facilities sanction by the Bank :
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra Fort Branch,
Mumbai – 400023, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
Report of Equitable Mortgage dated 13th December, 2003. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Further the above
memorandum of report of equitable mortgage dated 13th December,
2003. extends the mortgage over the freehold rights of the company of
immovable properties of the company situated at factory premises at Gate
No.522-B, Village Gonda – Dumala, Taluka – Igatpuri, District Nashik,
Maharashtra, India for the additional Term Loan of Rs.10.000 Millions. |
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Name of the company |
PACIFIC – HARISH INDUSTRIES LIMITED |
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Presented By |
Bank of India and PACIFIC – HARISH INDUSTRIES LIMITED |
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1) Date and description of instrument creating the change |
Dated : 29th
August, 2002 Agreement of
Hypothecation of Plant and Machinery, Stock and Book debts. Memorandum of entry
Both the above document creates single charges. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.51.200
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible
movable machineries and plant both present and future whether lying loose or
in case at site or in transit a short particulars of which are disclosed in
part A of the schedule II to the agreement or which may at any time during
the continuance of this security being installed or lying loose or in case or
being in or upon or about the borrower premises at Sanjan
Umbergoan Road, Raikhadi, Umbergoan, District – Valsad, Gujarat, India or
wherever else the same may be or be held by any party any where to the order
and disposition of the borrower or in the course of transit to the borrower. All tangible
movable property and assets of whatsoever nature of the borrower ( both
present and future) and including but without prejudices to the generally of
the foregoing all stocks of raw materials, such as Scientific and surgical
furniture Finished and Non finished Goods, spare parts components ( Including
spare parts and relating to plant and machinery to present and future) and
stocks in process of the borrower where over situate at Umbergoan are
discribed in part B of
Schedule II to the agreement and of in transit now belonging to or that may
at any time during continuance of this security belong to the borrower
or that may be held be any party to the order and disposition of the
borrower. All the present and future book debts, outstanding, Money receivables claims, bills which are not due and owing to the borrower or which hereafter during the continuances of this security become due and owing to the borrower in the course of this business by any person, firm, company or body corporate or by the central government or any municipal or local or public or semi governmental body or authority or anybody corporate or undertaking or projects whatsoever. To the intent that security and charge hereby created shall be a security by way of first charge on all the said machinery, goods and debts for the due payment as the protect in this deed of all money including the principal sums, interest/ commission, costs charges expenses and all other money and the said debts are collectively referred to the hypothecated assets for the due payments of all money receivable including the whatsoever due owing and payable by the borrower to the bank any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest commission charges, costs (between advocate and clients) and expenses. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
i) The Charge created to secure the said bank
to avail the following credit facilities sanction by the Bank.
ii) Margin : 25%
against Raw material, Finished goods 25% against Stores 25% against Goods in process 30% against Receivables 10% against Stock for
Letter of Credit iii) The security
shall be a continuance security for all moneys from time to time due and
payable by the Borrower to the Bank.
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Mumbai Corporate Banking
Branch, 4th Floor, 70/80 M. G. Road, Fort Mumbai – 400023, India |
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6) Date and brief description of instrument modifying the charge |
5th
May, 2005 Supplemental Deed
of Hypothecation of Stock/ Book debts/ Machinery. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this
modification dated 05.05.2005, the Bank has, at its Chakala Branch, revised/
modified/ granted the facilities granted to the company as follows
aggregating to Rs.50.700 Millions
Other Terms and
Conditions remain the same. |
Directors Report
As a part of complete restructing cum diversifying activities the
company has started is project of non woven fabrics at Gujarat in the last year
of the said activity was now into full fledged in operations.
Further during the year the company has acquired the business of PSF in
the month of November 2003
Fixed Assets
- Office
Building
- Plant and
Machinery
- Furniture and
Fixture
- Vehicles
As per website details
Company Profile
Brief History
1955
Their Parent company as HARISH ENGINEERING Works manufactures Drying and Sizing
Cylinders at Lower Parel Mumbai
1979
Subject Started manufacturing Textile Processing.
1999
Subject Started Nickel Screen Division
Set up a manufacturing Plant at Vasai, to manufacture ‘Nickel Rotary Screens’.
2002
Subject Started Manufacturing Technical Textile Unit (Manufacturing Needle Punched Non woven Fabrics and Domestic Carpet) at Umbergaon This plant is located at Raikhadi, Sanjan Road, Umbergaon, Dist Bulsar Gujarat State having 6.5 acre of land and 50,000 sq.ft built up area.After the renovation and refurbishmnet the unit commenced manufacturing from October, 2002 Present Installed capacity is to manufacture Non woven fabrics 80 Tons per month. Has strength of 100 workmen.
2004
1) Subject started manufacturing products for Auto Interiors at Umbergaon, near Vapi, in Gujarat State.
2) Subject started manufacturing re-cycled Polyester Staple Fibre at Gonde, Igatpuri near Nashik Maharashtra State
This plant is located at Gonde-Igatpuri, Dist Nashik Maharashtra state having
10 acres of land and 71, 0000 sq.ft built up area.
This unit commenced manufacturing from April, 2004
Present Installed Capacity is to manufacture recycled Polyester Staple Fibre is
400 tons per month. Has strength of 100 workmen
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.39.43 |
|
UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.58.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|