MIRA
INFORM REPORT
|
Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ARKAY LEATHERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No. 91/4, 1st floor, Anna Salai, Nagalkeni, Chromepet, Chennai 600044, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
15.10.1991 |
|
|
|
|
Com. Reg. No.: |
18-21542 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18209TN1991PTC021542 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA01209F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA3053E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter, Trader and Sourcing of Finished Leathers and Leather Garments |
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 210000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
No. 91/4, 1st floor, Anna Salai, Nagalkeni, Chromepet, Chennai 600044, Tamilnadu, India |
|
Tel. No.: |
91-44-22414400 |
|
Fax No.: |
91-44-22414405 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head/Corporate Office : |
3, Third Floor, Crown Court, 128, Cathedral Road, Chennai – 600 086, Tamilnadu, India |
|
|
|
|
Factory 1 : |
SIDCO Industrial Estate, Ranipet, North Arcot Dist. – 632 403, Tamilnadu, India |
|
Area : |
12000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
# 29, Rangarajulu Street, Ayyavoo Colony, Aminjikarai, Chennai (Madras) – 600029, India |
|
Tel. No.: |
91-44-24750076/24750078 |
|
Fax No.: |
91-44-24753770 |
|
E-Mail : |
|
|
|
|
|
Overseas Offices : |
· CLE IFMEA 1) Arkay Pacific Limited 3910 Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, N.T, Hong Kong Tel No. :- 91-852-2332 5392 Fax No :- 91-852 2332 3375 2) Arkay Pacific Limited No 12, 2nd Floor, East Road of Dong Cheng, New World Garden, Doung Guran City, Gurang Dong, China Tel No :- 91-86-769-245 1191/ 247 6737 Fax No :- 91-86-769-245 0481 3) Arkay Espa C/ant Roc, 51, 08710 Sta. Margarita De Montbui, Barcelona-Spain Tel No :- 91-34-93 805 4637 Fax No :- 91-34-93 805 3836 |
DIRECTORS
|
Name |
Mr. R. Kumar |
|
Designation |
Managing Director |
|
Address |
Vandana, 35, Mayor Ramanathan Street, MRC Nagar, Chennai 600 028 Tamilnadu, India |
|
Date of Birth |
29.12.1953 |
|
Date of Appointment : |
15.10.1991 |
|
|
|
|
Name |
Mrs. Shuba Kumar |
|
Designation |
Director |
|
Address |
Vandana, 35, Mayor Ramanathan Street, MRC Nagar, Chennai 600 028 Tamilnadu, India |
|
Date of Birth |
20.01.1958 |
|
Date of Appointment : |
15.10.1991 |
|
|
|
|
Name |
Mr. Vinayak Bhat |
|
Designation |
Director |
|
Address |
81, Journalist Colony, Thiruvanniyur, Chennai-600 041, Tamilnadu, India |
|
|
|
|
Name |
Mrs. Jose Gill |
|
Designation |
Director |
|
Address |
G1 Seahorse Apartments, Jayaram Street, Thiruvanmiyur, Chennai-600 004, Tamilnadu, India |
|
|
|
|
Name |
Mr. A Mathialagan |
|
Designation |
Director |
|
Address |
H71/G3 Mullai Apartments, Thiruvalluvar, Chennai 600 041, Tamilnadu, India |
KEY EXECUTIVES
|
Name : |
Mr. T. Murugan |
|
Designation : |
Company Secretary |
|
Address : |
22-E, Sri Subah Colony, Munusamy Road, K. K. Nagar, Chennai 600078,
Tamilnadu, India |
|
Tel. No. : |
91-44-24847075 |
|
Fax No. : |
91-9381035900 |
|
E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. R. Kumar |
|
99450 |
|
Mrs. Shuba Kumar |
|
37000 |
|
Mst. Ananth Kumar |
|
58500 |
|
Ms. Varsha Kumar |
|
50 |
|
Total |
|
195000 |
|
|
|
|
|
Equity Share
Break-up |
|
Percentage of
Holding |
|
Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Trader and Sourcing of Finished Leathers and Leather Garments |
|
|
|
|
Products : |
Leather Products |
|
|
|
|
Exports : |
|
|
Countries : |
Germany, Spain, Italy, Sri Lanka, China, Hong Kong, Korea, Republic of (South Korea), Taiwan, United States, Canada, Far East, Europe |
|
|
|
|
Imports : |
|
|
Countries : |
Saudi Arabia and United Arab Emirates |
|
|
|
|
Terms : |
|
|
Selling : |
L/C or D/P term |
|
|
|
|
Purchasing : |
L/C or D/P term |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Assorted Garments |
Nos. |
|
4,000 per month |
4,000 per month |
|
Finished Leather |
Sq. fts. |
|
500,000 per month |
500,000 per month |
GENERAL INFORMATION
|
No. of Employees : |
Around 150 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Swarnalatha Ganapathy Chartered Accountants |
|
Address : |
New No. 75/1, Old No. 55/1, C. P. Ramaswamy Road, Chennai 600018,
Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
Ř Arkay Spain
Complements of Leather Limited Ř Arkay Espana
Complementos De Piel S. L. [AE] – Spain Ř Arkay Pacific
Limited, Hong Kong |
|
|
|
|
Enterprises Key
Management |
Ř Arkey Leder
Fashions Private Limited Ř Axon
Technologies Private Limited Ř Arkay Tanners Private
Limited Ř Orient Leathers |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
195000 |
Equity Shares |
Rs. 100/-
each |
Rs. 19.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
19.500 |
19.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
35.264 |
31.271 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
54.764 |
50.771 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4.367 |
2.926 |
|
|
2] Unsecured Loans |
|
53.565 |
53.565 |
|
|
TOTAL BORROWING |
|
57.932 |
56.491 |
|
|
DEFERRED TAX LIABILITIES |
|
0.111 |
0.589 |
|
|
|
|
|
|
|
|
TOTAL |
|
112.807 |
107.851 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
51.788 |
31.994 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.919 |
1.919 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
226.706 |
227.320 |
|
|
Sundry Debtors |
|
26.689 |
14.885 |
|
|
Cash & Bank Balances |
|
74.576 |
81.369 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
22.095 |
23.050 |
|
Total
Current Assets |
|
350.066 |
346.624 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
290.966 |
272.696 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
290.966 |
272.696 |
|
|
Net Current Assets |
|
59.100 |
73.928 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
|
112.807 |
107.851 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
703.410 |
644.395 |
|
Other Income |
|
18.700 |
15.056 |
|
Total Income |
|
722.110 |
659.451 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
18.890 |
11.281 |
|
Provision for Taxation |
|
11.713 |
8.122 |
|
Profit/(Loss) After Tax |
|
7.177 |
3.159 |
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
561.351 |
548.436 |
|
|
|
|
|
|
Total Imports |
|
141.521 |
52.780 |
|
|
|
|
|
|
Total Expenditure |
|
703.220 |
648.170 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.99 |
0.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.68 |
1.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.70 |
1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.34 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.37 |
6.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.20 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 15th October, 1991 at Chennai in Tamilnadu having Company Registration Number 21542.
“Arkay Leathers” a sole proprietary concern which was established on 1st February, 1990 at Ranipet in Tamilnadu has been merged with the subject company with effect from 1st April, 2002 and all assets and liabilities of the concern have been transferred to the subject.
Profile
Vertically
oriented and professionally managed group, involved in Manufacturing, Export,
Trading and Sourcing of Finished Leathers and Leather Garments.
Working along the respective manufacturing strengths
of India, China, SriLanka and Bangladesh, with the help of their offices at
Hong Kong, China, Dhaka and most recently Spain, apart from their own
operations in Chennai (Madras)- covering three tanneries and a leather garment
factory.
"Arkay Leathers (Private)
Limited," with 2002-2003 group export turnover of US$ 16 million.
Leather- Parent company established 1990. Leather
tanning and finishing, specialising in shoe leathers, shipped to Europe and
Far-East. Kid, Sheep, Calf and Suedes in a riot of high-fashion colours. Active
partner in Modeurope color and article forecasts for every season. Largest
tanner and exporter of suede leathers for Shoes and Garments. Office and
warehouse in Hong Kong. Office in China. Export award, instituted by Indian
Council for Leather Exports, in Finished Leather category for the years
1996-97, 1997-98, 1998-99, 1999-2000 and 2001-2002.
Leather Garments- Tannery back-up.
Currently exporting to Europe and USA. Existing installed production capacity
approx 4000 garments per month. New leathers / colors / collection launched
every season. Factory audited and approved in the past by JCPenney - USA, for
their production. Garment Factory equipped with highly trained and skilled team
of technicians and workers. Stringent Quality Audits are done at various stages
of production and Final Quality Control and Final Inspection in order to meet
with the quality expectations and standards set by the best of international
Labels and Brands.
It is in trade terms with:-
· Vantage Leathers India (Private) Limited
9, Halls Road, Chennai - 600 008, Tamilnadu
Tel. 91-44-28222706/28256081
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge identification
number of the charge to be modified |
90282394 |
|
Corporate
identity number of the company |
U18209TN1991PTC021542 |
|
Name of the
company |
ARKAY LEATHER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No. 91/4, 1st
floor, Anna Salai Nagalkeni, Chromepet, Chennai 600044, Tamilnadu, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Canara Bank Overseas Branch, Spencer
Towers, Anna Salai, Chennai 600002, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument
Extension of already held equitable mortgage by deposit of title deeds assets
of stamped letters |
|
Date of
instrument Creating the charge |
18.10.2007 |
|
Amount secured by
the charge |
Rs. 219.605
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest as per the document
[rate of interest is subject to change by the Bank from time to time] [b] terms of
repayment as per the
document [c] Margin as per the
document [d] extent and
operation of the charge exclusive first
charge [e] others all other terms and
conditions are as per the document |
|
Short particulars
of the property charged |
Land and Building
at 1] S. No. 173/6 – 80 cents, 173/4-26 cents, 173/7-32 cents, 173/8 –
16cents, 174/10-15 cents, 174/13-33cents, 174/9B-14cents, 174/1A-14 cents at
Vallam Village 370/6-14 cents , 370/1-89cents at Vallakkottai, Sriperumbudur
Tk2] S. No. 61 Part 0.5 acre karai, Walajah 3] S. No. 53 part
0.2348 acres, Karai, Walajapet, 4] S. No. 113/2 part 27 grounds Pammal,
Tambaram Tk morefully described in the letters. This is in addition to all other existing securities including
landed properties. |
|
Date of latest
modification prior to the present modification |
29.06.2007 |
|
Particulars of
the present modification |
Charge amount on the
above landed property modified to Rs. 219.605 Millions comprising PC Rs.
75.000 Millions FDB/FBE Rs. 80.000 Millions , LC Rs. 60.000 Millions, BELC
Rs. 4.530 Millions, BG Rs. 0.075 Millions All other terms
and conditions of the original charge and the subsequent modifications remain
unchanged |
|
Name of the company |
ARKAY LEATHER PRIVATE LIMITED |
||||||||||||
|
Presented By |
Canara Bank Overseas Branch,
Spencer Towers, Anna Salai, Chennai 600002, Tamilnadu, India |
||||||||||||
|
1) Date and description of instrument creating the change |
25.09.2002 Common hypothecation agreement |
||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 104.000
Millions PC – Rs. 49.000
Millions FDB/FBE – Rs. 35.000
Millions I/FLC – Rs.
20.000 Millions Together with
interest, costs, charges and other expenses which may be debited to the said
accounts from time to time. |
||||||||||||
|
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 |
First charge by
way of hypothecation on all stocks of goods such as raw leather, wet blue
leather, raw materials, goods in process, finished and manufactured goods and
other items of stock in trade and stores, spares, components, machinery,
vehicles, Furniture and fixtures and all other movable goods and properties
of every description of the borrower meant for exports, stored at the
borrower’s factories, godowns at Chennai, Ranipet units and also the goods
with processors or at place of Business, residence or at such other pieces or
where soever the goods hypothecated to the bank are stored. And all of the
Borrower’s present and future book debts, outstanding monies, Bill
receivables, claims, Bills etc. First
charge over all the documents, receipts, endorsements or any other records
which represent the cash incentive/duty draw back etc. |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest for
PC and FDB/FBE – 9% p.a. [subject to change by Bank from time to time] 17% p.a. if not
cleared with in the Concessional period [Subject to change by Bank from time
to time] The following by
way of Collateral Security 1] EMT of land
and building [freehold] in Plot No. 183, with an extent of 0.2348 acres at
SIDCO Industrial Estate, Karai Village at Ranipet 2] EMT of
leasehold factory at 20F, SIPCOT Industrial Estate, Ranipet 3] EMT of Plot
No. 27 and residential building at MRC Nagar, South Beach Road, Chennai 4 in
the name of Sri. R. Kumar |
||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
Canara Bank,
Overseas Branch Spencer Towers,
Mount Road, Chennai 2 |
||||||||||||
|
6) Date and brief description of
instrument modifying the charge |
29.03.2005 Supplemental
Agreement to Common hypothecation Agreement. |
||||||||||||
|
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. |
The overall
credit limit stands enhanced to Rs. 213.500 Millions as under
All the existing
securities [both present and future] continue to secure the enhanced credit
limits. The other
existing terms and conditions of the original charge and the subsequent
modifications are to continue. |
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. 39.55 |
|
UK Pound |
1 |
Rs. 76.85 |
|
Euro |
1 |
Rs. 57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|