MIRA
INFORM REPORT
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Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SCHWING STETTER INDIA PRIVATE LIMITED |
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Registered Office : |
F/71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur,
Kanchipuram-602105, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.06.1998 |
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Com. Reg. No.: |
18-46270 |
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CIN No.: [Company
Identification No.] |
U45309TN1998PTC046270 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES20172F |
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PAN No.: [Permanent
Account No.] |
AADCS5069D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Batching Plants |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3000000 |
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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 and reputed company having fine track.
The company is progressing well. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are usually correct and as per commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long- run. |
LOCATIONS
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Registered Office : |
F/71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur,
Kanchipuram-602105, Tamilnadu, India |
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Tel. No.: |
91-44-27156780 |
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Fax No.: |
91-44-27156539 |
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E-Mail : |
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Factory 1 : |
A/410, Ramapuram Road, Satyanagar, Manapakkam, Chennai-600089,
Tamilnadu, India |
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Factory 2 : |
4/107, Ramapuram, Sathya Nagar, Manapakkam, Chennai-600089, Tamilnadu,
India |
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Tel. No.: |
91-44-2490591/2499016 |
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Fax No.: |
91-44-2499013/2 |
DIRECTORS
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Name : |
Mr. Hans J William Gorlich |
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Designation : |
Chairman |
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Address : |
Zur Schonen Aussicht, 24, 58579, Schalksmuhce, Germany |
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Date of Birth/Age : |
07.06.1945 |
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Date of Appointment : |
15.07.1999 |
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Name : |
Mr. Ananthanarayan Sundaresan |
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Designation : |
Managing Director |
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Address : |
No.2D, Block II, Magno Lia Park, Five Furlong Road, Guindi,
Chennai-600032, Tamilnadu |
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Date of Birth/Age : |
24.05.1957 |
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Date of Appointment : |
06.01.2002 |
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Name : |
Mr. Reinhold Erner |
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Designation : |
Director |
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Address : |
Dorstener Str. 4249, 44653, Herne, Germany |
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Date of Birth/Age : |
01.08.1945 |
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Date of Appointment : |
15.07.1999 |
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Name : |
Mr. Anathanarayan Sundar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Subramanian Raghavan Angarai |
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Designation : |
Company Secretary |
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Address : |
Flat P2, Ragavilla No.15, Jagadambal Colony, I, Street Royapettah,
Chennai-600014, Tamilnadu, India |
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Date of Birth/Age : |
18.08.1958 |
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Date of Appointment : |
01.07.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Schwing GmbH |
24094510 |
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Schwing Verwaltungs-Und Beteliligungs GmbH |
1 |
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Total |
24094511 |
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Equity Share
Break-up |
Percentage of
Holding |
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Foreign Holdings |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Batching Plants |
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Products : |
Concrete Mixers and Plants, Building and Construction, Machines and
Tools
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GENERAL INFORMATION
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Suppliers : |
v Accurate
Industries, Mumbai v Arunodhaya,
Chennai v Classic Tools
and Services, Chennai v Classic Tools
and Services, Chennai v Hydrolines,
Bangalore v Jaico Seals,
Mumbai v KMS Engineering,
Chennai v Larcom
Engineering, Chennai v M.V.M. Perfect
Tools, Chennai v Malathi
Engineering Works, Chennai v Micron Accuracy
Engineers, Chennai v Rajarajan
Industries, Chennai v Ravi Industries v Sri Nava
Industries, Chennai v Sri Bhavani
Engineers, Chennai v Sri Vasavi
Foundry, Bhadrawathi v Sri Bhuvaneswari
Enterprises, Chennai v Sathya
Engineering, Chennai v T.C.
Kritinamurti Engineering Works, Chennai v Vanavil
Engineering, Chennai v Jana Engineering
Works, Chennai v S.R.S.
Engineers, Chennai v Sivasri
Industries, Chennai v Sri Balaji
Electrical Engineering, Chennai v Sri Balaji
Industries, Chennai |
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Bankers : |
v HDFC Bank
Limited, Mariam Centre, 1st Floor, 751-B, Anna Salai,
Chennai-600002, Tamilnadu, India v Indian Overseas
Bank v IDBI Bank
Limited, P. M. Towers, 37,
Greams Road, Chennai 600006, Tamilnadu, India v State Bank of
India v Axis Bank
Limited v ING Vysya Bank
Limited v BNP Paribas v ABN Amro Bank
N.V. v Kotak Mahindra
Bank Limited |
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Facilities : |
Secured Loans
(Rs. In millions) :
Unsecured Loans
:
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
No. 10, Mahatma Gandhi Road, Nungambakkam, Chennai 600034, Tamilnadu,
India |
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Holding Company : |
v Schwing GmbH,
Germany |
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Associates/Subsidiaries : |
v Stetter GmbH,
Germany v Schwing America
Inc., USA v Schwing
Equipmentos, Brazil v Schwing Austria v SCHWING
Hydraulik Eleck GmbH, Herne v SCHWING Stetter
S.A., France v SCHWING Stetter
Ges. Austria v SCHWING Stetter
Ostrava, Cezch Republic v SCHWING Stetter
B. V., Netherlands v SCHWING Stetter
Skandinav, Sweden v SCHWING Shanghai
Company Limited, China |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
24094511 |
Equity Shares |
Rs.10/- each |
Rs. 240.945
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
240.945 |
166.145 |
166.145 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
518.400 |
179.615 |
95.279 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
759.345 |
345.760 |
261.424 |
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LOAN FUNDS |
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1] Secured Loans |
1020.341 |
952.353 |
495.514 |
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2] Unsecured Loans |
0.000 |
0.000 |
128.400 |
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TOTAL BORROWING |
1020.341 |
952.353 |
623.914 |
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DEFERRED TAX LIABILITIES |
6.485 |
4.143 |
6.179 |
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TOTAL |
1786.171 |
1302.256 |
891.517 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
565.609 |
349.491 |
206.160 |
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Capital work-in-progress |
51.420 |
17.873 |
135.908 |
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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 |
1697.681
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1097.716 |
676.703 |
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Sundry Debtors |
699.215
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496.880 |
317.795 |
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Cash & Bank Balances |
83.833
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46.801 |
30.904 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
141.470
|
135.890 |
100.623 |
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Total
Current Assets |
2622.199
|
1777.287 |
1126.025 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1373.184
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822.833 |
568.591 |
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Provisions |
79.873
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19.562 |
7.985 |
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Total
Current Liabilities |
1453.057
|
842.395 |
576.576 |
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Net Current Assets |
1169.142
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934.892 |
549.449 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1786.171 |
1302.256 |
891.517 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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Sales Turnover |
4761.940 |
2568.490 |
1584.462 |
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Service Income |
28.470 |
16.760 |
NA |
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Other Income |
39.320 |
17.890 |
18.663 |
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Total Income |
4829.730 |
2603.140 |
1602.315 |
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Profit/(Loss) Before Tax |
539.680 |
175.690 |
103.343 |
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Provision for Taxation |
200.890 |
65.120 |
30.522 |
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Profit/(Loss) After Tax |
338.790 |
110.570 |
72.821 |
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Earnings in Foreign Currency : |
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Export Sales |
51.554 |
76.063 |
55.759 |
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Design and Drawing Services |
6.256 |
0.552 |
0.000 |
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Other Earnings |
7.181 |
3.465 |
0.000 |
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Total Earnings |
64.991 |
80.080 |
55.759 |
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Imports : |
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Raw Materials |
0.000 |
0.000 |
647.857 |
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Components and Spares |
1609.148 |
666.697 |
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Capital Goods |
0.000 |
2.987 |
Nil |
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Total Imports |
1609.148 |
669.684 |
647.857 |
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Expenditures : |
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Manufacturing Expenses |
NA |
NA |
180.211 |
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Raw Material Consumed |
NA |
NA |
1364.184 |
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Increase/(Decrease) in Finished Goods |
NA |
NA |
(145.769) |
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Salaries, Wages, Bonus, etc. |
NA |
NA |
39.572 |
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Interest |
NA |
NA |
16.181 |
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Depreciation & Amortization |
46.930 |
49.390 |
32.204 |
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Other Expenditure |
4243.120 |
2378.060 |
12.388 |
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Total Expenditure |
4290.050 |
2427.450 |
1498.971 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
7.01
|
4.24 |
4.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.33
|
6.84 |
6.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.92
|
8.26 |
7.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.71
|
0.50 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.25
|
5.19 |
4.59 |
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Current Ratio (Current Asset/Current Liability) |
|
1.80
|
2.10 |
1.95 |
LOCAL AGENCY FURTHER
INFORMATION
Note:
The situation of the registered office of the company was changed from:
A/410, Gallaria, B Wing, Hiranandani Gardens, Powai, Mumbai-400076,
Maharashtra
To :
4/107, Ramapuram Road, Sathya Nagar, Manapakkam, Chennai-600089,
Tamilnadu w.e.f. 14.11.2000
Form 8 Particular for creation or modification of charges
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Name of the company |
SCHWING
STETTER (INDIA) PRIVATE LIMITED |
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Presented By |
Mr. A.R. Subramanian, Chief
Financial Officer and Company Secretary |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 28.09.2005 executed by the company in favour of Kotak Mahindra Bank Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit facility of Rs.50.000 millions Working Capital demand loan of Rs.100.000 millions (All the above facilities are interchangeable with each other within an overall limit of Rs.100 millions. The sub limit of Rs.50.000 millions is for the cash credit facility ) Derivatives of Rs.10 millions agreed to be lent and advanced by Kotak Mahindra Bank Limited to company together with interest, additional interest, liquidated damages, premia on prepayment or on redemption, costs, charges, expenses and all other moneys payable by the company to Kotak Mahindra Bank Limited in terms of the short term loan agreement dated 26.09.2005, the sanction letter dated 16.09.2005 between the company and Kotak Mahindra Bank Limited. |
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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 |
Hypothecation by way of first charge over the current assets (present and future) of the company ranking pari passu with IDBI Bank, Indian Overseas Bank, UTI Bank, HDFC Bank and State Bank of India. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit facility of Rs.50 millions under sanction letter dated 16.09.2005 working capital demand loan of Rs.100 millions under short term loan agreement dated 26.09.200. purchase bill discounting of Rs.100 millions under sanction letter dated 16.09.2005 (All the above facilities are interchangeable with each other within an overall limit of Rs.100 millions. The sub limit of Rs.50 millions being for the cash credit facility) and Derivatives facility of Rs.10 millions under sanction letter dated 16.09.2005 agreed to lent and advanced by Kotak Mahindra Bank Limited to the company together with interest, additional interest, liquidated damages, premia on prepayment or on redemption, costs, charges, expenses and all other charges, expenses and all other charges, expenses and all other moneys payable by the company to Kotak Mahindra Bank Limited in terms o f the short term loan agreement dated 26.09.2005 and the sanction letter dated 16.09.2005 between the company and Kotak Mahindra Bank Limited. The charges so crated by the bank 9n terms hereof shall be pari passu wit the charge created/to be created by the borrower in favour of : IDBI Bank Limited : Rs.67.500 millions Indian Overseas Bank : Rs.35.362 millions HDFC Bank : Rs.77.500 millions UTI Bank Limited : Rs.100.000 millions And shall rank prior and paramount over the charges created/to be created in favour of : ING Vysya Bank : Rs.100.000 millions |
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5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, Nariman Point, Mumbai-400021 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This Form is for |
Creation of charge |
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Charge
identification number of the charge to be modified |
NA |
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Corporate
identity number of the company |
U45309TN1998PTC046270 |
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Name of the
company |
SCHWING STETTER
INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A/410, Ramapuram Road, Satyanagar, Manapakkam, Chennai-600089,
Tamilnadu, India |
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Type of charge |
Ø
Book Debts Ø
Movable
Property Ø
Floating
Charge |
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Particular of
charge holder |
Ø
HDFC Bank
Limited HDFC Bank House
Senapati Bapat Marg, Lower Parel [West], Mumbai 400013, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation of Stocks and Book Debts and Memorandum
relating to hypothecation of machinery |
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Date of instrument
Creating the charge |
08.05.2007 |
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Amount secured by
the charge |
Rs. 200.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Any such rate as stipulated
by the bank from time to time. [b] Terms of
repayment Repayable on
demand [c] Margin As may be
prescribed by the bank from time to time for the credit facilities. [d] Extent and
operation of the charge First pari passu
charge on stocks and book debts of the company both present and future. Third pari passu
charge on all movable plant and machinery both present and future. |
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Short particulars
of the property charged |
First pari passu
charge on stocks and book debts of the company both present and future. Third pari passu
charge on all movable plant and machinery both present and future. |
|
Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
NA |
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Name of the company |
SCHWING STETTER
INDIA PRIVATE LIMITED |
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Presented By |
INDUSTRIAL DEVELOPMENT BANK OF INDIA
LIMITED P. M. TOWERS, GREAMS ROAD, CHENNAI 600006. |
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1) Date and description of instrument creating the change |
Dated 25.09.2003 Agreement of hypothecation of goods and assets |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 67.500
Millions Funded Working
Capital Facility Rs. 50.000
Millions Non Funded
Limit Rs.
17.500 Millions ------------------------------------------------------------------------ Total
Rs. 67.500 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 |
First charge on
the entire current assets and entire fixed assets [movable and immovable] of
the company ranking pari passu with other participating financial
institutions /banks |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest Short Term Loan /
Bills Discounting : 8.25% p.a. Cash Credit
Facility : 11% p.a. Maximum tenor for
Short Term Loan/Bills Discounting 90 days |
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5) Name and Address and description of the person entitled to the
charge. |
IDBI Bank Limited P. M. Towers, 37,
Greams Road, Chennai 600006, Tamilnadu, India |
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6) Date and brief description
of instrument modifying the charge |
Dated 28.10.2005 Supplemental
Agreement of hypothecation of goods and assets for increase in the overall
limit. |
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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. |
The Credit
facility extended to the Company has now been enhanced from Rs. 67.500
Millions to Rs. 230.000 Millions comprising of :
Rs. In Millions
Securities :
Rate of interest,
Margin and other terms and conditions as per the agreement. All other terms
and conditioner remain the same. |
Website Details:
Press Release
Schwing Stetter's
batching plant creates world record
By Joe C. Mathew
Schwing Stetter India
Private Limited, a 100 per cent subsidiary of Schwing Stetter GmbH, Germany, a
leading RMC equipment manufacturer, has set a world record by producing 13,005
cubic metres (cbm) of concrete in a single month, using a 30 cum/hr capacity
batching plant 'CP-30'.
The average monthly output for similar batching plants around the world is
6,000-7,000 cubic metres. The CP-30 batching plant was set up in 2001 for
L&T's RMC division in Bangalore, to cater to local demand and it has
delivered with almost zero per cent downtime.
Expressing satisfaction over the feat, Anand Sundaresan, Managing Director,
Schwing Stetter (India) Private Limited, said, "They have installed around
500 units worldwide of which 250 units are in India alone."
The CP-30 batching plant with microprocessor controlled admixing and moisture
optimising systems offers 90 different concrete formulations, proportion and
quantity calculations.
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.39.98 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.59.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|