MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXPORT SYNDICATE [INDIA] LIMITED |
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Registered Office : |
Plot No.6, F-11/12, Western Industrial Co-operative Estate, M.I.D.C., Andheri
(East), Mumbai - 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.04.2005 |
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Com. Reg. No.: |
152440 |
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CIN No.: [Company
Identification No.] |
U18100MH2005PLC152440 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT12555E |
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PAN No.: [Permanent
Account No.] |
AACCT2980M |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and Exporter of Readymade Garments for male, female and
children. |
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 1900000 |
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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.
Directors are reported as experienced, respectable and having satisfactory means
of their own. Trade relations are fair. Business is active. Payments are
reported as correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No.6, F-11/12, Western Industrial Co-operative Estate, M.I.D.C.,
Andheri (East), Mumbai - 400093, Maharashtra, India |
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Tel. No.: |
91-22-28368740 / 28395601 |
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Fax No.: |
91-22-28368746 / 28368728 |
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E-Mail : |
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Website : |
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Head Office / Factory 1 : |
9, Vinayakanpuram, Co-op. Estate, 1st Street , Rayapuram
Extension,Tirupur, |
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Tel. No.: |
91-421-2700487 / 2743614 |
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Fax No.: |
91-421-2700478 |
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E-Mail : |
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Head Office / Factory 2 : |
# 84, Industrial Suburb, 2nd Phase, Yeshwanthpur, Bangalore
– 560022, Karnataka, India |
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Tel. No.: |
91-80-41512051 |
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Fax No.: |
91-80-41512075 |
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Branches : |
1400 Broadway,Suite 803, New York, NY
10018 |
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Tel. No.: |
212.354.9862 |
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Fax No.: |
212.354.9863 |
DIRECTORS
|
Name : |
Mr. Shashi Sehgal |
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Designation : |
Director |
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Address : |
2201, Blue Mountain, Shastri Nagar, Andheri [West], Mumbai – 400053,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1952 |
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Date of Appointment : |
20.11.2007 |
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Name : |
Mr. Rajendra B. Goenka |
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Designation : |
Director |
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Address : |
Vinayak Kunj, Jai Hind Society, Plot No. 20, JVPD Scheme, N S Road No.
12, Juhu, Vile Parle, Mumbai – 400049 |
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Date of Birth/Age : |
15.04.1953 |
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Date of Appointment : |
05.04.2005 |
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Name : |
Mr. Sunil B. Goenka |
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Designation : |
Director |
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Address : |
Vinayak Kunj, Jai Hind Society, Plot No. 20, JVPD Scheme, N S Road No.
12, Juhu, Vile Parle, Mumbai – 400049 |
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Date of Birth/Age : |
19.06.1967 |
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Date of Appointment : |
05.04.2005 |
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Name : |
Mr. Amit R. Goenka |
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Designation : |
Director |
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Address : |
Vinayak Kunj, Jai Hind Society, Plot No. 20, JVPD Scheme, N S Road No.
12, Juhu, Vile Parle, Mumbai – 400049 |
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Date of Birth/Age : |
06.12.1974 |
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Date of Appointment : |
05.04.2005 |
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Name : |
Mr. Anju S. Goenka |
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Designation : |
Director |
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Address : |
Vinayak Kunj, Jai Hind Society, Plot No. 20, JVPD Scheme, N S Road No.
12, Juhu, Vile Parle, Mumbai – 400049 |
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Date of Birth/Age : |
03.12.1976 |
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Date of Appointment : |
05.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Readymade Garments for male, female and
children. |
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Exports : |
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Products : |
Readymade Garments |
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Countries : |
U.S.A., New Zealand, Australia and Canada |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Far East |
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Terms : |
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Purchasing : |
L/C at D/A or D/P terms |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 2150 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. M. Chaturvedi and Company Chartered Accountants |
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Address : |
24 Atlanta, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Memberships : |
Apparel Export Promotion Council |
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Associates/Subsidiaries : |
CIN No.: U18101MH1997PTC107088
CIN No.: U24110MH1993PTC071054
CIN No.: U27209KA2000PTC027532
CIN No.: U18100MH1997PTC106236
CIN No.: U25190MH1994PTC078747 ·
Texport Garments ·
Systamatic Exports ·
Frisco International Private Limited ·
Mysore Apparels
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,118,500 |
Equity Shares |
Rs. 10/- each |
Rs. 51.185 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
51.185 |
51.185 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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427.732 |
359.804 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
478.917 |
410.989 |
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LOAN FUNDS |
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1] Secured Loans |
|
1105.303 |
1092.472 |
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2] Unsecured Loans |
|
335.061 |
453.729 |
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TOTAL BORROWING |
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1440.364 |
1546.201 |
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DEFERRED TAX LIABILITIES |
|
127.867 |
105.209 |
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TOTAL |
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2047.148 |
2062.399 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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994.747 |
890.839 |
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Capital work-in-progress |
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77.553 |
9.675 |
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INVESTMENT |
|
19.486 |
14.279 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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559.204 |
543.924 |
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Sundry Debtors |
|
524.918 |
587.901 |
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Cash & Bank Balances |
|
101.916 |
103.872 |
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Other Current Assets |
|
120.703 |
119.451 |
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Loans & Advances |
|
163.172 |
397.987 |
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Total
Current Assets |
|
1469.913 |
1753.135 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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424.696 |
530.976 |
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Provisions |
|
89.855 |
74.553 |
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Total
Current Liabilities |
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514.551 |
605.529 |
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Net Current Assets |
|
955.362 |
1147.606 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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2047.148 |
2062.399 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
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2958.695 |
3128.723 |
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Other Income |
|
118.248 |
37.628 |
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Total Income |
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3076.943 |
3166.351 |
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Profit/(Loss) Before Tax |
|
111.579 |
120.776 |
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Provision for Taxation |
|
43.651 |
38.687 |
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Profit/(Loss) After Tax |
|
67.928 |
82.089 |
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Earnings in Foreign Currency : |
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Total Earnings |
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2925.392 |
3072.278 |
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Expenditures : |
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Raw Material Consumed |
|
1039.641 |
1386.125 |
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Purchases made for re-sale |
|
43.315 |
29.350 |
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Consumption of stores and spares parts |
|
309.905 |
353.086 |
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Increase/(Decrease) in Finished Goods |
|
104.224 |
[77.278] |
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Salaries, Wages, Bonus, etc. |
|
544.784 |
418.107 |
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Managerial Remuneration |
|
0.000 |
0.000 |
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Payment to Auditors |
|
6.000 |
5.000 |
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Interest |
|
67.603 |
96.352 |
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Insurance Expenses |
|
11.791 |
11.800 |
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Power & Fuel |
|
44.316 |
41.873 |
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Depreciation & Amortization |
|
49.123 |
43.613 |
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Other Expenditure |
|
744.664 |
737.547 |
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Total Expenditure |
|
2965.366 |
3045.575 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.21 |
2.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
3.77 |
3.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.53 |
4.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.08 |
5.24 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.86 |
2.90 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
TEXPORT
SYNDICATE [INDIA] LIMITED |
|
Presented By |
Canara Bank, Fort Market Branch, Fort,
Mumbai – 400038 |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement for Packing Credit Advances dated 05.10.2005 |
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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 |
Hypothecation of all
present and future, goods and commodities viz. stocks of raw material, stock
in process, semi finished goods, consumable spares and stores stored at
Company’s factories, premises, godowns situated at Mumbai, Bangalore, Tirupur
or wherever else or held or to be held by any party to the order or
disposition of the company or in the course of transit or lying with clearing
agents / processing / job works at ports availing shipments however or
whatsoever in the possession of the company either by way of substitution or
addition, more particularly described in the schedule to the hypothecation
agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest on PC at
such rate as prescribed by RBI from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Fort Market
Branch, Frere Road, Fort,
Mumbai – 400038 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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 |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U18100MH2005PLC152440 |
|
Name of the
company |
TEXPORT SYNDICATE [INDIA] LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No.6, F-11/12,Western Industrial
Co-op. Estate, M.I.D.C., Andheri (East),Mumbai - 400093, India |
|
Type of charge |
|
|
Particular of
charge holder |
Canara bank Fort Market
Branch Padhyan House,
Fort market, Mumbai – 400038, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Common
Hypothecation Agreement dated 23.07.2007 |
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Date of
instrument Creating the charge |
23.07.2007 |
|
Amount secured by
the charge |
Rs. 51.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: PC @ BPLR – 3.50
% p.a. with minimum of 9.75 % p.a. FDB / FBE @ BPLR
– 3.50 % p.a. with minimum of 9.75 % p.a. Terms of
repayment : On Demand Margin : PC : 20 % FDB / FBE – Nil Extent and
operation of the charge : Assets given to
secure the following limits : PC [adhoc] : Rs.
25.500 Millions FDB / FBE [adhoc]
Rs. 25.500 Millions Total Rs. 51.000
Millions |
|
Short particulars
of the property charged |
Hypothecation by
way of pari passu 1st charge on present and future stocks of RM,
GIP, FG meant for export, stores, spares and all other movable goods and
properties of every description wherever situated or in transit book debts,
outstanding moneys, bills receivables, bills contracts, securities etc.
collateral security of P & M having WDV Rs. 283.800 Millions as per PBS
as at 31.03.2006 |
AS PER WEBSITE
Profile
Their
root in a textile family has blessed them with tremendous insights, vertical
and horizontal integrated, into the textile segments. They are in the Textile Industry
for over 5 decades and has honed 3 generations of experts, which today, has
helped their take Texport Syndicate to the platform it stands on today.
Two decades ago in 1978, a dream was set to weave. A dream of a global
corporation, a textile powerhouse. Today, that dream is being realized in the
form of Texport Syndicate.
They have traversed beyond just manufacturing of garments. Texport Syndicate
products are now considered as industry benchmarks pertaining to designs and
quality. With a young and aggressive management at the helm, commitment to
quality, respects for time and customer satisfaction are the basic tenets on
which the organisation is based. Each garment is considered important.
This
commitment is mirrored in their turnover of more than $ 75 Million, that too in
face of recession in the textile segment. With a committed and skilled
workforce and sophisticated modern machinery, they feel confident of executing
the most exacting of orders.
Their commitment to consistent quality, customer service and reliable delivery,
right from management circles to the worker level, has seen their products
being looked upon as an industry benchmark.
Their intensively trained experts in various departments are constantly
striving to control costs in order to create garments, which are value for
money. With the continued goodwill that Texport enjoys among trade associates
they feel confident of leading the industry into the next millennium.
Management
The
business is spun off into two divisions, one catering to Woven Garments and the
other to Knit Wear. Both the divisions are managed by a dynamic management team
comprising Raju Goenka, Sunil Goenka, Amit Goenka and Anuj Goenka.
With a young and aggressive management at the helm, commitment to quality,
respect for item and customer satisfaction are the basic tenets on which the
organisation is based.
Over 5000 skilled workforce across their factories are permanently employed
with all requisite welfares.
With a committed and skilled workforce and sophisticated modern machinery, they
feel confident of executing the most exacting of orders.
Infrastructure
Texport
Syndicate has strategic global representation with its corporate head quarters
located in Mumbai , India: and manufacturing facilities located in Bangalore,
Mumbai and Tirupur, India. Additionally , Texport syndicate is represented in
North America by Key Apprel In New York , USA.
Two
Divisions
·
Woven
Garments
·
Knit
Wear
·
Sweaters
and Cardigans
In-House
Production
·
Japanese
Made Juki, Brother and Singer Machines with specialized ancillary machines
supported with modern laundry/ finishing embroidery machines.
·
9
Million Pcs. Woven garments in 2005.
·
Factories
are designed to produce Shirts, Blouses, Shorts, Trousers and Outerwear.
·
12
Million Knit Garments in 2005.
·
Over
300 administrative and Quality Assurance staffs manage all factories.
·
Over
9000 skilled workers are permanently employed with proper welfare facility,
observing Human Rights Issue requirements.
Quality
Assurance System
·
Their
Quality Assurance Team oversees Fabric Weaving centers constantly in order to
produce flawless fabric
·
Each
factory is under the vigilance of independent Q.A. Team.
·
Every
yard of fabric and each garment is passed through quality control department.
CAD/
CAM & Pattern Grading
·
They
have advanced Investonica system for Pattern Grading and preparing markers, to
ensure maximum fabric utilization, for bulk production in their factories.
·
System
also designs Textiles for Weaving and Printing supported by the Drape and Weave
System.
Multi-Head
Embroidery Machine
·
They
have in-house 21 Multi-Head Computerised Embroidery Machines.
In-House
Laundry
·
They
have in-house Ultra Modern Laundry for processing their garments.
·
Capacity
- 12,000 garments per day.
In-House
Laboratory
·
Equipped
with latest model equipments for Testing shrinkage, color fastness, color
matching etc.
Merchandising
Division
·
Managed
by qualified technically experienced staff, supported by professional Textile
Technologists for Sourcing the Fabric/Accessories.
·
Sampling
Department - Well equipped sampling section with a capacity of 200 garments per
day.
Sourcing
·
They
have a team of Textile Graduates having Excellent connections with the best of Textile
Producing units at National and international level.
Porduct
Texport
Syndicate India Limited is an ISO 9001: 2000 certified very well known company
is pleased to introduce itself as the industry leader in area of manufacturing
and exporting of ready to wear garments for Men’s/Ladies/Children’s / Home
furnishing like curtains/spread/bed comforts, cushions, quilts, terry towel
& curtains and is the favorite choice of the overseas buyers. Aiming to
earn valuable foreign currency in RMG sector, It believes in Customer’s
satisfaction with assumed quality of products by using the world most Famous
Brand New Machineries, it follows the guild line of ISO 9001: 2000,
International Buyer’s Rules & regulations, ILO Standard & Technical
skill & ASQC STANDARD NFX 06022 OR MIL STD 105E, single sampling plans for
normal inspection or LEVEL—II.
Their Gorgeous and innovative designs captured in the finest fabric available
enchants with the caliber and passion of their dedicated team of enthusiasts.
Experienced designers, having good sense of international fashion market and
its specific requirement , design the entire collection show casing creativity
and imaginations , the entire collection is topping the style chats with its
designs and myriad color hues.
The Company is geared towards achieving all round excellence through committed
team members, consistent innovations , expertise in sourcing computer aided
designing, sophisticated in house technology, world class accessories and
stringent quality parameters and total customer satisfaction over the years ,
they have expanded their horizons into USA, Europe, Japan, UK and Canada
because of their impeccable service, competitive price, quality work man ships
. With all its dedication, determination & commitment Texport Syndicate
India Limited presents you a gallery of Ready to wear apparels which gives a
perfect look of fashion and tradition.
They have a cutting edge over their competition through their Quality, Cost and
Timely Delivery of the order. They have got immense capacities to fulfill
orders in bulk quantities assuring delivery on time at a very reasonable cost.
Their products have a good blend of quality and fabric, which results in the
most stylish and fashionable looks .
Client
Since
1978, they've built enduring relationships with some of the world's biggest and
best-known brands
They have an esteemed clientele spanning the globe for a variety of their knit
and woven garments. To name a few, their clientele include Gap, Robert Stock,
Boom Club, Wal-mart, Arrow Shirts, Perry Ellis, J.C.Penny in USA, Miss
Selfridges, Dorothy perkins, New Look, C & A, Top Man in Europe, Warehouse
in New Zealand.
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.39.29 |
|
UK Pound |
1 |
Rs.77.33 |
|
Euro |
1 |
Rs.57.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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. |
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 |
|