MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SREEPATHI PHARMACEUTICALS LIMITED |
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Formerly Known As : |
SREEPATHI PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
Plot No. 74/A, 2nd Floor, Central Bank Building,
Secunderabad – 500 038, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.1983 |
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Com. Reg. No.: |
01-4356 |
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CIN No.: [Company
Identification No.] |
U24239AP1983PLC004356 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS01929E HYDS03528A |
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PAN No.: [Permanent
Account No.] |
AAOCS4051R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Export and Importer of Drugs and Drug Intermediates |
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 190000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sree Hari |
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Designation : |
Sale Manager |
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Date : |
04.07.2008 |
LOCATIONS
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Registered Office : |
Plot No. 74 / A, IInd Floor, Central Bank Building, Kalyan Nagar, Hyderabad – 6500 038,
Andhra Pradesh, India |
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Tel. No.: |
91-40-2381 2987/2342 / 3250 /
2342 3251 |
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Fax No.: |
91-40-23812058 |
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E-Mail : |
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Website : |
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Corporate Office : |
617, Swapnalok Complex, S. D. Road, Secunderabad – 500003, Hyderabad, Andhra Pradesh, India |
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Tel. No.: |
91-40-27813151 |
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Fax No.: |
91-40-27818458 |
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E-Mail : |
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Websites: |
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Location : |
Owned |
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Factory : |
Plot No.163, Phase – V, IDA, Jeedimetla, Hyderabad – 500055, Andhra
Pradesh, India
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Tel No.: |
91-40-28812987/ 23812056 |
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Status : |
Owned |
DIRECTORS
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Name : |
Mr. Uttamkumar Singhvi |
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Designation : |
Director |
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Address : |
H No. 3-6-459, Plot No. 22 Road No. 12, Banjara Hills, Hyderabad –
500034, Andhra Pradesh, India |
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Date of Birth/Age : |
02.08.1964 |
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Date of Appointment : |
30.01.2004 |
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Name : |
Mr. Sreeniwas |
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Designation : |
Managing Director |
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Address : |
H No. 3-6-459, Plot No. 22 Road No. 12, Banjara Hills, Hyderabad –
500034, Andhra Pradesh, India |
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Name : |
Mr. Shailendra Singhvi |
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Designation : |
Director |
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Address : |
H No. 3-6-459, Plot No. 22 Road No. 12, Banjara Hills, Hyderabad – 500034,
Andhra Pradesh, India |
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Date of Birth/Age : |
17.06.1957 |
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Date of Appointment : |
04.01.2006 |
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Name : |
Mrs. Renu Agrawal |
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Designation : |
Director |
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Address : |
H No. 1432, Plot No. 22 Road No. 12, Banjara Hills, Hyderabad – 500034,
Andhra Pradesh, India |
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Date of Birth/Age : |
03.07.1955 |
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Date of Appointment : |
04.05.1994 |
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Name : |
Mr. Vishnu Gupta |
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Designation : |
Director |
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Address : |
402 Mahaveer Apartment, 3-5-796, King Koti Road, Hyderabad – 500029, India
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Date of Birth/Age : |
30.07.1952 |
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Date of Appointment : |
27.10.2004 |
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Name : |
Mr. M P Agrawal |
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Designation : |
Director |
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Address : |
H No. 1432, Plot No. 22 Road No. 12, Banjara Hills, Hyderabad –
500034, Andhra Pradesh, India |
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Date of Birth/Age : |
09.05.1953 |
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Date of Appointment : |
23.12.1991 |
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Name : |
Mr. Pawan Kumar Agrawal |
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Designation : |
Director |
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Address : |
H No. 1432, Plot No. 22 Road No. 12, Banjara Hills, Hyderabad –
500034, Andhra Pradesh, India |
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Date of Birth/Age : |
14.08.1957 |
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Date of Appointment : |
30.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. M P Agrawal |
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3242 |
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Mr. P K Agrawal |
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22337 |
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Mrs. Renu Agrawal |
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2868 |
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Mr. Sanjay Agrawal |
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410 |
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Mr. Yashwant Agrawal |
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2948 |
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Mr. Avinash Agrawal |
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1200 |
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Mr. Mukul Agrawal |
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1000 |
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Mr. Mahesh Agrawal |
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3374 |
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Mr. Mayank Agrawal |
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1000 |
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Nipha Trade And Commerce (Private) Limited |
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29500 |
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Mahima Credit (Private) Limited |
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1000 |
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Spot Light Agency (Private) Limited |
|
1500 |
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Omini Advisory And Finvest Private Limited |
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1500 |
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Lexi Exports (Private) Limited |
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1000 |
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Dinkar Commercial (Private) Limited |
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2000 |
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Lunar Commercial (Private) Limited |
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37500 |
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Diwarkar Commercial (Private) Limited |
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3250 |
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Ujwal Construction And Credit Developers (Private) Limited |
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1500 |
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Snehil Exim India Private Limited |
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1000 |
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Bhavani Commercial Company (Private) Limited |
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1000 |
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O K Investment (Private) Limited |
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2000 |
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Wobno Financiers (Private) Limited |
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1000 |
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Ellora Marketing (Private) Limited |
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1000 |
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Wex Ford Exim (Private) Limited |
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2000 |
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Sant Kumar Automotive Limited |
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1000 |
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Nivedan Investment And Trading Company Limited |
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2500 |
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H S Consultancy Private Limited |
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30000 |
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Pilot Consultants Limited |
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5000 |
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Keshav Priva Finance (Private) Limited |
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15000 |
Equity Shares Breakup (Percentage of Total Equity): 31.03.2007
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Export and Importer of Drugs and Drug Intermediates |
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Products : |
API’s Pharmaceutical Active Ingredients · Ciprofloxacin HCL IP/ USP · Ciprofloxacin Base Enrofloxacin Base. ·
Enrofloxacin HCl ·
Sparfloxacin ·
Quinapyramine Sulphate BVET C ·
Quinapyramine Chloride BVET C Intermediates / Fine Chemicals -
7-Chloro-1-Cyclopropyl-6-Fluoro- -
Methyl-2(2,4-Dichloro-5-Fluoro |
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Exports : |
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Products : |
Drugs and Drug Intermediates |
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Countries : |
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Imports : |
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Products : |
Chemicals |
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Countries : |
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Terms : |
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Purchasing : |
L/C |
PRODUCTION STATUS as on 31.03.2005:-
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
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Ciprofloxacin |
M/T |
36 |
36 |
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Q. Salts |
M/T |
72 |
72 |
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Enrofloxacin |
M/T |
36 |
36 |
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Phenyl/Propanolanine |
M/T |
48 |
48 |
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Others |
M/T |
801 |
801 |
GENERAL
INFORMATION
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Customers : |
· End Users · Aurobindo Pharma Limited · Alkem Laboratories Limited · Biochem Pharmaceuticals Ind. Limited · Cipla Limited · Cadila Healthcare Limited · Dr. Reddy's Laboratories Limited · Fdc Limited. · Ind-Swift Limited · J.B.Chemicals and Pharmaceuticals Limited · Makers Laboratories Limited · Nicholas Piramal India Limited · Wockhardt Limited |
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No. of Employees : |
15 |
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Bankers : |
M. G. Road, Secunderabad |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Rustagi and Associates Chartered Accountants |
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Address : |
Room No. 4, 1st Floor, 59, Bentick Street, Kolkata – 700069, West Bengal |
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Tel. No.: |
91-33-22367932 |
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Mobile No.: |
91-33-22349829 |
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Name : |
V. S. Ganesh Chartered Accountant |
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Address : |
8-3-222/ 1/A/1, Shriven Towers, Yousufguda Main Road, Madhuranagar, Hyderabad – 500038, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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175000 |
Equity shares |
Rs.100/- each |
Rs.17.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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169639 |
Equity shares |
Rs.100/-
each |
Rs.16.964
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.964 |
16.963 |
16.963 |
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2] Share Application Money |
0.000 |
0.000 |
0.505 |
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3] Reserves & Surplus |
21.043 |
15.515 |
10.633 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.007 |
32.478 |
28.101 |
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LOAN FUNDS |
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1] Secured Loans |
61.016 |
28.587 |
29.397 |
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2] Unsecured Loans |
25.236 |
10.000 |
6.627 |
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TOTAL BORROWING |
86.252 |
38.587 |
36.024 |
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DEFERRED TAX LIABILITIES |
4.842 |
17.935 |
18.182 |
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DEFERRED SALES TAX |
13.044 |
0.000 |
0.000 |
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TOTAL |
142.145 |
89.000 |
82.307 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.729 |
27.106 |
29.810 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.123 |
0.122 |
0.225 |
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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 |
48.681
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37.383
|
30.868 |
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Sundry Debtors |
77.892
|
62.761
|
46.582 |
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Cash & Bank Balances |
10.264
|
6.282
|
6.308 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
33.495
|
13.272
|
8.978 |
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Total
Current Assets |
170.332
|
119.698
|
92.736 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
57.039
|
58.108
|
40.828 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
57.039
|
58.108
|
40.828 |
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Net Current Assets |
113.293
|
61.590
|
51.908 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.182 |
0.364 |
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TOTAL |
142.145 |
89.000 |
82.307 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
310.156 |
298.010 |
145.922 |
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Other Income |
3.037 |
7.086 |
10.509 |
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Total Income |
313.193 |
305.096 |
156.431 |
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Profit/(Loss) Before Tax |
8.472 |
7.266 |
1.870 |
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Provision for Taxation |
0.000 |
0.246 |
[0.112] |
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Profit/(Loss) After Tax |
8.472 |
7.020 |
1.982 |
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Expenditures : |
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Raw Material Consumed |
224.909 |
213.586 |
112.501 |
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Excise duty |
0.000 |
0.000 |
0.838 |
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Sales tax |
0.000 |
0.000 |
2.984 |
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Personnel Expenses |
0.000 |
0.000 |
5.263 |
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Administrative, Selling and other expenses |
10.984 |
0.000 |
10.922 |
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Salaries, Wages, Bonus, etc. |
3.685 |
5.481 |
5.263 |
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Payment to Auditors |
0.070 |
0.026 |
0.019 |
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Interest |
7.714 |
3.560 |
4.580 |
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Insurance Expenses |
1.546 |
1.464 |
1.396 |
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Depreciation & Amortization |
10.984 |
2.464 |
2.396 |
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Other Expenditure |
53.365 |
71.245 |
28.402 |
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Total Expenditure |
304.721 |
297.826 |
154.557 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.70
|
2.30
|
1.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.73
|
2.43
|
1.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.26
|
4.94
|
1.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.22
|
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.77
|
2.97
|
2.73 |
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Current Ratio (Current Asset/Current Liability) |
|
2.98
|
2.05
|
2.27 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 617,
Swapnalok Complex, S. D. Road, Secunderabad – 500003, Hyderabad, Andhra
Pradesh, India to the present Address w.e.f. 15.11.2006.
Trade Reference
- FDC Limited
- Cipla Limited
- DR Reddy
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U24239AP1983PLC004356 |
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Name of the company |
SREEPATHI
PHARMACEUTICALS LIMITED |
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Address |
Plot No. 74, Kalyan Nagar, Hyderabad – 6500038, Andhra Pradesh |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Book debts · Movable property |
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Particular of the charge holder
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Canara Bank M G Road, Secunderabad – 500003, Andhra Pradesh, India Email Id: hyd0616@canbank.co.in |
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Nature or description of the instrument creating charge |
Cash Credit/ ODBD Limit Enhanced From Rs.40.000 Millions to Rs.50.000 Millions |
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Date of the instrument creating charge |
07.03.2008 |
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Amount Secure by the charge |
Rs. 130.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interests: 12% per annum Terms of repayment: Refer agreement Margin: 25% Extent and operation of the
charge: Supplementary Common Hypothecation Agreement Dated 07.03.2008 |
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Shorts particulars of the
Property charged |
Stock in Trade, book debts and also Fixed Assets including Lease Hold
Land and building located at Jeedimetla, Qutbullapur, Mandal, Hyderabad |
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Particulars of the present modification |
Enhanced of Cash Credit Limit From Rs.40.000 Millions to Rs.50.000 Millions |
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Name of the company |
SREEPATHI PHARMACEUTICALS LIMITED |
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Presented By |
Mr. Anup Agrawal |
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1) Date and
description of instrument creating the change |
17.04.1993
foreign letter of credit agreement 17.04.1993 open
cash credit agreement 17.04.1993
agreement of secured agreement 17.0.41993 Bank
guarantee deed of security |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Charge on plant
and machinery Other fixed
assets for overall limit of Rs. 5.800 millions (Rs. 1.000 millions Rs. 0.5000
million respectively) |
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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
goods and book debts, hypothecation of stocks of chemicals and
pharmaceuticals in form of raw materials, stock in process, finished goods ,
packing materials and other spares present and future situated at Plot No.
163, Phase V, IDA Jeedimetla, Hyderabad. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
On letter of credit cash margin 10% on opening and 15% on acceptance
of documents exchange rate as per FEDAI rules. Interest 18.25% p.a , Cum tax
on cash credit and 16% p.a , cum tax on packing credit margin money 10% ,
Interest 18.25% p.a for supply bills and 17.25% p.a. for B E’s |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank MG Road, Secunderabad , India |
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6) Date and brief description of instrument
modifying the charge |
Supplemental agreement
dated 09.0.12002 enhancing FLC / ILC from Rs. 16.500 millions to Rs. 19.000
millions |
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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 overall
working capital facility enhanced vide this modification dated 09.01.2002
Overall limit
enhanced from Rs. 38.000 millions to Rs. 40.500 millions. |
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FIXED ASSETS:
· Leasehold Land And Developments
· Plant and Machinery
· Furniture and Fixtures
· Vehicle
· Computer
· Lab Equipment
· Office Equipment
· Storage Tank
· Generators
· Electrical
· Pipe Lines
WEBITE DETAILS:
Subject is engaged in manufacturing, marketing and process improvements,
research and development works of Active Pharmaceutical Ingredients since 1986.
It has an experienced and dynamic team of professionals from chemical,
engineering and pharmaceutical sciences. Pharmaceutical Ingredients
manufactured here excel the International Pharmacopoeia specification on
impurity profiles.
Infrastructure at the company consists of 30 SS Reactors/ Glass Lined Reactors
(of 300L to 10,000L capacity), Distillation Column with supportive adequate
utilities. This makes it possible to carry out multipurpose reactions suitable
to manufacture different pharmaceutical ingredients and intermediates.
The company achieved a turnover of 7.50 million US Dollars during the year 2005-2006
and the same is poised to cross 20 million US Dollars by 2008. Subject is
engaged in manufacturing, marketing and process improvements, research and
development works of Active Pharmaceutical Ingredients since 1986. It has an
experienced and dynamic team of professionals from chemical, engineering and
pharmaceutical sciences. Pharmaceutical Ingredients manufactured here excel the
International Pharmacopoeia specification on impurity profiles.
Infrastructure at Subjectconsists of 30 SS Reactors/ Glass Lined Reactors (of
300L to 10,000L capacity), Distillation Column with supportive adequate
utilities. This makes it possible to carry out multipurpose reactions suitable
to manufacture different pharmaceutical ingredients and intermediates.
The company achieved a turnover of 7.50 million US Dollars during the year
2005-2006 and the same is poised to cross 20 million US Dollars by 2008.
Manufacturing of some more Active Pharmaceutical Ingredients and Intermediates
are planned in near future
Subject does not offer molecules in patented countries, and liabilities of
patent infringements if any will be to the account of importer only, Subject
does not accept any liability for anything stated above.
Subject has a
reputation for getting the job done along the full spectrum of product
development and commercialization activities, from early compound development,
laboratory services and regulatory submission through sales and marketing. But
there's more to it than these meticulous procedures - attention to customer
service as to science.
Their customers
are certainly proud of the speed, accuracy and efficiency and we are equally
proud of the long-term relationships that we have built with many customers
over the years.
CMT REPORT
(Corruption, Money Laundering and 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.43.16 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.95 |
SCORE and 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 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 and 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 and 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 |
|