MIRA
INFORM REPORT
|
Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRESIDENCY KID
LEATHER LIMITED |
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Registered Office : |
No. 2165, L
Block, First Street, 12th Main Road, Anna Nagar West, Chennai –
600040, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.07.1972 |
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Com. Reg. No.: |
18-6197 |
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CIN No.: [Company
Identification No.] |
U19122TN1972PLC006197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00245A |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturers and
Exporters of Glazed Kid Leather and Shoe Uppers. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 2204760 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having fine track. Their trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company can be
considered good for any normal business dealings. It can be regarded as a
promising business partner in a medium to long run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sundaram |
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Designation : |
General Manager |
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Contact No.: |
91-44-26191984 |
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Date : |
28.07.2008 |
LOCATIONS
|
Registered
Office : |
No. 2165, L
Block, First Street, 12th Main Road, Anna Nagar West, Chennai –
600040, Tamilnadu, India |
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E-Mail : |
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Web Site: |
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Area : |
10,000 Sq. ft. |
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Location : |
Rented |
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Corporate
Office : |
476, Kilpauk
Garden Road, Kilpauk, Chennai- 600010, Tamilnadu, India |
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Tel. No.: |
91-44-26461837 /
26127373 / 53 / 26460782 / 2620105 / 26202564 / 26203704 |
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Fax No.: |
91-44-26205837 /
26201853 / 22619835 / 26445837 / 26425837 |
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E-Mail : |
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Area : |
50,000 sq. ft. |
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Location : |
Owned |
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Factory : |
2, 7th
Main Road, New Colony Chrompet, Chennai 600044 |
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Tel. No.: |
91-44-22235123 |
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Factory : |
2 Dr. R. K. Nagar,
Second Cross Street, Tambaram, Chennai- 600041 |
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Factory : |
Guduvanchroi
Post, Kanjivar |
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Area : |
80000 Sq. ft. |
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Location : |
Owned |
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Branch : |
Tel. 91-44-26221763
Tel. No. 91-44-22235123 |
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Leather
Division : |
15, Kannivakkam, Guduvancheri, P. O. Kanchipuram Dist. |
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Tel No.: |
91-44-27438224/ 27438237/ 27438484 |
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Footwear
Division : |
EVP Padma Avenue, Guduvancheri, P. O. Kanchipuram Dist. |
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Tel No.: |
91-44-27465600/ 27465607/ 27465115/ 27465213 |
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Fax No.: |
91-44-27465474 |
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Shoe Upper
Division : |
No. 1, Vallancheri, Vallancheri Villagew, Guduvancheri, P. O. Kanchipuram
Dist. |
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Tel No.: |
91-44-27465375 |
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Fax No.: |
91-44-27465374 |
DIRECTORS
|
Name : |
Mr. S. Masud Ali
Khan |
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Designation : |
Chairman and
Managing Director |
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Address: |
476, Kilpauk Garden
Road, Kilpauk, Chennai- 600 010, Tamilnadu, India |
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Date of
Birth/Age : |
29.09.1924 |
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Date of
Appointment: |
18.07.1972 |
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Name : |
Dr. Zachria Sait |
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Designation : |
Joint Managing
Director |
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Address: |
E 64, E Block, Anna
Nagar East, Chennai – 600 102, Tamilnadu, India. |
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Date of
Birth/Age : |
08.02.1950 |
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Qualifications
: |
M.B.B.S. |
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Date of
Appointment: |
23.03.1990 |
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Name : |
Mr. Mahboob Khan |
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Designation : |
Director |
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Address: |
D 13, Anna Nagar East,
Chennai – 600 102, Tamilnadu, India. |
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Date of
Birth/Age : |
17.04.1964 |
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Qualifications
: |
B. Com |
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Date of
Appointment: |
23.03.1990 |
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Name : |
Mr. Syed Iqbal Ali |
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Designation : |
Director |
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Address: |
Plot No. 1386, Golden
Colony, Mugappair, Chennai – 600 050, Tamilnadu, India. |
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Date of
Birth/Age : |
31.10.1940 |
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Qualifications
: |
Engineer |
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Date of
Appointment: |
01.04.1998 |
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Name : |
Mr. Niaz Ahmed |
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Designation : |
Director |
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Address: |
1017 – B, 42nd
Street. I Block, Anna Nagar, Chennai – 600 040, Tamilnadu, India. |
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Date of
Birth/Age : |
29.12.1951 |
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Date of
Appointment: |
01.04.1988 |
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Name : |
Mr. Shaffee
Mansur |
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Designation : |
Director |
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Address: |
No. 12, Shaffee MD.,
Chennai – 600 006, Tamilnadu, India. |
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Date of
Birth/Age : |
12.07.1965 |
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Qualifications
: |
B.Sc |
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Date of
Appointment: |
22.03.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
S. Masud Ali Khan |
|
2,256 |
|
Dr. Zachria Sait |
|
1,200 |
|
Mahboob Khan |
|
6,480 |
|
Husnara Begum |
|
4,632 |
|
Nusrath Fathima |
|
5,280 |
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Nuzhath Sultana |
|
1,848 |
|
Ahsan Ali Khan |
|
6,480 |
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Total: |
|
28,176 |
As on 31.03.2006
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors of relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporters of Glazed Kid Leather and Shoe Uppers. |
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Exports : |
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Products : |
v
Shoes and
Shoes Upper |
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Country : |
v
United
States v
Japan v
Australia v
United
Kingdom v
Switzerland v
Austria v
Republic of
Korea v
Portugal v
Germany v
European
Countries v
USA |
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|
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Imports : |
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|
Products : |
v
Leather v
Raw
Materials |
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Country : |
v
Germany v
Italy v
United
Kingdom v
New Zealand v
France v
Europe |
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Terms : |
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Selling : |
L/C, Credit ( 90
Days) |
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Purchasing : |
L/C, Credit ( 90
Days) |
PRODUCTION STATUS
As on 31.03.2006
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Finished leather |
Pieces |
5000000 p.a. |
500000 p.a. |
|
Shoe leather |
Pairs |
60000 p.a. |
60000 p.a. |
|
Footwear leather |
Pairs |
900000 |
450000 |
GENERAL
INFORMATION
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No. of Employees : |
Total : 3050
(Office : 50, Factory : 3000) |
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Bankers : |
Syndicate Bank No. 69, Chennai
Main Branch, 69, Harmony Street, Chennai - 600 001, Tamilnadu, India. |
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Facilities : |
CC Limit Term Loan |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V S Jagannathan
and Associates Chartered
Accountants |
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Address : |
Flat No. F2, No.
97 and 98, R K Mutt Road, Mandaveli, Chennai 600028, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70,000 |
Equity Shares |
Rs. 1000 each |
Rs 70.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28,176 |
Equity Shares |
Rs. 1000 each |
Rs 28.176 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Note:
The company has not
filed its latest financials with the Government departments and the management
declined to part the same.
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
28.176 |
28.176 |
28.176 |
|
|
3] Reserves &
Surplus |
412.776 |
411.796 |
395.259 |
|
NETWORTH
|
440.952 |
439.972 |
423.435 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
453.548 |
452.710 |
368.035 |
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2] Unsecured
Loans |
1.027 |
1.398 |
1.535 |
|
TOTAL BORROWING
|
454.575 |
454.108 |
369.570 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
Provision for Income Tax and
Fringe benefit Tax
|
2.285 |
0.000 |
0.000 |
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|
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TOTAL
|
897.812 |
894.080 |
793.005 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
179.660 |
185.405 |
183.540 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
1.708 |
4.307 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
466.856
|
449.410
|
380.230
|
|
|
Debtors
|
213.197
|
223.611
|
176.726
|
|
|
Cash & Bank Balance
|
34.249
|
53.592
|
71.369
|
|
|
Other Current Assets
|
0.000
|
3.173
|
0.000
|
|
|
Loans & Advances
|
160.872
|
160.303
|
97.641
|
Total Current Assets
|
875.174 |
890.089 |
725.966
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities and
Provisions
|
161.423
|
189.725
|
127.411
|
Total Current Liabilities
|
161.423 |
189.725 |
127.411 |
|
Net Current Assets
|
713.751 |
700.364 |
598.555
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
4.401 |
6.603 |
6.603 |
|
|
|
|
|
|
|
TOTAL
|
897.812 |
894.080 |
793.005 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1130.882 |
1509.314 |
1260.712 |
|
|
Other Income |
53.945 |
84.953 |
94.331 |
|
|
Total Income |
1184.827 |
1594.267 |
1355.043 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3.266 |
18.741 |
(4.033) |
|
|
Provision for Taxation |
1.434 |
2.173 |
0.000 |
|
|
Profit/(Loss) After Tax |
1.832 |
16.568 |
(4.033) |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Others |
NA |
1276.965 |
1210.457 |
|
|
Total Earnings |
NA |
1276.965 |
1210.457 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
132.527 |
152.340 |
|
|
Others |
NA |
96.048 |
87.148 |
|
Total Imports |
NA |
228.575 |
239.488 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
WIP Finished Goods |
0.000 |
0.000 |
135.314 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
133.705 |
|
|
Administrative Expenses |
0.000 |
0.000 |
42.240 |
|
|
Selling and Distribution Expenses |
0.000 |
0.000 |
116.527 |
|
|
Raw Material Consumed |
598.336 |
937.991 |
859.726 |
|
|
Consumption of stores and spares parts |
204.328 |
231.196 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
1.468 |
32.476 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
53.391 |
76.559 |
0.000 |
|
|
Managerial Remuneration |
3.567 |
4.239 |
0.000 |
|
|
Payment to Auditors |
0.115 |
0.117 |
0.000 |
|
|
Interest |
45.608 |
31.559 |
23.962 |
|
|
Insurance Expenses |
1.504 |
1.635 |
0.000 |
|
|
Power & Fuel |
22.284 |
21.913 |
0.000 |
|
|
Depreciation & Amortization |
24.356 |
24.914 |
24.672 |
|
|
Other Expenditure |
226.604 |
212.927 |
22.930 |
|
Total Expenditure |
1181.561 |
1575.526 |
1359.076 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.15
|
1.04 |
(0.30) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.29
|
1.24 |
(0.32) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.31
|
1.74 |
(0.44) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.04 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
1.46 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.42
|
4.69 |
5.70 |
LOCAL AGENCY
FURTHER INFORMATION
Note :
The Registered Office of the company has been shifted from 476, Kilpauk Garden Road, Kilpauk, Chennai-
600010, Tamilnadu, India to the present address w.e.f. 19.01.2007
Trade References
v Harshapati – UK
v Gobor Limited – Germany
v Ara Shoe Fabrican – Germany
v BASF Chemicals
v Coats in Chennai
v R K Foot Wear – Noida
Form 8
|
Name of the company |
PRESIDENCY KID
LEATHER LIMITED |
|
Presented By |
Dr. Zackria Sait, Joint Managing Director |
|
1) Date and description of instrument creating the change |
Tannery – 15.03.1993 –
Rs. 90.600 Millions Shoe Division –
15.03.1993 – Rs. 90.600 Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Charge secured
for Rs. 90.600 Millions |
|
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
stock in trade of every description, raw materials semi finished goods,
finished goods, chemicals stores / spares, consumables, leather shoe uppers
stored in tannery, shoe upper an footwear divisions. Hypothecation of
machinery installed at tannery and shoe division and extension of mortgage of
land and building of tannery and shoe divisions. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per the Syndicate
bank sanction Letter No. 1215/6000/ADV/2005 dated 21/06/2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank 69, Armenian
Street, Chennai Main, Chennai - 600001 |
|
6) Date and brief description of instrument modifying the charge |
|
|
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 present
modification is for the existing credit limits renewed for Rs. 544.476
millions vide Syndicate Bank sanction letter No. 1215/6000/ADV/2005 dated
21/06/2005, in cancellation of the existing limits and are valid upto
31.03.2007 |
Business
Subject import raw
materials, accessories and export-finished leather, leather shoe uppers
The company
operates under four main divisions which are as under :-
Ř Finished Leather Division
Ř Shoe Upper Division
Ř Footwear Division
Ř
Shoes for
Exports Division
Fixed Assets
v
Land
v
Building
v
Plant and
Machinery
v
Furniture and
Fixtures
v
Electrical
Installation
v
Vehicles
v
Office
Equipments
v
Air
Conditioner
v
Generator
v
Heating System
v
Tools and
Equipment
v
Computer and
Printer
v
Air Compressor
v
Fire
Extinguisher
v
EPABX
v
Aqua Pac Model
System
v
Ironing
Machine Felt
As Per Website Details
Company Profile
This closely held leather company in existence since 1972 consists of a leather division, a shoe upper division and a full shoe division.
The company derives enormous pride and satisfaction from the fact that the customer relationships are everlasting due to the consistency maintained in its very high quality standard of leathers, shoe uppers and shoes.
Elegance and finesse is the hallmark of the glazed kid leathers. Beautifully crafted from a variety of leathers, the Shoe Uppers and Shoes are based on detailed information gathered from the clients.
The company's policy is to understand the requirements of its customers accurately and come up with the right product, in the right leather at an attractive price. Customer profile of the company includes the best factories in Germany, Holland, England, Italy, France, U.S.A and the Far East.
The company's management board consists of a chairman and 5 directors.
Management Board
Mr. S. Masud Ali Khan
Mr. S. Masud Ali Khan, aged 77 years, is the Chairman & Managing Director of the Company. Mr. Khan has rich experience of more than four decades in the business.
Dr. Zackria
Sait
Dr. Zackria Sait, aged 50 years, is the Joint Managing Director of the Company.
Dr. Sait is the Chairman of the Indian Finished Leather Manufacturers and
Exporters Association, Chennai and also the Southern Regional Chairman of
Council for Leather Exports, Chennai.
Mr. Mahboob
Khan
Mr. Mahboob Khan, S/o Mr. S. Masud Ali Khan, aged 37 years, has graduated from
the Loyola College, Chennai. He joined the Company as Director in the year
1986. He has done his Footwear Technology Course in the U.K.
Mr. Niaz Ahmed
Mr. Niaz Ahmed, aged 49 years, graduate in chemistry has been with the
company since its inception and is Director in charge of the production of
Leather.
Mr. Shaffee Mansur
Mr. Shaffee Mansur, aged 36 years, a qualified Engineer, Director
incharge of all material purchases.
Mr. Syed Iqbal Ali
Mr. Syed Iqbal Ali, aged 60 years, graduate in law has been with the company since
its inception and is Director in charge of raw material purchases of the
leather division.
Man Power
The tannery employs 300 workers and 100 trained technical staff with an annual production capacity of Fifteen million square feet of Kid, Sheep and Calf Leathers in a built up area of 16,000 square meters.
Renowned for its glazed kid leathers using the best Indian Raw Material, the Tannery is equipped with a modern Effluent Treatment Plant.
The shoe division of the company employs around 1200 workers, 40 technical personnel, executives and managers to ensure that quality requirements and delivery schedules are met.
The fully automated plant is managed by highly skilled staff, right from cutting to final production to meet the global demand of increasingly high standards with an annual manufacturing capacity of 1.2 million pairs of shoe uppers and 3,00,000 pairs of shoes.
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 :
The 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.
The 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. 42.54 |
|
UK Pound |
1 |
Rs. 84.86 |
|
Euro |
1 |
Rs. 66.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
|
72 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|