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MIRA INFORM REPORT
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Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELMACH PACKAGES (INDIA) PRIVATE LIMITED |
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Registered Office : |
410, Hill View Industrial Estate, Co-op Society Limited, Off.
L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.12.1988 |
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Com. Reg. No.: |
11-49939 |
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CIN No.: [Company
Identification No.] |
U28129MH1988PTC049939 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19852A |
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PAN No.: [Permanent
Account No.] |
AAACEO940Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Blister Packing Machine and Lobe Pumps |
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 190000 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jaydev |
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Designation : |
Accounts Manager |
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Date : |
11.06.2008 |
LOCATIONS
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Registered Office : |
410, Hill View Industrial Estate, Co-op Society Limited,
Off. L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-25008007/ 8071 / 7217 / 25951703 |
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Fax No.: |
91-22-25008684 |
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E-Mail : |
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Website : |
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Area : |
At this place 7 units are there, |
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Location : |
Owned |
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Corporate Office : |
20, Siddhapura Industrial Estate, Off. L. B. S. Marg, Ghatkopar
(West), Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-25008007/ 8071 / 7217 / 6658 / 6046 / 6643 2702 / 3 |
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Fax No.: |
91-22-25008684 / 25008910 |
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E-Mail : |
elmach@vsnl.com |
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Sales and Service : |
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Ahmedabad Office : |
8-A, Rashmi App. Opp. Haren Pandya Garden, Near Jivraj Mehta Hospital,
Ahemadabad – 380 007. |
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Tel. No.: |
91-79-26612435 |
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Fax No.: |
91-79-26468033 |
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Bangalore Office : |
No. 907, 9th Floore, Brigade Towers, 135, Brigade Road,
Bangalore – 560025. |
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Tel. No.: |
91-80-22236218 / 2236219 |
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Fax No.: |
91-80-2236219 |
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Delhi Office : |
ED-55, Tagore Garden, New Delhi – 110 027. |
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Tel. No.: |
91-11-25460255 / 25461011 |
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Fax No.: |
91-11-25462134 |
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Chennai Office : |
Block D, Basement Floor, Baid Mehta complex, Anna Salai, 16, Mount Road,
Saidapet, Chennai – 600015 |
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Tel. No.: |
91-44-22200005 / 6 |
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Fax No.: |
91-44-22355657 |
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Hyderabad Office : |
401, Everest Block, (C Wing), Aditya Enclave, Opp. Sarathi Studio,
Ameerpet, Hyderabad – 500 038 |
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Tel. No.: |
91-40-23745098 / 23736535 |
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Fax No.: |
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Kolkata Office : |
19, Ground Floor, Park Plaza, 71, Park Street, Kolkata – 700016 |
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Tel. No.: |
91-33-30229576 |
DIRECTORS
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Name : |
Mr. Sukumaran K Puthiyapurayil |
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Designation : |
Director |
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Address : |
602, Sabri Aangan, Plot No. 222, 11th Road, Chembur, Mumbai
– 400 071, Maharashtra, India |
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Date of Birth/Age : |
17.01.1943 |
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Date of Appointment : |
07.12.1988 |
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Name : |
Mrs. Sulochana S. Puthiyapurayil |
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Designation : |
Director |
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Address : |
602, Sabri Aangan, Plot No. 222, 11th Road, Chembur, Mumbai
– 400 071, Maharashtra, India |
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Date of Birth/Age : |
28.03.1948 |
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Date of Appointment : |
07.12.1988 |
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Name : |
Mr. Sudish S Puthiyapurayil |
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Designation : |
Director |
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Address : |
602, Sabri Aangan, Plot No. 222, 11th Road, Chembur, Mumbai
– 400 071, Maharashtra, India |
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Date of Birth/Age : |
24.07.1977 |
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Date of Appointment : |
08.07.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.09.2005)
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Names of Shareholders |
No. of Shares |
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Sukumaran K Puthiyapurayil |
5800 |
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Sulochana S. Puthiyapurayil |
3860 |
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Vijayadri Sagare |
10 |
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Sudish S. Puthiyapurayil |
10 |
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Total |
9680 |
Equity share
breakup (percentage of total equity)
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(As
on 30.09.2007) |
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Directors or
relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Blister Packing Machine and Lobe Pumps |
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Products : |
· Blister Pack Machines · Defoilers · Change Parts ·
Lobe Pumps |
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Exports : |
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Countries : |
All over world |
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Imports : |
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Products : |
Square parts of Machines |
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Countries : |
·
Germany ·
U.S. |
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Terms : |
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Selling : |
Against Cheque |
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Purchasing : |
Cheque Payment |
GENERAL
INFORMATION
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Suppliers : |
· Atul Agency · Libra Agencies Private Limited · Brincex Sales Corporation · Den Publishing ·
Buiness India Datatase Private Limited |
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Customers : |
· Cosme Pharma Limited · Glenmarte · Airpack Expores · Cipla Limited · Induswife Limited ·
Priscar India Limited |
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No. of Employees : |
120 |
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Bankers : |
Canara Bank Fort Market Branch, Padhyan House, Frere Road, Mumbai – 400 039,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
S. R. Ghedia and Company Chartered Accountants B202, Labh Ashish Old Police Quarters lane, Behind Chandra Niwas,
Andheri (East), Mumbai – 400 069, Maharashtra, India |
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Sister Concerns : |
Electric Engineering Company Ghatkopar |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- Each |
Rs. 1.000 Million |
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Total |
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Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9680 |
Equity Shares |
Rs. 100/- Each |
Rs. 0.968 Million |
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Total |
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Rs. 0.968 Million |
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 |
0.968 |
0.968 |
0.968 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.987 |
23.131 |
14.406 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.955 |
24.099 |
15.374 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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Bank Overdraft |
13.468 |
7.552 |
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TOTAL |
52.423 |
31.651 |
15.374 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.704 |
14.765 |
12.162 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
2.000 |
0.500 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.614
|
5.674 |
5.836 |
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Sundry Debtors |
61.770
|
54.204 |
48.860 |
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Cash & Bank Balances |
37.655
|
0.797 |
0.462 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.690
|
19.290 |
9.763 |
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Overdrawn Bal in Canara Bank |
0.000
|
0.000 |
(8.571) |
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Total
Current Assets |
115.729
|
79.965 |
56.350 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
80.334
|
59.433 |
53.138 |
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Provisions |
12.676
|
4.146 |
0.000 |
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Total
Current Liabilities |
93.010
|
63.579 |
53.138 |
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Net Current Assets |
22.719
|
16.386 |
3.212 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
52.423 |
31.651 |
15.374 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.206 |
31.03.2005 |
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Sales Turnover |
342.594 |
268.327 |
204.377 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
342.594 |
268.327 |
204.377 |
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Profit/(Loss) Before Tax |
23.408 |
13.685 |
3.714 |
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Provision for Taxation |
0.000 |
0.000 |
2.469 |
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Profit/(Loss) After Tax |
23.408 |
13.685 |
1.245 |
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Earnings in Foreign Currency : |
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Export Value |
0.000 |
0.000 |
16.587 |
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Imports Value |
0.000 |
0.000 |
0.306 |
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Expenditures : |
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Interest |
0.000 |
0.000 |
0.000 |
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Depreciation & Amortization |
4.397 |
2.379 |
0.000 |
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Other Expenditure |
314.789 |
252.263 |
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Total Expenditure |
319.186 |
254.642 |
200.662 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.83
|
5.10 |
2.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.83
|
5.10 |
1.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.32
|
14.45 |
5.42 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.57 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.39
|
2.64 |
3.45 |
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Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.26 |
1.06 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
ELMACH PACKAGES (INDIA) PRIVATE LIMITED |
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Presented By |
Canara Bank Fort Market Branch, Padhyan House, Frere Road, Mumbai – 400 039,
Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement Re :
Collateral Security : Machinery : Vehicles dated 22.10.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all present and future plant and machinery, tools and accessories more
particularly described in Schedule A to the Agreement erected, kept or in
transit to the Company’s Premises viz. 1) A-232 T. T. C. Industrial Area,
Mahape Village, Navi Mumbai 400 701 and 2) A-20, B-15 and C-13, Sidhpura
Industrial Estate, Off. L. B. S. Marg, Ghatkopar (West), Mumbai – 400 086 or
elsewhere. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The aforesaid plant
and machinery are given as securities. Following credit facilities granted by
the Bank to the Company.
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Fort Market Branch, Padhyan House, Frere Road, Mumbai – 400 039,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental Callateral
Security Agreement dated 20.10.2005 |
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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. |
22.10.2003 – Original
Charge for Rs. 1.500 millions Regd. On 14.11.2003 Doc. No. 49 Now vide above
referred agreement dated 20.10.2005 the various credit facilities granted by
the Bank increased from Rs. 1.500 millions to Rs. 2.500 millions to secure
the following facilities :
The security
created earlier shall continue to secure the enhanced facilities. The Company has further
hypothecated various plant and machinery more particularly described in
Schedule “A” to the agreement which are erected, kept or stored or installed
at Company’s premises at 1) A 232 TTC Industrial Area, Mahape Village, Navi
Mumbai 400 701 and 2) A-20, B-15 and C-13 Sidhpura, Industrial Estate, Off
LBS Marg, Ghatkopar (W), Mumbai – 400 086 or in transit to secure the Credit
facilities aggregating to Rs. 2.500 millions. |
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Corporate
identity number (CIN) Foreign company registration number |
U28129MH1988PTC049939 |
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Name of the
Company |
ELMACH PACKAGES (INDIA) PRIVATE LIMITED |
|
Address |
410, Hill View Industrial Estate, Co-op Society Limited,
Off. L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra |
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This form is for |
Modification of
charge |
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Type of Charge |
·
Movable
property (not being pledge) ·
Others |
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Particulars of
the charge holder |
Canara Bank Fort Market Branch, Padhyan House, Frere Road, Mumbai – 400 039,
Maharashtra, India |
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Nature or description
of the instrument(s) creating or modifying the charge |
Supplemental
Collateral Security Agreement |
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Date of the
instrument creating or modifying the charge |
18.06.2007 |
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Amount secured by
the charge |
Rs. 4.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
·
Rate of
Interest Int. on CDB @ 15% ·
Terms of
repayment On Demand ·
Margin Margin on Gtee. 25% ·
Extent and
operation of the charge Security of Plant and Machinery, given earlier as collateral security
continue to secure the CDB/LCDB limit of Rs. 1.000 million and enhanced Bank
Guarantee Limit of Rs. 3.000 millions, aggregating to Rs. 4.000 millions. |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
all present and future plant, machinery, tools and accessories described in
Schedule A to the agreement erected or kept or in transit in Co’s premises
viz: 1) A-232 TTC Indl. Area, Mahape Village, Navi Mumbai 400 701, 2) A-20,
B-15 and C-13, Sidhpura, Indl. Estate, Off LBS Marg, Ghatkopar (W), Mumbai –
86 or elsewhere. |
|
Particular of the
present modification |
Now vide this modi.
Amount secured by the charge increased from Rs. 3.000 millions to Rs. 4.000
millions. The security of Plant and Machinery etc. given earlier des. In.
sche. A to Supplemental Agreement shall continue to secure the enhanced
limit. |
Web Details:
Evolution of ELMACH
They had begun with rotary machines EPI-1000 and EPI-2000
in 1988. This was followed by smaller machines EPI-MINI and EPI-MINI
(MODIFIED) in 1991. For packing vials and ampoules we introduced EPI-2000 FB. Pharma Companies prefer
our EPI-3000 FB for packing
multitude of capsules, tablets and caplets. State-of-the-art EPI-3020 blitz is
the only machine for PVC/ALU, ALU/ALU (AFT) and tri-laminated Tropical Pack.
Their machine line up was extended with EPI-2300;
and EPI-2500, world's first
rotary blister pack machine with 1:1 print registration and online pack
emptying of miss-filled packs. In the new millennium ELMACH launched EPI-3020
blitz, the high-speed servo-driven machine for thermo-formed and cold-formed
blister packs. The year 2003 was marked by the launching of WKH-100, Cartoner in technical
collaboration with 'WEIPACK', GERMANY. Year 2003 also saw our
best-seller EPI-500XT, specially
developed to meet the Alu-Alu requirement. ALU-ALU revolution brought EPI-2515 AL, Intermittent motion, flat
bed blister pack machine for thermo-formed and cold-formed blister packs. The
variant EPI-500 XT [PLUS] offers
all features of EPI-500 XT plus
Print Registration Control. The latest EPI-2200
machine offers interchangeability of change parts with EPI-MINI, EPI-MINI
(MODIFIED) and EPI-2000.
Building relationships all along...
Their esteemed clients include MNCs and Pharma Companies like CIPLA,
FDC, Dr.Reddy's, IPCA, ALKEM, RPG Life Science, Ajanta Pharma, Strides Arcolab,
Novartis, Merck, etc. Our customers in countries like Great Britain, Germany,
United States of America, Holland, Africa, Latin American countries, Brazil,
Mexico, Venezuela, etc. underline our global presence.
Leadership through Technology
ELMACH's business story is punctuated by blister
pack machines and cartoners. Use of advanced engineering technology, processes,
machining capability and fully-equipped Quality Control give ELMACH high degree of refinement
essential for high quality machine-building. Skilled workforce, R&D team
with all ears to customers and dedicated market-savvy Sales team nurture the ELMACPACK brand. All our machines are
cGMP models. Through cutting edge expertise and lateral thinking, ELMACH offers promising range of 17
machine models that include both Flat Bed and Rotary types. With thermo-forming
and cold-forming features. Consistent innovation and developments fuelled by
customer needs for productivity, durability, flexibility and cost-efficacy have
resulted in our range of Alu-Alu blister pack machines: EPI-500 XT, EPI-2515 and EPI-SERVO 3020 AL.
This amazing range of machines offer output of 25 packs to 480 packs per
minute. This means technology made affordable to the end users. Their cartoner WKH-100, manufactured in technical
collaboration with 'WEIPACK', GERMANY has revolutionized automation for pharmaceutical industry.
Their most comprehensive sales and service network, spread across seven cities
in India, facilitates quick assistance to our customers.
Research and Development:
Setting a trend needs research and monitoring of market pulse. They have
a team of self-motivated engineers empowered by experience and prudence.
Innovations through state-of-the-art technology results in our new models. ELMACH created world's first rotary
blister pack machine (EPI-2500)
with 1:1 print registration and online pack emptying for miss-filled packs.
Launching of EPI-500XT has
revolutionized Alu-Alu Blister packing.
They plan to implement new technology, upgrade the existing machines and create
new trends in packaging. With this vision, ELMACH has tied up with 'MERZ', Germany, the market leader in STICKPACKS. To introduce stickpack to
extend shelf-life, lower packaging costs and increase product-efficacy. Their
growth and development are dominated by their responsive approach to their
customers, consumers and the environment. With these responsibilities at all
levels in the organization, ELMACH
will continue setting trends in the packaging technology in the years to come.
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.42.81 |
|
UK Pound |
1 |
Rs.83.75 |
|
Euro |
1 |
Rs.66.10 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|