MIRA
INFORM REPORT
|
Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TIPCO
INDUSTRIES LIMITED |
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Registered Office : |
Dharampur Cross Road,
National Highway No. 8, Abrama, Valsad - 396 001, Gujarat, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.10.1952 |
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Com. Reg. No.: |
04-30480 |
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CIN No.: [Company
Identification No.] |
U99999MH1952PTC008900
/ U74999GJ1952PLC030480 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT10180C |
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PAN No.: [Permanent
Account No.] |
AAACTI678E |
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Legal Form : |
A closely held Public
Limited Liability Company |
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Line of Business : |
Manufacturer of
Thermoplastic Products and Polypropylene Multifilament Yarn and Phenolic
Material. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Poor |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Financial
Position of the company is moderate. Payments are reported as slow but
correct. The company can be
considered for normal business dealings at usual trade terms and conditions
with some caution in view of substantial accumulated losses. |
LOCATIONS
|
Registered Office/ Factory 1 : |
Dharampur Cross Road,
National Highway No. 8, Abrama, Valsad - 396 001, Gujarat, India |
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Tel. No.: |
91-2632-253304/253249/242984 |
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Fax No.: |
91-2632–253363 |
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E-Mail : |
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Website : |
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Area : |
50000 Sq.fts |
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Location : |
Owned |
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Marketing and
Sales Office: |
¨
Rani Sati
Marg, Malad (East), Mumbai – 400 097, Maharashtra, India Tel. 91-22-28835251 / 28835876 Cell. 9820933498/9820934081 Fax. 91-22-28835875 E-mail. mumbai@tipco-india.com ¨
5, Chamelian
Road, Near Filmistan, New Delhi – 110 006, India Tel. 91-11-23672637 Fax. 91-11-23677547 Cell. 91-9810628866/9810449117 E-mail. delhi@tipco-india.com ¨
134/B, Lenin
Sarani, Kolkata – 700 013, West Bengal, India Tel. 91-33-22465889 Fax. 91-33-22466175 Cell. 91-9830256018 E-mail. kolkatta@tipco-india.com ¨
336, Ponnang
Kinnary Street, Vallivakkam, Chennai – 600 049, Tamil Nadu, India Cell. 91-9840067014 E-mail.
chennai@tipco-india.com ¨
90, Cross
Road No. 3, LIC Colony, Block 3, Jayanagar, Bangalore – 560 001,
Karnataka, India Cell. 91-9845102015 E-mail. bangalore@tipco-india.com ¨
301, EC
Nagar, Cherapally, Hyderabad – 500 051, Andhra Pradesh, India Cell. 91-9885276683 E-mail. hyderabad@tipco-india.com ¨
302, C/3, Gangadham
Society, Bibvewadi, Munjeri, Pune – 411 037, Maharashtra , India Cell. 9890039209 E-mail. pune@tipco-india.com |
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Corporate
Office : |
Rani Sati Marg, Malad
(East), Mumbai – 400 097, Maharashtra, India |
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Tel. No.: |
91-22-28835252 |
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Mobile No.: |
91-9820933498/98250934081 |
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Fax No.: |
91-22-28835875 |
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E-Mail : |
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Area : |
5,000 sq. fts |
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Location : |
Owned |
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Administrative Office : |
315, Raheja Plaza, 3rd Floor, 15-B, Shah Industrial Estate,
Off Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Factory 2 : |
Survey No.
328/1/1/1, Masat Village, Silvassa – 396 230, Dadara and Nagar Haveli, Union
territory |
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Tel. No.: |
91-260-2640295 /
2640296 |
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Fax No.: |
91-260-2640294 |
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E-Mail : |
masat@tipco-india.com |
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Area : |
5,000 sq.fts |
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Location : |
Owned |
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Branches : |
Located at :- ¨
Rani Sati
Marg, Malad (East), Mumbai – 400 097, Maharashtra, India Tel. 91-22-28835251 / 28835876 Cell. 9820933498/9820934081 Fax. 91-22-28835875 E-mail. mumbai@tipco-india.com ¨
Shakthi
Apartment, 38 College Road, Nungambakkam, Chennai – 600 006, Tamilnadu, India
Tel. 91-44-28267041 Fax. 91-44-28256841 ¨
5, Chamelian
Road, Near Filmistan, New Delhi – 110 006, India Tel. 91-11-23672637 Fax. 91-11-23677547 Cell. 91-9810628866/9810449117 E-mail. delhi@tipco-india.com ¨
134/B, Lenin
Sarani, Kolkata – 700 013, West Bengal, India Tel. 91-33-22465889 Fax. 91-33-22466175 Cell. 91-9830256018 E-mail. kolkatta@tipco-india.com ¨
710, A-Wing.
Mittal Towers No. 6, M. G. Road, Bangalore – 560 001, Karnataka, India Tel. 91-80-25581028 Fax. 91-80-25585430 ¨
3, Padmavati
Residency, Mohan Wadi, Yerwada, Pune – 411 006, Maharashtra, India Tel. 91-20-26681389 Fax. 91-20-26681389 |
DIRECTORS
|
Name : |
Mr. Thakkar B.
Nirmal |
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Designation : |
Chairman |
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Address : |
78, Nutanlaxmi Housing
Society, North South Road No. 8, JVPD Scheme, Mumbai – 400 049, Maharashtra,
India. |
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Date of Birth/Age : |
06.02.1940 |
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Date of Appointment : |
17.01.1984 |
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Name : |
Mr. Thakkar M.
Bimal |
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Designation : |
Director |
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Address : |
121, Everest
Apartment, Mount Pleasant Road, Mumbai – 400 006, Maharashtra, India. |
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Date of Birth/Age : |
06.06.1937 |
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Date of Appointment : |
17.01.1984 |
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Name : |
Mr. Thakkar B.
Abhay |
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Designation : |
Director |
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Address : |
121, Everest Apartment, Mount Pleasant
Road, Mumbai – 400 006, Maharashtra, India. |
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Date of Birth/Age : |
21.08.1964 |
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Date of Appointment : |
01.07.1994 |
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|
Name : |
Ms. Thakkar N.
Achal |
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Designation : |
Director |
|
Address : |
78, Nutanlaxmi Housing
Society, North South Road No. 8, JVPD Scheme, Mumbai – 400 049, Maharashtra,
India. |
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Date of Birth/Age : |
02.03.1967 |
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Date of Appointment : |
01.07.1994 |
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|
Name : |
Mr. Bieniek W.
Georg |
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Designation : |
Director |
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Address : |
Bremen,
Ostertorstr 32, Germany. |
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Date of Birth/Age : |
15.12.1944 |
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Date of Appointment : |
21.02.2000 |
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|
Name : |
Mr. Gupta Jagdish
Chandra |
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Designation : |
Secretary cum
Director |
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Address : |
102/4, Tilak Apartments,
Tilak Nagar Road No. 1, Off M. G. Road, Goregaon (West), Mumbai – 400 062,
Maharashtra, India. |
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Date of Birth/Age : |
25.06.1941 |
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Date of Appointment : |
06.03.1984 |
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|
Name : |
Mr. Chawla P.
Harvansh |
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Designation : |
Director |
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Address : |
C – 17, East
Nizamuddin, New Delhi – 110 013, India |
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Date of Birth/Age : |
07.06.1970 |
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Date of Appointment : |
24.11.2001 |
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Name : |
Ms. Thakkar N. Sital |
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Designation : |
Whole Time
Director |
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Address : |
78, Nutanlaxmi Housing
Society, North South Road No. 8, JVPD Scheme, Mumbai – 400 049, Maharashtra,
India. |
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Date of Birth/Age : |
06.10.1969 |
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Date of Appointment : |
06.0.2003 |
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|
Name : |
Mr. Thakkar N.
Prakash |
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Designation : |
Whole Time
Director |
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Address : |
78, Nutanlaxmi
Housing Society, North South Road No. 8, JVPD Scheme, Mumbai – 400 049,
Maharashtra, India. |
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Date of Birth/Age : |
23.12.1971 |
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Date of Appointment : |
04.11.2003 |
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Name : |
Mr. Garhwal
Baldev |
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Designation : |
Whole Time
Director |
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Address : |
H – 4 / 803,
Riddhi Gardens, Film City Road, Goregaon (East), Mumbai – 400 097,
Maharashtra, India. |
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Date of Birth/Age : |
09.06.1964 |
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Date of Appointment : |
06.09.2003 |
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|
Name : |
Mr. Sarin
Aniruddha |
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Designation : |
Whole Time
Director |
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Address : |
169, New Colony,
Gurgaon – 122 001, Uttar Pradesh, India |
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Date of Birth/Age : |
01.07.1965 |
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Date of Appointment : |
06.09.2003 |
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|
Name : |
Mr. Bapulal M.
Thakkar |
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Designation : |
Chairman |
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Address : |
78, Nateshwar Society, N. S. Road, 8, JVPD Scheme, Vile Parle, Mumbai
- 400 056, Maharashtr, India |
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|
Name : |
Mr. Suratchandra
B Thakkar |
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Designation : |
Director (upto 30.10.2003) |
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Address : |
67/A, Vitthalnagar, 12th Road, JVPD Scheme, Mumbai - 400
049, Maharashtra, India |
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|
Name : |
Mr. Dayalchandra
B. Thakkar |
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Designation : |
Director (upto 30.10.2003) |
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Address : |
A/10, Vile Parle Model Scheme, Gulmohar, Mumbai - 400 056,
Maharashtra, India |
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Name : |
Mr. Joachimhans
Ronald Voi |
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Designation : |
Director |
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Name : |
Mr. Klaus Walter
Gunter |
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Designation : |
Director |
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Name : |
Mr. Upendra K.
Poojara |
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Designation : |
Director |
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Address : |
Venus Society, E Wing, 7th Floor, 27, Cross Road, Worli,
Mumbai - 400 018, Maharashtra, India |
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|
Name : |
Mr. J. C. Gupta |
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Designation : |
Executive Director & Company Secretary (w.e.f. 24.11.2001) |
MAJOR SHAREHOLDERS
|
Names of
Shareholders (As on 31.03.2004) |
No. of Shares |
|
Mr. Thakkar
Nirmalchandra Achalchandra J/H Mr. Thakkar
Bapulal Nirmalchandra |
137500 |
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Mr. Thakkar
Bimalchandra Abhaychandra J/H Mr. Thakkar Mansukhlal
Bimalchandra |
72000 |
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Mr. Thakkar
Bimalchandra Abhaychandra J/H Ms. Thakkar Abhay
Kavita |
18000 |
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Mr. Thakkar
Mansukhlal Bapulal J/H Ms. Thakkar
Bapulal Induben |
11224 |
|
Bam Trading and
Investment Private Limited |
62435 |
|
Mr. Thakkar Mansukhlal
Bimalchandra J/H Mr. Thakkar
Bimalchandra Manjula |
76560 |
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Mr. Thakkar
Mansukhlal Bimalchandra J/H Ms. Thakkar
Bimalchandra Manjula |
18300 |
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Mr. Thakkar
Sitalchandra Himadri J/H Mr. Thakkar
Nirmalchandra Sitalchandra |
9000 |
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Ms. Thakkar
Abhaychandra Kavita J/H Mr. Thakkar
Bimalchandra Abhaychandra |
72000 |
|
Ms. Thakkar
Bimalchandra Manjula J/H Mr. Thakkar
Mansukhlal Bimalchandra |
48000 |
|
Mr. Thakkar
Bapulal Nirmalchandra J/H Mr. Thakkar
Bapulal Suratchandra J/H Mr. Thakkar Bapulal
Dayalchandra |
94320 |
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Mr. Thakkar
Nirmalchandra Nirupama J/H Mr. Thakkar
Bapulal Nirmalchandra |
1638341 |
|
Mr. ThaMr. kkar
Bapulal Nirmalchandra J/H Mr. Thakkar
Nirmalchandra Nirupama |
24748 |
|
Nisuda Trading and
Investment Company Private Limited |
93524 |
|
Mr. Thakkar
Nirmalchandra Prakash J/H Mr. Thakkar
Bapulal Nirmalchandra |
87816 |
|
Plastochem
Trading and Investment Company Private Limited |
378400 |
|
Prembhari Trading
and Investment Company Private Limited |
138800 |
|
Mr. Thakkar
Nirmalchandra Sitalchandra J/H Mr. Thakkar
Bapulal Nirmalchandra |
126960 |
|
Shaunak Trading
and Investment Company Private Limited |
285816 |
|
Mr. Singh Arjun
J/H Ms. Savitri Devi |
2000
|
|
Mr. Thakkar V.
Bipin J/H Ms. Thakkar Bipin
Leena |
2000 |
|
Mr. Vyas K.
Chhaya J/H Mr. Vyas K.
Kamlesh |
1000 |
|
Mr. Kulkarni R.
Dilipkumar J/H Ms. Kulkarni
Dilipkumar Sunita |
1000 |
|
Mr. Subramaniam
Ganpathy J/H Mr. Subramaniam Ganpathy
Kala |
3650 |
|
Ms. Desai Ajay
Heena J/H Mr. Desai B. Ajay |
1000 |
|
Ms. Desai Anoop
Hema J/H Mr. DesMr. ai
Ramesh Anoop |
5000 |
|
Mr. Vora K. Ketan
J/H Mr. Vora Ketan
Beena |
1000 |
|
Mr. Joshi K.
Paulomi |
1000 |
|
Mr. Desai N.
Pinakin J/H Ms. Desai Pinakin
Yogini |
1000 |
|
Mr. Sheth N.
Praful |
1000 |
|
Ms. Nair Radha
J/H Mr. Nair Sudhir |
1000 |
|
Ms. Saxena
Sangeeta J/H Mr. Arya
Ajitkumar |
2500 |
|
Mr. Shah I.
Sanjiv J/H Ms. Shah Sanjiv
Rita |
2500 |
|
Ms. Gupta Saroj
J/H Mr. Gupta Jagdishchandra |
5000 |
|
Mr. Negi
Shailendra J/H Mr. Negi ILA |
2500 |
|
Mr. Soni Govindji
Anil J/H Ms. Soni Anil
Hina |
1000 |
|
Mr. Bhatnagar B.
V. J/H Ms. Bhatnagar
Nisha |
1000 |
|
Mr. Uchil
Manjappa Vasant J/H Ms. Uchil Vasant
Meera |
1000 |
|
Mr. Vinod Kumar
J/H Ms. Seema |
1000 |
|
Mr. Verdia Rakesh |
1000 |
|
Mr. Verdia
Shayamala |
1000 |
|
Mr. Jhaveri P.
Aditya J/H Ms. Jhaveri
Urmila |
1000 |
|
Mr. Desai P.
Dilipkumar |
1000 |
|
Mr. Desai N.
Padmanabh J/H Ms. Desai N.
Pramila |
1000 |
|
Ms. Desai N.
Pramila J/H Mr. Desai N.
Padmanabh |
1000 |
|
Mr. Jhaveri P. U. |
1000 |
|
Mr. Georg Wilhelm
Bieniek |
538611 |
|
Mr. Bernhard
Rustige GMBH and Company KG. |
1342089 |
|
Category (As on 31.03.2007) :- |
Percentage |
|
Foreign Holdings (Foreign Institutional
Investor (S), Foreign Companie (S), Foreign Financial Institution (S), Non
–Resident Indian(S) Or Overseas Corporate Bodies Or Others |
15.00 |
|
Bodies Corporate |
38.00 |
|
Directors or relative of directors |
45.00 |
|
Other top fifty (50) shareholders |
1.00 |
|
Others |
1.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged
in manufacturing of Thermoplastic Products and Polypropylene Multifilament
Yarn and Phenolic Material. |
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Products : |
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Exports to : |
Middle East,
Africa, Japan and SAARC |
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Imports from : |
Europe |
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Terms : |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (As on
31.03.2004) :-
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Thermoplastics |
Ton |
37120 |
21000 |
2974 |
|
Phenolic
Materials |
Ton |
NA |
6000 |
1758 |
|
Polypropylene
Multifilament Yarn |
Ton |
20000 |
180 |
100 |
|
Tipwood Materials
|
Ton |
NA |
NA |
4264 |
GENERAL
INFORMATION
|
Customers : |
·
Honda Siel ·
Maruti Udyog ·
Toyota
Kirloskar ·
Tata
Engineering ·
Bajaj Auto ·
Ford India ·
Hyundai
Motors, India It’s major
customers includes wholesalers and OEMs. |
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|
|
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No. of Employees : |
140 |
|
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|
Bankers : |
v
Dena Bank,
Share Bazar, Ambalal Doshi Marg, Mumbai – 400 023, Maharashtra , India . v
Central Bank
of India, Mathurdas Visanji Road, Andheri (East, Mumbai – 400 069,
Maharashtra, India . v
The Development
Credit Bank Limited, 165/172, S. V. Road, Jogeshwari (West), Mumbai – 400
012, Maharashtra, India . v
IDBI Bank Limited v
Jammu and Kashmir Bank Limited, Corporate Head Quarter), MA Road, Srinagar – 190
001Jammu and Kashmir , India v
Dena Bank, Industrial Finance Branch, Maker Towers,
Cuffe Parade, Mumbai – 400 005, Maharashtra, India |
|
|
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|
Banking Relations : |
Satisfactory |
|
|
|
|
Financial Institutions : |
Autotech Polymers
India Private Limited Address: 42 –B,
Yusuf Building, 4th Floor, Veer Nariman Point, Fort, Mumbai – 400
023, Maharashtra India |
|
Auditors : |
|
|
Name: |
Ambalal Thakkar
& Company Chartered
Accountants |
|
Address: |
6-D, Sherbanoo, 6th
Floor, 111, Maharshi Karve Road, Church Gate, Mumbai, Maharashtra, India |
|
|
|
|
Associates : |
¨
Tipco
Polymers Private Limited ¨
Polymers
Private Limited ¨
Energia
Trading & Holding Company ¨
Ramble
Investment & Finance Company Private Limited |
|
|
|
|
Subsidiaries |
¨
Performance
Polymers Private Limited |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10500000 |
Equity Shares |
Rs. 10/- each |
Rs. 105.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5446550 |
Equity Shares |
Rs. 10/- each |
Rs. 54.466 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.466 |
54.466 |
54.466 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
177.405 |
182.213 |
260.139 |
|
|
4] (Accumulated Losses) |
[600.277] |
[558.400] |
[501.601] |
|
|
NETWORTH |
[368.406] |
[321.721] |
[186.996] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
713.624 |
716.089 |
737.639 |
|
|
2] Unsecured Loans |
89.126 |
71.875 |
73.250 |
|
|
TOTAL BORROWING |
802.750 |
787.964 |
810.889 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
434.344 |
466.243 |
623.893 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
126.978 |
147.809 |
307.485 |
|
|
Capital work-in-progress |
1.117 |
1.117 |
0.424 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.012 |
0.012 |
0.012 |
|
|
DEFERREX TAX ASSETS |
163.206 |
153.506 |
89.250 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33.802
|
44.698 |
52.172 |
|
|
Sundry Debtors |
76.079
|
94.041 |
118.441 |
|
|
Cash & Bank Balances |
15.075
|
5.843 |
22.770 |
|
|
Other Current Assets |
47.904
|
47.904 |
66.608 |
|
|
Loans & Advances |
82.524
|
95.744 |
97.632 |
|
Total
Current Assets |
255.384
|
288.230 |
357.623 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
111.353
|
112.749 |
120.819 |
|
|
Provisions |
1.000
|
11.682 |
10.082 |
|
Total
Current Liabilities |
112.353
|
124.431 |
130.901 |
|
|
Net Current Assets |
143.031
|
163.799 |
226.722 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
434.344 |
466.243 |
623.893 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
446.833 |
509.083 |
481.388 |
|
|
Other Income |
4.133 |
1.666 |
6.853 |
|
|
Total Income |
450.966 |
510.749 |
488.241 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[49.196] |
[166.732] |
[60.662] |
|
|
Provision for Taxation |
7.859 |
62.656 |
16.090 |
|
|
Profit/(Loss) After Tax |
[57.055] |
[229.388] |
[76.752] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
348.952 |
378.396 |
361.248 |
|
|
Consumption of stores and spares parts |
3.042 |
5.022 |
3.113 |
|
|
Increase/(Decrease) in Finished Goods |
8.021 |
4.058 |
[3.432] |
|
|
Salaries, Wages, Bonus, etc. |
26.141 |
23.848 |
18.456 |
|
|
Managerial Remuneration |
3.985 |
5.983 |
4.973 |
|
|
Payment to Auditors |
0.288 |
0.200 |
0.202 |
|
|
Interest |
7.903 |
0.382 |
40.096 |
|
|
Insurance Expenses |
2.091 |
1.482 |
2.404 |
|
|
Power & Fuel |
19.703 |
22.590 |
22.759 |
|
|
Depreciation & Amortization |
16.900 |
66.985 |
18.553 |
|
|
Other Expenditure |
63.136 |
168.535 |
80.531 |
|
Total Expenditure |
500.162 |
677.481 |
548.903 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[12.65]
|
[44.91] |
[15.72] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[11.01]
|
[32.75] |
[12.60] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[8.99]
|
[28.22] |
[8.04] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.52 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[2.51]
|
[2.84] |
[5.04] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.32 |
2.73 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was
incorporated on 1st October 1952 at Mumbai in Maharashtra having
Company Registration Number 8900.
The company changed
its registered office from Mumbai to Gujarat and having new Company
Registration Number 30480 with effect from 13th August, 1996,
Gujarat ROC was obtained.
The company was
originally incorporated under the name and style of B M Thakkar and Company Private
Limited. In view of a lot of changes, the company later adopted its brand name
as TIPCO and subsequently converted into a closely held public limited
liability company.
In the year 1945,
when Mr. B. M. Thakkar established India’s first Plastics raw materials
manufacturing unit, for Thermosetting Resins and Moulding compounds.
In the year 1997,
the company tied up with Grand Polymers, Japan. Grand Polymers was a joint
venture of Mitsui Petrochemicals, Ube Industries and Polypropylene Division of
Mitsui Toatsu Chemicals.
In the year 2002,
Grand Polymers merged with Sumitomo Petrochemicals to form a global giant
called Sumitomo Mitsui Polyolefin Inc., Japan.
Sumitomo-Mitsui
Polylefin is engaged in the production, sales and technical service of advanced
polypropylene compounds to automotive companies in Japan, such as Honda Motor
Corporation, Toyota Motors, Suzuki Motors, Mitsubishi Motors, etc.
Polypropylene
Compounds offered by Tipco Sumitomo Mitsui tie up in India are suitable for all
major automotive components from OEMs in India such as Honda Siel, Maruti
Udyog, Toyota Kirloskar, Tata Engineering, Bajaj Auto, Ford India, Hyundai
Motors India, etc.
profiles
Performance
Plastics are playing a major role in the development of energy efficient automobiles,
high performance consumer durables, etc. Most such resins are produced at post
polymerisation stage by compounding of two or more commodity polymers along
with reinforcing fibers and fillers.
In order to meet
the growing demand of performance plastics, subject had entered into technology
agreement with leading companies around the world to manufacture these products
in India.
Applications for
master batches includes :-
·
Masterbatches
for Cast PP Films
·
Masterbatches
for Woven Sacks
·
Masterbatches for
Packaging Films
·
Masterbatches
for PP Fibres and Yarn
·
Masterbatches
for Injection Moulding
OPERATIONS:
Production during
the year report was 4070 M.T. Thermoplastics Materials and 1866 M.T. of
Phenolic materials. Sales during the year under report was Rs. 364.021
Millions. The company incurred losses due to:
- World over economic slowdown and more
particularly to Indian industries
- Continued liquidity and working funds
constraints
- Lower Capacity utilization
- Due to lower capacity utilization
burden of interest and other fixed costs in the products of the company
has remained very high and the company could not recover the same.
Due to the shortage
of sufficient funds, the company could not market its products as planned
during the period
The performance during
the first 4 months has improved than the average of last 12 months period of
statement of accounts.
Due to the heavy
rain and subsequent flooding in Damanganga river, the most of the Silvassa and
Daman area was submerged in the water on 03.08.2004, the company Masat Unit was
completely under the water and suffered heavy losses on a account of damages/
destructions the stocks and the fixed assets. The company has filed the
Insurance claim with the insurance company and the amount of loss is in the process
of assessment however the company has received adhoc interim claim amount to
restart its critical manufacturing activities. However the said event does not
have any impact on the position as on Balance Sheet Date.
Its’ products range includes :-
·
Powder Resins
·
Liquid Resins
·
Lumps
·
Cotton
Phenolic
·
Glass Phenolic
·
Mineral Filled
Phenolic
·
Glass Filled
Engineeting Materials
Subject has been
accredited with ISO-9002 certification for its Silvassa factory.
It’s specialized material
find applications in a wide range of areas like Automobiles, Furniture,
Packaging, Electrical, Electronics Appliances, Telecommunications, Chemicals,
Material Handling Equipment, Consumer Durable, Agriculture and Defence.
technical collaboration
·
Targor GmbH
(Formerly Known as Hoechst A. G., Germany)
Established in the year 1995
Obtain from - Polyproplyne Compound
·
Constab
Engineering Plastics GmbH, Germany
Established in the year 1996
Obtain from - Additive and Performance
Master Batches
·
Sumitomo –
Mitsui Polyolefin Inc., Japan
(Formerly Known as Mitsui Toatsu Chemical Inc)
Established in the year 1997
Obtain from – Grand Polymers Inc., Japan
In the year 1997,
the company tied up with Grand Polymers, Japan. Grand Polymers was is joint venture
of Mitsui Petrochemicals, Ube industries and Polypropylen Division of Mitsui
Toastu Chemicals.
In the year 2002,
Grand Polymers merged with Sumitomo Petrochemicals to form a global giant
called Sumitomo Mitsui Polyolefin Inc., Japan.
GRAND POLYMERS – TIPCO
ALLIANCE :-
Grand Polymers
Company Limited, Japan is a joint venture of Mitsui Petrochemicals, Ube
Industries and Polypropylene Division of Mitsui Toatsu Chemicals, engaged in
the production, sales and technical services of performance plastics based on
polypropylene. Grand Polymers Company Limited, Japan is the major supplier of
polypropylene compounds to automotive companies in Japan, such as :-
·
Honda Motors
·
Toyota Motors
·
Suzuki Motors
·
Mitsubishi
Motors, etc.
The range of
products being by Tipco-Grand Polymers alliance covers all the major components
made out of polypropylene compounds for automotive applications for Honda Siel,
India.
Future Outlook:
The company is
dealing mainly with Automative sector which has bounced back after three years
of sluggishness and economic lowdown and resulting demand of their product also
started growing.
The company has
developed and unique Eco-friendly Phenolic Jute Profiles, which is Patented by
the name “Tipwood” with its capability to replace the Conventional Wood
requirements.
The company is also
giving greater emphasis to achieve market penetration for its unique and
ecofriendly Phenolic jute Profiles.
FORM 8:-
|
Corporate
identity number of the company |
U74999gj1952plc030480 |
|
Name of the
company |
TIPCO INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Dharampur Cross
Road, National Highway No. 8, Abrama, Valsad - 396 001, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
· Immovable Property · Book Debts · Movable Property |
|
Particular of
charge holder |
CIN :
U24134MH2004PTC148778 Autotech Polymers
India Private Limited Address: 42 –B,
Yusuf Building, 4th Floor, Veer Nariman Point, Fort, Mumbai – 400
023, Maharashtra India E-Mail: atpipl@gmail.com |
|
Nature of
instrument creating charge |
Deed of
assignment of Debt dated 01.03.2008 |
|
Date of
instrument Creating the charge |
01.03.2008 |
|
Amount secured by
the charge |
Rs. 487.005
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Nil Terms of Repayment On Demand Margin Nil Extent and Operation of the charge Shall mean i) The charge
created by way of hypothecation over the assets of the conforming Party dated
25.11.1994 ii) Equitable
mortgage dated 17.09.1997 iii) The charge
by way of hypothecation (Vide joint Deed of hypothecation dated 14.02.2000
and 24.02.2005 respectively. The mortgage of the immovable properties of the
Confirming Party at Valsad and Silvassa as recorded in the memorandum of
entry dated 27.03.2000 and 15.04.2005. Others Wherever charge
appears in favour of Assignor i.e. .the Jammu and Kashmir Bank Limited the
same shall stand modified in favour of assignee .i.e. Autotech Polymers India
Private Limited |
|
Short Particulars
of the property charged |
Shall mean i) The charge created
by way of hypothecation over the assets of the conforming Party dated
25.11.1994 ii) Equitable
mortgage dated 17.09.1997 iii) The charge
by way of hypothecation (Vide joint Deed of hypothecation dated 14.02.2000
and 24.02.2005 respectively. The mortgage of the immovable properties of the
Confirming Party at Valsad and Silvassa as recorded in the memorandum of
entry dated 27.03.2000 and 15.04.2005. |
|
Particulars of
the present modification |
The Assignor
(i.e. The Jammu and Kashmir Bank Limited) assigns with the consent and
confirming of the borrower the entire Debt along with Underlying security to
the assignee (i.e. Autotech Polymers India Private Limited) together with The
assignors entire right title and interest in the Facility Documents absolutely. Wherever charge
appears in favour of Assignors i.e. The Jammu and Kashmir Bank Limited the
same stand modified in favour of assignee i.e. Autotech Polymers India
Private Limited. |
|
Name of the
company |
TIPCO
INDUSTRIES - LIMITED |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
Jointly company and Charge holder |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and
description of instrument creating the change |
Agreement of Hypothecation (Goods and Book debts) Dated 25.11.1994 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 61.500
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 |
Stocks of raw materials
such polyproplene, LDPE, HDPE etc. Stock in process and finished goods such
as PF resign in the form of Moulding powder and other forms and thermoplastic
materials, etc. consumable stores and spares, packing materials etc. both
present and future, now being or hereafter brought in to or upon or now or
hereafter in course of transit to any Godowns, Jathas or other place of
storage at Valsad or other place whatsoever in the possession or occupation
of the company. All the present
and future book debts, outstanding, moneys, receivables, claims, bills,
rights, to or in movable properties and movable assets and which are now due,
owing or payable or belonging to the company or which may at anytime
hereafter become due, owing payable or belonging to the company in the course
of its business by any person, firm, company or body corporate or by the
govt. Central or State or Indian Railways, any Government department or
office or any Municipal or local or public or semi Government body or any
body corporate or undertaking or project whatever in the public sector. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Security to be
available as first charge Details of credit facilities:
Interest /
Commission to be fixed by the bank from time to time, the present rates
being; - CC (Stocks 17.75%
p.a.); CC (Book debts
18.75% p.a.) Margin to be
specified by the bank from time to time. Bank to have
power of entry, power of appoint receiver, power of sale, etc. Security to cover
principal amount together with interest, costs, charges, expenses etc. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
Dena Bank
Industrial Finance Branch, Maker Towers, Cuffe Parade, Mumbai – 400 005. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief
description of instrument modifying the charge |
Letter of credit
facility Agreement of
Hypothecation 17.06.2004 (Goods and movables etc.) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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. |
Past
Modification: Vide modification
dated 11.06.1997, total amount secured was enhanced from Rs. 61.500 Millions
to Rs. 178.800 Millions Vide memorandum dated 05.07.2000, total
amount secured was enhanced from Rs. 178.800 Millions to Rs. 249.500 Millions. Vide modification
dated 17.06.2004, total amount secured was enhanced from Rs. 249.500 Millions
to Rs. 276.500 Millions Facility to be
achieved at Dena Bank, Share Bazar Branch, Mumbai. Present
Modification: The existing financial
assistance granted to the company by its lenders viz. Dena Bank, Central Bank
of India and Development Credit Bank Limited has been restructured under
Rehabilitation scheme and the lenders have entered in to a Restructuring
Agreement dated 24.02.2005. Dena Bank is
designated and recognized as the Lead Bank of the Dena Bank Consortium
Consisting of Dena Bank, Share Bazar Branch, Mumbai 400 001, Central Bank of
India, Andheri (East) Mumbai and Development Credit Bank Limited, Dongri,
Mumbai Details of the restructured/ realigned
credit facilities is given below: (Rs. In Millions)
Security created
by way of first charge in favour of the Dena Bank Consortium Jointly and to
each of them Severally for the due payment and discharge of the credit facilities
to the bank along with Interest, costs, charges etc. Property charged now covers the following: The whole of the current assets namely, stocks of raw material, stocks in process, semi finished goods and finished goods, stores and spares not relating to plant and machinery, both present and future whether now lying loose or in case or which are now lying or stored in or about or shall from time to time be brought in to or upon or be stored or be in or about of the company factories. Premises and Godowns situate at their unit No. 1 at Dharampur Cross Road, National Highway No. 8, Adrama, Valsad 396 001 and Unit No. 2 at 328/1/1/1 village Masat, Silvassa, UTDN or wherever else the same may be or be hold by any party to the order to disposition of the company or in the course of transit or on high seas or on order or delivery. Howsoever and whatsoever in the possession of the company and either by way of substitution or addition. |
WEBSITE DETAILS:-
In the year 1945, when Mr. B.M. Thakkar established India's first Plastics raw materials manufacturing unit, for Thermosetting Resins and Moulding compounds, the company initiated a small-begining in self-reliance.
In half a century, the company witnessed the birth of New India and participated as a small molecule, in the exciting process of Moulding the nation, into a Grand shape
ENGINEERING THE FUTURE THROUGH RESEARCH
The company vanguard role in the formulation of thermoplastics compounds, is owed to it's consistent commitment to research.
Right from inception, the company's state-of-art research laboratory has been the nerve center of the organization. This Govt. recognized lab has over the years come up with unique range of specialty plastic materials, that marries aesthetic and functionality.
The company's focused R and D efforts have resulted in development of polypropylene based dashboards, bumper grade for automobiles, mineral-filled polypropylene for furniture and appliances.
Extensive Research is currently under way in product areas like blends, alloys and thermoplastic elastomers, among others.
QUALITY AT WORK
Even before Total Quality Management emerged as buzzword of the 90s, its philosophy was already at work in the company.
The company is a bank of utter modern R and D equipment, state-of-art production facilities and some of the most stringent testing standards in the country. As a result of their consistent commitment for international quality, subject was awarded ISO-9002 for it's Silvassa factory.
GOING THE EXTRA MILE
Beyond fulfilling product needs, providing fine tuned solutions is more the norm at the company. One area this expresses itself is through strategic alliance with major Petrochemical industries, for development and supply of specialty compounds and master batches.
The other area is Application Development. Here, a qualified and competent team of engineers responds to client needs, by conducting in-depth studies of assignment on hand.
Physical performance properties demanded by a specific application are "designed-in" and recommendations are made.
WHERE DO THEIR PRODUCTS GO?
The company’s specialized materials find applications in a wide range of areas like automobiles, in a wide range of areas like automobiles, furniture, packaging, electrical, electronics, appliances, telecommunications, chemicals, material handling equipment, consumer durable, agriculture and defense.
GLIMPSES OF THE FUTURE PLASTICS REVOLUTION
Researching into and commercializing specialized materials based on advanced polymers is just a part of what clients can expect from the company.
Beyond this, the company has embarked upon a massive expansion project. This will take the current installed manufacturing capacity from 10,000 TPA to 25,000 TPA, using the most advanced technology available world-wide.
TECHNOLOGY COLLABORATIONS
Performance Plastics are playing a major role in the development of energy efficient automobiles, high performance consumer durables etc. Most such resins are produced at post polymerization stage by compounding of two or more commodity polymers alongwith reinforcing fibers and fillers.
In order to meet the growing demand of performance plastics, subject have entered into technology agreement with loading companies around the world to manufacture these products in India.
SUMITOMO MITSUI POLYOLEFIN INC, JAPAN
In 1997, the company tied up with Grand Polymers, Japan. Grand Polymers was a joint venture of Mitsui Petrochemicals, Ube Industries and Polypropylene Division of Mitsui Toatsu Chemicals.
In year 2002, Grand Polymers merged with Sumitomo Petrochemicals to form a global giant called Sumitomo-Mitsui Polyolefin Inc., Japan.
Sumitomo-Mitsui Polyolefin is now called PRIME POLYMERS and is engaged in the production, sales and technical service of Advanced Polypropylene Compounds. It is also is one of the largest supplier of Polypropylene and Polypropylene Compounds to automotive companies in Japan, such as Honda Motor Corp., Toyota Motors, Suzuki Motors, Mitsubishi Motors, etc.
Polypropylene Compounds offered by Tipco- Prime Polymer tie-up in India are suitable for all major automotive components for many OEMs in India such as Honda Siel, Maruti Udyog, Toyota Kirloskar, Tata Engineering, Bajaj Auto, Ford India, Hyundai Motors India, etc.
Through this tie-up, subject has introduced in India, the latest generation Automotive PP Compounds with lower density, while keeping high Stiffness and Impact Strength. These Grades are highly suited for lowering the cost of existing components. These revolutionary PP compounds are now already in use in India with various Automobile
OEMs :
Dashboard NPI 200 IN Stiffness 2500 MPa ; Impact 400 J/m
Bumper 1 TB 6J Stiffness 1700 MPa ; Impact 500 J/m
Bumper 2 X 408 IN Stiffness 1450 MPa ; Impact 600 J/m
Interiors ISRH 35 NF Stiffness 2200 MPa ; Density 0.99
Cowl Top ISL 10 BX1 Stiffness 2000 MPa ; Density 0.97
These new state-of-the-art PP Compounds will soon replace existing PP Compounds due to their high strength to density features which ultimately leads to lower part thickness and component cost reduction.
BUSINESS GROUP:
THERMOSETS
With a product range on par with international standards, their Thermosets business group find wide applications in a variety of areas - from automotive parts to precision electrical switchgear components, since 1945
POLYPROPYLENE
The company's specialized polypropylene materials find applications in a wide range of areas like automobiles, in a wide range of areas like automobiles, furniture, packaging, electrical, electronics, appliances, telecommunications, chemicals, material handling equipment, consumer durable, agriculture and defense.
MASTERBATCHES
Subject has a complete range of performance enhancing specialty Additive Master batches for Plastics Industry. This product line will constitutes one of the widest variety of specialty Master batches available for the Indian Plastics Industry
COMPOSITES
The company composites division was incorporated in December 1990, with a vision to develop economically viable, environment-friendly composite materials based on thermosetting resins. The division used the latest Resin Transfer Moulding and Pultrusion Plants. Composites are cost-effective substitutes for traditionally used materials and are used in a variety of applications
STRUCTURED PLASTICS PRODUCTS
In a quest to create a suitable wood-substitute, subject has introduced TIPWOOD. Tipwood products are made from Specialty Polypropylene Compounds. TIPWOOD looks and feels like wood and can be worked on like wood. It can be processed, shaped and assembled into a host of ready-to-use products such as Industrial Pallets, School and Park Benches, Fencing Systems, Road Signs etc.
TIPCLEAN PHENYL DISINFECTANT
Super cleaning strength for safety of the family. Latest German technology. Fights and kills germs 100%. Super-strong disinfectant. Used for hospitals, residences, restaurants, shops and offices and bathrooms / kitchens.
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 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.42.97 |
|
UK Pound |
1 |
Rs.84.72 |
|
Euro |
1 |
Rs.66.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|