MIRA INFORM REPORT
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Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEGHMANI INDUSTRIES LIMITED |
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Registered Office : |
Plot No:27, Phase-I GIDC Industrial Vatva, Ahmedabad-382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.02.1993 |
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Com. Reg. No.: |
04-19013 |
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CIN No.: [Company
Identification No.] |
U29199GJ1993PLC019013 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of dyes, agrochemicals and intermediates. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 3030000 |
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Status : |
Very 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. The company is doing well. Financial position is good. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No:27, Phase-I GIDC Industrial Vatva, Ahmedabad;382445, Gujarat,
India |
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Tel. No.: |
91-79-25833381 |
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Fax No.: |
91-79-26463999/ 25834588 |
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E-Mail : |
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Website : |
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Head Office : |
Europe Office
: Meghmani Europe SPRL Uitbreidingstraat 84, 2600 Berchem, BELGIUM. Tel:+32-3-2182147 Fax:+32-3-2182247
China
Office : No.5-306 BuRuoNi DeZhengYuan, Xiantao city, Hubei Province CHINA U.S.A. Office : Meghmani Organics USA, Inc. 8215 Vinoy Blvd. Apartment No. 403 Charlotte, NC 28262 U.S.A. Home : +1 704 510 1464 |
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Corporate Office : |
“MEGHMANI HOUSE”
Shree Nivas Society, Paldi, Ahmedabad - 380 007, Gujarat, INDIA. |
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Tel. No.: |
91-79-26640668 /
669 |
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Fax No.: |
91-79-26640 670 |
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Factory 1 : |
Pigment Plants:
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Factory 2 : |
Agrochemicals
Plants:
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DIRECTORS
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Name : |
Mr. Natubhai M. Patel |
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Designation : |
Chairman cum Managing Director |
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Address : |
A-7 Ayojan Nagar Shreyas Crossing Ahmedadabad;380015, Gujarat, India |
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Date of Birth/Age : |
01.06.1953 |
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Date of Appointment : |
01.11.1993 |
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Name : |
Mr. Rameshbhai M Patel |
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Designation : |
Managing Director |
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Address : |
54 Shree Nathpark Society Nr. Manek Baug Hall Ambawadi,
Ahmedabad;380015, Gujarat, India |
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Date of Birth/Age : |
01.03.1956 |
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Date of Appointment : |
01.11.1996 |
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E-Mail: |
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Name : |
Mr. Lalitbhai K Patel |
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Designation : |
Director |
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Address : |
31, Park Hill Siociety Opp: Karnavati Club Nr. Narmada Vasahant,
Ahmedabad;380015, Gujarat, India |
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Date of Birth/Age : |
15.02.1967 |
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Date of Appointment : |
22.02.1993 |
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Name : |
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Designation : |
Executive
Chairman |
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Name : |
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Designation : |
Managing
Director |
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Name : |
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Designation : |
Managing
Director |
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Address : |
6-B, Ashok
Vatika No. 1, Opposite Ekta Farm, Ambli Bopal Road, Bodakdev, Ahmedabad – 380
0058, Gujarat, India |
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Date of Birth/Age : |
01.06.1953 |
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Date of Appointment : |
22.02.1993 |
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E-Mail: |
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Name : |
Mr. Keyur Balkrishna Thakkar |
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Designation : |
Director |
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Address : |
L-14/265, Satyagraha Chhavani Society, Satellite Road, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
06.04.1968 |
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Date of Appointment : |
10.04.2007 |
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E-Mail: |
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Name : |
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Designation : |
Executive
Director |
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Name : |
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Designation : |
Executive
Director |
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Name : |
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Designation : |
Executive
Director |
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Name : |
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Designation : |
Independent
Director |
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Name : |
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Designation : |
Independent
Director |
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Name : |
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Designation : |
Independent
Director |
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Name : |
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Designation : |
Independent
Director |
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Name : |
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Designation : |
Independent
Director |
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Name : |
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Designation : |
Independent
Director |
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Senior Management: |
Head of Corporate Communication
Head of
International Marketing (Pigments)
Head of
International Marketing (Pigments) Vice President (Operations) Chharodi & Ankleshwar Plants
Vice President (Domestic Agrochemical Marketing)
General Manager (Corporate Affairs) and Company Secretary
General Manager (Operations) Chharodi Plant
General Manager Administration (Agro Unit)
General Manager (Domestic Marketing) General Manager (Operations) Panoli
General Manager (International Marketing)
Works Manager - Ankleshwar Agro Unit |
MAJOR SHAREHOLDERS
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Names of Shareholders (as on 31.03.2005) |
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No. of Shares |
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Mr. Natubhai Patel |
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469900 |
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Mrs. Amitaben K Patel |
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359800 |
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Mr. Rameshbhai M Patel |
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310000 |
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Mrs. Shardaben Patel |
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186900 |
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Mr. Kuverbeni Patel |
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122900 |
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Mr. Ganpatbhai Patel |
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105000 |
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Mr. Lalit K Patel |
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16600 |
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Mrs. Disha Patel |
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10000 |
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Mr. Ankit N Patel |
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10000 |
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Mr. Karan N Patel |
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9000 |
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Mrs. Vaishakhi Patel |
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8000 |
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Mr. Anandbhai Patel |
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5100 |
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Mrs. Bhartiben Patel |
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5000 |
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Mr. Ravi H Patel |
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4150 |
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Mrs. Darshana A Patel |
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4000 |
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Mr. Kiranbhai M Patel |
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3950 |
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Mr. Popat Bhai Patel |
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3100 |
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Mrs. Kalpana Ben Patel |
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3000 |
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Mrs. Jagruti Ben Patel |
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3000 |
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Mr. Gaurang Patel |
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3000 |
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Mr. Anil P Patel |
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3000 |
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Mr. Prashant P Patel |
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2000 |
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Mr. Praful G Patel |
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1200 |
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Others |
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1400 |
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Total
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1650000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, sellers, traders and exporters of dyes, agrochemicals and intermediates. |
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Products : |
v O.P.D.A v Atrazine v Heaconazole |
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Exports : |
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Countries : |
Europe |
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Imports : |
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Countries : |
Bayer AG, Germany |
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Terms : |
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Purchasing : |
L/C (90 days) terms. |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Agrochemicals Basics |
MT |
2400 |
1137.06 |
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Solid Formulations |
MT |
1200 |
947.342 |
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Liquid Formulations |
MT |
720 |
716.434 |
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Dyes and Others |
MT |
2100 |
600.298 |
GENERAL
INFORMATION
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Customers : |
Pigments
Pesticides
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No. of Employees : |
65 |
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Bankers : |
· State Bank of India Vatva Industrial Estate Branch, Vatva, Ahmedabad – 382 445, Gujarat, India |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Balkrishna Thakkar and Company Chartered Accountant |
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Address : |
602, Saffron, Ambawadi, Ahmedabad-380015, Gujarat, India |
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Associates/Subsidiaries : |
· Meghmani Dyes and Intermediates Limited · Meghmani Organics Limited · Tapasheel Enterprise · Maeghmani Chemicals · Patel Dyestuff Industries |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000
Millions |
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 |
18.000 |
18.000 |
16.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
739.643 |
632.905 |
433.730 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
757.643 |
650.905 |
450.230 |
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LOAN FUNDS |
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1] Secured Loans |
4.030 |
1.379 |
18.591 |
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2] Unsecured Loans |
177.087 |
187.087 |
190.543 |
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TOTAL BORROWING |
181.117 |
188.466 |
209.134 |
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DEFERRED TAX LIABILITIES |
9.956 |
8.484 |
10.346 |
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TOTAL |
948.716 |
847.855 |
669.710 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
117.365 |
106.672 |
105.870 |
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Capital work-in-progress |
20.732 |
3.539 |
2.828 |
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INVESTMENT |
91.221 |
54.834 |
12.133 |
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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 |
322.144 |
273.410 |
219.690 |
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Sundry Debtors |
411.142 |
410.781 |
332.243 |
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Cash & Bank Balances |
63.877 |
25.282 |
28.787 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
72.998 |
102.799 |
43.911 |
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Total
Current Assets |
870.161
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812.272 |
624.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
133.398 |
61.995 |
51.357 |
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Provisions |
17.365 |
67.466 |
24.400 |
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Total
Current Liabilities |
150.763
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129.461 |
75.757 |
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Net Current Assets |
719.398
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682.810 |
548.874 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
948.716 |
847.855 |
669.710 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1019.524 |
885.480 |
741.006 |
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Other Income |
5.542 |
2.321 |
1.543 |
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Total Income |
1025.066 |
887.801 |
742.549 |
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Profit/(Loss) Before Tax |
129.733 |
184.392 |
160.609 |
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Provision for Taxation |
18.891 |
31.526 |
25.272 |
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Profit/(Loss) After Tax |
110.842 |
152.866 |
135.337 |
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Export Value |
555.480 |
474.672 |
477.531 |
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Expenditures : |
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Raw Material Consumed |
620.144 |
592.292 |
423.757 |
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Purchases made for re-sale |
64.955 |
3.193 |
4.794 |
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Consumption of stores and spares parts |
6.905 |
4.797 |
4.381 |
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Increase/(Decrease) in Finished Goods |
[1.683] |
[71.265] |
6.434 |
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Salaries, Wages, Bonus, etc. |
17.124 |
13.327 |
10.928 |
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Managerial Remuneration |
0.539 |
0.324 |
0.324 |
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Payment to Auditors |
0.151 |
0.102 |
0.088 |
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Interest |
0.000 |
0.000 |
0.060 |
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Insurance Expenses |
2.710 |
2.705 |
2.338 |
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Power & Fuel |
35.901 |
28.460 |
24.113 |
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Depreciation & Amortization |
10.969 |
12.071 |
10.550 |
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Other Expenditure |
137.612 |
117.400 |
94.167 |
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Total Expenditure |
895.327 |
703.406 |
581.934 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
10.81 |
17.22 |
18.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.72 |
20.82 |
21.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.79 |
18.86 |
21.90 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
0.28 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.44 |
0.48 |
0.63 |
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Current Ratio (Current Asset/Current Liability) |
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5.77 |
6.27 |
8.25 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company |
MEGHMANI INDUATRIES LIMITED |
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Presented By |
LALIT K PATEL |
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1) Date and description of instrument creating the change |
29th January 1999, Memorandum of Entry for Equitable Mortgage
on land and building situated at Block No:101, Village Chharodi Taluka
Sanand, district Ahmedabad |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Freehold Non
Agricultural Land Bearing Block No.401 (Paiki) admeasuring 10718 Sq. Mts. Of
Mouje Chharodi of Laluka Sanand, District Ahmedabad together with any
superstructure standing thereon. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Vatva Industries
Estate Branch, Vatva, Ahmedabad (Gujarat) |
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Name of the
company |
MEGHMANI INDUSTRIES LIMITED |
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Presented By |
Shree L K Patel |
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1) Date and
description of instrument creating the change |
15.09.1995
Agreement of loan for over all limit and hypothecation of goods and book
debts and guarantee. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 9.000
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Company entire
goods, book debts both present and future and all plant and machineries
situated at block No. 401 Village Chharodi Sanad District Ahmedabad |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayable on Demand Interest as per guidelines prescribed by
the RBI or linked SBAR Security by way of margin:
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5) Name and Address
and description of the person entitled to the charge. |
State Bank of India Vatva Industrial Estate Branch, Vatva,
Ahmedabad, Gujarat, |
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6) Date and brief description of instrument
modifying the charge |
17.01.1997,
Agreement of loan for overall limit, agreement of hypothecation and pledge of
goods and book debts plant and machinery situated at Block No. 401, Village
Chharodi, Ta-sanand District, Ahmedabad, and Deed of guarantee |
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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. |
Loan facility of
the company enhanced from Rs. 9.000 to Rs. 2.000 millions (both fund based
and non fund based limits) as under:
Security by way
of Margin:
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FIXED ASSETS:
· Land
· Factory Buildings
· Office Building
· Staff Quarters
· Plant and Machinery
· Electrical Installation
· Furniture
· Motor Car
· Other Vehicles
· Office Equipment
· Miscellaneous Assets
· Effluent Treatment Plant
OTHER
INFORMATION:
Contingent
Liabilities:
Particulars Rs.
in Million (As on 31.03.2005)
- Outstanding
Bank Guarantees 4.630
- Income Tax
Matters under Appeal
4.218
- Sales tax
matters 1.717
AS PER WEB SITE:
Company Profile
At Meghmani Organics Limited they believe that growth is built on doing better than what is good enough, rising above individual limitations and transgressing the borders of circumstantial impediments.
It was in 1986, when Gujarat Industries was established as a partnership firm in Gujarat, India to manufacture pigments. High productivity and profitability transformed Gujarat Industries to a joint stock company, under the name of Meghmani Organics Limited, by 1995. Since then Meghmani Organics Limited has diversified its business interests to include a range of pesticides and other pigment products as well.
Today, Meghmani Organics Limited is a leading manufacturer of pigment and pesticide products in the country and is the recipient of several prestigious awards in recognition of its outstanding business performance.
Company Overview
Sound fundamentals, outstanding export performance, strong presence in the domestic market and a focused management team has seen Meghmani Organics Limited grow at a compounded annual growth rate (CAGR) of 17% and profits 10% over the past 3 years
The Rs 6000 million Rupees Meghmani Organics Limited is:
One of the largest producers of pigment blue in the world
One of the leading producers of pigment green
One of the largest producers of pesticides in India
More than 80% of their pigment products and over 50% of their pesticides products are exported the world over. They have four multifunctional production facilities in Gujarat (India) of which three are ISO 9001-2000. Their production facilities are strategically located with high accessibility and close proximity to source of raw material.
The landmarks in their journey
1986: Began operations to produce Phthalocynine Green 7, popularly known as Pigment Green 7 at Vatva Plant.
1995: Diversified into manufacture of Agrochemicals at Chharodi Plant.
1996: Expansion of pigments business. Panoli Plant was established to manufacture CPC Blue. CPC Blue is a key raw material used for the manufacture of their Pigment Blue (15) and Pigment Green (7) Products.
2003: Ankleshwar Plant was acquired to expand their range of Agrochemical Products.
Products:
It is said, “The most authentic statement about an organisation is in the performance of its products”. At Meghmani Organics Limited, they believe their products – pigments – blue and green, and pesticides – are the voice of their character, the strength of their customer focus and the yardstick of their potential. Frankly, the most eloquent statement of their commitment to customer satisfaction comes through their products.
MAJOR CUSTOMERS
Pigments
A partial list of their long-standing customers for pigment products is:
· CIBA
· Sun Chemicals
· Flint Ink
· Sudarshan Chemicals
They have:
Over 200 customers from across the globe - North America, Europe,
Central and Latin America, and Asia-Pacific.
Their customers are mainly MNCs who are leading players in the industries they
operate.
Pesticides
A
partial list of their long-standing customers for pesticides is:
· Micro Flo
· Valent
· Meghmani Agrodyne Limited
· FMC Agricultural Products
They have:
Over 90 customers, including leading pesticides manufacturers in North
America, Europe, Latin America, Asia and end users in the domestic Indian
market
Markets
Global marketing network
· Warehouses in Belgium, Uruguay, China, Russia, Germany, the U.S. Columbia.
· Overseas offices in Belgium, China and the U.S.
· They market via direct sales teams and distributors / agents
They have:
· An extensive network of 20 overseas distributors worldwide
· Over 1000 stockists, agents, distributors and dealers covering India market
· Warehouses in Belgium and Uruguay
Related Companies
· Meghmani Dyes and Intermediates and Meghmani Industries Limited
PRESS RELEASE:-
Clarification To The Press Release Announced On 13 March 2008
The Board of Directors of Meghmani Organics Limited (the
"Company") wishes to make clarification in relation to the Company's
Press Release announced on 13 March 2008.
With reference to the second paragraph in the second page of the Press Release,
the value of the estimated cost should read "INR5542 million" instead
of "INR554 million". Correspondingly, the equivalent amount shall be
read "S$190.33 million" and not "S$1203.85 million".
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.40.65 |
|
UK Pound |
1 |
Rs.80.35 |
|
Euro |
1 |
Rs.62.78 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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 |
|