MIRA
INFORM REPORT
|
Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KANCOR INGREDIENTS LIMITED |
|
|
|
|
Formerly Known as: |
KANCOR FLAVOURS AND EXTRACTS LIMITED |
|
|
|
|
Registered Office : |
VII/138 P B No. 3Kanakkankadavu Road, Angamaly South, Ernakulam,
Kerala- 683573 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Year of Establishment : |
03.05.1990 |
|
|
|
|
Com. Reg. No.: |
09-5658 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909KL1990PLC005685 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK05488A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK9969R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers, Traders, Dealers, Importers and Exporters of Spice Oleoresins, Essential Oils, Seasonings and Natural Colors Botanicals like Sena Leaves, Gymmema Leaves, etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Mariawalla Group. A well known industrial house
having strong brand image and presence in FMCG Segments. Subject is a family commited company having fine track. Trade
relations are fair. Payments are correct and as per commitments The company
is doing well. It can be considered good for any normal business dealings at usual
trade term and conditions. |
LOCATIONS
|
Registered Office : |
VII/138 P B No. 3Kanakkankadavu Road, Angamaly South, Ernakulam,
Kerala- 683573, India |
|
Tel. No.: |
91-484-2452236/245223 |
|
Fax No.: |
91-484-2452662/2453376 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned (Large) |
|
|
|
|
Factory : |
Kancor Extracts |
|
Tel. No.: |
91-484-2456451 |
|
Fax No.: |
91-484-2452662 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Kancor Essential Oils |
|
Tel. No.: |
91-484-2456450 |
|
Fax No.: |
91-484-2452662 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Kancor Botanicals |
|
Tel. No.: |
91-484-2456951 |
|
Fax No.: |
91-484-2452662 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Kancor Nutraceuticals |
|
Tel. No.: |
91-484-2456595 |
|
Fax No.: |
91-484-2452662 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Wheel House, 24/2014, Indira Gandhi Road, Wellingdon Island, Kochi – 682003, Kerala |
|
Tel. No.: |
91-484-2669879/2669910 |
|
Fax No.: |
91-484-2669878 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned (Large) |
DIRECTORS
|
Name : |
Mr. Ajay Jayasinh Mariawala |
|
Designation : |
Director |
|
Address : |
Zaver, Cochin Yacht Club, Enclave 26/UA., 592-A, Konthuruthy, Thevara,
Ernakulam-682013, Kerala, India |
|
Date of Birth/Age : |
24.01.1963 |
|
Date of Appointment : |
27.03.1995 |
|
|
|
|
Name : |
Mr. Sanjay J. Mariwala |
|
Designation : |
Managing Director |
|
Address : |
E-9, Willingdon Enclave, Pandit Karuppan Road, Thevara, Kochi-682013,
Kerala, India |
|
Date of Birth/Age : |
02.01.1960 |
|
Date of Appointment : |
03.05.1990 |
|
|
|
|
Name : |
Mr. Jayasingh V. Mariwala |
|
Designation : |
Chairman and Director |
|
Address : |
Sudha Kunj, 3, Tardeo Road, Mumbai-400034, Maharashtra, India |
|
Date of Birth/Age : |
09.07.1933 |
|
Date of Appointment : |
03.05.1990 |
|
|
|
|
Name : |
Mr. Bipin R. Shah |
|
Designation : |
Director |
|
Address : |
368, B, Manali, V. P. Road, Santacruz, Mumbai-400054, Maharashtra,
India |
|
Date of Birth/Age : |
16.07.1932 |
|
Date of Appointment : |
02.01.1992 |
KEY EXECUTIVES
|
Name : |
Mr. Sijo Varghese |
|
Designation : |
Secretary |
|
Address : |
Koonammave House, Kuttikad Post, Chalakudy (VIA), Thrissur,
Kerala-680724, India |
|
Tel No.: |
91-480-2747358 |
|
Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay J. Mariawala |
|
100 |
|
Ajay J Mariawala |
|
100 |
|
Mohan J Mariawala |
|
100 |
|
SJM Finance and investments Private Limited |
|
5049200 |
|
Jaysinh V Mariawala |
|
100 |
|
Nandana Mariawala |
|
100 |
|
Anila J Mariawala |
|
100 |
|
Anuja A Mariawala |
|
100 |
|
Madhavi M Mariawala |
|
100 |
|
Kanji Moorarji |
|
2750000 |
|
Mansarover Finance and Investments Limited |
|
2250000 |
|
Total |
|
10050000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Bodies Corporate (not mentioned above) |
|
65.00 |
|
Directors or relatives of Directors |
|
35.000 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Traders, Dealers, Importers and Exporters of Spice Oleoresins, Essential Oils, Seasonings and Natural Colors Botanicals like Sena Leaves, Gymmema Leaves, etc. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Products : |
Extracts and Essential Oils |
||||||
|
Countries : |
Europe and Far east |
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Raw material |
||||||
|
Countries : |
Europe |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C, D/A, D/P |
||||||
|
|
|
||||||
|
Purchasing : |
Cash |
GENERAL
INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
About 800 |
|
|
|
|
Bankers : |
N0. 41/419, Ground Floor, Chicago Plaza, Rajaji Road, Ernakulam – 682 035, Kerala
Crystal Complex, Bonerji Road, Ernakulam – 682 031, Kerala |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
RSM and Company Chartered Accountant |
|
Address : |
Ambit RSM House, 449, Senapati Bapat Marg, Lower Parel, Mumbai-400013,
Maharashtra, India |
|
|
|
|
Associates : |
· Vallabhadas Kanji Limited · Auto Hanger Limited · Kanji Moorarji Food Ingradients (Private) Limited · Marico Limited, Mumbai · And other Mariwala Group of Companies |
|
|
|
|
Subsidiaries : |
Kancor Natural Isolates Limited |
|
|
|
|
Holding Company : |
SJM Finance and Investments Private Limited |
CAPITAL STRUCTURE
As on 27.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8550000 |
Equity Shares |
Rs. 10/-
each |
Rs. 85.500
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 |
85.500 |
85.500 |
85.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
66.557 |
37.151 |
34.456 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
152.057 |
122.651 |
119.956 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
177.484 |
170.343 |
150.925 |
|
|
2] Unsecured Loans |
27.491 |
30.882 |
27.396 |
|
|
TOTAL BORROWING |
204.975 |
201.225 |
178.321 |
|
|
DEFERRED TAX LIABILITIES |
14.794 |
8.715 |
7.601 |
|
|
|
|
|
|
|
|
TOTAL |
371.826 |
332.591 |
305.878 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
143.547 |
112.547 |
75.967 |
|
|
Capital work-in-progress |
5.413 |
6.627 |
26.114 |
|
|
|
|
|
|
|
|
INVESTMENT |
27.377 |
26.900 |
26.151 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
176.750
|
227.24 |
163.007 |
|
|
Sundry Debtors |
101.562
|
112.871 |
65.303 |
|
|
Cash & Bank Balances |
21.713
|
16.967 |
20.497 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
81.862
|
55.700 |
48.314 |
|
Total
Current Assets |
381.887
|
412.778 |
297.121 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
171.254
|
208.919 |
113.328 |
|
|
Provisions |
15.144
|
17.342 |
6.147 |
|
Total
Current Liabilities |
186.398
|
226.261 |
119.475 |
|
|
Net Current Assets |
195.489
|
186.517 |
177.646 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
371.826 |
332.591 |
305.878 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
1207.208 |
968.311 |
729.114 |
|
|
Other Income |
40.850 |
5.247 |
21.406 |
|
|
Total Income |
1248.058 |
973.558 |
750.520 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
32.302 |
11.340 |
5.320 |
|
|
Provision for Taxation |
0.000 |
0.000 |
1.849 |
|
|
Profit/(Loss) After Tax |
32.302 |
11.340 |
3.471 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Sale of goods manufactured |
1171.334 |
916.944 |
340.000 |
|
|
Sale of Goods Traded |
0.000 |
0.000 |
334.462 |
|
|
Other Earnings |
0.000 |
0.000 |
0.000 |
|
Total Earnings |
1171.334 |
916.944 |
674.462 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
959.720 |
744.976 |
238.620 |
|
|
Purchases made for re-sale |
0.000 |
0.000 |
309.686 |
|
|
Consumption of stores and spares parts |
4.659 |
5.120 |
5.316 |
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
13.651 |
|
|
Salaries, Wages, Bonus, etc. |
67.674 |
47.465 |
37.101 |
|
|
Managerial Remuneration |
3.411 |
2.669 |
2.854 |
|
|
Payment to Auditors |
0.600 |
0.390 |
0.255 |
|
|
Interest |
44.428 |
31.469 |
24.488 |
|
|
Insurance Expenses |
4.353 |
4.040 |
3.872 |
|
|
Power & Fuel |
16.153 |
15.192 |
12.718 |
|
|
Depreciation & Amortization |
10.060 |
8.583 |
8.603 |
|
|
Other Expenditure |
104.698 |
102.314 |
88.036 |
|
Total Expenditure |
1215.756 |
962.218 |
745.200 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.59
|
1.16 |
0.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.68
|
1.17 |
0.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.15
|
2.16 |
1.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.09 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.57
|
3.49 |
2.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
1.82 |
2.49 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was incorporated on 3rd May, 1990 at Kochi in Kerala having Company Registration Number 5685.
The company’s manufacturing history goes back to 1970 when it was formed as a division of Bombay Oil Industries Limited. This was the first large oleoresin plants set up in India, which led to the eventual dominance of the Indian oleoresin industry in the world market.
The genesis of the decision to enter this business, can be tracked back to the history of the Mariwala family. The family had been in the spice business for over a century. Young Kanji Moorarji, upon his migration from his native district of Kutch, in Gujarat, set up a small trading business in Mumbai to trade in pepper in the year 1965.
Kanji Moorarji, the firm established in 1911 grew to be one of the largest exporters of pepper from India. Vallabhdas Kanji Limited was incorporated in the year 1935 to do more than just pepper. The firm then started trading in turmeric, ginger and later chillies.
In the year 1947, with India’s independence, Kanji Moorarji decided to diversify into the speciality fats business. In 1970, it was decided to venture into oleoresins from spices utilising the knowledge the family had acquired over the years. Subsequent generations of the family with a blend of expert professionals and technicians had now developed Kancor into a modern forward looking company at the forefront of India’s spice oleoresins and essential oils manufacturing competency.
The company had the benefit of an unbroken tradition in the spice business over 125 years. In 1970 the company pioneered India’s spice extraction industry by establishing the country’s first oleoresin manufacturing operation.
The company’s history and experience, supported by a strategic vision and professional management enables the company to offer product quality and customer service which meet some of the most demanding standards of acceptability in the world food industry.
|
Divisions |
Products |
|
Kancor Extracts |
|
|
Kancor Essentials |
|
|
Kancor Botanicals |
|
|
Kancor Nutraceuticals |
|
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
||||||||||||||||
|
Corporate
identity number of the company |
U51909KL1990PLC005685 |
||||||||||||||||
|
Name of the
company |
KANCOR
INGREDIENTS LIMITED |
||||||||||||||||
|
Address of the registered
office or of the principal place of
business in India of the company |
VII/138 P B No. 3Kanakkankadavu Road, Angamaly South, Ernakulam,
Kerala- 683573, India |
||||||||||||||||
|
Type of charge |
Book Debts Movable Property |
||||||||||||||||
|
Particular of
charge holder |
State Bank of
India, Commercial Branch, Express House, Kaloor, Ernakulam, Kochi-682017,
Kerala, India |
||||||||||||||||
|
Nature of
description of the instrument creating or modifying the charge |
|
||||||||||||||||
|
Date of
instrument Creating the charge |
15.03.2007 |
||||||||||||||||
|
Amount secured by
the charge |
Rs. 171.500
Millions |
||||||||||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of Repayment Term Loan of Rs.
30.000 Millions is repayable in quarterly installments of Rs. 1.500 Millions each,
commencing from 31.03.2007 and ending from 31.12.2012. Working Capital
facilities repayable on demand. Margin a)
Raw Material
– 10% b)
Stocks-in-process-
10% c)
Finished
Goods – 10% d)
Any other
(specify)- 10% e)
Book Debts/
recivables -10% f)
Land and
buildings/plant and machinery-NA Extent and Operation of the charge Hypothecation of
Company’s assets as security for the loans sanctioned along with interest and
other dues thereon. |
||||||||||||||||
|
Short particulars
of the property charged |
All present and future
goods, book-debts, and all other movable assets as per annexure attached. |
||||||||||||||||
|
Name of the company |
KANCOR FLAVOURS
AND EXTRACTS LIMITED |
|
Presented By |
G. S. Narayan, Manager,
State Bank of Saurashtra, Crystal Complex, Near High Court Junction, Banerji
Road, Ernakulam, Cochin-682031 |
|
1) Date and description of instrument creating the change |
Pledge of Goods
to secure a Demand Cash Credit dated 15.07.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.000
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 |
All the raw materials,
semi finished goods, finished goods, stores/spares book debts and current
assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 3.5%
over the state Bank of India rate subject to a minimum rate of interest of
7.5% p.a. Repayable on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurashtra, Crystal Complex, Near High Court Junction, Banerji Road,
Ernakulam, Cochin-682031 |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
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.42.77 |
|
UK Pound |
1 |
Rs.84.33 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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 |
|