MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIGHTEMP FURNACES LIMITED |
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Registered Office : |
27-29, Supriwala Building, 1st Floor, E. M. Merchant Road, Khadak,
Mumbai – 400 009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.04.1971 |
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Com. Reg. No.: |
11-15115 |
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CIN No.: [Company
Identification No.] |
U74999MH1971PLC015115 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH00615G / MUMH07713G |
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PAN No.: [Permanent
Account No.] |
AAACH1727L |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Furnaces and Heat Treatment for Automotive
Industries |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 720000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and resourceful
industrialist. Their trade relations are fair. Payments are reported as slow but
correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Gopalu |
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Designation : |
Accounts |
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Contact No.: |
91-9741989398 |
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Date : |
07.11.2008 |
LOCATIONS
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Registered Office : |
27-29, Supriwala Building, 1st Floor, E. M. Merchant Road,
Khadak, Mumbai – 400 009, Maharashtra, India |
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Tel. No.: |
91-80-28395917 |
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Fax No.: |
91-80-28330490 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Corporate Office : |
1C,
IIND Phase, Peenya Industrial Area, Bangalore - 560 058, Karnataka,
India |
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Tel. No.: |
91-
80-28395917/28394076/ 28391446 |
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Fax No.: |
91-80-28390490/28392661 |
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E-Mail : |
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Location : |
Owned |
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Factory 1 : |
GAT
Number 615, Village Kuruli, Taluka Khed, Chakan, Pune, Dist - 410 050,
Maharashtra, India |
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Tel. No.: |
91-20-4102410/2135-252176 |
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Fax No.: |
91-2135-252904 |
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E-Mail : |
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Factory 2 : |
12 KM
Stone, Sohna Road, Opp, Geethanand Ashram, Bhondsi Village, Gurgaon, Haryana,
India |
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Tel. No.: |
91-
124-2265216/17 |
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Fax No.: |
91-124-2265216/17 |
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E-Mail : |
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Factory 3 : |
Thandalam
Village, Sriperumpudur Taluk, Kancheepuram Dist - 602 105,Tamil Nadu, India |
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Tel. No.: |
91-44-554744886
/ 87 |
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Fax No.: |
DIRECTORS
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Name : |
Mr. Gopal
Mahadevan |
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Designation : |
Managing Director |
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Address : |
432/28, 11th
Main, RMV Extension, Bangalore – 560080, Karnataka, India |
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Date of Birth/Age : |
27.10.1956 |
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Date of Appointment : |
10.10.1985 |
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Name : |
Mr. Narayan
Mahadevan |
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Designation : |
Director |
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Address : |
432/28, 11th
Main, RMV Extension, Bangalore – 560080, Karnataka, India |
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Date of Birth/Age : |
14.09.1962 |
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Date of Appointment : |
29.09.1995 |
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Name : |
Mr. Akihiro Sato
(Foreign) |
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Designation : |
Director |
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Address : |
GF-2, 34/1, Ratan
Apartments, MLA Layout, RT Nagar, Bangalore – 560032, India |
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Date of Birth/Age : |
01.09.1960 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Wataru
Ishikawa (Foreign) |
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Designation : |
Director |
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Address : |
GF-2, 34/1, Ratan
Apartments, MLA Layout, RT Nagar, Bangalore – 560032, India |
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Date of Birth/Age : |
05.07.1941 |
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Date of Appointment : |
01.05.1997 |
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Name : |
Ms. Nishi Makoto
(Foreign) |
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Designation : |
Director |
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Address : |
GF-2, 34/1, Ratan
Apartments, MLA Layout, RT Nagar, Bangalore – 560032, India |
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Date of Birth/Age : |
01.09.1960 |
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Date of Appointment : |
06.09.1998 |
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Name : |
Mr. Dattaram Pratap Ghorpade |
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Designation : |
Director |
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Address : |
332, 7th Main Road, 4th Block, Koramangala,
Bangalore – 560 038, Karnataka, India |
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Date of Birth/Age : |
10.07.1948 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Gopal Mahadevan Samta |
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Designation : |
Director |
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Address : |
432/28, 11th
Main, RMV Extension, Bangalore – 560080, Karnataka, India |
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Date of Birth/Age : |
15.12.1959 |
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Date of Appointment : |
06.04.2007 |
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Name : |
M V Ramaswamy |
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Designation : |
Director |
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Address : |
52 1 A Main, RMV II Stage, I Block, Bangalore – 560 094, Karnataka,
India |
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Date of Birth/Age : |
01.10.1956 |
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Date of Appointment : |
06.04.2007 |
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Name : |
Mr. Varadharajan
Rangachary |
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Designation : |
Additional
Director |
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Address : |
D II 8 White House, 6 Main, R T Nagar, Bangalore – 560 032, Karnataka,
India |
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Date of Birth/Age : |
12.12.1953 |
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Date of Appointment : |
01.01.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2006)
|
Names of Shareholders |
No. of Shares |
|
Kamala Mahadevan |
27000 |
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Narayan Mahadevan |
59800 |
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Gopal Samta |
111500 |
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Gopal Mahadevan |
2207200 |
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Dowa Mining
Company Limited |
710000 |
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Shakuntala Hegde |
50000 |
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Ramkrishna Hegde |
100000 |
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Gopal Mahadevan
(HUF) |
112000 |
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V Srivastan |
2500 |
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Total |
3380000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident indian(s) or
Overseas corporate bodies or Others |
21.00 |
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Directors or relatives of directors |
79.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Furnaces and Heat Treatment for Automotive
Industries |
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Products : |
·
Industrial
Laboratory Furnaces and Ovens or Dielectric Heating Equipments ·
Heat
Treatment Service ·
Parts of
Furnaces and Ovens Electrical |
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Exports : |
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Products : |
Furnaces |
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Countries : |
UK |
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Imports : |
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Products : |
Spare Parts of Furnaces |
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Countries : |
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Japan ·
USA ·
UK |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) – Advance |
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Purchasing : |
L/C – Advance |
GENERAL
INFORMATION
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Suppliers : |
·
Brit
Containers ·
Jinco
Industries and Chemicals ·
Suraj
Enterprises ·
Mahalaxmi
Packaging Works |
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Customers : |
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Automobile Industry ·
Suhasa Hand
Tools Private Limited ·
Fitwel Tools
and Forging Private Limited |
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No. of Employees : |
350 |
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Bankers : |
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State Bank of India B-94, IInd Cross, Ist Stage, Peenya
Industrial Estate, Bangalore – 560 058, Karnataka, India ·
Canara Bank Rajmahal Vilas Extension, Bangalore – 560
080, Karnataka, India ·
The Hongkong
and Shanghai Banking Corporation Limited No. 7 M G Road, Bangalore – 560 001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P Ishwara Bhat and Company Chartered Accountants |
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Address : |
# 107, Swiss Complex, # 33, Race Course Road, Bangalore – 560 001,
Karnataka, India |
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Associates/Subsidiaries : |
·
Hightemp-Techmat Private Limited CIN No.: U74210TN2003PTC050308 ·
Cramed Engineers - Bangalore ·
Hightemp Vacaera Private Limited - Gurgaon, Pune, Chennai, Bangalore |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
RS.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3380000 |
Equity Shares |
RS.10/- each |
Rs.33.800
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
33.800 |
33.800 |
33.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
110.134 |
72.028 |
40.222 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
143.934 |
105.828 |
74.022 |
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LOAN FUNDS |
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1] Secured Loans |
215.187 |
81.885 |
81.650 |
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2] Unsecured Loans |
10.848 |
11.450 |
11.308 |
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TOTAL BORROWING |
226.035 |
93.335 |
92.958 |
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DEFERRED TAX LIABILITIES |
40.307 |
32.886 |
30.192 |
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TOTAL |
410.276 |
232.049 |
197.172 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
280.601 |
168.791 |
141.688 |
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Capital work-in-progress |
86.937 |
18.314 |
0.000 |
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INVESTMENT |
12.721 |
9.827 |
5.601 |
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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 |
29.606
|
19.285 |
27.850 |
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Sundry Debtors |
116.807
|
71.175 |
46.956 |
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Cash & Bank Balances |
15.208
|
14.476 |
5.825 |
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Other Current Assets |
27.988
|
4.764 |
4.506 |
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Loans & Advances |
3.616
|
6.179 |
2.568 |
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Total
Current Assets |
193.225
|
115.879 |
87.705 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
158.787
|
61.965 |
26.503 |
|
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Provisions |
4.421
|
18.797 |
11.347 |
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Total
Current Liabilities |
163.208
|
80.762 |
37.850 |
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Net Current Assets |
30.017
|
35.117 |
49.855 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.028 |
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TOTAL |
410.276 |
232.049 |
197.172 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
572.095 |
450.865 |
342.212 |
|
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Other Income |
5.649 |
3.220 |
2.014 |
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Total Income |
577.744 |
454.085 |
344.226 |
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Profit/(Loss) Before Tax |
65.178 |
58.053 |
27.233 |
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Provision for Taxation |
23.187 |
22.394 |
9.011 |
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Profit/(Loss) After Tax |
41.991 |
35.659 |
18.222 |
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Earnings in Foreign Currency : |
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Sales of Goods Manufactured |
2.358 |
2.672 |
2.982 |
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Total Earnings |
2.358 |
2.672 |
2.982 |
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Expenditures : |
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Raw Material Consumed |
287.309 |
218.845 |
165.421 |
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Consumption of stores and spares parts |
39.373 |
25.759 |
22.699 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
(1.881) |
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Salaries, Wages, Bonus, etc. |
42.808 |
32.476 |
29.697 |
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Managerial Remuneration |
2.399 |
1.806 |
1.261 |
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Payment to Auditors |
0.112 |
0.112 |
0.112 |
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Interest |
12.418 |
10.092 |
7.546 |
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Insurance Expenses |
1.489 |
1.503 |
0.809 |
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Power & Fuel |
79.441 |
61.224 |
52.633 |
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Depreciation & Amortization |
12.629 |
9.369 |
8.378 |
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Other Expenditure |
34.588 |
34.846 |
30.318 |
|
Total Expenditure |
512.566 |
396.032 |
316.993 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.27 |
7.85 |
5.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.39
|
12.88 |
7.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.76
|
20.39 |
11.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.55 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.70
|
1.65 |
1.77 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.43 |
2.32 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Telecom
·
Ashok Leyland
·
Bajaj Auto
Form No. 8
|
Corporate identity
number of the company |
U74999MH1971PLC015115 |
|
Name of the
company |
HIGHTEMP FURNACES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
27-29, Supriwala Building, 1st Floor, E. M. Merchant Road,
Khadak, Mumbai – 400 009, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge|) ·
Others o
All stocks
and receivables, plant and machinery |
|
Particular of
charge holder |
The Hongkong and
Shanghai Banking Corporation Limited No. 7 M G Road,
Bangalore – 560 001, Karnataka, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation for stocks and receivables and plant and machinery |
|
Date of
instrument Creating the charge |
12.04.2008 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest shall be payable by the company on the banking facilities as
per Banks Tariff, subject however that the Bank shall have the right to
change the rate of interest after giving notice to the Company (as per
Schedule V of the deed) ·
Terms of
repayment In consideration of banking facilities sanctioned / to be sanctioned
by the Bank to the company, the company has hypothecated and charged to the
bank by way of first pari passu charge as a continuing security on present
and future stocks and receivables and second pari passu charge on present and
future plant and machinery to secure the repayment of the advances together
with interest cost and all other charges ·
Margin The company shall maintain such margin as may be specified by the bank
from time to time. ·
Extent and
operation of the charge In case the company fails to fulfill obligation under the deed, the
bank shall be entitled to take possession of the hypothecated properties and
sell them by public auction or private contract and utilize the proceeds in
full or part settlement of its claims.
|
|
Particulars of
the property charged |
First pari passu
charge on all the company’s stocks and book-debts, both present and future
and Second Pari Passu charge on all the company’s Plant and machinery, both
present and future upto INR 150 Mio. |
Prospects and
Outlook
The steady improvement registered in overall National economy and in
particular in the Automobile and Auto Components sector, provide immense scope for
the companies products and services whiah are directly linked to the
Automobiles and Auto Components sector to a great extent.
The company is closely monitoring the demands from the target sectors
and making all efforts to position itself, at the right time, and at the right
place, and retain its rightfully accomplished position of being the market
leader.
Never compromising on quality, the Company’s consistent efforts in
constant upgrading of products and services, in keeping with the advancing technological
trends, maintaining superiority by innovations and unblemished timely service
support, shall ensure that the Company retains the market leadership and
registers phenomenal growth.
The Directors are also pleased to inform that the company has been
consistently increasing capacity in the three commercial heat treatment plants
at Bangalore, Pune and Gurgaon. To provide for additional scope for expansion
in Commercial Heat Treatment Plant in Bangalore, and to augment the capacity
for manufacture of industrial furnaces the company has set up a new spacious
premises at Nelamangala, near Bangalore.
In the current year the manufacturing activity has improved with
substantial orders for industrial furnaces and the immediate outlook looks
bright with more customers going ahead with their plants for expansion,
diversification and modernization. The company is confident of increasing the
turnover further in the current year with consequent improvement in
profitability.
The company has commissioned the expansion project for manufacture of
forgings and machining of components at the Chakan Plant, Pune. The revenue
generation from the expanded facility and the forging division will boost the
turnover of the company from the current year onwards.
Certification
During the year the ISO 9001-2000 certification by SGS Yarsley
International Certification Services Limited, UK or the Commercial Heat
Treatment operations for Bangalore Plant, Gurgaon Plant and Chakan, Pune Plant
and TS 16949 certification by DNV Det Norske Veritas, Germany for the Gurgaon
Plant of the Company continue to be in force.
Fixed Assets
·
Building Admin
·
Building Factory
·
Computers
·
Electrical Installation
·
Factory Equipment
·
Furniture and Fittings
·
Generator
·
Lab Equipments
·
Land
·
Motor Vehicle
·
Office Equipment
·
Plant and Machinery
·
Bore Well
·
Tools and Equipments
Web Details
Profile
·
Subject has over 2000 Industrial furnace installations
·
Subject is a joint venture with Dowa Mining Company Limited, Japan.
·
Subject is the single largest commercial heat treater in India
·
Comprehensive manufacturing facility available to build advanced
atmosphere controlled equipment spread over in a 40,000 sq.ft facility
·
Certified for ISO 9001:2000 for Commercial Heat Treatment Divisions,
ISO/TS 16949:2002 Second Edition, ISO 14001:1996 for Gurgaon facility.
·
Subject services the major automotive companies worldwide
Global Partners
·
AFC-Holcroft
·
Dowa Mining Company Limited
·
IQ Technologies Inc, Akron, Ohio, USA
·
Pyromaitre
·
TTI Group (A Division of Aalberts Industries N.V), Birmingham, UK
·
Vac Aero International Inc
·
Applied process
News
·
Subject's new sophisticated manufacturing facility at
Nelamangala is being further expanded to 60,000 sq ft to augment new projects.
·
Subject's heat treatment plants to increase the production
capacity to 3000 tonnes per month by setting up 4 additional plants.
·
ADI to come up in new facility at Pune
·
Subject Bangalore Commercial Heat Treatment plant is working
on AS 9100 B and NADCAP Certifications.
·
They have supplied Heat Treatment Furnaces to a leading truck
manufacturer of India This equipment is in the final stages of commissioning.
This is the unique project of its kind and most prestigious for them built at
Subject, Peenya manufacturing facility.
·
Bangalore-based subject has set up a "State of Art"
sophisticated manufacturing facility measuring over 30,000 sq. ft. in
Nelamangala near Bangalore.
·
The new facility will augment the company's furnace
manufacturing capability to meet subject's Automotive OEM clients for their
requirement of heat treatment furnaces.
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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|