MIRA
INFORM REPORT
|
Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MINAR INTERNATIONAL LIMITED |
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Registered Office : |
307/308, Navyug 167 Tokersi Jivraj Road, Sewree West, Mumbai-400015,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.01.2006 |
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Com. Reg. No.: |
158966 |
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CIN No.: [Company
Identification No.] |
U9999MH2006PLC158966 |
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IEC No.: |
0305083864 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM28856C |
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PAN No.: [Permanent
Account No.] |
AAECM5537H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Bed Sheets, Towels, Curtains and Drapery
etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 3700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is business as a proprietorship and later it was converted
into a limited company. Subject is an established company having satisfactory track. Trade relations are fair. Payments are
slow. The company can be considered normal for business dealings at usual
trade terms and conditions only. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sundarrajan |
|
Designation : |
Accounts Manager |
|
Date : |
13.11.2008 |
LOCATIONS
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Registered Office : |
307/308, Navyug 167 Tokersi Jivraj Road, Sewree West, Mumbai-400015,
Maharashtra, India |
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Tel. No.: |
91-22-24133714/ 24137054/ 2424221/ 24124746 |
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Mobile No.: |
91-9820021277 |
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Fax No.: |
91-22-24138529 |
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E-Mail : |
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Website : |
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Area : |
2400 sq.ft (Owned) |
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Factory 1 : |
Nirav Industries
Estate, Unit No. 11-B, Sativalli, Vasai Road (East), District Thane,
Maharashtra, India |
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Tel. No.: |
91-250-24818932 |
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Fax No.: |
91-250-24811895 |
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Area : |
234000 sq.ft (Owned) |
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Location : |
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Factory 2 : |
V K Industrial
Estate Gala No. 17 to 32, V K Industrial Estate, Saivali Vasai (East), Thane,
Maharashtra, India |
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Tel. No.: |
91-2 |
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Fax No.: |
91-20-2450753 |
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Area : |
12500 sq.ft (Owned) |
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Factory 3 : |
SIPCOT
Industrial Growth Centre Perundurai, Erode District, Tamilnadu, India |
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Factory 4 : |
35, West, 33rd Street, Suite # 4A, New York, NY-10001, USA |
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Factory 5 : |
48656, Marberry Drive, Macomb Township Michigan-48044, USA |
DIRECTORS
|
Name : |
Mr. Unni Krishnan Nambiar |
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Designation : |
Chairman and Managing Director |
|
Address : |
201, Krishna Kunj, 221, Gokul Dham, Film City Road, Goregaon (East),
Mumbai-400063, Maharashtra, India |
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Date of Birth/Age : |
03.04.1944 |
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Qualification : |
Engineer |
|
Experience : |
45 Years |
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Date of Appointment : |
17.01.2006 |
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|
Name : |
Mr. Bejoy Nambiar |
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Designation : |
Joint Managing Director |
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Address : |
201, Krishna Kunj, 221, Gokul Dham, Film City Road, Goregaon (East),
Mumbai-400063, Maharashtra, India |
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Date of Birth/Age : |
12.04.1979 |
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Qualification : |
MBA and BBM |
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Experience : |
11 Years |
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Date of Appointment : |
17.01.2006 |
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|
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Name : |
Mr. Vijay Nambiar |
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Designation : |
Marketing and Sales Director |
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Address : |
Srinivas Krishnapuri Colony, West Mardpally, Secunderabad-500026,
Andhara Pradesh, India |
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Date of Birth/Age : |
06.01.1967 |
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Qualification : |
Mechanical Engineer, MBA. MS |
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Experience : |
13 Years |
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Date of Appointment : |
23.01.2006 |
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|
Name : |
Mrs. Susheela Nambiar |
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Designation : |
Director |
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Address : |
201, Krishna Kunj, 221, Gokul Dham, Film City Road, Goregaon (East),
Mumbai-400063, Maharashtra, India |
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Date of Birth/Age : |
23.08.1945 |
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Qualification : |
MA |
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Experience : |
13 Years |
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Date of Appointment : |
17.01.2006 |
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Name : |
Mr. R Subramanian |
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Designation : |
Director |
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Address : |
18, Kumarswamy Street, Erode-638001, Tamilnadu, India |
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Date of Birth/Age : |
14.05.1959 |
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Date of Appointment : |
01.07.2007 |
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Name : |
Mr. M G Venugopalan |
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Designation : |
Director |
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Name : |
Mr. P K Mukherjee |
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Designation : |
Director |
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Name : |
Mr. R Sankarakrishnan |
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Designation : |
Director |
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Address : |
504, Niharika, Film City Road, Goregaon (East), Mumbai-400063,
Maharashtra, India |
KEY EXECUTIVES
|
Name : |
Mr. Ajay K Mehta |
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Designation : |
Company Secretary |
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Address : |
308, Navyug 167 Tokersi Jivraj Road, Sewree West, Mumbai-400015,
Maharashtra, India |
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Tel No.: |
91-22-24133714/ 24137054/ 2424221/ 24124746 |
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Fax No.: |
91-22-24138529 |
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E-Mail: |
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Name : |
Mr. Sundarrajan |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
U K Nambiar |
|
7918064 |
|
Susheela Nambiar |
|
3167226 |
|
Bejoy Nambiar |
|
1425251 |
|
Vijay Nambiar |
|
2194481 |
|
Bindu Nambiar |
|
2194482 |
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Total |
|
16899504 |
|
List of Allottees |
|
No. of Shares Allotted |
|
Suman Home Fashions LLC |
|
307692 |
|
Bristol Associates Limited |
|
769231 |
|
Total |
|
1076923 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Bed Sheets, Towels, Curtains and Drapery
etc. |
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Exports : |
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Products : |
Bed Linen |
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Countries : |
USA |
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Terms : |
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Selling : |
Credit ( 90 -120 Days) |
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Purchasing : |
Credit ( 60-90 Days) |
PRODUCTION STATUS
|
Particulars |
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Installed
Capacity |
|
Bed Sheets Sets |
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|
2100000 sets
p.a. |
GENERAL
INFORMATION
|
Suppliers : |
·
Maruthi Cottex Limited ·
Prabhat Mills ·
Samaria Fabrics ·
Super Packaging ·
Sundaram Art Printing Press ·
Suresb Print Art ·
Alaghu Siva Textiles ·
Jaya Balaji Dyeing ·
Gupta Trading Company |
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Customers : |
Wholesalers |
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No. of Employees : |
490 (Office 40, Branches 450) |
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Bankers : |
·
Barclays Bank Plc, Ceejay House, Shivsagar Estate, Annie Besant Road,
Worli, Mumbai-400018, Maharashtra, India ·
State Bank of Indore, Commercial Branch, Mittal Court, B-Wing, Ground,
Nariman Point, Mumbai-400021, Maharashtra, India ·
Corporation Bank ·
Standard Chartered Bank ·
Union Bank of India, Santacruz (West) Branch S V Road, Santacruz
(West) Mumbai ·
Citi Bank N.A |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Rajedra Trevedi Charterd Accountatn |
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Tel No.: |
91-22-27659772 |
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Fax No.: |
91-22-27659772 |
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E Mail: |
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Group Company : |
·
Minaxi Weaving Mills Private Limited ·
Cannonore Country Club and Resorts Private Limited ·
Vibgyor Texotech Limited Address: Plot No. 2 and 3, Minaxi Complex Jeevan Sundar Industrial
Estate, Waliv vasia Road (East), Line of Business: Top of the bed products |
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Associates/Subsidiaries : |
·
Srinidhi Fabrics Private Limited ·
Alaghu Siva Textiles Private Limited ·
EMES Textiles Private Limited ·
Srinidhi Textiles |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26000000 |
Equity Shares |
Rs. 10/- each |
Rs. 260.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17374588 |
Equity Shares |
Rs. 10/-
each |
Rs. 173.745
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
SUMMARISED
RESULTS
As
Claimed by the Management
|
Particulars |
|
|
31.03.2008 |
|
Share Capital |
|
|
173.745 |
|
|
|
|
|
|
Reserves and Surplus |
|
|
634.246 |
|
|
|
|
|
|
Secured Loan |
|
|
1003.162 |
|
|
|
|
|
|
Unsecured Loan |
|
|
45.024 |
|
|
|
|
|
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Current Liabilities |
|
|
291.670 |
|
|
|
|
|
|
Provisions |
|
|
27.490 |
|
|
|
|
|
|
Deferred Tax Liabilities |
|
|
0.397 |
|
|
|
|
|
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Fixed Assets |
|
|
44.928 |
|
|
|
|
|
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Investment |
|
|
12.509 |
|
|
|
|
|
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Inventories |
|
|
1216.337 |
|
|
|
|
|
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Sundry Debtors |
|
|
632.319 |
|
|
|
|
|
|
Cash and Bank Balance |
|
|
250.112 |
|
|
|
|
|
|
Other Current Assets |
|
|
0.000 |
|
|
|
|
|
|
Loans and Advances |
|
|
18.605 |
|
|
|
|
|
|
Miscellaneous Expenses |
|
|
1.342 |
BALANCE SHEET
As Claimed by the
Management
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
173.745 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
580.090 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
753.835 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
932.500 |
|
|
2] Unsecured Loans |
|
|
65.982 |
|
|
TOTAL BORROWING |
|
|
998.482 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1752.317 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
49.249 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7.133 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1051.300 |
|
|
Sundry Debtors |
|
|
671.882 |
|
|
Cash & Bank Balances |
|
|
217.351 |
|
|
Other Current Assets |
|
|
29.400 |
|
|
Loans & Advances |
|
|
77.101 |
|
Total
Current Assets |
|
|
2047.034 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
251.833 |
|
|
Provisions |
|
|
100.800 |
|
Total
Current Liabilities |
|
|
352.633 |
|
|
Net Current Assets |
|
|
1694.401 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.534 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1752.317 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
4112.209 |
|
|
Other Income |
|
|
31.268 |
|
|
Total Income |
|
|
4143.477 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
289.591 |
|
|
Provision for Taxation |
|
|
100.800 |
|
|
Profit/(Loss) After Tax |
|
|
88.791 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of goods Sold |
|
|
3483.502 |
|
|
Administrative Expenses |
|
|
155.392 |
|
|
Manufacturing Expenses |
|
|
19.400 |
|
|
Interest and Financial Charges |
|
|
116.479 |
|
|
Depreciation & Amortization |
|
|
7.641 |
|
|
Other Expenditure |
|
|
71.472 |
|
Total Expenditure |
|
|
3853.886 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
2.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
7.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
13.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
5.80 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References:
·
Jaya Balaji Dying , Coimbatore
Address: 24, Vajrapalayam Main Raod
·
Ashoven Mills Private Limited,
Address: 1-B, Vasantham Apartments, Alamu Nagar, Coimbatore-641012,
Tamilnadu, India
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10006012 |
|
Corporate
identity number of the company |
U9999MH2006PLC158966 |
|
Name of the
company |
MINAR INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
307/308, Navyug 167 Tokersi Jivraj Road, Sewree West, Mumbai-400015,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge
holder |
State Bank of Indore, Commercial Branch, Mittal Court, B-Wing, Ground,
Nariman Point, Mumbai-400021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
08.05.2008 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Applicable to
gold card holders for export credit form time to time. Terms of
Repayment PSC Limit of Rs.
50.000 Millions payable on demand Margin N.A Extent and
Operation of the charge First pari passu
charge on the current assets of the company with mujltiple bankers of the company,
charge on documents exports bills with title to goods and First exclusive
charge over immovable properties as per mentioned in the recital dated
08.05.2008 and given in the sanction letter and lien over fixed deposit of
Rs. 26.000 Millions along with personality guaranties of all the promoter
directors. |
|
Short particulars
of the property charged |
First pari passu
charge on the current assets of the company with mujltiple bankers of the
company, charge on documents exports bills with title to goods and First exclusive
charge over immovable properties as per mentioned in the recital dated
08.05.2008 and given in the sanction letter and lien over fixed deposit of
Rs. 26.000 Millions along with personality guaranties of all the promoter
directors. |
|
Date of latest
modification prior to the present modification |
28.04.2008 |
|
Particulars of
the present modification |
The Present
Credit facilities by way of overdrafts, cash credit, Term Loan, Pre-shipment and
Post-Shipments credits, opening of L/Cs, Issuing of guaranties Aggregating to
Rs. 300.000 Millions have been increased by Rs. 50.000 Millions form existing
Rs. 300.000 Millions to Rs. 350.000 Millions Accordingly first
Pari Passu Charge over current assets and exclusive charge over fixed assets
has been increased form Rs. 300.000 Millions to Rs. 350.000 Millions |
Fixed Assets:
·
Building
·
Furniture and Fixture
·
Plant and Machinery
·
Motor Car
·
Computer
AS PER WEBSITE:
Profile:
Minar - a growth story about to unfold……
Minar Exports was established on
April, 01, 1995 as a Partnership Firm. On January 17, 2006 the Company was
incorporated as Public Limited Company ( Minar International Limited ).The Company is headed by Mr.U.K.Nambiar, a textile expert &
veteran and one of the pioneers of Textile Export Marketing in India. He can be
credited with being individually responsible for India's penetration of the US
markets in the home textiles segment, particularly Made-ups. He has played a
major role in India's home textiles getting recognition as quality products in
the US market. Minar, with its promoters as industry veterans with an
experience of more than two decades in home textile exports, is well positioned
to capture a larger share of the US market for home textiles, going forward.
Minar has been among the largest
contributors to India's exports of Made-ups over the years. Minar has
made significant developments in last one year and continues to be the largest
supplier of sheet sets from India supplying about 120,000 sheet sets per month.
Business Description : Textile
other than Garments is divided into three categories, viz., Yarn, Fabric and
Made-ups. The biggest value added items are Made-ups, which literally mean
stitched articles other than ready-made garments, predominantly the Home
Textile Items. Minar is a pioneer in Made-ups. It is engaged in exports of
Made-ups, most of which are manufactured in-house. As a backward integration
strategy, Minar already has two state of the art CMT facilities in Vasai,
Thane. Now the company is proposing to set up a fabric processing plant in
Erode, Tamil Nadu. This plant is likely to commence operations by April 2007.
Through this proposed expansion project, Minar plans to address the following
issues:
· Rising
competition.
· Increase in the
potential markets for Home Textiles, mainly Europe
· Achieving
economies of scale for better price realizations by reducing costs.
· Deliver better
quality by reducing lead time, enhancing the quality of products through
vertical integration.
· Better focus on
the core business areas of the company.
· Achieving full integration, to compete with
other players internationally and domestically.
In order to capitalize on its marketing success, Minar proposes to become a
vertically integrated player. We expect Minar's margins to expand
substantially, on account of improved cost competencies.
In India, 100% cotton is a tradition and culture and Minar is an integral part
of this wonderful textile tradition and history.The handcrafted creativity in
the weave, structure and colours in the ancient orthodox working of this
textile industry are very unique. We use state of the art techniques and false
proof quality managment in our production facilities and utilize SPC tools to
control critical customer specifications to ensure our customers receive
quality products matching their demands.
Minar's customers are spread throughout
the globe from USA.,Canada, Southamerica to Europe (with significant representation
in Germany and The United Kingdom.) In USA, Our sales offices are located at
New York City, Vienna, Verginia, Santa Anna, California and Orlando,Florida.
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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
|