MIRA
INFORM REPORT
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Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRATIBHA SYNTEX LIMITED |
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Formerly Known As : |
PRATIBHA SYNTEX PRIVATE LIMITED |
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Registered Office : |
301, Acme Plaza, 3rd Floor, Andheri-Kurla Road, Opposite Sangam Cinema, Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of Incorporation : |
07.10.1982 |
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Com. Reg. No.: |
04-5565 |
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CIN No.: [Company
Identification No.] |
U17119GJ1982PLC005565 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
BPLP01476G |
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PAN No.: [Permanent
Account No.] |
AABCP4207C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Export of Cotton Yarn, Synthetic Yarn, Fabrics and Knitting Fabrics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 6000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Profit margin is low. Payments are reported as slow. The company can be considered normal for business dealings at usual trade terms and conditions |
INFORMATION PARTED
BY
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Name : |
Mr. Subhash Jha |
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Designation : |
Export Manager/ Yarn Div. |
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Mobile No.: |
91-9826028941 |
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Tel No.: |
91-7292-404249 |
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Date : |
15.11.2008 |
LOCATIONS
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Registered Office : |
301, Acme Plaza, 3rd Floor, Andheri-Kurla Road, Opposite Sangam Cinema, Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-256921428/ 28361464/ 28314850/ 28314853/ 66921428/ 283145850 |
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Mobile No.: |
91-9826028941 |
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Fax No.: |
91-22-28361464 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
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Corporate Office : |
Plot No.399 GIDC Pandesais District Surat - 395003, Gujarat |
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Factory 1/ Manufacturing Unit : |
Plot No. 4, Industrial Growth Centre, Kheda – 454 774, Pitampur, District Dhar, Madhya Pradesh, India |
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Tel. No.: |
91-7292-404362-64/ 404362-3/ 404357/ 413231 |
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Fax No.: |
91-7292-256340-1 |
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E-Mail : |
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Area : |
70 acres approx |
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Location : |
Leased |
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Factory 2: |
Sector 1,
Pitampur PSL |
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Tel. No.: |
91-7292-4136031 |
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Factory 3: |
STZ Apparel Park Pitampur (Under Construction) |
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Branches : |
Delhi Office |
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Tel. No.: |
91-11-41616465, 26816790,32449714 |
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Fax No.: |
91-11-41616480 |
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E-Mail : |
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Location : |
Rented |
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Branches : |
Indore Office |
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Tel. No.: |
91-731-2562228-9 |
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Fax No.: |
91-731-2562227 |
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E-Mail : |
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Location : |
Owned |
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Branches : |
Faridabad Office Plot No. 16, DLF Phase – 2, Near NHPC Chowk, Faridabad – 121003, India |
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Tel. No.: |
91-129- 4105728 |
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Fax No.: |
91-129- 4107318 |
DIRECTORS
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Name : |
Mr. Shiv Kumar Chaudhary |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Snehkar Bansal |
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Designation : |
Whole time
Director |
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Name : |
Mr. Ram Kishan Sharma |
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Designation : |
Director |
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Name : |
Mr. S. Ananth Krishnan |
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Designation : |
Nominee (IDBI) |
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Name : |
Mr. Sanjay Sarkar |
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Designation : |
Nominee (EXIM) |
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Designation : |
Mr. Aditya Goyal |
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Address : |
Whole time
Director |
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Name : |
Mr. Shreyaskar
Chaudhary |
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Designation : |
Vice Chairman and
Joint Managing Director |
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Name : |
Mr. N S Nirban |
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Designation : |
Executive
Director |
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Name : |
Mr. K. K.
Lalpuria |
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Designation : |
Director (Terry
Towel Marketing) |
KEY EXECUTIVES
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Name : |
Mr. N K Joshi |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Export of Cotton Yarn, Synthetic Yarn, Fabrics and Knitting Fabrics. |
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Products : |
· Yarn · Fabrics · Knitting Fabrics · Dried Fabrics · Knitted Garments |
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Exports : |
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Products : |
· Cotton Yarn · Garment |
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Countries : |
· USA · Europe · UK · Germany · Canada · South Africa · Far East · Middle East · Korea |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Turkey |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Suppliers : |
· Blow Room – Crosrol, UK · Crosrol, UK · Comber - Toyoda, Japan · Toyoda, Japan - Draw Frame · Knitting - Fukuhara (Monarch), Japanterrot, Germany · Speed Frame - Texmaco Howa, India · Ring Frame - Toyoda, Japan · Auto Coner - Murata, Japan · Yarn Conditioning - Xorella, Switzerland |
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Customers : |
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No. of Employees : |
2000 |
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Bankers : |
· State Bank of India Mumbai Main Branch, India · Canada Bank Nawab Bazar Branch, India |
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Banking Relations
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Satisfactory |
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Auditors : |
Kanji R. Agrawal and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17017611 |
Equity Shares |
Rs.10/- each |
Rs.170.176 millions |
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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 |
170.176 |
170.200 |
140.200 |
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2] Share Application Money |
102.100 |
0.000 |
0.000 |
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3] Reserves & Surplus |
936.282 |
746.100 |
755.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1208.558 |
916.300 |
895.600 |
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LOAN FUNDS |
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1] Secured Loans |
2342.709 |
1811.900 |
1691.100 |
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2] Unsecured Loans |
138.295 |
88.200 |
84.000 |
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TOTAL BORROWING |
2481.004 |
1900.100 |
1775.100 |
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DEFERRED TAX LIABILITIES |
153.226 |
0.000 |
0.000 |
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TOTAL |
3842.788 |
2816.400 |
2670.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1877.593 |
1913.800 |
1938.900 |
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Capital work-in-progress |
737.076 |
76.700 |
35.300 |
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INVESTMENT |
16.548 |
16.600 |
12.900 |
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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 |
971.722
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662.200 |
471.100 |
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Sundry Debtors |
303.066
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245.600 |
240.400 |
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Cash & Bank Balances |
54.172
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68.000 |
28.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
361.225
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332.800 |
270.600 |
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Total
Current Assets |
1690.185
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1308.600 |
1010.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
460.916
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469.800 |
304.600 |
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Provisions |
17.698
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29.500 |
21.900 |
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Total
Current Liabilities |
478.614
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499.300 |
326.500 |
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Net Current Assets |
1211.571
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809.300 |
683.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3842.788 |
2816.400 |
2670.700 |
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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 |
3847.514 |
3447.900 |
3023.600 |
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Other Income |
124.910 |
29.300 |
36.800 |
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Total Income |
3972.424 |
3477.200 |
3060.400 |
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Profit/(Loss) Before Tax |
215.871 |
159.000 |
66.900 |
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Provision for Taxation |
25.685 |
15.100 |
5.300 |
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Profit/(Loss) After Tax |
190.186 |
143.900 |
61.600 |
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Expenditures : |
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Manufacturing Expenses |
2278.266 |
336.600 |
250.000 |
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Administrative Expenses |
540.181 |
206.900 |
178.800 |
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Raw Material Consumed |
257.227 |
2046.800 |
1893.600 |
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Miscellaneous Expenses |
304.378 |
3.100 |
0.700 |
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Salaries, Wages, Bonus, etc. |
217.545 |
187.600 |
169.400 |
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Interest |
0.000 |
187.500 |
163.600 |
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Power & Fuel |
0.000 |
179.400 |
148.700 |
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Depreciation & Amortization |
158.956 |
155.700 |
151.200 |
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Other Expenditure |
0.000 |
14.600 |
37.500 |
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Total
Expenditure |
3756.553 |
3318.200 |
2993.500 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.79
|
4.14 |
2.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.61
|
4.61 |
2.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.05
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4.93 |
0.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.17 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.45
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2.62 |
2.35 |
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Current Ratio (Current Asset/Current Liability) |
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3.53
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2.62 |
3.09 |
LOCAL AGENCY
FURTHER INFORMATION
- Operational Performance
The operations of the Company for the year under review have been satisfactory.
The Company recorded turnover of Rs.3447.864 millions and Profit before Tax of
Rs.158.946 millions, an increase of 14.03% and 137.70% respectively over the
previous year. The Company's exports including incentives increased to
Rs.2356.567 millions from Rs.2159.340 millions in the previous year, an
increase of 11.13% over the previous year.
- Expansions
In the post quota
regime, state-of-the-art capacity is the name of the game for globally
recognised companies like Subject. The Company has reinforced its commitment to
the global textile market by making a significant investment of Rs.3490
millions in different segments of textile such as Terry Towel (Home Textile),
Open End Spinning; expansion in existing Knitting, Dyeing and Garment
facilities and Gas Based Power Project to cater existing and proposed
requirements of power. The essential resources for implementing the expansion
plan have been tied up by way of Term Loans of Rs.2330 millions all under
Technological Upgradation Fund Scheme (TUFS) and remaining fund is proposed to
be resourced through Initial Public Offer (IPO) and Accruals.
The 'Bhoomi Poojan' ceremony for all the above new Projects has been performed
on the auspicious clay of Ram Navami on 7th April 2006, and civil construction
work has been commenced.
To be globally competitive, the Company has taken initiatives to expand and
optimise its existing capacities. The Company has always believed that textile
industry in India holds enormous promise that can be realised only with
substantial investment in world class plants for providing the good
quality.
·
Further Issue of Capital
During the period under
review, the Company had allotted 30,00,000 equity shares of Rs.10/- each for
cash at par aggregating to Rs.30 millions to the promoters and their associates
on preferential basis in pursuance of the special resolution passed by the
shareholders in its extra-ordinary general meeting held on 24th August 2005.
With issue of these equity shares, the paid up capital of the Company has
increased to Rs.170.176 millions comprising of 1,70,17,611 equity shares of
Rs.10/-each.
Website Details:
Origin
and Growth
Subject
launched its operations in the year 1997. India's first vertical manufacturing
set up, subject made its foray into organic farming in the year 1999. In the
following year, the company adopted forward integration into
Knitting-Dyeing-Garments in 2000. Today, Subject is proud to be an Integrated
Textile Company having a turnover of Rs.3120 millions and interests in raw
cotton, cotton yarn, synthetic yarn, knitted fabric and garments.
MANUFACTURER
Organic
Cotton- The organic cotton cultivation
project by Pratibha Syntax is named Vasudha- Hindi for The Earth. The Project
has its roots in village Karhi, about 80 kms from Indore city in the Indian
state of Madhya Pradesh. It is spread over 22000 acres of farmland. 2100
farmers are associated with the project. Experts like agricultural scientists,
technical consultants and extension supervisors regularly monitor farming
activities and guide the farmers on complete waste management, recycling and
adopting better farming practices. They train the farmers on preparing natural
fertilizers, human and animal health care and pest management besides
undertaking various activities for their welfare.
Yarns Division- Having a well equipped yarn
manufacturing unit at Pithampur (M.P, India), Pratibha boasts of an installed
production capacity of 48,048 spindles operating round the clock. Yielding
12,875 tons of yarn per annum- the elaborate facility is instrumental in
fulfilling clients' needs all over the world.
Fabric Division- Pratibha's infrastructure matches world class standards. The
elaborate set up houses hi-tech machinery like fabric lab testing equipments,
circular knitting machines, flat knitting machines and dye house equipments. It
has a knitting and dyeing capacity of 4725 tons per annum and 4025 tons per
annum respectively.
Garments Division- Pratibha is a name to reckon with in the manufacture of
high quality garments. It manufactures underwear, sportswear, leisurewear, high
street fashionwear; and loungewear for women, men, kids and infants. Pratibha
garments meet world class standards in equipments, processes, quality
assurance, delivery, training and of course, fast changing trends and fashion.
The garments section boasts of impressive production capacity. In the casual
wear, 2.5 million pcs are produced per annum; whereas in the undergarments, 8
million pcs are produced per annum.
Resources
Team-Pratibha has an impressive team comprising 3000
employees. It has 1500 vendors and 200 customers. There are over 25000 indirect
employees.
Training- is an on going process at Pratibha. There is an in-house training
department which conducts comprehensive programme covering Executives and
Workers. Pratibha also has an association with professional training
organizations and renowned consultants. It has an exclusive tie up with Sitro
for spinning and knitting, and a regular management development programme for
the senior and middle management.
Staff Accommodation- Pratibha makes available for its
employees well furnished residential houses that are equipped with all the
basic amenities.
Utilities
Power generation
The company generates 4 MW of power.
ETP (Waste Water Management)
ACHIEVEMENT
Awards
- Niryat Shree Puraskar Presented By
Indian Council For Small and Medium Exporters
- Export Performance Award For 1993-94 By
Canara Bank, Bangalore
- Niryat Shree Award For 1997-98 By
Federation Of Indian Export Organizations
- Niryat Shiromani Puraskar By Indian
Council Of Small And Medium Exporters (Icsme).
- Raj Bhawan
Aizawl Shield Presented By His Excellency The Governor Of Mizoram- Shri
Amolak Rattan Kohli
Best Performance Award For 1998 -99 By Concor, Icd, Pithampur - Sanjivani Kosh Award By State Bank Of
Indore For Social Work
- Icmf's Award For Excellence For 2002-03
- Udyog Ratna By Phd Chamber Of Commerce
And Industry Centenary Celebrations
Certification
- Subject is certified for Oeko-Tex
Standard 100 that sets yardsticks for yarns, fabrics and textile products
of all kinds.
- Subject is proud to possess WRAP certification which
it has got by complying to stringent principles of Workplace Regulations.
- Subject has been awarded ISO 9001
certification, which confirms that subject products enjoy a worldwide
recognition.
Management
Guiding the subject ship with its acuity of vision and strategic
direction is the company's top management team that perfectly characterizes the
thought:
- About Vasudha
When they heal the Earth they heal represents the spirit,
the reason and the relevance of the Vasudha Project-the massive organic farming
programme run by subject. The project aims to grow clean and eco-friendly
cotton to produce a clean cotton garment, spread environmental sensibilities
amongst people, generate direct/ indirect employment and ensure the farmers'
welfare.
· Project Overview
Vasudha is Hindi for The Earth. The Project has its roots in village Karhi,
about 80 kms from Indore city in the Indian state of Madhya Pradesh. The
project has grown multifold since its inception. In the year 1998, when it
began, it covered the land area of 4000 acres. Today it is covers a total 22000
acres of farmland. Experts like agricultural scientists, technical consultants
and extension supervisors regularly monitor farming activities and guide the
farmers on complete waste management, recycling and adopting better farming
practices. They train the farmers on preparing natural fertilizers, human and
animal health care and pest management.
· Challenges
Project
Vasudha is a success story despite many overwhelming odds. Some of the
crippling challenges it has continually faced are lack of infrastructural
facilities such as road, water and electricity; poor distribution of rainfall
due to deforestation; soil erosion; lack of irrigation facilities;
non-availability of market place for reasonably priced organic products;
misguidance by insecticide, GMS, fertilizer and agro input industries.
· Social
Work
At Pratibha, a deep concern for the poor and the deprived is
mirrored not only through one or two but a series of activities that have been
a part of its success drive. The company achieves this by being a sole provider
through various self-run projects, as a partner of other organizations and as
facilitator to various institutions through procurement of funds, technical
support, staff training, emergency relief and administrative assistance
wherever necessary to achieve the pre- determined activities.
Expansion Plan
Given
its multiple usage, there is an increasing demand for Terry Towels in the
textile market, which is not matched by an adequate supply. This unmatched proportion
of demand and supply has given rise to a vacuum, especially in the markets of
Europe and USA.
To tap
this huge market potential, Pratibha is going for multi-crore expansion in its
capacity by investing in a new Terry Towel Project. After completion, it will
be among the top three Terry Towel manufacturing plants in India. The company
plans to further enhance its capacity to be among the top 10 manufacturers of
Terry Towels in the world. The new project will bring employment to nearly 2000
people and indirect employment to nearly 20000 people.The plan is divided into
two phases:
Phase
1
- 88 looms Terry Towel Project
- Two-fold capacity enhancement of knits
division
- 1440 rotors open end spinning projects,
14 tons per day of 100% cotton yarn
- Proposed addition of 11.5 mt per day
Phase
2
- Further 88 looms in Terry Towel Project
- 25200 spindles Ring Spun Spinning
Project for manufacturing fine counts yarns
- Technology Upgradation Project for
current spinning units
- CHP Gas Turbine Project
To
ensure the continuous and uninterrupted production, the hi-tech Terry Towel
plant of Pratibha will operate on a multi fuel device with combined heat and
power system. The device is designed to work on gas and is highly energy
efficient, maintenance- free and, over and above, pollution-free. This
reinforces Pratibha's commitment towards saving the environment and providing
pollution- free air to its employees.
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 |
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 |
NO |
|
--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/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 |
|