MIRA
INFORM REPORT
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Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SARGAM METALS PRIVATE LIMITED |
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Registered Office : |
No. 2, Ramavaram Road, Manapakkam, Chennai - 600 089, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.05.1970 |
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Com. Reg. No.: |
18-5846 |
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CIN No.: [Company
Identification No.] |
U281000TN1970PTC005846 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES16554G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Aluminium Ingots Alloys, Zinc Casting Alloys. |
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 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Directors are reported as experienced,
respectable and resourceful industrialists.
Their trade relations are reported as fair. Financial position is satisfactory. Payments are usually correct and as per commitments. In our opinion, based on calculations and in a current scenario,
maximum credit line up to US$ 100000 can be suggested against D/P terms. |
INFORMATION PARTED
BY
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Name : |
Mr. Srinivas Raghavan |
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Designation : |
Accounts Manager |
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Date : |
14.10.2008 |
LOCATIONS
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Registered Office/Factory : |
No. 2, Ramavaram Road, Manapakkam, Chennai - 600 089, Tamilnadu, India |
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Tel. No.: |
91-44-22342885 / 22290885 / 22491796 / 22491547 / 22490885 / 22492116
/ 22496732 |
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Fax No.: |
91 - 44 – 22343651 / 22491651 |
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E-Mail : |
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Website : |
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Area : |
2 Acre |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Arun Sarathi |
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Designation : |
Chairman cum Managing Director |
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Address : |
189, ST. Mary’s Road, Chennai – 600 018, Tamilnadu, India |
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Date of Birth/Age : |
15.10.1959 |
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Date of Appointment : |
01.10.1985 |
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Name : |
Mrs. Sudha Ravi |
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Designation : |
Whole Time Director |
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Address : |
28, Kasturirangan Road, Chennai – 600 018, Tamilnadu, India |
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Date of Birth/Age : |
06.09.1953 |
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Date of Appointment : |
24.10.1988 |
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Name : |
Mrs. Padma Sarathi |
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Designation : |
Director |
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Address : |
189, ST. Mary’s Road, Chennai – 600 018, Tamilnadu, India |
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Date of Birth/Age : |
15.03.1925 |
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Date of Appointment : |
06.05.1976 |
KEY EXECUTIVES
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Name : |
S Muthukrishnan |
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Designation : |
Company Secretary |
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Address : |
Touchwood Apartments, Second Floor, No. 10/8 Ramanathan Street,
Mahalingapuram, Chennai – 600 034, Tamilnadu, India |
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Tel No.: |
91-44-28173054 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
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S Arun |
24404 |
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Congruent Solutions Private Limited |
80 |
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Padma Sarathi and Pranav Arun |
3253 |
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Padma Sarathi and Prithvi Arun |
3413 |
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Padma Sarathi and Sudha Ravi |
3840 |
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Sudha Ravi and Aparna Ravi |
1416 |
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Sudha Ravi |
13500 |
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Aparna ravi |
4166 |
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Prithvi Arun |
4750 |
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Pranav Arun |
4750 |
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N Ravi |
6016 |
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Vijaya Arun |
3880 |
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Serendipity Investments Private Limited |
26500 |
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Others |
32 |
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Total |
100000 |
List of Allotment (As on 14.08.2006)
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Names of Allottees |
No. of Shares |
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S Arun |
4500 |
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Sudha Ravi |
11000 |
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N Ravi |
6000 |
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Prithvi Arun |
1000 |
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Pranav Arun |
1000 |
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Serendipity Investments Private Limited |
26500 |
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Total |
50000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies Corporate |
26.58 |
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Directors or relatives of directors |
73.39 |
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Other top fifty (50) shareholders |
0.03 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Ingots Alloys, Zinc Casting Alloys. |
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Products : |
·
Aluminium Ingots ·
Aluminium alloyed ingots ·
Unrefined lead alloyed ingots ·
Zinc alloy |
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Exports : |
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Products : |
Aluminium Anods |
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Countries : |
Singapore |
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Imports : |
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Products : |
Aluminium Scrab |
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Countries : |
Australia |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Subsequent Manufacturer |
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No. of Employees : |
In Office 100 (Contract 20) |
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Bankers : |
·
State Bank of India Commercial Branch, 1/65A, G S T Road, Guindy, Chennai – 600 032,
Tamilnadu, India ·
Citibank NA ·
Indian Bank Guindy Branch,
Chennai – 600 032, Tamilnadu, India ·
Axis Bank Limited |
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Facilities : |
CC Rs. |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Jagannathan and Sarabeswaran Chartered Accountants |
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Address : |
No. 35, Luz Avenue, Mylapore, Chennai – 600 004, Tamilnadu, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
|
50000 |
Preference Shares |
Rs.100/- each |
Rs.5.000 millions |
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Total |
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Rs.15.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000
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 |
10.000 |
6.500 |
6.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
48.621 |
40.724 |
33.676 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
58.621 |
47.224 |
40.176 |
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LOAN FUNDS |
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1] Secured Loans |
109.458 |
106.329 |
90.075 |
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2] Unsecured Loans |
18.726 |
30.150 |
19.658 |
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TOTAL BORROWING |
128.184 |
136.479 |
109.733 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
2.522 |
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TOTAL |
186.805 |
183.703 |
152.431 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
68.253 |
59.939 |
37.755 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.348 |
0.636 |
2.065 |
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DEFERREX TAX ASSETS |
0.672 |
0.190 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
91.046
|
76.463 |
52.931 |
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Sundry Debtors |
120.819
|
101.532 |
89.390 |
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Cash & Bank Balances |
28.619
|
16.674 |
13.881 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
39.393
|
29.190 |
22.250 |
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Total
Current Assets |
279.877
|
223.859 |
178.452 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
167.376
|
102.815 |
68.488 |
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Provisions |
1.169
|
0.741 |
0.456 |
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Total
Current Liabilities |
168.545
|
103.556 |
68.944 |
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Net Current Assets |
111.332
|
120.303 |
109.508 |
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MISCELLANEOUS EXPENSES |
4.200 |
2.635 |
3.103 |
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TOTAL |
186.805 |
183.703 |
152.431 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
890.238 |
650.788 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
890.238 |
650.788 |
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Profit/(Loss) Before Tax |
|
13.770 |
7.613 |
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Provision for Taxation |
|
4.703 |
(0.176) |
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Profit/(Loss) After Tax |
|
9.067 |
7.789 |
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Imports : |
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Raw Materials |
|
175.340 |
148.416 |
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Machinery |
|
10.652 |
11.910 |
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Total Imports |
|
185.992 |
160.326 |
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Expenditures : |
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Depreciation & Amortization |
|
9.817 |
7.212 |
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Other Expenditure |
|
866.651 |
635.963 |
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Total Expenditure |
|
876.468 |
643.175 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.02
|
1.20 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.55
|
1.17 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.96
|
2.68 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.16 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.06
|
5.08 |
4.45 |
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Current Ratio (Current Asset/Current Liability) |
|
1.66
|
2.16 |
2.59 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Greaves Limited - Ranipeth Tamilnadu
·
Hyundai Motors
Form No. 8
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Name of the company |
SARGAM METALS PRIVATE LIMITED |
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Presented By |
The Senior
Manager, Indian Bank Guindy |
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1) Date and description of instrument creating the change |
27.09.1991 ·
Agreement of
Hypothecation of movables ·
Letter of
Extension of Equitable mortgage ·
Agreements
for bills purchased with agreement of Hypothecation of debts and Assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
SOD Rs.2.000
millions DABP Rs.3.500
millions MTC Rs.0.170
millions Total of Rs.5.670
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
·
Hypothecation
of Plant and Machineries ·
Equitable
mortgage of Factory and Land and Buildings at Manpakkam Village, Ramavaram,
Chennai – 600 089 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
All the
facilities are secured by Hypothecation of Plant and Machineries installed
and to be installed from time to time and also equitable mortgage of Factory
and Land and Building by way of first charge for all amounts together with interests, commissions,
costs, charges and expenses. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Bank Guindy Branch, Chennai
– 600 032, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
20.07.2005 ·
Agreement
for Hypothecation of Moveable dated 20.07.2005 for Rs.9.700 millions
sanctioned to M/s. Congruent Solutions Private Limited ·
Letter from
Party to Bank confirming extension of equitable mortgage as collateral to
M/s. Congruent Solutions Private Limited, dated 20.07.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Extension of
Equitable Mortgage as collateral on the following Property of the company to
cover the total limits of Rs.9.700 millions sanctioned to M/s. Congruent
Solutions Private Limited, 8th Floor, Lotus Tower, 85, Anna Salai,
Guindy, Chennai – 600 032 ·
Factory Land
and Building comprised in R.S. No. 16/1, Manappakkam Village admeasuring 39
cents ·
Factory Land
and Building comprised in R.S. No. 16/2 Manappakkam Village admeasuring 45
cents ·
Factory Land
and Building comprised in R.S. No. 16/1B/2B1 Manappakkam Village admeasuring
19.50 cents ·
Factory Land
and Building comprised in R.S. No. 16/1A Manappakkam Village admeasuring
38.56 cents ·
Factory Land
and Building comprised in R.S. No. 16/1B/2B2 Manappakkam Village admeasuring
500 Sq. Metrs. Extension of the
Following Property of the company as collateral to cover the total limits of
Rs.9.700 millions sanctioned to M/s. Congruent Solutions Private Limited ·
Hypothecation
of goods, produce, merchandise, stock stored or to be stored at Company
Premises ·
Hypothecation
of Plant and machinery, which are in possession of the Borrower and / or to
be purchased with the Banks finance All other terms
and conditions remain the same. |
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Corporate
identity number of the company |
U281000TN1970PTC005846 |
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Name of the
company |
SARGAM METALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 2, Ramavaram Road, Manapakkam, Chennai - 600 089, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book Debts ·
Movable
property (not being pledge) ·
Others o
Hypothecation |
|
Particular of
charge holder |
State Bank of India Commercial Branch, 1/65A, G S T Road, Guindy, Chennai – 600 032,
Tamilnadu, India |
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Date of
instrument Creating the charge |
02.07.2007 |
|
Amount secured by
the charge |
Rs.231.400 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest CC (Hyp): Interest at the rate of 2.00% above SBAR, Presently 14.75%
p.a. EPC : Interest at the rate of 2.00% below SBAR, (Presently 10% p.a.) FBDN (Non LC) : Interest at the rate of 2.00% below SBAR, (Presently
10% p.a.) Term Loan : Interest at the rate of (Presently 14.75% p.a.) ·
Terms of
repayment The Term Loan of Rs.25.000 millions is to be repaid in 48 monthly
installments; The First 36 installments of Rs.0.525 million each, Next 11
installments of Rs.0.500 million each and the last installments of Rs.0.600
million. ·
Margin Raw Materials : 25% Stock in Process : 25% Finished Goods : 25% Consumables, Stores and Spares : 25% Cover Period : 45 days EPC : 10% LC (WC) : 10% BG (WC) : 25% Term Loan II One time LC (CG) : 25.15% |
|
Particulars of
the present modification |
The various
Credit facilities enjoyed by the Company now has been enhanced to Rs.231.400
millions. |
Web Details
Subject is a Indian manufacturer of Aluminium and Zinc
casting alloys, Aluminium die
cast components, Aluminium, Zinc and Magnesium sacrificial
anodes, ICCP systems and MGPS
systems for cathodic protection. It
also runs one of Chennai's leading testing laboratories offering a wide
range of testing services.
Subject's
production processes conform to ISO-9001-2000
quality system, its Laboratory is accredited by the National Accreditation
Board for Testing and Calibration Laboratories, India (NABL) and its
sacrificial anodes are type approved by the Lloyd's Register of Shipping,
London.
Founded in 1968,
in Chennai, India, the company is known for uncompromising product quality and
ethical business practices.
Products and services:
Aluminium Alloys
Subject makes a wide range of Aluminium Alloys for sand, gravity and
pressure die casting applications meeting EN, AA, JIS, BIS, and other
standards. Subject's alloys are used to make critical automotive components
like cylinder heads, pistons, manifolds, wheel hubs, brake assemblies, water
pump casings, alternator casings etc and its customers include some of India's
leading automotive and automotive component manufacturers.
Subject's specialty is 'tailor making' alloys to exactly
suit individual customer requirements. Specifications of every alloy used by
every customer are maintained in a comprehensive database to ensure that
customer requirements are always fulfilled. In addition to the alloy production
being ISO 9000 certified, the company enjoys 'selfcertification' status with
almost all its customers.
Aluminium scrap is a major raw material for the
manufacture of alloy ingots and Subject scores
over other companies by paying careful attention to its scrap handling
practices. This along with efficient manufacturing practices, use of
state-of-the-art analytical equipment for instant and accurate chemical
analysis, and close attention to ingot cleanliness ensures total quality
control right till the ingots are packed and delivered. Subject is one of the few foundry alloy manufacturers to
employ in line filtration of metal for alloys going for critical casting
applications. To improve material properties and casting characteristics Subject also supplies Aluminium alloys with various modification
treatments such as sodium, titanium boron and strontium.
Customers are therefore ensured of ingots that not
only meet exact composition requirements but that are also gas, dross and
inclusion free resulting in higher productivity, significantly lower rejections
and castings that meet physical and other property requirements.
In addition customers readily tap Subject's vast experience in trouble shooting foundry
problems.
Aluminium scrap is a major raw material for Subject and the company is always ready to buy/ buy back Aluminium process
scrap.
Aluminium Die Cast
Components
As a natural extension of its Aluminium alloy
manufacture, Subject offers Aluminium die cast
components. It has two 400TON machines, one 250TON machine, one 150TON machine
and one 60TON machine, thus providing the ability to take on a wide range of
component weights. It also has dedicated CNC machining centers and in keeping
with industry requirements, the company takes complete responsibility for post
casting operations such as finishing, machining and even sub assembly as
required. Because of the raw material strength that the company has its
customers for die cast products are assured of quality material, cost advantage
and timely supplies.
Zinc Alloys
Subject makes Zinc die casting alloy ingots to the popular
Mazak/ Zamak 3 and Mazak/ Zamak 5 specifications and also to other
specifications such as ZnAl. The alloys are made from special high grade Zinc
under close quality control conditions, analysed using state-of-the-art
spectrometers and supplied packed as per customer requirements. Ingots with
'claws' facilitating automatic furnace loading can also be supplied.
Cathodic
Protection
All metals and alloys undergo a natural corrosion. The extent of
corrosion depends on the nature of the alloy and the environment in which it is
placed. The seas are one of the most corrosive of environments. Protecting
steel structures from corrosion in marine conditions is therefore a challenging
task. The consequences of corrosion in structures such as ship hulls,
underwater piles of wharves and jetties, underwater pipes carrying oil or the
various complex underwater structures in a oil rig are so catastrophic that all
these structures have to be protected through cathodic protection even if they
have protective coatings. Pipelines and structures buried under soil also need
similar protection.
There are two broad methods of Cathodic Protection
·
Galvanic or sacrificial anode System.
·
Impressed Current Cathodic Protection (ICCP) System. Sargam offers both
systems for a variety of applications
Laboratory Testing
Services
Subject’s laboratory division functions as an independent analytical
testing division accredited by the Ministry of Science and Technology,
Government of India under National Accreditation Board for Testing and
Calibration Laboratories (NABL), under ISO/IEC 17025 in the fields of chemical
and biological testing. Housed in an independent building designed and
organized for smooth work flow the objective of the laboratory is to provide
reliable, timely and cost effective analytical services. The laboratory has an
impressive range of testing equipment.
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 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.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
48 |
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 |
|