MIRA
INFORM REPORT
|
Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JABIL CIRCUIT INDIA PRIVATE LIMITED |
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Formerly Known As : |
PCB CONTRACT MANUFACTURING
SERVICES (INDIA) PRIVATE LIMITED |
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Registered Office : |
5, 17th Floor, Nirmal Towers, Nariman Point,
Mumbai-400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.08.2007 |
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Date of Incorporation : |
27.08.2002 |
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Com. Reg. No.: |
11-136997 |
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CIN No.: [Company
Identification No.] |
U32109MH2002PTC136997 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
PNEJ04704A |
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PAN No.: (Permanent Account No.) |
AACCP7114K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Assembling of Printed Circuit Boards (PCB) and Systems |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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|
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 |
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Maximum Credit Limit
: |
USD 22000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is engaged in manufacturing and marketing of all types and varieties
of populated and / or Printed Circuit boards. It has moderate track of
performance and financial status. Trade relations are reported as fair.
Payments are currently slow and delayed. The company may be considered for business dealings against safe and secured trade terms and conditions, at present. |
LOCATIONS
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Registered Office : |
17th Floor, Nirmal
Towers, Nariman Point, Mumbai-400021, Maharashtra, India |
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Tel. No.: |
91-22-56370031 |
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Fax No.: |
91-22-56559750 |
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E-Mail : |
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Head Office : |
5th and 17th Floor, World Trade Centre
І, Cuffe Parade, Mumbai – 400 005,
Maharashtra, India |
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Tel. No.: |
91-20-27112082/27112085/27112086 |
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Fax No.: |
91-20-27112086 |
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E-Mail : |
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Factory : |
Plot No.80, MIDC, Bhosari Industrial Estate, Pimpri, Pune - 411026, Maharashtra State, India |
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Tel. No.: |
91-20-27112082/27112085/27112086 |
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Fax No.: |
91-20-27112086 |
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E-Mail : |
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Area : |
85000 Sq.fts |
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Location : |
Owned |
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Factory : |
B-26, MIDC, Ranjangaon, Taluka Sirur, District Pune, Maharashtra, India |
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Tel. No.: |
91-2138-562025 |
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Fax No.: |
91-2138-560759 |
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Area : |
(Land) 79786 Sq.fts |
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Location : |
Under Construction |
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World H.Q.: |
10560, 9th Street North, St. Peters Burg, Florida 337106, USA |
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Tel. No.: |
7275779749 |
DIRECTORS
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Name : |
Mr. Dayal Hasan Prasad |
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Designation : |
Managing Director |
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Address : |
1844 E, Monterey St. Chandler, Arizona 85225, USA |
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Date of Birth : |
13.05.1952 |
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Date of Appointment : |
31.05.2007 |
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Name : |
Mr. Otto Johannnes Theodorus Maria Bik (Dutch) |
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Designation : |
Director |
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Address : |
Tweeriten 30, 5673 TV Nuenen, The Netherlands |
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Date of Appointment : |
15.11.2002 |
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Name : |
Mr. Dipankar B. Sanyal |
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Designation : |
Director |
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Address : |
463, Clover Watch Garden, 69, Kayami Nagar, Pune – 411 014,
Maharashtra |
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Date of Birth/Age : |
55 years |
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Qualification : |
BE, MBA |
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Experience : |
31 years |
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Date of Appointment : |
15.11.2002 |
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Other Directorship |
Philips India Limited |
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Name : |
Ms. Subhangi Chandrashekhar Bapat |
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Designation : |
Director |
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Address : |
Flat No. 8, Shubha Apartments, Alkapuri Co-operative Housing Society,
Paud Road, Kothrud, Pune – 411 029, Maharashtra |
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Date of Birth : |
14.09.1962 |
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Date of Appointment : |
15.11.2002 |
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Date of Ceasing : |
10.08.2007 |
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Name : |
Mr. William Edward Peters |
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Designation : |
Director |
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Address : |
5403, Mira Vista Dr. Palm Harbor, FL 34685, USA |
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Date of Appointment : |
31.01.2003 |
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Name : |
Mr. Chris Alan Lewis |
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Designation : |
Director |
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Address : |
3978, Arlington Drive, Palm Harbor FL 34685, USA |
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Date of Appointment : |
31.01.2003 |
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Name : |
Mr. Forbes Ian James Alexander |
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Designation : |
Director (British) |
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Address : |
1604, Country Trails Drive, Safety Harbor, FL 34695, USA |
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Date of Birth : |
22.09.1960 |
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Date of Appointment : |
31.01.2003 |
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Name : |
Mr. Rohit K. Kochhar |
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Designation : |
Director (Alternate of William Edward Peters) |
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Address : |
S-454, Greater Kailash – II, New Delhi – 110 045 |
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Date of Birth : |
24.10.1963 |
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Date of Appointment : |
01.03.2004 |
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Name : |
Ms. Manjula A. Chawla |
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Designation : |
Director (Alternate of Chris Alan Lewis) |
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Address : |
S-454, Greater Kailash – II, New Delhi – 110 045 |
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Date of Appointment : |
01.03.2004 |
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Name : |
Mr. Manishi Virendra Pathak |
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Designation : |
Director (Alternate to Mr. Forbes Ian James Alexdander) |
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Address : |
S-454, Greater Kailash – II, New Delhi – 110 045 |
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Date of Birth : |
23.02.1969 |
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Date of Appointment : |
01.03.2004 |
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Name : |
Ms. Neena S. Bhatia |
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Designation : |
Company Secretary |
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Address : |
Mumbai – 400 056, Maharashtra |
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Name : |
Mr. Timothy L. Main |
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Designation : |
President & Chief Financial Officer |
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Name : |
Mr. Forbes I. J. Alexander |
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Designation : |
Director |
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Address : |
1604, Country Trails Drive, Safety Harbor, FL 34695, U.S.A. |
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Date of Appointment : |
31.01.2003 |
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Name : |
Mr. Mustafa S Motiwala |
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Designation : |
Director |
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Address : |
501-B, Dheeraj Gaurav Height II, Andheri Link Road, Andheri (West),
Mumbai-400053, Maharashtra, India |
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Date of Appointment : |
27.08.2002 |
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Date of Ceasing : |
15.11.2002 |
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Name : |
Mr. Anish Ghoshal |
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Designation : |
Director |
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Address : |
Maudestan, 2 D Monte Park Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Appointment : |
27.08.2002 |
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Date of Ceasing : |
15.11.2002 |
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Name : |
Mr. Ashok Nambussan |
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Designation : |
Additional Director |
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Address : |
Flat No.23, Capri, 9, Manav Mandir Road, Malabar Hil, Mumbai-400006 |
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Date of Appointment : |
23.09.2002 |
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Date of Ceasing : |
19.11.2002 |
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Name : |
Mr. William Dennis Muir Jr. |
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Designation : |
Additional Director |
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Address : |
6202, Pasadena Pt. Blvd, Gulfport, Florida-33707, USA |
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Date of Birth : |
23.09.1968 |
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Date of Appointment : |
28.09.2006 |
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Other Directorships : |
* Celetronix Power
India Private Limited * Celebit
Technology Private Limited * Celetronix India
Private Limited * Jabil Circuit
Technology India Private Limited |
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Name : |
Mr. Meheryar Kakhushard Dastoor |
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Designation : |
Additional Director |
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Address : |
1918, Lago Vista Boulevard, Parlm Harbor Florida-346885, US |
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Date of Birth : |
20.10.1965 |
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Date of Appointment : |
28.09.2006 |
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Other Directorships : |
* Celetronix Power
India Private Limited * Celebit
Technology Private Limited * Celetronix India
Private Limited * Jabil Circuit
Technology India Private Limited |
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Name : |
Mr. Krishan Kumar Batta |
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Designation : |
Additional Director |
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Address : |
3885J, Cochran Street, # 180, Simi Valley, CA-93063, US |
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Date of Birth : |
18.06.1963 |
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Date of Appointment : |
28.09.2006 |
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Other Directorships : |
* Celetronix
Powder India Private Limited * Celebit
Technology Private Limited * Celetronix India
Private Limited * Jabil Circuit
Technology India Private Limited |
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Name : |
Mr. Krishan Kumar Batta |
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Designation : |
Additional Director |
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Address : |
703, Odyssey – 2, Hiranandani Gardens, orchard Avenue, Powai, Mumbai
– 400 076, Maharashtra, India |
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Date of Birth : |
18.06.1963 |
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Date of Appointment : |
28.09.2006 |
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Name : |
Ms. Rajarshi Nirmal Chakrabarti |
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Designation : |
Director (Alternate to Mr. Meheryar Kakhushard Dastoor) |
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Address : |
14th Floor, 1406 Dosti Carnation, Wadala East, Mumbai –
400 037, Maharashtra |
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Date of Birth : |
04.11.1972 |
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Date of Appointment : |
28.09.2006 |
KEY EXECUTIVES
|
Name : |
Ms. Supriya Mohta |
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Designation : |
Company Secretary |
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Address : |
A-504, RNA
Regency Park, Kandivali (West), M G Road, Mumbai-400067, Maharashtra |
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Date of
Appointment : |
01.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares held |
|
Jabil (Mauritius) Holdings Limited |
17499999 |
|
Jabil Circuit Limited |
1 |
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Total |
17500000 |
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List of Allottee [s] |
No. of Equity
Shares held |
|
Jabil (Mauritius) Holdings Limited [08.05.2006] |
9000000 |
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Jabil (Mauritius) Holdings Limited [11.02.2005] |
10884445 |
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List of Allottee [s] |
No. of Preference held |
|
Jabil (Mauritius) Holdings Limited [11.02.2005] |
6109000 |
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Jabil (Mauritius) Holdings Limited [22.04.2008] |
125891000 |
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Names of Shareholders |
% of Holding |
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Foreign Holdings (Foreign Institutional Investor/ Foreign Companies/
Foreign Financial Institutions/ Non Resident Indian/ Overseas Corporate Bodies
or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Assembling of Printed Circuit Boards (PCB) and Systems |
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Products : |
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Terms : |
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Selling : |
Advanced Payment (30 Days) |
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Purchasing : |
L/C Terms on Cash (30 Days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
203 |
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Bankers : |
City Bank , D. N. Road, Fort, Mumbai 400001, Maharashtra, India |
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Banking Relations
: |
Unknown |
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Auditors : |
BSR and Company Chartered Accountants |
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Address : |
KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower
Parel, Mumbai – 400 013, Maharashtra, India |
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Associates/Subsidiaries : |
Jabli Circuit |
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Holding Company : |
Jabil (Mauritius) Holdings Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
184000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1840.000
millions |
|
66000000 |
Preference Shares |
Rs. 10/- each |
Rs. 660.000
Millions |
|
|
Total |
|
Rs. 2500.000 Millions |
AS ON 31.08.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26500000 |
Equity Shares |
Rs. 10/- each |
Rs. 265.000
millions |
|
59891000 |
Preference Shares |
Rs. 10/- each |
Rs. 598.910
millions |
|
|
Total |
|
Rs. 863.910 millions |
AS ON 30.09.2008
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37384445 |
Equity Shares |
Rs. 10/- each |
Rs. 373.844
millions |
|
66000000 |
Preference Shares |
Rs. 10/- each |
Rs. 660.000
Millions |
|
|
Total |
|
Rs. 1033.844 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.08.2007 |
31.08.2006 |
31.08.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
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|
1] Share Capital |
863.910 |
265.000 |
175.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
90.000 |
|
|
3] Reserves &
Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(859.514) |
(383.971) |
(126.354) |
|
NETWORTH
|
4.396 |
(118.971) |
138.646 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.257 |
|
|
2] Unsecured
Loans |
1821.917 |
1233.986 |
574.860 |
|
TOTAL BORROWING
|
1821.917 |
1233.986 |
575.117 |
|
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TOTAL
|
1826.313 |
1115.015 |
713.763 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
780.734 |
748.335 |
266.989 |
|
Capital work-in-progress
|
1155.266 |
23.933 |
250.006 |
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
5.001 |
|
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
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Inventories
|
477.631
|
197.151
|
5.617
|
|
|
Sundry Debtors
|
116.042
|
555.929
|
27.950
|
|
|
Cash & Bank Balances
|
262.439
|
43.775
|
246.671
|
|
|
Other Current Assets
|
0.062
|
0.007
|
0.684
|
|
|
Loans & Advances
|
293.904
|
198.928
|
54.538
|
Total Current Assets
|
1150.078
|
995.790
|
335.460
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1234.141
|
622.117
|
114.204
|
|
|
Provisions
|
25.624
|
30.926
|
29.489
|
Total Current Liabilities
|
1259.765
|
653.043
|
143.693
|
|
Net Current Assets
|
[109.687]
|
342.747
|
191.767
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
1826.313 |
1115.015 |
713.763 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.08.2007 |
31.08.2006 |
31.08.2005 |
|
|
Sales Turnover |
2110.274 |
461.546 |
102.014 |
|
|
Other Income |
0.000 |
0.000 |
8.904 |
|
|
Total Income |
2110.274 |
461.546 |
110.918 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(471.592) |
(251.820) |
(56.103) |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
(471.592) |
(251.820) |
(56.103) |
|
|
|
|
|
|
|
|
Export Value |
36.351 |
0.789 |
0.000 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interest |
72.409 |
36.835 |
1.950 |
|
|
Depreciation |
132.502 |
10.784 |
36.490 |
|
|
Other Expenditure |
2376.955 |
665.748 |
128.582 |
|
Total Expenditure |
2581.866 |
713.367 |
167.022 |
|
KEY RATIOS
|
PARTICULARS
|
|
31.08.2007 |
31.08.2006 |
31.08.2005 |
PAT / Total Income
|
(%)
|
(22.35) |
[54.56] |
[50.58]
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
(22.35) |
[54.56] |
[54.99]
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
(24.42) |
[26.10] |
[6.58]
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
(107.28) |
[2.11] |
[0.40]
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
701.02 |
15.86 |
5.18
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
0.91 |
1.52 |
2.33
|
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on a Mumbai in Maharashtra
under the name and style of PCB Contract Manufacturing Services (India) Private
Limited Liability Company having Company Registration Number.
The name of the company has been changed to the
present w.e.f. 24.02.2003.
The company has been formed to takeover the PCB
business of Philips (India) Limited. It is operating under the Heading style
since February 2003. However, the company was registered as an independent
corporate only on 14th May 2004 under the heading style. Philips
(India) Limited has sold the facilities to Jabli Services Incorporation,
Florida, USA
The company recently changed it’s name from Jabil
Circuit Technology (I) Private Limited.
PCB Contract Manufacturing Services (India) Private
Limited (“PCB India”). PCB India was the subsidiary of the Koniklijke Philips
Electronics N. V., Netherlands (“KPENV”). However, with the acquisition of the
entire shareholding of KPENV by Jabil (Mauritius) Holdings Limited (a group
company of Jabil Circuits Inc., USA), the name of the company was changed to
the present name, Jabil Circuit India Private Limited.
The company’s old registered office at Nirmal, 19th
floor, Nariman Point, Mumbai – 400 021, Maharashtra has been shifted to the
above address w.e.f. 14.20.2002.
BUSINESS
Subject is engaged in the business as production
and testing of any kind of PCB.
Subject is engaged in to establish and carry on
India or elsewhere the business of manufacturing, producing, conceptualising,
developing, designing, assembling, customising, importing, exporting, trading,
distributing and otherwise dealing in and supplying all types, varieties and
specifications of populated and or printed circuit boards on a contract
manufacturing basis or otherwise for the manufacturers and or for all kinds of
consumer electronic products, business electronic products and professional
electronic products.
Profile
The company establishes long-term customers
partnerships by delivering the most comprehensive manufacturing services
available.
Their goal is to achieve customer satisfaction
through excellence in design, supply chain management, manufacturing and repair
solutions. Through its culture, its drive and the expertise of each individual
employee, the company is uniquely positioned to provide best in class services
to a global customer base.
Fixed assets
v
Plant and Machinery
v
Furniture
v
Office Equipments
v Computers
Motherboard Support
Jabil provides manufacturing services to electronics and technology companies, including the assembly of printed circuit boards. They do not provide end-user support for motherboard products.
Related Companies:
Jabil Services
Incorporation; Pitsburg, USA and it’s associates having a group turnover of USD
$ 5.20 Billion, Employs 36500 people, established in 1996, CEO Mr. Pubilloy
Hold.
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
22 |
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 |
|