MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DHANLAXMI FABRICS LIMITED |
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Registered Office : |
Manpada Road, Bhopar Village, Dombivli (East), Thane-421 204. Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.10.1992 |
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Com. Reg. No.: |
11-68861 |
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CIN No.: [Company
Identification No.] |
L17120MH1992PLC068861 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD03997A |
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Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturer on Job Basis/ Processing of Fabrics |
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 600000 |
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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 and reputed company having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Manpada Road, Bhopar Village, Dombivli (East), Thane-421 204. Maharashtra. |
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Tel. No.: |
91-22-28473474 / 28470653 / 28473747/2870589/90/91/92 |
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Fax No.: |
91-22-28475207/2870545 |
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E-Mail : |
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Website : |
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ADMINISTRATIVE OFFICE |
285, Princess Street, C. J. House, 2nd Floor, Mumbai - 400 002. |
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Tel. No.: |
91-22-22008176/7/22084635 |
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Fax No.: |
91-22-22089558 |
DIRECTORS
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Name : |
Mr. Ramautar S. Jhawar |
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Designation : |
Chairman |
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Name : |
Mr. Vinod S. Jhawar |
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Designation : |
Managing Director |
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Name : |
Mr. Mahesh S. Jhawar |
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Designation : |
Director |
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Name : |
Mr. N. C. Sharma |
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Designation : |
Director |
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Name : |
Mr. Durgesh Kabra |
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Designation : |
Director |
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Name : |
Mr. S. Sivaswami |
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Designation : |
Director |
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Name : |
Mr. Mihir Mehta |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
4330355 |
71.92 |
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Mutual Fund |
300000 |
4.98 |
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Private
Corporate Bodies |
669830 |
11.13 |
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NRIs / OCBs |
4935 |
0.08 |
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Indian Public |
705501 |
11.72 |
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Clearing Member |
10479 |
0.17 |
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Total |
60,21,100 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer on Job Basis/ Processing of Fabrics |
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Products : |
Fabrics and Yarn |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity (Million) |
Actual
Production (Million) |
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Fabrics |
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3.000 Kgs 18.000 Mtrs. |
19.639 Mtrs. 0.018 Kgs 19.767 Mtrs. 2.277 Kgs. |
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Yarn |
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0.680 Kgs. |
0.351 Kgs. |
GENERAL
INFORMATION
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No. of Employees : |
About 250 |
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Bankers : |
v ING Vysya Bank, v UTI Bank, v HDFC Bank
Limited v ABN-AMRO Bank
N.V. v State Bank of
India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. G. Kabra & Company Chartered Accountants |
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Associates/Subsidiaries : |
v Dhanlaxmi Cotex
Limited v Sohanlal Jhawar
Export Fabrics Private Limited v Western
Chlorides & Chemicals Private Limited (Wholly Owned Subsidiary) v Sohanlal Jhawar
Family Trust v Dhanlaxmi Export
Fabrics Private Limited v Promotex Impex
Private Limited v M.R. Share
Broking Private Limited v VRM Share Broking
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6250000 |
Equity Shares |
Rs. 10/- Each |
Rs. 62.500
Millions |
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100000 |
Preference Shares |
Rs. 100/- Each |
Rs. 10.000
Millions |
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Total |
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Rs.
72.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6021100 |
Equity Shares |
Rs. 10/- Each |
Rs. 60.211
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
60.211 |
60.211 |
60.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.108 |
51.165 |
32.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
151.319 |
111.376 |
92.400 |
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LOAN FUNDS |
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1] Secured Loans |
104.823 |
98.447 |
30.700 |
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2] Unsecured Loans |
60.540 |
64.682 |
60.500 |
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TOTAL BORROWING |
165.363 |
163.129 |
91.200 |
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DEFERRED TAX LIABILITIES |
49.518 |
32.757 |
0.000 |
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TOTAL |
366.200 |
307.262 |
183.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
292.104 |
168.176 |
118.500 |
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Capital work-in-progress |
0.000 |
11.277 |
4.000 |
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INVESTMENT |
6.508 |
10.733 |
10.500 |
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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 |
57.609
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46.866 |
33.000 |
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Sundry Debtors |
79.947
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62.511 |
48.000 |
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Cash & Bank Balances |
2.421
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2.964 |
21.900 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
60.707
|
59.426 |
48.800 |
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Total
Current Assets |
200.684
|
171.767 |
151.700 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
114.285
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35.083 |
87.500 |
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Provisions |
18.811
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19.608 |
13.600 |
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Total
Current Liabilities |
133.096
|
54.691 |
101.100 |
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Net Current Assets |
67.588
|
117.076 |
50.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
366.200 |
307.262 |
183.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
503.918 |
325.771 |
283.200 |
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Other Income |
19.495 |
15.496 |
7.300 |
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Total Income |
523.413 |
341.267 |
290.500 |
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Profit/(Loss) Before Tax |
74.453 |
46.236 |
22.500 |
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Provision for Taxation |
7.938 |
3.624 |
8.000 |
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Profit/(Loss) After Tax |
66.515 |
42.612 |
14.500 |
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Earnings in Foreign Currency : |
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Export Earnings |
1.150 |
NA |
NA |
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Total Earnings |
1.150 |
NA |
NA |
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Expenditures : |
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Manufacturing Expenses |
54.668 |
47.536 |
24.300 |
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Administrative Expenses |
26.641 |
21.125 |
48.800 |
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Raw Material Consumed |
107.268 |
89.017 |
145.500 |
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Other Expenditure |
239.984 |
117.222 |
65.700 |
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Total Expenditure |
428.561 |
274.900 |
284.300 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2006 (1ST
Quarter) |
30.09.2006 (2nd
Quarter) |
31.12.2006 (3rd
Quarter) |
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Sales Turnover |
93.800 |
66.100 |
162.700 |
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Other Income |
1.100 |
1.200 |
0.700 |
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Total Income |
94.900 |
67.300 |
163.400 |
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Total Expenditure |
76.100 |
41.500 |
132.200 |
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Operating Profit |
18.800 |
25.800 |
31.200 |
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Interest |
2.000 |
3.400 |
2.300 |
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Gross Profit |
16.800 |
22.400 |
28.900 |
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Depreciation |
6.400 |
6.400 |
6.400 |
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Tax |
0.700 |
1.300 |
2.000 |
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Reported PAT |
9.700 |
14.700 |
20.500 |
200606
Quarter 1 - EPS is Basic and Diluted 1. The above result have been
taken on record by the Board of Directors in their meeting held on 30th July
2006. 2. Provision for deferred taxation is not made for the quarter ended on
30.06.2006 and the same shall be provided at the year end. 3. Investor
complaints: a) Number of complaints pending at the beginning of the quarter -
Nil b) Number of complaints received during the quarter - 01 c) Number of
complaints resolved during the quarter - 01 d) Number of complaints unresolved
at the end of the quarter - Nil 4. The above results are subject to Limited to
be carried out by the Auditors of the Company.
200609
Quarter 2 - Eps is Basic & Diluted 1. The above result as reviewed
by the Audit Committee Were taken on record by the Board of Directors in their
meeting held on 27/10/2006. 2. Provision for deferred Taxation is not made for
the quarter ended on 30/09/2006 and the same shall be Provided at the year end.
3. Investors' Complaints: a) Number of complaints pending at the beginning of
the quarter. b) Number of complaints received during the quarter. c) Number of
Complaints resolved during the quarter. d) Number of Complaints unresolved at
the end of the quarter. 4. The above result are subject to 'Limited review' to
be carried out by the Auditors of the company.
200612
Quarter 3 - Expenditure
Includes (Increase) / Decrease in Stock in Trade Rs (7.718)million Consumption
of Raw Material Rs 115.852 million Staff Cost Rs 6.998 million Other
Expenditure Rs 16.976 million EPS is Basic and Diluted Status of Investor
Complaints for the quarter ended December 31, 2006 Complaints Pending at the
beginning of the quarter Nil Complaints Received during the quarter 01
Complaints disposed off during the quarter 01 Complaints unresolved at the end
of the quarter Nil 1. The above result as reviewed by the Audit Committee were
taken on record by the Board of Directors in their meeting held on January 29,
2007. 2. Provision for deferred Taxation is not made for the quarter ended on
December 31, 2006 and the same shall be provided at the year end. 3. The above
result are subject to Limited review to be carried out by the Auditors of the
Company.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
1.25 |
1.25 |
0.57 |
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Long Term Debt-Equity Ratio |
0.71 |
0.85 |
0.40 |
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Current Ratio |
0.91 |
1.20 |
1.19 |
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TURNOVER RATIOS |
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Fixed Assets |
1.48 |
1.39 |
1.63 |
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Inventory |
9.64 |
8.30 |
8.96 |
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Debtors |
7.07 |
6.00 |
7.19 |
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Interest Cover Ratio |
16.48 |
12.00 |
21.45 |
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Operating Profit Margin(%) |
19.75 |
21.18 |
12.68 |
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Profit Before Interest And Tax Margin(%) |
15.70 |
15.21 |
8.33 |
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Cash Profit Margin(%) |
13.87 |
14.60 |
9.46 |
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Adjusted Net Profit Margin(%) |
9.82 |
8.63 |
5.12 |
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Return On Capital Employed(%) |
26.76 |
22.00 |
16.95 |
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Return On Net Worth(%) |
37.69 |
28.07 |
16.37 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.57.00/- |
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Low |
Rs.47.20/- |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS:
During the Financial Year under review, the Company has shown a good growth.
The Turnover of the Company increased by 54.68% to Rs.503.918 Millions The
Company has earned Net Profit of Rs.49.555 Millions against Rs.28.570 Millions
in Previous Year after providing for taxation and deferred tax liability. Thus
shown an increase of 73.45% over the previous year
The Directors are hopeful to achieve even a better performance this year
barring unforeseen circumstances.
FUTURE OUTLOOK:
The Future is looking very bright as far as Indian Textile Industry is
concerned. There has been good and consistent demand for the Garments which are
manufactured in India. However, there has been stiff competition faced from
Exporters from China. Even so the volume has been increasing
continuously.
The Company is planning for backward as well as forward integration of business
by setting up of weaving unit and another processing house. It is also proposed
to setup a Garment manufacturing unit as well.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
(a) Industry Structure and Developments:
The Government of India is keenly interested in promoting the Brand 'Made In
India' in global market. It is also targeted to achieve the 8% share in global
export turnover by-2010. As the textile industry is the second largest sector
of economy in providing employment opportunities, the Government is committed
to the growth and betterment of this sector.
The Government is also supporting this expansion mood by way of Textile
Park Scheme, wherein the Government is providing capital subsidy for such park
upto 40% on the total infrastructure facilities in Textile Parks.
With the facing out of Multi Fiber Agreement (MFA) from 1st January,
2005, which had imposed quota regime on Indian Textile Exports, it has opened
the way for the most competetive developing countries to develop stronger clusters
of textiles. The infusion of fresh capital in this sector has been evidenced by
numerous companies setting up projects for spinning, weaving, processing,
embroidery and garments and by way of various public issues of companies
engaged in this line of business. The Companies are also expanding their line
of operation by way of forward and backward integration of production
facilities. The healthy capital market conditions, with series of 'bull run' on
bourses, has boosted the dreams of Indian Textile industry to attain new
heights in textile manufacturing and export.
(b) Opportunities &
Threats:
The imminent opening up of the export markets without the fetters of the quota
system, the strong demand for fabrics from the garment sector and the view of
policy initiatives by the Government to revitalize the industry are key factors
that have led to a more favourable business environment and enhanced investor
interest.
The removal of mandatory duty on pure cotton will lead to increased
transparency especially in the cotton yarn market. Tax compliant mills will now
have a fair deal in the market as against Tax evading/exempted mills.
The Company has set up Wind power project, in Dhulia, Maharashtra in 2004 which
is having capacity of 1.25 M.G. producing 2.400 Millions units of power p.a.
The company has set up another wind power project in Nettur, Tamilnadu in 2006
having the capacity of 2 M.W. which is likely to produce 4.200 Millions units
per annum.
The opening of the doors of World markets by dismantling of quotas by January
2005 is a tremendous opportunity for cost-effective and quality producers
although China is expected to offer stiff competition. In order to reap the
opportunities,the Company proposes to set up a Weaving and Processing project
in a Textile Park in 5 Star M.I.D.C., Kolhapur, Maharashtra.
c) Segment-wise or Product-wise
performance:
The Company's main business segment is Textile and the only geographical
segment is India. The figures of production and sales for textile are furnished
in the Notes to Accounts.
d) Outlook:
Their Country has a large domestic market and there is tremendous potential
especially for cotton fabrics. With the taste of consumer tilting towards
cotton globally, they are hopeful to meet their expectations with sustained
quality products. Thus the long-term outlook for the textile industry is
encouraging.
The company continues to explore the possibilities of expansion and will make
the necessary investments when attractive opportunities arise.
Fixed Assets
v
Land
v
Building
v
Plant & Machinery
v
Electrical Installation
v
Pipe Fitting
v
Furniture & Fixture
v
Laboratory Equipment
v
Office Equipment
v
Air Conditioners
v
Computer
As per website
details
An
ISO 9001-2000 Certified Company, DHANLAXMI FABRICS LIMITED. manufactures and
processes quality fabric as per the requirement of the garment
manufacturers/exporters who convert the same in fancy garments and ship the
same to big buying houses and retail chains all over the world in the form of
fashion garments.
They
have been in textile business since 1975 and each passing year has seen us
strive harder towards achieving their goal of being bigger and better. They are
proud that a lot of people in the world are wearing garments made from the
fabrics manufactured/processed by DHANLAXMI FABRICS LIMITED.
Technically
qualified professionals from the best technical institute and fields help us to
maintain the highest quality standards in weaving and processing the fabrics.
DHANLAXMI
FABRICS LIMITED. weaving and processing base is set up over 130000 Sq. Ft. area
in the following locations.
a)
Fabric and Yarn Processing Unit located in Dombivli, Dist. - Thane, Maharashtra
40 Kms. from MUMBAI, the Economic capital of India.
b)
Weaving factory of 32 Sulzer Looms located at Ichalkaranji, the well known
power loom city of Maharashtra, India.
DHANLAXMI
FABRICS LIMITED. has eliminated the word “Not Possible” from its dictionary as
its specilised machines are capable to produce all types of fabric upto 160 cms
width i.e. Cotton , Manmade, Blended, Lycra of 60 gm. per mtr to 600 gm. per
mtr quality in Reactive, Vat, Disperse and Discharge colours with soft, smooth,
waterproof, fireproof, normal and glazed finishes.
Looking
to the overall power shortage DHANLAXMI FABRICS LIMITED. has set up Wind
Turbine Generator of 1.25 M.W. at Dhule, Maharashtra (Renewable source of
Energy) to reduce the cost of consumption and to help the Government to
overcome the power shortage.
DHANLAXMI
FABRICS LIMITED. adheres to all national and international legislation and
compliance norms regarding child labour, fire safety, use of eco friendly dyes
and chemical, pollution control and general working conditions.
Laboratory :
They
are having in-house research and development center equipped with latest
testing equipments and full fledged testing laboratory equipped with Sample
Mangle Colour Computer Matching and Testing Equipments for testing the colours,
chemicals, fibres & fabrics and light box.
Products
Fabric :
Width upto 63”
made from 100% Cotton, 100% Viscose, 100% Polyester, Blended, Lycra as Pure
White, Reactive or Vat Dyed, Pigment, Reactive, Prints, Disperse or Dischange
print with finishes as required by their Customer.
Yarn :
Pure White,
Reactive or Vat Dyed Cotton, Rayon, Polyester or Blended yarn.
Salient Feature of
Yarn Dyeing Plant-
They started their
yarn dyeing plant during the year 2004. They have imported fully automatic,
sophisticated yarn dyeing machines in order to avoid batch variations. All
processes are controlled by computer. The imported radio frequency yarn dryer
drys the yarn with even heating and keep the moisture away. The updated
rewinding and meter winding machines having the splicing attachment with
negative device will keep the yarn in even length on all cones.
In a very short time they have been able to create a nich in the market
and their esteemed customers list is very long but to list some of them who are
well known in the industry are Choudhary Garments, Sonal Garments, Renfro India
Private. Limited., Hytone, Texport Garments, Rapier Machine Manufacturer, Gini
Silk Mills, Mudra Synthetics etc
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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 |
|