MIRA
INFORM REPORT
|
Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE MULTITECH LIMITED |
|
|
|
|
Registered Office : |
36, Kothari Market, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
16.04.1979 |
|
|
|
|
Com. Reg. No.: |
6698 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51494GJ1979PLC006698 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA00545G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA8295M |
|
|
|
|
Legal Form : |
Public Limited Liability Company Company’s Shares Are Listed On The
Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturer supplier and exporter of printing blankets, coated
fabrics, coated fabric for garments, rubber sheets, conveyor belting and PTFE
Teflon fabric. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 232400 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is relatively small company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however reported
as usually correct and as per commitments. The company can be considered for small business dealing at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
36, Kothari Market, |
|
Tel. No.: |
91 –79 – 2167209 - 2164795 |
|
Fax No.: |
91 –79 – 2165386 - 5710027 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
36, Kotharia Market, Opp. Hira Bhai Market, Kankaria, Ahmedabad – 380
022, |
|
Tel. No.: |
91-79-25711218 |
|
Fax No.: |
91-79-25710027 |
|
Mobile No.: |
91-9825084848 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Arvind Goenka |
|
Designation : |
Chairman And Director |
|
|
|
|
Name : |
Mr Ashok Goenka |
|
Designation : |
Chairman And Director |
|
|
|
|
Name : |
Mr S. R. Dhruv |
|
Designation : |
Chairman And Director |
|
|
|
|
Name : |
Mr. Pravin Manilal Purohit |
|
Designation : |
Chairman And Director |
|
|
|
|
Name : |
Mr. Omprakash Jalan |
|
Designation : |
Chairman And Director |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer supplyer and exporter of printing blankets, coated
fabrics, coated fabric for garments, rubber sheets, conveyor belting and PTFE
Teflon fabric |
|
|
|
|
Products : |
Rubber coated fabric, polyurethane coated fabric, rubber conveyor belt,
rubber printing blanket, rubber sheet, solvent, amines, aircraft chemicals,
automobile |
GENERAL INFORMATION
|
Auditors : |
|
|
Name : |
M/s Nahta Jain and Associates Chartered Accountant |
|
Address : |
Ahmedabad |
|
|
|
|
Associates: |
Advance Petrochemicals Ltd. Advance Impex |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,00,000 |
Equity |
Rs 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,30,000 |
Equity |
Rs 10/- each |
Rs. 40.300
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.300 |
40.300 |
40.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.800 |
16.900 |
16.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
58.100 |
57.200 |
56.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.100 |
2.600 |
1.800 |
|
|
2] Unsecured Loans |
1.700 |
1.700 |
1.900 |
|
|
TOTAL BORROWING |
3.800 |
4.300 |
3.700 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.900 |
61.500 |
60.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14.300 |
14.400 |
15.700 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.900 |
26.600 |
26.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.300
|
5.100 |
5.400 |
|
|
Sundry Debtors |
28.900
|
31.000 |
20.900 |
|
|
Cash & Bank Balances |
0.400
|
0.600 |
2.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.200
|
3.600 |
4.000 |
|
Total
Current Assets |
40.800
|
40.300 |
32.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
19.900
|
19.600 |
13.500 |
|
|
Provisions |
0.200
|
0.200 |
0.200 |
|
Total
Current Liabilities |
20.100
|
19.800 |
13.700 |
|
|
Net Current Assets |
20.700
|
20.500 |
18.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.900 |
61.500 |
60.400 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
62.000 |
56.400 |
45.400 |
|
|
Other Income |
0.400 |
0.400 |
0.200 |
|
|
Stock adjustment |
3.000 |
(3.000) |
(0.500) |
|
|
Total Income |
65.400 |
53.800 |
45.100 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.900 |
0.600 |
0.800 |
|
|
Provision for Taxation |
0.000 |
0.100 |
0.200 |
|
|
Profit/(Loss) After Tax |
0.900 |
0.500 |
0.600 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw material |
54.100 |
43.800 |
36.400 |
|
|
Excise duty |
0.700 |
0.000 |
0.000 |
|
|
Manufacturing Expenses |
2.200 |
1.400 |
1.100 |
|
|
Employee cost |
0.700 |
0.700 |
0.600 |
|
|
Administrative Expenses |
2.300 |
2.900 |
1.900 |
|
|
Miscellaneous expenses |
0.100 |
0.100 |
1.600 |
|
|
Interest |
0.300 |
0.400 |
0.300 |
|
|
Power & Fuel |
2.700 |
2.600 |
1.600 |
|
|
Depreciation & Amortization |
1.400 |
1.300 |
0.800 |
|
Total Expenditure |
64.500 |
53.200 |
44.300 |
|
SUMMARISED RESULTS
|
PARTICULARS |
31.03.2007 In millions |
|
Type |
Full Year |
|
Sales turnover |
66.900 |
|
Other income |
0.000 |
|
Total income |
66.900 |
|
Total
expenditure |
64.500 |
|
Operationg
profit |
2.400 |
|
Interest |
0.300 |
|
Gross profit |
2.100 |
|
Depreciation |
1.500 |
|
Tax |
0.100 |
|
Reported PAT |
0.500 |
|
Dividend (%) |
0.000 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.07 |
0.07 |
0.07 |
|
Long Term Debt Equity Ratio |
0.00 |
0.01 |
0.01 |
|
Current Ratio |
1.71 |
1.80 |
2.41 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.27 |
2.10 |
1.72 |
|
Inventory |
9.25 |
10.74 |
8.82 |
|
Debtors |
2.07 |
2.17 |
2.24 |
|
Interest Cover Ratio |
4.00 |
2.50 |
3.67 |
|
Operating Profit Margin (%) |
4.19 |
4.08 |
4.19 |
|
Profit Before Interest and Tax Margin (%) |
1.94 |
1.77 |
2.42 |
|
Cash Profit Margin (%) |
3.71 |
3.19 |
3.08 |
|
Adjusted Net Profit Margin (%) |
1.45 |
0.89 |
1.32 |
|
Return on Capital Employed (%) |
1.94 |
1.64 |
1.77 |
|
Return on Net Worth (%) |
1.56 |
0.88 |
1.03 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.4.08/- |
|
Low |
Rs.4.08/- |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATION
During the year under review the company have registered a sales turn over of
Rs.62.026 millions in comparision to the figure of Rs.56.384 millions of the
previous year thus growing by Approx 10%. Net profit after tax has increased
from Rs. 0.485 millions to 0.849 millions thus improving by almost 75% in
comparision to the corresponding performance of the previous year.
Increase in performance is partially due to the increased revenue generated
from the new products.
PROSPECTS
Due to the buoyancy in the economy and favorable economic conditions,
performance of the company will improve substantially in the years ahead.
OVERVIEW
The financial statements of the company have been prepared in compliance with
the requirements of the companies Act, 1956 and Generally Accepted Accounting
Principles (GAAP) in
INDUSTRY STRUCTURE AND
DEVELOPMENTS
Rubber Blanket is used in cloth printing machinery's, Conveyor Belt is used in
Mining, Refineries and Bottling plant, While Rubberised Sheets are used in
Defence most of the products, which are manufactured by the company are
produced by the small scale industries. There are only few company's in
The Company has developed special products for Marine Industries and
floating roof for refinery Industries and also developed special Rubber Blanket
for long printing machine.
OUTLOOK :
As
As Per Website:
About Them
They at “Advance Multitech” manufacture,
supply and export a wide range of printing blankets, coated fabrics, coated
fabric for garments, rubber sheets, conveyor belting and PTFE teflon fabric.
Through their product range, they are meeting the diverse requirements of various
industries such as printing, packaging, textile and other allied industries.
Customers from both the domestic and
international territories can avail their range of rubber products and other
fabrics at prices that are sure to be competitive. Along with their wide range
of goods, they also hold expertise in offering customized products to their
customers within decided time frame. Their company is an offshoot of eminent
“Advance Group of Industries”.
About Their Parent Company
Incepted in 1970, Advance Group of
Industries is based at Ahmedabad (
2000 certification. An overview about the
companies that compile together to form the group is enlisted below -
Advance Petrochemicals Ltd: The range of products in the petrochemicals
industry supplied by them comprises of ethanolamines, alkyl ethanolamines,
glycol ethers, automotive fluids, aeronautic fluids/additives, perfumery
chemicals, fire fighting chemicals etc.
Advance Synthetic Mills: The company offers processed, cotton, blended,
synthetic and other high fashion fabrics.
Advance Impex: The company is involved in foreign trade i.e. export and imports
of different types of products.
Organizational
To deliver quality tested products to their
customers within scheduled time frame and at competent rates. They also aim to
enhance the quality of their products and improvise their production process.
Increasing the magnitude of business operations is also one of the mission of
their company.
Their complete range of products encompasses
printing blankets, rubber products, coated fabrics and other types of fabrics.
The range of rubber products comprises of rubber printing blankets, rubber
sheets, rubber/polymer coated cellulose/man-made fiber fabric, conveyor belts
and other allied rubber products. Their range of products is cost effective and
is available in different sizes.
Sound Networking
They have developed a sound networking with
both customers and clients. Their company has also collaborated with some of
the eminent manufacturers who have extensive industry experience.
This has aided them to deliver as per customers requirements and expectations.
Moreover, in order to know about customers specifications and their views about
their products, they have also maintained sound networking with their
customers.
Infrastructural Set Up & Experts
Their company is backed up by the strong
infrastructural set up and team of experts. They use their focused leading-edge
technology (like polymer technology) in their production plants for getting the
best state-of-the-art results. Various types of coating and laminating
capabilities are imbibed in their company. Entire gamut of activities are
conducted in their in-house manufacturing unit.
The production set up is backed by the team of experts. They have team of
experts who have sound experience of the industry. The manpower of their company
comprises of
textile engineers, quality controllers and
other technocrats. They are backed by the pool of diligent workers.
Focus On Quality
Strict quality assurance system is being
followed in all their departments and total quality management is applied to
streamline and all the procedures and practices are in operation to achieve
high standards of efficiency. Continuous efforts are being made for improvement
of materials, technology and equipments to give best quality product at most
affordable prices.
Customized Products
Delivery of customized products is the core
forte of their company. They are calibrated to manufacture products as per
desired specifications given by the customers. Customers can intimate them regarding
their requirements in relative to size, type, quality, tensile strength, etc.
and they hold caliber to deliver exact products to their customers.
SUBJECT was established in year 1970, Head Quarter at
Ahmedabad (A pioneer Industrial town in
SUBJECT always in
constant evolution in order to offer an subject technology and best quality
controls & improvements by keeping continuous process by adopting ISO:
9001-2000 Certification.
SUBJECT always keep in mind the need of customer and modified also them as per their requirement, so the customer can fully satisfied with their product. SUBJECT PETROCHEMICALS LTD., is a pioneer exporter, manufacturer, stockiest, wholesaler, producers, supplier and dealer in specialized chemicals used in Automobile Air Craft, Textile, Refinery, Crude oil, Leather, Pesticides, Paints, Lubricant, Wood, Masonry, Food, Cosmetic, Pharmaceutical, Metal, construction, Power plant, Mines & Mineral. Rubber products, like, Rubber Printing Blankets, Rubber Sheets, Rubber/Polymer Coated Cellulose/Man-made Fiber Fabric, rubber coated fabric, Conveyor Belts, through their Company, Polyurethane Coated Fabric & Rubber Coated Fabric Viz., SUBJECT
Export & Imports of Herbs & Herbal
products through their Company, Viz., SUBJECT Product:
Rubber Coated Fabric Rubber like Neoprene, Nitrile,
Viton, Natural, SBR, EPDM, silicone, Hypalone, Polyurethane, Teflon, coated
fabric on fabric like Cotton, Nylon, Polyester, Fiber Glass, etc Polyurethane Coated Fabric PU Coated fabric for industries and garment industries.
They even manufacture PU Coated Fabric which is used in Oil Boom in Marine
Industries. Rubber Conveyor belt Conveyor belt like M-24, N-17,
Heat Resistant conveyor belt, Oil Resistant Conveyor belt, Fire Resistant Conveyor
belt, Oil and Heat Resistant Conveyor belt, Hygienic Conveyor Belt Rubber Printing Blanke Textile Rubber Printing Blanket for Flat Bed Printing
Machine, Rotary Printing Machine, Roller Printing Machine Rubber Sheet Rubber sheet of rubber like
Neoprene, Nitrile, Viton, Natural, SBR, EPDM, silicone, Hypalone from thickness
1.0 to 50 mm. And Width up to 2000 mm
Solvent
Methyl Glycol, Methyl Di Glycol, Butyl Glycol, Butyl Di Glycol, Ethyl Glycol,
Ethyl Di Glycol, Ethylene Glycol Monomethyl Ether & Methyl Cellosolve,
Diethylene Glycol Monomethyl Ether & Methyl Carbitol, Ethylene Glycol
Monobutyl Ether & Butyl Cellosolve, Diethylene Glycol Monobutyl Ether &
Butyl Carbitol, Ethylene Glycol Monoethyl Ether & Ethyl Cellosolve,
Diethylene Glycol Monoethyl Ether & Ethyl Carbitol, Polyethylene Glycol
& PEG & Glycol Poly Ethylene.
Amines
Triethanolamine - TEA, N-Methyl Diethanolamine - MDEA, Mono Methyl Ethanolamine
- MMEA. Aircraft Chemicals FSII
& Ethylene Glycol Monomethyl Ether & Diethylene Glycol Monomethyl Ether;
Icing Inhibitor & Dicing Inhibitor.
Aircraft chemicals:
FSII and Ethylene
Glycol monomethyl Ether and Diethylene Glycol Monomethyl Ether, lcing inhibitor
and Dicing inhibitor
Automobile
Brake Fluid DOT 3, Brake Fluid DOT 4, Brake Fluid DOT 5, Brake Fluid DOT 5.1,
Extended life - Antifreeze Coolant or Radiator Coolant , Automobile maintenance
chemicals like Radiator Cleaner, Windshield Washer Fluid & Car care
products like Brake Cleaner, Engine Cleaner, Penetrating Oil, metal polish, car
polish , car wash, Tires & Wheel Cleaner, Spot Remover, Noise Reducer,
Plastic Cleaner, Radiator Conditioner & Supplementary Coolant additive etc.
Subject always gives more importance on quality & service. To
maintain its quality company produces all material from basic raw material to
final product. Or produce another place in presence and guidance of company
technician to give a third party guarantee. Company has accredited ISO
9001-2001 in year 2001 & other certifications are in progress. They are
offering their product in most competitive price & best quality compared to
others. Subject has developed the best economical and effective product with
its own research and development and always catering the customer’s requirement
and need.
Subject is always in constant evolution
in order to offer an advanced technology and best product at all times. Now a
day, their products are known as guaranteed products along with its
reliability. Subject commits to quality improvement, as their improvement process is
evolutionary. They are always striving to achieve the goal, maintain quality
and ultimately push the final product as per international standard of
excellence. They always try to add new product in their product range in
regular fields as well as in new fields.
Subject products are committed to create premium product that
offer superior performance without disturbing environment. Their fundamental
aim is to satisfy their customer with the best possible product & service
to enjoy their work.
Welcome
by all these above things, they have achieved this by the co-operation and
suggestion of their valued customers, so they always appreciate the suggestions
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.97 |
|
|
1 |
Rs.80.73 |
|
Euro |
1 |
Rs.54.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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/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 |
|