MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
HARNESS INDIA ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
No. 5, Natesan Nagar, Ayanambakkam, Ambattur, Chennai – 600095,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
-- |
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Date of Incorporation : |
11.07.2006 |
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Com. Reg. No.: |
18-60509 |
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CIN No.: [Company
Identification No.] |
U29141TN2006PTC060509 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEH04072F |
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PAN No.: [Permanent
Account No.] |
AABCH7367R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sprockets, Press Components, Furnaces and Accessories Wiring
Harness for the Automotive, Non Automotive and Industrial sector whether made
out of Steel, Brass, Copper, PVC or any other materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
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 : |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and in the process of establishing itself.
Directors are however reported as experienced and respectable businessmen. Trade
relations are reported as fair. Payments are reported as usually correct and
as per commitments. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
No. 5, Natesan Nagar, Ayanambakkam, Ambattur, Chennai – 600095,
Tamilnadu, India |
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Tel. No.: |
91-44-26532084/65148799 |
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Fax No.: |
91-44-26532085 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Geeta Ramesh Ramasubramanian |
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Designation : |
Director |
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Address : |
14, United India Colony, 1st Cross Street, Kodambakkam,
Chennai – 600024, Tamilnadu, India |
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Date of Birth/Age : |
22.06.1959 |
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Date of Appointment : |
11.07.2006 |
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Name : |
Mr. K R Ramasubramanian |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mrs. Geeta Ramesh Ramasubramanian |
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18000 |
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Mr. K R Ramasubramanian |
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10000 |
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Total |
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28000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sprockets, Press Components, Furnaces and Accessories
Wiring Harness for the Automotive, Non Automotive and Industrial sector
whether made out of Steel, Brass, Copper, PVC or any other materials. |
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Products : |
For Ferrous/Research/Engineering
Industries: Ø Vertical Sealed
Retort Furnace for Carburising, Nitriding and Annealing under controlled
atmosphere Ø Sealed Quench
Furnace with 3 Stages Washing M/C and Tempering Furnaces under controlled
atmosphere Ø Bogie Hearth/Fixed
Hearth Furnaces Ø Fluidized Bed
Furnaces Ø Rotary Retort
Furnaces Ø Continuous
Bright Annealing Furnaces for Strips, Wires, Tubes and Bars Ø Malleabilizing
Plants (Bell Elevator/Continuous Type) Ø Partial vacuum
Bell Annealing/Pit Pot Annealing Ø Shaker Hearth/Roller
Hearth Furnaces Ø Incinerators/Curing
Ovens Ø Painting Booth
with Continuous Conveyor Drying Ovens Ø Billet
Re-Heating and Annealing Furnaces for Forging Industries Ø Steam Tempering
Furnace Ø
Endothermic Gas Generator, Ammonia Cracker Unit For Non Ferrous Engineering Industries: Ø Aluminium
Melting/Holding Furnaces Ø Reverberatory
Furnaces Ø Solutionising/Precipitation
Furnaces Ø Nitrogen
Atmosphere Annealing Furnaces Ø Homogenising
Furnaces Ø Charging
Machines Ø Plants for
Aluminium Billets and Profiles Production Ø Die Casting
Machines with Ladle/Low Pressure Die Casting System Ø Log
Heaters/Soaking Pits Ø Die Pre Heating
Ovens Ø Hot Dip
Galvanizing Kettles Ø Tower Melting
and Continuous Heat Treatment Furnaces |
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Exports : |
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Countries : |
Middle East, European Countries
& Domestic also |
GENERAL
INFORMATION
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No. of Employees : |
14 |
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Bankers : |
Indian Bank Purasawakkam Branch, Purasawakkam, Chennai – 600112, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Memberships : |
Indian Export Council |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 14/26, T 3,
Chinmudhra Apartments. United India Colony, 1st Cross Street, Kodambakkam,
Chennai – 600024, Tamilnadu, India to the present address w.e.f. 26.07.2006
AS PER WEBSITE
The company is
regarded as a noted manufacturer and
exporter of a massive range of heat
treatment furnaces and ovens catering to the automotive and non-automotive
industrial need of metal treatment like hardening, annealing, quenching,
melting, chemical washing, salt bathing, pre-heating, etc. Their product range
includes Vertical Sealed Retort
Furnace, Sealed Quench Furnace, Bogie Hearth, Fluidized Bed Furnaces, Aluminum
Melting/Holding Furnaces, Reverberatory Furnaces, Nitrogen Atmosphere Annealing
Furnaces, Rotary Retort Furnaces, Charging Machines, etc. All these
products are of supreme quality and made as per some international and national
standards.
Owing to their manufacture of best quality equipment, they are a well
known name in the international market, enjoying a huge market share and
catering to the needs of thousands of their clients. With years of experience
and excellent expertise in the field, they have successfully created a new
level of confidence among their customers, offering them world class products
at affordable prices. They know that their success lies in the hands, and also
in their dedication to understand the requirements in a better way to achieve
full customer satisfaction.
Product Range
They are engaged in manufacturing a wide range of Heat Treatment Furnaces,
Ovens (Gas/Oil/Electric Fired) with computer controlled SCADA software (PLC)
based systems. Their company has installed various furnaces, ovens to a number
of public and private sector companies, research laboratories and space
projects. Besides, they also undertake revamping of various types of heat
treatment furnaces, supply of spares like heating element, fan assembly unit,
retort, retort cover, baffle etc., and accessories for the furnace plants.
Apart from all these, they can also convert electrical furnaces into gas fired
system.
Quality
Their motto is to consistently offer you the best quality equipments, services,
delivery in stipulated period and development with mutual benefits. They have
all the capabilities to satisfy all the heat treatment equipment and process
requirements with the latest technology available and at competitive costs. All
their products are tested several times at every stage of production so that
you can never get a product with even a slight manufacturing defect.
Infrastructure
They are a company with a strong infrastructure upon which the pillars of their
success are standing. The factory is well equipped with all the latest
machinery and technologies while the work force is strong and skilled enough to
enable us manufacture the international standard products. They keep track of
all the latest technologies in their field and upgrade their own most
frequently.
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Capital in Dollars |
Rs. 15 Millions |
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Export Percentage |
100% |
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Sales Volume |
Rs. 15 Millions |
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OEM Service Provided |
Yes |
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Monthly Production
Capacity |
50 tonnes |
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This form is for |
Creation of
charge |
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Charge
identification number of the charge to be modified |
U29141TN2006PTC060509 |
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Name of the
company |
HARNESS INDIA ENGINEERING COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 5, Natesan Nagar, Ayanambakkam, Ambattur, Chennai – 600095,
Tamilnadu |
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Type of charge |
Other |
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Particular of
charge holder |
Indian Bank Purasawakkam Branch, Purasawakkam, Chennai – 600112, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit of title deeds deposited with the bank, Purasawakkam
creating equitable charge on the properties |
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Date of
instrument Creating the charge |
16.11.2006 |
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Amount secured by
the charge |
Rs. 6.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Open cash credit
12 % p.a. Packing credit
upto 180 days 9 % p.a. Non fund based
performance guarantee Commission as per
RBI guidelines Extent and
operation of the charge D 34 EM of Property Covering The Liabilities, Situated At
Plot No. 2,3,4. D. No.5, Natesan Nagar, Melaynambakkam Road, Chennai under S.
No.18, Patta 940,950,951 Ayanmbakkam village , Under SRO, Ambattur Belonging
to Mrs. Geetha, One of the Directors to the Extent of 11434.50 Sq. ft .
Valued at Rs. 908.900 Millions Goods Hypothecated. |
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Short particulars
of the property charged |
34 EM of Property covering the
Liabilities, Situated Plot No. 2,3,4. D.No.5, Natesan Nagar, Melayanambakkam,
Chennai under S No.18. Patta 940, 950951 under SRO Ambattur Extent 11434 Sq.
ft |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.39 |
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UK Pound |
1 |
Rs.85.16 |
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Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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23 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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