MIRA
INFORM REPORT
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Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PRIVI ORGANICS LIMITED |
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Registered Office : |
205, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.04.1982 |
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Com. Reg. No.: |
026867 |
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CIN No.: [Company
Identification No.] |
L24120MH1982PLC026867 |
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IEC No.: |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17382B |
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PAN No.: [Permanent
Account No.] |
AAACP4717A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Aroma Chemicals like Citronellol, Geraniol, Terpinyl
Acetate and Ionones which are used in Perfumes and Flavour Industry. |
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 1100000 |
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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 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 : |
205, |
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Tel. No.: |
91-22-22062626 |
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Fax No.: |
91-22-22080282 |
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E-Mail : |
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Website : |
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Corporate Office : |
111-A , Karimjee Bldg, 2nd Floor, M.G.Road , |
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Tel. No.: |
91-22- 22662626 |
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Fax No.: |
91-22- 22623950 |
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Factory 1 : |
A7, MIDC, Mahad, Raigad, Tel. No. 91-2145-232122 Fax No: 91-2145-233494 C4 and 5, MIDC, Mahad, Raigad, Tel No: 91-2145-233245 Fax No: 91-2145-233754 |
DIRECTORS
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Name : |
Shri Mahesh P.Babani |
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Designation : |
Director |
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Address : |
Satguru House, Sherley Rajan Raod, |
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Date of Birth/Age : |
01.04.1958 |
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Date of Appointment : |
15.11.1989 |
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Name : |
Shri D.B.Rao |
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Designation : |
Director |
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Address : |
903, Daffoldils, |
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Date of Birth/Age : |
10.05.1946 |
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Date of Appointment : |
05.04.1982 |
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Name : |
Shri Ramchand Vatnani |
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Designation : |
Director |
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Address : |
New Hibndustan Co-op Housing Society, 113/36, |
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Date of Birth/Age : |
06.05.1952 |
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Date of Appointment : |
18.03.1999 |
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Name : |
Shri Anoop P. Babani |
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Designation : |
Director |
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Address : |
Satyam House, |
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Date of Birth/Age : |
27.05.1954 |
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Date of Appointment : |
18.03.1999 |
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Directorship in other companies : |
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CIN of Company: |
U29249MH1987PTC04458 |
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Name of the company: |
M J Biopharm private limited |
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Designation: |
Director |
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CIN of Company: |
U67190DL2005PTC141426 |
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Name of the company: |
Avigo Capital Partners Privte Limited |
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Designation: |
Director |
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CIN of Company: |
U34300DL2005PTC133336 |
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Name of the company: |
Super Hoze Industries Private limited |
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Designation: |
Director |
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CIN of Company: |
U74899DL19990PLC041985 |
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Name of the company: |
Tecpro Systems Limited |
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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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D.B.Rao |
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6209 |
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Mahesh P. Babani |
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37523 |
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Ashok P. Babani |
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2100 |
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Rajendra M. Babani |
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1300 |
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Mohini M. Babani |
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800 |
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Jayesh A. Shah |
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1000 |
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Suchita J.Shah |
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600 |
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Satco Securities and Financial service Limited |
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24000 |
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Babani Investment and Trading Company Private Limited |
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9000 |
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Multisatco Investment Private Limited |
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9000 |
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Nazneen Hudda |
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5000 |
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Hari Talasia of M/s. Chemtex |
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5121 |
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Category |
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Percentage |
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Foreign holding (Foreign institutional investors(s), foreign
companies(s), Foreign financial institution(s), non-resident Indian(s) or
Overseas corporate bodies or others |
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1.25 |
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Bodies corporate |
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12.29 |
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Directors or relative of directors |
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76.87 |
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Other top fifty (50) shareholders(other than listed above) |
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9.59 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Aroma Chemicals like Citronellol, Geraniol, Terpinyl
Acetate and Ionones which are used in Perfumes and Flavour Industry. |
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Products : |
Para Tertiary Butyl Cyclo Hexyl Acetate |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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A7, MIDC, Mahad |
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114.600 MT |
2150.000 |
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C4 and 5, MIDC, Mahad |
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114.600 MT |
2150.000 |
GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
(Joined the consortium w.e.f 31.01.2005) |
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Facilities : |
Note: Term Loans from SICOM Rs.132.500 Millions are secured by a first
mortage on the company’s all Immovble Properties both present and future ranking
paripasu interest and a first charge by way of hypothecation of all the
company’s Assets (save and except book debts) including movable machinery Spares, tools and
accessories both present and future subject to chareges created in favour fo
personal guarantee of Directors and their relatives, Loan from Punjab
National Bank Rs. Nil (previous Year 6.500 Millions) is secured by
hypothecation of Forllift Car Laon HDFC Bank Rs.166.000 Milliosn (Previous
year Rs. Nil) is secured by Hypothecation of cars. Loan form financial institutions include Rs.42.622 Millions due within
a year. Working Capitla Loan from Banks is secured by way of First and
Hypothecation charge on inventories both on hand and in transit and book
debts and other receivables both present and future and alos secured by way
of second charge ofn fixed assets, Collateral Security of ALnd by way of
Equitable Mortgage of Immovable property belonging to a Director and his
family members and by way of personal guarantee of directors and their relative
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BRV And Associates Chartered Accountant |
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Address : |
301, |
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Memberships : |
Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council Fragrances and Flavours Association of |
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Associates/Subsidiaries : |
Multisacto Investment Private Limited, Pee Gee and Sons Satco Securities and Financial Private Limited Satguru Enterprises Private Limited Satguru Impex Private Limited Vivira Chemical Industries Vivira Chemicals Private Limited Alum and Chemical Corporation Pursons Commodities Private Limited Satguru KNC Construction Private Limited Privi Aromatic Chemicals Private Limited Babani Investments and Trading Private Limited Vivira Investments and Trading Private Limited Privi Pharma Private Limited Minar Organics Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
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12000 |
Preference Shares |
Rs.10,000/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10756700 |
Equity shares |
Rs.10/- each |
Rs.107.567
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 |
107.567 |
100.817 |
20.163 |
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2] Share Application Money |
25.891 |
19.890 |
5.100 |
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3] Reserves & Surplus |
147.508 |
80.266 |
126.053 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
280.966 |
200.973 |
151.316 |
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LOAN FUNDS |
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1] Secured Loans |
364.118 |
370.155 |
316.487 |
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2] Unsecured Loans |
52.077 |
48.563 |
40.488 |
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TOTAL BORROWING |
416.195 |
418.718 |
356.975 |
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DEFERRED TAX LIABILITIES |
18.557 |
20.788 |
17.601 |
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TOTAL |
715.718 |
640.479 |
525.892 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
293.985 |
220.312 |
188.341 |
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Capital work-in-progress |
12.078 |
13.291 |
0.000 |
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INVESTMENT |
2.994 |
1.643 |
0.194 |
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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 |
309.304
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262.920 |
219.461 |
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Sundry Debtors |
352.045
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319.108 |
253.943 |
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Cash & Bank Balances |
37.589
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29.858 |
26.628 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
133.897
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78.204 |
58.123 |
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Total
Current Assets |
832.835
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690.090 |
558.155 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
339.548
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235.665 |
222.894 |
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Provisions |
90.240
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51.158 |
0.000 |
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Total
Current Liabilities |
429.788
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286.823 |
222.894 |
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Net Current Assets |
403.047
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403.267 |
335.261 |
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MISCELLANEOUS EXPENSES |
3.614 |
1.966 |
2.096 |
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TOTAL |
715.718 |
640.479 |
525.892 |
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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 |
1235.586 |
958.145 |
817.376 |
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Other Income |
6.546 |
8.219 |
0.000 |
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Total Income |
1242.132 |
966.364 |
817.376 |
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Profit/(Loss) Before Tax |
76.787 |
59.849 |
36.269 |
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Provision for Taxation |
0.232 |
0.209 |
14.571 |
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Profit/(Loss) After Tax |
76.555 |
59.640 |
21.698 |
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Dividend |
0.000 |
0.000 |
1.853 |
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Earnings in Foreign Currency : |
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Other Earnings |
0.000 |
0.000 |
448.020 |
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Total Earnings |
0.000 |
0.000 |
448.020 |
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Imports : |
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Raw Materials |
0.000 |
0.000 |
246.650 |
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Stores & Spares |
0.000 |
0.000 |
1.471 |
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Total Imports |
0.000 |
0.000 |
248.121 |
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Expenditures : |
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Raw Material Consumed |
822.742 |
649.940 |
528.659 |
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Excise Duty |
0.000 |
0.000 |
59.913 |
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Purchases made for re-sale |
2.310 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
11.938 |
7.975 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(19.892) |
(29.908) |
0.000 |
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Salaries, Wages, Bonus, etc. |
33.063 |
24.196 |
23.173 |
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Managerial Remuneration |
2.400 |
1.600 |
0.000 |
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Payment to Auditors |
0.332 |
0.275 |
0.000 |
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Interest |
31.339 |
27.938 |
41.750 |
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Insurance Expenses |
4.509 |
3.046 |
0.000 |
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Power & Fuel |
79.006 |
55.982 |
0.000 |
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Depreciation & Amortization |
31.819 |
24.491 |
0.000 |
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Other Expenditure |
165.806 |
140.980 |
171.795 |
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Total Expenditure |
1165.372 |
906.515 |
825.29 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
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1.91 |
2.37 |
2.46 |
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Long
Term Debt-Equity Ratio |
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1.91 |
2.37 |
2.46 |
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Current
Ratio |
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1.90 |
2.17 |
2.29 |
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TURNOVER
RATIOS |
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Fixed
Assets |
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3.37 |
3.40 |
4.65 |
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Inventory |
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4.53 |
4.20 |
4.48 |
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Debtors |
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3.86 |
3.53 |
4.39 |
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Interest
Cover Ratio |
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2.54 |
2.43 |
1.87 |
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Operating
Profit Margin(%) |
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11.34 |
12.19 |
11.29 |
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Profit
Before Interest And Tax Margin(%) |
|
8.89 |
9.77 |
9.14 |
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Cash
Profit Margin(%) |
|
5.95 |
6.10 |
4.70 |
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Adjusted
Net Profit Margin(%) |
|
3.49 |
3.68 |
2.54 |
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Return
On Capital Employed(%) |
|
18.20 |
18.00 |
20.35 |
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Return
On Net Worth(%) |
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20.77 |
22.72 |
19.54 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
PRIVI ORGANICS
LIMITED |
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Presented By |
ING Vysya Bank
Limited |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.285.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by
way of first pari passu charge on whole of the current assets viz. stock of
raw material, stock in process, Semi finished and finished goods, stores and spares
not relating to plant and machinery, equipments, vechicle, computers,
furniture, fixture, wherever or wherever
in transit both present and future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
margin as per sanction letter of respective banks. Security to
secure funded and non-funded facilities granted by INB Vysya Rs.91.500
Millions (F-Rs.31.500 Millions, NF- Rs.60.000 Millions) PNB Rs.40.000
Millions Rs.20.000 Millions, NF-Rs.20.000 Millions)CBI Rs.70.000 Millions
(F-Rs.30.000 Millions, NF-Rs.40.000 Millions)and CB Rs.83.500 Milliosn
(f-Rs.33.500 Milliosn, NF- Rs.50.000 Millions) together with interest, cost,
expenses, charges, commission etc. |
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5) Name and Address and description of the person entitled to the charge. |
(Joined the consortium w.e.f 31.01.2005) |
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6) Date and brief description of instrument modifying the charge |
Second
Supplemental Joint Deed of Hypothecation dated 20.12.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
Chargedated 04.03.2004 for Rs.285.000 Milliosn was modified on 31.01.2005
enhancing the total charge from Rs.285.000 Milliosn to Rs.475.000 Millions
consisting of funded and non-funded facilities granted by INB Vysya
Rs.131.500 Millions (F-rs.61.500 Millions, NF-Rs.70.000 Millions) PNB
Rs.130.000 Millions (F-Rs.56.000 Millions, NF- Rs.74.000 Milliosn) CBI
Rs.70.000 Millions )F-Rs.30.000 Millions NF-Rs.40.000 Milliosn), CB Rs.83.500
Millions (F-Rs.333.500 Millions, NF Rs. 50.000 Millions ) and BOB Rs.60.000
Millions (F-Rs.24.000 Millions, NF- Rs.36.000 Millions) Bank of Boroda,
Mulji Jetha Bluiding, 185/187, Now further
modified on 20.12.2005 enchancing the total charge from Rs.475.000 Millions
to Rs. 600.000 Millions Consisting of funded and non-funded facilities
granted by IVB Rs.186.000 Millions (F-Rs.75.000 Millions, NF-Rs.111.000
Millions) PNB Rs.184.000 Millions (F-Rs.80.000 Millions, NF-Rs.104.000
Millions), CB Rs.90.000 Millions (F-Rs.35.000 Millions NF-55.000 Millions)
and BOB Rs.140.000 Millions (F-Rs.60.00 Millions, NF-Rs.80.000 Millions) Central Bank of |
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This form is for |
Creation of
Charge |
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Charge
identification number of the charge to be modified |
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Corporate
identity number of the company |
L24120MH1982PLC026867 |
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Name of the
company |
PRIVI ORGANICS
LIMITED |
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Address of the registered
office or of the principal place of
business in |
205, |
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Type of charge |
Book Debts,
Movable Property, other Raw Materials,
Work in Process, finished Goods, Etc, |
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Particular of
charge holder |
Punjab National
Bank limited, Ilaco House,
fort, Mumbai;400001, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation to secure lc on DA/DP Basis Hypothecation of Goods and Book
Debts to secure Cash Credit Facility Packing Credit Agreement (Hypothecation)
Agreement of FOB/FOUBP/FABC/FOBD/FOBNLC/FOUBNLC |
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Date of
instrument Creating the charge |
28.02.2007 |
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Amount secured by
the charge |
Rs.230.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: BPLR+0.5% i.e,
12.25% at present Terms of
repayment: On or Before one Year Margin: As fixed
by the bank from time to tiem Extent and Operation
of the charge: Working capital
facilities amounting fund Based Rs. 95.000 Millions and Non-Fund Based Limit
Rs. 135.000 Millions by the Bank |
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Short particulars
of the property charged |
Hypothecation of
Goods and BookmDebts to secure cash facility for rs.95.00 Millions 1) the Present and Future stiocks fo raw
material, work in process, finished goods, consumbales, stores and spares Deed of
Hypothecation to secure LC on DA/DP basis fr Rs.135.000 Millions |
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Date of latest modification
prior to the present modification |
-- |
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Particulars of
the present modification |
-- |
Fixed Assets
Lease hold Land
Buildings
Staff quarters
Plant and Machinery
Electrical Installations
Furniture
Office Equipments
Computers
Computers software
Lab Equipments
Vehicles
As Per Web Site:
About Them:
A Company started manufacturing aroma chemicals in the year 1992 with only two products, which it gradually expanded to a range of over 50 products today, having a capacity of over 7000 tons per annum. Privi also develops and produces custom-made aroma chemicals as per specific requirement of the customer. The research specialists at in-house R & D centre continuously thrive to develop new products and processes.
The quality analysis
laboratory is equipped with instruments like GLC, GCMS, Spectrophotomers etc.
Quality is strictly maintained at all stages - right from raw material to the
finished products. Privi launched its products in the international market in
the year 1996 and today is a trusted supplier to many multinational fragrance
houses across the globe. Exports contribute to more than 70% of our sales
turnover.
Over the past 12 years,
Privi has maintained an impressive average annual growth of more than 50 %.
This has been possible due to relentless drive to deliver exceptional value to
our customer in terms of product, pricing and service.
MANUFACTURING FACILITIES
Two production units at Mahad in
Production capacity - Over 7,000 MT of
finished product.
Spread over 47,500 sq. meters.
Capable of handling complex unit operations
such as pyrolysis, hydrogenation, cyclisation, condensation, esterification,
hydration etc.
Multipurpose plants capable of handling both
batch and continuous distillation processes for Aroma Chemicals, ensuring
consistent purity and efficient use of inputs.
Both units have received ISO 9001-2000
accreditation from BVQI
Significant cost and logistics advantage due
to location.
A state-of-the-art R & D Centre involved
in synthesis of cost efficient processes for bulk and specialty aroma
chemicals.
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.40.64 |
|
UK Pound |
1 |
Rs.80.17 |
|
Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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%)
se
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 |
|