MIRA
INFORM REPORT
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Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MIRRA HITECH ENGINEERING |
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Registered Office : |
8-A6, Vattakinar Thottam, West Side Of ITI, G. N. Mills(P.O.),
Coimbatore – 641029, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer of textile machinery components and machine tools (Mostly to M/s. Lakshmi Machine Works Limited, Coimbatore) |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
8-A6, Vattakinar Thottam, West Side Of ITI, G. N. Mills(P.O.),
Coimbatore – 641029, Tamilnadu, India |
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Tel. No.: |
91-422-2648400 |
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Mobile No.: |
91-9843244231 |
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E-Mail : |
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Area : |
250 sq. ft. |
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Location : |
Rented |
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Factory 1 : |
8-A6, Vattakinar Thottam, West Side Of ITI, G. N. Mills(P.O.),
Coimbatore – 641029, Tamilnadu, India |
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Tel. No.: |
91-422-2648400 |
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E-Mail : |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
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PARTNERS
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Name : |
Mr. V. Santhosh Ranganathan |
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Designation : |
Partner |
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Address : |
No – 38, Ravindranath Tagore Manikarpalayam, Ganapathy, Coimbatore,
Tamilnadu, India |
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Date of Birth/Age : |
40 years |
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Qualification : |
M.E. |
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Experience : |
20 years |
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Name : |
Mr. S. Sudhakar |
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Designation : |
Partner |
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Date of Birth/Age : |
42 years |
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Qualification : |
B.E. |
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Experience : |
22 years |
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Name : |
Mr. M. Gopala Sundaram |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Experience : |
10 years |
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Name : |
Mr. S. Kannan |
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Designation : |
Partner |
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Date of Birth/Age : |
48 years |
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Qualification : |
B.E. |
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Experience : |
18 years |
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Name : |
Mr. R. Balakrishnan |
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Designation : |
Partner |
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Date of Birth/Age : |
50 years |
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Qualification : |
B.E. |
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Experience : |
24 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of textile machinery components and machine tools (Mostly to M/s. Lakshmi Machine Works Limited, Coimbatore) |
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Products : |
·
Textile Machinery ·
Machine Tools ·
Printing Machinery ·
Automobile ·
Value Industry ·
General Engineering |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
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Particulars |
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Monthly
Production |
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Machine Components and Tools for Textile |
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Rs.8,00,00/- |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
16 (2 - Office, 14 - Factory) |
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Bankers : |
State Bank Of Mysore, Vellandipalayam Branch, Coimbatore |
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Facilities : |
Over Draft Rs.1.000 Millions (Hypothecation of machinery CNC Turning machine – LMW – Make and M/S.
Daewoo – Korea Machine CNC) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Kannan and Associates Chartered Accountants |
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Address : |
Devanayaga High School, coimbatore |
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Tel. No.: |
91-422-2472786 |
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Associates/Subsidiaries : |
M/s Sirius Engineering Private Limited |
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Address: |
No – 38, Ravindranath Tagore Manikarpalayam, Ganapathy, Coimbatore |
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Line of Business: |
Exporter to United State of America, Incorporated during the year
2005. Bankers:= M/s. India Bank Ganapathy Branch |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
N.A. |
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Borrowed : |
N.A. |
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Total : |
N.A. |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
20.000 |
18.000 |
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Net Profit: (Total Turnover) |
20% |
18% |
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LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- M/s. Lakshmi Machine Works, Coimbatore
- M/s. Anugraha Valves, Coimbatore
- M/s. Reiter Lmw, Coimbatore
- Only Coimbatore Based Companies
Observation Point:
Name Board
: Sighted Low
Land Mark : Near to
Government ITI, (10 KMS from Coimbatore Railway junction to reach the factory
Office Appearance: Not well furnished
Office Located: Ground Floor
Office Area : Industrial
Area
Website details:
Subject located in Coimbatore the Industrial hub of South India
was established in the year 2000 to cater to the growing needs of OEM's, Valve
Manufacturers, Auto Ancillaries and other Engineering Industries.
Subject is specialized in the manufacturing of precision quality components in
Carbon Steel, Alloy Steel, Stainless Steel, Cast Iron, Non-Ferrous materials
earning a very high reputation from its valuable customers.
Management Team
The concern is managed by a team of Technocrats having more than
20 years of experience in Manufacturing of engineering components. This
dedicated team who are the pioneers in the industry have left no stone unturned
in the development of the company.
PRODUCTION CAPABILITIES
Subject production capabilities includes the components for various fields and
applications some of which are listed below
• Textile Machinery
• Machine Tools
• Printing Machinery
• Automobile
• Valve Industry
• General Engineering
Subject will meet your needs quickly and efficiently with
its state-of-the-art facilities. Subject team of skilled professionals utilizes
advanced computer-modeling tools and automated production equipments to
maintain precise measurement. The extensive testing procedures practiced by
Subject had helped to carve a niche for itself in the machining industry.
Manufacturers of precision quality components in Carbon
Steel, Alloy Steel, Stainless Steel, Cast Iron, Non-Ferrous materials which are
widely used in Textile Machinery, Machine Tools, Printing Machinery, Textile
Industry, Automobile Industry , Valve Industry and General Engineering.
Subject is specialized in manufacturing of precision quality
components in Carbon Steel, Alloy Steel, Stainless Steel, and Cast Iron,
Non-Ferrous materials, which are widely used in Textile Machinery, Machine
Tools, Printing Machinery, and Automobile
Valve Industry, General Engineering
Decsription
Thrust Ring & Clamping Roller
Material
OHNS (Oil Hardened & Nitrided Steel)
Undergone Processes
Turning, Hardening, Grinding, Wire cutting & Polishing.
Application
Machine Accessories for multi spindle automats
Countries
India
Decsription
Timing belt pulley, Chain Wheel, Thrust ring
Material
Cast Iron, EN8 and EN9 Steel
Undergone Processes
Turning and Grinding
Application
Textile Machines
Countries
India
Decsription
Piston and Tail stock piston
Material
EN9 Steel
Undergone
Processes
Turning Grooving and Milling
Application
CNC Machine Tools
Countries
India
Decsription
Flange and Spring Button
Material
Stainless steel and Carbon Steel
Undergone
Processes
Turning
Application
Valve Industry
Countries
Europe, India
Decsription
Cover, Base and Housing
Material
Aliminium - grade LM6
Undergone Processes
Turning, boring, OD and ID threading
Application
Valve - Chemical Industry
Countries
India
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.34 |
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UK Pound |
1 |
Rs.80.72 |
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Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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45 |
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. |
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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