MIRA
INFORM REPORT
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Report Date : |
29.09.2007 |
IDENTIFICATION DETAILS
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Name : |
INTEGRATED CAPS PRIVATE LIMITED |
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Registered Office : |
42, Anand Lok, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.02.1988 |
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Com. Reg. No.: |
030427 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC030427 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of P.P. Caps and Crown caps. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
42 - Anand Lok, |
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Tel. No.: |
91-11-6254440 |
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Fax No.: |
91-11-6470118 |
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E-Mail : |
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Website : |
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Factory: |
v METAL (ROPP)
DIVISION - UNIT I v CROWN DIVISION -
UNIT II v PET PREFORMS
DIVISION - UNIT III |
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Branches: |
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Region West v
Region East v
Y-171 3rd Block, Rajaji Nagar v
No. 45, v
C-503, v
G-2 Angon, 46E, sector 12, Vashi, New Mumbai, |
DIRECTORS
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Name : |
Mr. Biren Sabharwal |
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Designation : |
Managing Director |
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Address : |
42 - Anand Lok, |
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Date of Birth/Age : |
27.10.1952 |
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Date of Appointment : |
04.04.2003 |
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Name : |
Mrs. Bubbles Sabharwal |
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Designation : |
Director |
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Address : |
42 - Anand Lok, |
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Date of Appointment : |
01.02.1988 |
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Name : |
Mr. Homi Aibra |
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Designation : |
Director |
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Address : |
25, |
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Date of Appointment : |
08.12.1996 |
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Name : |
Mr. Ravi Dubey |
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Designation : |
Director |
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Address : |
13, |
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Date of Appointment : |
17.02.1997 |
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Name : |
Mr. Hasdeep Singh Kohli |
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Designation : |
Additional Director |
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Address : |
J – 170, |
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Date of Birth/Age : |
18.04.1979 |
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Date of Appointment : |
30.03.2007 |
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Other Directorship Held: |
Iknoor Technology Private Limited CIN No.: U74899DL2000PTC109011 |
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Name : |
Mr. Pravin Bhatia |
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Designation : |
Additional Director |
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Address : |
4113-B5and B6, Vasant Kunj, |
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Date of Birth/Age : |
26.06.1960 |
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Date of Appointment : |
30.03.2007 |
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Other Directorship Held: |
v
Provestment Services Limited CIN No.:
L74899DL1994PLC058964 v
Profile Packaging Private Limited CIN No.:
U25202DL1996PTC083264 v
Chaitali Exports Private Limited CIN No.:
U18101DL2000PTC107344 v
AA Labels Private Limited CIN No.: U22219DL2005PTC135606 v
Zeus Developers Private Limited CIN No.:
U70102MH2004PTC148748 v
Jaipuria Infrastructure Developers Private
Limited CIN No.:
U01111DL1996PTC075955 |
KEY EXECUTIVES
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Name : |
Mr. Vikas Sabharwal |
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Designation : |
Company Secretary |
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Address : |
A – 78, Ashok Vihar – III, |
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Date of Appointment : |
10.03.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Biren Sabharwal |
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3452400 |
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Mrs. Bubbles Sabharwal |
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86000 |
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6000 |
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3750 |
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SBT Finvest Private Limited |
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2960750 |
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Mrs. Renu Kalra |
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265090 |
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Mr. Girish Kalra |
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210620 |
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Mr. Homi Alibara |
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50000 |
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SMV Agencies Private Limited |
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500000 |
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SMV Beverages Private Limited |
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600000 |
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Vibhu Drinks Private Limited |
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500000 |
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Category |
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Percentage
of Holding |
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Bodies Corporate (Not mentioned above) |
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53.00 |
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Directors or relatives of directors |
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47.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of P.P. Caps and Crown caps. |
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Exports : |
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Countries : |
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PRODUCTION STATUS – As on 31.03.2005
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Particulars |
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Unit |
Installed
Capacity (On Triple Shift Basis |
Actual
Production |
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P P Caps |
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Million Pcs |
360.000 |
303.670 |
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Crown Caps |
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Million Pcs |
2700.000 |
1564.400 |
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Pet Preforms |
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Million Pcs |
90.000 |
43.510 |
GENERAL INFORMATION
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Suppliers : |
v
Sriram Compounds v
Binny Wads Private Limited v
The Inks v
CMC Packaging v
Bharat Chemicals v
Engineer Fabricators v
Paras Rubber Udyog v
Gem Tapes Private Limited v
Narendra Presstech Private Limited v
Reliance Packers v
SKK Polifab India Private Limited v
SS Garments Private Limited v
Continental Corrugators Private Limited v
Indian Rubber works v
Kirti Tools Private Limited v
Sukriti Enterprises Private Limited |
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Customers : |
v
Pepsico India Holdings Private limited v
v
South African Beverages (SAB) v
Fosters India Limited v
Seagrams India Limited v
McDowells and Company Limited v
United Breweries v
Dabur India Limited v
Hindustan Lever Limited v
Pepsi International, v
Partex Beverages (RC Cola), |
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No. of Employees : |
Around 300 |
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Bankers : |
Ø
State Bank of Patiala, Auto Market, Hissar
Syndicate Bank, Hauz Khas, Ø ING VYSYA BANK LIMITED 23, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Uberoi Sood and Kapoor Chartered Accountants |
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Address : |
606, Vishal Bhavan, 95, |
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Associates/Subsidiaries : |
v
Integrated eSolutions Private limited Address: Tel. No.: +1-(630) 328-2802 E-Mail: girish@intcaps.com
v
BT Investment Private Limited, v
Provestment Services Limited CIN No.:
L74899DL1994PLC058964 v
Profile Packaging Private Limited CIN No.:
U25202DL1996PTC083264 v
Chaitali Exports Private Limited CIN No.:
U18101DL2000PTC107344 v
AA Labels Private Limited CIN No.:
U22219DL2005PTC135606 v
Zeus Developers Private Limited CIN No.:
U70102MH2004PTC148748 v
Jaipuria Infrastructure Developers Private
Limited CIN No.:
U01111DL1996PTC075955 v Theatre Inc. Proprietor: Mrs. Bubbles Sabharwal |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 90.000 Millions |
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100000 |
Preference Shares |
Rs. 100.00 each |
Rs. 10.000 Millions |
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Total |
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Rs.
100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8634610 |
Equity Shares |
Rs. 10.00 each |
Rs. 86.346 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 |
86.346 |
86.346 |
49.259 |
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2] Share Application Money |
3.500 |
0.000 |
13.237 |
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3] Reserves & Surplus |
0.600 |
17.327 |
15.973 |
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4] (Accumulated Losses) |
(28.000) |
0.000 |
0.000 |
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NETWORTH |
62.446 |
103.673 |
78.469 |
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LOAN FUNDS |
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1] Secured Loans |
226.713 |
241.446 |
158.248 |
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2] Unsecured Loans |
4.445 |
0.000 |
0.000 |
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TOTAL BORROWING |
231.158 |
241.446 |
158.248 |
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DEFERRED TAX LIABILITIES |
0.000 |
15.778 |
15.257 |
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TOTAL |
293.604 |
360.897 |
251.974 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
241.007 |
263.126 |
179.126 |
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Capital work-in-progress |
0.000 |
0.000 |
3.792 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
8.018 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
99.861
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111.250 |
30.759 |
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Sundry Debtors |
122.281
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161.682 |
126.458 |
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Cash & Bank Balances |
22.335
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14.298 |
17.257 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
59.297
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46.927 |
34.177 |
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Total
Current Assets |
303.774
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334.157 |
208.651 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
251.770
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229.452 |
132.867 |
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Provisions |
7.685
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7.235 |
7.070 |
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Total
Current Liabilities |
259.455
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236.687 |
139.937 |
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Net Current Assets |
44.318
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97.470 |
68.713 |
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MISCELLANEOUS EXPENSES |
0.261 |
0.302 |
0.343 |
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TOTAL |
293.604 |
360.897 |
251.974 |
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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 |
443.661 |
441.590 |
444.293 |
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Other Income |
25.545 |
19.812 |
4.986 |
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Total Income |
469.205 |
461.401 |
449.279 |
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Profit/(Loss) Before Tax |
(67.166) |
2.040 |
10.179 |
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Provision for Taxation |
0.000 |
0.000 |
4.240 |
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Profit/(Loss) After Tax |
(67.166) |
2.040 |
5.939 |
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Export Value |
NA |
14.682 |
9.886 |
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Imports : |
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Raw Materials |
NA |
139.560 |
88.710 |
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Stores & Spares |
NA |
1.476 |
1.616 |
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Capital Goods |
NA |
62.731 |
53.659 |
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Others |
NA |
0.000 |
0.000 |
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Total Imports |
NA |
203.767 |
143.985 |
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Expenditures : |
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Raw Material Consumed |
331.713 |
281.446 |
278.289 |
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Salaries, wages and bonus |
22.530 |
21.489 |
0.000 |
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Managerial Remuneration |
4.516 |
5.054 |
0.000 |
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Payment of auditors |
0.393 |
0.386 |
0.000 |
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Insurance Expenses |
1.356 |
1.340 |
0.000 |
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Power and Fuel |
37.603 |
27.908 |
0.000 |
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Depreciation and amortization |
22.917 |
16.832 |
12.486 |
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Other Expenditure |
115.344 |
104.907 |
148.524 |
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Total Expenditure |
536.371 |
459.361 |
439.099 |
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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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PAT / Total Income |
(%) |
(14.31)
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0.44 |
1.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
(15.14)
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0.46 |
2.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(12.33)
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0.34 |
0.03 |
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Return on Investment (ROI) (PBT/Networth) |
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(1.08)
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0.02 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.86
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4.61 |
3.80 |
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Current Ratio (Current Asset/Current Liability) |
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1.17
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1.41 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v Land
v Building
v Plant and Machinery
v Furniture and Fixtures
v Office Equipments
v Vehicle
v Generator
v Patterns
v Lab Instruments
v Fire Fighting Equipments
v Electrical Equipments
v Computers
Form 8
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Name of the company |
INTEGRATED CAPS
PRIVATE LIMITED |
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Presented By |
Ing Vysya Bank
limited and Integrated Caps Private Limited |
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1) Date and description of instrument creating the change |
Term Loan
Agreement dated 02.06.2004 General
Hypothecation agreement dt. 02.06.2004 Letter of Hypothecation to secure Time
Trust Loan against goods dt. 02.06.2004 (Regd. On
25.06.2004) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 80.000
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 |
i)
Second
pari passu charge on the entire stocks of raw materials, work in process,
finished goods both present and future, of the company ii)
Exclusive
first charge on the fixed assets to be purchased out of term loan i.e. Crown
Press and accessories and any other machinery iii)
Second
pari passu charge on the entire fixed assets of the company. iv)
First
pari passu charge with Syndicate Bank on land and building situated at Unit
II C -93 to C -96, Phase II Extension Noida |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above assets
is to secure the Term Loan of Rs. 80.000 Millions with a Sub Limit of one
time Letter of Credit Rs. 52.700 millions for import of Crown Press and accessories
from SACMI IMOLA, Italy. Interest on term loan is chargeable at Min. 12.00%
with monthly rests or at such other rates as may be fixed by the Bank from
time to time. The part of the loan Rs. 27.300 millions is repayable in 54
monthly |
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5) Name and Address and description of the person entitled to the charge. |
ING VYSYA BANK
LIMITED 23, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
General Hypothecation Agreement dt.
07.10.2003 |
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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 amount secured
by this charge remains same at Rs. 80.000 millions with a sub limit of one
time Letter of Credit Rs. 52.700 millions for import of Crown Press and
accessories from SACMI IMOLA, Italy. The Term Loan of Rs. 80.000 Millions is
secured by the following: i) Primary
security: Exclusive first charge on fixed assets purchased out of term loan
(specific) ii) Collateral
security: a) First charge
on land and building situated at Unit II, C – 93 to C- 96, Phase II Extension
Noida on pari passu basis along with Syndicate Bank b) Second pari
passu charge along with Syndicate Bank and UPFC on the entire fixed assets of
the company c) Second pari
passu charge along with Syndicate Bank on the entire current assets of the
company. Other terms and conditions remain same. |
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1988PTC030427 |
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Name of the
Company |
INTEGRATED CAPS
PRIVATE LIMITED |
|
Address |
42, Anand Lok, |
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This form is for |
Creation of
Charge |
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Type of Charge |
A charge on: a) Movable property (not being pledge) b) Floating charge |
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Particulars of
the charge holder |
Ing Vysya Bank
Limited Narian Manzil, Ground
Floor, Shop No. G1 to G5, 1 floor, Shop No. 1001 to 1007, Barakhamba Road,
New Delhi – 110 001, India E-mail: capudel@ingvysyabank.com |
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Nature or
description of the instrument(s) creating or modifying the charge |
General
Hypothecation Agreement |
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Date of the
instrument creating or modifying the charge |
08.06.2007 |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
interest: Cc: IVRR minus 3.5% per annum (b) Terms of
repayment: On Demand (c) Margin: CC
25% on receivables (d) Extent and
operation of the charge: First charge on
entire current assets of unit II of the company on pari passu basis with
syndicate bank by way of hypothecation of current assets including inventory
comprising stock of raw material, stock in process, finished goods lying in
factory premises or elsewhere from time to time and the receivables from time
to time. Purchase / Import
of raw material of tin free sheet for crown caps plant from time to time. |
|
Short particulars
of the property charged (including location of the property) |
Entire current
assets of unit II of the company on pari passu basis with syndicate bank by
way of hypothecation of current assets including inventory comprising of
stock of raw materials tock in process, finished goods lying in factory
premises or elsewhere from time to time and the receivables from time to
time. Purchase / Import
of raw material of tin free sheet for crown caps plant situated at C-93 to C
-96, Phase II Extension, hosiery Complex, Noida or elsewhere. |
Website details attached:
Established in 1990 for manufacturing of Pilfer Proof (ROPP) CAPS,
INTEGRATED CAPS (PVT) LTD. expanded into Crown Closures in 1997 and PET
Preforms in 2003. The Head office and manufacturing facilities are located at
Noida with Branch offices at
Subject currently employing over 300, has seen an increase in turnover from USD
0.5 (1990) to USD 19.0 million in a short span of 15 years. Lasting
relationships have developed with several top domestic Indian as well as Multinational
Companies and internationally
Eco-friendly automate, assembly-line commercial production has been
brought into the process unequivocally for manufacturing ROPP caps. Focused at
the right perspective, the ROPP division has become one of the best recognized
market leaders - a feather in their "cap" indeed! Based on
"Vaastu" architecture, the CROWN complex is built on 5000 sq. meter
land (28,000 sq. ft Shop floor and 5,000 Sq.ft. Office areas) amid lush green
surroundings.
Equipped with the best-available technology in crown manufacturing, separate
bays for different process ingredients and machinery spares within six years,
the plant already is a front-runner in the metal packaging industry to bring in
their "crowning" glory! Through intensive research, they pioneered
new technological advances and continual product development in the trade. 2003
opened up with PET PREFORMS manufactured again under exclusive
"Vaastu" architecture. They have built a complex of 23,000 sq. feet
Shop floor and 4,000 sq. feet of Office area. GMPs are effective in the
regulated positive pressurized plant where there are separate bays for Raw
materials, Mould room, Machinery spares, Quality Assurance Laboratory and
Finished Goods storage W/H.
Products
ROPP CAPS:
- The ROPP Caps division marches along
strongly as one of the top five players in the industry. At current
capacity of 40 million caps a month the plant caters to multiple SKUs
ranging from shallow to extra deep.
- Complete captive
manufacturing setup including pre-press and post-press operations.
- Automated
Side and Knurl embossing machinery (
Crown CAPS:
- The Crown complex built on 49500 sq.
feet of land (28,000 sq ft. shop floor, 5,000 sq. ft. office area) has atotal
capacity of 25000 cases per month (360 million crowns a month). Equipped
with state of art technology, the plant is a front runner in the metal
packaging industry.
- First in
- PVC / n-PVC
2-lip Liners to secure hair-line chipped bottles
Pet Preforms:
- The Company's PET Preforms 28 mm PCO
neck division is built on 11,000 sq. feet shop floor and 4,000 sq. ft.
office area to produce 25.5gms. 27.7gms. and 52.0 Gms pre-forms, (clear
and colored)
- State-of-art
injection moulding machine from KRAUSS MAFFEI. (
- Manufacturing
in controlled and dust free environment.
- Process
capability to convert Upto 350 Metric Tonnes of resin per month.
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. 39.73 |
|
|
1 |
Rs. 81.37 |
|
Euro |
1 |
Rs. 56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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. |
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 |
|