MIRA
INFORM REPORT
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Report Date : |
15.10.2007 |
IDENTIFICATION DETAILS
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Name : |
VINATI ORGANICS LIMITED |
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Registered Office : |
B – 12 and B – 13/1, MIDC Industrial Area, Mahad – 402309, District
Raigad, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.06.1989 |
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Com. Reg. No.: |
52224 |
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CIN No.: [Company
Identification No.] |
U24116MH1989PLC052224 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV10590G |
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PAN No.: [Permanent
Account No.] |
AAACV6538K |
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Legal Form : |
Public Limited Liability Company. Company’s Shares are listed on Stock
Exchange. |
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Line of Business : |
Manufacturing and exporting of
premium organic intermediates and monomers. |
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 : |
USD1100000 |
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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 a well-established and reputed company having satisfactory
track. Directors are reported as experience 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 / Factory : |
B – 12 and B – 13/1, MIDC Industrial Area, Mahad – 402309, District
Raigad, |
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Tel. No.: |
91-2145-232012/13/14 |
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Fax No.: |
91-2145-232010 |
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E-Mail : |
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Website : |
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Corporate Office : |
Shiv – Ashish, 2nd Floor, Andheri – |
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Tel. No.: |
91-22-28510811 |
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Fax No.: |
91-22-28510729 |
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E-Mail : |
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Factory : |
Plot No. A-20, MIDC, Industrial Area, Lote Parashuram – 415722, Taluka
– Khed, District – Ratnagiri, Maharashtra, India |
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Tel. No.: |
91-2356-273032/33 |
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E-Mail : |
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Branches : |
311,Paras chambers, 3-5-890, Himayath
Nagar, Opp. Hyderabad Stock Exchange, Hyderabad-500 029.Andhra |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vinod Saraf |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Girish M. Dave |
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Designation : |
Director |
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Name : |
Mr. C. B. Gokhale |
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Designation : |
Director |
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Name : |
Mr. A. A. Krishnan |
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Designation : |
Director |
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Name : |
Mr. Sunil Saraf |
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Designation : |
Director |
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Name : |
Ms. Vinati Saraf |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Gunvant S. Singhi |
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Designation : |
Company Secretary and Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Individuals |
1713907 |
26.04 |
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Promoters |
4529007 |
68.80 |
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Other Companies |
335330 |
5.08 |
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Non-Resident Individuals |
2356 |
0.04 |
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Nationalized Banks, Mutual Funds and Trusts |
2400 |
0.04 |
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Total |
6583000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and exporting of premium
organic intermediates and monomers. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Isobutyl Benzene |
M.T. |
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10000.00 |
6626.85 |
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2 Acrylamido 2Methylpropane Sulphonic Acid |
M.T. |
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3000.00 |
1808.17* |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
300 |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Karnavat and Company Chartered Accountants |
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Address : |
Mumbai, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,583,000 |
Equity Shares |
Rs. 10/- each |
Rs. 65.830
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
65.830 |
65.830 |
65.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
233.175 |
207.279 |
195.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
299.005 |
273.109 |
261.100 |
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LOAN FUNDS |
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1] Secured Loans |
210.403 |
190.887 |
160.300 |
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2] Unsecured Loans |
46.501 |
34.063 |
0.200 |
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TOTAL BORROWING |
256.904 |
224.950 |
160.500 |
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DEFERRED TAX LIABILITIES |
48.410 |
46.648 |
0.000 |
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TOTAL |
604.319 |
544.707 |
421.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
359.878 |
366.936 |
319.300 |
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Capital work-in-progress |
16.340 |
3.864 |
7.400 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
82.080
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78.902 |
89.200 |
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Sundry Debtors |
197.015
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132.626 |
82.200 |
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Cash & Bank Balances |
8.796
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13.811 |
5.200 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
57.159
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30.572 |
42.900 |
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Total
Current Assets |
345.050
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255.911 |
219.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
103.894
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73.359 |
115.500 |
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Provisions |
13.055
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8.645 |
9.100 |
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Total
Current Liabilities |
116.949
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82.004 |
124.600 |
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Net Current Assets |
228.101
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173.907 |
94.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
604.319 |
544.707 |
421.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
820.486 |
573.522 |
563.700 |
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Other Income |
18.865 |
7.830 |
29.800 |
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Total Income |
839.351 |
581.352 |
593.500 |
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Profit/(Loss) Before Tax |
55.268 |
29.563 |
46.800 |
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Provision for Taxation |
20.130 |
10.028 |
14.900 |
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Profit/(Loss) After Tax |
35.138 |
19.535 |
31.900 |
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Earnings in Foreign Currency : |
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Export Earnings |
429.700 |
159.514 |
NA |
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Total Earnings |
429.700 |
159.514 |
NA |
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Imports : |
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Raw Materials |
82.408 |
41.051 |
NA |
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Total Imports |
82.408 |
123.459 |
NA |
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Expenditures : |
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Raw Material Consumed |
543.205 |
371.951 |
340.100 |
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Increase/(Decrease) in Finished Goods |
8.341 |
25.671 |
0.000 |
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Salaries, Wages, Bonus, etc. |
52.853 |
42.931 |
37.700 |
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Manufacturing Expenses |
65.879 |
40.307 |
19.500 |
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Administrative and Other Expenses |
86.491 |
46.980 |
149.400 |
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Total Expenditure |
756.769 |
527.840 |
546.700 |
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QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 |
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Type |
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1st
Quarter |
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Sales Turnover |
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279.300
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Other Income |
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3.700
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Total Income |
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283.000
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Total Expediture |
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238.100
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Operating Profit |
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44.900
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Interest |
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7.800
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Gross Profit |
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37.100
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Depreciation |
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7.000
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Tax |
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10.400
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Reported PAT |
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19.600
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.84 |
0.72 |
0.61 |
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Long Term Debt-Equity Ratio |
0.24 |
0.33 |
0.36 |
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Current Ratio |
0.95 |
1.03 |
1.23 |
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TURNOVER
RATIOS |
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Fixed Assets |
1.64 |
1.29 |
1.30 |
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Inventory |
11.24 |
7.76 |
7.66 |
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Debtors |
5.49 |
6.07 |
6.75 |
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Interest Cover Ratio |
3.81 |
3.39 |
8.20 |
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Operating Profit Margin(%) |
11.29 |
10.09 |
12.88 |
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Profit Before Interest And Tax
Margin(%) |
8.29 |
6.44 |
9.46 |
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Cash Profit Margin(%) |
6.88 |
6.64 |
9.08 |
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Adjusted Net Profit Margin(%) |
3.88 |
2.99 |
5.66 |
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Return On Capital Employed(%) |
14.23 |
9.13 |
13.30 |
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Return On Net Worth(%) |
12.27 |
7.30 |
12.82 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW
OF OPERATIONS
Members will be pleased to note that the operations of the company have shown satisfactory
performance. For the year under review sales have gone up by 1292.87 metric
tons in terms of quantity and about Rs. 252.629 Millions in terms of value. The
profitability has gone up due to management's thrust on exports, which have
gone up by a healthy Rs. 282.359 Millions during the year.
PROSPECTS
The project work on the proposed modernization-cum-expansion programme is on
schedule. The project aims at establishing manufacturing facilities to match
International Standards. After full implementation, the production capacity of
the company will also go up.
The company has
gone under new expansion and diversification programme and also continued to
see strong and profitable growth in the financial year 2006-2007 across all
markets driven by good performance in existing and new areas of business.
(i) Expansion
of IBB Plant at Mahad
In order to
cater increased export demand, the Company has undertaken expansion of IBB
plant to increase the capacity from 10000 TPA to 14000 TPA. (Increment of 40%).
(ii) Expansion
of 2-Acrylamido 2 Methylpropane Sulfonic Acid (ATBS) Plant at Lote
In order to
cater higher exports demand, the Company is planning to increase existing
capacity from 3000 TPA to 8000 TPA. (Increment of approx. 166.66 %)
The matter of
concern is the steep rise in Indian rupee vis-a-vis US Dollar. However the
management is taking judicious decisions to safeguard the Company's
interest.
(i) Mr. A.A.
Krishnan, Chemical Engineer
Mr. A. A.
Krishnan has very wide experience in Petrochemical industry. He is Director of
other Public Limited Companies namely Andhra Petrochemicals Limited and Petron
Engineering Construction Limited. The Company has benefited by his 45 years of
experience. He was appointed as a director long back and has vast and
diversified technological and chemical expertise of running the manufacturing
unit in such industries. Due to his commitment for technological advancement in
continuously improving the systems and procedures, he has substantially
contributed to the growth of the Company.
Therefore with
a view to get benefit out of his past experience and technical competence, the
Board recommends his reappointment.
(ii) Mr. Girish M. Dave, M Com, L.L.B. & CAIIB
Mr. Girish M.
Dave is an eminent advocate and senior partner of the well-known Law Firm M/s.
Dave & Girish & Company, Advocates and has over 40 years experience in
the legal field. The Company has benefited substantially from his advice and
guidance and also due to his immense knowledge in the said field he has
contributed to the Company with a wide range of advancement in the respective
fields so as to reap the fruitful benefit in the long run. He has served on the
Board of the company and has given valuable advice on legal and administrative
matters to the management. Therefore with a view to his contribution, the Board
recommends his reappointment.
MANAGEMENT'S DISCUSSION AND ANALYSIS
REPORT
1. INDUSTRY STRUCTURE, DEVELOPMENTS AND
OUTLOOK
Isobutyl
Benzene (IBB)
IBB is the
basic ingredient of Ibuprofen, an anti-inflammatory and analgesic bulk drug.
2-Acrylamido-2-Methylpropane
Sulfonic Acid (ATBS), Sodium salt of ATBS (Na-ATBS), N-tert-Butylacrylamide
TBA)
These specialty
monomers have wide applications mainly in oil-field recovery, water treatment,
acrylic fiber manufacturing, adhesives and personal care products. They are
also used in mining industry, coatings and as dispersing and flocculating
agents. Globally, the demand for these products is growing as newer
applications are being developed based on these monomers. There are very few
manufacturers of these products world-wide. With the growth of the above
industries in
2. 'SWOT'
Analysis
STRENGTHS & OPPORTUNITIES
- 15 years of
manufacturing experience with world class, inimitable technology
- Proximity to Mumbai
and JNPT port provides great ease of logistics and access to advanced
infrastructure facilities.
- State of the Art, competitive and cost effective manufacturing.
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Environment friendly operations including waste product recycling.
- Fully
equipped laboratories with high - tech advanced instruments and highly
qualified technical personnel.
- Commitment to
manufacturing quality products using GMP as per internationally accepted
norms
- Growing
export market
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- Superior
product and customer satisfaction
- Growth by
adding value to customers
- Long-term
business associations. IBB
- The Company
is the world's largest manufacturer and supplier of IBB.
- The
manufacturing costs are significantly lower in
- Market share
of Indian Ibuprofen manufacturers is increasing globally. As a result domestic
demand and prices for IBB are expected to rise.
- The Company
has entered into a long-term supply agreement with BASF Corporation,
- The supply
agreement warrants BASF to buy majority of its IBB requirements from the
Company up to 2011.
- According to
the agreement the monthly selling price of IBB is adjusted based on monthly
world prices of key raw materials and USD / INR exchange rate, thus minimizing
the Company's exposure to these variables.
ATBS / Na-ATBS & TBA
- The
technology to manufacture these products is scarce. Currently there are only 2
other major producers of these monomers in the world.
- As suppliers
of these products are limited, customers are very keen to work for a new source
of supply.
- All the major
users of these products are based in Europe or
- Due to manufacturing and cost advantages as well as consistent sales efforts,
the Company has been successful in establishing long-term contracts with
World's largest buyers based in
- The Company has also undertaken an application development program and has
successfully initiated business in new user industries in the domestic
market.
- The Company
is conducting an expansion programme thereby increasing capacity from 3000 TPA
to 8000 TPA
- The world demand for these monomers is growing rapidly, which is
expected to increase 2 to 3 folds with the production of enhanced oil recovery
polymers.
FIXED ASSETS
- Buildings
- Plant &
Machinery
- Furniture
& Fixtures
- Office
Equipments
- Computers
- Air
Conditioners
- Vehicles
AS PER WEBSITE
Profile
Subject is a public
limited company, listed with Bombay Stock Exchange producing specialty organic
intermediates and monomers.
Subject has over
300 employees working in fully computerized, modern day production facilities
at The MIDC Industrial Areas in Mahad and Lote Parshuram, which are among the
best industrial areas in Maharashtra with well developed infrastructure
accommodating various large scale Petrochemical, Chemical & Textile
industries.
Subject started
commercial production at its first unit in Mahad, which was installed in
technical collaboration with Institut Francais du Petrole (IFP), France, the
world leaders in the petrochemical field. VOL has successfully absorbed this
technology to become the world's largest producer of best quality
Iso-ButylBenzene(IBB) and N-Butylbenzene(NBB). IBB is an organic intermediate
mainly used to manufacture Ibuprofen, a widely used drug, while NBB is a
specialty solvent and has applications in LCD and chemical synthesis.
Subject started
commercial production at its second unit installed in Lote Parshuram and became
the third company in the world to manufacture specialty monomers, 2-Acrylamido
2-methylpropanesulfonic Acid. The plant was installed based on breakthrough
technology developed with the aid of National Chemical Laboratories (NCL),
Pune. ATBS is a co-monomer having applications is acrylic fiber, water
treatment, emulsions, paints and oil field drilling industries.
Subject had sales
of Rs. 651.900 million for year 2005-2006 with an increase of 15.66% in sales,
with net profit of Rs. 41.49 million. They have achieved sales of Rs. 609.400
with gross profit of Rs. 61.800 million in nine months i.e. March 2006-December
2006.
Subject's
substantial growth is mainly attributed to its efficient manufacturing and
sales practices.
Products
Isobutylbenzene
(IBB)
Applications
- Basic raw
material for manufacturing Ibuprofen, an Anti-inflammatory analgesic bulk
drug.
- It is used in
Perfume industry.
- It is also
used as a speciality solvent
Normal
Butylbenzene (NBB)
Applications
- Used as
speciality solvent.
- Synthesis of
intermediate
- Application
in LCD.
2-Acrylamido
2-methylpropanesulfonic Acid
Applications
- Co Monomer in
Acrylic Fiber Industry.
- Co Monomer in
Textiles, Photography.
- Oil Industry (Drilling,
Mud, Additives, Oil enhance, recovery, oil well).
- Water
Treatment - Corrosion inhibitor silt control.
- Paper and
Pulp- Filter aid sizing dispersant.
- In Mining as
Flocculants.
Sodium
Salt of 2-Acrylamido 2-methylpropanesulfonic Acid
Applications
- Co Monomer in
Acrylic Fiber Industry.
- Co Monomer in
Textiles, Photography.
- Oil Industry
( Drilling, Mud, Additives, Oil enhance, recovery, oil well .
- Water
Treatment - Corrosion inhibitor silt control.
- Paper and
Pulp- Filter aid sizing dispersant.
- In Mining as
Flocculants.
4-n-Butylaniline (Para- n-Butylaniline)
2-n-Butylaniline
(Ortho-n-Butylaniline)
n-Tertiary Butyl Acrylamide (TBA)
Applications
- Photo.
- Monomer for
cosmetics.
- Monomer for
Acrylic Ploymers.
- Adhesives.
Press Release
June - 2007
Vinati
organics Limited has reported the results for the year ended 31st March 2007,
showing a Turnover of Rs. 904.622 Millions and Net Profit of Rs. 35.139
Millions, an increase of 39% and 80% respectively compared to the corresponding
previous year ended 31st March 2006. The board recommended payment
of Dividend of 12% per share. EPS for the year ended 31st March 2007
is Rs. 5.34 as compared to Rs. 2.97 for the previous year ended 31st March
2006.
In
order to cater higher exports demand, the company has undertaken expansion of
IBB (Isobutyl Benzene) plant to increase the capacity to 12000 TPA from 10000
TPA and the Company is also planning to increase existing capacity of ATBS
(2-Acrylamido 2-methylpropanesulfonic Acid) from 2500 TPA to 8000 TPA.
Good news for Indian Polymer Manufacturers
Add value to the water soluble Polymers polarity to the
finished Polymer System Hydrolic, Mechanical & Thermal stability increase
divalant cation tolerance Hydrophilicity & Lubricity without adding much
cost by adding their 2-Acrylamido-2-Methyl-1-Propane Sulphonic Acid as
Co-monomer with Acrylamide; Used for making water soluble Polymers for Oil
Field and Water Treatment etc.
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.39.31 |
|
|
1 |
Rs.79.95 |
|
Euro |
1 |
Rs.55.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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%)
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 |
|