MIRA
INFORM REPORT
|
Report Date : |
10.09.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BHAVI
TUBES AND CONTAINERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B/14, |
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Country : |
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|
|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.03.1992 |
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Com. Reg. No.: |
11-66055 |
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CIN No.: [Company
Identification No.] |
U28129MH1992PTC066055 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB05556F |
|
|
|
|
Legal Form : |
Private
Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of
Toothpaste, shaving cream, toothbrushes and other toiletries. |
RATING
& COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD
14000 |
|
|
|
|
Status : |
Good |
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|
|
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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 fine track records.
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 good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
B/14, |
|
Tel. No.: |
91-22-26650882 / 26650920 / 26110588
/ 26650916 / 26110588 |
|
Mobile No.: |
91-9821049169 |
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Fax No.: |
91-22-26650892 |
|
Email : |
|
|
Website : |
http://bhavigroup.tradeindia.com
/ http://www.bhavigroup.com |
|
|
|
|
Regional Office : |
13 /
B, Tulip Bungalows, Part-2, Off: |
|
Tel. No.: |
91-79-27455264 / 27438716 |
|
Fax No.: |
91-79-27431166 |
|
|
|
|
Factory : |
Plot
No. : 730, At Post : Rakanpur, Near |
|
Tel. No.: |
91-2764-286611,
2866113 |
|
Fax No.: |
91-2764-286114 |
DIRECTORS
|
Name : |
Mr. Yogesh Patel |
|
Designation : |
Managing Director |
|
Address : |
F-53, |
|
Date of Birth/Age : |
20.06.1967 |
|
Date of Appointment : |
24.03.1992 |
|
|
|
|
Name : |
Mr. Vijay
Bhagubhai Patel |
|
Designation : |
Director
|
|
Address : |
F-53, |
|
Date of Birth/Age : |
06.04.1965 |
|
Date of Appointment : |
24.03.1992 |
|
|
|
|
Name : |
Mr.
Bipinchandra Bhogilal Patel |
|
Designation : |
Director
|
|
Address : |
9-B,
Gokul Apartment, Behind Octroy Naka, Nava Wadaj, Ahmedabad – 380013 |
|
Date of Birth/Age : |
03.12.1960 |
|
Date of Appointment : |
24.03.1992 |
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|
|
|
Name : |
Mr.
Hiten B Patel |
|
Designation : |
Director
|
|
Address : |
F-53, |
|
Date of Birth/Age : |
10.12.1968 |
|
Date of Appointment : |
18.01.2000 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Shantaben
B Patel |
|
3900 |
|
Vijay
Bhagubhai Patel |
|
2210 |
|
Yogesh Patel |
|
1625 |
|
Hiten
B Patel |
|
2275 |
|
Roopali
V Patel |
|
260 |
|
Dhara
Y Patel |
|
845 |
|
Vandana
H Patel |
|
260 |
|
B |
|
260 |
|
Somnath
Patel HUF |
|
260 |
|
Bipinbhai
Patel |
|
1105 |
|
Total
|
|
13000 |
|
|
|
|
|
Equity Share Breakup |
|
|
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturer and Exporter of
Toothpaste, shaving cream, toothbrushes and other toiletries. |
|
|
|
|
Products : |
Ø
ORAL CARE (TOOTHPASTE
w/wo BRUSH) Ø
SKIN CARE
(BEAUTY CREAM/LOTIONS/OILS) Ø
HAIR CARE
(SHAMPOOS/CONDITIONERS/CREAMS) Ø
FACE CARE
(SHAVING CREAM/FACE WASH/MASK) Ø
BABY CARE (BABY
OIL/ DIAPER RASH/BUBBLE |
|
|
|
|
Exports to : |
|
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Paste / Cream |
Units |
-- |
98000000 |
11612615 |
|
|
|
|
|
|
GENERAL
INFORMATION
|
Suppliers : |
Ø
Bhagrith Boxes Private Limited Ø
Essel Propack Limited Ø
Gulshan Polyoles Limited Ø
Kismat Printpack Ø
Madhu Silica Private Limited Ø
Megnish Packing Industries Ø
Parthsarthi Polymers Ø
Perfect Traders Ø
Swati Industries Ø
T Alimahomed and Company Ø
Venayl Plast Ø
R K Pathak Ø
TNT India Limited Ø
R B Patel Ø
Sunica Pasta |
|
|
|
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
Ø
Oriental Bank of Commerce, Ahmedabad Ø
Oriental Bank of Commerce overseas Ø
Oriental Bank of Commerce Santacruz |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
R J Pathak
and Company Chartered
Accountants |
|
Address : |
Issni
Apartments, Nahar Nagar, Malad West, Mumbai – 400064, |
|
|
|
|
Membership
: |
Ø Private Label
Manufacturers association (The Netherlands) Ø Chemexcil ( Ø FDA ( Ø FDA Listing with Ø |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
13000 |
Equity
Shares |
Rs. 100/- each |
Rs.1.300 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
13000 |
Equity
Shares |
Rs. 100/- each |
Rs.1.300 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.300 |
1.300 |
1.300 |
|
|
2] Reserves & Surplus |
2.273 |
2.171 |
1.380 |
|
|
NETWORTH |
3.573 |
3.471 |
2.680 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
14.261 |
13.313 |
12.270 |
|
|
TOTAL BORROWING |
14.261 |
13.313 |
12.270 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Advance
from Customers |
8.522 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.356 |
16.784 |
14.950 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
5.811 |
3.101 |
3.398 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
25.838
|
24.225 |
20.283 |
|
|
Sundry
Debtors |
2.250
|
1.771 |
2.004 |
|
|
Cash
& Bank Balances |
7.848
|
6.677 |
5.047 |
|
|
Other
Current Assets |
0.248
|
0.057 |
0.000 |
|
|
Loans
& Advances |
3.447
|
3.957 |
5.560 |
|
Total Current
Assets |
39.631
|
36.687 |
32.894 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
18.600
|
12.316 |
19.319 |
|
|
Provisions |
0.486
|
10.688 |
3.209 |
|
Total Current
Liabilities |
19.086
|
23.004 |
22.528 |
|
|
Net Current Assets |
20.545
|
13.683 |
10.366 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
1.186 |
|
|
|
|
|
|
|
|
TOTAL |
26.356 |
16.784 |
14.950 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales
Turnover [including other income] |
110.068 |
109.283 |
69.677 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.622 |
11.479 |
2.535 |
|
Provision for Taxation |
0.000 |
0.000 |
1.005 |
|
Profit/(Loss) After Tax |
0.622 |
11.479 |
1.530 |
|
|
|
|
|
|
Export Value |
7.892 |
6.646 |
NA |
|
|
|
|
|
|
Expenses: |
|
|
|
|
Interest |
1.573 |
10.505 |
|
|
Depreciation |
0.496 |
0.850 |
11.160 |
|
Other expenses |
107.377 |
86.449 |
|
|
Total Expenditure |
109.446 |
97.804 |
11.160 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
0.56
|
10.50 |
2.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.56
|
10.50 |
3.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.36
|
28.85 |
6.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
3.30 |
0.95 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.33
|
10.60 |
12.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
1.52 |
1.46 |
LOCAL
AGENCY FURTHER INFORMATION
Fixed
Assets
Ø Air conditioner
Ø
Building
Ø
Cellular Phone
Ø
Jeep
Ø
Land
Ø
Scooter
Ø
Water Cooler
Ø
Xerox Machines
Ø
Generator
Ø
Furniture
Ø
Plant and Machinery
Ø
Motor Car
Ø
Fridge
Ø
Xerox Machines
Ø
Laboratory Equipments
Dividend
The
directors recommend 400 % dividend for the year ended 31.03.2005
Future
Outlook
The
company is having bright prospects due to expansion of domestic as well as
export markets. The company has plans to expand the capacities in respect of
existing products lines
As per
Website
Profile
Established in 1979, they started off as a small company engaged in
manufacturing of Tooth-powder.
In 1983, they set up a medium scale organisation with local partners
manufacturing toothpaste and other toiletries. Around 1992, they established a
'Bhavi Team' of young dynamic engineers and technicians, which today is
considered as one of the most trusted manufacturer of Toothpaste (Dental Cream), Toothbrush, Shaving Cream, Beauty Cream and
other Toiletries / Cosmetic Products. Most of their products
manufactured are being exported across the world under private label brands and
customized packaging. Their entire range of products are produced in accordance
with the international GMP standards and comes out with flawless quality.
Manufacturing of these products are
carried out under globally accepted ISO - 2000 quality management system and
GMP compliant facilities.
All manufactured products are
exported to more than 25 countries many Latin & Central American, African &
Asian countries.
Founder of 'company Group', Mr. B.S. Patel
(B.E. Mechanical) had initiated the group activities in late
1979. The current management of the group consists of the most experienced techno-commercial team of
Engineers, Administrators, Research & Product Development Specialists,
Foreign Trade Management Executives and more than 50 skilled & semi-skilled
personnel.
Their products are being designed, researched and perfected for
various international markets so that, it becomes saleable, affordable and
fully meets the consumers'
satisfaction. Today, they are well known for the most consistent
quality and shortest lead times.
Manufacturing Capabilities
Their F.D.A. licensed &
ISO-9001:2000 QMS certified manufacturing unit is situated very near to the
city of
It consists of advanced high-speed
production lines and storage facilities duty set-up to run 24x7 hours in a
closed controlled environment, fully equipped R&D laboratory, pilot plants,
24x7 electricity & water supply, water & effluent treatment plants,
full-fledged administrative office set-up, worker's quarters, latest
transportation & communication facilities.
Today, they manufacture a wide range
of Oral Care, Skin Care, Hair Care, Face Care, Baby Care and Ethnic Care
formulations dully packaged in Tubes, Cartons, Jars, Bottles, Satchels,
Blisters, etc.
Most of the raw and packing material
vendors are world leading and reputed companies.
Installed
Production Capacities.
Ø
Toothpaste base manufacturing - 10000 MT
per annum
Ø
Cosmetic Cream/Liquid base manufacturing -
7500 MT per annum
Ø
Tube &/or Jar Filling/Packing - 100
million tubes per annum
Ø
Sachet Filling/Packing - 20 million
bottles per annum
Ø
Bottle Filling/Packing - 20 million
bottles per annum
Ø
Tooth Brush manufacturing - 5 million
brush per annum
Ø
Blister Packing - 5 million blister packs
per annum.
Research & Development
They truly believe in the process of 'Customization, Optimization &
Perfection' to achieve the goal of global market presence and best Consumer
Satisfaction.
Their fully equipped Research & Development laboratory, Pilot Plants,
Experienced Expertise has helped them to become the leader in the Private Label
manufacturing industry from
It also gives them unique advantage and expertise to match customized
specifications and develop latest formulations.
After years of continuous research and development, today they have developed a
wide range of Oral Care, Skin Care, Hair Care, Baby Care and Face Care
formulations and internationally admired packaging. Current R&D activities
are more focused to develop Natural & Herbal Care product lines
Features
-They produce several types and grades of Toothpaste Formulations to suit
versatile customer requirements.
-Their entire range of Toothbrush Handles are available in assorted shapes as well
as transparent or opaque colors. Bristles are available in nylon grade with
end-rounded in individual or multiple packings.
-Shaving cream is manufactured under advanced vacuum process to meet
international standards. Choice of fragrances can be provided along with
menthol for its cooling effect.
At company, customization, optimization and perfection of each products make
them affordable and fit for each client's qualitative expectations. Their
current management consists of a techno-commercial experienced team of
engineers, chemists, foreign trade management executives and skilled personnel.
Their manufacturing plant comprises of state-of-the-art machineries,
technicians, and infrastructure to produce and procure internationally
acceptable quality as well as packaging requirements. They have their own model
set-up of Research and Development to formulate, test and commercialize wide
range of Toothpastes (all types),
Shaving creams and Face Creams.
They believe that in order to sustain consistent growth rate, it is necessary
to improve and innovate novel products constantly. They would be delighted to
work with all the companies seeking high quality products at affordable rates.
They assure you excellent services and a long lasting association.
Customization,
Optimization & Perfection is their key to Success
Subject manufactures and offers a range of Toothpaste (Dental Cream), Toothbrush, Shaving Cream, Beauty Cream & Other Toiletries/ cosmetic Products. Products manufactured are either private label brands or sold under brand name 'Lovedent'. Most of the products manufactured by the group are either being exported world wide under Private Label brands & customised packaging.
Their Customisation, Optimisation and Perfection of each product make them affordable, saleable, and fit for each client's qualitative expectations for a paticular market. They also provide the flexibility and possible guidance to empower their clients to compete in all types of markets, earn profits and enjoy goodwill forever.
This has been achieved by lots of efforts & professionalism of their 'Bhavi Team' ('Futuristic Team'), which not only includes the Promoters & Employess, but also their reliable vendors & associates. Current management of the group compoanies, consist of the technocommercial and most experienced team of Engineers, Chemists, Foreign Trade Management Executives and Skilled personnel. All vendors and suppliers of the company are most experienced and quality conscious.
Subject believes in the Global World & by providing at reasonable rate, they feel very proud and responsible their due share to global society.
Primary Competitive Advantages
Ø
ISO
9001:2000 Certified by D.N.V., The
Ø
Most
Consistent and World Class Quality at most Reasonable Price
Ø
Wide
Range of Toothpaste and Personal Care Formulations
Ø
Ø
Huge
Installed Production Capacities
Ø
Best
lead Times with on Time Shipments
Ø
Best
Flexibility for Small and large Runs
Ø
Privately
Held Group, that Reacts to the needs much Faster
Ø
More
than 25 years of manufacturing experience
Ø
Unmatched
manufacturing infrastructure and Huge Warehousing facilities
Ø
F.D.A.
Licensed Factory Following Best G.M.P. Norms.
Ø
Full
Fledged R&D Lab for New Formulation / Product Developments.
Installed Capacities
Ø
Toothpaste
base manufacturing - 10000 MT per annum
Ø
Cosmetic
Cream / Liquid base manufacturing - 7500 MT per annum
Ø
Tube
& Jar Filling / Packing - 100 million tubes per annum
Ø
Sachet
Filling / Packing - 80 million sachets per annum
Ø
Bottle
Filling / Packing - 20 million bottles per annum
Ø
Tooth
Brush manufacturing - 5 million brushes per annum
Ø
Blister
Packing - 5 million blister packs per annum
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.40.71 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.55.66 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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/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 |