MIRA
INFORM REPORT
|
Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ANDHRA JYOTI – PROPRIETOR - AAMODA PUBLICATIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Andhra Jyothi Building, Plot 76, Road No. 70, Aswini Enclave, Huda
Heights, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
09.08.2002 |
|
|
|
|
Com. Reg. No.: |
01-039437 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U22219AP2002PTC039437 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA02308F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCA7212Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Printer and Publishers of Telugu Daily “Andhra Jyoti” |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 590000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Unknown |
|
|
|
|
Comments : |
Subject is a publisher of newspaper and magazines. Its profitability
is under severe pressure. It has huge accumulated losses. It had earned a
nominal profit of Rs. 2.439 millions in 2005-06 for the first time since its
incorporation. Payments are reported as slow but correct. The Company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Andhra Jyothi Building, Plot 76, Road No. 70, Aswini Enclave, Huda
Heights, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23558233 |
|
Fax No.: |
91-40-23558288 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. 36, Huda heights, Ashwini Layout, Journalist Colony, Jubilee
Hills, Hyderabad – 500 034, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23353543 / 23558233 |
|
Fax No.: |
91-40-23558233 / 88 |
DIRECTORS
|
Name : |
Mr. V. Radha Krishna |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 204, Road No. 76, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
|
Date of Birth/Age : |
20.06.1957 |
|
Date of Appointment : |
19.08.2002 |
|
Date of Ceasing: |
18.08.2007 |
|
|
|
|
Name : |
Mrs. Koganti Kanaka Durga |
|
Designation : |
Director |
|
Address : |
Plot No. 204, Road No. 76, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
|
Date of Birth/Age : |
14.05.1958 |
|
Date of Appointment : |
01.04.2007 |
|
Other Directorship Held: |
Active Power Corporation Private Limited CIN No.: U40109AP1998PTC030022 Designation: Executive Director |
|
|
|
|
Name : |
Mr. M. Prabhakar Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 103, Ruby apartments, Lumbini Rockdale, Somajiguds, Hyderabad
– 500 082, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.01.1959 |
|
Date of Appointment : |
16.08.2002 |
|
Date of Ceasing: |
25.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr. M. Suneel Kumar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. V. Radha Krishna |
|
7203189 |
|
Mr. K. Kanaka Durga |
|
540000 |
|
Mr. M. Prabhakar Rao |
|
2000000 |
|
Active Power Corporation Private Limited |
|
6800259 |
|
Mr. V. Aditya |
|
120000 |
|
Mr. V. Anusha |
|
135500 |
|
Mr. Ch. Anji Raju |
|
350000 |
|
Mr. G. Venkateswara Rao |
|
551052 |
|
Mr. P. Naga Raju |
|
300000 |
|
Total |
|
18000000 |
A ON 30.09.2007
|
Category |
|
Percentage
of Holding |
|
Bodies Corporate (Not mentioned above) |
|
40.84 |
|
Directors or relatives of directors |
|
59.16 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Printer and Publishers of Telugu Daily “Andhra Jyoti” |
GENERAL
INFORMATION
|
Bankers : |
v Union Bank of
India Jubilee Hills Branch, Plot No. 1129, Road
No. 36, Madhapur Road, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh,
India v ICICI Bank
Limited v Bank of India Banjara Hills Branch, Chandra Apartments, 8-2-541/8, Road No. 7,
Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
P R Datla and Company Chartered Accountants |
|
Address : |
6-3-788/A/9, Plot No. 9, Laxmiprasanna Nilayam, Durganagar Colony,
Ameerpet, Hyderabad – 500 016, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23408095 |
|
|
|
|
Associates/Subsidiaries: |
Active Power Corporation Private Limited CIN No.: U40109AP1998PTC030022 Designation: Executive Director |
CAPITAL STRUCTURE
A ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs. 10/- each |
Rs. 180.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
180.000 |
180.000 |
100.000 |
|
|
2] Share Application Money |
70.000 |
45.381 |
80.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(102.562) |
(128.429) |
(130.868) |
|
|
NETWORTH |
147.438 |
96.952 |
49.132 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
161.485 |
155.893 |
95.419 |
|
|
2] Unsecured Loans |
72.950 |
72.950 |
91.676 |
|
|
TOTAL BORROWING |
234.435 |
228.843 |
187.095 |
|
|
DEFERRED TAX LIABILITIES |
10.830 |
12.120 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
392.703 |
337.915 |
236.227 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
171.804 |
179.010 |
173.705 |
|
|
Capital work-in-progress |
0.337 |
0.269 |
1.085 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.165
|
48.358 |
53.942 |
|
|
Sundry Debtors |
328.795
|
226.187 |
219.279 |
|
|
Cash & Bank Balances |
8.932
|
6.277 |
20.853 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
63.215
|
61.392 |
57.473 |
|
Total
Current Assets |
445.107
|
342.214 |
351.547 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
258.283
|
196.857 |
302.152 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
258.283
|
196.857 |
302.152 |
|
|
Net Current Assets |
186.824
|
145.357 |
49.395 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
33.738 |
13.279 |
12.042 |
|
|
|
|
|
|
|
|
TOTAL |
392.703 |
337.915 |
236.227 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1106.803 |
922.036 |
725.475 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
1106.803 |
922.036 |
725.475 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
28.221 |
11.500 |
[59.585] |
|
|
Provision for Taxation |
[1.016] |
12.431 |
12.673 |
|
|
Profit/(Loss) After Tax |
29.237 |
[0.931] |
[72.258] |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials – Newsprint |
99.907 |
50.398 |
30.373 |
|
|
Capital Goods |
0.000 |
0.000 |
4.033 |
|
Total Imports |
99.907 |
50.398 |
34.406 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
33.572 |
25.727 |
16.612 |
|
|
Depreciation |
27.685 |
29.204 |
27.700 |
|
|
Other Expenditure |
1017.325 |
855.605 |
740.748 |
|
Total Expenditure |
1078.582 |
910.536 |
785.060 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
2.64
|
[0.10] |
[9.96] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.55
|
1.25 |
[8.21] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.57
|
2.21 |
[11.34] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.12 |
[1.21] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.34
|
4.39 |
9.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.74 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
Registered Office of the company has been shifted from 8-2-293/82/J/68B,
Journalists Colony, Jubilee Hills, Hyderabad- 500 033, Andhra Pradesh, India to
the present address w.e.f. 01.10.2006
|
Name of the company |
AAMODA
PUBLICATIONA PRIVATE LIMITED |
|
Presented By |
Mr. V. Radha Krishna, Managing Director |
|
1) Date and description of instrument creating the change |
v
Term Loan
Agreement and Hypothecation of movables 06.08.2003 v
Agreement of
Hypothecation of Goods and Debts 06.08.2003 v
Memorandum
of Deposit of Title Deeds. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
v
Rs. 50.000
millions v
Rs. 30.000
millions |
|
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 |
All the Plant and
Machinery, equipment, vehicles, furniture and fixtures other assets situated
in the printing and publishing centres of the company at various places of
Andhra Pradesh, Newsprint, web off set printers, Image setters, Computers,
Desktop printers plates, inks, film and Chemicals etc. a)
All that
Property situated at Survey No. 1395 and 1396, Manakondur (V), Karimnagar
District b)
All that
Property situated at Survey No. 744, Plot No. 1078, Ankireddy Palem, Guntur
District c)
All that
Property situated at Survey No. 239/2Am Kakkalapalli (V), Ananthapur
District. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
a)
No. of
installments 20 b)
Each
installments Rs. 2.500 millions c)
Tenure: 6
years d)
Repayment
starting date : 06.08.2004 e)
Rate of Interest:
13% |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Jubilee Hills
Branch, Hyderabad, Andhra Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
a)
06.12.2004
and Memorandum of Deposit of Title Deeds b)
06.12.2004
and Memorandum of Deposit of Title Deeds |
|
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. |
Enhancement in
the existing limits of Rs. 100.000 millions availed from Union Bank of India
to the extent of Rs. 210.000 millions and in addition to the Company’s
movable and immovable Properties charged earlier in respect of the existing
limits of Rs. 100.000 millions the aforesaid enhanced limits upto Rs. 210.000
millions are further secured to the said bank by a)
Equitable
mortgage by deposit of title deeds on 06.12.2004 in respect of Company’s
immovable Property situated at Plot No. 51/1, Door No. 5 -70, Tetali Village,
Tanuku, West Bengal District bearing Survey No. 51/1 admeasuring 7068 sq.
yards together with the buildings and structures constructed thereon together
with fixed plant and machinery or building and structures which may hereafter
be erected / constructed thereon more particularly described in the Second
Schedule to the Memorandum of Deposit of Title Deeds. b)
Equitable
mortgage by deposit of title deeds on 06.12.2004 in respect of Company’s
immovable Property situated at Plot No. 91, Nellore, Nellore District, Andhra
Pradesh, bearing Survey No. 33 admeasuring 2400 sq. yards together with the
buildings and structures constructed thereon together with fixed plant and
machinery or building and structures which may hereafter be erected / constructed
thereon more particularly described in the Second Schedule to the Memorandum
of Deposit of Title Deeds. |
|
Corporate
identity number (CIN) Foreign company registration number |
U22219AP2002PTC039437 |
|
Name of the
Company |
AAMODA PUBLICATIONA PRIVATE LIMITED |
|
Address |
8-2-293/82/J/68B, Journalists Colony, Jubilee Hills, Hyderabad- 500
033, Andhra Pradesh |
|
This form is for |
Creation of
charge |
|
Type of Charge |
A charge on Movable property (not being pledge) |
|
Particulars of
the charge holder |
Bank of India Banjara Hills
Branch, Chandra Apartments, 8-2-541/8, Road No. 7, Banjara Hills, Hyderabad –
500 034, Andhra Pradesh, India E-Mail: boihydcr@yahoo.co.in |
|
Nature or
description of the instrument(s) creating or modifying the charge |
|
|
Date of the
instrument creating or modifying the charge |
12.04.2007 |
|
Amount secured by
the charge |
Rs. 675.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: 1.5% below BPLR at present 11.00% per annum (b) Term of
Repayment: Repayment in 72
equated monthly installments of Rs. 0.013 million (Rs. 12846.00) each
commencing from May 2007 (c) Margin: 20% (d) Extent and
operation of the charge: Facility – Term
Loan for purchase of Car Amount Rs. 0.675
million Security –
Hypothecation of Car (Vehicle) Description of
Vehicle: Hyundai Verna CRDI Car |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
Hyundai Verna CRDI Car (Vehicle) |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90126724 |
|
Corporate
identity number of the company |
U22219AP2002PTC039437 |
|
Name of the
company |
AAMODA PUBLICATIONA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Andhra Jyothi Building, Plot 76, Road No. 70, Aswini Enclave, Huda
Heights, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India |
|
Type of charge |
|
|
Particular of
charge holder |
Union Bank of India Jubilee Hills Branch, Plot No. 1129, Road No. 36, Madhapur Road,
Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Deed |
|
Date of
instrument Creating the charge |
31.03.2007 |
|
Amount secured by
the charge |
Rs. 187.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Nature of
Facility : Rate of Interest [%] Inland / Import
LC – Usual CC – BPLR + 1.50 Term Loan [I, II
and III] – BPLR + 2.50 Terms of
Repayment Cash Credit –
Repayable on demand Margin Nature of
Facility Margin Inland / Import
LC – 15 % CC – 25 % Term Loan [I, II
and III] – 25 % Extent and
Operation of the charge Nature of
Facility Inland / Import
LC Rs. 30.000 Millions CC – Rs. 60.000
Millions Term Loan [I] :
Rs. 25.000 Millions Term Loan [II] :
Rs. 42.500 Millions Term Loan [III]
Rs. 30.000 Millions |
|
Short particulars
of the property charged |
All tangible
movable machineries, furniture, movable goods and assets both present and
future including stocks of raw materials and finished goods such as news
print, inks, plates, films etc and book debts, monies receivables and
securities Immovable
Properties of the company situated at Manakondur, Karimnagar District
Ankirreddypalem, Guntur District Kakkalapalli, Ananthapur District madikonda,
VWarangal District Vakalapudi kallur, Kurnool, District Tanuku and
Nellore |
|
Date of latest
modification prior to the present modification |
06.12.2004 |
|
Particulars of the
present modification |
Revision /
Renewal of total limits being availed from Union Bank of India upto Rs.
187.500 Millions and the Company’s movable and immovable properties and other
collateral securities charged earlier in favour of the bank shall be extended
to the revised / renewed limits upto Rs. 187.500 Millions as continuing
security. |
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 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. 39.43 |
|
UK Pound |
1 |
Rs. 80.44 |
|
Euro |
1 |
Rs. 55.66 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|