MIRA
INFORM REPORT
|
Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIAN TONER AND
DEVELOPERS LIMITED |
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Registered Office : |
10.5 KM,
Rampur-Bareilly Road, Rampur 224 901, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.01.1990 |
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Com. Reg. No.: |
20-15721 |
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CIN No.: [Company
Identification No.] |
L74993UP1990PLC015721 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
LKNI05168C |
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Legal Form : |
A public limited
liability company. The company’s
shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturing of Toners for Photocopiers and also
Developers of Photocopiers. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Good |
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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 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 normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office / Factory: |
10.5 KM,
Rampur-Bareilly Road, Rampur 224 901, Uttar Pradesh, INDIA |
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Tel. No.: |
91-5960-228174/228148 |
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Fax. No.: |
91-5960-228175 |
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E-Mail : |
itdl@giasdl01.vsnl.net.in,
itdl@vsnl.com,plant@indiantoners.com |
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Corporate
Office : |
5-E, Gopala
Tower, 25, Rajendra Place, New Delhi – 110 008, India |
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Tel. No.: |
91-11-2575 1420 /
2574 2509 / 2574 8160 / 2576 3993 |
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Fax No.: |
91-11-2575 1422 |
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E-Mail : |
itdl@giasdl01.vsnl.net.in, itdl@vsnl.com, info@indiantoners.com |
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Website : |
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Domestic Branch Offices : |
Located at : NORTH : New Delhi SOUTH : Chennai
EAST : Kolkata WEST : Mumbai |
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International
Branch Office : |
Located at :
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DIRECTORS
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Name : |
Mr. Sushil Jain |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. P. K. Kanoria |
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Designation : |
Director |
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Name : |
Mr. J. S.
Varshneya |
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Designation : |
Director |
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Name : |
Mr. Vikram
Parkash |
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Designation : |
Director |
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Name : |
Dr. M. R. Jain |
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Designation : |
Director |
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Name : |
Mr. N. S. Sharma |
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Designation : |
Director |
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Name : |
Mr. Sanjeev Goel |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. S C Singhal |
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Designation : |
Executive
Director and Company Sectary |
SHAREHOLDING
PATTERN
AS ON 31.03.2007
|
Category |
No. of Shares |
Percentage of
Holding |
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Promoters |
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Indian Promoters |
3974054 |
49.31 |
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Non Promoters Holding |
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Mutual Funds and UTI |
3200 |
0.04 |
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Others |
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Private Corporate Bodies |
390080 |
4.84 |
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Indian Public |
3682713 |
45.70 |
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NRIs/OCBs |
8853 |
0.11 |
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Total |
8058900 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Toners for Photocopiers and also
Developers of Photocopiers. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Toners |
M.T. |
330 |
1200 |
896.978 |
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Developers |
M.T. |
250 |
250 |
GENERAL
INFORMATION
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No. of Employees : |
291 |
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Bankers : |
State Bank of
India, 11 Sansad Marg, New Delhi – 110001 |
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Facilities : |
Working Capital facilities from State Bank of India are secured
against hypothecation of raw materials, stock in transit, finished goods,
stock in process, chemicals, spares and stores and book debts etc. alongwith
personal guarantee of the Chairman and Managing Director and second charge
over the immovable assets both present and future of the Company. Auto Loan from the Banks is secured against the specific Vehicles
purchase out of the loan funds. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. S. Gutgutia
& Company Chartered
Accountant |
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Address : |
11-K, Gopala
Tower, 25, Rajendra Place, New Delhi – 110 008, India |
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Associates/Subsidiaries : |
ITDL (U.S.A.), Inc. 418, Malaga Lane, Palos Verdes Estates, CA 90274 U.S.A. Telephone : +1.949.378.6294/310.920.9872 Telefax : +1.310.265.4417 E-mail : sam@indiatoners.com
andy@indiatoners.com Contact Person : Mr. Sam
Desai, Mr. Andy Poddar |
CAPITAL STRUCTURE
AS ON
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 170.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,058,900 |
Equity Shares |
Rs. 10/- each |
Rs.
80.589 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
80.589 |
80.589 |
80.589 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
211.620 |
167.679 |
128.504 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
292.209 |
248.268 |
209.093 |
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LOAN FUNDS |
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1] Secured Loans |
4.751 |
2.697 |
20.606 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
4.751 |
2.697 |
20.606 |
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DEFERRED TAX LIABILITIES |
34.508 |
37.119 |
38.083 |
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TOTAL |
331.468 |
288.084 |
267.782 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
161.036 |
174.899 |
170.176 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
44.916 |
41.182 |
23.708 |
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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 |
74.120
|
60.904 |
68.411
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Sundry Debtors |
82.250
|
59.327 |
53.063
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Cash & Bank Balances |
22.167
|
18.529 |
26.094
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
124.072
|
81.814 |
56.690
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Total
Current Assets |
302.609
|
220.574 |
204.258 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
92.927
|
78.192 |
86.451
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Provisions |
84.166
|
70.379 |
43.909
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Total
Current Liabilities |
177.093
|
148.571 |
130.360 |
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Net Current Assets |
125.516
|
72.003 |
73.898
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
331.468 |
288.084 |
267.782 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
470.996 |
408.044 |
355.590 |
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Other Income |
4.422 |
5.587 |
0.000 |
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Total Income |
475.418 |
413.631 |
355.590 |
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Profit/(Loss) Before Tax |
70.079 |
60.656 |
42.714 |
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Provision for Taxation |
26.138 |
21.481 |
13.774 |
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Profit/(Loss) After Tax |
43.941 |
39.175 |
28.940 |
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Earnings in Foreign Currency |
125.344 |
84.809 |
64.752 |
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Imports : |
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Raw Materials |
134.821 |
113.679 |
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Stores & Spares |
6.136 |
3.457 |
100.803 |
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Others |
0.000 |
13.668 |
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Total Imports |
140.957 |
130.804 |
100.803 |
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Expenditures : |
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Manufacturing and Other Expenses |
385.525 |
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Interest and Financial Charges |
5.058 |
4.381 |
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Increase/(Decrease) in Finished Goods |
[2.577] |
[4.901] |
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Increase/(Decrease) in Laser Printer Spare
Parts |
[0.163] |
[3.047] |
312.876 |
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Increase/(Decrease) in Stock in Process |
[0.142] |
3.527 |
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Depreciation & Amortization |
17.595 |
16.861 |
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Other Expenditure |
0.042 |
0.000 |
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Total Expenditure |
405.338 |
352.975 |
312.876 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
83.700 |
110.600 |
85.200 |
|
Other Income |
1.800 |
0.800 |
1.200 |
|
Total Income |
85.500 |
111.400 |
86.400 |
|
Total Expenditure |
69.400 |
94.900 |
71.600 |
|
Operating Profit |
16.100 |
16.500 |
14.800 |
|
Interest |
1.200 |
1.300 |
1.100 |
|
Gross Profit |
14.900 |
15.200 |
13.700 |
|
Depreciation |
4.400 |
4.500 |
4.500 |
|
Tax |
4.200 |
4.600 |
4.100 |
|
Reported PAT |
7.000 |
6.400 |
5.500 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity
Ratio |
0.01 |
0.05 |
0.21 |
|
Long
Term Debt-Equity Ratio |
0.01 |
0.05 |
0.15 |
|
Current
Ratio |
1.31 |
1.19 |
1.05 |
|
TURNOVER
RATIOS |
|
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|
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Fixed
Assets |
1.42 |
1.27 |
1.13 |
|
Inventory |
6.87 |
6.17 |
5.04 |
|
Debtors |
6.56 |
7.09 |
7.12 |
|
Interest
Cover Ratio |
14.73 |
14.80 |
8.75 |
|
Operating
Profit Margin(%) |
19.98 |
20.57 |
18.87 |
|
Profit
Before Interest And Tax Margin(%) |
16.19 |
16.33 |
14.21 |
|
Cash
Profit Margin(%) |
13.25 |
14.07 |
13.20 |
|
Adjusted
Net Profit Margin(%) |
9.46 |
9.83 |
8.54 |
|
Return
On Capital Employed(%) |
27.41 |
27.19 |
20.38 |
|
Return
On Net Worth(%) |
16.24 |
17.14 |
14.85 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Sushil Jain is the Chairman & Managing Director of the
Indian Toners and Developers Limited was incorporated in the year 1990. The
company is mainly engaged Manufacturing of Toners for Photocopiers and also
Developers of Photocopiers. During the year 2001 the company's total turnover
increased by 7.9% compared to previous year turnover of Rs.255.800 Millions.
This slight increase was due to tough competition in the market and import of
toner by traders,
The company has decided to install a Pilot Plant to develop new quality
products at competitive prices. The company is also planning to import
substitution of plant/machinery items by developing indigenous ones for economy
in working.
The total Equity Share Capital of the Company till March 2001 was Rs.80.600
Millions, consisting of 8058900 equity shares of Rs.10/- each.
OPERATIONS
During the year, the Company achieved a turnover of Rs.471.000 Millions as
against Rs.408.000 Millions during last year showing an increase of
15.44%.
The production during the year also increased to 897 MT as against 745 MT of
the last year. Though the production and sales have increased in terms of
quantity but the per unit sales realization has fallen. due to tough
competition in the market, import of toner by traders and lesser export
benefits. However, due to introduction of new products with the help of Pilot
Plant and due to tight control on expenses and lower interest cost, the Company
has been able to improve its profits as compared to last year.
FUTURE OUTLOOK AND PLANS
Tough competition in the market specially from the import of Toners by the
traders will continue to be a challenge for the Company. The only solution is
to increase our market share by more production, development of new products
including Toners for the upcoming new generation and Digital Machines and Laser
Printers.
2 years back, a wholly owned subsidiary of the Company was set up in USA
by the name ITDL (USA) Inc. with a view to enter into the South American
Market. Last year, a representative office was opened in Singapore. This year,
the Company has entered the China market by establishing a Representative
Office in China. All this will add substantially to the exports of the
Company.
During the year, the Company also formed a subsidiary by the name ITDL Imagetec
Limited for setting up a project in Sitarganj (Uttranchal) for the manufacture
of Toners & Developers with a manufacturing capacity of 1200 MT. The project
is expected to start commercial production, by April, 2008.
The fight against clandestine import by unethical means is an ongoing process
and the Company is quite hopeful that inspite of these odds, it will be able to
manage and maintain its race to increase its turnover and profits by increasing
its market share both in domestic and international markets.
Customers' satisfaction, strengthening the established brand image by offering
customers quality products at reasonable prices is the continuing aim of the
Company. Expansion of the distribution channels to ensure faster service, more
effective distribution, better presence and greater market penetration is a
continuous process.
INDUSTRY
AND OUTLOOK:
The Company manufactures Compatible Toners and Developers for Photocopiers,
Laser Printers and Digital Machines. The Industry is affected by the
clandestine import of Toners.
The long term aim of the Company is to strengthen its established brand image
by offering customers quality products at reasonable prices. The aim of the
Quality Policy of the Company is to provide satisfaction to its customers. To
achieve this, the Company is committed to develop, produce and market products
that cater continuously to the need and expectations of customers and succeed
in giving the Company competitive advantage. The Pilot Plant installed by the
Company is giving good results as the Company has developed several new
products at competitive prices which will help in facing competition and
boosting export. The Company has increased its Toner Manufacturing Capacity to
1200 MT.
The wholly owned subsidiary of the Company in USA and the Representative Office
in Singapore have given boost to exports Further boost in exports is expected
from the newly opened Representative office in China. The newly formed
subsidiary, ITDL Imagetec Limited is setting up a 1200 MT capacity plant in
Sitarganj (Utranchal) for Toners & Developers and is expected to start
production by April, 2008.
OPPORTUNITIES
Exports present the biggest opportunity for the Company for increasing the
capacity utilisation and improving profitability. The Company is taking steps
to increase its presence in other countries. Setting up a wholly owned
subsidiary in USA and opening of a Representative Office in Singapore and China
are efforts in this direction.
In the domestic market, the Company aims to achieve a larger share and also
develop new value added products for specific applications.
Efforts are also being made to go in for diversification by setting up a new
project.
FINANCIAL PERFORMANCE
The sales (including Excise Duty) for the year were Rs.471.000 Millions as
compared to Rs. 408.000 Millions for previous year. The Company earned a profit
before tax of Rs. 70.100 Millions as compared to Rs. 60.700 Millions for the
previous year. The debt free status of the Company and improved liquidity
resulted in significantly lowering the interest cost.
Contingent Liabilities not provided for in respect of :
Rs in Millions
|
Letters of credit established in favour of
the suppliers of import of materials |
71.507 |
|
Guarantee issued by State Bank of India on
behalf of Company |
0.642 |
|
Sales Tax / Trade Taxes demands against
which appeals have been preferred |
4.856 |
|
Income tax demand for the year 2001-02 and
2002-03 against which appeals have been preferred |
0.744 |
|
Minimum Construction Guarantee Charges
payable by claimed from the Company against which the company has failed case
in the Lucknow Bench of Hon’ble High Court of Allahabad [The Company has
deposited a sum of Rs. 0.500 Million against this demand pursuant to the
Court order and the same is treated as Deposit] |
2.843 |
|
Excise Duty matter for which the Excise
Departments is in appeal |
4.686 |
|
Interest Demanded by SBI |
0.000 |
|
Demand for increase in Rents |
0.083 |
|
The appeal has been decided in favour of
Company but now the Department has filed appeal with Tribunal Authority. |
|
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Electric Installations
- Furniture and Fixtures
- Office Equipments
- Vehicles
AS PER WEBSITE
Company Profile
Indian
Toners and Developers Limited (ITDL), was incorporated in 1990 as a Public
Limited Company with more than 18000 shareholders. Subject is a manufacturer of
compatible black toners for Photocopiers, Laser Printers, Digital Machines and
Multi Function Printers.
Subject
is an entrepreneurial venture, which was founded by its Chairman & Managing
Director, Mr. Sushil Jain, a technocrat with an innovative vision. Quality
consciousness, dedication to technological progress and determination for
satisfaction of its customers, shareholders and employees underline the values
set forth by its founder.
Employing
a highly automated and integrated Swiss/German plant, subject had a capacity to
produce 650 mt of toners per annum, which in the year 2004-05 was augmented to
1200 mt . With its vast experience in the industry along with an efficient and
sound technical team, subject is poised for further expending its capacity to
meet the growing needs of the market.
Research
and Development has been the cornerstone of subject's success. Backed by a pilot
plant and know how assistance from Japan, subject is well equipped
to develop a wide range of toner products to meet the emerging needs of the
market. Raw materials are sourced from world-renowned manufacturers in Japan,
Germany and The United States of America.
Being
the First Company of its kind, subject thus came onto the Indian business
scenario as a pioneer in this highly technical field and since then has
established itself firmly as the leader in the domestic market with the single
largest market share. Subject has the most widespread network of dealers
numbering 500, which is constantly growing, present in every nook and corner of
the country. With its head office based in New Delhi, Subject has 14 C&F
Agents catering to the needs of various States in the country. The sales team
of the company comprises of around 150 people stationed in various parts of
India to look after the sales of the company's products. The regional offices
of the company are located in the 4 Metropolitan cities of India – Delhi,
Mumbai, Chennai and Kolkata. Subject has a strong work force of employees in
excess of 250.
Having
established itself as a pioneer in the domestic market, subject exports toners
and developers of best quality standards for use in various international makes
and models of Photocopiers, Laser Printers and Digital Machines to more than 29
countries in the world. The Government of India has awarded subject for its
“Excellence in Export Performance” for 3 consecutive years. ITDL USA was
incorporated in the year 2004 as a wholly owned subsidiary of subject, India.
The company also has a representative office in Singapore as well as sole
distributors in U.A.E and Singapore.
The
company has recently introduced premier quality consumables for laser printer
cartridges – OPC Drums, Doctor Blades and Wiper Blades. The consumables
represent highly sophisticated technology, which are used in laser cartridges.
Every department of ITDL consists of a team of
highly experienced and dedicated professionals in order to maintain a
privileged relationship with the large and ever growing family of valued and
satisfied customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.14 |
|
UK Pound |
1 |
Rs.79.66 |
|
Euro |
1 |
Rs.62.92 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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. |
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 |
|