MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GODREJ SARA LEE LIMITED |
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Formerly Known As : |
TRANSELEKTRA DOMESTIC PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Pirojshanagar, Eastern Express Highway, Vikhroli [East],
Mumbai – 400079, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.04.1987 |
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Com. Reg. No.: |
11-43137 |
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CIN No.: [Company
Identification No.] |
U24211MH1987PLC043137 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08678F |
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PAN No.: [Permanent
Account No.] |
AAACT1921C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Sellers of Home Insecticides. |
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 7000000 |
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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 and a part of Godrej
Group. The company is progressing
well. 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. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as promising business partner in a medium
to long – run. |
LOCATIONS
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Registered / Corporate Office : |
Pirojshanagar, Eastern Express Highway, Vikhroli [East],
Mumbai – 400079, Maharashtra |
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Tel. No.: |
91-22-65976700 |
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Fax No.: |
91-22-65976738 |
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E-Mail : |
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Website : |
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Factory : |
Located at :
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Branches / Regional Offices : |
GD 280, Sector III, Salt Lake City, Kolkata – 700 091, West Bengal Tel. 91-33-2359 6414/23596411/23217010 Fax. 91-33-23593413
4/1, Delite Cinema Building, 4th Floor, Asaf Ali Road, New Delhi – 110 002 Tel. 91-11-2325 4696/23252015 Fax. 91-11-2325 2055
Kasi Arcade, 6th Floor, 116, Sir Thyagaraya Road, T. Nagar, Chennai – 600 017, Tamilnadu Tel. 91-44-2815 4008/28154540/28150357 Fax. 91-44-2815 4095 Jindal Tower, Block – B, 5th Floor, Room No. 506/507,
21/1/A/3, Darga Road, Kolkata – 700091 Tel. No. : 91-33-30953262 / 4 Subbaraya Avenue, 3rd Floor, C. P. Ramaswamy Road,
Alwarpet, Chennai – 600018 Tel. No. : 91-44-55512348 / 49 |
DIRECTORS
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Name : |
Mr. Mahendran Arumugham |
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Designation : |
Managing Director |
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Address : |
Flat No. 5, Bayview Apartments, Worli Seaface, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
13.04.1955 |
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Date of Appointment : |
08.08.1994 |
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Email : |
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Name : |
Mr. Adi Burjorji Godrej |
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Designation : |
Chairman |
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Address : |
Godreaj House 67 – H, Walkeshwar Road, Opposite Birla Public School,
Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
03.04.1942 |
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Date of Appointment : |
08.08.1994 |
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Election Commission Identity Card No. : |
MT/04/024/273279 |
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Email : |
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Name : |
Mr. Nadir Burjorji Godrej |
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Designation : |
Director |
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Address : |
40 – D B G Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
26.08.1951 |
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Date of Appointment : |
08.08.1994 |
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Election Commission Identity Card No. : |
MT/04/024/099721 |
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Email : |
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Name : |
Mr. Jamshyd Naoroji Godrej |
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Designation : |
Director |
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Address : |
40 – D B G Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
24.01.1949 |
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Date of Appointment : |
08.08.1994 |
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Election Commission Identity Card No. : |
MT/04/024/099982 |
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Email : |
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Name : |
Mr. Adrianus Nuhn |
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Designation : |
Director |
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Address : |
Burgemeester’s Jacoblaan 24, 1401 Br Bussum, The Netherlands |
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Date of Birth/Age : |
06.07.1953 |
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Date of Appointment : |
26.06.2003 |
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Email : |
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Name : |
Mr. Ton Van Bilsen |
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Designation : |
Director |
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Address : |
Strandwijck 16 2002 BV Noordwijk ZH, The Nederlands |
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Date of Birth/Age : |
07.07.1948 |
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Date of Appointment : |
26.03.2001 |
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Name : |
Mr. Rober Vander Hoek |
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Designation : |
Director |
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Address : |
Rijksstraatweg 9 2471 Xe Zwammerdam, The Nederlands |
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Date of Birth/Age : |
22.03.1954 |
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Date of Appointment : |
28.02.2002 |
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Date of Ceasing : |
14.07.2005 |
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Name : |
Mr. Ravi Venkateswar |
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Designation : |
Whole Time Director |
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Address : |
12, Brindaban, Brinda Link Road, Khar, Mumbai – 400054, Maharashtra,
India |
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Date of Birth/Age : |
06.05.1961 |
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Date of Appointment : |
01.04.1999 |
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Email : |
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Name : |
Mr. Joost Pabst |
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Designation : |
Director |
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Address : |
Jozef Israelslaan 18 3735 LN Bosch & Duin, The Nederlands |
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Date of Birth/Age : |
28.01.1952 |
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Date of Appointment : |
14.07.2005 |
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Name : |
Mr. Frank Van Oers |
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Designation : |
Director |
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Address : |
Buspadi 5509 LW, Veldhoven, The Nederlands |
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Date of Birth/Age : |
09.07.1959 |
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Date of Appointment : |
14.07.2005 |
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DIN / PAN No. : |
00309161 |
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Passport No. : |
BA0301258 |
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Name : |
Mr. Vincent Janssen |
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Designation : |
Additional Director |
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Address : |
Montenspark 2B, Breda 4837 CD, Breda 004837, The Nederlands |
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Date of Birth/Age : |
14.08.1953 |
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Date of Appointment : |
12.12.2006 |
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DIN / PAN No. : |
00151429 |
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Passport No. : |
BA0199068 |
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Other Directorships : |
Saralee Household & Bodycare India Private Limited – Director CNI No. : U18101TN1977PTC007292 |
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Name : |
Mr. Groen De Marcus |
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Designation : |
Director |
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Address : |
Utrech Seweg 213, 3818ee, Ahers Foort, 3818ee The Nether Lands |
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Date of Birth/Age : |
20.08.1964 |
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Date of Appointment : |
12.12.2006 |
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Other Directorships : |
Saralee Household & Bodycare India Private Limited – Director CNI No. : U18101TN1977PTC007292 |
KEY EXECUTIVES
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Name : |
Mr. Narayan Barasia |
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Designation : |
Company Secretary |
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Address : |
51 B / 14, Vrindavan Society, Thane, Maharashtra |
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Date of Birth/Age : |
17.12.1972 |
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Date of Appointment : |
19.09.2003 |
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Tel. No. : |
91-22-67976726 |
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Fax No. : |
91-22-67976738 |
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PAN No. : |
AECPB4669L |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 08.06.2007)
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Names of Shareholders |
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No. of Shares |
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Godrej Industries Limited |
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5107125 |
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Sara Lee Mauritius Holding Private Limited |
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13024125 |
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Godrej & Boyce Manufacturing Company Limited |
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7406250 |
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Total |
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25537500 |
(As on 30.09.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRI, OCB Or Others) |
|
51.00 |
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Directors or relatives of directors |
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49.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Sellers of Home Insecticides. |
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Products : |
Product
Description: Insecticides ITC Code : 3808.1 |
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Brand Name : |
·
Good Knight ·
Jet ·
Hit ·
Banish |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
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Repellents |
Millions |
349 |
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Killers |
Kilo Litres |
3168 |
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Machines |
Millions |
13 |
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Air Fresheners |
Millions |
3 |
GENERAL
INFORMATION
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No. of Employees : |
600 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse Coopers Private Limited Chartered Accountants |
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Address : |
Plot No. Y 14, Block EP, Sector V, Salt Lake, Kolkata – 700091, West
Bengal, India |
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PAN No.: |
AABCP9181H |
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Associates : |
v Sara Lee Corporation, U.S.A. v Sara Lee House & Bodycare, Kenya v Sara Lee Mauritius Holding Private Limited v Sara Lee Malaysia SDN.BHD., Malaysia v Godrej Infotech Limited v Godrej Tea Limited v Sara Lee DE Espana S.A. v Godrej Industries Limited v Godrej & Boyce Manufacturing Company Limited v Godrej Foods Limited v Godrej Appliances Limited v Godrej Consumer Products Limited v Home Safe Products SDN DH v Godrej Global Mid East FZE v Sara Lee H & BC India Private Limited v Sara Lee France S.N.C. v Sara Lee H & BC Indonesia v Fujian Sara Lee China v Sara Lee (Asia Pacific) v Sara Lee / DE, Utretch v Godrej Agrovet Limited v Sara Lee House & Bodycare Kenya Limited v Sara Lee Hong Kong Limited v Sara Lee DE Royal v Sara Lee H & BC [Ausralia] Pty Limited v Sara lee H & BC Research v Kiwi Europeon Holdings B.V. v Godrej Hi-Care Limited |
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Subsidiaries : |
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Parent Company : |
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Holding Company : |
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Venture Company : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 4/- each |
Rs. 120.000 millions |
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25000000 |
Unclassified Shares |
Rs. 4/- each |
Rs. 100.000 millions |
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TOTAL |
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Rs. 220.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
25537500 |
Equity Shares |
Rs. 4/- each |
Rs. 102.150
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
102.150 |
102.150 |
102.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1306.856 |
872.138 |
568.509 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1409.006 |
974.288 |
670.659 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
29.567 |
16.290 |
10.509 |
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TOTAL |
1438.573 |
990.578 |
681.168 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
462.897 |
443.718 |
443.939 |
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Capital work-in-progress |
8.018 |
25.216 |
26.994 |
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INVESTMENT |
571.703 |
26.572 |
26.572 |
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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 |
570.337
|
516.412
|
435.317
|
|
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Sundry Debtors |
361.109
|
225.575
|
181.499
|
|
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Cash & Bank Balances |
444.707
|
709.519
|
288.311
|
|
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Other Current Assets |
2.237
|
2.582
|
0.109
|
|
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Loans & Advances |
733.821
|
297.603
|
235.145
|
|
Total
Current Assets |
2112.211
|
1751.691 |
1140.381
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
1537.452
|
1222.200
|
785.754
|
|
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Provisions |
178.804
|
34.419
|
170.964
|
|
Total
Current Liabilities |
1716.256
|
1256.619 |
956.718
|
|
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Net Current Assets |
395.955
|
495.072 |
183.663
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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TOTAL |
1438.573 |
990.578 |
681.168 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
5942.599 |
5158.392 |
4391.169 |
|
|
Other Income |
77.081 |
67.828 |
88.735 |
|
|
Total Income |
6019.680 |
5226.220 |
4479.904 |
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Profit/(Loss) Before Tax |
900.748 |
738.053 |
601.635 |
|
|
Provision for Taxation |
105.718 |
70.435 |
58.895 |
|
|
Profit/(Loss) After Tax |
795.030 |
667.618 |
542.740 |
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Expenditures : |
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|
|
|
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Cost of Goods Sold |
3272.205 |
2994.240 |
2663.608 |
|
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Employee Cost |
372.485 |
308.060 |
270.476 |
|
|
Administrative Expenses |
1394.032 |
1099.187 |
899.439 |
|
|
Interest |
7.026 |
5.723 |
1.424 |
|
|
Depreciation & Amortization |
73.184 |
80.957 |
43.322 |
|
Total Expenditure |
5118.932 |
4488.167 |
3878.269 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
13.21
|
1.29 |
12.11
|
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Net Profit Margin (PBT/Sales) |
(%) |
15.16
|
14.31 |
13.70
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
34.98
|
33.62 |
37.97
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.76 |
0.89
|
|
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
1.29 |
1.42
|
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|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.39 |
1.19
|
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject is a joint venture company between the Godrej Group, India and Sara Lee Corporation, United States of America. With values and traditions that stem from the principles on which the foundations of two great conglomerates, Godrej and Sara Lee, were laid, subject is able to offer world-class products and services to the Indian and global consumer.
In the year 1984, company launched GoodKnight. In 1985, First GoodKnight advertisement appeared on national network television, Doordarshan and in 1986, GoodKnight became the largest electronic mosquito repellant in India.
In the year 1991, GoodKnight became the single largest selling brand of electronic mosquito repellant in the world. In 1994, Godrej Soaps Limited took over Transelektra Domestic Products Limited.
In the year 1995, Joint venture with Sara Lee became operational and it became Asia’s largest insecticide R & D center inaugurated in Vikhroli, Mumbai. In 1996, Transelektra Domestic Products Limited was re-christened Godrej-Hi Care Limited.
In the year 1997, it started Global operations and in 1999, Godrej Hi Care Limited re-christened as Godrej Sara Lee Limited.
FORM 8:
|
Name of the company |
TRANSELEKTRA
DOMESTIC PRODUCTS PRIVATE LIMITED |
|
Presented By |
Bank of India Khar Branch, 531 Linking Road, Bombay – 400052 |
|
1) Date and description of instrument creating the change |
Principal Agreement of Hypothecation of Tangible Moveable Property
dated 23.12.1987 executed by the company in favour of Bank of India |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 1.500 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 tangible moveable assets of the company including in particular
all stocks of raw materials such as PTC thermisters, Synthetic Pyrethrum,
Pyrathin, Forte, Two Pin moulded cords, neen bulbs, resistors, PVC wire,
cotton glue sheets and finished goods such as mats, EMD, Nappies, good rid,
stock in process, stores, packing material, etc. wheresoever situate and or
in transit |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
First charge by
way of hypothecation of tangible moveable assets mentioned in item no. 3 and
such assets of the nature described in item no. 3 as are or may at any time
be in the possession or power of the company to secure a demand cash credit
of Rs. 1.500 millions together with interest @ 6.5% OBR with 16.5% p.a. with
quarterly rests or at such other rates as may be notified to the company by
the bank from time to time with power to the bank to seize and realize |
|
5) Name and Address and description of the person entitled to the
charge. |
Bank of India Khar Branch, 531
Linking Road, Khar, Bombay – 400052 |
|
6) Date and brief description
of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
FIXED ASSETS:
- Freehold Land
- Building
- Plant & Machinery
- Electrical Installation
- Vehicles
- Trademarks
- Furniture & Fixtures
- Office equipments
WEBSITE DETAILS
Subject is a joint venture company between the Godrej Group, India and Sara Lee Corporation, USA. They are the world's
largest manufacturers of home insecticides.
Their company is committed to the research and manufacture of quality
household insecticides, and holds a substantial market share in the domestic
market, with some of the most popular brands like Good Knight, Jet, Hit and Banish,
which have become generic with mosquito repellants today.
With values and traditions that stem from the principles on which the
foundations of two great conglomerates, Godrej and Sara Lee, were laid, they
are able to offer world-class products and services to the Indian and global
consumer.
CORPORATE OVERVIEW
Subject has come a long way from its humble beginnings in 1987. Working
on the sound business principle of ‘Economic Value Added’, company has gone
from strength to strength year after year, emerging as the undisputed leader in
the Indian Household Insecticide market. Competition in the household
insecticide market is intense, with new entrants and established companies
providing challenges in every category.
Subject has continued to remain ahead due to its continuously
rejuvenated product portfolio, strategic marketing initiatives, considerable
brand investment, cost reductions, investment in infrastructure improvements
and efficient financial management. Their multi-brand strategy enables them to
leverage their core competencies across all their brands, from which they can
drive greater synergies and improve their operating performance. Their
international operations continue to grow and they foresee a significant growth
in these operations in the future, especially from other South East Asian and
African countries.
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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
|