MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HARTEX SILK MILLS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Dhana Singh Compound, J. B. Nagar, A. K. Road, Andheri [East], Mumbai
400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
24.01.1985 |
|
|
|
|
Com. Reg. No.: |
11-34978 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17116MH1985PTC034978 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH06864E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH2356M |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Importer of Silk and Grey Fabrics |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 45000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject has been
promoted by resourceful and experienced promoters. As per last available financials, the company’s profitability
was deteriorating. Payments are
however reported as usually correct and as per commitments. In view of strong
promoters, the company can be considered good for normal business
dealings. . |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajivlal |
|
Designation : |
Export Manager |
|
Date : |
27.06.2008 |
LOCATIONS
|
Registered Office : |
Dhana Singh Compound, J. B. Nagar, A. K. Road, Andheri [East], Mumbai
400059, Maharashtra, India |
|
Tel. No.: |
91-22-66750155 |
|
E-Mail : |
|
|
Area : |
10000 Sq. fts. |
|
Location : |
Owned |
|
|
|
|
Office : |
382, Kalbadevi, Mumbai – 400 002, Maharashtra, India. |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. F2/3, MIDC Tarapur Industrial Area, Boisar, Thane,
Maharashtra, India |
|
Tel. No.: |
91-22-22093159 |
|
Fax No.: |
91-22-22085694 |
|
|
|
|
Factory 2 : |
Plot No. 918, MIDC, Sarigam, Taluka Umargaon, District Valsad, Gujarat,
India |
DIRECTORS
|
Name : |
Mr. S. Gurvinder
Singh |
|
Designation : |
Director |
|
Address : |
25/B, Sterling
Apartments, Peddar Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
18.12.1962 |
|
Date of Appointment : |
10.12.1986 |
|
|
|
|
Name : |
Smt. Ramanjit
Kaur |
|
Designation : |
Director |
|
Address : |
25/B, Sterling
Apartments, Peddar Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
29.08.1969 |
|
Date of Appointment : |
01.09.1998 |
|
|
|
|
Name : |
Mr. S. Gurcharan
Singh |
|
Designation : |
Director |
|
Address : |
Flat No. 91, Hill
Road, Kshitij Apartments, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
05.04.1936 |
|
Date of Appointment : |
01.10.2003 |
|
Date of Ceasing: |
31.03.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.09.2004
|
Names of
Shareholders |
No. of Shares |
||
|
Smt. Gurpeet Kaur |
880 |
||
|
Mr. S. Harjinder
Singh |
1180 |
||
|
Smt. Harbans Kaur |
1580 |
||
|
Mr. S. Gurcharan
Singh |
1610 |
||
|
Mr. Gurcharan
Singh HUF |
1600 |
||
|
Mr. Harjinder
Singh HUF |
1600 |
||
|
Mr. S. Gurvinder
Singh |
1600 |
||
|
M/s. Harnam
Textiles and Machines Private Limited |
1600 |
||
|
M/s. Dhana Singh
Synthetics Private Limited |
1600 |
||
|
Smt. Ramanjit
Kaur |
1600 |
||
|
Mr. S. Gurvinder
Singh HUF |
1600 |
||
|
M/s. Daltex Silk
Mills Private Limited |
10 |
||
|
M/s. G. M.
Knitting Industries Private Limited |
10 |
||
|
Total |
16470 |
||
|
|
|
|
|
|
Equity Share Break-up
[As on 31.03.2006] |
|
Percentage of
Holding |
|
|
Bodies Corporate |
|
19.00 |
|
|
Directors or relatives of the Directors |
|
81.00 |
|
|
Total |
|
100.00 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of Silk and Grey Fabrics |
|
|
|
|
Products : |
Ř
Silk Ř
Grey Fabrics |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Countries : |
Europe and China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, D/P, D/A and T/T |
|
|
|
|
Purchasing : |
L/C and T/T |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
240 {In Office 40 + In Factory 200] |
|
|
|
|
Bankers : |
v
Punjab and
Sind Bank, Andheri, Kalbadevi v
Bank Of
Baroda, Andheri, Sarigam v
Citibank NA,
Citigroup Centre Complex, Bandra Kurla Complex, G Block, Bandra (East),
Mumbai – 400051, Maharashtra |
|
|
|
|
Facilities : |
Unsecured Loan
from: Ř
G. M.
Fabrics Private Limited Ř
G. M.
International |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Sirsalewala and Associates Chartered Accountants |
|
Address : |
309/311, Pandya Mansion, 3rd Floor, 625, Jagannath Seth
Road, Dhobi Talao, Mumbai 400002, Maharashtra, India |
|
|
|
|
Name : |
K. C. Ajmera Chartered
Accountants |
|
Address : |
Deshmukh
Building, 3rd Floor, Deshmukh Lane, V.P. Road, Mumbai-400004, |
|
Tel. No.: |
91-23094295 |
|
|
|
|
Associates/Subsidiaries : |
Ř
Harnam
Textiles and Machines Private Limited Ř
Dhana Singh Synnthetics
Private Limited Ř
Delltex Silk
Mills Private Limited Ř
G. M.
Knitting Industries Private Limited, Sarigam- Valsad. Ř
G. M. Silks
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16470 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.647
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.647 |
1.647 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
7.366 |
21.252 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
9.013 |
22.899 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
43.642 |
72.735 |
|
|
2] Unsecured Loans |
|
166.955 |
134.017 |
|
|
TOTAL BORROWING |
|
210.597 |
206.752 |
|
|
DEFERRED TAX LIABILITIES |
|
.0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
219.610 |
229.651 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
327.742 |
255.726 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
3.450 |
3.450 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
50.160 |
38.974 |
|
|
Sundry Debtors |
|
47.993 |
53.631 |
|
|
Cash & Bank Balances |
|
2.769 |
14.736 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
88.900 |
33.958 |
|
Total
Current Assets |
|
189.822 |
141.299 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
285.699 |
169.702 |
|
|
Provisions |
|
15.908 |
1.350 |
|
Total
Current Liabilities |
|
301.607 |
171.052 |
|
|
Net Current Assets |
|
[111.785] |
[29.753] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.203 |
0.228 |
|
|
|
|
|
|
|
|
TOTAL |
|
219.610 |
229.651 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Total Income |
|
712.347 |
287.230 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.672 |
15.361 |
|
|
Provision for Taxation |
|
-- |
-- |
|
|
Profit/(Loss) After Tax |
|
0.672 |
15.361 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
5.963 |
4.291 |
|
|
Depreciation & Amortization |
|
73.695 |
66.221 |
|
|
Other Expenditure |
|
632.017 |
201.357 |
|
Total Expenditure |
|
711.675 |
271.869 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.09 |
5.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.09 |
5.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.97 |
3.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
56.83 |
16.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.63 |
0.83 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Hartex
Exports
- Dhana Sing
Synthetic Private Limited
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90241275 |
|
Corporate identity
number of the company |
U17116MH1985PTC034978 |
|
Name of the
company |
HERTEX SILK MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Dhana Singh
Compound, J.B. Nagar, A.K. Road, Andheri (East), Mumbai-400059, Maharashtra |
|
Type of charge |
|
|
Particular of
charge holder |
Citibank NA Citigroup Centre
Complex, Bandra Kurla Complex, G Block, Bandra (East), Mumbai – 400051, Maharashtra E-Mail.: vlaxman@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
04.02.2008 |
|
Amount secured by
the charge |
Rs. 90.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be charged
at such rates as may be determined by the Bank from time to time. Terms of
Repayment On demand Margin As may be
stipulated by bank from time to time Extent and
Operation of the charge Hypothecation by way
of first exclusive charge on stocks, book debts and plant and machinery
forming part of current assets and fixed assets both present and future shall
remain as security to the bank for the due repayment by Hartek Silk Mills
Private Limited Others |
|
Short particulars
of the property charged |
Hypothecation of
first exclusive charge on stocks, book debts and plant and machinery forming
part of current assets both present and future. |
|
Date of latest
modification prior to the present modification |
18.11.2005 |
|
Particulars of
the present modification |
The bank has now
increased the credit facilities from Rs. 80.000 Millions to Rs. 90.000
Millions. All other terms
and conditions shall remain the same.
|
|
Corporate identity
number of the company |
U17116MH1985PTC034978 |
|
Name of the
company |
HERTEX SILK MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Dhana Singh Compound,
J.B. Nagar, A.K. Road, Andheri (East), Mumbai-400059, Maharashtra |
|
Type of charge |
Book Debts,
Movable Property and Floating Charge |
|
Particular of
charge holder |
Citibank NA Citigroup Centre Complex,
Bandra Kurla Complex, G Block, Bandra (East), Mumbai – 400051, Maharashtra E-Mail.:
vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
04.02.2008 |
|
Amount secured by
the charge |
Rs. 90.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Interts to be charged at such rate/as may be determined by the bank from
time to time Terms of
Repayment – On Demand Margin – As may
be stipulated by bank from time to time Extent and
Operation of the charge – Hypothecation by way of first exclusive charge on
stocks, book debts and machinery forming part of current assets and fixed
assets both present and future shall remain as security to the bank for the
due repayment by M/s. Hartex Silks Mills Private Limited Others - |
|
Short particulars
of the property charged |
Hypothecation of
first exclusive charge on stocks, book debts and plants and machinery forming
part of current assets, both present and future |
|
Date of
instrument modifying the charge |
18.11.2005 |
|
Particulars of
the present modification |
The Bank has now
increased the credit facilities from Rs. 80.000 Millions and Rs. 90.000
Millions All other terms
and conditions shall remain the same |
|
Name of the
company |
Hartex Silk Mills Private Limited. |
|
Presented By |
Mr.
Gurvinder Singh |
|
1) Date and description of instrument creating the change |
Composite Hypothecation Agreement dated 29.12.2004
executed by Hartex Silk Mills Private Limited. (Hereinafter referred to as “the Company”) in favour of Citibank N.A. (hereinafter referred to as “the Lender”) |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Total Working
capital facilities for Rs. 42.000 millions which is allocated to group
including GM Knitting Industries Private Limited, Dhana Singh Synthetics
Private Limited, Hartex Silk Mills Private Limited and GM Silks Private
Limited. |
|
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 |
The whole of movable assets, including plant and
machinery, both present and future, stocks of raw materials, goods in process
of manufacture, semi-finished goods and all finished and manufactured goods
and articles together with all stores, components and spares which now
belongs to and pertains to, or may hereafter from time to time during the
continuance of this security belong to and pertains to , The Company and
which are or shall or may be brought into stored or be in or upon or about
the Company’s factory, godowns and/or their premises wherever else the same
may be situated, stored or lying or being including any such raw materials,
inventories, article or goods, any stores spares and components or other
similar movable assets in course of transit or delivery to The Company and
all of the Company’s present and future book debts , outstanding monies,
receivables, claims, bills, investments, rights to or on movable properties
and movable assets forming part of current and movable fixed assets which are
now owing or payable or belonging to or pertaining to the Company or which
may at any time hereafter during the continuance of this security become due,
owing payable or belonging to or pertaining to the Company in the course of
its business and TOGETHER WITH all benefits, advantages and legal incidence thereof. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
In consideration of the lender having agreed to lend/ advance to the company, Credit facilities under agreement and declaration by the Company, inter alia, as follows: 1) Covenant by the company to repay the facility at (2) above and pay interest and all other monies in the manner set out in the said agreement between the Company and the Lender and to comply with the terms & conditions of the said Agreement 2) The said current assets and movable fixed assets hypothecated to the Lender by way of first exclusive charge created/ to be created in favour of the bank, as security for and be charged with all repayment of the loan with all interest, liquidated, damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the company to the lender in respect thereof. Margin 28% for stocks and 46% on receivables 3) The company to keep the said assets in marketable and good condition and also insured as provided therein. 4) Power
of entry, power to take charge and/ or possession of seize, recover, receive,
appoint and sell, contract, dispatch for realisation or otherwise dispose of
or deal with all or any part of the said goods; etc., as provided therein. |
|
5) Name and Address and description of the person entitled to the
charge. |
Citibank N.A. Citigroup Centre, Bandra Kurla Complex, G-Block, Bandra (East), Mumbai-400051. |
|
6) Date and brief description
of instrument modifying the charge |
Deed of
Modification dated 03.05.2005 for enhancement of credit facilities. |
|
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. |
The original charge was created on 29.12.2004 for securing Rs.42.000
millions against Hypothecation of stocks, book debts and movable fixed
assets. The Bank has now enhanced the limits to the company and has executed
new Deed of Modification dated 03.05.2005 for enhancing the limits to Rs.
48.000 millions which is an increase of Rs.6.000 millions, and which
represents the combined facility offered to GM Knitting Industries Private
Limited, Dhana Singh Synthetics Private Limited, Hartex Silk Mills Private Limited,
the total facilities are secured by hypothecation and first exclusive charge
on stocks, book debts and plant and machinery forming part of current and
fixed assets both present and future. All other terms and conditions remain unchanged. |
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. 43.17 |
|
UK Pound |
1 |
Rs. 86.46 |
|
Euro |
1 |
Rs. 68.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|