MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAKSHIN GRANITES PRIVATE LIMITED |
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Registered Office : |
Montieth Road, Old No. 40, New No. 31, B3 Cee Bros Apartment, Egmore,
Chennai-600008, Tamil Nadu |
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Country : |
India |
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Date of Incorporation : |
05.04.2006 |
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Com. Reg. No.: |
059443 |
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CIN No.: [Company
Identification No.] |
U14120TN2006PTC059443 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBD03920A |
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PAN No.: [Permanent
Account No.] |
AACCD3576D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Granites |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has obtained term loans of Rs. 60.000
millions from Syndicate Bank. It Proposes to sell entire production to sister company who in turn
will export. Trade relations are fair. Payments behaviour is unknown. Initially, small credit granted (up to US $ 10000) |
LOCATIONS
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Registered Office : |
Montieth Road, Old No. 40, New No. 31, B3 Cee Bros Apartment, Egmore,
Chennai-600008, Tamil Nadu, India |
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Tel. No.: |
91-44-42696576 |
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Fax No.: |
91-44-45508118 |
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E-Mail : |
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Website : |
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Area : |
1600 Sq ft |
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Location : |
Owned |
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Factory: |
K-35 Industrial Complex, Gummidipoondi, Near Chennai |
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Tel. No.: |
91-44-45508121/45508118 |
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Fax No.: |
91-44-45508118 |
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E-Mail : |
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Area : |
2.5 Acres |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Hariharan Krishna |
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Designation : |
Director |
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Address : |
Old No. 42, New No. 42, Nehru Colony, Pollachi-642002, Tamil Nadu,
India |
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Date of Birth/Age : |
13.01.1973 |
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Qualification : |
B.S.C |
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Date of Appointment : |
20.12.2006 |
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Name : |
Mr. Mateson |
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Designation : |
Director |
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Date of Birth/Age : |
35 years |
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Name : |
Mr. Srinivasan |
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Designation : |
Director |
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Address : |
Old No. 42, New No. 42, Nehru Colony, Pollachi-642002, Tamil Nadu,
India |
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Date of Birth/Age : |
27.05.1977 |
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Qualification : |
M.B.A |
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Date of Appointment : |
20.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.01.2007
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Names of Shareholders |
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No. of Shares |
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Mr. H. Natesan |
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400000 |
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Mr. H. Srinivasan |
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400000 |
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Mr. N.Hariharan Krishna |
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95000 |
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Mrs. H.Jeyalakshmi |
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95000 |
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Total: |
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990000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Granites |
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Imports : |
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Products : |
Machines |
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Countries : |
Italy |
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Terms : |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
03 (In Office), 15 (In Factory) Total: 18 |
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Bankers : |
Syndicate Bank, 69 Armenian Street, Chennai-600001, Tamil Nadu, India |
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Facilities : |
Term Loan Rs. 60.000 millions, Rs. 47.85 millions |
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Banking Relations
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Unknown |
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Auditors : |
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Name : |
Seshadri and Assosiates (Chartered Accountant) |
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Address : |
Coimbatore, Chennai, Tamil Nadu |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
Note: The Company has
yet to commence production and no financials are available.
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company is shifted from New No. 24, Old No.
30 Salai Street, Myalpore, Chennai-600004, Tamil Nadu, India to B-3, Ceebros
Apartments, New No. 31, Old No. 40, Monteith Road, Egmore, Chennai-600008,
Tamil Nadu, India with effect from 20.12.2006
Trade references:
Parshanti Machines, Italy
Form No. 8:
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10041464 |
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Corporate
identity number of the company |
U14102TN2006PTC059443 |
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Name of the
company |
DAKSHIN GRANITES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B-3, Ceebros
Apartments, New No. 31, Old No. 40, Monteith Road, Egmore, Chennai-600008, Tamil
Nadu, Inda |
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Type of charge |
Immovable
property Movable property |
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Particular of
charge holder |
Syndicate Bank 69, Armenian
Street, Chennai-600001, Tamil Nadu, India Email: sybkmain@yahoo.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Composite
hypothecation agreement Confirmation of
creation of second/subsequent equitable mortgage |
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Date of
instrument Creating the charge |
10.01.2008 |
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Amount secured by
the charge |
Rs. 52.250
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: 14.75% Terms of
repayment: To be equated monthly
installments covering the principal and interest at the rate of Rs. 92.441
p.m. The first installment is due on or before 22.01.2009 and the last
installment is due on or before 22.01.015 Margin: By operation of
account up to the limit/ drawing power fixed Extent and
operation of charge: For the existing
loan of Rs. 47.850 millions and OSL term loan of Rs. 4.400 millions for the
purchase of plant and machinery costing Rs. 6.930 millions to be released in
stages. |
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Short particulars
of the property charged |
Hypothecation of
leasehold property already given as charge for the earlier loan- the charge
is extended to this additional loan of Rs. 4.400 millions for which a
confirmation letter is enclosed. Hypothecation of
plant and machinery to be purchased at a cost of Rs. 6.930 millions |
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Particulars of
the present modification |
An additional
loan of Rs. 4.400 millions is sanctioned and the existing charge on lease
hold land property is extended to this charge also. Also an additional charge
of hypothecation of plant and machinery is created for the entire charge. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.47 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
--- |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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21 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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