MIRA
INFORM REPORT
|
Report Date : |
19.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NRC INDUSTRIES LIMITED |
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Formerly Known As : |
EASTERN RUBBER PRIVATE LIMITED |
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Registered Office : |
9th Milestone, Kashmir Road, Verka, Amritsar – 143 001,
Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.11.1985 |
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Com. Reg. No.: |
16-6558 |
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CIN No.: [Company
Identification No.] |
U51909PB1985PTC006558 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AMRN10012C |
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PAN No.: [Permanent
Account No.] |
AAACN5584H |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Rubber and Conveyor Belts. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Satisfactory |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sukhraj Singh |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9814542389 |
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Date : |
27.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
9th Milestone, Kashmir Road, Verka, Amritsar – 143 001,
Punjab , India |
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Tel. No.: |
91 - 183 – 2263600-602 /
23291505 |
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Fax No.: |
91 - 183 – 2263028
/ 2263604 / 2220962 |
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E-Mail : |
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Website : |
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Area: |
40000 Sq. yds |
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Location: |
Owned |
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Corporate
Office: |
201, Shastri Nagar, Amritsar, Punjab, India. |
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Tel. No. |
91-183-2223109 / 2263600 / 602 |
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Fax No. |
91-183-2220962 |
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E-Mail |
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Website |
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Branches : |
New Delhi 128, Antriksh Bhawan, 22 KG Marg , New Delhi, India Tel No: 91-22-23358733 Mumbai 705, Auto Commerce House, Nana Chowk,
Mumbai, Maharashtra, India Tel No.: 91-22-23880411 E Mail : nrc@mtnl.net.in Bangalore 168, Saddar Patrappa Road Bangalore, Karnataka, India Tel No.: 91-22-22222672 / / 2299 4528 Hyderabad 15-56, New Mirijalguda, Malkajgiri, Hyderabad, Andhra Pradesh, India Tel. No. 91-40-2705
1143 |
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Overseas Office: |
France EET ARVAL, 13, Avenue Georges Pompidou, Pompidou
- 95580, Margency, France Tel No.: + 33-1-3416100 / + 33 1 34166100 Fax No. 34165900 E Mail : eetarval@aol.com |
DIRECTORS
|
Name : |
Mr. Ranbir Singh |
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Designation : |
Director |
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Address : |
201, Shastri Nagar, Amritsar, Punjab, India |
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Date of Birth/Age : |
13.08.1934 |
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Date of Appointment : |
28.11.1985 |
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Name : |
Mr. Tarunjit Singh |
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Designation : |
Director |
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Address : |
201, Shastri Nagar, Amritsar, Punjab, India |
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Date of Appointment : |
01.12.2003 |
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|
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Name : |
Mr. Amarjit Singh |
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Designation : |
Director |
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Address : |
557/13 Street Dosunda Singh, Mohan Singh, Gate Amritsar, Punjab, India
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Date of Birth/Age : |
04.08.1956 |
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Date of Appointment : |
28.12.2002 |
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Name : |
Mrs. Hariti Kaur |
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Designation : |
Director |
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Address: |
201, Shastri Nagar, Amritsar, Punjab, India |
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Name : |
Mrs. Lakhbir Kaur |
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Designation : |
Director |
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Address: |
201, Shastri Nagar, Amritsar, Punjab, India |
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Name : |
Mr. Gurdeep Singh |
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Designation : |
Director |
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Address: |
201, Shastri Nagar, Amritsar, Punjab, India |
KEY EXECUTIVES
|
Name : |
M/s Sunil and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007):- |
|
No. of Shares |
|
Mr. Ranbir Singh |
|
386300 |
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Mr. Chiranjeev Singh |
|
8400 |
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Mr. Gurdeep Kaur |
|
139200 |
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Mr. Aryinder Singh |
|
219600 |
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Mr. Navdeep Kaur |
|
110100 |
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Mr. Tarunjit Singh |
|
80000 |
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Mr. Jasmeet Singh |
|
17500 |
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Mr. Harti Kaur |
|
30000 |
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Mr. Lakhbir Kaur |
|
1900 |
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Total
|
993000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Rubber and Conveyor Belts. |
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Exports : |
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Products : |
Conveyor Belts |
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Countries : |
France, Brazil, Australia, Italy |
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Imports : |
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Products : |
Yarns, Polyester / Nylon Yarns, And Synthetic Rubber And Rubber
Chemicals, Carbon Black |
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Countries : |
China, Korea, Indonesia, Thailand, Japan, Germany |
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Terms : |
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Selling : |
L/C, DA |
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Purchasing : |
L/C, DA |
GENERAL
INFORMATION
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Customers : |
Wholesalers, End Users |
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No. of Employees : |
500 |
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Bankers : |
· ICICI Bank · Canara Bank, D S Market, Amritsar – 143 001, Punjab, India · Punjab & Sind Bank, Industrial Finance Branch, Chowk Phawara, Amritsar, Punjab, India · Punjab & Sind Bank, Verka, Amritsar, Punjab , India |
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Facilities: |
CC - Rs. 150.000 millions (Canara Bank) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V Wadhwa and Company Chartered Accountants |
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Address : |
169-A, Rani Ka Bagh, Amritsar – 143 001, Punjab, India |
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Associates/Subsidiaries : |
· Indica Conveyors limited - Manufacturer of PVC Conveyor Belt
used in coal mine. · National Rubber Corporation - Engaged in manufacturing of transmission and conveyor belts. · National Exports Corporation - Engaged in exports of rubber products · T. S. Rubber Industries - Engaged in manufacturing of hose pipes |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
993000 |
Equity shares |
Rs. 10/- each |
Rs. 9.930
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.930 |
9.930 |
9.930 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.989 |
1.989 |
20.785 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.919 |
11.919 |
30.715 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
48.578 |
36.044 |
33.649 |
|
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2] Unsecured Loans |
9.959 |
10.018 |
16.094 |
|
|
TOTAL BORROWING |
58.537 |
46.062 |
49.743 |
|
|
DEFERRED TAX LIABILITIES |
103.128 |
88.035 |
5.894 |
|
|
|
|
|
|
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TOTAL |
173.584 |
146.016 |
86.352 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
38.185 |
37.132 |
36.323 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
37.964
|
22.776 |
17.671 |
|
|
Sundry Debtors |
73.632
|
56.931 |
38.114 |
|
|
Cash & Bank Balances |
1.281
|
0.970 |
4.899 |
|
|
Other Current Assets |
0.000
|
0.000 |
14.075 |
|
|
Loans & Advances |
6.627
|
14.211 |
11.414 |
|
Total
Current Assets |
119.504
|
94.888 |
86.173 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.002
|
0.002 |
36.144 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.002
|
0.002 |
36.144 |
|
|
Net Current Assets |
119.506
|
94.890 |
50.029 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
15.893 |
13.994 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
173.584 |
146.016 |
86.352 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
361.509 |
274.966 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
361.509 |
274.966 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
10.256 |
5.207 |
|
|
Provision for Taxation |
|
3.200 |
1.200 |
|
|
Profit/(Loss) After Tax |
|
7.056 |
4.007 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
2.623 |
2.531 |
|
|
Other Expenditure |
|
348.630 |
267.228 |
|
Total Expenditure |
|
351.253 |
269.759 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.96
|
1.89 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.84
|
1.89 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.50
|
3.94 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.86
|
0.44 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.91
|
3.86 |
2.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
59752.00
|
47444.00 |
2.38 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U51909PB1985PTC006558 |
|
Name of the company |
NRC INDUSTRIES
LIMITED |
|
Address |
9th Milestone, Kashmir Road, Verka, Amritsar – 143 001,
Punjab , India |
|
This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Book Debts · Movable property (not being pledge) |
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Particular of the charge holder
|
Canara Bank Address: D S Market, Amritsar – 143 001, Punjab, India E-Mail: krishi.2003@gmail.com
|
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Nature or description of the instrument creating charge |
Supplemental Agreement dated 02.02.2008 |
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Date of the instrument creating charge |
02.02.2008 |
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Amount Secure by the charge |
Rs. 185.800 millions |
|
Brief of the principal terms and conditions and extent and operation of
the charge |
Rate of Interest : Interest at such rates as may be revised by the bank from time to time
with a minimum of 11.50 % compounded monthly on OCC limit and 11.25% p.a
compounded monthly ion term or such other rate as may be prescribed by bank from
time to time. Terms of repayment: · OCC Limit repayable on demand · ILC / FLC / BG Repayable on Demand · Term Loan repayable as per schedules Margin: · OCC 25% · Supply Bills 40% · ODBD 40% · ILC / FLC / BG 10% Extent and Operation of the charge: · 100% |
|
Short Particulars of the Property charged |
Stocks of conveyor belts and transmission belts and book debts and
block of fixed assets including plant and machinery. Equitable mortgage of
land and building existing and to be constructed thereon situated at
Khasra nos 28/19, 20, 21, 22, 28 / 23
min at verka , Amritsar measuring 16
2.75 m. Equitable mortgage of land building existing and / or to be
constructed thereon situated at khasra. No. 27/25, 28/12, 14/2, 17, 18, 19, 21, 23, 28, /22, 33/1/1, 34/5, 2/1,
AT Verka , Amritsar measuring 1100 Sq.yards . |
|
Particulars of the present modification |
OCC limit increase from Rs. 55.000 millions to Rs. 90.000 millions including a sub limit of ODBD / supply
bills amounting to Rs. 80.000 millions resulting in overall limit increased
from Rs. 150.800 millions to Rs. 185.800 millions. |
|
Name of the
company |
NRC INDUSTRIES LIMITED |
|
Presented By |
Mr. Tarunjit
Singh, Director |
|
1) Date and
description of instrument creating the change |
· Common hypothecation agreement dated 02.03.2005 · Deed of hypothecation re machinery dated 02.03.2005 · Hypothecation agreement of goods and book debts dated 02.03.2005 · Counter indemnity dated 02.03.2005 · Agreement re: collaterally security machinery vehicles dated 02.03.2005 · Supplemental agreement dated 07.05.2005 · Letter evidencing deposit of title deeds dated 17.08.2005 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 80.800 millions
(OCC Rs. 40.000 millions, (sub limit ODBP Rs. 15.000 millions and SDB /
supply bill Rs. 3.000 millions), guarantee / ILC/ FLC Rs. 35.000 millions and
term loan Rs. 5.800 millions total Rs. 80.800 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 |
Hypothecation of
stocks of conveyor belts and transmission belt and book debts and block of
fixed assets including plant and machinery Equitable mortgage
of land and building existing and / or to be constructed thereon situated at
khasra No. 28/19, 20, 21, 22, 28/12, 28/23, min at Verka Amritsar Measuring
16K 2.75M. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 10.40% p.a compounded monthly on OCC Limits and @ 11.15p.a
compounded monthly on term loan , OCC limit repayable on demand, Term Loan
Repayable in 56 monthly installments, extent of charge 100% |
|
5) Name and Address
and description of the person entitled to the charge. |
Canara Bank, D S Market Branch, Amritsar |
|
6) Date and brief description of instrument
modifying the charge |
· Letter evidencing deposit of title deed dated 31.12.2005 · Letter evidencing extension of equitable mortgage dated 31.12.2005 · Letter of renewal dated 31.12.2005 · Supplemental Agreement dated 31.12.2005 · Counter Indemnity Dated 31.12.2005 · Agreement for opening inland letter irrevocable letter of credit dated 31.12.2005. |
|
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 amount of
charge is increased from Rs. 80.800 millions to Rs. 115.800 millions (OCC–Rs.
55.000 millions , ILC / FLC / BG/ Rs.
55.000 millions and term loan Rs. 5.800 millions , total Rs. 115.800 millions
) Rate of
Interest amended to 9% p.a The charge is further secured by equitable
mortgage of land and building existing and / or to be constructed thereon
situated at Khasra No. 27/25, 28/12, 14/2, 17, 18, 19, 18, 21, 23, 28/22,
33/1/1, 34/5, 2/1 at verka Amritsar measuring 1100 Sq.yds. |
TRADE REFERENCES:
· India Tyre And Rubber Company India Limited, Kolkata
· National Therma Power Co-Operation, Uttar Pradesh
· Steel Authority Of India,
· Jagdambay Chemicals
· Synthetic Polymers
· Century Enka Limited
· H. L. Textiles Limited
· Vikas Textile Mills
· Makkar Chemicals
· Wazir Singh Harminder Singh
· Shree Radha Synthetics
· Krishna Yarn House
· Saharanpur Textile (Private) Limited
· Geetu Traders
· Geetu Brothers
· Sharn Chemicals
· Dinesh Chemicals, Jalandhar
· Naresh Kumar Jain & Company
· Nikit Rubbers, Jalandhar
· Tiputi Chemicals Private Limited
· Sylvester & Company
· Savita Chemicals Limited
· Sahyadri Dyestuffs & Chemicals
· Mercury Rubber
· Akal Chemicals
· Apcotex Lettics
BUSINESS
The company is engaged in manufacturing of conveyor belts, V-belts, transmission belts, industrial fabric and rubber hoses.
The company’s production capacity depends on demand from customers.
WEBSITE DETAILS:
THE COMPANY
It was established
in 1989 to produce and specialize in all types of Quality Conveyor Belts. Promoted
by a firm with 40 Years of experience and conviction in the trade, the
production facilities and management is located at Amritsar.
THE OBJECTIVE
To Provide Quality
Conveyor Belts to their Customers by Continuous modernisation of plant and
production techniques in line with International Standards.
THE ACHIEVER
S. Ranbir Singh, Chairman and Managing Director
Having 40 years
experience a visionary, thinker and guide imparting new dimensions to Conveyor
Belt manufacturing in small scale, is at helm of affairs.
THE PLANT
The manufacturing
plant is situated at Amritsar having most modern and fully equipped with
microprocessor controls and extensive instrumentation which provides
information and data which in turn is used to control the process to ensure the
Quality of the end products. It produces nearly 0.3 million Running Meters
Conveyor Belts per annum.
The company’s wide
range of belts caters to critical requirements of material handling
applications in the movement of loose bulk material.
At the company
development and introduction of new products is an ongoing process. An example
of which is their supplemental range offering rubber sheeting for wear
resistant and industrial applications.
They manufacture
following types of conveyor belts in various grades conforming to international
standards.
· General Purpose Conveyor Belts
· Heat Resistant Conveyor Belts
· Fire Resistant Conveyor Belts
· Oil Resistant Conveyor Belts
· Chemical Resistant Conveyor Belts
· Special Purpose Conveyor Belts
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.42.90 |
|
UK Pound |
1 |
Rs.83.74 |
|
Euro |
1 |
Rs.66.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|