MIRA
INFORM REPORT
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Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SABIC INNOVATIVE PLASTICS INDIA PRIVATE LIMITED |
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Formerly Known As : |
ENDURING PLASTICS PRIVATE LIMITED |
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Registered Office : |
Plastics Avenue, P O Jawaharnagar, Gujarat 391320 |
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Country : |
India |
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Date of Incorporation : |
25.04.2007 |
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Com. Reg. No.: |
050658 |
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CIN No.: [Company
Identification No.] |
U25202GJ2007PTC050658 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Engineering Thermoplastic Material Solutions |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new Company and a part of Sabic Group worldwide. Promoters are strong and healthy. Trade relations are fair. Payments are reported as usually correct and
as per commitments. The Company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
Plastics Avenue, P O Jawaharnagar, Gujarat 391320, India |
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Tel. No.: |
91-265-3068502 |
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Fax No.: |
91-265-2232144 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rupak Saha |
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Designation : |
Director |
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Address : |
G – 801, Ambience Islands, National Highway No. 8, Gurgaon, Haryana |
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Date of Birth/Age : |
19.01.1962 |
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Date of Appointment : |
25.04.2007 |
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Name : |
Mrs. Harshita C. Sabharwal |
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Designation : |
Director |
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Address : |
D – 629, C. R. Park, New Delhi 110019, India |
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Date of Birth/Age : |
18.08.1972 |
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Date of Appointment : |
25.04.2007 |
BUSINESS DETAILS
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Line of Business : |
Providing Engineering Thermoplastic Material Solutions |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
--- |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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115000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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108642321 |
Equity Shares |
Rs. 10/-
each |
Rs. 1086.423
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
NEW COMPANY
LOCAL AGENCY
FURTHER INFORMATION
Note:
The situation of the registered office of the company was changed from
Dharmsinh Park, NH No. 8, P. B. No. 3, Nadiad 387002, Gujarat, India to Plastics Avenue, P O Jawaharnagar, Gujarat
391320, India w.e.f. 30.08.2007.
PRESS RELEASE
MANNHEIM, Germany
-- March 5, 2008
For the first
time, the SABIC family of automotive businesses from SABIC Innovative Plastics,
SABIC Europe, and Exatec will exhibit together at the VDI Conference in
Mannheim, Germany. At Stand 51, the three businesses will showcase the benefits
of advanced plastics technologies in reducing automotive weight, increasing
design flexibility, and enhancing part integration. This joint participation
underscores the company’s strong commitment to collaborating with German
automakers and tiers, and to continuous materials innovation that can address
demands for more environmentally compatible vehicles that offer high
performance, increased safety, and cutting-edge styling.
“Working with our
automotive customers as long-term partners to help them achieve business
success is our number-one goal,” said Derek Buckmaster, Automotive Marketing
director, Exterior Body & Glazing, SABIC Innovative Plastics. “Strong
partnerships enable us to understand our customers’ needs and proactively develop
new materials solutions like you see here at the VDI. Together with our German
customers, we can solve tough challenges such as finding new vehicle weight
reduction solutions and fresh design approaches.”
Polypropylene
solutions from SABIC Europe
“SABIC is exhibiting
our latest technologies at the VDI, showcasing a unique front bumper made from
SABIC polypropylene compound, a new front-end module made of SABIC® STAMAX
long-glass-fiber-reinforced polypropylene, and a MPV door made from SABIC
polypropylene compound,” said Mark Neville, business unit director
Polypropylene Automotive Polymers. “The German auto industry is an extremely
important market for SABIC due to our strong collaboration with many OEMs.
Together with offerings from SABIC Innovative Plastics and Exatec, our vast
portfolio of engineered plastics will play a key role in our customers’
applications by helping manufacturers comply with environmental and safety
legislation and demand for increased fuel efficiency.”
Glazing
Solutions from Exatec
Examples of Exatec
solutions include the “Francis” backlite prototype, utilizing lightweight
Lexan* polycarbonate resin with proprietary Exatec coating for durability and
incorporating the proprietary Exatec defroster system. The world’s first
full-size, two-component injection-molded backlite, the “Francis” features
integrated hinges, strut attachment points, handles, stop light, and interior
lights. Innovative designs such as this one highlight the multiple advantages
of thermoplastic glazing, which enables part consolidation for cost-out,
weight-out, and streamlined design.
Also on display
will be a two-component, molded polycarbonate roof panel prototype, developed
in conjunction with Summerer Technologies, highlighting the unique design
capabilities of Lexan polycarbonate automotive glazing as well as the ability
to integrate attachment points on the inside surface of the component. The 2K
tool in which this part is molded, is part of the unique capabilities of the
Glazing Centre of Excellence recently launched by SABIC Innovative Plastics.
The combined
automotive glazing resources of SABIC Innovative Plastics and Exatec are now
able to offer the industry the widest range of siloxane coating,
plasma-enhanced coating, defrosting, and polycarbonate resin solutions for
automotive glazing. The team is also best-positioned to assist automotive OEMs
and Tier-1 suppliers to implement these solutions for industrial production.
Technology
Innovations from SABIC Innovative Plastics
In addition to automotive
glazing, the SABIC exhibit will highlight the latest technologies from SABIC
Innovative Plastics. These include exterior body panels from the latest French
multi-purpose van, highlighting lightweight conductive Noryl GTX* resin
fenders; interior components such as the Lexan* EXL resin prototype steering
wheel; and lighting applications such as a Lexan* XHT resin lighting bezel
exterior for a recent Swedish passenger car. Structural components include rear
door handle and a pedestrian protection energy absorber for a new U.S.-built
full-size truck made from award-winning Xenoy iQ* resins. All demonstrate the
benefits of replacing traditional metal and other materials with lightweight,
design-enhancing thermoplastic resins and composites.
About SABIC:
Saudi Basic
Industries Corporation (SABIC) is one of the world’s 10 largest petrochemicals
manufacturers. The company is among the world’s market leaders in the
production of polyethylene, polypropylene and other advanced thermoplastics,
glycols, methanol and fertilizers, as well as the fourth-largest polyolefin
producer.
SABIC reported a
net profit of SR 20.2 billion (US$ 5.4 billion) for the first nine months of
2007, an increase of 42 percent, compared to the SR 14.2 billion (US$ 3.9
billion) net profit in the same period last year. For the third quarter (3Q) of
2007, the company reported a profit of SR 7.4 billion, (US$ 1.9 billion) an
increase of 37 percent over the 3Q-2006 profit of SR 5.4 billion (US$ 1.4
billion) and an increase of 14% over the 2Q-2007 profit of SR 6.5 billion (US$
1.7 billion). Current assets at the end of 2006 were SR 74 billion (US$ 19.7
billion).
SABIC operates six
interlinked strategic business units: Basic Chemicals, Intermediates, Specialty
Products, Polymers, Fertilizers and Metals. In 2007 SABIC Innovative
Plastics was launched as a global supplier of specialty plastics. SABIC
has significant research resources and has dedicated Research and Technology
and application centers in the Middle East, the Americas, Europe and Asia-Pacific
with customers in more than 100 countries. SABIC has more than 30,000 employees
worldwide.
In Saudi Arabia,
the company has 20 world-scale complexes and 19 of them are located at the two
largest sites – in Al-Jubail and in Yanbu. Some of these complexes are operated
with multi-national joint venture partners such as ExxonMobil, Shell and
Mitsubishi Chemicals. SABIC produces in 23 locations in the Americas and 15
locations in Asia-Pacific. In Europe, SABIC has 15 production sites. There is
an additional site in Turkey. SABIC’s overall production has increased from 27
million metric tons in 2001 to 49.1 million metric tons in 2006.
Headquartered in
Riyadh, SABIC was founded in 1976 when the Saudi Arabian Government decided to
use the hydrocarbon gases associated with its oil production as the principal
feedstock for production of chemicals, polymers and fertilizers. The Saudi
Arabian Government owns 70 percent of SABIC shares with the remaining 30
percent held by private investors in Saudi Arabia and other Gulf Cooperation
Council countries.
About
SABIC Innovative Plastics:
SABIC Innovative
Plastics is a global supplier of plastic resins widely used in automotive,
healthcare, consumer electronics, transportation, performance packaging,
building and construction, telecommunications and optical media applications.
The company manufactures and compounds polycarbonate, ABS, ASA, PPE, PC/ABS,
PBT and PEI resins, as well as the LNP* line of high-performance specialty
compounds, under such well known brand names as Lexan*, Cycolac*, Geloy*,
Noryl*, Cycoloy*, Valox* and Ultem*.
The Specialty Film
and Sheet division of SABIC Innovative Plastics manufactures high-performance
Lexan sheet and film products used in thousands of demanding applications
worldwide. The dedicated automotive organization is an experienced, worldwide
supplier, offering leading plastics solutions for five key automotive segments:
body panels and glazing; under the hood applications; component; structures and
interiors; and lighting.
SABIC Innovative
Plastics is part of Saudi Basic Industries Corporation (SABIC), one of the 10
largest petrochemicals manufacturers in the world.
* Trademarks of
SABIC Innovative Plastics IP BV.
About
SABIC Europe:
SABIC Europe
(Sittard, The Netherlands) is a SABIC subsidiary which includes all SABIC’s
polymers and base chemicals activities in Europe and employs around 3,300
people. SABIC has a European sales offices network, logistic hubs and three
petrochemical sites in Europe: at Geleen (The Netherlands), Teesside (United
Kingdom) and at Gelsenkirchen (Germany). SABIC Europe produces 3 million metric
tons per annum of polyolefins* and 5.7 million metric tons of basic chemicals,
mainly for the European market.
* including the
projected numbers for the SABIC UK Petrochemicals 2008 LDPE plant.
Media Notes:
The proper names
of the companies are SABIC Innovative Plastics, SABIC Europe and excludes
any abbreviations or variations when referring to the company.
For more information contact:
Media Contact
SABIC Innovative Plastics Media
Contact
Global Automotive
Anne Clement
SABIC Innovative Plastics, Bergen op Zoom
The Netherlands
Tel.: 31 164 29 3148
E-mail: anne.clement@sabic.ip.com
SABIC Europe
Rachel Kundra
SABIC Communications Europe
Tel. : 31 (0)46 47 73715
E-mail: Rachel.kundra@sabic-europe.com
Agency Media Contacts
The Americas
Jim Allison
AH&M Marketing Communications,
Pittsfield, Mass.
Tel: 1 413 448 2260, Ext. 25
E-mail:
jallison@ahminc.com
Brazil
Alexandre Rodrigues
Edelman Brazil
Tel: 55 11 3017-5310
E-mail:
alexandre.rodrigues@edelman
Europe
Tessa Vroegop
Marketing Solutions, Bergen op Zoom,
The Netherlands
Tel: +31 164 317 013
E-mail: tvroegop@marketingsolutions.be
China
Shona Liu
Edelman, Shanghai, China
Tel: +86 21 6289 2929 x470
E-mail: shona.liu@edelman.com
Japan
Mitsu Sugino
Tokyo PR Inc., Tokyo, Japan
Tel: +81 332 732 731
E-mail: sugino@tokyopr.co.jp
Korea
Chris Nam
PRAD
Tel: 82-16-235-4190
E-mail:
chris@pradseoul.co.kr
SABIC
Charlotte Chivers
Hill & Knowlton London
Tel: 44 207 973 5927
E-mail: charlotte.chivers@hillandknowlton.com
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. 40.10 |
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UK Pound |
1 |
Rs. 80.40 |
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Euro |
1 |
Rs. 63.31 |
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 |
3 |
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OPERATING SCALE |
1~10 |
-- |
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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 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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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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30 |
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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