MIRA
INFORM REPORT
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Report Date : |
26.11.2008 |
IDENTIFICATION DETAILS
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Name : |
BHARAT BIOTECH INTERNATIONAL LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.02.1996 |
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Com. Reg. No.: |
023232 |
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CIN No.: [Company
Identification No.] |
U24230AP1996PLC023232 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDB00771B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Vaccines and Biotherapeutics. |
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 3320000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Ms. Renu and Mr. Suribabu (Accountant) denied business and financial
details during current investigation. Subject is a well established company in manufacturer of vaccines.
Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-40-2348 0567 |
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Fax No.: |
91-40-2348 0560 |
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E-Mail : |
careers@bharatbiotech.com
( Job Opportunities) info@bharatbiotech.com
(Feedback and General Information) |
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Website : |
DIRECTORS
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Name : |
Mr. |
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Designation : |
Chairman cum Managing Director |
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Address : |
1292 A, Road No.65, Jubilee Hills, |
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Date of Birth/Age : |
10.07.1955 |
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Date of Appointment : |
01.11.1996 (Reappointed as M.D. on 30.09.2005) |
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Name : |
Mrs. Suchitra Ella |
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Designation : |
Joint Managing Director |
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Address : |
1292 A, Road No.65, Jubilee Hills, |
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Date of Birth/Age : |
15.07.1963 |
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Date of Appointment : |
25.10.1996 (designated as Joint Managing Director on 15.02.2006 and
reappointed as such on 28.09.2006) |
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Name : |
Mr. S. Balasundar |
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Designation : |
Director |
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Address : |
2802, |
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Date of Birth/Age : |
10.10.1952 |
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Date of Appointment : |
30.09.1998 |
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Name : |
Mr. P.R. Rajagopalan |
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Designation : |
Director |
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Address : |
25, |
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Date of Birth/Age : |
12.10.1940 |
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Date of Appointment : |
30.09.1998 |
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Name : |
Mr. S.B. Krishnan |
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Designation : |
Director |
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Address : |
A-6-D, DDA Flat, Munirka, |
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Date of Birth/Age : |
10.12.1940 |
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Date of Appointment : |
14.08.2003 |
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Name : |
Mr. Aluri Srinivasa Rao |
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Designation : |
Nominee Director |
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Address : |
9-B, West View, 2nd Floor, |
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Date of Birth/Age : |
13.02.1965 |
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Date of Appointment : |
28.09.2006 |
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Name of the company or institution whose nominee the appointee is : |
ICICI Venture Funds Management Company Limited |
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Other Directorship : |
CIN of company: U24230AP1993PTC015571 Name of the company: Arch Pharmalabs Limited Designation: Nominee Director CIN of company: U24230TN1980PLC008382 Name of the company: Malladi Drugs Pharmaceuticals Limited Designation: Nominee Director CIN of company: U02421KA2003PLC033026 Name of the company: I-Ven Biotech Limited Designation: Nominee Director CIN of company: U24231KA2005PLC035853 Name of the company: I – Ven Pharma Capital Limited Designation: Nominee Director CIN of company: U73100KA2002PTC030671 Name of the company: Avestha Gengraine Technologies Private Limited Designation: Nominee Director CIN of company: L24209HP1991PLC011011 Name of the company: RFCL Limited Designation: Nominee Director |
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Name : |
Mr. Ajaya Kumar |
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Designation : |
Director |
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Address : |
74, Amrutha Hills, Emerald, Panjagutta, |
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Date of Birth/Age : |
19.10.1946 |
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Date of Appointment : |
23.03.2005 |
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Date of Ceasing : |
26.06.2006 |
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Name : |
Mr. Satish W. Patwardhan |
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Designation : |
Director |
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Address : |
72, 7th Floor, Jolly Maker, Cuffe Parade, Mumbai – 400 005,
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Date of Birth/Age : |
14.05.1947 |
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Date of Appointment : |
25.07.2003 |
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Date of Ceasing : |
26.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2006
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Names of Shareholders (Equity Shares) |
No. of Shares |
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Suchitra Ella |
716200 |
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4067560 |
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V. Sunder |
100 |
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T. Srinivas |
100 |
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Mahalakshmi |
100 |
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T. Janaki |
100 |
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Industrial Development Bank of |
2200000 |
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Swarnalath Inderjith |
52575 |
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S. Balasunder |
405092 |
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Muralidhar Reddy |
54075 |
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Dhavalur |
54014 |
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Satguru Management Services |
13448 |
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P.R. Rajagopalan |
354539 |
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Bio-tech Consortia |
3317047 |
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Venkat Ganupuru |
89700 |
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Bhaskar Batala |
36000 |
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Sudha Sarada |
175000 |
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N.P. Nageswara Rao |
3500 |
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Nageswari |
3500 |
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Bhamini |
3500 |
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B R Jayalakshmi |
3500 |
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G. Amrutha |
2330 |
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D K Manjula |
3500 |
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Ramanjaneya |
3500 |
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International Finance Corporation |
500 |
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500 |
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Total |
11559980 |
As on 28.09.2006
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Names of
Shareholders (Preference Shares) |
No.
of Shares |
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International Finance Corporation |
1757317 |
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1757317 |
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Total |
3514634 |
As on 28.09.2006
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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40.60 |
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Bodies
corporate |
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25.02 |
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Directors
or relatives of directors |
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33.06 |
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Other
top fifty shareholders |
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1.32 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Vaccines and Biotherapeutics. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 250 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
K. Vijayaraghavan and Associates Chartered Accountants |
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Address : |
Plot No.15, Hindi Nagar, Panjagutta, |
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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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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
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4000000 |
Preference Shares |
Rs.10/- each |
Rs.40.000 millions |
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Total |
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Rs.160.000
millions |
Issued & Subscribed Capital :
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No. of Shares |
Type |
Value |
Amount |
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16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000
millions |
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Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11559980 |
Equity Shares |
Rs.10/- each |
Rs.115.600
millions |
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3514634 |
Preference Shares |
Rs.10/- each |
Rs.35.146
millions |
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Total |
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Rs.150.746 millions |
The above preference shares would be converted
into equity shares before IPO occurring before 30.09.2009 with an IRR @15%.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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150.746 |
115.590 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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512.776 |
216.627 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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663.522 |
332.217 |
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LOAN FUNDS |
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1] Secured Loans |
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216.942 |
247.602 |
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2] Unsecured Loans |
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152.811 |
140.678 |
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TOTAL BORROWING |
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369.753 |
388.280 |
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DEFERRED TAX LIABILITIES |
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66.400 |
60.004 |
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TOTAL |
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1099.675 |
780.501 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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278.134 |
293.893 |
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Capital work-in-progress |
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165.557 |
126.846 |
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INVESTMENT |
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0.473 |
1.073 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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84.579 |
73.470 |
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Sundry Debtors |
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113.860 |
147.827 |
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Cash & Bank Balances |
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268.241 |
33.084 |
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Other Current Assets |
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8.572 |
7.635 |
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Loans & Advances |
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40.780 |
12.366 |
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Total
Current Assets |
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516.032 |
274.382 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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49.703 |
50.800 |
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Provisions |
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8.472 |
7.923 |
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Total
Current Liabilities |
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58.175 |
58.723 |
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Net Current Assets |
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457.857 |
215.659 |
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MISCELLANEOUS EXPENSES (Product Development Expenditure) |
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197.654 |
143.030 |
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TOTAL |
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1099.675 |
780.501 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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482.676 |
380.170 |
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Other Income |
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55.808 |
19.364 |
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Total Income |
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538.484 |
399.534 |
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Profit/(Loss) Before Tax |
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55.657 |
53.652 |
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Provision for Taxation |
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16.021 |
17.314 |
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Profit/(Loss) After Tax |
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39.636 |
36.338 |
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Expenditures : |
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Raw Material Consumed |
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253.962 |
124.624 |
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Increase/(Decrease) in Finished Goods |
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(6.912) |
(2.908) |
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Salaries, Wages, Bonus, etc. |
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30.501 |
20.109 |
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Managerial Remuneration |
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1.861 |
4.873 |
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Payment to Auditors |
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0.276 |
0.276 |
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Interest |
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9.959 |
8.975 |
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Insurance Expenses |
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2.129 |
2.121 |
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Power & Fuel |
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13.165 |
10.041 |
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Depreciation & Amortization |
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38.558 |
36.697 |
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Other Expenditure |
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139.328 |
141.074 |
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Total Expenditure |
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482.827 |
345.882 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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7.36 |
9.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.53 |
14.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.80 |
7.71 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.64 |
1.35 |
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Current Ratio (Current Asset/Current Liability) |
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8.87 |
4.67 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS:
Financial
Performance:
During the year, the company recorded Revenue of Rs.538.484 millions as
against Rs.399.534 millions of the previous financial year representing an
increase of 25%. The profit before tax for the same period stood at Rs.55.656
millions compared with Rs.53.652 millions in 2004-2005. The net profits of the
company stood at Rs.39.636 millions in 2005-2006, compared to Rs.36.338
millions in 2004-2005. The earnings per share of the company are Rs.3.43 in
2005-2006 compared with Rs.3.14 in 2004-2005.
Fresh Investment
in to Equity:
During the year the International Finance Corporation, Washington D C
and ICICI Ventures has invested a sum of 6.6 million U S dollars in to the
company’s capital after a thorough due diligence. The amount received by the
company from IFC and ICICI Ventures is proposed to be spent for the purpose of:
a)
Balancing equipment
b)
Market Development cost
c)
Cost of International Clinical Trials
d)
Cost of New product development
e)
Towards cost of filing of international patents and
cost of WHO accredation etc.
New Product
Launches:
- REGEN-D
(Epidermal growth factor for treatment of diabetic foot ulcers and 1st
and 2nd degree burns.)
- BIOPOLIO
(Polio Vaccine)
- TEVAC
(Vaccine for Tetanus)
- HEPASOLV
(Heparin)
Co-Marketing
Arrangement and other long-term agreements:
The company has entered in to a Co-Marketing Agreement with Wockhardt
Limited for marketing the company’s Hepatitis B and Typhoid Vaccines.
The company has
entered in to an agreement with a Swiss company “RCC” to use the companies
existing animal
facilities for its Indian operations. As per the agreement RCC has taken
over the Animal Facility of the company
on lease basis along with required services and started the operations
since November 2005.
Domestic Marketing
Strategy:
During the year, the company has reconstituted the entire marketing team
and upgraded its marketing strategy. As per the new strategy, the products of
the company are categorized in to 3 major focus areas (Divisions): 1. Vaccines
2. Bio-Pharmaceuticals
3. Enzymes
International
Operations:
The company is presently exporting its products to South American
countries through M/s Intas Pharmaceuticals Limited and directly to some of the
other Non-OECD countries. However the company intends to take complete
advantage of international scenario particularly with regard to demand for
vaccines and in this direction. So, it has decided to start an International
Marketing Department headed by General Manager – International Operations. At
the same time, the company is also looking forward to cater to the needs of
third party operations to take complete advantage of its already available
production capabilities. A fulltime General Manager is required to look after
the Marketing opportunities in the OECD and Non-OECD countries directly, in
addition the company is now expanding its manufacturing operations to
Research and
Developmental Activities:
During the current financial year, the company has completed the
toxicology studies of Malaria Vaccine and received approval for conducting
Phase I Clinical trail of Rota Virus Vaccine. The company is developing both of
these vaccines with financial assistance from Gates foundation through PATH.
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipment
- Vehicles
- A.C. and
Refrigeration
- Patents
- Electrical
Installation
- Lab Equipment
- R & D
Equipment
WEBSITE DETAILS:
Corporate Profile:
Subject (BBIL/Bharat Biotech),
BBIL's state-of-the-art manufacturing plant is the largest of its kind
in Asia-Pacific. The first bio-pharma facility in the country to be audited and
approved by Korean Food and Drugs Administration (KFDA), it sprawls over a
picturesque campus at
Bharat Biotech has set new benchmarks in Innovation
and Quality that epitomizes the tremendous progress of Indian biotechnology in
the global arena.
Marketing/Co-Marketing
Agreements
Intas
Pharmaceuticals Limited Ahmedabad International
Marketing Agreement
Intas
Pharmaceuticals Limited Ahmedabad Indian
Marketing Agreement
Wockhardt
Limited Marketing
Agreement for Typhoid and Rabies Vaccine
Unichem
Laboratories Limited Strategic
Marketing
Nicholas
Piramal India Limited Marketing
Agreement of Streptokinase
Lupin
Limited Marketing
Agreement of rhEGF
Hindustan
Latex Limited Marketing
Agreement of Hepatitis-B and Typhoid Vaccine
Contract
Manufacturing Agreements
Wyeth
Agenix
Inc,
Founder's Profile
Dr. KRISHNA M.
ELLA
Chairman and Managing Director of Subject
Dr.
Krishna M. Ella pursued his early education in
Dr. Ella was awarded his Doctorate from the University of Wisconsin-Madison in
Molecular Biology. He received the National Research Service Award from the
National Institute of Health,
As a scientist par international standard, well versed in the Plant/Human/Yeast
systems, Dr. Ella has more than 30 scientific publications to his credit in
peer reviewed academic journals. His expertise in Gene Expression Systems has
been well acclaimed and demonstrated, internationally.
He is a member of various high level Commissions viz., X Five Year Plan –
Biotechnology, Government of India, Co-chair, Human Resources and Innovation,
National Biotech Policy, GoI (2004-05), Co-chair, High Technology Cooperation
Groups (HTCG) – Indo-US Governments, National Task Force – Industrial
Biotechnology, GoI and member of Confederation of Indian Industry's National
Council on IPR. Chairman of Federation of Indian Chambers of Commerce and
Industry (FICCI) – Biotech Committee, he is also the Advisor for many State
Governments on Biotechnology.
Dr. Ella is the first recipient of the Best Entrepreneur of the Year, 2003. He
founded and established Subjectin 1996 along with his wife Suchitra Ella. The
Company today, is on the forefront of Indian Biotechnology engaged in R&D,
manufacturing and marketing of vaccines and biotherapeutics.
Products
The business
strategy is to research, develop, manufacture and market products that have a
broad market scope. It also means of achieving Pioneering research.
Healthy tomorrow. They build value by the skilled management of
pre-clinical and clinical development, steering the process efficiently to the
completion of clinical studies that demonstrate safety and efficacy.
Revac-B+™
World's First Cesium Chloride Free
Recombinant Hepatitis-B Vaccine
TYPBAR®
New Generation Vi Polysaccharide Typhoid Vaccine
BIOGIT™
Saccharomyces boulardii
BIOPOLIO™
Poliomyelitis Vaccine, Live (Oral)
INDIRAB™
TEVAC™
Tetanus Vaccine (Adsorbed)
Scorgen™
Scorpion Venom Anti-Serum
ZELECT™
Zinc with ORS
RENOVA Bio-therapeutics Division
REGEN-D™ 150
REGEN-D™ 60
BIO-ENOX™
Low Molecular Weight Heparin Enoxaparin Sodium Injection
BIO-OSTEON™
Sodium Hyaluronate Sterile Solution Injection for Osteoarthiritis of Knee
BIO-VISEON™
High Molecular Weight Sodium Hyaluronate Sterile Solution Syringe for
Intra-Ocular use
HEPASOLV™
Heparin Sodium
INDIKINASE™
Recombinant Streptokinase Injection
PrefeRx Women Health Care Division
BIO-HCG™
Human Chorionic Gonadotrophin
BIO-FSH™
Urofollitrophin
BIO-HMG™
Menotropin
Ferclom™
Clomifene Citrate
Prolong™
Progesterone Injection
PRESS RELEASES:
Bharat Biotech wins Orissa Government’s First PPP
“Biotech Pharma IT Park” Project.
The Orissa State Government is developing a state of the art
Biotech Pharma IT Park over an area about 64.86 acres at Mouza-Andharua,
The State Government of Orissa has allocated 54.86 acres of
land to Bharat Biotech towards the development of an integrated industrial park
to attract and promote pharmaceutical, biotechnology and information technology
industries in
Bharat Biotech, the selected Developer, has significant
prior experience in the development and successful commercialization of
technology parks in
Bharat Biotech will form a Special Purpose Vehicle (SPV) to
develop the
Within this Park over another 10 acres a Biotechnology Incubation Centre will be developed for use by researchers, entrepreneurs and students. The Department of Biotechnology, Government of India, has assured funding for the equipment/instrumentation of this center of excellence within the park and Bharat Biotech will provide the necessary building infrastructure.
About Bharat Biotech
Bharat Biotech International Limited,
For further details please contact:
B. Balaji Rao
Head HR and Admin and Corp MIS
Bharat Biotech International Limited
raobb@bharatbiotech.com
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.97 |
|
|
1 |
Rs.75.45 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|