MIRA
INFORM REPORT
|
Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BIOTOR INDUSTRIES LIMITED |
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Formerly Known As : |
JAYANT VEGOILS AND CHEMICALS PRIVATE LIMITED JAYANT OIL AND DERIVATIVES PRIVATE LIMITED |
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Registered Office : |
13, Sitafalwadi, Dr – Mascarenhas Road, Mazgaon, Mumbai – 400010,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.09.1976 |
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Com. Reg. No.: |
19209 |
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CIN No.: [Company
Identification No.] |
U15142MH1976PLC019209 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ08531F |
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PAN No.: [Permanent
Account No.] |
AAACJ2845F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Castor Oil and its
Derivatives |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Good |
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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 having satisfactory
track. Trade relations are fair. Business is active. General financial
position is good. Payments are reported as usually correct and as per
commitments. The company can be considered can be considered good for normal
business dealings. |
LOCATIONS
|
Registered Office/ factory : |
13, Sitafalwadi, Dr – Mascarenhas Road, Mazgaon, Mumbai – 400010,
Maharashtra, India |
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Tel. No.: |
91-22-66572000/ 23738810 |
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Fax No.: |
91-22-23738107/ 23730831 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Bharat M. Kapadia |
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Designation : |
Director |
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Address : |
5-A, Manek 11 LD Ruparel Marg, Nepean Sea Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
11.10.1956 |
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Date of Appointment : |
10.03.1977 |
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Name : |
Mr. Rajesh M. Kapadia |
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Designation : |
Director |
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Address : |
5-A, Manek 11 LD Ruparel Marg, Nepean Sea Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
09.05.1971 |
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Date of Appointment : |
13.04.2002 |
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Name : |
Mr. Dinesh R. Kapadia |
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Designation : |
Director |
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Address : |
201 Kshitij 47, Nepean Sea Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
03.04.1935 |
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Date of Appointment : |
06.09.1976 |
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Name : |
Ms. Lila Firoz Poonawalla |
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Designation : |
Director |
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Address : |
Fili Villa S No.23 Banner Road, Balwadi, Pune – 411045, Maharashtra,
India |
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Date of Birth/Age : |
14.09.1944 |
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Date of Appointment : |
21.07.2005 |
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|
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|
Name : |
Mr. Yusuf Iqbal |
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Designation : |
Director |
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Address : |
183 Hassa Mahal, Dalmal Park, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
26.02.1978 |
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Date of Appointment : |
04.12.2006 |
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Name : |
Mr. Chandan Bhattacharya |
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Designation : |
Additional Director |
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Address : |
Flat 16, Belvedere Warden Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
13.01.1945 |
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Date of Appointment : |
11.09.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Digambar Ramkrishna Ranade |
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Designation : |
Director |
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Address : |
102, Hare Rama, Near Jijamata Hall, Thane (East), Mumbai – 400603,
Maharashtra, India |
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Date of Birth/Age : |
02.06.1952 |
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Date of Appointment : |
11.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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|
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|
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Bharat M. Kapadia |
|
1242000 |
|
Deephans Properties Private Limited |
|
3812500 |
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Kashif B Kapadia |
|
600000 |
|
Kapadia Board Private Limited |
|
412500 |
|
Mangaldas R. Kapadia Investment |
|
412500 |
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Natasha B Kapadia |
|
600000 |
|
Rajesh M. Kapadia |
|
2508000 |
|
Radhakrishnan Paper Mills Private Limited |
|
412500 |
(As on 31.03.2007)
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Category |
|
Percentage
|
|
|
|
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|
Bodies Corporate |
|
99.50 |
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Directors or relatives of directors |
|
0.50 |
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|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Castor Oil and its
Derivatives |
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Products
: |
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GENERAL
INFORMATION
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Bankers : |
IFB Branch, 239 Vidhan Bhawan Marg, Nariman Point, Mumbai – 400021,
Maharashtra, India
Commercial Branch, N G N Vaidya Marg, Fort, Mumbai – 400023, Maharashtra,
India
Tulsiani Chambers West Wing, First Floor, Nariman Point, Mumbai
-400021, Maharashtra, India
CFS Branch, Ballard Pier, Mumbai- 400001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Daraius Z. Fraser (Kalyaniwala and Mistry) Chartered Accountant |
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Address : |
127, Kalpatru Heritage, M G. Road, Fort, Mumbai – 400001, Maharashtra,
India |
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Holding Company
: |
Deephans Properties Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21058400 |
Equity Shares |
Rs.10/- each |
Rs.210.584
Millions |
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|
|
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
210.584 |
210.584 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
795.570 |
558.466 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1006.154 |
769.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2399.154 |
1705.621 |
|
|
2] Unsecured Loans |
|
250.000 |
70.000 |
|
|
TOTAL BORROWING |
|
2649.154 |
1775.621 |
|
|
DEFERRED TAX LIABILITIES |
|
38.048 |
34.462 |
|
|
|
|
|
|
|
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TOTAL |
|
3693.356 |
2579.133 |
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|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
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FIXED ASSETS [Net Block] |
|
681.606 |
479.466 |
|
|
Capital work-in-progress |
|
747.193 |
26.122 |
|
|
|
|
|
|
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INVESTMENT |
|
10.003 |
3.040 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2378.052
|
1785.322 |
|
|
Sundry Debtors |
|
602.210
|
780.233 |
|
|
Cash & Bank Balances |
|
139.454
|
233.764 |
|
|
Other Current Assets |
|
153.403
|
213.717 |
|
|
Loans & Advances |
|
409.120
|
366.829 |
|
Total
Current Assets |
|
3682.239
|
3379.865 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1387.113
|
1294.515 |
|
|
Provisions |
|
40.569
|
14.845 |
|
Total
Current Liabilities |
|
1427.682
|
1309.360 |
|
|
Net Current Assets |
|
2254.557
|
2070.505 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3693.356 |
2579.133 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
8070.242 |
6881.659 |
|
|
Other Income |
|
62.556 |
233.438 |
|
|
Total Income |
|
8132.798 |
7115.097 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
364.254 |
306.661 |
|
|
Provision for Taxation |
|
266.668 |
210.320 |
|
|
Profit/(Loss) After Tax |
|
97.586 |
96.341 |
|
|
|
|
|
|
|
|
Export Value |
|
6004.585 |
5281.855 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
32.177 |
34.448 |
|
|
Purchases made for re-sale |
|
41.731 |
24.913 |
|
|
Consumption of stores and spares parts |
|
20.262 |
16.141 |
|
|
Salaries, Wages, Bonus, etc. |
|
76.716 |
57.145 |
|
|
Managerial Remuneration |
|
6.673 |
3.916 |
|
|
Payment to Auditors |
|
4.868 |
3.190 |
|
|
Interest |
|
225.236 |
120.325 |
|
|
Insurance Expenses |
|
21.109 |
19.679 |
|
|
Power & Fuel |
|
64.049 |
66.377 |
|
|
Depreciation & Amortization |
|
32.464 |
22.913 |
|
|
Other Expenditure |
|
7243.259 |
6439.389 |
|
Total Expenditure |
|
7768.544 |
6808.436 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.20 |
1.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.51 |
4.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.35 |
7.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.36 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.05 |
4.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.58 |
0.29 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U15142MH1976PLC019209 |
|
Name of the
company |
JAYANT OIL AND DERIVATIVES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
13, Sitafalwadi, Dr – Mascarenhas Road, Mazgaon, Mumbai – 400010,
Maharashtra, India |
|
This form is for |
Creation of Charge |
|
Type of charge |
Stocks |
|
Particular of
charge holder |
SBI Factors and
Commercial Services Private Limited 903-906, Raheja
Chambers, 9th Floor, Free Press Journal Marg, Nariman Point,
Mumbai – 400021, Maharashtra, India CIN No.:
U65190MH1991PTC060503 Email : amita.joshi@sbifactors.com |
|
Nature of
instrument creating charge |
Purchase Bill
Factoring Agreement Dated 31.03.2008 |
|
Date of
instrument Creating the charge |
31.03.2008 |
|
Amount secured by
the charge |
Rs.120.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: Finance Charges @
12.75% p.a. Upfront Terms of
Repayment: On Demand Margin: - Extent and
Operation of the charge: Secured by all
stock purchases by the company from the suppliers approved by SBI Factors
under Bill Purchase Factoring Facilities Shall Hypothecation to the SBI
Factors by way of 1st Charge |
|
Particulars of
the property charged |
Secured by all
stock purchases by the company from the suppliers approved by SBI Factors
under Bill Purchase Factoring Facilities Shall Hypothecation to the SBI
Factors by way of 1st Charge |
Website Details:
Milestones...
1952
Jayant Oil Mills was started by a family of entrepreneurs led
by the late Mangaldas R. Kapadia. Jayant Oil Mills discovered the industrial
uses of castor oil and its derivatives.
1965
Jayant Oil Mills commenced the manufacturing of derivatives
of Castor Oil by starting a Derivatives unit in Bhandup. Production of
derivatives was initially for the domestic markets. The company moved into
international market.
1974
A separate Research & Development Centre was built at
Thane (near Mumbai) to conduct research in development processes and
applications for Castor based products.
1975
Jayant Oil Mills started the integrated castor oil plant at
Baroda.
1976
Jayant Vegoils and Chemicals Private Limited (Jayant
Vegoils) was incorporated.
2002
The derivatives unit at Bhandup has been designated as a 100
percent Capital Export Oriented unit.
2003
The Company initiated the process of introducing Enterprise
Resource Planning for enabling e-business Solutions for on-line transactions
and efficient Supply Management.
2004
The Company became ISO: 9001- 2000 certified.
2005
The Company changed its name to Jayant Oils & Derivatives Limited. The Bhandup plant is closed
down and expansion of derivatives starts in Baroda. Commissioning of HCO, 12
HSA, Blown Castor Oil, Zinc Undecylenate and various grades of Polyamides at
the Baroda plant.
Introduction:
Subject is the
largest integrated producer of Castor Oil and its Derivatives in the world.
They are the pioneers in developing industrial applications of
Castor Seed and its commercial exploitation in the country, having started our
operations in 1952. In fact, the word "Castor" has become synonymous
with "Jayant" as it was known early.
Manufacturing unit and seed crushing plant at Makarpura in
Baroda, Gujarat, where castor oil of various grades and its derivatives are
manufactured here. They also have their Sebacic Acid Plant at Ekalbara, Baroda,
and Gujarat. It is yet another step in generating more value by creating
complex castor oil derivatives.
Profile:
Subject
commonly known as "Biotor", has developed various industrial
applications of Castor seed.
At a very early stage, company developed various Castor Oil
derivatives through its research team and commercially produced a number of
such Castor Oil derivatives at their Unit started in early 1952 at Mazgaon
(Mumbai), which found wide acceptance both in domestic and international
markets.
In order to take control of its supply chain and meet its
own Castor Oil requirements, company started a state-of-the-art Castor Seed
Crushing Plant at Baroda in 1974. This Unit, which also manufactures Castor Oil
derivatives consuming the captive castor-oil production, is fully integrated
Castor-Oil Unit in the World.
Company has always been ahead of the times. They targeted
the local & international markets at the very beginning. Almost 75% of
their production is exported to global markets & over 44 countries
acknowledge the group's primacy, including the USA, UK, France, Japan & Australia.
Company is a Government of India recognized Star Trading
House, & the proud recipient of several awards for excellence from various
government bodies & export organizations, amongst others...
Discovering new technologies & putting them to work has
always been the cornerstone of their activities. It runs the state-of-the-art
research center in India today, devoted exclusively to the development of
castor oil based products & their applications. This has resulted in the
increased number of derivatives & promotion of new product initiatives.
Moreover, the company has taken huge steps by developing & propagating the
cultivation of new varieties of high yielding castor seeds.
In addition, the fertilizer division also
markets castor meal, a balanced, rich, organic nutrient rich in N:P:K used for
crops as varied as tea, sugarcane, mushrooms & mangoes.
With its unique policy of customization, quality control,
wide product range & strict adherence to delivery schedules, the company
today has earned a name for itself internationally as a preferred supplier of
top quality Castor Oil products.
Corporate History:
As big things usually do, it all began with a vision and foresight of one man. The Late Mr. Mangaldas R. Kapadia acquired Jayant Oil Mills on 9th February, 1952 as a partnership firm to carry on the business of producing castor oil at Mazgaon, Mumbai.
Jayant Oil Mills commenced the manufacture of castor oil derivatives, quickly established longstanding relationship with customers/distributers. Through its R&D, Jayant Oil Mills then made possible the development of new products.
Subject it has fully integrated facilities for castor seed extraction, refining oil & manufacturing derivatives.
Today, castor oil & its derivatives touch their lives in many ways. They're a part of the manufacture of lubricants, pharmaceuticals, paints, plastics, perfumes and cosmetics, chocolates, paper, textiles, telecommunications & much more...
Subject through its R&D & marketing efforts, that has helped elevate castor oil from a domestic medicinal remedy, to versatile derivatives, with a variety of sophisticated applications...
Biotor's market edge
Subject
(formerly known as Jayant Vegoils & Chemicals Private Limited) an
established international Castor oil market player known for its supply of
quality products in 50 countries across the world, achieved more than 75% of
its approximate Rs.7000.000 Millions turnover for the year ended 31st March
2006 through exports.
Subject has the following advantages vis-a-vis other players
in India:
Company Unit has a large castor-producing area at its
hinterland & is connected both through rail & road to the castor
markets & seaports. This gives it the advantage of hassle-free operation of
its activities. Moreover, they have transfered their processes from the Bhandup
plant to Baroda plant to take advantage of economies of scale.
Company - promoted by the Kapadia family - is known and
respected long-term player in the Castor Oil market. This helps the Company in
the procurement of Castor Seed, an important function for the success of this
business.
They are an international market player, having reputed MNC
conglomerates as our clients with whom they have had relationships ranging from
8 to 20 years. With some of these customers, they have reserved the first right
of refusal for ourselves. This gives unique advantage to company.
Castor Bean procurement is one of the most critical
functions in the Castor Oil business. They have a dedicated team of seasoned
marketing professionals to look after their raw material procurement. They also
have the resources to store large volumes of raw materials incase of opportune
buying. This strength has placed high above the other players.
The pre-eminence of company in the Castor Oil Market can be
gauged from the fact that out of the 8,50,000
tons of Castor Seed produced in India in 2004-05, about 200764 tons i.e. about 23.62% of the total
production in the country was consumed by us.
The products of pharma grade have already got the approval
from FDA (Food and Drug Administration) under Schedule M. The compliance of
which is equivalent to GMP (Good Manufacturing Practice) certification which is
mandatory requirement for the use of this pharma grade castor oil in the
pharmaceutical companies. Moreover they have also received the cGMP certificate
from Scherring Plough AG for their pharma grade Castor Oil Plant.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.43 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.65.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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 |
|