MIRA
INFORM REPORT
|
Report Date : |
30.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EASTERN MEDIKIT LIMITED |
|
|
|
|
Registered Office : |
3, Dr G C Narang Marg, Delhi – 110007 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
14.09.1998 |
|
|
|
|
Com. Reg. No.: |
55-33176 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999DL1988PLC033176 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELE02584B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacture, Exporter of Sterile Medical Devices for Blood Collection,
Intravenous Therapy and Monitoring, and Non – Sterile Respiratory Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having fine track. Directors
are reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Financial position is satisfactory. Payments are correct
and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
3,
Dr. G. C. Narang Marg, Delhi - 110007, India |
|
Tel. No.: |
91-11-27662915/16/27667131/27667734/27667845 |
|
Fax No.: |
91-11-27667395/27667361 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory
1 : |
Plot No - 195, 196 / 205, 206 Phase-I Udyog Vihar, Gurgaon
- 122016 |
|
Tel.
No.: |
91-124-5001831/34 |
|
Fax
No.: |
91-124-5001835 |
|
E-Mail : |
|
|
Location : |
Industrial |
|
|
|
|
Factory
2 : |
Plot No - 292, Phase-II, Udyog
Vihar, Gurgaon – 122016, Haryana - INDIA |
|
Tel.
No.: |
91-124-5001842 |
|
Fax
No.: |
91-124-5001843 |
|
Area : |
125000 Sq. ft |
|
Location : |
Industrial |
|
|
|
|
Export Enquiries: : |
|
|
Tel.
No.: |
91-11-27662915/16, 27667131/734/845 |
|
Fax
No.: |
91-11-27667361/395 |
|
|
|
|
Domestic Sales Queries: |
|
|
Tel.
No.: |
91-11-27662905, 27667131/734/845 |
|
Fax
No.: |
91-11-27667361/395 |
|
|
|
|
Career Queries: |
|
|
|
|
|
Technical Queries: |
DIRECTORS
|
Name : |
Mrs. Suman Kapoor |
|
Designation : |
Director |
|
Address : |
B-1/30, 3rd Floor, [Front Side], Janakpuri, New Delhi –
110059, India |
|
Date of Birth/Age : |
11.10.1955 |
|
Date of Appointment : |
25.03.2006 |
|
Other Directorship : |
Priyanka Udyog Limited CIN No.: L74210DL1985PLC020245 Hennell India Private Limited CIN No.: U74899DL1994PTC062987 Prichsit Investments Private Limited CIN No.: U74899DL1988PTC030963 |
|
|
|
|
Name : |
Mr. Karun Raj Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ratan Sehgal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P G Ramrakhaini |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mohinder Paul |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Samya Sarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Radhika Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Anna Rajan Malhotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Kuppuswami Arora Swaminathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek Sehgal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S K Arora |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K L Dhingra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. C. Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S S Dagar |
|
Designation : |
Director |
|
Address : |
B-17, Rose Apartments, Rohini, Sector 13, New Delhi, INDIA |
|
Date of Birth/Age : |
35 years |
|
Qualification : |
Diploma in Tool & Die Making |
|
Experience : |
13 years |
|
Previous Employment |
Digital Devices Limited, INDIA |
|
Other Directorships |
Own Business |
|
|
|
|
Name : |
Mr. P S Negi |
|
Designation : |
Director |
|
Address : |
C/o Eastern Medikit Limited |
|
Date of Birth/Age : |
35 years |
|
Qualification : |
Diploma in Tool & Die Making |
|
Previous Employment |
Hindustan Syringes Private Limited, Faridabad, Haryana, INDIA |
|
|
|
|
Name : |
Mr. Rajesh Kumar |
|
Designation : |
Director |
|
Address : |
C/o Eastern Medikit Limited |
|
Date of Birth/Age : |
35 years |
|
Qualification : |
B Pharma (Hons), Diploma in Import Export Management, Course in
Advance Management |
|
Previous Employment |
Penam Laboratories Limited, INDIA |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Public financial companies |
|
18.78 |
|
Bodies corporate |
|
80.99 |
|
Directors or relatives of directors |
|
0.11 |
|
Other top fifty shareholders |
|
0.12 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, Exporter of Sterile Medical Devices for Blood Collection,
Intravenous Therapy and Monitoring, and Non – Sterile Respiratory Products. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
Argentina, Australia, Austria, Bangladesh, Belgium, Bulgaria, Burkina
Faso, Chile, Congo, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark,
Egypt, Ethiopia, Germany, Ghana, Greece, Iran, Italy, Ivory Coast, Jordan,
Kazakhstan, Kenya, Kuwait, Latvia, Lithuania, Mauritius, Morocco, The Netherlands, Peru, Philippines,
Portugal, Qatar, Romania, Russia, Saudi Arabia, Slovak Republic, South
Africa, Sri Lanka, Syria, Tadjikistan, Tanzania, Thailand, Tunisia, Turkey,
UAE, UK, USA, Uganda, Venezuela, Vietnam, Yemen, Zambia and Zimbabwe. |
|
|
|
|
Imports : |
|
|
Countries : |
Japan, Teflon from Finland, Tvyek Paper from USA and Silicon Tubing
from Israel. |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Medical Devices |
Nos. |
|
|
123,000,000 |
|
IV Catheter/ I V Cannuls |
Nos. |
|
|
-- |
|
Blood Bags |
Nos. |
|
|
-- |
|
Others |
Nos. |
|
|
-- |
GENERAL
INFORMATION
|
Suppliers : |
§
Optinova AB, Industrivagen 5, Fin 224 10 Godby, Finland §
Unisis Corp, 5-33-2 Nishinippori, Arakawa - Ku, Tokyo 116, Japan, §
Kobayashi Shoji KOREA, Kyodo Building (Uchikanda), No 11-6, 2-Chome,
Uchikanda Chiyada-Ku, Tokyo, Japan, §
Solvay Draka BV, P O Box 14, 1600 AA, Enkhuizen, Flevolaan 1-5, 1601
MA Enkhuizen, §
Olver Products, Grade Radids, Michigan - 49504, USA |
|
|
|
|
Customers : |
Wholesalers and Government Bodies §
Metdem Saglik Gerecleri Limited, STI, Saglik 1, Sokak No 46/2, Ankara,
Turkey, §
Medicarom Group SRL, STR, Delea Veche, NR 44, Sect 2, Bucharest 73119,
Romania, §
E Anats and Co, EUROPE, 17, Sossigenous STR, Athens 11632, Greece §
Vygon - Erzeugnisse, Fur Medizin UND, Chirurgie, Prager, Ring 100,
52070, Aachen, Germany, §
Unomed Limited, Zlatovska - 2211, 91101 Trencin, Slovak - Republic, §
Vitalcare Group Inc, 15800, NW 13th Avenue, Miami, Florida,
USA, §
Bucher & Muir Pty Limited, P O Box 333, North Sydney NSW - 2059,
Australia, §
Sherwood Medical Pty Limited, 17, Eastern Serviles Road, East Gate Ext
- 8, Sandton, South Africa, Troge Medical Gmbh, Milchstr - 19 - 20148,
Hamburg, Germany |
|
|
|
|
No. of Employees : |
1800 |
|
|
|
|
Bankers : |
Industrial Finance Branch, M-11, Middle Circle,
Connaught Circus, New Delhi – 110001, India
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Basant Ram and Sons Chartered Accountants |
|
Address : |
A-18, Nizamuddin East, Murli Marg, New Delhi – 110013, India |
|
|
|
|
Associates/Subsidiaries : |
v International
Zip Fasteners Private Limited Private Limited Liability Company Date of Incorporation – 13th
March, 1982 v Parti Fibres
Private Limited Private Limited Liability Company Date of Incorporation – 20TH
April, 1990 v Inkam
Enterprises Private Limited CIN No. : U31909DL1981PTC012671 Private Limited Liability Company Date of Incorporation – 21st
November, 1981 v Asuma Research
Limited Deemed Public Limited Company Date of Incorporation – 18th
April, 2001 v International
Systems Private Limited Private Limited Liability Company Date of Incorporation – 5th
December, 1990 v Vital Toolings
Private Limited Private Limited Liability Company Date of Incorporation – 14th
May, 1992 |
.
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9519300 |
Equity Shares |
Rs. 10/- each |
Rs. 95.193
Millions |
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 |
|
95.193 |
95.193 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
563.570 |
576.258 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
658.763 |
671.451 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
442.975 |
335.378 |
|
|
2] Unsecured Loans |
|
11.931 |
11.550 |
|
|
TOTAL BORROWING |
|
454.906 |
346.928 |
|
|
DEFERRED TAX LIABILITIES |
|
11.099 |
19.400 |
|
|
|
|
|
|
|
|
TOTAL |
|
1124.768 |
1037.779 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
517.069 |
523.718 |
|
|
Capital work-in-progress |
|
3.906 |
15.563 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
5.247 |
5.247 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
308.781 |
230.138 |
|
|
Sundry Debtors |
|
334.436 |
332.447 |
|
|
Cash & Bank Balances |
|
42.752 |
29.384 |
|
|
Other Current Assets |
|
5.728 |
9.374 |
|
|
Loans & Advances |
|
134.353 |
86.575 |
|
Total
Current Assets |
|
826.050 |
687.918 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
157.655 |
127.357 |
|
|
Provisions |
|
133.553 |
100.543 |
|
Total
Current Liabilities |
|
291.208 |
227.900 |
|
|
Net Current Assets |
|
534.842 |
460.018 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
Advance for fixed assets |
|
63.704 |
33.233 |
|
|
|
|
|
|
|
|
TOTAL |
|
1124.768 |
1037.779 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1145.655 |
1128.656 |
|
|
Other Income |
|
15.878 |
23.659 |
|
|
Total Income |
|
1161.533 |
1152.315 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
9.362 |
87.224 |
|
|
Provision for Taxation |
|
13.199 |
30.739 |
|
|
Profit/(Loss) After Tax |
|
[3.837] |
56.485 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
480.063 |
463.270 |
|
|
Purchases made for re-sale |
|
7.966 |
4.508 |
|
|
Increase/(Decrease) in Finished Goods |
|
[74.838] |
[41.607] |
|
|
Salaries, Wages, Bonus, etc. |
|
321.584 |
253.575 |
|
|
Managerial Remuneration |
|
0.125 |
0.105 |
|
|
Payment to Auditors |
|
0.450 |
0.450 |
|
|
Interest |
|
42.150 |
31.119 |
|
|
Insurance Expenses |
|
5.988 |
0.515 |
|
|
Power & Fuel |
|
98.927 |
4.864 |
|
|
Depreciation & Amortization |
|
97.422 |
90.089 |
|
|
Other Expenditure |
|
172.335 |
258.203 |
|
Total Expenditure |
|
1152.172 |
1065.091 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[0.33] |
4.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.82 |
7.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.70 |
7.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.13 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.84 |
3.02 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in trade terms with :
v
Quality Colour Carton, Wz-3/9, Basai Road, Moti Nagar, Delhi, INDIA
v
Bright Box (India), C-109/110, Jeevan Park, Pankha Road, New Delhi,
INDIA
v
Goodwill Plastic, S-121, Parampuri, Uttam Nagar, New Delhi, INDIA
v
Shri Scientific System, C-394, Vikas Puri, Delhi, INDIA
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80020821 |
|
Corporate
identity number of the company |
U74999DL1988PLC033176 |
|
Name of the
company |
EASTERN MEDIKIT LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3 Dr. G. C. Narang Marg, New Delhi – 110007, India |
|
Type of charge |
|
|
Particular of
charge holder |
Union Bank of India Industrial Finance Branch, M-11, Middle Circle, Connaught Circus, New
Delhi – 110001, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
29.12.2006 |
|
Amount secured by
the charge |
Rs. 436.757
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per respective
Bank instructions / RBI guidelines from time to time Terms of
Repayment As per respective
Bank instructions / RBI guidelines from time to time Margin As per respective
Bank instructions / RBI guidelines from time to time Extent and
Operation of the charge 100 % Others The said charge
is to secure following credit facilities |
|
Short particulars
of the property charged |
The whole of the
Current Assets of the borrower |
|
Particulars of
the present modification |
The amount of
charge over the whole current assets of borrower enhanced from Rs. 476.757
Millions to Rs. 550.000 Millions on pari passu basis to secure various credit
facilities. And First /
Second Mortgage and Charge in favour of the said Banks ranking after the
charges created and to be created in favour of the Term Lenders of the
borrowers on the borrowers immovable and movable properties both present and
future. |
AS PER WEBSITE
Incepted with a vision to excel in the health-care industry,
Medikit is a market-leading manufacturer and solution provider in the area of
medical and surgical devices. Brought into existence in 1988, Medikit's prolific
growth in this dynamic and highly specialized industry is absolute testimony of
the fact that EML products have continuously surpassed the highest expectations
of its stakeholders and customers in terms of truly international product
quality and value-pricing.
Globally competent qualities of products and strict compliance with
requirements have been the hallmarks of Medikit since its inception. Medikit
has successfully incorporated adopted a system of continuous and total quality
improvement process, which is instrumental in end-product quality and
specifications conformance.
A multitude of specifically designed experiments, along with statistical
process control are conducted as a routine exercise throughout the product
development and manufacturing process.
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
8 |
|
--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 |
|
66 |
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 |
|