MIRA
INFORM REPORT
|
Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VEDIK COTTON LIMITED |
|
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Registered Office : |
4th Floor, Sarthik Near Fun Republic, Satellite Road, Ahmedabad
– 380 015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.02.1997 |
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Com. Reg. No.: |
031722 |
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CIN No.: [Company
Identification No.] |
U17110GJ1997PLC031722 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMV01650F |
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PAN No.: [Permanent
Account No.] |
AABCA6457D |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturer of Cotton Yarn. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 570000 |
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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 company having satisfactory track. Trade
relations are fair. Payments are reported as usually correct and as per
commitments. However the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nitin Lonawat |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9825309776 |
|
Date : |
05.09.2008 |
LOCATIONS
|
Registered Office : |
4th Floor, Sarthik Near Fun Republic, Satellite Road,
Ahmedabad - 380 015, Gujarat, India. |
|
Tel. No.: |
91-79-26928921 |
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Mobile No. : |
91-9825309776 (Mr. Nitin) |
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Fax No.: |
91-79-26924173 |
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E-Mail : |
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Website : |
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Area : |
6700 sq ft |
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Location : |
Owned |
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Factory : |
Survey No. 127, 1/2 Village Athala Silvassa |
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Tel. No.: |
91-2638-6531466 |
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Fax No.: |
91-2638-6453487/ 89 |
DIRECTORS
|
Name : |
Mr. Apurva M. Arya |
|
Designation : |
Director |
|
Address : |
201, “Siromani”, Opposite Ocean Park, Satellite Road, Ahmedabad – 380
015, Gujarat, India |
|
Date of Birth/Age : |
19.09.1981 |
|
Qualification : |
M.B.A. |
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Date of Appointment : |
01.07.2003 |
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|
Name : |
Mrs. Kusum Arya |
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Designation : |
Director |
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Address : |
201, “Siromani”, Satellite, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
16.08.1960 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
01.07.2003 |
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|
Name : |
Mr. Prakash Chand Rathi |
|
Designation : |
Director |
|
Address : |
19, Navrang Society, Bhairavnath Road, Maninagar, Ahmedabad – 380 008,
Gujarat, India |
|
Date of Birth/Age : |
03.04.1957 |
|
Qualification : |
M.B.A. in Marketing |
|
Date of Appointment : |
06.08.2001 |
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|
Name : |
Mrs. S. Savithri |
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Designation : |
Independent Director |
|
Address : |
Kailasagar No. 2, Flat No. 702, Jodhpur Village Road, Satellite,
Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth / Age: |
22.05.1956 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
16.05.2005 |
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|
Name : |
Mr. Prakash Gopichand Ramrakhiani |
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Designation : |
Additional Director |
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Address : |
Plot -154, Sector -8, Gandhinagar – 382 008, Gujarat, India |
|
Date of Appointment : |
15.01.2006 |
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|
Name : |
Mr. Rohit Kumar Ramanlal Dave |
|
Designation : |
Independent Director |
|
Address : |
D – 36, Kritisagar Apartment, Near Prernatirth Bungalows, Part – I,
Jodhpurgram Satellite Road, Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth / Age: |
07.04.1955 |
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Date of Appointment : |
15.01.2006 |
|
|
|
|
Name : |
Mr. Karan Arya |
|
Designation : |
Director |
|
Address : |
607 Anand Bhavan, Opposite Bijal Apartments, Panchvati Navrangpura,
Ahmedabad – 380 009, Gujarat, India |
|
Date of Birth / Age: |
11.11.1981 |
|
Date of Appointment : |
01.05.2007 |
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|
Name : |
Mr. Amit B. Rathi |
|
Designation : |
Director |
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Address : |
47-Snehkunj, Maheshwari Society, Opp. Railway “A” Cabin, Bajwa, Dist:
Baroda – 391 310, Gujarat, India. |
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Date of Birth/Age : |
22.08.1977 |
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Date of Appointment : |
06.08.2001 |
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Date of Resignation : |
01.03.2004 |
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|
Name : |
Mr. Ashish A. Rathi |
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Designation : |
Director |
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Address : |
19, Navrang Society, Bhairavnath Road, Maninagar, Ahmedabad – 380 008,
Gujarat, India |
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Date of Birth/Age : |
22.08.1981 |
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Date of Appointment : |
06.08.2001 |
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Date of Resignation : |
01.03.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Ritesh Jain |
|
Designation : |
Company Secretary |
|
Address : |
Near Ram Mandir, Subhash Ward, Damoh – 470 661, Madhya Pradesh, India. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Mahendra K. Arya |
|
2600 |
|
Mrs. Kusum Arya |
|
7000 |
|
Mr. P. C. Pande |
|
100 |
|
Mr. Sanjay Mahtoliya |
|
1600 |
|
Mr. Bhurchand Khatana |
|
1900 |
|
Mr. Chainrup Bhansali |
|
1900 |
|
Mr. Prakash Rathi |
|
100 |
|
Mr. Apurva Arya |
|
1800 |
|
Mr. J. K. Srivastava |
|
1800 |
|
Mr. A. K. Srivastava |
|
1600 |
|
Mr. Rajiv Yadav |
|
1500 |
|
Mr. Surya Singh |
|
1500 |
|
Mr. Pawan Khandelwal |
|
1800 |
|
Mr. A. K. Saxena |
|
1500 |
|
Mr. H. P. Mishra |
|
1600 |
|
Mr. Rajesh Rana |
|
1600 |
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Mr. Rajesh Malkani |
|
1600 |
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Mr. Yogesh Dubey |
|
1800 |
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Mr. Rakesh Bahvsar |
|
1500 |
|
Mr. Raj Kumar Saraf |
|
1700 |
|
Mr. R. G. Bubna |
|
1600 |
|
Mr. Kamlesh Agarwal |
|
1500 |
|
Mr. Anil Brahmkshatriya |
|
1800 |
|
Mr. Ravi Bhatt |
|
1800 |
|
Mr. Surendra Singh |
|
1500 |
|
Mr. Ishwarsingh Yadav |
|
1700 |
|
Mr. Dasrath Singh Shekhawat |
|
1800 |
|
Mr. Rohit Dave |
|
1800 |
|
Total |
|
50000 |
As on 31.03.2008
|
Names of Allottee |
|
No. of Shares |
|
King Sea Trading (L.L.C.) |
|
294500 |
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Equity share Breakup (Percentage of total Equity)
As on 29.09.2007
|
Category |
|
Percentage
of Holding |
|
Bodies Corporate |
|
73.20 |
|
Directors or relatives of directors |
|
26.65 |
|
Other top fifty (50) shareholders (other than listed above) |
|
0.15 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn. |
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Exports : |
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Countries : |
China, Turkey, Egypt, Dubai |
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Imports : |
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Countries : |
China, Malaysia |
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Terms : |
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Selling : |
L/C, Credit 30 days |
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Purchasing : |
L/C, Credit 30 days |
GENERAL
INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
90 (in office-20, Factory+ Contract Workers – 70) |
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Bankers : |
S.G. Highway Road
Branch, “Sapath” Opposite Karnavati Club, S. G. Highway, Ahmedabad – 380 015,
Gujarat, India E-Mail: srshah@bankofindia.co.in
Overseas Branch,
Mumbai
301, Trade Plaza,
414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India. |
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|
|
|
Facilities : |
CC – Rs.75.000
Millions (Total = Rs.300.000 Millions) From State Bank of India |
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Banking
Relations : |
Satisfactory |
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|
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Auditors : |
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|
Name : |
Surana Maloo and Company - Omkar Maloo Chartered Accountants |
|
Address : |
4th Floor, Shaival Plaza, Near Gujarat College Road,
Ellisbridge, Ahmedabad – 380 006, Gujarat, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10.00 each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9685211 |
Equity Shares |
Rs. 10.00 each |
Rs. 96.852millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
96.852 |
30.000 |
0.500 |
|
|
2] Share Application Money |
5.890 |
15.077 |
0.000 |
|
|
3] Reserves & Surplus |
11.262 |
8.118 |
5.182 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
114.004 |
53.195 |
5.682 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.984 |
21.120 |
9.635 |
|
|
2] Unsecured Loans |
81.431 |
48.782 |
35.487 |
|
|
TOTAL BORROWING |
106.415 |
69.902 |
45.122 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
220.419 |
123.096 |
50.804 |
|
|
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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] |
28.294 |
15.581 |
25.338 |
|
|
Capital work-in-progress |
100.363 |
6.244 |
3.402 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.403 |
0.220 |
1.331 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.762
|
12.755 |
4.407 |
|
|
Sundry Debtors |
118.300
|
79.359 |
13.943 |
|
|
Cash & Bank Balances |
5.829
|
25.873 |
10.997 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.848
|
9.793 |
20.145 |
|
Total
Current Assets |
155.739
|
127.780 |
49.492 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
64.381
|
27.284 |
27.050 |
|
|
Provisions |
2.182
|
1.607 |
1.740 |
|
Total
Current Liabilities |
66.563
|
28.891 |
28.790 |
|
|
Net Current Assets |
89.176
|
98.889 |
20.702 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.183 |
2.163 |
0.031 |
|
|
|
|
|
|
|
|
TOTAL |
220.419 |
123.096 |
50.804 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
408.532 |
389.570 |
224.759 |
|
|
Other Income |
1.906 |
1.420 |
3.102 |
|
|
Total Income |
410.438 |
390.990 |
227.862 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
5.848 |
4.166 |
3.634 |
|
|
Provision for Taxation |
2.436 |
1.230 |
1.350 |
|
|
Profit/(Loss) After Tax |
3.412 |
2.936 |
2.284 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
336.375 |
307.922 |
163.537 |
|
|
Increase or decrease in finished goods, work-in-progress |
(0.234) |
(4.369) |
1.075 |
|
|
Salaries, wages and bonus |
3.122 |
1.084 |
0.581 |
|
|
Managerial Remuneration |
1.140 |
1.060 |
0.470 |
|
|
Payment of auditors |
0.084 |
0.021 |
0.020 |
|
|
Interest |
2.770 |
1.132 |
1.424 |
|
|
Insurance Expenses |
0.066 |
0.170 |
0.042 |
|
|
Depreciation and amortization |
2.829 |
2.274 |
2.384 |
|
|
Other Expenditure |
58.438 |
77.530 |
54.695 |
|
Total Expenditure |
404.590 |
386.824 |
224.228 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.84
|
0.75 |
1.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.43
|
1.07 |
1.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.05
|
2.78 |
4.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.52
|
1.86 |
13.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34
|
4.42 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate
identity number (CIN) Foreign company registration number |
U17110GJ1997PLC031722 |
|
Name of the
Company |
VEDIK COTTON
LIMITED |
|
Address |
4th Floor,
Sarthik Near Fun Re-public Satellite Road, Ahmedabad – 380 015, Gujarat,
India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Particulars of the
charge holder |
Bank of India S.G. Highway Road
Branch, “Sapath” Opposite Karnavati Club, S. G. Highway, Ahmedabad – 380 015,
Gujarat, India E-Mail: srshah@bankofindia.co.in |
|
Amount secured by
the charge |
Rs. 7.500
millions |
|
Nature or
description of the instrument creating charge |
Oral Assent |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest
PLR 11.25% PAAT Present with Monthly Rests |
|
Description of
the property charged indicating whether it is a charge on |
Immovable
properties |
|
Particulars of
the property charged |
Entire mortgage
of landed properties of Vedik Cotton Limited situated at Shop No. 7 and 8,
Sarthik complex, Near Fun Republic Satellite Road, Ahmedabad, Gujarat, India |
|
Date of
Instrument |
30.06.2006 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10007797 |
|
Corporate
identity number of the company |
U17110GJ1997PLC031722 |
|
Name of the
company |
VEDIK COTTON LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
4th Floor, Sarthik Near Fun Republic, Satellite Road, Ahmedabad
– 380 015, Gujarat, India. |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of India S.G. Highway Road
Branch, “Sapath” Opposite Karnavati Club, S. G. Highway, Ahmedabad – 380 051,
Gujarat, India E-Mail: srshah@bankofindia.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Declaration cum
undertaking for modification of Equitable Mortgage |
|
Date of
instrument Creating the charge |
30.07.2007 |
|
Amount secured by
the charge |
Rs.7.500 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Term Loan – At BPLR presently 13.25% p.a. or such other rates as may be prescribed
by the Bank from time to time Over Draft Limit
– At BPLR presently 13.25% p.a. or such other rates as may be prescribed by
the Bank from time to time Terms of
Repayment: Term Loan is repayable in 96 equal monthly installments of
Rs.0.040 Million Over Draft Limit
– Repayable on Demand/ Annual Review Margin: Margin is
50% Extent and
Operation of the charge: First and exclusive mortgage charge on the immovable
properties being Land and Buildings, Super Structures, Fixed Plant and
Machinery in favour of Bank to secure the Term Loan and Over Draft aggregate
limits of Rs.7.500 Millions along with Interest, Penal Interest, Damages,
Costs, Charges and Commission etc. Others: Present
Limits are Term Loan –
Rs.2.500 Millions Overdraft –
Rs.5.000 Millions Total Aggregate –
Rs.7.500 Millions |
|
Short particulars
of the property charged |
1.Shop No.7 and
8, on first floor adm. 1286 sq feets in ‘SARTHIK’ within Eleshwar Shop and
Office co-op H Soc Limited (Vibhag-1) at Old Survey No. 1121 and new Suvey
No. 559, FP No.82/4 of Vejalpur TPS-6, Mouje Jodhpur (old Veljapur), Ta City,
District Ahmedabad 2.Entire Fourth
floor Adm 6935 Sq Feet in ‘SARTHIK’ within Eleshwar Shop and Office co-op H
Soc Limited (Vibhag-1) at Old Survey No. 1121 and new Suvey No. 559, FP
No.82/4 of Vejalpur TPS-6, Mouje Jodhpur (old Veljapur), Ta City, District
Ahmedabad |
|
Date of latest
modification prior to the present modification |
30.06.2006 |
|
Particulars of
the present modification |
By this declaration
and confirmation the company confirmed the mortgage of Immovable Properties
of the company to secure the credit facilities of Rs.7.500 Millions with
revised Rate of interest @13.25% p.a. on monthly rest basis or such other
rate as may be prescribes from time to time |
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. 44.37 |
|
UK Pound |
1 |
Rs. 78.09 |
|
Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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/normal. |
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 |
|