|
|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
198105870-H
|
|
COMPANY NAME
|
:
|
SINGAPORE TECHNOLOGIES AEROSPACE LTD
|
|
FORMER NAME
|
:
|
SINGAPORE AEROPACE LTD (31/03/1995)
SINGAPORE AIRCRAFT INDUSTRIES PTE (15/06/1990)
|
|
INCORPORATION DATE
|
:
|
24/12/1981
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PUBLIC (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
540, AIRPORT ROAD, 539938, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
540, AIRPORT ROAD, 539938, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62871111
|
|
FAX.NO.
|
:
|
N/A
|
|
CONTACT PERSON
|
:
|
LAM JOON KHOI ( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
REPAIR AND OVERHAULING OF AIRCRAFT
|
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
252,512.00 ORDINARY SHARE, OF A VALUE OF
SGD 252,512.00
|
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET WORTH
|
:
|
N/A
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
TRACED
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
HISTORY
/ BACKGROUND
As a public limited company, the SC must
have at least one shareholder but there is no limit on the maximum number of
shareholders. The SC must have at least two directors. A public limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the SC is capable of owning assets, entering into contracts, suing or
be sued by other companies. The liabilities of the shareholders are only up
to the extent of the equity they have taken up and the creditors cannot claim
on shareholders' personal assets even if the SC is insolvent. The SC is
governed by the Companies Act and must file in its annual return, together
with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a /
as an) repair and overhauling of aircraft.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
SINGAPORE TECHNOLOGIES ENGINEERING LTD
|
51, CUPPAGE ROAD, 09-08, 51 CUPPAGE ROAD,
229469, MALAYSIA.
|
199706274
|
252,512.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
252,512.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The SC interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
201222839
|
ST AEROSPACE ROTABLES PTE. LTD.
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
199004078
|
ST AVIATION RESOURCES PTE LTD
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
|
199300213
|
PRECISION PRODUCTS SINGAPORE PTE LTD
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
|
199901426
|
ST AEROSPACE INTERNATIONAL STRUCTURES PTE
LTD
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
|
199004428
|
VISIONTECH INVESTMENT PTE LTD
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
|
199000305
|
ST AEROSPACE SERVICES CO PTE. LTD.
|
80
|
31/12/2011
|
|
|
|
|
|
|
|
|
199500468
|
VISIONTECH ENGINEERING PTE LTD
|
51
|
31/12/2011
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
PETER YAP KIM KEE
|
|
Address
|
:
|
16, AMBER GARDENS, 12-03, AMBER PARK,
439961, SINGAPORE.
|
|
IC / PP No
|
:
|
S0082819Z
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
16/09/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
TAN PENG HOCK
|
|
Address
|
:
|
3 SELETAR CLOSE, SELETAR HILLS ESTATE,
807211, SINGAPORE.
|
|
IC / PP No
|
:
|
S1273380A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
01/01/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
CHANG CHEOW TECK
|
|
Address
|
:
|
15C, JALAN ARIF, 548821, SINGAPORE.
|
|
IC / PP No
|
:
|
S1437672J
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
01/07/2010
|
|
Remark
|
:
|
ALT DIR TO TAN PHENG HOCK
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
LAM JOON KHOI
|
|
Address
|
:
|
26, MINARET WALK, EXCELSIOR GARDENS,
467396, SINGAPORE.
|
|
IC / PP No
|
:
|
S1306646I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
16/03/1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
TAN GUONG CHING
|
|
Address
|
:
|
27, CARMICHAEL ROAD, GAY'S VILLAS,
359808, SINGAPORE.
|
|
IC / PP No
|
:
|
S0416187D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
15/07/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
LAI TZE CHANG STANLEY
|
|
Address
|
:
|
4, QUEEN ASTRID PARK, 266795, SINGAPORE.
|
|
IC / PP No
|
:
|
S6805154A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
07/08/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 7
|
Name Of Subject
|
:
|
SEAH MOON MING
|
|
Address
|
:
|
66, KEW HEIGHTS, 465861, SINGAPORE.
|
|
IC / PP No
|
:
|
S1196097I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
16/09/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject
|
:
|
NG CHEE MENG
|
|
Address
|
:
|
1, UPPER NERAM ROAD, TUAN SING PARK,
805965, SINGAPORE.
|
|
IC / PP No
|
:
|
S6829348J
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
01/01/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 9
|
Name Of Subject
|
:
|
NEO HONG KEAT
|
|
Address
|
:
|
44, GREENWOOD AVENUE, HILLCREST PARK,
289249, SINGAPORE.
|
|
IC / PP No
|
:
|
S1801367C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
16/05/2011
|
|
Remark
|
:
|
ALT DIR TO NG CHEE MENG
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 10
|
Name Of Subject
|
:
|
NGIAM SHIH CHUN
|
|
Address
|
:
|
26, KISMIS AVENUE, CHENG SOON GARDEN,
598203, SINGAPORE.
|
|
IC / PP No
|
:
|
S7327384F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
15/10/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LAM JOON KHOI
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
TAN GIOK LAN JANICE
|
|
|
IC / PP No
|
:
|
S1657409J
|
|
|
|
|
|
|
|
Address
|
:
|
43, LORONG 5, TOA PAYOH, 08-131, 310043,
SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank against the SC whether the subject
has been involved in any litigation.
|
LEGAL ACTION
|
|
|
|
|
|
Code No
|
:
|
99
|
Case No
|
:
|
727
|
|
|
|
|
|
|
Year
|
:
|
2009
|
Place
|
:
|
SINGAPORE
|
|
|
|
|
|
|
Court
|
:
|
DISTRICT COURT
|
|
|
|
|
|
|
|
|
|
Date Filed
|
:
|
03/03/2009
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
ANDREW YUE KWOK WEI
|
|
|
|
|
Defendants
|
:
|
|
|
|
|
|
Remark
|
:
|
TORT-NEGLIGENCE (MOTOR ACCIDENTS WITH
INJURY)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
Please check with creditors for
confirmation as alleged debts may have been paid since recorded or are
being disputed. The person wo has been sued has the same name as the
subject. However, we are unable to determine whether the person sued is the
one and the same person.
|
|
No winding up petition was found in our
databank
|
|
|
|
|
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
The SC refused to disclose its clientele information.
OPERATIONS
|
Services
|
:
|
REPAIR AND OVERHAULING OF AIRCRAFT
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) repair and overhauling of
aircraft.
The SC specialises in a spectrum of aerospace maintenance and engineering
services for a wide range of military and commercial aircraft.
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-62871111
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
540 AIRPORT ROAD, PAYA LEBAR SINGAPORE
539938
|
|
Current Address
|
:
|
540, AIRPORT ROAD, 539938, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other Investigations
we contacted one of the staff from the SC and she provided some information
on the SC.
She refused to disclose its number of employees and fax number.
FINANCIAL
ANALYSIS
|
No latest financial accounts are
available at the Registry Office, thus we are not able to comment on the
SC's financial performance.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC :
N/A
|
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators :
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
|
|
|
|
|
|
|
Population (Million)
|
4.40
|
4.58
|
4.84
|
4.98
|
5.08
|
|
Gross Domestic Products ( % )
|
8.7
|
8.8
|
1.5
|
<0.8>
|
14.5
|
|
Consumer Price Index
|
1.0
|
2.1
|
6.6
|
0.6
|
2.8
|
|
Total Imports (Million)
|
378,924.1
|
395,979.7
|
450,892.6
|
356,299.3
|
423,221.8
|
|
Total Exports (Million)
|
431,559.2
|
450,627.7
|
476,762.2
|
391,118.1
|
478,840.7
|
|
|
|
|
|
|
|
|
Unemployment Rate (%)
|
2.7
|
2.3
|
2.2
|
3.2
|
2.2
|
|
Tourist Arrival (Million)
|
9.75
|
10.28
|
10.12
|
9.68
|
11.64
|
|
Hotel Occupancy Rate (%)
|
85.2
|
87.0
|
81.0
|
75.8
|
85.6
|
|
Cellular Phone Subscriber (Million)
|
1.05
|
1.22
|
1.31
|
1.37
|
1.43
|
|
|
|
|
|
|
|
|
Registration of New Companies (No.)
|
21,495
|
25,903
|
25,327
|
26,414
|
29,798
|
|
Registration of New Companies (%)
|
10.2
|
20.5
|
<2.2>
|
4.3
|
12.8
|
|
Liquidation of Companies (No.)
|
8,980
|
9,226
|
10,493
|
22,393
|
15,126
|
|
Liquidation of Companies (%)
|
28.1
|
2.7
|
13.7
|
113.4
|
<32.5>
|
|
|
|
|
|
|
|
|
Registration of New Businesses (No.)
|
24,219
|
24,762
|
24,850
|
26,876
|
23,978
|
|
Registration of New Businesses (%)
|
3.17
|
2.24
|
0.36
|
8.15
|
<10.78>
|
|
Liquidation of Businesses (No.)
|
26,843
|
21,322
|
21,150
|
23,552
|
24,211
|
|
Liquidation of Businesses (%)
|
<52.3>
|
<20.6>
|
<0.8>
|
11.4
|
2.8
|
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.)
|
2,983
|
2,767
|
2,326
|
2,058
|
1,537
|
|
Bankruptcy Orders (%)
|
15.8
|
<7.2>
|
<15.9>
|
<11.5>
|
<25.3>
|
|
Bankruptcy Discharges (No.)
|
1,634
|
1,626
|
1,500
|
3,056
|
2,252
|
|
Bankruptcy Discharges (%)
|
<2.9>
|
<0.5>
|
<7.7>
|
103.7
|
<26.3>
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of Principal Crops
|
3.91
|
5.26
|
<0.32>
|
3.25
|
<0.48>
|
|
Fish Supply & Wholesale
|
1.33
|
<3.91>
|
<6.31>
|
<1.93>
|
3.60
|
|
|
|
|
|
|
|
|
Manufacturing *
|
94.4
|
100.0
|
95.8
|
91.8
|
119.1
|
|
Food, Beverages & Tobacco
|
89.9
|
100.0
|
107.7
|
102.7
|
109.5
|
|
Textiles
|
119.9
|
100.0
|
92.6
|
75.0
|
62.8
|
|
Wearing Apparel
|
114.5
|
100.0
|
71.8
|
45.3
|
26.4
|
|
Leather Products & Footwear
|
100.3
|
100.0
|
84.7
|
52.6
|
54.1
|
|
Wood & Wood Products
|
107.1
|
100.0
|
88.8
|
68.3
|
70.0
|
|
Paper & Paper Products
|
92.5
|
100.0
|
98.8
|
93.3
|
103.7
|
|
Printing & Media
|
97.6
|
100.0
|
96.7
|
82.5
|
84.7
|
|
Crude Oil Refineries
|
100.2
|
100.0
|
101.0
|
86.1
|
85.4
|
|
Chemical & Chemical Products
|
93.8
|
100.0
|
95.1
|
90.4
|
109.9
|
|
Pharmaceutical Products
|
102.1
|
100.0
|
92.8
|
104.4
|
159.9
|
|
Rubber & Plastic Products
|
100.1
|
100.0
|
92.2
|
77.6
|
86.1
|
|
Non-metallic Mineral
|
113.1
|
100.0
|
83.1
|
79.1
|
79.7
|
|
Basic Metals
|
110.0
|
100.0
|
120.9
|
101.9
|
112.5
|
|
Fabricated Metal Products
|
97.8
|
100.0
|
95.0
|
85.2
|
97.2
|
|
Machinery & Equipment
|
83.9
|
100.0
|
97.4
|
85.8
|
117.7
|
|
Electrical Machinery
|
98.8
|
100.0
|
98.1
|
104.2
|
149.1
|
|
Electronic Components
|
96.1
|
100.0
|
93.0
|
85.1
|
115.5
|
|
Transport Equipment
|
85.3
|
100.0
|
106.7
|
100.2
|
99.3
|
|
|
|
|
|
|
|
|
Construction
|
46.60
|
45.60
|
45.90
|
<36.9>
|
14.20
|
|
Real Estate
|
12.9
|
40.8
|
<11.2>
|
1.4
|
21.3
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity, Gas & Water
|
<5.3>
|
11.00
|
<1.3>
|
1.70
|
4.00
|
|
Transport, Storage & Communication
|
6.00
|
8.50
|
11.60
|
3.90
|
12.80
|
|
Finance & Insurance
|
6.40
|
41.50
|
<5.9>
|
<16.4>
|
<0.4>
|
|
Government Services
|
13.50
|
3.80
|
17.40
|
4.50
|
9.70
|
|
Education Services
|
1.10
|
1.80
|
0.50
|
0.10
|
<0.9>
|
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2007 = 100)
|
|
|
|
|
|
|
(Source : Department of Statistics)
|
|
|
|
|
|
INDUSTRY
ANALYSIS
|
INDUSTRY :
|
ECONOMY
|
|
|
|
|
|
|
According to Ministry of Trade and Industry (MTI), the Singapore economy is
expected to grow by 1.0 to 3.0% in 2012. Global economic conditions are
expected to remain subdued in 2012, with the outlook clouded by increased
uncertainty and financial volatility. In the advanced economies, final
demand is likely to be restrained by continued household deleveraging,
ongoing fiscal tightening as well as structural weaknesses in labour and
housing markets.
|
|
Although resilient domestic demand in emerging Asia will provide some support
to global demand, it will not fully mitigate the effects of an economic
slowdown in the advanced economies. Consequently, Singapore's
externally-oriented sectors such as electronics and wholesale trade will
continue to perform poorly, while the financial services sector will be
affected by heightened uncertainties in the external environment.
Nevertheless, there will be some modest support to growth from the
biomedical manufacturing cluster and tourism-related sectors. The former
will likely see increased production of active pharmaceutical ingredients
and biologics while the latter will benefit from rising visitor arrivals
from the region.
|
|
For the 4th quarter of 2011, growth in the Singapore economy will likely
weaken alongside deteriorating external macroeconomic conditions. Within
the manufacturing sector, the electronics cluster is expected to register a
lower level of output given the downturn in the global electronics cycle.
This in turn will have knock-on effects on the precision engineering
cluster and wholesale trade. The biomedical manufacturing (BMS) cluster is
expected to see a pullback in growth following the strong surge in the 3rd
quarter of 2011. In the financial services sector, activity in the core
financial intermediation will moderate and the sentiment-sensitive segments
are expected to continue to perform poorly.
|
|
The manufacturing sector expanded by 14.2 % on a year-on-year basis,
reversing from the 5.6 % decline in the preceding quarter. On a sequential
basis, the sector grew by an annualised rate of 11.7 %. This was largely
due to a rebound in biomedical manufacturing output, as some companies
switched to producing a higher value mix of pharmaceutical products. By
contrast, the electronics cluster continued to contract, as global demand
for semiconductor chips and other electronic components moderated.
|
|
The construction sector grew marginally by 0.3 % on a year-on-year basis,
moderating from the 1.5 % growth in the preceding quarter. On a sequential
basis, the sector contracted by an annualised rate of 11.8 %, largely due
to a decline in private sector building activities.
|
|
The wholesale and retail trade sector saw a small year-on-year decline of
0.2 %, mainly due to weakening export activities. Supported by air travel
demand, the transport and storage sector grew by 4.2 %, similar to the pace
of growth in the preceding quarter. On a sequential basis, growth momentum
in both sectors declined, by annualised rates of 0.6 % and 4.5 %
respectively.
|
|
The financial services sector grew at 10.5 % on a year-on-year basis,
anchored by gains in domestic and offshore lending activities. However, the
business services sector registered a weak growth of 1.7 %, largely due to
a moderation in the real estate services segment. On a sequential basis,
both sectors grew marginally by 0.8 % and 0.9 % respectively.
|
|
Supported by healthy visitor inflows, the hotels and restaurants sector and
the 'other services' industries (which include arts, entertainment and recreation
activities) grew by 5.6 % and 4.0 % respectively. However, on a sequential
basis, these sectors declined by 2.6 and 0.7 % respectively.
|
|
Overall, the Singapore economy is expected to grow by around 5.0% in 2011
and by 1.0 to 3.0% in 2012.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL
GROWTH
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1981, the SC is a Public Limited Company company, focusing on
repair and overhauling of aircraft. The SC has been in business for over 3
decades. It has built up a strong clientele base and good reputation will
enable the SC to further enhance its business in the near term. The SC is
expected to enjoy a stable market shares. Having strong support from its
holding company has enabled the SC to remain competitive despite the
challenging business environment.
|
|
Overall, we regard that the SC's management capability is average. This
indicates that the SC has greater potential to improve its business
performance and raising income for the SC.
|
|
No financial accounts are available for analysis. As such, we are not able
to comment on the SC's current financial standing.
|
|
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials.
|
|
The industry has reached its maturity stage and only enjoying a marginal growth.
The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
|
|
In view of the above, we recommend credit be granted to the SC with close
monitoring.
|
|