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PLC - NON RATED - Watch-list worthy, if economy recovers - Visit Note

We recently visited PLC. The company produces lubricants (36% of total turnover) for cars and motorbikes and have two wholly-owned subsidiaries that produce asphalt (38%), for roadway construction, and chemicals (26%), used in construction materials. Inputs are 100% imported. 2012 has been a tough year as unexpected weak demand in industrial sectors have squeezed sales and dampened profit.