MIRA INFORM REPORT
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Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VISHAKHA POLYFAB PRIVATE LIMITED |
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Registered
Office : |
Plot No 549/2, Village Vadsar, Taluka Kalol, Khatraj, Gandhinagar-380009,
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.12.1993 |
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Com. Reg. No.: |
04-20968 |
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CIN No.: [Company Identification
No.] |
U17110GJ1993PTC020968 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMVOO284E |
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PAN No.: [Permanent Account No.] |
AAACV6439R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Multilayer Plastics Extruded Film. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 870000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Rajesh Pandya |
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Designation : |
Business Development Manager |
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Contact No.: |
91-9909930963 |
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Date : |
09.04.2011 |
LOCATIONS
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Registered Office / Factory : |
Plot No 549/2, Village Vadsar, Taluka Kalol, Khatraj,
Gandhinagar-380009, |
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Tel. No.: |
91-79-26564886 91-2764-281048 / 281581 / 281582 / 281795 |
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Mobile No.: |
91-9909930963 (Mr. Rajesh Pandya) |
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Fax No.: |
91-79-26460802 / 26560729 91-2764-281795 |
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E-Mail : |
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Website : |
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Area: |
10000 Sq. Ft (Owned) (Approximately)
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Head Office : |
805/807 ‘Samedh’, Panchavati, |
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Tel. No.: |
91-79-26564891 / 26568693 / 26568694/ 26564886 |
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Fax No.: |
91-79-26560729 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 19.07.2010
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Name : |
Mr. Bhadresh Nagindas Doshi |
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Designation : |
Director |
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Address : |
26 Shrushti Bunglows, Ashwamegh 4B Extension, 132 Ring Road,
Satellite, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
08.02.1956 |
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Date of Appointment : |
08.06.2000 |
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Name : |
Mr. Jigish Nagindas Doshi |
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Designation : |
Director |
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Address : |
6 Shrushti Bunglows, Ashwamegh 4B Extension, 132 Ring Road, Satellite,
Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
17.01.1961 |
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Date of Appointment : |
10.12.1999 |
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Name : |
Mr. Kamal Daulalji Moondra |
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Designation : |
Director |
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Address : |
22 Kaushalya Bunglows, Ramdevnagar, Ahmedabad, |
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Date of Birth/Age : |
05.05.1958 |
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Date of Appointment : |
06.10.2001 |
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Name : |
Mr. Dhaval B. Shah |
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Designation : |
Additional Director |
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Address : |
C/802, Chananbala Apartment, Opposite Suvidha Shopping Centre, Near
Mahalaxmi 4 Rasta, Paldi, Ahmedabad - 380007, Gujarat, India |
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Date of Birth/Age : |
19.08.1983 |
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Date of Appointment : |
11.09.2008 |
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Date of Ceasing : |
28.05.2010 |
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Name : |
Mr. Jayesh Shah |
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Designation : |
Director |
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Date of Birth/Age : |
04.10.1965 |
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Date of Appointment : |
28.05.2010 |
KEY EXECUTIVES
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Name : |
Mrs. Rujunta Mehta |
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Designation : |
Company Secretary |
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Address : |
21 Lad Society, Near |
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Date of Birth/Age : |
25.01.1976 |
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Date of Appointment : |
22.12.2003 |
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Name : |
Mr. Rajesh Pandya |
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Designation : |
Business Development Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.07.2010
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Names of Shareholders |
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No. of Shares |
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Jigish Nagindas Doshi |
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1728999 |
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Bhadresh Nagindas Doshi |
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307125 |
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Umesh Doshi |
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238375 |
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Jigish Nagindas Doshi |
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500 |
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Adani Wilmar Limited |
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2275000 |
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Jigish Doshi |
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1 |
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Total |
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4550000 |
As on 19.07.2010
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Equity Share
Breakup |
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Percentage |
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Category |
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Bodies corporate |
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50.00 |
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Directors or relatives of directors |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Multilayer Plastics Extruded Film |
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Products : |
Polyester Fabrics |
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Import: |
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Product: |
Raw Material |
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County: |
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Terms : |
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Selling : |
Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing: |
Cash / Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Licensed Capacity |
Installed
Capacity |
Actual
Production |
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Plastic Film |
MT |
NA |
8786 |
5337903 |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s
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Suppliers : |
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No of Employee: |
100 (Approximately) |
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Bankers : |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dharmesh Parikh and Associates Chartered Accountant |
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Address : |
303/304, Milestones, Near Drive-in-Cinema, Opposite TV Tower, Thaljet,
Ahmedabad 380 054 |
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Tel No.: |
91-79-27474466 |
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Fax no.: |
91-79-27479955 |
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Email : |
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Holding Company
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Associates : |
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CAPITAL STRUCTURE
As on 19.07.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
4550000 |
Equity shares |
Rs.10/- each |
Rs.45.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.500 |
40.000 |
40.000 |
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2] Share Application Money |
20.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
152.871 |
106.947 |
85.596 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
218.371 |
146.947 |
125.596 |
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LOAN FUNDS |
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1] Secured Loans |
196.292 |
111.672 |
134.349 |
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2] Unsecured Loans |
109.982 |
61.681 |
5.000 |
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TOTAL BORROWING |
306.274 |
173.353 |
139.349 |
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DEFERRED TAX LIABILITIES |
16.804 |
12.416 |
8.053 |
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TOTAL |
541.449 |
332.716 |
272.998 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
322.086 |
232.916 |
135.269 |
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Capital work-in-progress |
21.319 |
3.986 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
128.276
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60.783
|
100.397
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Sundry Debtors |
126.525
|
96.435
|
87.875
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Cash & Bank Balances |
21.096
|
17.260
|
4.097
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
61.635
|
39.148
|
49.756
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Total
Current Assets |
337.532
|
213.626
|
242.125
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
54.645
|
68.778
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Other Liabilities |
43.249
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18.781
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62.189
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Provisions |
41.594
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30.253
|
42.207
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Total
Current Liabilities |
139.488
|
117.812
|
104.396
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Net Current Assets |
198.044
|
95.814
|
137.729
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
541.449 |
332.716 |
272.998 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
687.018 |
556.918 |
427.104 |
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Other Income |
15.654 |
1.962 |
0.424 |
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TOTAL (A) |
702.672 |
558.880 |
427.528 |
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Less |
EXPENSES |
|
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Material Cost |
|
381.429 |
282.654 |
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Manufacturing and Other Expenses |
598.321 |
96.352 |
60.030 |
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Selling and Distribution Expenses |
|
6.030 |
3.553 |
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TOTAL (B) |
598.321 |
483.811 |
346.237 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
104.351 |
75.069 |
81.291 |
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Less |
FINANCIAL
EXPENSES (D) |
19.525 |
18.670 |
11.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
84.826 |
56.399 |
69.891 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.154 |
19.557 |
17.136 |
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PROFIT BEFORE
TAX (E-F) (G) |
49.672 |
36.842 |
32.745 |
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Less |
TAX (H) |
15.387 |
13.150 |
11.848 |
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PROFIT AFTER TAX
(G-H) (I) |
34.285 |
23.692 |
20.896 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.948 |
20.596 |
16.720 |
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Less |
APPROPRIATIONS |
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|
Transfer to General Reserve |
10.000 |
10.000 |
10.000 |
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Dividend |
2.275 |
2.000 |
6.000 |
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Tax on Dividend |
0.387 |
0.340 |
1.020 |
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BALANCE CARRIED
TO THE B/S |
53.571 |
31.948 |
20.596 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
28.264 |
24.780 |
21.662 |
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IMPORTS |
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Raw Materials |
248.586 |
164.374 |
155.415 |
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Capital Goods |
80.022 |
78.964 |
0.000 |
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TOTAL IMPORTS |
328.608 |
243.338 |
155.415 |
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Earnings Per
Share (Rs.) |
7.30 |
5.82 |
5.22 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.87
|
3.59
|
4.88
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Net Profit Margin (PBT/Sales) |
(%) |
7.23 |
5.60
|
7.67
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.53
|
8.25
|
8.68
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.25
|
0.26
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.04
|
1.98
|
0.83
|
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Current Ratio (Current Asset/Current Liability) |
|
2.41
|
1.81
|
2.32
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Micro, Small and
Medium |
1.188 |
1.802 |
NA |
|
Other |
53.457 |
66.976 |
NA |
|
Total |
54.645 |
68.778 |
NA |
Note:
Incorporated on December 29, 1993 the subject is
engaged in the business of Manufacturers and suppliers of flexible packing
products, multilayer flexible packing films and EvOH/Nylon based high barrier
films to the food, beverage Industry and other industrial sectors.
Company’s Performance
During the year, the Company has been able to sustain its overall performance in terms of consistent growth in turnover, market share arid profitability. The growth in business operations fortifies the confidence shown in the company by its existing customer as well as new customer due to the continued assurance of those services. The company has achieved the production of 6786 MT during the year, as compared at 4985 FM of last year.
The company has successfully installed nine layers Nylon/ EVOH based high barrier film manufacturing machine in the month of March, with an annual capacity at 1800 MT, making total installed capacity of 6780 MT. The Company has achieved its optimum capacity, even though some stow done in general Industry trend.
Turnover increased by 2336% to Rs.687.018 millions as compared to Rs.556.918 millions last year. The Company posted the performance with Profit before Tax of Rs.49.672 millions and the Profit after Tax at Rs.34.285 millions as against Rs.23.692 millions of the last year.
Contingent Liability: (As on 31.03.2010)
a)
Local Sales Tax Liability
for accounting year 2004-2005 (Including Penalty and Interest of Rs.0.375
Million) disputed in Appeal Not provided in the accounts of Rs.0.773 Million
(Previous Year Rs.0.773 Million including Penalty and Interest of Rs.0.364
Million) disputed in Appeal Not provided in the accounts of Rs.0.947 Million
b)
Central Sales Tax
Liability for accounting year 2005-2006 (Including Penalty and Interest of
Rs.0.605 Million) disputed in Appeal Not provided in the accounts of Rs.1.422
Millions (Previous Year Rs. Nil)
Form 8:
|
Name of the
company |
VISHAKHA POLYFAB PRIVATE LIMITED |
|
Mr. Jigish N.
Doshi [Director] |
|
|
1) Date and description of instrument creating the change |
Joint deed of Hypothecation
dated 08.06.2001 in favour of Bank of Baroda |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Whole of the
movable properties of the company including its raw material, stock in
process, finished goods, entire receivables of the company as well as all
entire movable plant an machinery, machinery spares, tools and accessories
and other movables, both present and future situated at Block No. 549/2,
Village Vadsar, Kalol, Gandhinagar
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure various
credit facilities granted or to be granted to the company by bank of Baroda,
new Cloth Market Branch, the company has created a charge by way of
hypothecation of movable properties of the company including its raw
material, stock in process, finished goods, entire receivables of the company
as well as entire plant and machinery of the company situated at Block No.
549/2, Village Vadsar, Kalol, Gandhinagar, |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of New Cloth Market Branch, O/s. |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
composite instrument of Hypothecation of Goods, Book Debts, Movable
machineries and vehicles executed on dated 23.12.2005 for additional credit
limit of Rs. 10.000 Millions |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
To secure
additional Working Capital facilities limit of Rs. 10 Millions making
aggregate facilities to Rs. 94.500 Millions granted or to be granted, to the
company by Bank of Baroda, New Cloth Market Branch, the company has created a
charge by way of extension of hypothecation of movable properties of the
company including its raw materials, stock in process, finished goods, entire
receivables of the company as well as entire plant and machinery of the
company situated at Block No. 549/2, Village Vadsar, Kalol, Gandhinagar. The
other terms and conditions for aggregate enhanced limit of Rs. 94.500
millions |
|
Corporate
identity number of the company |
U17110GJ1993PTC020968 |
|
Name of the
company |
VISHAKHA POLYFAB
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
549/2,Village Vadsar Taluka Kalol Khatraj, Gandhinagar – 380009, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable Property
|
|
Particular of
charge holder |
STATE BANK OF |
|
Nature of
instrument creating charge |
Memorandum
Relating to Deposit of Title Deeds For Creation of Further Charge For Term
Loan Overall Limit Where The Initialchargeis Created By Way of Mortgage by
Deposit of Titledeeds In Form C-10a |
|
Date of
instrument Creating the charge |
12/03/2010 |
|
Amount secured by
the charge |
Rs.392.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) Cash Credit,
Term Loan I, Term Loan II and Term Loan -IV(New) :- 0.50% above SBAR i.e.
12.25%, (2) Stand Line of Credit: 1.50% above SBAR And (3) Term Loan II :- At
SBAR i.e. 11.75 p.a. Presently. Terms of
Repayment (1) Term loan III
of Rs.92.500 Millions reduced upto Rs.22.500 Millions and repayment of
reduced term loan of Rs.22.500 Millions will be repayable in 20 quarterly
installments by way of one installment of Rs.4.600 Millions, 16 installment
each of Rs.0.950 Million and 3 installment each of Rs.0.900 Millions
commencing from last quarter of F.Y. 2009-10 And Term Loan IV of Rs.38.000
Millions will be repayable in 19 quarterly installments each of Rs.2.000
Millions Margin Stocks : 25%,
Book debts (cover 90 days) : 40%, Letter of Credit and Bank Guarantee: 20%
and EPC: 10% 34.48% for New
Term Loan Extent and
Operation of the charge First Charge of
State Bank of |
|
Short particulars
of the property charged |
Entire Movables
(current and fixed assets), present and
future, of the company situated at No. 549/2, 550 and 541 Village Vadsar,
Taluka Kalol, District Gandhinagar, Gujarat and other places. Immovable
properties situated at Block No. 549/paiki admeasuring 6085 sq. mtrs and
Block No. 550 admeasuring 4638 sq. mtrs.
Village Vadsar, Taluka Kalol, District Gandhinagar, |
|
Date of
instrument modifying the charge |
04/02/2010 |
|
Particulars of
the present modification |
Existing charge by
way of Hypothecation of Rs. 392.700 is now extended and modified to secure by
way of creation of equitable mortgage by way of constructive delivery over
the Immovable properties, present and future, of the company situated at
Block No. 549/paiki admeasuring 6085 sq. mtrs and Block No. 550 admeasuring
4638 sq. mtrs. Village Vadsar, Taluka
Kalol, District Gandhinagar, |
FIXED ASSETS
- Tube Well
- Computer
- Plant and Machinery
- Electrical Installation
- Office Equipments
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.