MIRA
INFORM REPORT
|
Report Date : |
27.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNIPHOS AGRO INDUSTRIES LIMITED |
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Registered
Office : |
3-11, G.I.D.C., Vapi – 396 195, |
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Country : |
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Financials (as on)
: |
31.03.2010 |
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Date of
Incorporation : |
24.07.1992 |
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Com. Reg. No.: |
04-027317 |
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Capital
Investment / Paid-up Capital : |
Rs.66.052
Millions |
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|
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CIN No.: [Company Identification
No.] |
U24219GJ1992PLC027317 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU01773C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Merchant Exporter
of Agro Commodities, Engineering Products and Chemicals. |
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No. of Employees
: |
Approximately 18 (In Office) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 471000 |
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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 a part of United Phosphorus Group. It is a well established
and a reputed company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vivek Kulkarni |
|
Designation : |
Account Manager |
|
Date : |
26.08.2011 |
LOCATIONS
|
Registered Office : |
3-11, G.I.D.C., Vapi – 396 195, |
|
Tel. No.: |
91-260-2432716 |
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Fax No.: |
91-260-2431828 |
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E-Mail : |
For Agro
Products For Chemical
products For Engineering
products For Imports For Organic
products |
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Website : |
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Location : |
Owned |
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Administrative Office/ Share Department : |
167, Ready Money Terrace, 4th Floor, |
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Tel. No.: |
91-22-24930681/ 61233500 |
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Fax No.: |
91-22-24938826/ 66606689 |
DIRECTORS
|
Name : |
Mr. Rajnikant Devidas Shroff |
|
Designation : |
Chairman |
|
Address : |
202, Parishram, 40, Pali Hill, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
20.10.1933 |
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Date of Appointment : |
02.11.1992 |
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DIN No.: |
00180810 |
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Name : |
Mr. Sandra Rajnikant Shroff |
|
Designation : |
Director |
|
Address : |
202, Parishram, 40, Pali Hill, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
05.09.1940 |
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Date of Appointment : |
04.06.1993 |
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DIN No.: |
00189012 |
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Name : |
Mr. Kalyan Mohan Anadi Mohan Banerjee |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.06.1942 |
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Date of Appointment : |
24.07.1992 |
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DIN No.: |
00276866 |
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|
Name : |
Mr. Mukul Bhupendra Trivedi |
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Designation : |
Director |
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Address : |
1206, |
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Date of Birth/Age : |
02.02.1953 |
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Date of Appointment : |
24.07.1992 |
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DIN No.: |
00242399 |
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Name : |
Mr. Rajnikant Jaidev Shroff |
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Designation : |
Director |
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Address : |
202, Parishram, 40, Pali Hill, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
04.10.1965 |
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Date of Appointment : |
23.04.1993 |
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Date of Ceasing : |
10.09.2008 |
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|
Name : |
Mr. Sudarshan Agarwal |
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Designation : |
Director |
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Address : |
C-312, Defence Colony, |
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Date of Birth/Age : |
19.06.1931 |
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Date of Appointment : |
29.09.1995 |
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Date of Ceasing : |
29.06.1999 |
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|
Name : |
Mr. Arvind Maganlal Rajyagurur |
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Designation : |
Director |
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Address : |
B/7, Soham Flats, |
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Date of Birth/Age : |
12.10.1935 |
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Date of Appointment : |
24.07.1992 |
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Date of Ceasing : |
31.03.2008 |
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|
Name : |
Mr. Praful Bhatt |
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Designation : |
Director |
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Address : |
9, Brahmin Mitrmandal Society, |
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Date of Birth/Age : |
24.09.1933 |
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Date of Appointment : |
07.02.1994 |
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Date of Ceasing : |
17.02.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Vivek Kulkarni |
|
Designation : |
Account Manager |
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|
|
Name : |
Mr. Pradeep S. Gandhe |
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Designation : |
Head Business |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Vikram R Shroff |
|
1501000 |
|
Sandra R Shroff |
|
1031000 |
|
Suman Suchdev |
|
4000 |
|
Pravin R Patel |
|
3000 |
|
Sureshchandra I.Patel |
|
2000 |
|
Vibhaben D.Unadkat |
|
1900 |
|
Ramkumar Goyal |
|
1600 |
|
Vinod Patel |
|
2200 |
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Rupam Shroff |
|
4000 |
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Pramodbhai K Kanodiya |
|
3600 |
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Ramesh Ambalal Patel |
|
3800 |
|
Sonal A. Abhyankar |
|
6000 |
|
Sreenivas Vinakollu |
|
2400 |
|
United Phosphorus Limited |
|
1000000 |
|
Madhuben Prajapathi |
|
7000 |
|
Piyush T Kakdia |
|
1400 |
|
Maganbhai Laljibhai Dopariya |
|
11200 |
|
Seetadevi Mehta |
|
6000 |
|
Rupa Minesh Modi |
|
1900 |
|
Nayan Nalinchand Shah |
|
1000 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
16.96 |
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Directors
or relatives of directors |
|
46.15 |
|
Other
top fifty shareholders |
|
30.63 |
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Others
|
|
6.26 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Merchant Exporter
of Agro Commodities, Engineering Products and Chemicals. |
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Products : |
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Exports : |
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Products : |
Agro Chemicals |
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Countries : |
v
v
v
v
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Imports : |
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Products : |
Chemicals |
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Countries : |
v
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Terms : |
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Selling : |
Credit and Advance |
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Purchasing : |
L/C and CAD |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
Approximately 18 (In Office) |
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Bankers : |
v
Canara Bank, Prime Corporate Branch – 1,
Nariman Point, Mumbai – 400 021, v
Axis Bank, Branch Worli Naka, Worli, Mumbai, v
Bank of v
State Bank of v ICICI Bank Limited |
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Facilities : |
Total Facility – Rs.200.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jawahar Thacker and Company Chartered Accountants |
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Address : |
F-305, Manish park, Pump House, Andheri (East), Mumbai – 400 093, |
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Income-tax
PAN of auditor or auditor's firm : |
AYCPT3450B |
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Enterprises over which key management personnel and their relatives
have significant influence : |
v United Phosphorus Limited v Uniphos Enterprises Limited v Ultima Search v Demuric Holding Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6605220 |
Equity Shares |
Rs.10/- each |
Rs.66.052
Millions |
|
|
|
|
|
Out of 6605220 Equity Shares 3302610 Bonus Share
were issued in October, 2006 by capitalizing the accumulated surplus.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
66.052 |
66.052 |
66.052 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
51.676 |
51.244 |
42.163 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
117.728 |
117.296 |
108.215 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.541 |
3.386 |
11.710 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
20.541 |
3.386 |
11.710 |
|
|
DEFERRED TAX LIABILITIES |
3.349 |
3.022 |
1.176 |
|
|
|
|
|
|
|
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TOTAL |
141.618 |
123.704 |
121.101 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.300 |
17.681 |
7.237 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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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 |
|
|
|
|
|
|
Inventories |
11.161
|
14.855
|
22.955 |
|
|
Sundry Debtors |
15.284
|
15.385
|
72.612 |
|
|
Cash & Bank Balances |
108.858
|
72.135
|
49.700 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
20.235
|
22.290
|
53.313 |
|
Total
Current Assets |
155.538
|
124.665
|
198.580 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.932 |
5.633
|
32.724 |
|
|
Other Current Liabilities |
5.612
|
3.600
|
25.204 |
|
|
Provisions |
14.676
|
9.409
|
26.788 |
|
Total
Current Liabilities |
32.220
|
18.642
|
84.716 |
|
|
Net Current Assets |
123.318
|
106.023
|
113.864 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
141.618 |
123.704 |
121.101 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of Traded Goods |
247.506 |
405.939 |
479.836 |
|
|
|
Other Income |
8.894 |
6.748 |
5.757 |
|
|
|
TOTAL |
256.400 |
412.687 |
485.593 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Goods Traded |
197.693 |
322.487 |
413.643 |
|
|
|
Purchase of Shares |
2.262 |
4.819 |
1.241 |
|
|
|
Selling & Other Expenses |
24.206 |
30.779 |
34.327 |
|
|
|
Administrative Expenses |
19.088 |
27.125 |
20.910 |
|
|
|
(Increase) / Decrease in Stock |
3.693 |
8.101 |
2.517 |
|
|
|
TOTAL |
246.942 |
393.311 |
472.638 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.458 |
19.376 |
12.955 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.431 |
2.147 |
1.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.027 |
17.229 |
11.730 |
|
|
|
|
|
|
|
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|
Less |
TAX |
5.595 |
6.071 |
4.756 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
BEFORE PRIOR PERIOD ITEMS |
0.432 |
11.158 |
6.974 |
|
|
|
|
|
|
|
|
|
|
Less: Prior
Period Adjustment (Taxation) |
-- |
(2.077) |
-- |
|
|
|
|
|
|
|
|
|
|
NET PROFIT AFTER
PRIOR PERIOD ITEMS |
0.432 |
9.081 |
6.974 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.411 |
36.330 |
29.356 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
45.843 |
45.411 |
36.330 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
181.999 |
323.962 |
258.320 |
|
|
TOTAL EARNINGS |
181.999 |
323.962 |
258.320 |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Traded Goods (Including Third Country Import) |
132.855 |
216.973 |
226.045 |
|
|
TOTAL IMPORTS |
132.855 |
216.973 |
226.045 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.07 |
1.69 |
1.06 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
121.300 (Due to less
approval of tenders, as company is working on tender basis) |
|
|
|
|
|
The above information has been parted by Mr. Vivek Kulkarni (Account
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.17 |
2.70
|
1.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.44 |
4.24
|
2.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.47 |
12.10
|
5.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.14
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.45 |
0.18
|
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.83 |
6.69
|
2.34 |
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 |
11.932 |
5.633
|
32.724 |
|
|
|
|
|
Note:
The registered office of the company has been shifted from 24-2-42/ 43, Patnam Bguntur, Andhra Pradesh to the present address w.e.f.
OPERATIONS:
The Company has taken up Merchant Exports and has exported to the tune of
Rs.194.068 millions against previous year’s export of Rs.339.069 millions. As a
part of strategic planning within group, the company has voluntarily
transferred shares of United Phosphorus limited via an interse transfer to a
sister conc4in. The loss on disposal of shares has impacted the company’s
profitability.
During the year, company has exported few products which include:
Chemical Division:
1. Phosphoric Acid
2. Liquid Chlorine
3. Basic Chromium Sulphate
4. Hydrated Lime
5. Sodium Formate
6. Tannery Chemicals
7. Soda Ash
8. Sulphuric Acid
9. Caustic Soda Flakes
Engineering
Division:
1. Idler
2. Magnetic Separator
3. Spares
Agro Division:
1. Bajra (Millet)
2. Sesame Seed
3. Safflower
4. Jowar (Sorghum)
5. Spices
6. Organic Produce
FUTURE PLANS
The company has drawn further ambitious plans for expansion abroad by
opening of offices or positioning their staff in
Company is planning for Contractual tie-ups with various domestic and
overseas suppliers (Chemical Division) with reputed Indian companies for export
of excavators, buses, heavy construction equipments, conveyor belt (Engineering
Division), with various certified organisations and certified farmers (Organic
Produce Division), with reputed overseas manufacturers (for Import Division) to
increase business in Egypt, Ghana, Sudan, Kenya etc.
OVERSEAS OPERATION
During the year Company is planning to open office or positioning their
staff in
FORM 8:
|
Corporate
identity number of the company |
U24219GJ1992PLC027317 |
|
Name of the
company |
UNIPHOS AGRO
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
11, G.I.D.C.,
Vapi – 396 195, |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Canara Bank,
Prime Corporate Branch-1, Nariman Point, Mumbai – 400 021, E-Mail: mcity2630@canbank.co.in |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement. |
|
Date of
instrument Creating the charge |
11.05.2010 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest at such
rate/s as may be determined by the Bank from time to time. Terms of
Repayment Repayable on
Demand. Margin As may be stipulated
by Bank from time to time. Extent and
Operation of the charge The Company
hypothecates by way of first charge in favour of the Bank over all its goods
and book debts as security for due payment of the credit
facilities together with interest, costs and other charges payable by Company
to the Bank. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge of all the company's stocks of raw materials and goods
meant for exports. Hypothecation by
way of first charge of all the company's book debts. |
|
Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs.180.000 Millions to
Rs.200.000 Millions (comprising therein: (a) FLC/ILC/BG - Rs.140.000 Millions
and (b) FDB/FBE/PC - Rs.60.000 Millions) against hypothecation of stocks of
raw materials, goods meant for export and book debts of the Company. |
TRADE REFERENCES:
v
P.K. Chloro Chem Private Limited,
v
Synnova Chemicals,
CONTINGENT LIABILITIES:
(As on 31.03.2010)
Contingent liability: Guarantees/ Performance Bond/ Bid Bond given by
bankers on behalf of the Company to third party Rs.5.294 millions.
FIXED ASSETS:
v Office Equipment
v Computer
v Gas Cylinders Including Valves and Regulars
v Plant and Machinery
v Car
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.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.47 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.