MIRA
INFORM REPORT
|
Report Date : |
29.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAIPAN INDUSTRIES LIMITED (w.e.f 10.07.1999) |
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|
|
|
Formerly Known
As : |
SNAIL FORGINGS LIMITED |
|
|
|
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Registered
Office : |
4/3 Sonal Apartments Sonawalla Cross Road No.1, Goregaon East, Mumbai
– 400063, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.04.1965 |
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Com. Reg. No.: |
11-013188 |
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|
|
|
Paid-up Capital
: |
Rs. 60.998 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28991MH1965PLC013188 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ11224D |
|
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PAN No.: [Permanent Account No.] |
AAACS5636F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
stock exchange. |
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Line of Business
: |
Manufacturer and Trader of home
appliances. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400000 |
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
4/3 Sonal Apartments Sonawalla Cross Road No.1, Goregaon East, Mumbai
– 400063, Maharashtra, India |
|
Tel. No.: |
91-22-8731716 / 3777 / 3456 / 0753 / 4761 |
|
Fax No.: |
91-22-8738315 |
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E-Mail : |
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Website : |
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Corporate Office : |
17/1, Cama Industrial Estate, Walbhat Road, Goregaon (East), Mumbai-400063,
Maharashtra, India |
|
Tel. No.: |
91-22-66919171/ 8/ 55704037/ 26852274 |
|
Fax No.: |
91-22-66919179 |
|
E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Jaynarayan O Agarwal |
|
Designation : |
Chairman |
|
Address : |
Jai Villa Compound 17, Cama Industrial Estate, Walbhat Road, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1954 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No.: |
01861610 |
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|
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|
Name : |
Mr. Atin Jai Agarwal |
|
Designation : |
Managing Director |
|
Address : |
Gala No 17, Cama Industrial Estate, Walbhat Road, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1977 |
|
Date of Appointment : |
01.09.2004 |
|
DIN No.: |
01861554 |
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|
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Name : |
Mr. Manish Chaubey |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Shirish Dwarkadas Gotecha |
|
Designation : |
Director |
|
Address : |
Plot B 1, Ground Floor, Row
House Bets, Marve Road, Behind Marve Apartments, Malad West, Mumbai – 400064,
Maharashtra, India |
|
Date of Birth/Age : |
13.02.1956 |
|
Date of Appointment : |
21.06.1999 |
|
DIN No.: |
02877874 |
|
|
|
|
Name : |
Mr. Arjunsingh Vishwanath Mehrotra |
|
Designation : |
Director |
|
Address : |
3/4, Sonal Apartments Sonawala Cross Road, No. 1, Goregaon East,
Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
08.05.1940 |
|
Date of Appointment : |
25.03.2002 |
|
DIN No.: |
03489366 |
|
|
|
|
Name : |
Mr. Ashwini Om Prakash Sharma 4 |
|
Designation : |
Director |
|
Address : |
A-20, Sujata Appartment, GST Road, Kalina, Mumbai – 400098,
Maharashtra, India |
|
Date of Birth/Age : |
12.05.1954 |
|
Date of Appointment : |
25.03.2002 |
|
DIN No.: |
02976996 |
KEY EXECUTIVES
|
Name : |
Mr. N. A. Usmani |
|
Designation : |
Export Manager |
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|
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|
Name : |
Mr. A. O. Sharama |
|
Designation : |
Senior Regional Manager |
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|
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|
Name : |
Mr. M. B. Dave |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,099,192 |
34.41 |
|
|
2,099,192 |
34.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2,099,192 |
34.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
967,265 |
15.86 |
|
|
|
|
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2,275,073 |
37.30 |
|
|
675,051 |
11.07 |
|
|
83,259 |
1.36 |
|
|
27,958 |
0.46 |
|
|
33,092 |
0.54 |
|
|
22,209 |
0.36 |
|
|
4,000,648 |
65.59 |
|
Total Public shareholding (B) |
4,000,648 |
65.59 |
|
Total (A)+(B) |
6,099,840 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
6,099,840 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of home
appliances. |
|
|
|
|
Brand Name : |
“JAIPAN” |
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Mixer |
|
Nos. |
40000 |
40000 |
|
Non Stick |
|
Nos. |
500000 |
500000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Notes: 1.
Secured by the hypothecation of stock and book
debts 2.
Equitable mortgage of factory land and building
at 113/2/8 village amli silvasa, ut. Extention of charge on all fixed assets
of company. 3.
Further secured by the the personal guarantee of
two directors of company. 4.
Vehicle loan are secured against hypothecation of
the cars. |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Ashok K. Lohiya and Associates Chartered Accountant |
|
Address : |
4/3, Sonal Apartment, Sonawala Cross Road No. 1, Goregaon (East), Mumbai
– 400063, Maharashtra, India |
|
Pan No.: |
AAAPL3646B |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6100000 |
Equity Shares |
Rs. 10/- each |
Rs. 61.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6099840 |
Equity Shares |
Rs. 10/- each |
Rs. 60.998
Millions |
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|
|
|
|
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 |
60.998 |
60.998 |
60.998 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
41.150 |
40.898 |
38.435 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
102.148 |
101.896 |
99.433 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
36.991 |
33.764 |
20.357 |
|
|
2] Unsecured Loans |
0.583 |
0.063 |
6.968 |
|
|
TOTAL BORROWING |
37.574 |
33.827 |
27.325 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.0000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
139.722 |
135.723 |
126.758 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
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|
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FIXED ASSETS [Net Block] |
17.822 |
14.515 |
15.442 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
0.190 |
0.191 |
0.190 |
|
|
DEFERREX TAX ASSETS |
0.809 |
0.780 |
0.632 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
37.447
|
26.816 |
33.290 |
|
|
Sundry Debtors |
59.367
|
58.922 |
53.373 |
|
|
Cash & Bank Balances |
9.161
|
8.589 |
3.948 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
49.943
|
51.723 |
54.346 |
|
Total
Current Assets |
155.918
|
146.050 |
144.957 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
32.602
|
23.529 |
32.049 |
|
|
Other Current Liabilities |
1.455
|
1.284 |
1.765 |
|
|
Provisions |
0.960
|
1.000 |
0.649 |
|
Total
Current Liabilities |
35.017
|
25.813 |
34.463 |
|
|
Net Current Assets |
120.901
|
120.237 |
110.494 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
139.722 |
135.723 |
126.758 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
215.308 |
269.287 |
198.243 |
|
|
|
Other Income |
1.081 |
2.657 |
3.314 |
|
|
|
TOTAL (A) |
216.389 |
271.944 |
201.557 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
100.427 |
127.487 |
105.983 |
|
|
|
Raw material consumed |
73.707 |
96.271 |
59.132 |
|
|
|
Manufacturing and other expenses |
38.391 |
42.243 |
32.615 |
|
|
|
TOTAL (B) |
212.525 |
266.001 |
197.730 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.864 |
5.943 |
3.827 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.864 |
5.943 |
3.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.962 |
2.261 |
2.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.902 |
3.682 |
1.352 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.704 |
1.719 |
0.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.198 |
1.963 |
1.153 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.254 |
29.291 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
31.452 |
31.254 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
39.626 |
51.131 |
35.004 |
|
|
TOTAL EARNINGS |
39.626 |
51.131 |
35.004 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
3.692 |
0.000 |
0.000 |
|
|
|
Travelling |
0.397 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
4.089 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.04 |
0.32 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 1st
Quarter |
30.09.2010 2nd
Quarter |
31.12.2010 3rd
Quarter |
31.03.2011 4th
Quarter |
|
Net Sales |
56.180 |
77.940 |
79.170 |
86.070 |
|
Total Expenditure |
54.310 |
76.410 |
76.990 |
82.100 |
|
PBIDT (Excl OI) |
1.870 |
1.530 |
2.180 |
3.970 |
|
Other Income |
0.320 |
0.150 |
0.280 |
0.000 |
|
Operating Profit |
2.190 |
1.680 |
2.460 |
3.970 |
|
Interest |
1.040 |
0.470 |
1.260 |
1.740 |
|
PBDT |
1.150 |
1.210 |
1.200 |
2.230 |
|
Depreciation |
0.640 |
0.640 |
0.630 |
1.490 |
|
Profit Before Tax |
0.510 |
0.560 |
0.570 |
0.740 |
|
Profit After Tax |
0.510 |
0.560 |
0.570 |
0.740 |
|
Net Profit |
0.510 |
0.560 |
0.570 |
0.740 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.09
|
0.72 |
0.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.42
|
1.37 |
0.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.52
|
2.29 |
0.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.04 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
0.59 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.45
|
5.66 |
4.21 |
LOCAL AGENCY FURTHER INFORMATION
Nature of Operations:
Subject a public limited company was
incorporated on 27.04.1965. The company is primarily engaged in the
manufacturing and trading of home appliances.
Form 8:
|
This form is for |
Modification of charge |
||||||
|
Charge identification number of the
modified |
90232201 |
||||||
|
Corporate identity number of the company |
L28991MH1965PLC013188 |
||||||
|
Name of the company |
JAIPAN INDUSTRIES LIMITED |
||||||
|
Address of the registered office or of the
principal place of business in |
4/3 Sonal Apartments
Sonawalla Cross Road No.1, Goregaon East, Mumbai – 400063, Maharashtra, India
|
||||||
|
Type of charge |
Immovable Property |
||||||
|
Particular of charge holder |
|
||||||
|
Nature of description of the instrument creating
or modifying the charge |
Extension of equitable mortgage |
||||||
|
Date of instrument Creating the charge |
21.10.2008 |
||||||
|
Amount secured by the charge |
Rs. 58.000 Millions |
||||||
|
Brief particulars of the principal terms an
conditions and extent and operation of the charge |
Rate of Interest - Interest to be charged
as per sanction/review of the account from time to time. Extent and Operation of the charge - The
charge is modified to secure the due repayment to the Bank of their modified
credit facilities viz. Cash Credit (Hyp. of Stocks and Book Debts) -
Rs.35.000 millions, BP/ND/FBP/UFBP/PC (90 days) - Rs.10.000 millions,
Inland/Import LCs (Sight 90 days DA) -Rs.10.000 millions and Bank Guarantee
(Perf./Fin.)- Rs.3.000 millions, aggregating to Rs.58.000 millions together
with interest, compound interest, additional interest in case of default,
liquidated damages, commitment charges, premia on prepayment or redemption,
cost, etc. |
||||||
|
Short particulars of the property charged |
Immovable Properties viz. 'All that piece
or parcel of Non-Agricultural land (industrial purpose) adm. 3700 sq. mtrs.
of S.No.113/2/8 (Industrial Plot bearing No.8) situated at Village Amli in the
Union territory of Dadra and Nagar Haveli together with factory building and
other structures standing'. |
||||||
|
Date of latest modification prior to the
present modification |
24.06.2008 |
||||||
|
Particulars of the present
modification |
The charge is increased upto Rs.58.000
millions to cover Cash Credit (Hyp. of Stocks and Book Debts) - Rs.35.000
millions (increased from Rs.20.000 millions), BP/ND/FBP/UFBP/PC (90 days) -
Rs.10.000 millions (review), Inland/Import LCs (Sight 90 days DA) -Rs.10.000
millions (review) and Bank Guarantee (Perf./Fin.) - Rs.3.000
millions(review). |
Fixed Assets
- Free hold land
- Factory building
- Plant and machinery
- Mould and dies
- Motor vehicles
- Furniture and fixtures
- Computer system
- Office equipment
AS PER WEBSITE
Profile:
Subject is one of the largest company involved in manufacturing and
marketing of various Home Appliances and Non stick cookware’s under the brand
name of JAIPAN. It is also specialized in manufacturing of consumer durable
products.
Subject has a very strong presence in Direct Marketing, Distribution,
Teleshopee, Multi Level Marketing and Corporate Sales in
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.66.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.