MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASSOCIATED ALUMINIUM INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
B 1, Tulsi Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.03.1972 |
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|
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Com. Reg. No.: |
11-015684 |
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Capital
Investment / Paid-up Capital : |
Rs.19.350
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U27203MH1972PTC015684 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20127C/ MUMA22430C |
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PAN No.: [Permanent Account No.] |
AAACA4473G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Standard Aluminium Sheets and Circle. |
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No. of Employees
: |
135 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1018000 |
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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 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. Profit and loss account for the current year is not available. |
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. R.K. Vasne |
|
Designation : |
Vice President – Finance |
|
Contact No.: |
91-22-43457105 |
|
Date : |
31.05.2011 |
LOCATIONS
|
Registered Office : |
B 1, Tulsi Vihar, |
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Tel. No.: |
91-22-40457100/ 40457152/ 24921722 |
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Fax No.: |
91-22-24936888 |
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E-Mail : |
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Website : |
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Area : |
4500 sq ft (Approximately) |
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Location : |
Owned |
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Factory 1 : |
Survey No. 8, Village Khutali, Khanvel District, Silvassa - 396 230, |
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Location : |
Owned |
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Factory 2 : |
Located at: ·
Taloja, |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Lalit Kumar Daga |
|
Designation : |
Chairman |
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Address : |
5-B, Purshotam Bhavan, Little |
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Date of Birth/Age : |
10.10.1942 |
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Qualification : |
B. Com |
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Date of Appointment : |
15.03.1975 |
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|
|
|
Name : |
Mr. Shailesh Daga |
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Designation : |
Director |
|
Address : |
5-B, Purshotam Bhavan, Little |
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Date of Birth/Age : |
19.03.1968 |
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Qualification : |
MBA |
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Date of Appointment : |
02.07.1986 |
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|
|
|
Name : |
Mr. Raghav Daga |
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Designation : |
Director |
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Address : |
A-1, Sett Minar, 1st Floor, 16-A, Dr. G.R. Deshmukh Marg,
Mumbai – 400 026, |
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Date of Birth/Age : |
05.11.1972 |
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Qualification : |
CA, MBA |
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Date of Appointment : |
01.08.1998 |
KEY EXECUTIVES
|
Name : |
Mr. R.K. Vasne |
|
Designation : |
Vice President – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lalit Kumar Daga jointly with Sheela Daga |
|
366600 |
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Daga Rubber Works Private Limited, |
|
180000 |
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Sheela Daga jointly with Lalit Kumar Daga |
|
363291 |
|
L.K. Daga and Sons – HUF |
|
202095 |
|
Associated Non-Ferrous Metals Private Limited, |
|
180000 |
|
Hind Aluminium Industries Limited, |
|
45000 |
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Daga Capital Management Private Limited, |
|
22500 |
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Shubhmangal Portfolio Private Limited, |
|
139014 |
|
Dynavent Airsystems Private Limited, |
|
180000 |
|
Shailesh Daga |
|
45000 |
|
Rashmi Daga |
|
22500 |
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Raghav Daga |
|
180000 |
|
Lalit Shaikesh Daga – HUF |
|
9000 |
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Total |
|
1935000 |
As on 27.09.2010
|
Equity Share Break up |
Percentage of
Holding |
|
Category |
|
|
Bodies corporate |
38.60 |
|
Directors or relatives of Directors |
61.40 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Standard Aluminium Sheets and Circle. |
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Products : |
·
Flipped Wire Rods ·
EC Wire Rods ·
Alloy Ingots |
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Imports : |
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Products : |
Raw Material (As on 31.03.2010) |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit 30/ 60/ 90 days |
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Purchasing : |
L/C, Cash and Credit 30/ 60/ 90 days |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Aluminium Products |
MT |
-- |
30800.00 |
-- |
|
Power |
MW |
-- |
1.25 |
2183901.00 |
|
Alloy Ingots |
MT |
-- |
-- |
1404.97 |
|
Wire Rods |
MT |
-- |
-- |
8953.48 |
|
Conversion and others |
MT |
-- |
-- |
3857.27 |
GENERAL INFORMATION
|
Customers : |
Wholesalers, End Users, OEM’s, Manufacturer and Industrialist |
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No. of Employees : |
135 (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 : |
Karnavat and Company Chartered Accountants |
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Address : |
2, Kitab Mahal, 192, |
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Associates/Subsidiaries : |
(As on
31.03.2009)
|
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1935000 |
Equity Shares |
Rs.10/- each |
Rs.19.350
Millions |
|
|
|
|
|
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 |
19.350 |
19.350 |
19.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
235.122 |
183.999 |
163.477 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
254.472 |
203.349 |
182.827 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
162.073 |
73.524 |
133.706 |
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|
2] Unsecured Loans |
23.766 |
24.133 |
4.082 |
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TOTAL BORROWING |
185.839 |
97.657 |
137.788 |
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DEFERRED TAX LIABILITIES |
19.505 |
16.403 |
21.556 |
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|
|
|
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TOTAL |
459.816 |
317.409 |
342.171 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
107.012 |
111.705 |
121.716 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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|
|
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INVESTMENT |
75.385 |
47.402 |
47.736 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
84.852
|
39.817
|
116.001 |
|
|
Sundry Debtors |
151.564
|
133.853
|
192.763 |
|
|
Cash & Bank Balances |
12.129
|
6.106
|
25.530 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
166.604
|
188.469
|
239.459 |
|
Total
Current Assets |
415.149
|
368.245
|
573.753 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
202.635
|
385.837 |
|
|
Other Current Liabilities |
|
6.636
|
14.818 |
|
|
Provisions |
0.040
|
0.672
|
0.379 |
|
Total
Current Liabilities |
137.730
|
209.943
|
401.034 |
|
|
Net Current Assets |
277.419
|
158.302
|
172.719 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
459.816 |
317.409 |
342.171 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1572.853 |
1466.083 |
|
|
|
Other Income |
|
22.352 |
18.487 |
|
|
|
TOTAL (A) |
|
1595.205 |
1484.570 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
1117.694 |
1205.431 |
|
|
|
Traded Goods Purchased |
|
316.653 |
142.510 |
|
|
|
Manufacturing, Administrative, Selling and
Distribution Expenses |
|
111.042 |
91.856 |
|
|
|
Payment to Employees |
|
11.003 |
9.519 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
1.996 |
4.837 |
|
|
|
Increase/(Decrease) in Excise Duty |
|
(1.585) |
(2.948) |
|
|
|
TOTAL (B) |
|
1556.803 |
1451.205 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
38.402 |
33.365 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
|
9.615 |
6.699 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
28.787 |
26.666 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
12.973 |
12.487 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
15.814 |
14.179 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
4.860 |
(0.750) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
20.674 |
13.429 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
134.941 |
121.512 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
155.615 |
134.941 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
32.369 |
367.212 |
|
|
|
Traded Goods |
|
38.224 |
57.418 |
|
|
TOTAL IMPORTS |
|
70.593 |
424.630 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
10.68 |
6.94 |
|
|
Particulars |
|
|
31.03.2010 (Approximately) |
|
Sales Turnover |
|
|
1700.000 |
|
|
|
|
|
The above information has been parted by Mr. R.K. Vasne (Vice President
– Finance).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.30
|
0.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.01
|
0.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.29
|
2.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.08
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27
|
1.51
|
2.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01
|
1.75
|
1.43 |
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: |
|
|
|
|
- For Goods |
NA |
198.923 |
383.182 |
|
- For Expenses |
NA |
3.712 |
2.655 |
FORM 8
|
Name of the company |
ASSOCIATED
ALUMINIUM INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Mr. Shailesh
Daga, Director |
|
1) Date and description of instrument creating the change |
3rd
September, 74 Deposit of Title
Deeds for Rs.0.690 million |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.640 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 |
Equitable
Mortgage of the plot of Land at Plot No.10, MIDC, Industrial Area, Taloja,
District Raigad admeasuring about 6007 Sq Mtr. Alongwith Building thereon by
deposit of Title Deeds. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge will
be inforce during the currency of Bank’s advance/ loans. |
|
5) Name and Address and description of the person entitled to the charge. |
United Bank of |
|
6) Date and brief description of instrument modifying the charge |
Letter of acknowledgement
for deposit of Title Deeds dated 15th October, 1996 |
|
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. |
N.A. |
|
Corporate
identity number of the company |
U27203MH1972PTC015684 |
|
Name of the
company |
ASSOCIATED
ALUMINIUM INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B 1, Tulsi Vihar, E-Mail: aai@associatedgroup.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90165680 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
United Bank of E-Mail: bmhot@unitedbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Equitable
mortgage and Hypothecation on Wind Power Generation Project at Survey No.66/4
at Village; Akhatwade; District Nandurbar (Maharashtra), 1st Charge on entire
fixed assets of Company's Silvassa and Taloja works including existing
equitable mortgage on land and bldg. of Taloja unit, extension of
hypothecation charge of entire current assets (present and to be created in
future) covered the entire limit of Rs.292.800 millions has modified to
Rs.104.260 millions only. |
|
Date of
instrument Creating the charge |
13/01/2010 |
|
Amount secured by
the charge |
Rs.104.260
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As agreed with
United Bank of Terms of
Repayment: As agreed with
United Bank of |
|
Short particulars
of the property charged |
Company works at
Plot No.10, MIDC Industrial Area, Taloja - 410208; District; Raigad Company works at
Survey No.9/1 and 9/2, Village; Khutali, Property bearing
Survey No.66/4, adm. area 1.68 hectare, as per 7/12 extract 0.81 hectare (R)
as per schedule of class 1, situated at Village Akhatwade, Taluka; Nandurbar,
District Nandurbar (Maharashtra). |
|
Date of latest
modification prior to the present modification |
08/06/2006 |
|
Particulars of
the present modification |
1. Overall credit
limit reduced to Rs.104.260 millions by way of 1st charge on entire fixed
assets of the Company at Plot No.9/1 and 9/2 at Silvassa, Plot No.10 at
Taloja and Survey No.66/4 at Nandurbar including existing equitable mortgage
on land and building of Taloja unit. 2. Hypothecation charge on entire current
assets (present and to be created in future) ranking pari-passu with Standard Chartered Bank,90 M.G. Road,
Fort,Mumbai-400001 covering the entire credit limit of Rs.104.260 millions. |
|
Corporate
identity number of the company |
U27203MH1972PTC015684 |
|
Name of the
company |
ASSOCIATED
ALUMINIUM INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B 1, Tulsi Vihar, |
|
This form is for |
Modification of
Charge |
|
Charge
Identification (ID) Number of the charge to be modified |
10031131 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Standard Chartered Bank, 90, |
|
Nature of
instrument creating charge |
Supplemental
Unattested Memorandum of Hypothecation dated 22.09.2009 modifying unattested
memorandum of hypothecation dated 01.12.2006. |
|
Date of
instrument Creating the charge |
22.09.2009 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and
with the Bank Terms of
Repayment As agreed by and
with the Bank Margin As applicable, if
any Extent and
Operation of the charge Hypothecation by
way of pari passu charg with United Bank of India, Hotel Oberoi Towers,
Nariman Point, Mumbai – 400021, Maharashtra, on company’s current and
movable, fixed assets. Others NA |
|
Short particulars
of the property or assets(s) charged |
Hypothecation by
way of pari passu charg with United Bank of India, Hotel Oberoi Towers,
Nariman Point, Mumbai – 400021, Maharashtra, on company’s current and
movable, fixed assets. |
|
Particulars of
the property charged |
Hypothecation by way
of pari passu charg with United Bank of India, Hotel Oberoi Towers, Nariman
Point, Mumbai – 400021, Maharashtra, on company’s current and movable, fixed
assets. |
TRADE REFERENCES:
(As on 31.03.2010)
·
Hindustan Vidyut Products Limited
·
Apar Industries Limited
·
Jindal Vidyanagar Steel Limited
FIXED ASSETS:
·
·
Buildings
·
Office Premises
·
Plant and Machinery
·
Electrical Fittings
·
Office Equipment
·
Furniture and Fittings
·
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.