MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAH PETROLEUMS LIMITED |
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|
|
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Registered
Office : |
406/7, Embassy Centre, Nariman Point, Mumbai 400021, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.07.1983 |
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Com. Reg. No.: |
030372 |
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Capital
Investment / Paid-up Capital : |
Rs.220.000 millions |
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CIN No.: [Company Identification
No.] |
L23201MH1983PLC030372 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS35820B |
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PAN No.: [Permanent Account No.] |
AABCS5295B |
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Legal Form : |
Public Limited Liability Company, Company's Shares are Listed on Stock
Exchange |
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Line of Business
: |
Manufacturer and Marketing of Industrial and Automotive Lubricants,
Process Oils, Transformer Oils, Greases etc. |
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|
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No. of Employees
: |
Not Divulged |
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 4296932 |
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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. There appears
some losses being incurred by the company in current year i.e. 2009-10.
However, networth appears to be satisfactory. 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 DECLINED BY
Management Non Co operative (Name Not Disclosed)
LOCATIONS
|
Registered Office : |
406/7, Embassy Centre, Nariman Point, Mumbai 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-66301911 / 22873097 |
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Fax No.: |
91-22-22875751 |
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E-Mail : |
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Website : |
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Regional Office : |
BF-173, Sector 1, Near
Baisakhi, Saltlake City, Kolkata – 700064, West Bengal, India Tel.: 91 - 33 - 4004 6564 / 21062001 Fax: 91 - 33 - 4004 6566 428/2, Rani Khera Road, Opposite Dhana Builders, Mundka, New
Delhi – 110041 India Tel. 91 - 11 - 2834 3152 / 54 / 3259 6427 M2, Prince Centre, 709 – 710, Pathari
Road, Anna Salai, Chennai – 600006, Tamilnadu, India Tel.: 91 - 44 - 2829 7056 |
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|
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Factory : |
1) Plot No. 5 to
14, Behind Dewan and Shah Industrial Estate, Village: Valiv, Vasai (E), Dist:
Thane, Maharashtra, India. 2) Survey No. 97
/ 2, Daman Industrial Estate, Kadaiya, Daman Pataliya Road, Nani Daman – 396
210, India |
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|
|
Branches : |
Located At: ·
Bangalore ·
Chandigarh ·
Chennai ·
Faridabad ·
Hyderabad ·
Indore ·
Kolkata ·
New Delhi ·
Pune ·
Vadodara |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Rajendra Sah
|
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Vivek Sah |
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Designation : |
Managing
Director |
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|
Name : |
Mr. Aditya Sah |
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Designation : |
Joint Managing
Director |
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|
Name : |
Mr. Bruno P.Y.G.
Seghin |
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Designation : |
Director |
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|
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|
Name : |
Mr. Noshir B.
Dubash |
|
Designation : |
Independent, Non
Executive Director |
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|
Name : |
Mr. Alok D.
Sukhani |
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Designation : |
Independent, Non
Executive Director |
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|
Name : |
Mr. Pradip C.
Shah |
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Designation : |
Independent, Non
Executive Director |
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Name : |
Mr. Vinay G. Rao |
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Designation : |
Independent, Non
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Kedia |
|
Designation : |
General Manager in Finance |
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|
|
|
Name : |
Mr. D Malla Reddy |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
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|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10,930,292 |
24.84 |
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|
10,930,292 |
24.84 |
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|
27,300,000 |
62.05 |
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|
27,300,000 |
62.05 |
|
Total
shareholding of Promoter and Promoter Group (A) |
38,230,292 |
86.89 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
955 |
- |
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|
907,005 |
2.06 |
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|
907,960 |
2.06 |
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|
|
|
|
|
772,004 |
1.75 |
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|
|
|
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|
3,707,494 |
8.43 |
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|
278,811 |
0.63 |
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|
103,439 |
0.24 |
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|
5,000 |
0.01 |
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|
98,439 |
0.22 |
|
|
4,861,748 |
11.05 |
|
Total Public
shareholding (B) |
5,769,708 |
13.11 |
|
Total (A)+(B) |
44,000,000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
Total
(A)+(B)+(C) |
44,000,000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketing of Industrial and Automotive Lubricants,
Process Oils, Transformer Oils, Greases etc. |
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Products : |
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Brand Names : |
IPOL |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
·
Axis Bank Limited, Nariman Point, Mumbai - 400
021, Maharashtra, India ·
Dena Bank, Sachivalaya Corner, Mumbai - 400 021,
Maharashtra, India ·
ICICI Bank, Mumbai, Maharashtra, India ·
IDBI Bank, Mumbai, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
N.D. Daga and
Company Chartered
Accountants |
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Address : |
5/2, Tardeo AC Market Building, Tardeo Road, Mumbai – 400 034, Maharashtra,
India |
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|
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Investor Company – Controlling Interest : |
NAF India Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44000000 |
Equity Shares |
Rs. 5 each |
Rs.220.000 millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44000000 |
Equity Shares |
Rs. 5 each |
Rs.220.000 millions |
|
|
|
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|
Notes:
Out of the above, 2,19,50,000
(Previous Year 2,19,50,000) Equity Shares of Rs. 5/- each were alloted as fully
paid up Bonus Shares by Capitalisation from General Reserve/Accumulated
Profits.
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 |
220.000 |
220.000 |
160.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
854.233 |
915.961 |
675.775 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1074.233 |
1135.961 |
835.775 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
94.185 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
94.185 |
|
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DEFERRED TAX LIABILITIES |
12.394 |
9.454 |
7.395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL |
1086.627 |
1145.415 |
937.355 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
345.772 |
288.273 |
228.633 |
|
|
Capital work-in-progress |
11.387 |
23.574 |
6.155 |
|
|
Less: Revaluation Reserve |
(33.855) |
(34.839) |
(35.824) |
|
|
|
|
|
|
|
|
INVESTMENT |
411.578 |
343.380 |
317.837 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
561.809
|
523.973 |
330.080 |
|
|
Sundry Debtors |
766.448
|
863.735 |
737.892 |
|
|
Cash & Bank Balances |
193.040
|
439.774 |
168.736 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
188.861
|
174.265 |
148.483 |
|
Total
Current Assets |
1710.158
|
2001.747 |
1385.191 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
231.890
|
180.153 |
182.859 |
|
|
Other Current Liabilities |
1123.737
|
1289.324 |
740.795 |
|
|
Provisions |
2.786
|
7.243 |
40.983 |
|
Total
Current Liabilities |
1358.413
|
1476.720 |
964.637 |
|
|
Net Current Assets |
351.745
|
525.027 |
420.554 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1086.627 |
1145.415 |
937.355 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
2780.573 |
2553.516 |
2055.105 |
|
|
|
Other Income |
120.544 |
(114.471) |
67.094 |
|
|
|
TOTAL (A) |
2901.117 |
2439.045 |
2122.199 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
2054.395 |
2062.291 |
1570.251 |
|
|
|
Manufacturing Expenses |
162.945 |
194.451 |
126.936 |
|
|
|
Increase/(Decrease) in Finished Goods |
109.547 |
(202.150) |
(36.173) |
|
|
|
Selling and Distribution Expenses |
363.522 |
140.495 |
105.104 |
|
|
|
Staff Cost |
112.567 |
89.155 |
45.392 |
|
|
|
Administrative Expenses |
73.265 |
54.987 |
43.512 |
|
|
|
TOTAL (B) |
2876.241 |
2339.229 |
1855.022 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.876 |
99.816 |
267.177 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
65.907 |
81.044 |
38.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(41.031) |
18.772 |
228.322 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.242 |
13.365 |
10.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(58.273) |
5.407 |
218.192 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.941 |
4.903 |
33.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(61.214) |
0.504 |
184.371 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
403.284 |
405.499 |
238.563 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.220 |
5.000 |
|
|
|
Income Tax |
0.000 |
(0.076) |
3.076 |
|
|
|
Dividend |
0.440 |
2.200 |
8.000 |
|
|
|
Corporate Dividend Tax thereon |
0.075 |
0.375 |
1.359 |
|
|
|
Residual Dividend |
0.000 |
0.001 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
341.555 |
403.284 |
405.499 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
141.028 |
167.420 |
108.923 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1684.676 |
840.196 |
738.870 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.39) |
0.01 |
5.76 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
706.760 |
805.240 |
989.640 |
1175.200 |
|
Total Expenditure |
670.940 |
743.670 |
936.120 |
1104.280 |
|
PBIDT (Excl OI) |
35.820 |
61.570 |
53.520 |
70.920 |
|
Other Income |
4.280 |
3.770 |
4.180 |
8.910 |
|
Operating Profit |
40.100 |
65.340 |
57.700 |
79.830 |
|
Interest |
10.720 |
9.140 |
12.880 |
12.190 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
29.380 |
56.200 |
44.820 |
67.640 |
|
Depreciation |
5.530 |
7.930 |
1.950 |
5.140 |
|
Profit Before Tax |
23.850 |
48.270 |
42.870 |
62.500 |
|
Tax |
0.000 |
0.000 |
0.000 |
35.780 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
23.850 |
48.270 |
42.870 |
26.730 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.11)
|
0.02 |
8.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.09)
|
0.21 |
10.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.83)
|
0.23 |
13.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.00 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27
|
1.30 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.35 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
231.890
|
180.153 |
182.859 |
BUSINESS RESULTS:
Gross turnover for
the year ended 31st March, 2010 amounted to Rs. 3173.793 millions as compared to
Rs. 2933.654 millions for last year registering a growth of 8.18%. The loss for
the year stood at Rs. 61.214 millions against the profit Rs.0.504 millions for
the previous year. The loss incurred is due to brand building activities
carried out by the Company during the year.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure
and Development:
Subject is one of
the leading manufacturer of industrial lubricants in India and manufacturing wide
range of industrial and automotive lubricants, specialties and process oils
etc., under the brand name of “IPOL®TM” at Vasai and Daman plants. This
industry has much growth potential and is growing globally.
Overview:
The financial
statements have been prepared in compliance with the requirements of the
Companies Act, 1956 and made on a prudent and reasonable basis, in order that
the financial statements reflects a true and fair manner the form and substance
of transactions, and reasonably present their state of affairs and profit for
the year.
The Company’s
gross turnover for the year ended 31st March, 2010 amounted to Rs.3173.793
millions as compared to Rs. 2933.654 millions for last year registering a
growth of 8.18%. The loss for the year stood at Rs. 61.214 millions against the
profit Rs. 0.504 millions for the previous year. The loss incurred is due to
brand building activities carried out by the Company during the year.
Considering the performance of the company, the Board of Directors recommended
dividend @ 0.20% on the equity shares of Rs.5/- each for the financial year
2009-10.
Industry outlook:
The public sector
undertakings have dominated the Indian lubes market upto 1993 and they had a
collective market share of approximately 89%, but after 1993, the Government
has liberalized and decentralised the norms of import of key raw material,
determination of pricing regulations and reduction in the custom duties on
import of base oil. Due to liberalization policy, the fair competition took
place between the private players and public sector undertakings. In today’s
position, around more than 20 companies are operating in the Indian lubricants
market. Until the 1980, lubricants produced in the country were basically
simple blends based on low and medium level technologies. More sophisticated
lubricants were imported and these amounted for a very small market. The entry
of multinationals has led to complex and premium brands being introduced into
the Indian market. The Indian lubricants market is the fourth largest in the
world.
Market Segments: There are two
major segments of the lubricants industry. The automotive lubricants segment,
which has an approximate market share of 65% and the industrial lubricants
segment accounting for the rest.
Business Strategy:
The Company would
continue to focus on the current segments of business considering the market
potential, its own inherent strength in terms of its quality, price and timely
delivery. The Company has requisite infrastructure and manufacturing facilities
due to its constant upgradation/modernization and phased expansion of the same.
The Company is constantly introducing new products on account of its strong
in-house R and D and will continue to do the same in the near future and will
also direct efforts for increasing its presence in the export markets.
Fixed Assets:
·
Land
·
Buildings
·
Furniture and Fixtures
·
Plant and Machinery
·
Vehicles
·
Fork Lift
·
Computer Systems
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.44.87 |
|
|
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.64.37 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--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.