MIRA
INFORM REPORT
|
Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRANSAFE SERVICES LIMITED |
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|
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Registered
Office : |
Balmer Lawrie House, 6th Floor, 21, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.10.1990 |
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Com. Reg. No.: |
21-50028 |
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CIN No.: [Company Identification
No.] |
U28992WB1990PLC050028 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Leasing of Containers |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 90000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge losses being incurred by the company in current year i.e. 2009-2010. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Balmer Lawrie House, 6th Floor, 21, |
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Tel. No.: |
91-33-22424505 / 4583 / 4336 |
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Fax No.: |
91-33-22424999 |
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E-Mail : |
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Website : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Krishnamurti Subramanyan |
|
Designation : |
Director |
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Address : |
Flat No. 4A, 4th Floor, 41C, |
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Date of Birth/Age : |
17.11.1952 |
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Date of Appointment : |
12.06.2006 |
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DIN No. : |
00010815 |
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Name : |
Mr. Vasudev Narayan Sharma |
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Designation : |
Director |
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Address : |
Flat No. 1, 9B, Queen’s Park, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
04.07.1952 |
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Date of Appointment : |
08.04.2004 |
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DIN No. : |
00011099 |
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Name : |
Mr. Brahmanand Rao Peri |
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Designation : |
Director |
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Address : |
Flat No. 703, Mangal Prabha, Plot 12/1/B, Sector 9, Nerul, Navi Mumbai
– 400706, |
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Date of Birth/Age : |
22.09.1946 |
|
Date of Appointment : |
12.10.2009 |
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DIN No. : |
01063993 |
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Name : |
Mr. Mohan Narayan Menon |
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Designation : |
Director |
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Address : |
6, Beach Croft, 17, |
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Date of Birth/Age : |
10.08.1948 |
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Date of Appointment : |
12.10.2009 |
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DIN No. : |
02838483 |
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Name : |
Mr. Rajesh Juthani |
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Designation : |
Director |
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Address : |
B-6/9, |
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Date of Birth/Age : |
07.06.1960 |
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Date of Appointment : |
24.07.2010 |
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DIN No. : |
02845567 |
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Name : |
Mr. Virendra Sinha |
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Designation : |
Director |
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Address : |
Flat No. 59B, Queen’s Park, Ballygunge, Kolkata – 700019, West Bengal,
India |
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Date of Birth/Age : |
13.07.1955 |
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Date of Appointment : |
03.08.2010 |
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DIN No. : |
03113274 |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Lahoti |
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Designation : |
Secretary |
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Address : |
56/1, |
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Date of Birth/Age : |
01.05.1983 |
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Date of Appointment : |
08.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Balmer Lawrie and Company Limited ( |
|
11361992 |
|
Abhijit Dasgupta |
|
1 |
|
Debesh Chandra Roy |
|
1 |
|
Swapan Kumar Mukherjee |
|
1 |
|
Niraj Gupta |
|
1 |
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P.P. Sahoo |
|
1 |
|
Vasudev Narayan Sharma |
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1 |
|
Krishnamurti Subramanyan |
|
1 |
|
Balmer Lawrie Vanleer Limited ( |
|
11361999 |
|
Total |
|
22723998 |
As on 27.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Leasing of Containers |
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Products : |
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GENERAL INFORMATION
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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 : |
L.B. Jha and Company Chartered Accountant |
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Address : |
GF-1, Gillander House, 8, Netaji Subhas Road, Kolkata – 700001, West |
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Tel. No.: |
91-33-22425858 / 5407 / 4277 |
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Fax No.: |
91-33-22420650 / 22302846 |
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E-Mail : |
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Website : |
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Associates/Subsidiaries : |
Balmer Lawrie and Company Limited |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22723998 |
Equity Shares |
Rs.10/- each |
Rs.227.240
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 |
227.240 |
227.240 |
209.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.944 |
184.866 |
128.563 |
|
|
4] (Accumulated Losses) |
(215.537) |
0.000 |
0.000 |
|
|
NETWORTH |
22.647 |
412.106 |
337.563 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1624.769 |
1810.128 |
1228.199 |
|
|
2] Unsecured Loans |
323.000 |
71.136 |
0.000 |
|
|
TOTAL BORROWING |
1947.769 |
1881.264 |
1228.199 |
|
|
DEFERRED TAX LIABILITIES |
44.112 |
128.880 |
89.456 |
|
|
|
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|
|
|
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TOTAL |
2014.528 |
2422.250 |
1655.218 |
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
1617.682 |
1899.905 |
1149.737 |
|
|
Capital work-in-progress |
22.918 |
6.985 |
3.773 |
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
171.532
|
164.266 |
91.742 |
|
|
Sundry Debtors |
201.101
|
418.681 |
476.181 |
|
|
Cash & Bank Balances |
3.490
|
1.809 |
0.747 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
357.492
|
128.425 |
111.483 |
|
Total
Current Assets |
733.615
|
713.181 |
680.153 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
232.664
|
112.105 |
108.508 |
|
|
Other Current Liabilities |
127.023
|
50.326 |
55.026 |
|
|
Provisions |
0.000
|
36.730 |
16.601 |
|
Total
Current Liabilities |
359.687
|
199.161 |
180.135 |
|
|
Net Current Assets |
373.928
|
514.020 |
500.018 |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.340 |
1.690 |
|
|
|
|
|
|
|
|
TOTAL |
2014.528 |
2422.250 |
1655.218 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Leasing |
311.732 |
298.881 |
251.480 |
|
|
|
Logistics |
196.536 |
155.391 |
178.925 |
|
|
|
Sales |
267.586 |
321.757 |
391.235 |
|
|
|
Trading Goods |
4.368 |
96.620 |
7.665 |
|
|
|
Warehouse Management Charges |
13.909 |
12.316 |
11.982 |
|
|
|
Freight Container Repairing and Refurbishing Centre |
8.847 |
2.876 |
0.000 |
|
|
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Other Income |
21.699 |
16.490 |
9.763 |
|
|
|
TOTAL (A) |
824.677 |
904.331 |
851.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
166.784 |
184.768 |
209.745 |
|
|
|
General Overheads |
232.494 |
184.549 |
171.576 |
|
|
|
Borrowing Costs |
231.895 |
166.324 |
118.589 |
|
|
|
Running and Maintenance Expenses on account of Transafe Indo Trailers |
191.267 |
109.389 |
132.704 |
|
|
|
Cost of Trading Goods |
3.703 |
63.097 |
5.488 |
|
|
|
Expenses of Freight Container Repairing and Refurbishing Centre |
13.260 |
2.891 |
|
|
|
|
Prior Period Adjustments (Net) |
333.053 |
0.000 |
0.000 |
|
|
|
Increase / (Decrease) in Stock |
(7.266) |
(39.503) |
(9.823) |
|
|
|
TOTAL (B) |
1165.190 |
671.515 |
628.279 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(340.513) |
232.816 |
222.771 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
133.713 |
112.792 |
88.137 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (C-D) (E) |
(474.226) |
120.024 |
134.634 |
|
|
|
|
|
|
|
|
|
Less |
TAX (F) |
(84.767) |
37.934 |
47.729 |
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(E-F) (G) |
(389.459) |
82.090 |
86.905 |
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
96.212 |
54.957 |
4.207 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Special Reserve |
0.000 |
0.000 |
17.382 |
|
|
|
Transfer to General Reserve |
0.000 |
4.104 |
2.173 |
|
|
|
Dividend |
0.000 |
31.395 |
14.189 |
|
|
|
Tax on Dividend |
0.000 |
5.336 |
2.411 |
|
|
BALANCE CARRIED
TO THE B/S |
(293.247) |
96.212 |
54.957 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Bills in Foreign Currency for International Lease |
18.645 |
35.139 |
NA |
|
|
TOTAL EARNINGS |
18.645 |
35.139 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5.167 |
487.586 |
NA |
|
|
|
Capital Goods |
3.645 |
56.981 |
NA |
|
|
TOTAL IMPORTS |
8.812 |
544.567 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(17.14) |
3.92 |
4.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(47.22)
|
9.08 |
10.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(177.22)
|
37.30 |
34.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.17)
|
4.59 |
7.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(20.94)
|
0.29 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
101.89
|
5.05 |
4.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
3.58 |
3.77 |
LOCAL AGENCY FURTHER INFORMATION
OVERVIEW :
During the year
2009-10, the Company achieved a Turnover of Rs. 824.700 Millions (a fall of 9% in
comparison to the previous year) and recorded a loss (after tax) of Rs. 389.500
Millions.
The Company was in
an expansion mode since 2006, acquiring a manufacturing unit (at
Apart from the
adverse business circumstances faced during the year, consequent to the
economic slowdown as stated above, the Company had to make Prior Period
adjustment of Rs.333.100 Millions in its books to correct financial
misstatements and irregularities pertaining to the previous three years when
Shri Gopal Krishna Mukerjee (G K Mukerjea) was the chief executive of the
Company, initially as its Manager and Chief Operating Officer and then as its
Managing Director and Chief Executive Officer (MD and CEO). The financial
fraud/ irregularities were detected subsequent to (i) an independent
investigation institilted by the Company (and carried out by the renowned firm
KPMG) into anonymous letters alleging financial misconduct and other
irregularities in the Company involving the then MD and CEO, Shri G K Mukerjea
and (ii) a change in the shareholding structure of the Company with the exit of
two shareholders (who together held 65% of the equity in TSL as on March 31,
2009) represented by lClCl Venture Funds Management Company Limited in
September 2009. The Company's Board relieved Shri G K Mukerjea of his
responsibility as its Managing Director and Chief Executive Officer with effect
from November 21,2009, with the immediate acceptance of his resignation.
Thereafter the
Company engaged KPMG to conduct an independent investigation into the alleged
fraudulent misstatement of financial statements and to quantify the impact of
the misstatements. The investigation report brought out that Shri G K Mukerjea,
the erstwhile Managing Director of the Company acting in concert with some
other senior executives of the Company, had caused
manipulation/falsification/misstatements of accounts for three years
Criminal complaints
have been filed against Shri G K Mukerjea and certain others before the Chief
Metropolitan Magistrate, Kolkata, which has led to the Kolkata Police
registering FIRS against the accused and investigations being taken up.
During the year the
Company changed its Internal Auditors. New Statutory Auditors were appointed
for the year 2009-10 upon the resignation of the previous Statutory auditors
consequent to the falsification/ misstatements of accounts in previous years
being unearthed. A new Chief Executive was appointed as an interim arrangement
with effect from November 21, 2009 and measures to restore the organization to
good health were initiated. The Company has since appointed a new Managing
Director with effect from 30 July, 2010.
The Company has
sought restructuring of its loan repayment and interest payment obligations to
its funding banks under the Corporate Debt Structuring [CDS] Scheme of the
Reserve Bank of
FORM 8 :
|
Corporate
identity number of the company |
U28992WB1990PLC050028 |
||||||||||||
|
Name of the
company |
TRANSAFE SERVICES LIMITED |
||||||||||||
|
Address of the
registered office or of the principal place of business in |
Balmer Lawrie House, 6th Floor, 21, |
||||||||||||
|
This form is for |
Modification
of charge |
||||||||||||
|
Charge
identification (ID) number of the charge to be modified |
80012913 |
||||||||||||
|
Type of charge |
Book debts Movable property Others |
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|
Particular of
charge holder |
Axis Bank, CMC, 1, Shakespeare Sarani, AC Market, 3rd Floor,
Kolkata – 700071, West Bengal, India |
||||||||||||
|
Nature of
instrument creating charge |
i) Composite
Hypothecation Deed (Current Assets, Movables, Plant and Machinery for
Rs.10.800 Millions ii) Composite Hypothecation
Deed (Current Assets, Movables, Plant and Machinery for Rs.490.407 Millions |
||||||||||||
|
Date of
instrument Creating the charge |
30.12.2010 |
||||||||||||
|
Amount secured by
the charge |
Rs.598.407
Millions |
||||||||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: For CC &and
TERM LOAN fixed rate of interest of
8.50% p.a. upto FY15, thereafter 9.50% p.a payable at monthly rests. For WCTL
fixed rate of intt.@9% p.a upto FY15, thereafter 10%p.a. payable at monthly rest. Terms of
repayment : CC repayable on
demand. Restructured TL,
FITL and WCTL repayable in Moratorium from the One year Cutoff date, i.e.
2.50% Outstanding Financial year 2011-12, 6.50% Outstanding Financial year
2012-13, 10% Outstanding Financial year 2013-14, 10% Outstanding Financial
year 2014-15, 12% Outstanding Financial year 2015-16, 14% Outstanding
Financial year 2016-17, 15% Outstanding Financial year 2017-18, 15%
Outstanding Financial year 2018-19, 15% Outstanding Financial year 2019-20. Margin : 10% Extent and
operation of the charge : Cash Credit:
Primary Security: 1st pari passu charge on current assets (hypo of
inventories and receivables) of the Company Collateral
Security: 2nd pari passu charge on the entire fixed assets of the Company. Restructured Term
Loan / WCTL/ FITL : Primary Security: 1st pari passu charge on the entire
fixed assets of the Company, except those exclusively charged to HDFC Bank to
secure their existing TL(S). Others : Collateral
Security: i) 2nd pari passu charge on the current assets (hypo of inventories
and receivables) of the Company ii) Pari passu
2nd charge on fixed assets which are exclusively charged to HDFC Bank. As per CDR LOA
dt.22/11/2010 and Master Restructuring Agreement dt.24/12/2010. |
||||||||||||
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
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|
Date of
instrument modifying the charge |
18.01.2010 |
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|
Particulars of
the present modification |
Overall limit has
been increased/ realigned/ revised to Rs.598.407 millions (Ranking pari passu
with all other bankers). The details of credit limits are as under:-
|
FIXED ASSETS :
- Freehold and
- Plant and Machinery
- Transafe Indo Trailers
- Building
- Office Assets
- Electrical installations and Equipments
- Furniture and Fittings
- Office Equipments
- Motor Car
- Computers
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.44.38 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.