MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRAN GEMS PRIVATE LIMITED |
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Registered
Office : |
109, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.09.2007 |
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Com. Reg. No.: |
11-174133 |
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CIN No.: [Company Identification
No.] |
U36912MH2007PTC174133 |
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CST No.: |
27930629112c dt.14.09.2007 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK17224E / SRTK02242C |
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PAN No.: [Permanent Account No.] |
AADCK1665M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Importer of Polish Diamond and Diamond Jewellery |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 11100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of Kiran Exports, a partnership concern
established in 1985. it is a well established and reputed company having fine
track. Financial position of the company appears to be sound. Trade relations
are reported as fair. Payments are reported to be regular 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
India |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Swarup |
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Designation : |
Marketing Manager |
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Contact No.: |
91-22-40504444 |
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Date : |
29.04.2011 |
LOCATIONS
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Registered Office : |
109, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra,
India |
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Tel. No.: |
91-22-40504444 |
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Fax No.: |
91-22-40504055 / 40504455 |
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E-Mail : |
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Website : |
www.kirangems.com |
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Location : |
5000 Sq.ft. [Owned] |
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Factory 1 : |
Plot No. 9, Near Affil Tower, L.H. Road, Varachha, Surat-395006,
Gujarat |
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Tel. No.: |
91-261-2554514 / 15 |
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Fax No.: |
91-261-2552606 |
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E-Mail : |
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Area : |
2466.82 Sq.Mtrs |
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Location : |
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Factory 2 : |
217/218, Tarabaug Estate, Opposite Jeevan Dhara Hotel,
Varachha Road, Surat-395006, Gujarat |
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Tel. No.: |
91-261-2553983/ 84/85 / 2553983 |
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Fax No.: |
91-261-2553982 / 2653982 |
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E-Mail : |
DIRECTORS
As on 30.03.2010
|
Name : |
Mr. Vallabhbhai Shamjibhai Patel |
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Designation : |
Director |
|
Address : |
501, Sea View, 5th floor, Near Ramkrishna,
Mension, West Avenue Road, Santacruz, Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
16.12.1957 |
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Qualification : |
Non S.S.C |
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Experience : |
More than 36 Years |
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Date of Appointment : |
14.09.2007 |
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DIN No.: |
00091715 |
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Name : |
Mr. Babubhai Shamjibhai Patel |
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Designation : |
Director |
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Address : |
A/502, Affil Tower, Lambe Hanuman Road, Varachha Road, Surat – 395
006, Gujarat, India |
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Date of Birth/Age : |
01.12.1959 |
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Qualification : |
Non S.S.C |
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Experience : |
More than 26 Years |
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Date of Appointment : |
18.09.2007 |
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DIN No.: |
00091766 |
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Name : |
Mr. Mavjibhai Shamjibhai Patel |
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Designation : |
Director |
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Address : |
402, Rajprasar, Indra Narayan Marg, Lokhandwala House, Santacruz West,
Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
02.03.1964 |
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Qualification : |
B.Com |
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Experience : |
More than 22 Years |
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Date of Appointment : |
14.09.2007 |
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DIN No.: |
00147902 |
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Name : |
Mr. Labhubhai Shamjibhai Lakhani / Patel |
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Designation : |
Director |
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Address : |
7, Street No.1, Yogeshwar Society, Anantwadi, Devubaug, Bhavnagar –
364 001, Gujarat, India |
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Date of Birth/Age : |
04.07.1951 |
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Qualification : |
Non S.S.C |
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Experience : |
More than 37 Years |
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Date of Appointment : |
18.09.2007 |
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DIN No.: |
01807301 |
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Name : |
Mr. Dinesh Mavjibhai Lakhani |
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Designation : |
Director |
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Address : |
Dhotre Niwas, Flat No. 8, 3rd Floor, Tilak Mandir Road, Vile
Parle East, Mumbai – 400 057, Maharashtra, India |
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Date of Birth/Age : |
22.01.1978 |
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Qualification : |
H.S.C |
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Experience : |
More than 14 Years |
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Date of Appointment : |
18.09.2007 |
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DIN No.: |
01833349 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vallabhbhai Shamjibhai Patel |
|
1950000 |
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Mavjibhai Shamjibhai Patel |
|
1950000 |
|
Babubhai Shamjibhai Patel |
|
2100000 |
|
Laxmiben Vallabhbhai Patel/ Lakhani |
|
500000 |
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Rasilaben Mavjibhai Patel/ Lakhani |
|
500000 |
|
Varshaben Babubhai Patel/ Lakhani |
|
800000 |
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Devkunverben Labubhai Patel/ Lakhani |
|
300000 |
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Labhubhai Shamjibhai Patel/ Lakhani |
|
800000 |
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Kalpesh Vallabhai Patel/ Lakhani |
|
700273 |
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Master Munjal Mavjibhai Patel/ Lakhani |
|
700270 |
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Varun Babubhai Lakhani |
|
621610 |
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Total |
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10922153 |
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Preference Share
holder |
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Varun Babubhai Lakhani |
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800000 |
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Total |
|
800000 |
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List of
Allottees 31.12.2010 (Preference
Share) |
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|
Ashishkumar Lakhani |
|
400000 |
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Total |
|
400000 |
Equity share breakup (Percentage of Total equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Polish Diamond and Diamond Jewellery |
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Exports : |
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Products : |
Polished Diamond and Diamond Jewellery |
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Countries : |
·
Hong Kong ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
London |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS AS ON
31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Polished Diamonds Manufactured |
Carats |
NA |
NA |
1096508.05 (978572.70) |
GENERAL INFORMATION
|
Suppliers : (As on
31.03.2009) |
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Customers : |
Wholesalers and Retailers (As on
31.03.2009)
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ramesh Rajni and Company Chartered Accountants |
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Address : |
1st Floor, Purshottam Building, 450 Lamington Road, Opera House,
Mumbai-400004, Maharashtra, India |
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Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
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Fax No.: |
91-22-23631810 |
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E-Mail : |
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PAN.: |
AAAFR8843C |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
Rs.10/- each |
Rs.130.000 Millions |
|
1200000 |
10% Non-cumulative Convertible Preference Shares |
Rs.100/- each |
Rs.120.000 Millions |
|
|
Total |
|
Rs 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10922153 |
Equity Shares |
Rs.10/- each |
Rs.109.222
Millions |
|
800000 |
10% Non-cumulative Convertible Preference Shares |
Rs.100/-
each |
Rs.80.000
Millions |
|
|
Total |
|
Rs. 189.222 Millions |
As on 30.09.2010
- Authorised Capital: - Rs. 250.000 Millions
- Paid up Capital: - Rs. 245.472 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 |
189.222 |
145.250 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2606.222 |
1829.943 |
1145.383 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2795.444 |
1975.193 |
1245.383 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6122.995 |
6122.967 |
4181.195 |
|
|
2] Unsecured Loans |
1180.965 |
910.408 |
1028.899 |
|
|
TOTAL BORROWING |
7303.960 |
7033.375 |
5210.094 |
|
|
DEFERRED TAX LIABILITIES |
23.711 |
16.778 |
5.889 |
|
|
|
|
|
|
|
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TOTAL |
10123.115 |
9025.346 |
6461.366 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1261.232 |
980.055 |
673.212 |
|
|
Capital work-in-progress |
19.341 |
5.019 |
47.775 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.476 |
38.971 |
57.465 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4523.727
|
3296.642
|
2190.359 |
|
|
Sundry Debtors |
5112.244
|
6525.251
|
4166.312 |
|
|
Cash & Bank Balances |
346.475
|
250.266
|
304.447 |
|
|
Other Current Assets |
773.546
|
146.396
|
60.870 |
|
|
Loans & Advances |
466.009
|
323.923
|
273.229 |
|
Total
Current Assets |
11222.001
|
10542.478 |
6995.217 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1912.039
|
1933.655
|
1022.669 |
|
|
Provisions |
493.520
|
608.458
|
290.882 |
|
Total
Current Liabilities |
2405.559
|
2542.113 |
1313.551 |
|
|
Net Current Assets |
8816.442
|
8000.365 |
5681.666 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.624 |
0.936 |
1.248 |
|
|
|
|
|
|
|
|
TOTAL |
10123.115 |
9025.346 |
6461.366 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sales and other operating Income) |
|
16597.694 |
7158.870 |
|
|
|
Other Income |
|
47.919 |
11.343 |
|
|
|
TOTAL (A) |
20081.026 |
16645.613 |
7170.213 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
1032.222 |
541.506 |
|
|
|
Administrative Expenses |
|
203.266 |
85.817 |
|
|
|
Raw Material Consumed |
|
14130.696 |
5618.571 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
[659.778] |
543.171 |
|
|
|
Employee Remuneration and benefit |
|
115.737 |
19.499 |
|
|
|
Exceptional/ Extra ordinary items |
|
24.032 |
0.333 |
|
|
|
Prior Period Expenses |
|
0.013 |
0.007 |
|
|
|
TOTAL (B) |
19118.659 |
14846.188 |
6808.904 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
962.367 |
1799.425 |
361.309 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
393.328 |
1525.652 |
100.507 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
569.039 |
273.773 |
260.802 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
115.792 |
105.436 |
37.214 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
453.247 |
168.337 |
223.588 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
130.668 |
48.527 |
78.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
322.579 |
119.810 |
145.383 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
52.475 |
0.000 |
0.000 |
|
|
|
Dividend Distribution Tax |
8.715 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
261.389 |
119.810 |
145.383 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13397.977 |
10901.678 |
5234.346 |
|
|
TOTAL EARNINGS |
13397.977 |
24299.655 |
16136.024 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17015.730 |
11963.754 |
4121.848 |
|
|
|
Stores & Spares |
8.673 |
2.520 |
0.000 |
|
|
|
Capital Goods |
92.436 |
77.551 |
69.850 |
|
|
|
Others |
338.573 |
190.664 |
156.587 |
|
|
TOTAL IMPORTS |
17455.412 |
12234.489 |
4348.285 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.81 |
10.97 |
-- |
|
Expected Sales (2010-2011) : Rs. 859 Million $
Expected Sales (2011-2012) : Rs. 1.1 Billion $
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.61
|
0.72 |
2.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
1.01 |
3.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.36
|
1.46 |
2.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.08 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.47
|
4.85 |
5.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.66
|
4.15 |
5.32 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
During the year, the company has recorded sales and other operating
income of Rs. 20048.485 Millions as compared to the Sales and other Operating Income
of last year of Rs. 15911.165 Millions and also earned Other Non Operating
Income of Rs. 32.536 Millions as compared to that of Rs. 26.029 Millions for
the corresponding previous year.
The company has earned net profit to the tune of Rs. 322.579 Millions as
compared to profit earned of Rs. 119.810 Millions in respect of the
corresponding previous year, after making provisions for taxation and deferred
tax adjustment.
Barring unforeseen circumstances, further improvement in sale and
profitability is expected in the current year in view of continued efforts
being made. Further the company is taking effective steps to strengthen the
profitability and financial soundness of the company.
Form 8:
|
Corporate
identity number of the company |
U36912MH2007PTC174133 |
|
Name of the
company |
KIRAN GEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
109, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra,
India |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10069794 |
|
Type of charge |
|
|
Particular of
charge holder |
Maharashtra, India |
|
Nature of
instrument creating charge |
No Instrument.
Letter Reference No. DB:RMI:CNV:2010-11:188
DT.11.10.2010 |
|
Date of
instrument Creating the charge |
11.10.2010 |
|
Amount secured by
the charge |
Rs.8100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per sanction
terms and conditions decided by all consortium bankers Terms of Repayment: As per sanction
terms and conditions decided by all consortium bankers Margin: As per sanction
terms and conditions decided by all consortium bankers Extent and
Operation of the charge: First Pari Passu
charge on the immovable Properties |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
31.08.2010 |
|
Particulars of
the present modification |
By this Modfn.
DT.11.10.2010, Earlier Modfn.DT.31.08.2010 affected through oversight in CC/
DDA column wherein Banks Bifurcation carries certain error now altered vide
this letter and the modification has been put in order in the Annexure B |
FIXED ASSETS:
·
Computer
·
Furniture, Fixture and
Electric Fittings
·
Land
·
Office Premises/ Flat
·
Factory Building
·
Plant, Machinery and
Office Equipments
·
Wind Mill
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.44.30 |
|
UK Pound |
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.