MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDO SHELL MOULD LIMITED |
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Registered
Office : |
A-9 SIDCO Industrial Estate, Kurichi, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.05.1995 |
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Com. Reg. No.: |
181-006101 |
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Paid-up Capital
: |
Rs. 65.500 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U27310TZ1995PLC006101 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBI03232F |
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PAN No.: [Permanent Account No.] |
AAACI4300C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Producing Ferrous Castings and Aluminum (Non-Ferrous) Castings |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1900000 |
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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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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
|
Registered Office : |
A-9 SIDCO Industrial Estate, Kurichi, |
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Tel. No.: |
91-422-3982600 |
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Fax No.: |
91-422-2673265 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.09.2009
|
Name : |
Mr. Krishnaswamy Jagandeesan |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
19, |
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Date of Birth/Age : |
07.06.1939 |
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Date of Appointment : |
03.05.1995 |
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DIN No.: |
01758194 |
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Name : |
Mr. Jagadeesan Balaji |
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Designation : |
Managing Director |
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Address : |
19, |
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Date of Birth/Age : |
16.04.1972 |
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Date of Appointment : |
21.08.1998 |
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DIN No.: |
01758199 |
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|
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Name : |
Mr. Jagadeesan Rajesh |
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Designation : |
Managing Director |
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Address : |
19, |
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Date of Birth/Age : |
03.03.1977 |
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Date of Appointment : |
22.02.2001 |
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DIN No.: |
01758216 |
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Name : |
Ms. Jagadeesan Parimala |
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Designation : |
Director |
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Address : |
19, |
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Date of Birth/Age : |
20.08.1947 |
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Date of Appointment : |
22.02.2001 |
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DIN No.: |
01758217 |
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Name : |
Ms. Balaji Preethika |
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Designation : |
Director |
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Address : |
19, |
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Date of Birth/Age : |
29.10.1972 |
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Date of Appointment : |
21.06.2004 |
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DIN No.: |
01758223 |
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Name : |
Mr. Rajesh Sumithra |
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Designation : |
Director |
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Address : |
19, |
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Date of Birth/Age : |
25.11.1982 |
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Date of Appointment : |
31.08.2005 |
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DIN No.: |
01758226 |
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|
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Name : |
Mr. Madhavan Ramamurti Tiruthurai Poondi |
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Designation : |
Director |
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Address : |
Flat No. 73, 7th Floor, |
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Date of Birth/Age : |
12.02.1949 |
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Date of Appointment : |
22.04.2006 |
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DIN No.: |
00163992 |
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Name : |
Mr. Chelakara Venkateswaran Ramanathan |
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Designation : |
Director |
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Address : |
32, |
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Date of Birth/Age : |
25.01.1943 |
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Date of Appointment : |
22.04.2006 |
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DIN No.: |
02329931 |
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Name : |
Mr. Dilip Ranganathan Varadarajan Kumar |
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Designation : |
Nominee Director |
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Address : |
Flat No. D2, Subham Apartment, |
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Date of Birth/Age : |
20.10.1968 |
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Date of Appointment : |
22.04.2006 |
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DIN No.: |
01060651 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
K Jagadeesain |
|
1406100 |
|
J Parimala |
|
1256100 |
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K Jagadeesain and J Parimala |
|
270000 |
|
Balaji Jagadeesan |
|
1056000 |
|
Rajesh Jagadeesan |
|
1076000 |
|
Preethika Balaji |
|
34500 |
|
Sumitra Rajesh |
|
14500 |
|
|
|
1600 |
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N Kamala |
|
4000 |
|
Esterkote Private Limited – |
|
40000 |
|
G |
|
9200 |
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Maragatham Ganapathy |
|
9200 |
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M K Narayanan |
|
9200 |
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Girija Narayanan |
|
9200 |
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M Vijayakumar |
|
9200 |
|
Radhika Vijayakumar |
|
9200 |
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C V Ramanathan |
|
8000 |
|
Sowmya Sitaram |
|
2000 |
|
K Thilagam |
|
2000 |
|
R Mangaiarkarasi |
|
2000 |
|
M Padmini |
|
1200 |
|
Tamilselvi Angamuthu |
|
800 |
|
S B Mohamed Naziruddhin |
|
2000 |
|
Amsa Naziruddhin |
|
2000 |
|
Kedar C Bhide |
|
2000 |
|
M Mohan |
|
4000 |
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SIDBI Trustee Company Limited – |
|
1310000 |
|
Total |
|
6550000 |
As On 30.09.2009
|
Category |
Percentage |
|
Venture Capital |
20.00 |
|
Bodies corporate |
0.61 |
|
Directors or relatives of Directors |
78.18 |
|
Other top fifty shareholders |
1.21 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Producing Ferrous Castings and Aluminum (Non-Ferrous) Castings |
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Products : |
Automobile
Industry
Hydraulic Industry
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PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cast Iron and Aluminum Castings |
Per annum |
NA |
24000 |
15222 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Available |
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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 : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Shanmugha Manram, 41 Race Cource, |
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Tel. No.: |
91-422-4392801/802/803 |
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Fax No.: |
91-422-2223615 |
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Pan No.: |
ADMPR6788C |
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Associates : |
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Subsidiaries : |
CIN: U34300TZ2004PTC011346 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7800000 |
Equity Shares |
Rs. 10/- each |
Rs. 78.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6550000 |
Equity Shares |
Rs. 10/- each |
Rs. 65.500
Millions |
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|
|
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|
Note:
Of the above 3930000 equity shares of Rs. 10/- each has been issued
as fully paid-up Bonus Shares by way of Capitalisation of Reserves]
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 |
65.500 |
65.500 |
65.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
421.058 |
389.557 |
358.991 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
486.558 |
455.057 |
424.491 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
810.325 |
767.378 |
541.529 |
|
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2] Unsecured Loans |
9.144 |
9.567 |
60.885 |
|
|
TOTAL BORROWING |
819.469 |
776.945 |
602.414 |
|
|
DEFERRED TAX LIABILITIES |
103.090 |
92.426 |
81.805 |
|
|
|
|
|
|
|
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TOTAL |
1409.117 |
1324.428 |
1108.710 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
685.213 |
667.545 |
575.543 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
1.662 |
1.662 |
1.662 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
296.988
|
287.016 |
278.298 |
|
|
Sundry Debtors |
352.491
|
415.875 |
420.397 |
|
|
Cash & Bank Balances |
170.988
|
196.612 |
46.308 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
277.392
|
176.089 |
185.231 |
|
Total
Current Assets |
1097.859
|
1075.592 |
930.234 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
310.701
|
345.329 |
333.176 |
|
|
Other Current Liabilities |
50.875
|
55.650 |
53.214 |
|
|
Provisions |
14.041
|
19.392 |
12.339 |
|
Total
Current Liabilities |
375.617
|
420.371 |
398.729 |
|
|
Net Current Assets |
722.242
|
655.221 |
531.505 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1409.117 |
1324.428 |
1108.710 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2129.764 |
2075.755 |
1893.259 |
|
|
|
Other Income |
10.660 |
34.146 |
36.008 |
|
|
|
TOTAL (A) |
2140.424 |
2109.901 |
1929.267 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/Decrease in Stock |
(24.610) |
3.799 |
(47.109) |
|
|
|
Raw materials and stores consumed |
1321.193 |
1354.889 |
1134.056 |
|
|
|
Salaries and wages |
98.851 |
94.493 |
81.878 |
|
|
|
Manufacturing and other expenses |
517.019 |
450.548 |
574.808 |
|
|
|
TOTAL (B) |
1912.453 |
1903.729 |
1743.633 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
227.971 |
206.172 |
185.634 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
101.494 |
93.285 |
79.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
126.477 |
112.887 |
106.060 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
76.603 |
57.808 |
62.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
49.874 |
55.079 |
43.229 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
18.373 |
20.681 |
16.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
31.501 |
34.398 |
27.208 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
120.648 |
90.082 |
66.706 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
- |
|
|
|
Proposed Dividend |
-- |
3.275 |
3.275 |
|
|
|
Corporate Dividend Tax |
-- |
0.557 |
0.557 |
|
|
BALANCE CARRIED
TO THE B/S |
152.149 |
120.648 |
90.082 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
314.277 |
364.142 |
410.852 |
|
|
TOTAL EARNINGS |
314.277 |
364.142 |
410.852 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.193 |
12.575 |
0.000 |
|
|
|
Stores & Spares |
0.758 |
1.501 |
8.004 |
|
|
|
Capital Goods |
0.661 |
1.213 |
1.009 |
|
|
TOTAL IMPORTS |
5.612 |
15.289 |
9.013 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.81 |
5.25 |
4.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.47
|
1.63 |
1.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.34
|
2.65 |
2.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.80
|
3.16 |
2.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.01 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.46
|
2.63 |
2.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.92
|
2.56 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The industrial
scenario witnessed a gloom over the year as in the previous year. There was a setback in the industry which resulted
in the closing down of many of the similar units akin to the Company. In the
light of the globally weak
conditions, the company could battle itself and sustain reasonably well and
still record a satisfactory performance.
The total exports
for the year 2009-10 was Rs. 313.977 millions as against Rs. 364.142
millions during the previous year. It is expected that things may improve during the current year
Form 8:
|
Corporate
identity number of the company |
U27310TZ1995PLC006101 |
||||||
|
Name of the
company |
INDO SHELL MOULD
LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
A-9SIDCO
Industrial Estate, Kurichi, |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Stock of raw
materials, SIP and FG |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Agreement Of Loan
Cum Hypothecation(Sme-2) |
||||||
|
Date of
instrument Creating the charge |
24.03.2011 |
||||||
|
Amount secured by
the charge |
Rs. 456.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Working Capital - 11.25% Term Loan -
11.55% Terms of
Repayment - Working Capital - Repayable on demand Term Loan - to be
repaid in 22 installments - in first 2 quarterly installments of Rs. 1.500
millions, next 12 quarterly installments of Rs. 3.000 millions, last 8
quarterly installments Rs. 4.500 millions Margin - Term
Loan - 32.86% Other Fund Based
Limits - 25% each Non Fund Based
Limits - 10% each Extent and
Operation of the charge - The Charge Operates as security for the due repayment
of all liabilities in respect of the loan / limit including costs, charges
and expenses and all other monies due to the bank. |
||||||
|
Particulars of
the property charged |
Cash Credit and
EPC - Hypn of entire current assets such as stocks of raw materials, SIP and
FG and other current assets of the Company on pari passu basis with Axis Bank
and IDBI Bank (Under MBA) FDBN (Non - LC)
- Hypn. charge over the documents of
title to goods against the bills purchased / discounted and charge on the current
assets on pari passu basis with Axis Bank and IDBI Bank(Under MBA) Letter of Credit
- Exclusive first charge over the merchandise covered under LC and extension
of charge on the entire current assets as applicable to Cash Credit Limit as
mentioned above. Bank Guarantee -
Counter Guarantee and extension of charge on the entire current assets as
applicable to Cash Credit Limit as mentioned above. Term Loan -
Exclusive first charge over the assets / machinery to be Purchased out of the
Term Loan. |
Fixed Assets:
- Buildings
- Plant and
machinery
- Furniture and
fittings
- Patterns and
tools
- Vehicles
- Computer
- Software
- Windmill
- Solar power
plant
AS PER WEBSITE
DETAILS
HISTORY:
·
1973- Plant I was started as a small scale unit in
the industrial town of
·
1994-Received the biggest quality award
“NATIONAL AWARD FOR QUALITY PRODUCTS” from the honorable PRESIDENT OF INDIA
·
1995-Promoted as PUBLIC LIMITED company
·
1996-Obtained the ISO 9002 Certification from
RWTUV,
·
1996-A state of the art foundry PLANT II was
Inaugurated
·
1996-Received the “Best Foundry” award
·
1999-Received the best vendor award from
TVS-Suzuki
·
2001-Received the quality award from Yamaha
Company
·
2001-Opening of PLANT III – state of the art
Machining facility
·
2002-Opening of sophisticated Metrology Lab
·
2003-Received the quality award from HUSCO
Company
·
2003- Received the quality award from Honda
Motors and Scooters Limited,
·
2003-Obtained the ISO/TS 16949:2002
Certification from TUV,
·
2003-Obtained the ISO 9001:2000 Certification.
·
2005- Received the quality award from Honda
Motors and Scooters Limited,
·
2005-Opening of state of the art foundry “Indoshell
Automotive System” (FOUNDRY/MACHINING)
·
2005- Received the quality award from Honda
Motors and Scooters Limited,
Started as a small scale unit, today we are leading
Shell Moulded Casting foundry in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
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 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.