MIRA
INFORM REPORT
|
Report Date : |
20.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADHUNIK TRANSPORT ORGANISATION LIMITED (w.e.f. 01.07.1997) |
|
|
|
|
Formerly Known
As : |
ADHUNIK TRANSPORT ORGANISATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
115, Udyog
Bhavan, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.05.1991 |
|
|
|
|
Com. Reg. No.: |
11-061526 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.29.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U60210MH1991PLC061526 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4457G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Logistics Solutions. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 725000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an
established company having satisfactory track. 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
|
Name : |
Mr. Shailesh Gawade |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40766200 |
|
Date : |
19.04.2012 |
LOCATIONS
|
Registered Office/ Head Office : |
115, Udyog
Bhavan, |
|
Tel. No.: |
91-22-40766200/ 40766201/ 40766299/ 26867115 |
|
Fax No.: |
91-22-40766224/ 26863545 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
201, Abhay Steel House, |
|
Tel. No.: |
91-22-23480156/ 23486318 |
|
Fax No.: |
91-22-66318491 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rajendra Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
1004, |
|
Date of Birth/Age : |
08.02.1956 |
|
Date of Appointment : |
07.05.1991 |
|
DIN No.: |
00126138 |
|
|
|
|
Name : |
Mr. Chandrashekhar Balkrsihnan Kuruppath |
|
Designation : |
Director |
|
Address : |
204, Daffodil, |
|
Date of Birth/Age : |
07.11.1957 |
|
Date of Appointment : |
07.05.1991 |
|
DIN No.: |
00340193 |
|
|
|
|
Name : |
Mr. Ritesh Rajendra Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
1004, |
|
Date of Birth/Age : |
14.08.1982 |
|
Date of Appointment : |
01.01.2000 |
|
DIN No.: |
00333555 |
|
|
|
|
Name : |
Mr. Anil Balkrishna Agarwal |
|
Designation : |
Director |
|
Address : |
1201, B-Wing, |
|
Date of Birth/Age : |
07.10.1979 |
|
Date of Appointment : |
01.01.2005 |
|
DIN No.: |
00427789 |
|
|
|
|
Name : |
Mr. Purushottam Niranjanlal Bajaj |
|
Designation : |
Director |
|
Address : |
304, |
|
Date of Birth/Age : |
29.09.1982 |
|
Date of Appointment : |
28.03.2006 |
|
DIN No.: |
00126109 |
|
|
|
|
Name : |
Mr. Amol Kumar Subodhkumar Chokhani |
|
Designation : |
Director |
|
Address : |
Flat No.701, 7th Floor, |
|
Date of Birth/Age : |
19.11.1984 |
|
Date of Appointment : |
15.12.2010 |
|
DIN No.: |
01781686 |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Gawade |
|
Designation : |
Accounts Department |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shilpa Agarwal |
|
100000 |
|
R.K. Agarwal |
|
921500 |
|
Meena Agarwal |
|
620000 |
|
Reena Agarwal |
|
182500 |
|
Ritesh Agarwal |
|
366000 |
|
K.C. Shekhar |
|
10000 |
|
R.K. Agarwal (HUF) |
|
800000 |
|
Total |
|
3000000 |
As on 25.10.2011
|
Names of Allottees |
|
No. of Shares |
|
Rajendra Kumar Agarwal |
|
3686000 |
|
Rajendra Kumar Agarwal HUF |
|
3200000 |
|
Meena Agarwal |
|
2480000 |
|
Ritesh Agarwal |
|
1464000 |
|
Shilpa Agarwal |
|
400000 |
|
Reena Agarwal |
|
730000 |
|
K.C. Shekhar |
|
40000 |
|
Total |
|
12000000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Logistics Solutions. |
|
|
|
|
Services : |
v
Project Forwarding v
Full/Part Container Loads v
Technical Services v
Loading / Unloading
v
Storage v
Packing v
Order Selection v
Logistics |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
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||||||||||||||||||||||||
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Bankers : |
v Union Bank of
India, Sant Tukaram Road Branch, Apeejay Surendra, 34, Baroda Street, Carnac
Bunder, Mumbai – 400 009, Maharashtra, India v ICICI Bank
Limited v HDFC Bank
Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G.R. Modi and Company Chartered Accountants |
|
Address : |
12, Laxmi
Narayan Shopping Centre, Poddar Road, Malad (East), Mumbai – 400 097,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AFUPM2835G |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000
millions |
|
|
|
|
|
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2950000 |
Equity Shares |
Rs.10/- each |
Rs.29.500
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.500 |
29.500 |
29.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.100 |
|
|
3] Reserves & Surplus |
151.632 |
129.926 |
109.792 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
181.132 |
159.426 |
139.392 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
175.399 |
97.563 |
123.823 |
|
|
2] Unsecured Loans |
60.216 |
64.057 |
32.788 |
|
|
TOTAL BORROWING |
235.615 |
161.620 |
156.611 |
|
|
DEFERRED TAX LIABILITIES |
0.059 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
416.806 |
321.046 |
296.003 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55.200 |
27.285 |
32.342 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.780 |
2.356 |
2.142 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.666 |
0.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
502.830
|
371.052 |
341.316 |
|
|
Cash & Bank Balances |
9.954
|
1.594 |
4.087 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans, Advances & Deposits |
61.857
|
80.488 |
92.187 |
|
Total
Current Assets |
574.641
|
453.134 |
437.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
181.993 |
129.455 |
129.955 |
|
|
Other Current Liabilities |
1.527
|
0.897 |
1.524 |
|
|
Provisions |
31.295
|
32.043 |
44.892 |
|
Total
Current Liabilities |
214.815
|
162.395 |
176.371 |
|
|
Net Current Assets |
359.826
|
290.739 |
261.219 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
416.806 |
321.046 |
296.003 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
1763.339 |
1358.658 |
1216.838 |
|
|
|
Other Income |
2.978 |
0.731 |
0.258 |
|
|
|
TOTAL (A) |
1766.317 |
1359.389 |
1217.096 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
1633.863 |
|
1160.266 |
|
|
|
Employee related expenses |
32.332 |
27.037 |
|
|
|
|
Administrative selling other expenses |
30.515 |
26.211 |
|
|
|
|
TOTAL (B) |
1696.710 |
1301.835 |
1160.266 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.607 |
57.554 |
56.830 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
25.942 |
20.224 |
19.581 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
43.665 |
37.330 |
37.249 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.115 |
8.572 |
11.556 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
32.550 |
28.758 |
25.693 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.844 |
8.624 |
9.413 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
21.706 |
20.134 |
16.280 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
117.926 |
97.792 |
81.512 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
139.632 |
117.926 |
97.792 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
7.36 |
6.83 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.23
|
1.48 |
1.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.85
|
2.12 |
2.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.17
|
5.99 |
5.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.18 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.49
|
2.03 |
2.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.68
|
2.79 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
- Creditors due others |
181.993 |
129.455 |
129.955 |
|
Total |
181.993 |
129.455 |
129.955 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of firm
for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U60210MH1991PLC061526 |
|
Name of the
company |
ADHUNIK TRANSPORT ORGANISATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
115, Udyog
Bhavan, E-Mail: rkagarwal@atol.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10282006 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
CIN No.: L65190MH2003PLC143249 Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of E-Mail: shareholders@yesbank.in |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Equitable Mortgage |
|
Date of
instrument Creating the charge |
27.03.2012 |
|
Amount secured by
the charge |
Rs.205.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC: 3.50% above
Yes Bank base rate prevailing from time to time WCDL: 3.00% above
Yes Bank base rate prevailing from time to time BG: 1.25% p.a.
plus applicable taxes payable upfront Terms of
Repayment: CC: Tenor: 12 months,
Repayment: On demand / at the end of tenor WCDL: Tenor: 90
days, Repayment: On demand / at the end of tenor Bank Guarantee
(BG) (Performance/Bid Bond - I):
Tenor: 36 Months (Including claim period) Bank Guarantee
(BG) (Performance/Bid Bond - II):
Tenor: 36 Months (Including claim period) Bank Guarantee
(BG) (Financial) : Tenor: 36 Months
(Including claim period) Extent and
Operation of the charge: Equitable
mortgage of the warehouse at CC: INR 190.000
millions WCDL (Sub Limit
of CC) : INR 190.000 millions BG-I (Sub Limit
of CC) : INR 20.000 millions BG(Perf/Bid Bond)
II : INR 15.000 millions BG Financial II
(Sub-limit of BG-Perf/Bid Bond): 2.500 millions |
|
Short particulars
of the property charged |
Equitable
mortgage of the warehouse at |
|
Date of latest modification
prior to the present modification |
21.09.2011 |
|
Particulars of
the present modification |
First exclusive
charge on property located at 201 Abhay Steel House Masjid Bunder Mumbai
400002 and 115 Udhyog Bhavan Sonawala road Goregaon East Mumbai 400063 in the
name of Adhunik Transport Organisation Limited to cover following facilities: CashCredit (CC) :
INR 190.000 millions WCDL (Sub Limit
of CC) : INR 190.000 millions Bank Guarantee I
(Sub Limit of CC) : INR 20.000 millions Bank Guarantee(Perf/Bid
Bond) II : INR 15.000 millions Bank Guarantee
Financial II (Sub-limit of BG-Perf/Bid Bond): 2.500 millions |
FIXED ASSETS:
v
v
v
Office Equipments
v
Computer Equipments
v
Furniture Fixtures
v
Motor Vehicles
v
Other Fixed Assets
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.51.89 |
|
|
1 |
Rs.83.18 |
|
Euro |
1 |
Rs.68.06 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.