1. Summary Information
|
|
|
Country |
India |
|
Company Name |
RISHIROOP RUBBER (INTERNATIONAL) LIMITED |
Principal Name 1 |
Mr. Mahendra Kumar Kapoor |
|
Status |
Moderate |
Principal Name 2 |
Mr. Arvind Kapoor |
|
|
|
Registration # |
04 - 17657 |
|
Street Address |
Plot No – 5807 / 08, GIDC, Induatrial Estate Ankleshwarar –
393002. Gujarat |
||
|
Established Date |
05.11.1990 |
SIC Code |
|
|
Telephone# |
91 – 2646 – 220031 / 91 – 2646 - 251323 |
Business Style 1 |
Manufacturer of Chlorinated Rubber Resin and Resins |
|
Fax # |
91 – 2646 - 251323 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Chlorinated Rubber |
|
|
# of employees |
Not Available |
Product Name 2 |
Ethylene Propylene Diene Mononer |
|
Paid up capital |
Rs.
118,597,000 |
Product Name 3 |
Petroleum Resins |
|
Shareholders |
-- |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
-- |
Business Period |
22 years |
|
IPO |
-- |
International Ins. |
-- |
|
Public |
-- |
Rating |
B (29) |
|
Related
Company |
|||
|
Relation
- |
Associates/Subsidiaries |
Company
Name |
Rishiroop Polymers Private Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
87,338,000 |
Current Liabilities |
126,445,000 |
|
Inventories |
96,283,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
45,873,000 |
Other Liabilities |
0 |
|
Deferred Assets |
30,946,000 |
Total Liabilities |
126,445,000 |
|
Invest& other Assets |
85,261,000 |
Retained Earnings |
156,065,000 |
|
|
0 |
Net Worth |
219,256,000 |
|
Total Assets |
345,701,000 |
Total Liab. & Equity |
345,701,000 |
|
Total Assets (Previous Year) |
216,180,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
349,211,000 |
Net Profit |
28,123,000 |
|
Sales(Previous yr) |
131,872,000 |
Net Profit(Prev.yr) |
5,797,000 |
MIRA INFORM REPORT
|
Report Date : |
31.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
RISHIROOP RUBBER (INTERNATIONAL) LIMITED |
|
|
|
|
Registered Office : |
Plot No – 5807 / 08, GIDC, Induatrial Estate Ankleshwarar –
393002. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
05.11.1990 |
|
|
|
|
Com. Reg. No.: |
04 - 17657 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 118.597
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L25191GJ1990PLC017657 |
|
|
|
|
Legal Form : |
Public limited liability company. Company’s shares are listed on the
Stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturer of Chlorinated Rubber Resin and Resins. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 877024 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. 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
cautions. |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Works : |
Plot No – 5807 / 08, GIDC, Induatrial Estate, Ankleshwarar – 393002. |
|
Tel. No.: |
91 – 2646 – 220031 / 91 – 2646 - 251323 |
|
Fax No.: |
91 – 2646 - 251323 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
65, |
|
Tel. No.: |
91-22-22825200 |
|
Fax No.: |
91-22-22872796 |
DIRECTORS
AS ON: 31.03.2011
|
Name : |
Mr. Mahendra Kumar Kapoor |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Arvind Kapoor |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Harkishenlal Ohri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Haren B. Jokhakar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hemant Vakil |
|
Designation : |
Director (w.e.f. May 10, 2010) |
KEY EXECUTIVES
|
Name : |
Ms. R O Savita |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Category of
Shareholder |
Total No. of
Shares |
as a % of total
No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,276,909 |
10.78 |
|
|
4,796,923 |
40.52 |
|
|
6,073,832 |
51.30 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6,073,832 |
51.30 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3,200 |
0.03 |
|
|
400 |
- |
|
|
6,000 |
0.05 |
|
|
9,600 |
0.08 |
|
|
|
|
|
|
571,314 |
4.83 |
|
|
|
|
|
|
3,445,140 |
29.10 |
|
|
1,448,564 |
12.23 |
|
|
291,407 |
2.46 |
|
|
40,279 |
0.34 |
|
|
134,202 |
1.13 |
|
|
1,200 |
0.01 |
|
|
23,065 |
0.19 |
|
|
92,661 |
0.78 |
|
|
5,756,425 |
48.62 |
|
Total Public
shareholding (B) |
5,766,025 |
48.70 |
|
Total (A)+(B) |
11,839,857 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
11,839,857 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chlorinated Rubber Resin and Resins. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Chlorinated Rubber |
M.T. |
4500 |
4500 |
Nil |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jayesh Dadia and Associates Chartered Accountants |
|
Address : |
422, Arun Chambers, Tardeo, Mumbai – 400034, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
·
Rishiroop Polymers Private Limited ·
Puneet Resins Limited ·
Rishichem Mideast Limited ·
Rishichem Distributors Private Limited. ·
Rishiroop Holding Private Limited. ·
Rishiroop Investment and Trading Company Private
Limited ·
Rubtrade.Com India Private Limited ·
Devi Organics Private Limited |
CAPITAL STRUCTURE
AS ON : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11839857 |
Equity Shares |
Rs. 10/- each |
Rs. 118.399
millions |
|
|
ADD: Amount Paid up on share forfeited |
|
Rs. 0.198
million |
|
|
Total |
|
Rs.118.597 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 |
118.596 |
118.597 |
118.597 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
156.065 |
156.065 |
156.065 |
|
|
4] (Accumulated Losses) |
(55.405) |
(83.530) |
(123.511) |
|
|
NETWORTH |
219.256 |
191.132 |
151.151 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
219.256 |
191.132 |
151.151 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
45.873 |
62.545 |
73.153 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
85.261 |
82.692 |
41.381 |
|
|
DEFERREX TAX ASSETS |
30.946 |
29.130 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
96.283
|
17.758
|
22.219 |
|
|
Sundry Debtors |
64.778
|
15.511
|
7.748 |
|
|
Cash & Bank Balances |
15.122
|
5.345
|
14.397 |
|
|
Loans & Advances |
7.438
|
3.200
|
2.799 |
|
Total
Current Assets |
183.621
|
41.814
|
47.163 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
123.538
|
22.491
|
8.176 |
|
|
Current Liabilities |
1.367
|
1.064
|
0.990 |
|
|
Provisions |
1.540
|
1.493
|
1.380 |
|
Total
Current Liabilities |
126.445
|
25.048
|
10.546 |
|
|
Net Current Assets |
57.176
|
16.766
|
36.617 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
219.256 |
191.132 |
151.151 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
349.211 |
131.872 |
83.142 |
|
|
|
Other Income |
9.512 |
6.398 |
4.287 |
|
|
|
TOTAL (A) |
358.723 |
138.270 |
87.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
317.210 |
106.498 |
83.528 |
|
|
|
Manufacturing Expenses |
0.284 |
0.445 |
0.433 |
|
|
|
Employees Remuneration |
1.139 |
0.608 |
0.572 |
|
|
|
Increase/(Decrease) in Finished Goods |
(16.577) |
0.028 |
(9.702) |
|
|
|
Selling and Distribution Expenses |
12.577 |
8.832 |
8.316 |
|
|
|
TOTAL (B) |
314.633 |
116.411 |
83.147 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44.090 |
21.859 |
4.282 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.105 |
0.400 |
0.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.985 |
21.459 |
3.818 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.672 |
10.608 |
10.637 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
26.313 |
10.851 |
(6.819) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.812) |
5.054 |
0.035 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Short / Excess
Provision For Tax of Earlier Years |
(0.002) |
0.000 |
(0.095) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
28.123 |
5.797 |
(6.949) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(83.529) |
(123.511) |
(116.562) |
|
|
|
|
|
|
|
|
|
Add |
Deffer
Tax Adjustment |
0.000 |
34.184 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(55.406) |
(83.530) |
(123.511) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB |
38.981 |
43.996 |
26.799 |
|
|
TOTAL EARNINGS |
38.981 |
43.996 |
26.799 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
274.322 |
92.678 |
75.146 |
|
|
|
Others |
0.218 |
0.148 |
0.060 |
|
|
TOTAL IMPORTS |
274.540 |
92.826 |
75.206 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.38 |
0.49 |
(0.58) |
|
QUARTERLY RESULTS
(Rs. In Millions)
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
181.380 |
127.490 |
|
Total Expenditure |
155.850 |
124.180 |
|
PBIDT (Excl OI) |
25.530 |
3.310 |
|
Other Income |
0.000 |
0.000 |
|
Operating Profit |
25.530 |
3.310 |
|
Interest |
0.450 |
0.300 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
25.080 |
3.010 |
|
Depreciation |
2.560 |
2.590 |
|
Profit Before Tax |
22.520 |
0.420 |
|
Tax |
4.500 |
(0.100) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
18.020 |
0.520 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.83
|
4.19
|
7.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.53
|
8.23
|
8.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.46
|
8.13
|
5.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.06
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.13
|
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.67
|
4.47 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
During the year under
review, the Sales Turnover increased to Rs. 349.212 millions as compared to
Rs.131.872 millions in the previous year registering a 165% increase. The Net
Profit for the year is Rs. 28.124 millions as compared to Rs. 5.797 millions in
previous year registering a 385% increase. In continuation of the strategy to
focus on International trade, the company will continue to explore trade
opportunities for supply of raw materials to various industries. The Directors
are optimistic about improvement of the performance for the year 2011-2012.
MANAGEMENT
DISCUSSIONS AND ANALYSIS REPORT
INDUSTRYSTRUCTURE
The Company is
involved in the international trade of industrial raw materials to various
industries. There are many small and big traders and agents in Exim trade.
OUTLOOK
The Indian economy is expected to continue to grow at 7-8% per annum.
This is expected to offer new opportunities for sourcing and supply of raw
materials to various customers. As the business gets stabilized the company
will widen the product offerings to the customers.
FINANCIAL
PERFORMANCE
During the year,
The Company has performed well. The turnover has gone up from Rs.131.872
millions to Rs. 349.212 millions while Profit after taxation during the year is
Rs. 28.124 millions as compared to Rs. 5.797 millions last year. Total
inventories have increased from Rs.17.758 millions to Rs. 96.284 millions and
the Sundry Debtors stood at 18.5 % of Sales as at 31st March, 2011. Domestic
Sales were Rs. 309.780 millions as compared to Rs. 86.302 millions, whereas
Export Sales were Rs. 39.432 millions as compared to Rs. 45.570 millions last
year.
FIXED ASSETS
- Leasehold land
- Machinery
- Electrical Installation
- Safety Equipments
- Laboratory Equipments
- Office Equipments
- Furniture and Fixtures
- Vehicle
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.49.50 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--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.