|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VEDIKA METALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
201 Annapurna Building, Shyam Kunj Complex, 12A Lord Sinha Road, Kolkata-
700071, West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.09.2008 |
|
|
|
|
Com. Reg. No.: |
21-129163 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.13.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27200WB2008PTC129163 |
|
|
|
|
IEC No.: |
0208021574 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALV02796D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV8183E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trader of Ferro Alloys, L.E. Manganese, Ferro Siwcon. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 360000 |
|
|
|
|
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.
Profitability appears to low. However, 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
201 Annapurna Building, Shyam Kunj Complex, 12A Lord Sinha Road,
Kolkata- 700071, West Bengal, India |
|
Tel. No.: |
91-33 22820714/22820715 |
|
Fax No.: |
91-33-22820713/22820713 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Aditya Almal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
12, Sunny Park, Kolkata- 700019, West |
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Date of Birth/Age : |
02.11.1974 |
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Qualification : |
B.Com (H) |
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Date of Appointment : |
08.09.2008 |
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Din No.: |
00798920 |
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Other Directorship:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Anupriya Almal |
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|
Designation : |
Director |
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|
Address : |
12, Sunny Park, Kolkata- 700019, West |
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Date of Birth/Age : |
02.01.1975 |
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Qualification : |
B.Com (H) |
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|
Date of Appointment : |
08.09.2008 |
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Din No.: |
00798939 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Aditya Almal |
|
655000 |
|
Anupriya Almal |
|
5000 |
|
Premiium Bullion Private Limited |
|
650000 |
|
Total |
|
1310000 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
49.62 |
|
Directors or relatives of directors |
|
50.38 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Ferro Alloys, L.E. Manganese, Ferro Siwcon. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|||||||||||||||||||||
|
Bankers : |
·
Allahabad Bank, International Branch, |
|||||||||||||||||||||
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Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
VKR and Associates Chartered Accountant |
|
Address : |
1, |
|
Pan No.: |
AADFV9618E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1310000 |
Equity Share |
Rs.10/- each |
Rs.13.100
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 |
13.100 |
13.100 |
12.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
75.909 |
63.564 |
50.452 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
89.009 |
76.664 |
62.552 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
67.481 |
36.152 |
20.214 |
|
|
2] Unsecured Loans |
10.000 |
0.000 |
15.000 |
|
|
TOTAL BORROWING |
77.481 |
36.152 |
35.214 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
166.490 |
112.816 |
97.766 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.464 |
2.549 |
1.869 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.095 |
0.043 |
0.053 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.072
|
22.484 |
8.504 |
|
|
Sundry Debtors |
197.414
|
107.439 |
54.183 |
|
|
Cash & Bank Balances |
0.305
|
11.543 |
37.392 |
|
|
Other Current Assets |
17.483
|
4.144 |
1.152 |
|
|
Loans & Advances |
14.544
|
30.814 |
2.985 |
|
Total
Current Assets |
260.818
|
176.424 |
104.216 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
40.936
|
23.244 |
3.718 |
|
|
Other Current Liabilities |
55.321
|
42.758 |
4.093 |
|
|
Provisions |
1.630
|
0.198 |
0.561 |
|
Total
Current Liabilities |
97.887
|
66.200 |
8.372 |
|
|
Net Current Assets |
162.931
|
110.224 |
95.844 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
166.490 |
112.816 |
97.766 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1629.426 |
1020.595 |
172.630 |
|
|
|
Other Income |
35.018 |
10.057 |
2.970 |
|
|
|
TOTAL (A) |
1664.444 |
1030.652 |
175.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
1638.046 |
1020.736 |
173.914 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.398 |
9.916 |
1.686 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.086 |
3.417 |
0.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.312 |
6.499 |
1.524 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.768 |
0.518 |
0.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.544 |
5.981 |
1.460 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.199 |
1.869 |
0.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.345 |
4.112 |
0.951 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.063 |
0.951 |
- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
17.408 |
5.063 |
0.951 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
610.315 |
269.639 |
36.645 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.42 |
3.18 |
6.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.74
|
0.40 |
0.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.14
|
0.59 |
0.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.02
|
3.34 |
1.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.08 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.97
|
1.34 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.67 |
12.45 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Form 8
|
Corporate identity
number of the company |
U27200WB2008PTC129163 |
|
Name of the
company |
VEDIKA
METALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
201 Annapurna Building, Shyam Kunj Complex, 12A Lord Sinha Road,
Kolkata- 700071, West Bengal, India |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10246529 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Bank Of International Business Branch, 4, Email: intcal@bankofbaroda.com |
|
Nature of
instrument creating charge |
Supplemental
Composite Hypothecation Agreement ( For Stocks/ Book-debts/ Movable
Machinery) Memorandum of Entry |
|
Date of
instrument Creating the charge |
23.03.2012 |
|
Amount secured by
the charge |
Rs.120.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interest: Interest and other charges shall be paid as per sanction terms of the
bank, presently the applicable ROI for CC is 5.50 % above BR i.e. 16.25%
p.a.w.m.r, however the same is subject to change . Terms of
repayment Working Capital Limit (Rs. 25.000 Millions by way of CC
and Rs. 95.000 Millions by way of
Pre-shipment PC (Sub-limit of PC-
Rs. 60.000 Millions by way of PCFC/ Rs. 95.000 Millions by way of
FBP/FBD (Sight/Usance up to 90 days) / Rs.20.000 Millions by way of Inland
/Import LC (DA/DP 90 days)) shall be
repayable on demand. Margin The
borrower shall maintain stipulated margin as mentioned in the sanction letter
of the bank. Presently the applicable margin is CC:-
25% on paid Stock and 30% on Book-debts upto 90 days PC/PCFC:-
25% on Stock FBP/FBD
:- NIL Inland
/Import LC :- 20% by way of cash/FDR on utlilisation basis. Extent and
operation of the charge The
security created under said Agreement shall operate as continuing security
and by way of first charge The
charged assets property be kept at the Company risk and expense in good
condition and fully insured against loss or damage by fire, lighting or
explosion or theft and also against loss or damage by riot and civil
commotion etc. as may be required by the Bank in the joint names of the Bank
and the Company Others: The
Company hereby declares that all the charged property now existing are
absolute property of and at the sole disposal of the Company and free from
any prior charge or encumbrance and undertakes that all future property shall
like wise be the unencumbered and absolute and disposable property of the
Company. Other
terms & conditions are as per terms & conditions of above referred
agreement and Sanction Letter of the
bank. |
|
Short particulars
of the property charged (Including location of the property) |
The a)
all stocks of RM , WIP, FG such as Ferro Alloy and other mineral and metal
etc. and other merchandise whatsoever being movable properties, packing
materials and stores etc. now being and lying in the Borrower's premises or
any where else b)
all book-debts, outstanding moneys, receivables, claims, bills, contracts,
engagements and securities etc and other Current Assets both present &
future c)
Further the company created Equitable Mortgage by Deposit of Title Deeds in
respect of All that office space
measuring total super built up area 657.35 Sq. Ft. situated at Ground Floor
at 12C, Lord Sinha Road, within "Shyam Kunj Complex", P.O. & P.S.
Shakespeare Sarani, Kolkata-700071 under KMC ward no. 63. along with
proportionate share in land and other amenities etc. Deed
of Conveyance no. 02275 dated 27/02/2012 registered in the office of the
ARA-IIKolkata |
|
Particulars of the present modification |
By
present modification overall limit secured by charge has been enhanced from
Rs. 90.000 Millions to Rs. 120.000 Millions. Revised limit is Rs. 25.000
Millions by way of CC and Rs. 95.000 Millions by way of PC (Sub-limit of PC- PCFC/ FBP/FBD Inland
/Import LC. Further the Company created EMTD in respect of Office Space
admeasuring 657.35 Sq. Ft. on Ground Floor of 12C, Other
terms and condition save as modified above remained unchanged. |
Fixed Assets
·
Motor Car
·
Computer Machine
·
Furniture and Fixture
·
Air Conditioners
·
·
Electric Fitting
·
Fan
·
Water Cooling
·
Machine
·
EPABX
·
Weighing Scale
·
Computer Software
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.55.37 |
|
|
1 |
Rs.85.95 |
|
Euro |
1 |
Rs.67.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
TOTAL |
|
44 |
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.