|
Report Date : |
07.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SWADHYAYA FLEXIPACK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 16-A, IDA Scheme No. 71, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.08.1991 |
|
|
|
|
Com. Reg. No.: |
10-006609 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.020 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25205MP1991PTC006609 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Flexible Packaging Material. |
|
|
|
|
No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 50000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track records. 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Kishore Vaidya |
|
Designation : |
Managing director |
|
Contact No.: |
91-731-2386743 |
|
Date : |
05.06.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 16-A, IDA Scheme No. 71, |
|
Tel. No.: |
91-731-2380039 |
|
Fax No.: |
91-731-2383400 |
|
E-Mail : |
DIRECTORS
AS ON 26.09.2011
|
Name : |
Mr. Vibhav Vaidya |
|
Designation : |
Whole-time director |
|
Address : |
312, Lokmanya Nagar, |
|
Date of Birth/Age : |
06.12.1982 |
|
Date of Appointment : |
01.04.2003 |
|
DIN No.: |
00060355 |
|
|
|
|
Name : |
Mr. Kishore Vaidya |
|
Designation : |
Managing director |
|
Address : |
280, Lokmanya Nagar, |
|
Date of Birth/Age : |
28.02.1965 |
|
Date of Appointment : |
20.08.1991 |
|
DIN No.: |
00064762 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vaidya Prakash |
|
6950 |
|
Vaidya Anil |
|
5920 |
|
Vaidya Kishore |
|
8300 |
|
Vaidya Shridhar |
|
3936 |
|
Vaidya Sunil |
|
6807 |
|
Vaidya Ushatai |
|
914 |
|
Vaidya Ujjwala |
|
880 |
|
Vaidya Megha |
|
880 |
|
Vaidya Shubha |
|
220 |
|
Vaidya Vibhav |
|
3514 |
|
Vaidya Prakash (H.U.F.) |
|
1880 |
|
Total |
|
40201 |
AS ON 26.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible Packaging Material. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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|
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|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pouches |
Nos. |
N.A. |
Not Assessed |
27269426 |
|
Laminates |
Kgs. |
N.A. |
Not Assessed |
315766 |
GENERAL INFORMATION
|
Suppliers : |
Eastern Film Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
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Customers : |
Wholesalers and Retailers ·
Duncans Limited |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
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No. of Employees : |
25 (Approximately) |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
State
Bank of India, RM-ME Sales Hub, Phadnis Colony Branch, Indore – 452001,
Madhya Pradesh, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhorkar and Kulkarni Chartered Accountants |
|
Address : |
216, Ashram Complex, Behind 56 Shops, |
|
Tel. No.: |
91-731-2532808/ 2537088 |
|
Fax No.: |
91-731-2432942 |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFB6351Q |
|
|
|
|
Sister Concern : |
Swadhyaya Printers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40201 |
Equity Shares |
Rs. 100/- each |
Rs. 4.020
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 |
4.020 |
4.020 |
4.020 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.487 |
6.183 |
4.306 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12.507 |
10.203 |
8.326 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.951 |
13.278 |
9.752 |
|
|
2] Unsecured Loans |
9.519 |
8.623 |
6.064 |
|
|
TOTAL BORROWING |
31.470 |
21.901 |
15.816 |
|
|
DEFERRED TAX LIABILITIES |
1.830 |
1.547 |
1.493 |
|
|
|
|
|
|
|
|
TOTAL |
45.807 |
33.651 |
25.635 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.247 |
15.914 |
11.032 |
|
|
Capital work-in-progress |
0.000 |
2.422 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.026
|
7.613 |
6.311 |
|
|
Sundry Debtors |
12.566
|
11.517 |
9.736 |
|
|
Cash & Bank Balances |
0.006
|
0.002 |
0.024 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.506
|
3.102 |
0.986 |
|
Total
Current Assets |
25.104
|
22.234 |
17.057 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.839
|
5.137 |
1.523 |
|
|
Other Current Liabilities |
0.641
|
0.405 |
0.470 |
|
|
Provisions |
1.064
|
1.377 |
0.461 |
|
Total
Current Liabilities |
5.544
|
6.919 |
2.454 |
|
|
Net Current Assets |
19.560
|
15.315 |
14.603 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
45.807 |
33.651 |
25.635 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
58.423 |
44.492 |
37.840 |
|
|
|
Other Income |
0.007 |
0.050 |
0.055 |
|
|
|
TOTAL |
58.430 |
44.542 |
37.895 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
47.440 |
32.726 |
29.623 |
|
|
|
Manufacturing Expenses |
2.114 |
1.823 |
1.514 |
|
|
|
Employees Remuneration and Benefits |
1.536 |
1.422 |
1.203 |
|
|
|
Office Administration and Other Expenses |
1.486 |
1.900 |
1.268 |
|
|
|
Selling and Distribution Expenses |
0.123 |
0.101 |
0.136 |
|
|
|
Increase/ Decrease in stock |
(1.518) |
0.836 |
0.384 |
|
|
|
TOTAL |
51.181 |
38.808 |
34.128 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7.249 |
5.734 |
3.767 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.105 |
2.272 |
1.781 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.144 |
3.462 |
1.986 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.949 |
0.701 |
0.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.195 |
2.761 |
1.316 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.892 |
0.883 |
0.422 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
2.303 |
1.878 |
0.894 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.153 |
3.275 |
2.381 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.000 |
1.000 |
0.000 |
|
|
|
Dividend |
|
|
|
|
|
|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.456 |
4.153 |
3.275 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
57.30 |
46.70 |
22.25 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
67.000 |
|
|
|
|
|
Expected Sales ( 2012-2013 ) : Rs. 70.000 Millions
The above information has been parted by Mr. Kishor (Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.94
|
4.22 |
2.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.47
|
6.21 |
3.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.84
|
7.24 |
4.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.27 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.96
|
2.82 |
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.53
|
3.21 |
6.95 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution 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 |
Yes |
|
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 |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
U25202MP1991PTC006609 |
|
Name of the
company |
SWADHYAYA
FLEXIPACK PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.16-A, IDA
SCHEME No.71, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90201887 |
|
Type of charge |
Immovable property Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of Email ID: sbi.30144@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
SME 4 Agreement
for Hypothecation of Stock and Movable Assets dated 21st March, 2012 Declaration in Form
C for Memorandum of deposit of title deeds for extension of Equitable
Mortgage dated 21st March, 2012 SME 3 Guarantee
Agreement dated 21st March, 2012 Letter of
Arrangement |
|
Date of
instrument Creating the charge |
21.03.2012 |
|
Amount secured by
the charge |
Rs. 18.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3.25%above base
rate (Present Base rate 10%,) i.e. 13.25% p.a. Terms of Repayment Repayment on demand
subject to further renewal. Margin Raw Material
Indigenous -25% Semi Finished
Goods -25% Finished
Goods-25% Domestic
Receivables- 35% Extent and Operation of the charge As per agreement. Others Personal
Guarantee of Directors Shri Kishore Vaidya, Shri Vaibhav Vaidya, TPG Corporate
Guarantee of M/s Swadhyaya Printers Private Limited and personal guarantee of
all the directors of Swadhyaya Printers Private Limited Extension of
Equitable Mortgage on Plot 16A Sector A, IDA Scheme No. 71 admeasuring
1797.53 Sq. mtr. and all sheds, and buildings as also all other
constructions, corrections, installations thereon standing in the name of M/s
Swadhyaya Printers Private Limited |
|
Short particulars
of the property charged |
1. Hypothecation of
Book Debts and entire current assets of the Company both present and future. 2. Extension of
EM on Leasehold Rights on 470 Sq. mtrs. on Plot No. D-1, 19 IDA Scheme No. 71
3. Extension of
EM on Leasehold Rights on 600 Sq. Mtrs. on Plot No. Sector A, Scheme No. 71
Indore and all sheds, buildings, all other constructions reactions and
installation there on (present and Future) |
|
Date of latest modification
prior to the present modification |
27.11.2010 |
|
Particulars of
the present modification |
The Bank has
enhanced the Fund Based working capital limit from Rs. 13.000 Millions to
Rs.18.000 Millions (Sub Limit for Book Debts/receivable has been enhanced
from Rs.6.500 Millions to Rs.9.000 Millions) The Company has
extended charge on the immovable properties from its existing working capital
limits of Rs. 13.000 Millions to Rs. 18.000 Millions.(Now the total EM is available
to the Bank on these assets up to Rs. 27.810 Millions) |
CONTINGENT LIABILITIES
The Indore Development Authority has jointly
registered the plot no. 16-A, Scheme No. 71, in the name of Swadhyaya Printers
Private Limited and Swadhyaya Flexipack Private Limited. Bankers of the company
TRADE REFERENCES
·
Duncans Limited
·
Eastern Film Limited
FIXED ASSETS:
·
Land
·
Building
·
Tubewell
·
Machinery
·
Generator
·
Electrical Installation
·
Fax
·
Furnitures and Fixtures
·
Air Conditioner
·
Four Wheeler
·
Two Wheeler
·
Computer
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] 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. 55.50 |
|
|
1 |
Rs. 85.58 |
|
Euro |
1 |
Rs. 69.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.