MIRA
INFORM REPORT
|
Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KUNAL PLASTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sona Udyog, Building No.4, 2nd Floor, Parsi Panchayat Road,
Andheri (East), Mumbai – 400069, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.12.1983 |
|
|
|
|
Com. Reg. No.: |
11-031665 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1983PTC031665 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11667F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK4312L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Polythene Printed Bag. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
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 265000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 PARTED BY
|
Name : |
Mr. Balam |
|
Designation : |
Assistant Manager (Account) |
|
Contact No.: |
91-260-2243244 |
|
Date : |
29.02.2012 |
LOCATIONS
|
Registered Office : |
Sona Udyog, Building No.4, 2nd Floor, Parsi Panchayat Road,
Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-26833452/ 28203454/ 28361750 |
|
Fax No.: |
91-22-26840359/ 28302669 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Zari Causeway Road, Opposite Sabri complex, Behind Manek Industrial
Estate, Kachigam, Daman, (U.T.), India |
|
Tel. No.: |
91-260-2243244/ 2242244 |
|
Fax No.: |
91-260-2242044 |
|
|
|
|
Sales Office : |
4, Magan Mahal, 215 Sir M V Road, Andheri (East)m, Mumbai – 400069,
Maharashtra, India |
|
Tel. No.: |
91-22-26833452/ 1403/ 0064 |
|
Fax No.: |
91-22-26840359 |
|
Email : |
DIRECTORS
(AS ON 28.09.2011)
|
Name : |
Ms. Alka Bankim Desai |
|
Designation : |
Director |
|
Address : |
2, Vatika 14, Baptista Road, Vile Parle (West) Mumbai – 400056,
Maharashtra, India |
|
Date of Birth/Age : |
15.06.1957 |
|
Date of Appointment : |
26.12.2006 |
|
DIN No.: |
00397153 |
|
|
|
|
Name : |
Mrs. Ameeta Jaymin Desai |
|
Designation : |
Whole Time Director |
|
Address : |
Kalpana, 5th Road, JVPD Scheme, Vile Parle (West), Mumbai –
400056, Maharashtra, India |
|
Date of Birth/Age : |
07.12.1961 |
|
Date of Appointment : |
26.12.1983 |
|
DIN No.: |
00233892 |
|
|
|
|
Name : |
Mrs. Charulata Nitin Patel |
|
Designation : |
Director |
|
Address : |
Kalpana, 5th Road, JVPD Scheme, Vile Parle (West), Mumbai –
400056, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1963 |
|
Date of Appointment : |
26.12.1983 |
|
DIN No.: |
00233935 |
KEY EXECUTIVES
|
Name : |
Mr. Balam |
|
Designation : |
Assistant Manager (Account) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ameeta Jaymin Desai |
|
8330 |
|
Charulata Nitin Patel |
|
8333 |
|
Indumati B. Desai |
|
1 |
|
Urmila C. Desai |
|
1 |
|
Chandravadhan M. Desai |
|
1 |
|
Bhupendra B. Desai, Trustee representing Alka Santati Trust |
|
8333 |
|
Kamlaben S. Patel |
|
1 |
|
|
|
|
|
Total |
|
25000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
66.65 |
|
Other top fifty shareholders |
|
33.35 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polythene Printed Bag. |
|
|
|
|
Exports : |
|
|
Products : |
Polythene Printed Bag |
|
Countries : |
USA |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
· UAE · Qatar |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30-60 days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30-60 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of Employees : |
300 (Approximately) |
|
|
|
|
Bankers : |
· State Bank of India MIDC Andheri (East) Branch, Plot No.B-4, MIDC Industrial Area, Ventral
Road, Andheri, Mumbai – 400093, Maharashtra, India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Akkad Mehta and Company Chartered Accountant |
|
Address : |
2, Vatika, 14 Baptista road, Vile Parle (West), Mumbai – 400056,
Maharashtra, India |
|
PAN No.: |
AAAFA2792F |
CAPITAL STRUCTURE
(AS ON 28.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 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 |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
63.800 |
50.872 |
47.848 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
66.300 |
53.372 |
50.348 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.314 |
31.400 |
19.805 |
|
|
2] Unsecured Loans |
57.696 |
16.043 |
15.613 |
|
|
TOTAL BORROWING |
69.010 |
47.443 |
35.418 |
|
|
DEFERRED TAX LIABILITIES |
6.034 |
6.149 |
6.188 |
|
|
|
|
|
|
|
|
TOTAL |
141.344 |
106.964 |
91.954 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.699 |
42.032 |
45.281 |
|
|
Capital work-in-progress |
3.788 |
0.455 |
0.188 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.877 |
5.877 |
5.816 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
51.323
|
31.565 |
13.248 |
|
|
Sundry Debtors |
63.414
|
48.029 |
22.343 |
|
|
Cash & Bank Balances |
8.253
|
5.089 |
5.075 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
15.954
|
10.899 |
17.028 |
|
Total
Current Assets |
138.944
|
95.582 |
57.694 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
0.726
|
0.292 |
0.000 |
|
Total
Current Liabilities |
58.964
|
36.982 |
17.025 |
|
|
Net Current Assets |
79.980
|
58.600 |
40.669 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
141.344 |
106.964 |
91.954 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
431.353 |
249.584 |
233.079 |
|
|
|
TOTAL |
431.353 |
249.584 |
233.079 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
407.741 |
242.027 |
233.326 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.612 |
7.557 |
(0.247) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.909 |
3.723 |
3.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
19.703 |
3.834 |
(3.817) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.584 |
0.611 |
0.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
13.119 |
3.223 |
(3.892) |
|
|
|
|
|
|
|
|
|
Less/ Add |
Excess/(Short)
provision of Tax for earlier Years |
0.535 |
0.093 |
0.135 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.535 |
10.010 |
13.893 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.000 |
0.500 |
-- |
|
|
|
Proposed Dividend on Equity Shares |
0.625 |
0.250 |
-- |
|
|
|
Dividend Distribution Tax |
0.101 |
0.041 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
18.463 |
12.535 |
10.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
524.76 |
-- |
-- |
|
Expected Sales (2011-2012): Rs.700.000 Millions
The above information has been parted by Mr. Balam.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.04
|
1.29 |
(1.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.34
|
2.79 |
(3.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.07 |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
1.58 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.58 |
3.39 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS ARE NOT AVAILABLE
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
----- |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last two years |
Yes |
|
Profitability for last three years |
No |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
No |
|
Details of sister concerns |
----- |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
----- |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
No |
|
Incorporation details is applicable |
----- |
|
Last Accounts filed at ROC |
----- |
|
Major Shareholders, if available |
----- |
OPERATION
The sales for the year
registered substantial increase of Rs.428.380 Millions for year ended 31/3/2011
as compared to Rs.247.113 Millions for the previous year. The Company has
earned significantly higher Profit of Rs. 19.703 Millions before tax as
compared to Rs.3.834 Millions in the preceding year. The part of increase is
attributed to acquisition of business of M/s. Janki Plastics effective from 1st
December, 2010.
The volatility in
raw material prices continued as in previous year. However the prices
fluctuated in narrow range. Consistent efforts by the Company at development,
evaluation and validation of printed film bags business seem to have paid off
in the form of higher turnover and improved profitability. Significant
improvements were made in all areas of operations.
PROSPECTS FOR THE CURRENT YEAR
The year 2010-2011
has been exceptional in terms of business prospects as well as growth in
profitability. The Company expects that revenues and profitability will
continue to grow. The Company is in process of import of CI FLEXO Printing line
to modernize and expand its printing capability and capacity by making
substantial investments. The Company is putting more efforts towards developing
diversified customer base as well new applications. The company has established
long standing relationship with its key customers and its strength has
been the ability
to understand the ultimate customers’ end use performance characteristics and
to develop products to meet these requirements. Barring unforeseen circumstances
the company expects to achieve growth in turnover and profitability on a much
higher trajectory.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80044679 |
|
Corporate identity
number of the company |
U25209MH1983PTC031665 |
|
Name of the
company |
KUNAL PLASTICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sona Udyog,
Building No. 4, 2nd Floor, Parsi Panchayat Road, Andheri (East), Mumbai
-400069, Maharashtra, India |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
· State Bank of India MIDC Andheri (East) Branch, Plot No.B-4, MIDC Industrial Area, Ventral
Road, Andheri, Mumbai – 400093, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limits and/or creation of equitable
mortgage on additional properties for existing limits and enhanced
limits and additional facilities |
|
Date of
instrument Creating the charge |
21.11.2008 |
|
Amount secured by
the charge |
Rs.50.500
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Working Capital
interest at 1.50% above State Bank Advance Rate (SBAR) (SBAR = 13.75 % w.e.f.
12/8/2008) with a minimum of 15.25% p a rising or falling therewith on the
daily products with monthly rests. The present effective rate is 15.75% with
monthly rests. Wherever expedient interest rate is directly linked to Credit
Risk Assessment of the borrower. Terms Loan
interest rate is 2.% above State Bank Advance Rate (SBAR) (SBAR = 13.75 %
w.e.f. 12/8/2008) with minimum of
15.25% p a rising or falling therewith. Terms of
Repayment The repayment of
Term Loan of Rs.0.200 Million per month will start from July 2009 or with a
moratorium of 6 months from the disbursement whichever is earlier, till the
liquidation of dues. The repayment schedule as mentioned in the Bank sanction
letter and the last installment will be of Rs. 0.600 Million to be paid
before March 2012. Margin FUND -BASED LIMITS: Raw Material- 25%
, Stock in
Progress-40%, Finished
Goods-33.33%, Domestic
Receivables (cover period 75 days) 40%, Export Packing Credit-10% and Term Loan-25% NON-FUND BASED LIMITS: L/C-10%, Bank
Guarantee-10% Extent and
Operation of the charge All other terms
and conditions as per the sanction letter and Loan-cum Hypothecation
Agreement. Others DCC (Stock and
Book Debts) 22.500 Millions, Term Loan 7.000 Millions, L/C- 15.000 Millions,
Bank Guarantee 1.000 Millions, SLOC- 5.000 Millions Total -50.500 Millions All other terms
and conditions as per the sanctioned letter and Loan Agreement |
|
Short particulars
of the property charged |
A) Land and Building
situated Plot No.-11, Zari Causeway Road, Opposite Goa Co-op Bank, Rungta
Industrial Estate, within the village limits of Kachigam , Daman-396210 (UT
of Diu and Daman) admeasuring 2124 sqm, owned by Propack Industries B) Office
Premises at 9, Building No.4, Sona Udyog Premises Co-op Housing Society
Limited, Parsi Panchayat Road, Andheri (East), Mumbai -400069 admeasuring 780
sq. ft built up area. (Others as
mentioned in Bank Sanction letter) |
|
Date of latest
modification prior to the present modification |
17.12.2007 |
|
Particulars of
the present modification |
Now by this
present modification for enhancement of total limits enjoyed by the Company
from Rs.43.500 Millions to Rs.50.500 Millions
to cover additional term loan of Rs.70,00,000 pursuant to Banks
sanction letter dated 7th November 2008 by extending the charge. |
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.48.94 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.94 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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.