MIRA
INFORM REPORT
|
Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLAREUM TECHNOLOGIES PRIVATE LIMITED (w.e.f. 27.08.2012) |
|
|
|
|
Formerly Known
As : |
FLAREUM SOLAR TECHNOLOGIES PRIVATE LIMITED (w.e.f.28.12.2007) GADHIA SOLAR ENERGY SYSTEMS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Plot No.86, GIDC, Gundlav, District – Valsad – 396035, |
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|
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.10.1988 |
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|
|
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Com. Reg. No.: |
04-034860 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.152 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109GJ1998PTC034860 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8935F |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Solar Cooker, Solar Hot Water System, Solar PV Charge
Controllers, Solar Air Heater and Industrial Solar Water Heater. |
|
|
|
|
No. of Employees
: |
80 (Approximately) (Office – 30 and Factory – 50) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 290000 |
|
|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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|
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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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
(Long Term) BBB- |
|
Rating Explanation |
Moderate degree of safety, it carry moderate
credit risk. |
|
Date |
07.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
(Short Term) A3 |
|
Rating Explanation |
Moderate degree of safety, It carry higher
credit risk. |
|
Date |
07.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Bhavik Modi |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9167836063 |
|
Date : |
07.11.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.86, GIDC, Gundlav, District – Valsad – 396035, Gujarat, India |
|
Tel. No.: |
91-2632-236703 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office |
701, AC Market Building, Tardeo, Mumbai Central – 400034, Maharashtra |
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Tel. No.: |
91-22-23533221 |
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Location : |
Rented |
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|
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Branch Office : |
409, 410, Biswajeet Building, District Central, Janakpuri, New Delhi –
110058, India |
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Tel No.: |
91-11-41011312 |
DIRECTORS
(AS ON 29.09.2011)
|
Name : |
Mr. Badal Bhupatrai Shah |
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Designation : |
Director |
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Address : |
5th Floor, Shop 81, Ashok Chambers Devji Ratnji Marg,
Masjid Bunder Estate, Mumbai – 400009, Maharashtra, India |
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Date of Birth/Age : |
25.03.1977 |
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Experience : |
10 years |
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Date of Appointment : |
31.03.2008 |
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DIN No.: |
02119442 |
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Other Directorship : |
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Name : |
Mrs. Jyotsna Shah |
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Designation : |
Director |
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Address : |
5th Floor, Shop 81, Ashok Chambers Devji Ratnji Marg, Masjid
Bunder Estate, Mumbai – 400009, Maharashtra, India |
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Date of Birth/Age : |
07.08.1952 |
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Date of Appointment : |
15.06.2009 |
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DIN No.: |
02122369 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. Bhavik Modi |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Zero Energy Limited, Cyprus |
|
6100 |
|
Badal Bhupatrai Shah |
|
3000 |
|
Enion Management Private Limited, India |
|
6100 |
|
|
|
|
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Total |
|
15200 |
(AS ON 29.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
40.13 |
|
Bodies corporate |
|
40.13 |
|
Directors or relatives of directors |
|
19.74 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar Cooker, Solar Hot Water System, Solar PV Charge
Controllers, Solar Air Heater and Industrial Solar Water Heater. |
|
|
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Terms : |
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|
Purchasing : |
L/C and Credit (60 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
80 (Approximately) (Office – 30 and Factory – 50) |
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|
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Bankers : |
· State Bank of India SME Backbay, Nariman Point, Mumbai, Maharashtra, India · Indian Overseas Bank · Kotak Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
AJNJ and Company Chartered Accountant |
|
Address : |
302, Nav Vivek Industrial Estate, Mogul Lane, Mahim (West), Mumbai –
400016, Maharashtra, India |
|
Tel. No.: |
91-22-24449258 |
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PAN No.: |
AASFA0439K |
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E-Mail : |
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|
|
Other Related Parties : |
· Enion Management Private Limited Address: C-001, Marathon Innova, Off G. K. Marg, Opposite Peninsula
Corporate Park, Lower Parel (West), Mumbai, Maharashtra, India Line of Business: Manufacturing · Zero Energy Private Limited |
CAPITAL STRUCTURE
(AS ON 29.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22800 |
Equity Shares |
Rs.10/- each |
Rs.0.228
Million |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15200 |
Equity Shares |
Rs.10/- each |
Rs.0.152
Million |
|
|
|
|
|
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 |
0.152 |
0.129 |
0.122 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
71.184 |
23.854 |
13.199 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
71.336 |
23.983 |
13.321 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
64.774 |
8.783 |
0.460 |
|
|
2] Unsecured Loans |
11.419 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
76.193 |
8.783 |
0.460 |
|
|
DEFERRED TAX LIABILITIES |
6.528 |
1.308 |
0.287 |
|
|
|
|
|
|
|
|
TOTAL |
154.057 |
34.074 |
14.068 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.872 |
21.646 |
7.595 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
92.332
|
20.190 |
5.568 |
|
|
Sundry Debtors |
100.513
|
42.624 |
25.597 |
|
|
Cash & Bank Balances |
11.127
|
7.048 |
9.560 |
|
|
Other Current Assets |
2.522
|
2.521 |
0.000 |
|
|
Loans & Advances |
2.331
|
1.943 |
9.149 |
|
Total
Current Assets |
208.825
|
74.326 |
49.874 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
48.428
|
50.134 |
22.259 |
|
|
Other Current Liabilities |
13.584
|
7.054 |
19.275 |
|
|
Provisions |
17.628
|
4.710 |
1.867 |
|
Total
Current Liabilities |
79.640
|
61.898 |
43.401 |
|
|
Net Current Assets |
129.185
|
12.428 |
6.473 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.057 |
34.074 |
14.068 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
390.730 |
78.459 |
46.664 |
|
|
|
Other Income |
0.738 |
0.417 |
1.134 |
|
|
|
TOTAL (A) |
391.468 |
78.876 |
47.798 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumption |
|
|
35.062 |
|
|
|
Inventory Adjustment |
|
|
(2.085) |
|
|
|
Manufacturing Expense |
|
|
6.509 |
|
|
|
Administrative expenses |
315.563 |
62.422 |
6.188 |
|
|
|
Transfer from Revaluation Reserve |
|
|
(0.074) |
|
|
|
|
|
|
0.237 |
|
|
|
TOTAL (B) |
315.563 |
62.422 |
45.837 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
75.905 |
16.454 |
1.961 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.105 |
1.001 |
0.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
69.800 |
15.453 |
1.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.297 |
4.964 |
0.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
52.503 |
10.489 |
1.352 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.720 |
2.847 |
0.714 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
33.783 |
7.642 |
0.638 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.784 |
1.631 |
0.993 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
44.567 |
9.273 |
1.631 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Manufacturing Goods |
0.293 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
0.293 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2,618 |
611 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.63
|
9.69 |
1.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.44
|
13.37 |
2.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.47
|
10.93 |
2.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.74
|
0.44 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.18
|
2.95 |
3.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.62
|
1.20 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Guarantee issued by the company bankers
counter – Guarantee by the company |
0.850 |
3.588 |
TRADE REFERENCE:
· Jaynath Engineering Works
Address: Bajor Plot Vistar, Piyava, Tal: Savar Kundla, Amreli – 364515, Gujarat, India
Contact No.: 91-9920812760
· Shree Ram Steels Works
Add: Maruti Nagar, Street 2, Amreli Road, Savar Kundla, Amreli – 364515, Gujarat, India
Contact No.: 91-9892581238
FIXED ASSETS:
· Freehold Land
· Factory Building
· Staff Quarter
· Plant and Machinery
· Office Equipments
· Furniture and Fixture
· Vehicles
· Computers
· Demo Solar Systems
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 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.54.60 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
45 |
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.