MIRA INFORM REPORT
|
Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
WINCOAT COLOURS AND COATINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S2/ 152, Vedant Commercial Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
13.05.1996 |
|
|
|
|
Com. Reg. No.: |
11-099476 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.882 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1996PTC099476 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEW01245G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW3035G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter, Importer and Dealer of Pharmaceutical
Confectionery Table Coating Readymix, Edible Synthetic and Natural Colours
and Edible Printing Inks. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and condition. |
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) |
|
India |
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 |
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.
LOCATIONS
|
Registered Office : |
S2/ 152, Vedant Commercial Complex, |
|
Tel. No.: |
91-22-65289363 / 25855215 / 14 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
D-24, MIDC, Additional Ambernath Industria Area, Ambernath (East),
Thane-400601, Maharashtra, India |
|
Tel. No.: |
91-251-2620997 / 6552535 |
|
Fax No.: |
91-251-2621778 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Pradeep Madhukar Tamhane |
|
Designation : |
Chairman and Managing Director |
|
Address : |
A – 406, Building No. 11, Kapila Vastu, Kolbad Road, Thane (West),
Mumbai 400 601, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1950 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
13.05.1996 |
|
DIN No.: |
01644106 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24100MH1996PTC099476 |
WINCOAT
COLOURS AND COATINGS PRIVATE LIMITED |
Managing
director |
13/05/1996 |
13/05/1996 |
Active |
NO |
|
2 |
U51397MH2004PTC148883 |
WIN
GLOBE TRIMPEX PRIVATE LIMITED |
Managing
director |
29/09/2004 |
29/09/2004 |
Active |
NO |
|
Name : |
Mr. Vaibhav Pradeep Tamhane |
|
Designation : |
Director |
|
Address : |
Flat No. 143, 14th Floor, |
|
Date of Birth/Age : |
17.05.1982 |
|
Date of Appointment : |
13.05.1996 |
|
DIN No.: |
01644144 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24100MH1996PTC099476 |
WINCOAT
COLOURS AND COATINGS PRIVATE LIMITED |
Director |
13/05/1996 |
13/05/1996 |
Active |
NO |
|
2 |
U51397MH2004PTC148883 |
WIN GLOBE
TRIMPEX PRIVATE LIMITED |
Director |
29/09/2004 |
29/09/2004 |
Active |
NO |
|
Name : |
Mrs. Prachi Pradeep Tamhane |
|
Designation : |
Independent Director |
|
Address : |
Flat No. 143, 14th Floor, |
|
Date of Birth/Age : |
27.06.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.08.2007 |
|
DIN No.: |
01766668 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24100MH1996PTC099476 |
WINCOAT
COLOURS AND COATINGS PRIVATE LIMITED |
Director |
01/08/2007 |
01/08/2007 |
Active |
NO |
|
2 |
U51397MH2004PTC148883 |
WIN
GLOBE TRIMPEX PRIVATE LIMITED |
Director |
01/08/2007 |
01/08/2007 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Pradeep M. Tamhane |
8810 |
|
Malti Madhukar Tamhane |
10 |
|
TOTAL
|
8820 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Dealer of Pharmaceutical
Confectionery Table Coating Readymix, Edible Synthetic and Natural Colours
and Edible Printing Inks. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Suppliers : |
·
Air Force ·
Amber Packaging ·
G M Chemical ·
Mamta Fire Service ·
Kawarlal Excipients Private Limited ·
Manisha Analytical Laboratories Private Limited ·
Contec Airflow (E) Private Limited ·
Trimurti Enterprises ·
UBM India Private Limited ·
Vikarm Thermo (India) Limited |
||||||||||||
|
|
|
||||||||||||
|
Customers : |
·
Abbott Healthcare Private Limited ·
AGD Pharma ·
Ajanta Pharma Limited ·
Kaiser Exports ·
Kopran Limited ·
Leben Laboratories Private Limited ·
Libra Drugs (India) ·
CIPLA ·
Crescent Therapeutics Limited ·
Dow Chemical International Private Limited |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
The Shamrao Vithal co-Operative Bank Limited,
Shop No.3,4,5 and 101, Beauty Arcade, Kolbad Cross Road, Khopat,
Thane-400602, Maharashtra, India ·
The Sangil Bank Limited, Shanta Sadan, Gokhala
Road, Naupada, Thane-400602, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M B Athwale and Company Chartered Accountant |
|
Address : |
Sanjeevanee, 2nd Floor, Opposite Bank of Baroda, Gokhale
Road, Thane (West), Thane-400602, Maharashtra, India |
|
Tel. No.: |
91-22-25408293 |
|
E-Mail : |
|
|
PAN No.: |
ADOPA8977H |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8820 |
Equity Shares |
Rs.100/-
each |
Rs. 0.882
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 |
0.882 |
0.882 |
0.882 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
43.416 |
38.297 |
31.792 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44.298 |
39.179 |
32.674 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.953 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.697 |
0.697 |
0.697 |
|
|
TOTAL BORROWING |
2.650 |
0.697 |
0.697 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
46.948 |
39.876 |
33.371 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.902 |
6.159 |
6.363 |
|
|
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 |
3.395
|
1.795 |
2.735 |
|
|
Sundry Debtors |
28.648
|
27.771 |
30.558 |
|
|
Cash & Bank Balances |
4.328
|
3.944 |
8.813 |
|
|
Other Current Assets |
9.438
|
14.027 |
0.088 |
|
|
Loans & Advances |
22.482
|
23.055 |
19.228 |
|
Total
Current Assets |
68.291
|
70.592 |
61.422 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.925
|
10.990 |
12.343 |
|
|
Other Current Liabilities |
0.600
|
0.648 |
1.157 |
|
|
Provisions |
27.720
|
25.237 |
20.914 |
|
Total
Current Liabilities |
46.245
|
36.875 |
34.414 |
|
|
Net Current Assets |
22.046
|
33.717 |
27.008 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
46.948 |
39.876 |
33.371 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
97.970 |
88.312 |
87.711 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
86.483 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
86.483 |
75.837 |
71.155 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.487 |
12.475 |
16.556 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.453 |
1.280 |
1.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
8.034 |
11.195 |
14.717 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.483 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
5.551 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
629.41 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.67
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.62
|
14.59 |
21.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.29 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
0.96 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.91 |
1.78 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
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 |
No |
FINANCIAL RESULTS
The sales of the company achieved was of Rs. 97.970 Millions during the
year out of which export turnover was Rs. 22.651 Millions. Thus, there was an overall
increase of around 11% in sales made last year. the profit margin has
marginally gone down due to escalation in raw material prices while maintaining
their selling prices at same levels. During the year, the company has gone for
expansion and the plant was almost ready with installation of new machineries
and equipments. This will help in widening their market globally. The new plant
would be eco friendly and also improve the working condition of the Workers.
The company has proposed to launch a new grade of their products “QUICK
COAT”. This will help their customers to reduce coating time by 50% to 60%.
The directors except that the sales would increase enormously in the
next year as the company has vigorously undertaken marketing of their product.
With the commissioning of new plant, requirements of their product can be
fulfilled. Selling agents in Malaysia and Indonesia have been appointed to
increase their customer base abroad.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Office Premises
·
Instrument and Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Weigh Scale
·
Computer
·
Vehicles
·
Air Conditioner
·
Copy Right
·
Soft Ware Development
·
Advance Material
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. 52.96 |
|
|
1 |
Rs. 85.45 |
|
Euro |
1 |
Rs. 69.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
TOTAL |
|
48 |
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.