MIRA
INFORM REPORT
|
Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
VATCO ELEC POWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
44, Chatrabhuj Khetshi, Building 178, S.T. Road, 2nd Floor,
Mumbai -400009, Maharashtra. |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
22.01.1992 |
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|
|
|
Com. Reg. No.: |
11-64998 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.620
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1992PTC064998 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV05701D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturers of Substation Structures, Transmission Line Tower Structures,
Cable Trays, Earthing Material and Accessories. |
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|
|
|
No. of Employees
: |
Not Available |
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 228000 |
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|
|
|
Status : |
Satisfactory |
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|
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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. There
appears sharp dip in the profitability of the company. However, 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 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) |
|
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 : |
44, Chatrabhuj Khetshi, Building 178, Sant Tukaram Road, 2nd
Floor, Mumbai -400009, Maharashtra, India |
|
Tel. No.: |
91-22- 23771127 / 23771128 |
|
Mobile No.: |
91-9821325365 (Mr. Vijay Tribhovandas Mody) |
|
Fax No.: |
91-22-23771129 |
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E-Mail : |
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Website : |
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Branch Office / Factory: |
A-744, TTC, MIDC Industrial Area Off Thane Belapur Road, Khairane
Village, Turbhe, Navi Mumbai-400705, Maharashtra, India |
|
Tel. No.: |
91-22-27682436 |
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Fax No.: |
91-22-27619518 |
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E-Mail : |
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Galvansing Unit: |
Plot No. C 169, T.T.C. MIDC Industrial Area, Siphata Raod, Navi
Mumbai-400705, |
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Tel. No.: |
91-22-27671907 |
|
Fax No.: |
91-22-27686606 |
DIRECTORS
AS ON 26.09.2011
|
Name : |
Mr. Haresh Babubhai Mody |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.03.1949 |
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Date of Appointment : |
31.05.1996 |
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Din No.: |
00543844 |
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Other Directorship:
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Name : |
Mr. Vijay Tribhovandas Mody |
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|
Designation : |
Director |
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|
Address : |
504, Ram Kripa 23/24 , Shiv Shruti, Kurla-East, Mumbai-400024, |
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Date of Birth/Age : |
16.11.1960 |
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Date of Appointment : |
31.05.1996 |
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Din No.: |
00543940 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Bipinkumar Champaklal Parekh |
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|
Designation : |
Director |
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Address : |
Jai Shivitri, 1st Floor, Vallabhbaug Extenuations,
Ghatkopar, Mumbai-400077, |
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Date of Birth/Age : |
12.07.1951 |
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Date of Appointment : |
31.05.1996 |
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Din No.: |
01503635 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Haresh Babubhai Mody |
|
5415 |
|
Vijay Tribhovandas Mody |
|
5370 |
|
Bipinkumar Champaklal Parekh |
|
5420 |
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|
|
|
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TOTAL
|
|
16205 |
AS ON 26.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Substation Structures, Transmission Line Tower
Structures, Cable Trays, Earthing Material and Accessories. |
|
|
|
|
Products : |
●
Fitting and Brackets ●
Flexible Cable Tray support System ●
Perforated Cable Trays ●
Ladder Cable Trays ●
Cable Trunking ●
Instrumentation Cable Duct ●
Cable Tray ●
Switchyard Structures ●
Earthing Materials |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Indian Overseas Bank, Matunga Branch, 590, Kapol Niwas, Dr. B.R. Ambedkar
Road, Matunga (East), Mumbai-400019, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
M.V. Sanghavi and Company Chartered Accountant |
|
Address : |
Satyam Shopping Centre, A Wing, Basement- 5, M.G.Road, Ghatkopar
(East), Mumbai-400077, Maharashtra, India |
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Tel. No.: |
91-22-21029050/51 |
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Fax No.: |
91-22-21029051 |
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E-Mail : |
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Pan No.: |
AAGPS0937C |
CAPITAL STRUCTURE
AS ON 26.09.2011
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 |
|
16205 |
Equity Shares |
Rs.100/- each |
Rs.1.620
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 |
1.620 |
1.620 |
1.620 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
55.430 |
51.043 |
36.495 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
57.050 |
52.663 |
38.115 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
127.137 |
87.625 |
67.825 |
|
|
2] Unsecured Loans |
32.076 |
9.776 |
0.277 |
|
|
TOTAL BORROWING |
159.213 |
97.401 |
68.102 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
216.263 |
150.064 |
106.217 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
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|
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|
|
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FIXED ASSETS [Net Block] |
9.360 |
9.170 |
4.917 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
|
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INVESTMENT |
0.007 |
0.007 |
0.007 |
|
|
DEFERREX TAX ASSETS |
0.044 |
0.639 |
0.017 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
101.339
|
72.693 |
35.851 |
|
|
Sundry Debtors |
240.984
|
267.061 |
228.568 |
|
|
Cash & Bank Balances |
0.082
|
0.161 |
0.234 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
55.611
|
42.161 |
30.778 |
|
Total
Current Assets |
398.016
|
382.076 |
295.431 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
94.857
|
121.786 |
126.045 |
|
|
Other Current Liabilities |
64.825
|
85.144 |
46.122 |
|
|
Provisions |
31.482
|
34.898 |
21.988 |
|
Total
Current Liabilities |
191.164
|
241.828 |
194.155 |
|
|
Net Current Assets |
206.852
|
140.248 |
101.276 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
216.263 |
150.064 |
106.217 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
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|
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|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
719.104 |
629.026 |
692.835 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
689.455 |
590.399 |
642.565 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.649 |
38.627 |
50.270 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.502 |
15.815 |
16.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.147 |
22.812 |
33.671 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.782 |
0.776 |
0.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6.365 |
22.036 |
32.884 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.002 |
7.488 |
11.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4.363 |
14.548 |
21.481 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.663 |
36.115 |
19.264 |
|
|
|
|
|
|
|
|
|
Less |
ON
BUY BACK OF SHARES |
NA |
NA |
4.630 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
55.026 |
50.663 |
36.115 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
269.23 |
897.75 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.61
|
2.31 |
3.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.56
|
5.63 |
10.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.42 |
0.86 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.14
|
6.44 |
6.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
1.57 |
1.52 |
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 |
No |
|
18] |
Major customers |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80020749 |
|
Corporate
identity number of the company |
U74999MH1992PTC064998 |
|
Name of the
company |
VATCO ELEC POWER
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
44, Chatrabhuj Khetshi, Building 178, Sant Tukaram Road, 2nd
Floor, Mumbai -400009, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
Indian Overseas Bank, Matunga Branch, 590, Kapol Niwas, Dr. B.R.
Ambedkar Road, Matunga (East), Mumbai-400019, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation dated 16.12.2011. |
|
Date of
instrument Creating the charge |
16.12.2011 |
|
Amount secured by
the charge |
Rs.202.502
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit /
Bill (IDUBD) / Term Loan: BR + 2.75% p.a. (presently 13.50% p.a.) Inland LC / LG
Performance finance: As applicable as per CO guidlines. Terms of
Repayment Cash Credit /
Bill (IDUBD) /Inland LC / LG Performance finance: Repayable on Demand. Term Loan: Repayable
in 36 monthly installments of Rs.0.100 million each interest to be serviced
as and when debited. Margin Cash Credit : 25% on Stocks : 50% on book
debts Bill (IDUBD) : NIL Inland LC : 10% LG Perf.
finance : 15% on Performance and 25%
on Financial Term Loan : 25% Extent and
Operation of the charge The charge is to
operate as security, by way of first exclusive charge, for the due repayment
of the credit facility of Rs.202.502 Millions together with interests,
additional interest, costs, charges, expenses and all other moneys payable by
the Company to the Bank from time to time in terms of sanction. Others Facility Limits (Rs. in Millions) Existing Revised ---------------- ----------- ------------- Cash Credit 70.000 84.000 Bill IDUBD 21.000 48.638 Inland LC 9.000 9.000 LG Perf.
Finance 40.000 57.264 Term Loan NIL 3.600 ----------------------
----------- ----------- Total 140.000 202.502 |
|
Short particulars
of the property charged |
Hypothecation, by
way of first charge, of all the Company's: a) Book debts, receivables
and other claims which are due and owing to the Company from time to time. b) Machinery
Purchased from Term Loan. Document of title
to goods. Counter Indemnity
of the Company. |
|
Date of latest
modification prior to the present modification |
15.12.2010 |
|
Particulars of
the present modification |
The amount
secured by the Charge has been enhanced from Rs.140.000 Millions to
Rs.202.502 Millions. Facilities Limits (Rs. in Millions) Existing Revised ---------------- ----------- ------------- Cash Credit 70.000 84.000 Bill IDUBD 21.000 48.638 Inland LC 9.000 9.000 LG Perf.
Finance 40.000 57.264 Term Loan NIL 3.600 |
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.54.26 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
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.