MIRA
INFORM REPORT
|
Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
VENUS MILLS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
26, Gopal Krishna Complex, Opposite Kumbharia Bus Stand, Kumbharia,
Surat – 394210, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.12.1992 |
|
|
|
|
Com. Reg. No.: |
04-018692 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 12.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999GJ1992PTC018692 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTV00717D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV9834G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Processing, Dyeing and Printing of Sarees and Dress Materials. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 240000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be fair. Trade relations are reported as fair. Business is active. Payments are
usually correct. 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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. Lokesh |
|
Designation : |
Accountant Executive |
|
Contact No.: |
91-9725437788 |
|
Date : |
05.12.2013 |
LOCATIONS
|
Registered Office : |
26, Gopal Krishna Complex, Opposite Kumbharia Bus Stand, Kumbharia,
Surat – 394210, Gujarat, India |
|
Tel. No.: |
91-261-2222361 |
|
Mobile No.: |
91-9725437788 (Mr. Lokesh) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No 129, Tanti Thaiya, Surat Bardoli Road, Tal-Palsana, District
Surat – 394305, Gujarat, India |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Sudhir Jawaharlal Malhotra |
|
Designation : |
Director |
|
Address : |
A/8, Gokul Row House, Parle Point, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
21.09.1997 |
|
DIN No.: |
00404774 |
|
|
|
|
Name : |
Mr. Nandkishore Mulkraj Arora |
|
Designation : |
Director |
|
Address : |
92, Subhas Nagar Society, Ghod – Dod Road, Surat, Gujarat, India |
|
Date of Birth/Age : |
13.05.1950 |
|
Date of Appointment : |
15.12.1992 |
|
DIN No.: |
00404811 |
KEY EXECUTIVES
|
Name : |
Mr. Lokesh |
|
Designation : |
Accountant Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Arora Nand Kishore Mulkh Raj |
|
475 |
|
Arora Surendra Mulkraj |
|
910 |
|
Arora Sunita Rajesh Kumar |
|
150 |
|
Rajesh Kumar ( HUF) |
|
1075 |
|
Arora Rajesh Kumar Mulkraj |
|
295 |
|
Arora Gokul Surendra Kumar |
|
35 |
|
Surendra Kumar Arora (HUF) |
|
700 |
|
Arora Goman Rajesh Kumar |
|
15 |
|
Arora Neelam Nand Kishore |
|
800 |
|
Arora Gaurav Nand Kishore |
|
260 |
|
Arora Tripta Surendra Kumar |
|
590 |
|
Arora Malkarani Mulk Raj |
|
75 |
|
Arora Gautam Surendra Kumar |
|
25 |
|
Malhotra Sudhir J. |
|
1085 |
|
Malhotra Jawaharlal L. |
|
1550 |
|
Malhotra Renu S. |
|
585 |
|
Sanjiv Malhotra HUF |
|
820 |
|
N. K. Arora H. U. F. |
|
765 |
|
Sudhir Malhotra- HUF |
|
590 |
|
Jawaharlal Malhotra- HUF |
|
540 |
|
Malhotra Sanjeev J. |
|
60 |
|
G. N. Textiles Private Limited, Gujarat |
|
300 |
|
Malhotra Vaneeta |
|
300 |
|
|
|
|
|
Total |
|
12000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
2.00 |
|
Directors or relatives of directors |
|
58.00 |
|
Other top fifty shareholders |
|
40.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing, Dyeing and Printing of Sarees and Dress Materials. |
|
|
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Imports : |
|
|
Products : |
·
Machinery |
|
Countries : |
·
Germany |
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Terms : |
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Selling : |
L/C and Credit |
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|
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
Dena Bank, Saharagate Branch, Ring Road, Surat - 395002, Gujarat, India |
|||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Niranjan Desai and Company Chartered Accountants |
|
Address : |
Office No. 33, Maher Park-A, Athwagate Ring Road, Surat, Gujarat |
|
Mobile No.: |
91-9825114121 |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.1000/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000 |
Equity Shares |
Rs.1000/- each |
Rs. 12.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12.000 |
12.000 |
12.000 |
|
(b) Reserves & Surplus |
50.380 |
38.754 |
31.380 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
62.380 |
50.754 |
43.380 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
11.780 |
19.096 |
11.863 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
11.780 |
19.096 |
11.863 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
14.407 |
7.202 |
11.895 |
|
(b)
Trade payables |
52.939 |
57.789 |
47.315 |
|
(c)
Other current liabilities |
10.431 |
11.199 |
6.752 |
|
(d) Short-term
provisions |
18.003 |
19.899 |
14.021 |
|
Total Current
Liabilities (4) |
95.780 |
96.089 |
79.983 |
|
|
|
|
|
|
TOTAL |
169.940 |
165.939 |
135.226 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
61.773 |
66.283 |
55.062 |
|
(ii)
Intangible Assets |
0.031 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.562 |
8.842 |
0.533 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
8.421 |
8.421 |
2.661 |
|
(c) Deferred tax
assets (net) |
2.831 |
2.289 |
1.551 |
|
(d) Long-term Loan and Advances |
6.191 |
6.149 |
5.453 |
|
(e) Other
Non-current assets |
0.743 |
0.742 |
0.187 |
|
Total Non-Current
Assets |
80.552 |
92.726 |
65.447 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4.704 |
6.071 |
5.235 |
|
(c)
Trade receivables |
68.898 |
44.439 |
46.825 |
|
(d) Cash
and cash equivalents |
6.217 |
10.311 |
6.731 |
|
(e)
Short-term loans and advances |
9.434 |
12.278 |
10.957 |
|
(f)
Other current assets |
0.135 |
0.114 |
0.031 |
|
Total
Current Assets |
89.388 |
73.213 |
69.779 |
|
|
|
|
|
|
TOTAL |
169.940 |
165.939 |
135.226 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income / Job Charges |
318.048 |
308.681 |
273.925 |
|
|
|
Other Income |
0.973 |
0.396 |
0.324 |
|
|
|
TOTAL (A) |
319.021 |
309.077 |
274.249 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
122.067 |
108.871 |
|
|
|
Changes in inventories of finished goods, work in progress and stock
in trade |
|
0.077 |
0.006 |
|
|
|
Employee benefit expenses |
|
44.464 |
40.051 |
|
|
|
Other expenses |
|
114.441 |
97.436 |
|
|
|
TOTAL (B) |
304.424 |
281.049 |
246.364 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Including
financial |
28.028 |
27.885 |
|
|
|
|
Expenses |
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
And |
2.941 |
2.593 |
|
|
|
|
depreciation |
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
25.087 |
25.292 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
14.386 |
16.043 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT / (LOSS)
BEFORE EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
(0.082) |
(0.021) |
(0.011) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
14.679 |
10.722 |
9.260 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.434 |
3.348 |
3.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.245 |
7.374 |
5.374 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
770.41 |
614.52 |
447.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.90 |
2.39 |
1.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.61 |
3.47 |
3.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.28 |
7.32 |
7.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.21 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41 |
0.51 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
0.76 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
From banks |
0.554 |
0.554 |
|
From others |
6.648 |
6.648 |
|
|
|
|
|
Total |
7.202 |
7.202 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80047342 |
25/01/2006 |
24,800,000.00 |
DENA BANK |
SAHARA GATE, RING ROAD , SURAT, GUJARAT - 395002, |
- |
|
2 |
80047341 |
18/01/2005 |
1,235,000.00 |
DENA BANK |
SAHARA GATE, RING ROAD, SURAT, GUJARAT - 395002, |
- |
|
3 |
80047340 |
21/03/1997 |
1,300,000.00 |
DENA BANK |
SAHARA GATE, RING ROAD, SURAT, GUJARAT - 395002, |
- |
|
4 |
80047339 |
29/11/2011 * |
46,112,000.00 |
DENA BANK |
SAHARAGATE BRANCH, RING ROAD, SURAT, GUJARAT - 39 |
B26552885 |
* Date of charge modification
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicle
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 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. 61.69 |
|
|
1 |
Rs. 101.08 |
|
Euro |
1 |
Rs. 84.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.