1. Summary Information
|
|
|
Country |
India |
|
Company Name |
SHAKTI CHEMICALS |
Principal Name 1 |
Mr. Nehal Kumar Hasmukh Gandhi |
|
Status |
Satisfactory |
Principal Name 2 |
-- |
|
|
|
Registration # |
-- |
|
Street Address |
103,
Mandvi Navjivan, 121, Kazi Sayed Street Masjid, Mumbai – 400 003, Maharashtra |
||
|
Established Years |
1996 |
SIC Code |
-- |
|
Telephone# |
91-22-23438264 |
Business Style 1 |
Trader |
|
Fax # |
91-22-23424488 |
Business Style 2 |
Importer |
|
Homepage |
Product Name 1 |
Chemicals |
|
|
# of employees |
10 (Approximately) |
Product Name 2 |
Solvents |
|
Paid up capital |
Rs.102,774,000/- |
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
ICICI Bank
Limited |
|
Public Limited Corp. |
NO |
Business Period |
|
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (43) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
273,947,000 |
Current Liabilities |
233,974,000 |
|
Inventories |
100,631,000 |
Long-term Liabilities |
51,336,000 |
|
Fixed Assets |
12,161,000 |
Other Liabilities |
0,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
285,310,000 |
|
Invest& other Assets |
1,345,000 |
Retained Earnings |
0,000 |
|
|
|
Net Worth |
102,774,000 |
|
Total Assets |
388,084,000 |
Total Liab. & Equity |
388,084,000 |
|
Total Assets (Previous Year) |
375,253,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
1,125,453,000 |
Net Profit |
22,574,000 |
|
Sales(Previous yr) |
1,018,942,000 |
Net Profit(Prev.yr) |
16,998,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAKTI CHEMICALS |
|
|
|
|
Registered
Office : |
103, Mandvi Navjivan, 121, Kazi Sayed Street Masjid,
Mumbai – 400 003, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Years of
Established : |
1996 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.102.774 Millions |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Trader and Importer of Chemicals and Solvents |
|
|
|
|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 410000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established proprietory concern having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The concern 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) |
|
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.
INFORMATION PARTED BY
|
Name : |
Mr. Dharmesh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-67435077 |
|
Date : |
11.02.2013 |
LOCATIONS
|
Registered Office : |
103, Mandvi Navjivan, 121, Kazi Sayed Street Masjid,
Mumbai – 400 003, Maharashtra, India |
|
Tel. No.: |
91-22-23438264 / 66313003 / 66313004 / 66313300 |
|
Fax No.: |
91-22-23424488 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
6000 sq ft |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Nehal Kumar Hasmukh Gandhi |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
39 Years |
|
Qualification : |
Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Dharmesh |
|
Designation : |
Accounts Manager |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Chemicals and Solvents |
|
|
|
|
Imports : |
|
|
Products : |
Chemicals and Solvents |
|
Countries : |
·
China ·
Taiwan ·
Europe ·
Korea ·
USA ·
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
10 (Approximately) |
|
|
|
|
Bankers : |
·
ICICI Bank Limited, Churchgate Branch, Mumbai,
Maharashtra, India ·
Standard Chartered Bank , Churchgate Branch,
Mumbai, Maharashtra, India |
|
|
|
|
Facilities : |
CC and LC:
Rs.300.000 Millions (Form ICICI Bank Limited) |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. M. Nayak and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2012
|
Capital Investment : |
|
|
Owned : |
Rs.102.774 Millions (Estimated) |
|
Borrowed : |
-- |
|
Total : |
Rs.102.774 Millions (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
102.774 |
80.113 |
80.113 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
102.774 |
80.113 |
80.113 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
51.336 |
39.583 |
39.583 |
|
|
TOTAL BORROWING |
51.336 |
39.583 |
39.583 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.110 |
119.696 |
119.696 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.161 |
7.053 |
7.053 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.345 |
1.345 |
1.345 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
100.631 |
118.340 |
118.341 |
|
|
Sundry Debtors |
222.946 |
210.191 |
210.191 |
|
|
Cash & Bank Balances |
1.967
|
0.735 |
32.067 |
|
|
Other Current Assets |
5.062
|
1.323 |
1.869 |
|
|
Loans, Advances & Deposit |
43.972
|
36.266 |
4.387 |
|
Total
Current Assets |
374.578
|
366.855 |
366.855 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
205.580 |
218.759 |
|
|
|
Other Current Liabilities |
28.394
|
36.798 |
|
|
|
Provisions |
0.000
|
0.000 |
39.940 |
|
Total
Current Liabilities |
233.974
|
255.557 |
255.557 |
|
|
Net Current Assets |
140.604
|
111.298 |
111.298 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.110 |
119.696 |
119.696 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1125.453 |
1018.942 |
998.833 |
|
|
|
Other Income |
10.194 |
7.571 |
19.068 |
|
|
|
TOTAL |
1135.647 |
1026.513 |
1017.901 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
1037.419 |
965.865 |
922.436 |
|
|
|
Custom Duty |
8.719 |
1.754 |
0.000 |
|
|
|
Loading / Unloading Charge |
0.570 |
0.621 |
0.000 |
|
|
|
Clearing and Forwarding Charge |
13.095 |
13.315 |
0.000 |
|
|
|
Commission on purchase |
0.742 |
0.123 |
0.000 |
|
|
|
Exposes on Purchase |
1.350 |
0.765 |
0.000 |
|
|
|
Clearing Agency Charges |
1.494 |
1.629 |
0.000 |
|
|
|
Transportation and Freight |
4.550 |
2.606 |
0.000 |
|
|
|
Exchange rate Difference |
17.924 |
0.000 |
0.000 |
|
|
|
Professional Tax |
0.014 |
0.013 |
0.000 |
|
|
|
Warehouse Charges |
1.510 |
1.555 |
1.745 |
|
|
|
Telephone Charges |
0.139 |
0.155 |
0.000 |
|
|
|
Bank Charges |
1.786 |
1.397 |
0.053 |
|
|
|
Printing and Stationery |
0.053 |
0.048 |
0.062 |
|
|
|
Conveyance |
0.031 |
0.037 |
0.030 |
|
|
|
Miscellaneous Expenses |
0.015 |
0.032 |
0.018 |
|
|
|
Rent – Office |
0.620 |
0.492 |
0.507 |
|
|
|
Postage and Courier |
0.020 |
0.017 |
0.015 |
|
|
|
Car Expenses |
0.103 |
0.071 |
0.056 |
|
|
|
Insurance Charges |
0.482 |
0.158 |
0.467 |
|
|
|
Bank Interest |
4.603 |
2.906 |
4.279 |
|
|
|
Service Tax |
0.120 |
0.091 |
0.000 |
|
|
|
Interest on Loan |
5.649 |
5.154 |
7.537 |
|
|
|
Travelling Expenses |
0.128 |
0.010 |
0.000 |
|
|
|
Professional Fees |
0.332 |
0.173 |
0.200 |
|
|
|
Salary |
1.196 |
1.079 |
0.925 |
|
|
|
Commission on Sale |
0.334 |
0.414 |
0.000 |
|
|
|
Brokerage |
4.601 |
4.446 |
3.956 |
|
|
|
Administrative and Managerial Charge |
0.072 |
0.072 |
0.000 |
|
|
|
Electricity Expenses |
0.040 |
0.052 |
0.000 |
|
|
|
Sales Tax - Others |
0.872 |
0.149 |
0.000 |
|
|
|
Entertainment Expenses |
0.066 |
0.089 |
0.000 |
|
|
|
Diwali Presentation / Laxmi Pooja Expenses |
0.040 |
0.019 |
0.000 |
|
|
|
Repairs and Maintainance |
0.016 |
0.019 |
0.000 |
|
|
|
Advertisement |
0.006 |
0.146 |
0.000 |
|
|
|
Testing Expenses |
0.006 |
0.001 |
0.000 |
|
|
|
LC Expresses |
3.371 |
3.288 |
3.249 |
|
|
|
Interest on Late Payment |
0.268 |
0.000 |
0.000 |
|
|
|
Donation |
0.006 |
0.011 |
0.000 |
|
|
|
Forwarding Expenses |
0.003 |
0.007 |
0.000 |
|
|
|
Motor Car Loan Interest paid |
0.000 |
0.014 |
0.000 |
|
|
|
Loss on Dollar Forward Booking |
0.000 |
0.019 |
0.000 |
|
|
|
Discount Expenses |
0.000 |
0.060 |
0.000 |
|
|
|
Storage Container Charge |
0.447 |
0.356 |
0.000 |
|
|
|
Society Maintance Expenses |
0.039 |
0.072 |
0.000 |
|
|
|
TOTAL |
1112.851 |
1009.300 |
994.339 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
22.796 |
17.213 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.222 |
0.215 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET
PROFIT |
22.574 |
16.998 |
23.562 |
|
Expected Sales (201-13) : Rs.1300.000 Millions
The above information has been parted by Mr. Dharmesh
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.99 |
1.66 |
2.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.01
|
1.67 |
2.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.84
|
4.55 |
2.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.21 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.78
|
3.68 |
3.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.44 |
1.44 |
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
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 |
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.53.96 |
|
|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
|
43 |
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.