MIRA
INFORM REPORT
|
Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HYDROLINE PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3/1, Varsova Layout, C V Raman Nagar, Bangalore – 560093, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.03.2001 |
|
|
|
|
Com. Reg. No.: |
08-028773 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 66.563 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33130KA2001PTC028773 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH0075AF |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH9129E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Hydrolic Products |
|
|
|
|
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 740000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. 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 : |
3/1, Varsova Layout, C V Raman Nagar, Bangalore – 560093,
Karnataka, India |
|
Tel. No.: |
91-80-28473911 |
|
Fax No.: |
91-80-28473915 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot 37/1 and 37/2,
Cheemasandra Village, Virgonagar PO, Old Madras Road , Bangalore- 560
049, Karnataka, India |
|
Tel. No.: |
91-80-30782768 / 30782780 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Rajagopalam Desikan |
|
Designation : |
Managing Director |
|
Address : |
47, Versva Layout, kaggadasapura Road, C.V. Raman Nagar, Bangalore –
560093, Karnataka, India |
|
Date of Birth/Age : |
01.12.1942 |
|
Date of Appointment : |
19.03.2001 |
|
PAN No. : |
AANPD9453B |
|
DIN No.: |
00219111 |
|
|
|
|
Name : |
Mrs. Hema Desikan |
|
Designation : |
Whole-Time Director |
|
Address : |
47, Versva Layout, kaggadasapura Road, C.V. Raman Nagar, Bangalore –
560093, Karnataka, India |
|
Date of Birth/Age : |
09.07.1949 |
|
Date of Appointment : |
19.03.2001 |
|
PAN No. : |
AANPD9452A |
|
DIN No.: |
00219124 |
|
|
|
|
Name : |
Mr. Prabhu Krishnaswamy |
|
Designation : |
Whole-Time Director |
|
Address : |
1074/C, 11th Main, Hal II Sage, Bangalore – 560008,
Karnataka, India |
|
Date of Birth/Age : |
30.10.1965 |
|
Date of Appointment : |
19.03.2001 |
|
PAN No. : |
ADIPK7612H |
|
DIN No.: |
00219139 |
KEY EXECUTIVES
|
Name : |
Mr. Janardanan Subramanian |
|
Designation : |
Secretary |
|
Address : |
Sreyas 1266, 2nd Cross, Hal III Stage, Bangalore – 560075,
Karnataka, India |
|
Date of Appointment : |
06.03.2003 |
|
PAN No. : |
AFOPJ6458A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rajagopalam Desikan |
|
531480 |
|
Hema Desikan |
|
67250 |
|
Prabhu Krishnaswamy |
|
66900 |
|
Total |
|
665630 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hydrolic Products |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2012)
|
Particulars |
Unit |
Actual
Production |
|
Level Gauges |
Nos |
146110 |
|
Breathers |
Nos |
402851 |
|
Strainers |
Nos |
256927 |
|
Filters |
Nos |
649084 |
|
Valves |
Nos |
14408 |
|
Magnetic Tank |
Nos |
2280 |
|
Diffusers |
Nos |
4593 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shankar Rajan Kalyan Chartered Accountants |
|
Address : |
Kalyan, No. 499, 6th Cross 1st
Block, Rajajinagar Bangalore – 560010, Karnataka, India |
|
PAN.: |
ABVPS3363C |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.100/- each |
Rs.75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
665630 |
Equity Shares |
Rs.100/-
each |
Rs.66.563
Millions |
|
|
|
|
|
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
R. Desikan |
5,31,480 |
80.00% |
|
Hema Desikan |
67,250 |
10.00% |
|
Prabhu Krishnaswamy |
66,900 |
10.00% |
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 |
66.563 |
66.563 |
66.563 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
120.861 |
98.600 |
87.545 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
187.424 |
165.163 |
154.108 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2.899 |
2.678 |
2.624 |
|
|
TOTAL BORROWING |
2.899 |
2.678 |
2.624 |
|
|
DEFERRED TAX LIABILITIES |
2.121 |
3.191 |
4.332 |
|
|
|
|
|
|
|
|
TOTAL |
192.444 |
171.032 |
161.064 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
58.274 |
62.027 |
64.899 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.288 |
8.998 |
8.535 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.277
|
19.746 |
15.295 |
|
|
Sundry Debtors |
29.843
|
29.207 |
27.501 |
|
|
Cash & Bank Balances |
100.899
|
86.133 |
15.516 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
11.016
|
11.481 |
73.702 |
|
Total
Current Assets |
163.035
|
146.567 |
132.014 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.171
|
24.353 |
32.013 |
|
|
Other Current Liabilities |
19.327
|
22.207 |
3.000 |
|
|
Provisions |
4.655
|
0.000 |
9.393 |
|
Total
Current Liabilities |
49.153
|
46.560 |
44.406 |
|
|
Net Current Assets |
113.882
|
100.007 |
87.608 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
192.444 |
171.032 |
161.064 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
348.731 |
299.015 |
205.497 |
|
|
|
Other Income |
12.378 |
9.533 |
7.572 |
|
|
|
TOTAL (A) |
361.109 |
308.548 |
213.069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
291.439 |
257.020 |
174.928 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
291.439 |
257.020 |
174.928 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.670 |
51.528 |
38.141 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
1.993 |
1.573 |
1.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
67.677 |
49.955 |
36.692 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
10.755 |
9.931 |
10.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
56.922 |
40.024 |
26.551 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
(1.070) |
(1.142) |
(1.092) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
57.992 |
41.166 |
27.643 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.099 |
2.045 |
2.600 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
10.000 |
|
|
|
Deferred Tax Asset- Reversal |
0.000 |
0.002 |
0.000 |
|
|
|
Provision for Income Tax |
20.000 |
14.638 |
10.410 |
|
|
|
Provision for Dividend |
13.312 |
13.312 |
6.656 |
|
|
|
Provision for Dividend Tax |
2.314 |
2.159 |
1.131 |
|
|
BALANCE CARRIED
TO THE B/S |
15.465 |
3.099 |
2.045 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
129.109 |
98.171 |
40.173 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
53.000 |
37.00 |
26.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
16.06
|
13.34 |
12.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.32
|
13.39 |
12.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.72
|
19.20 |
13.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.24 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.32
|
3.15 |
2.97 |
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] |
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 year a growth of 16.63% in sales was achieved. There has been an increase in sales from Rs. 299.015 Millions in previous year to Rs. 348.731 Millions during the year. Net Profit before tax for the year ended 31st March 2012 was Rs. 56.922 Millions as compared to Rs. 43.210 Millions for the previous, thus recording a growth of 31.73%. Export Sales developed by 41.59% from Rs. 97.554 Millions in the previous year to Rs. 138.125 Millions during the year, while domestic sales recorded an increase of 4.54% from Rs. 201.461 Millions in the previous year to Rs. 210.606 Millions during the year.
OPERATIONS AND FUTURE
OUTLOOK
The Company is engaged in manufacture of hydrolic products, the main products being filters, level gauges and strainers. Other products include breathers, valves, magnetic tanks and diffusers.
The Company is committed to maintaining quality standards and its products are well received in the market because of their quality standards and brand image. The Company also obtained ISO Certification. As in the previous year, the outlook for the current financial year appears encouraging. The current order book position is satisfactory and it is proposed to continue the momentum of growth during the current year. Plans have been drawn up and are being implemented in stages for re-engineering of production facilities and layouts and for installing additional machineries and equipment to meet the anticipated increase in demand. Adequate measures have been taken to increase sales through wider scope of product applications and vigorous marketing efforts, and to improve profitability by cost control and better price realizations.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-Term Borrowings |
|
|
|
Deposits from directors |
0.350 |
0.350 |
|
Other loans and advances |
2.549 |
2.328 |
|
Total |
2.899 |
2.678 |
Fixed Assets
· Buildings
· Factory building
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
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.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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.