MIRA
INFORM REPORT
|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOVISION ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gut No. 1559/1560, Shelarwasti, Dehu - Chikhali Road, Pune - 412114,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.05.2004 |
|
|
|
|
Com. Reg. No.: |
25-019296 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.428 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28939PN2004PTC019296 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET05044E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT0511E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of material handling systems. |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 37000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company 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.
LOCATIONS
|
Registered Office / Factory: |
Gut No. 1559/1560, Shelarwasti, Dehu - Chikhali Road, Pune - 412114,
Maharashtra, India |
|
Tel. No.: |
91-20-66346500 / 02 |
|
Fax No.: |
91-20-66346555 |
|
E-Mail : |
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|
Website : |
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|
Area : |
18000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Uday Narendra Kalyankar |
|
Designation : |
Director |
|
Address : |
Flat No. 1, Rh 963, Yashodhan, Co-operative Housing Society, Shahunagar,
Chinchwad, Pune-411019, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1970 |
|
Qualification : |
BE |
|
Date of Appointment : |
21.05.2004 |
|
DIN No.: |
01997635 |
|
|
|
|
Name : |
Mr. Sameer Ramesh Patil |
|
Designation : |
Director |
|
Address : |
Flat No. C 8, Rh 93, |
|
Date of Birth/Age : |
13.01.1972 |
|
Qualification : |
BE |
|
Date of Appointment : |
21.05.2004 |
|
DIN No.: |
01997649 |
|
|
|
|
Name : |
Mrs. Anjali Sameer Patil |
|
Designation : |
Director |
|
Address : |
C 8, Rh 3, |
|
Date of Birth/Age : |
01.08.1973 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
21.05.2004 |
|
DIN No.: |
01997667 |
|
|
|
|
Name : |
Mrs. Archana Uday Kalyankar |
|
Designation : |
Director |
|
Address : |
Yashodhan, Rh 96/3, Flat No. 1, Shahu Nagar, Chinchwad, Pune - 411019,
Maharashtra, India |
|
Date of Birth/Age : |
05.08.1973 |
|
Qualification : |
MSC |
|
Date of Appointment : |
21.05.2004 |
|
DIN No.: |
02002141 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Sameer Ramesh Patil |
1071 |
|
Uday Narendra Kalyankar |
1071 |
|
Anjali Sameer Patil |
1070 |
|
Archana Uday Kalyamkar |
1070 |
|
TOTAL
|
4282 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of material handling systems. |
GENERAL INFORMATION
|
No. of Employees : |
60 (Approximately) |
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Bankers : |
Ø IDBI Bank
Limited, Pune, Maharashtra, India Ø The Vishweshwar Sahakari
Bank Limited, Yamuna Nagar Branch, 471/472, Market Yard, Gultekadi, Pune -
411037, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. V. Mirji and Associates Chartered Accountants |
|
Address : |
I-8 Saket Society, 115/6, Shivtirth Nagar, Paud Road, Pune – 411038,
Maharashtra, India |
|
PAN No.: |
ABRPM2737Q |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4282 |
Equity Shares |
Rs.100/-
each |
Rs. 0.428
Million |
|
|
|
|
|
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 |
0.428 |
0.428 |
0.428 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.937 |
7.070 |
5.242 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.365 |
7.498 |
5.670 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.060 |
18.106 |
9.622 |
|
|
2] Unsecured Loans |
0.304 |
0.000 |
0.051 |
|
|
TOTAL BORROWING |
13.364 |
18.106 |
9.673 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.729 |
25.604 |
15.343 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.777 |
9.254 |
8.427 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
1.965 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.884
|
12.952
|
9.256
|
|
|
Sundry Debtors |
15.401
|
18.698
|
15.344
|
|
|
Cash & Bank Balances |
4.787
|
3.820
|
0.115
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
0.647
|
1.064
|
0.446
|
|
Total
Current Assets |
25.719
|
36.534 |
25.161 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.297
|
13.598
|
14.852
|
|
|
Other Current Liabilities |
2.202
|
2.139
|
0.826
|
|
|
Provisions |
2.268
|
4.447
|
4.532
|
|
Total
Current Liabilities |
12.767
|
20.184 |
20.210 |
|
|
Net Current Assets |
12.952
|
16.350
|
4.951
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.729 |
25.604 |
15.343 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
120.025 |
128.234 |
84.196 |
|
|
|
Other Income |
NA |
0.304 |
0.323 |
|
|
|
TOTAL (A) |
NA |
128.538 |
84.519 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
116.068 |
74.188 |
|
|
|
General and Administrative Expenses |
|
6.509 |
5.665 |
|
|
|
Selling and Marketing Expenses |
|
0.542 |
0.140 |
|
|
|
TOTAL (B) |
NA |
123.119 |
79.993 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
5.419 |
4.526 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
1.588 |
1.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
3.831 |
3.450 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
NA |
1.268 |
1.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
NA |
2.563 |
2.314 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1.866 |
2.563 |
2.314 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
435.78 |
598.55 |
540.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.99 |
2.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.00 |
2.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
5.60 |
6.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.34 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.43
|
2.41 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.81 |
1.24 |
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 |
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 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
From Directors |
0.304 |
0.000 |
|
|
|
|
|
TOTAL |
0.304 |
0.000 |
NOTE
The registered office of
the company has been shifted from RH/96/3, Flat No.1, Yashodhan
Company-operative Housing Society, Shahunagar, Chinchwad, Pune-411019,
Maharashtra, India to the present address w.e.f. 01.01.2009
OPERATIONAL REVIEW
The company continued to carry on the business of designing,
manufacturing and dealing in the special purpose machines, appliances,
instruments etc.
The turnover of the Company has decreased considerably. But there is a
decrease in expenditures of the company during the year due to which the
company has earned more profits as compared to the previous financial year.
The board is taking steps toward maintaining an increasing trend in the
profits of the company in the current financial year.
FORM 8
|
Corporate
identity number of the company |
U28939PN2004PTC019296 |
|
Name of the
company |
TECHNOVISION
ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gut No. 1559/1560, Shelarwasti, Dehu - Chikhali Road, Pune - 412114,
Maharashtra, India Email ID: msncs@vsnl.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10154368 |
|
Type of charge |
Immovable
Property Book Debts Others (Stock) |
|
Particular of
charge holder |
The Vishweshwar Sahakari Bank Limited, Yamuna Nagar Branch, 471/472,
Market Yard, Gultekadi, Pune - 411037, Maharashtra, India Email ID: vsbl@vsnl.net |
|
Nature of
description of the instrument creating or modifying the charge |
Loan account
closure certificate for Rs. 2.000 Millions |
|
Date of
instrument Creating the charge |
24.08.2012 |
|
Amount secured by
the charge |
Rs.1.500 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14.50% Per Annum Terms of Repayment Period of
repayment - 60 Months. EMI - RS.
37,500/- Margin 25/40/10 % Extent and Operation of the charge To the extent of
Rs. 1.500 Millions (working capital term loan). Others The immovable
property mentioned in this form is offered as collateral security. Stock, debtors and
deposit is offered as primary security. |
|
Short particulars
of the property charged |
Land at Gat
No.1559/1560 and Private Plot Nos. B 1-5,1-6,1-7 ADM. in Total 1539.30 sq.
mtrs. Situated at Chikhali, Haveli, Pune as described in scheme to additional
supplementary mortgage deed. |
|
Date of latest
modification prior to the present modification |
03.03.2009 |
|
Particulars of
the present modification |
The charge of Rs.
3.500 Millions Comprises of two limits of Rs. 2.000 Millions (Term Loan) and Rs.
1.500 Millions (Working Capital Term Loan). Due to satisfaction of term loan
of Rs. 2.000 Millions Present Modification, is done to reduce the charge
limit by Rs. 2.000 Millions so as to continue the charge to the extent of
Rs.1.500 Millions only, to the extent of Working Capital Term Loan. |
FIXED ASSETS
·
Factory Land
·
Factory Building
·
Computer
·
Motor Vehicles
·
Office Equipments
·
Plant and Machinery
·
Furniture and Fixture
·
Electrical Installation
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. 54.05 |
|
|
1 |
Rs. 83.44 |
|
Euro |
1 |
Rs. 72.53 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.