|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MODERN INSECTICIDES LIMITED (w.e.f. 30.11.1992) |
|
|
|
|
Formerly Known
as : |
MODERN INSECTICIDES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor Kesar Complex, Near Malhar Cinema,
Ludhiana-141001, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.10.1990 |
|
|
|
|
Com. Reg. No.: |
16-010771 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 17.600 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24211PB1990PTC010771 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Fungicide, Public Health,
Insecticide, Seed Treatment, Combination Product and Herbicide. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 217000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The
management has failed to file its latest financials i.e. 2011-2012 with the government
department. From the previous year, it seems that there appear huge external
borrowings recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are unknown. The company can be considered for business dealings with some
cautions. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB (Long term / Short term bank facilities) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
23.10.2012 |
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 : |
2nd Floor Kesar Complex, Near Malhar Cinema,
Ludhiana-141001, Punjab, India |
|
Tel. No.: |
91-161-4300000 |
|
Mobile No.: |
91-9878419665 (Mr. Charahjit Singh) |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Surinder Singh Kooner |
|
Designation : |
Director |
|
Address : |
50-5F, Raj Guru Nagar, Ludhiana-141003, Punjab, India |
|
Date of Birth/Age : |
05.05.1943 |
|
Date of Appointment : |
22.10.1990 |
|
DIN No.: |
00704517 |
|
|
|
|
Name : |
Mr. Charanjit Singh |
|
Designation : |
Director |
|
Address : |
435/8, Krishna Nagark, Civil Lines, Ludhiana-141002, Punjab, India |
|
Date of Birth/Age : |
05.12.1980 |
|
Date of Appointment : |
16.07.2003 |
|
DIN No.: |
00704532 |
|
|
|
|
Name : |
Mr. Avtar Singh Gujral |
|
Designation : |
Director |
|
Address : |
435/7, Krishna Nagar, Civil Lines, Ludhiana-141003, Punjab, India |
|
Date of Birth/Age : |
04.03.1943 |
|
Date of Appointment : |
22.10.1990 |
|
DIN No.: |
00704545 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
Note: Major Shareholders detail file attached
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2010
|
Category |
Percentage |
|
Bodies corporate |
0.57 |
|
Directors or relatives of Directors |
95.34 |
|
Other top fifty shareholders |
4.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Fungicide, Public Health, Insecticide,
Seed Treatment, Combination Product and Herbicide. |
PRODUCTION STATUS 31.03.2011
|
Particulars |
Unit |
Capacity |
|
Liquid Formulation |
Litres |
150000 |
|
Powder Formulation |
MT Ton |
750 |
|
Grenewer Formulation |
MT Ton |
8000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Punjab National Bank, Chandigarh Road, Ludhiana -
141001, Punjab, India ·
HDFC Bank Limited |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Sareen and Associates Chartered Accountants |
|
Address : |
89-90, Partap Colony, Model Gram, Ludhiana-141001, Punjab, India |
|
PAN No.: |
AAOFA9539Q |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1760000 |
Equity Shares |
Rs.10/- each |
Rs. 17.600 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 |
17.600 |
17.600 |
17.600 |
|
|
2] Share Application Money |
5.146 |
5.146 |
5.146 |
|
|
3] Reserves & Surplus |
31.481 |
26.208 |
19.220 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
54.227 |
48.954 |
41.966 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
89.311 |
80.932 |
79.575 |
|
|
2] Unsecured Loans |
60.097 |
46.149 |
29.370 |
|
|
TOTAL BORROWING |
149.408 |
127.081 |
108.945 |
|
|
DEFERRED TAX LIABILITIES |
2.550 |
2.356 |
2.309 |
|
|
|
|
|
|
|
|
TOTAL |
206.185 |
178.391 |
153.220 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
35.032 |
29.073 |
27.337 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
194.874
|
150.987 |
132.590 |
|
|
Sundry Debtors |
132.489
|
85.594 |
79.591 |
|
|
Cash & Bank Balances |
23.450
|
29.005 |
24.038 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
39.614
|
24.771 |
32.542 |
|
Total
Current Assets |
390.427
|
290.357 |
268.761 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
212.994
|
134.152 |
137.686 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
6.780
|
7.887 |
6.692 |
|
Total
Current Liabilities |
219.774
|
142.039 |
144.378 |
|
|
Net Current Assets |
170.653
|
148.318 |
124.383 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.500 |
1.000 |
1.500 |
|
|
|
|
|
|
|
|
TOTAL |
206.185 |
178.391 |
153.220 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
269.555 |
214.877 |
158.252 |
|
|
|
Other Income |
8.902 |
3.588 |
6.490 |
|
|
|
TOTAL (A) |
278.457 |
218.465 |
164.742 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
189.120 |
148.684 |
115.993 |
|
|
|
Manufacturing Expenses |
3.252 |
2.243 |
1.327 |
|
|
|
Personal Expenses |
6.635 |
4.292 |
4.055 |
|
|
|
Administrative Expenses |
5.917 |
5.648 |
2.891 |
|
|
|
Selling Expenses |
58.919 |
44.673 |
26.456 |
|
|
|
TOTAL (B) |
263.843 |
205.540 |
150.722 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
14.614 |
12.925 |
14.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.991 |
7.328 |
8.956 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.623 |
5.597 |
5.064 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.465 |
0.463 |
0.463 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
5.158 |
5.134 |
4.601 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.108 |
0.182 |
0.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
5.050 |
4.952 |
4.390 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
415.113 |
267.696 |
258.872 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.87 |
2.81 |
2.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.81
|
2.27 |
0.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.91
|
2.39 |
2.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.21
|
1.61 |
1.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.76
|
2.60 |
2.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
2.04 |
1.86 |
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 |
No |
|
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 |
Yes |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
In Millions) |
|
From Others |
1.024 |
3.056 |
|
Security Deposits/ Advances |
59.073 |
43.093 |
|
Total |
60.097 |
46.149
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24211PB1990PLC010771 |
|
Name of the company |
MODERN INSECTICIDES LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
2nd Floor Kesar Complex, Near Malhar Cinema,
Ludhiana-141001, Punjab, India Email: vivek_guptaca@rediffmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10027218 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Punjab National Bank, Chandigarh Road, Ludhiana - 141001, Punjab,
India Email: bo2416@pnb.co.in |
|
Nature of instrument creating charge |
Packing credit agreement, deed of hypothecation to secure LC on DA
basis, foreign bills purchase, FOBP limit agreement, title deed register |
|
Date of instrument Creating the charge |
20.07.2012 |
|
Amount secured by the charge |
Rs. 250.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 11.25% P.A. Terms of Repayment On demand Margin 25% Extent and Operation of the charge 100% |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation, of stock i.e., raw material, semi finished goods,
finished goods of pesticides, insecticides, packing material, labels etc., Plot No.183, 184, 219, 220 At SICOP IID Centre Battal Ballian,
Udhampur measuring 1944 sq.yds. |
|
Date of instrument modifying the charge |
27.01.2012 |
|
Particulars of the present modification |
Total Credit facilities enhanced from Rs.177.000 millions to
RS.250.000 millions as per following detail : CC (H/BD) : Rs.60.000 millions DD (C) : Rs.10.000
millions PC : Rs.140.000
millions FOBP/FOBNLC/ FOUBP/FOUBNLC : Rs.140.000
millions ILC DA : Rs.10.000 millions Total Ceiling : Rs.250.000 millions |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Television
v
Office Equipment
·
Refrigerator
·
Air conditioner
·
Type writer
·
Photostat
·
Weightment
·
Generator
·
Water Cooler
·
Fax
·
Computer
·
Fire Extinguisher
·
Mobile
·
Shed
·
Office
·
Vaccum Cleaner
·
Fan Electric Control
Panel
·
EPABX Machine
·
Pump Set
·
Camera
·
Network Equipment
·
Invertor
·
Attendance Machine
v
Vehicle
·
Car
·
Scooter
·
Moped
·
Cycles
·
Motor Cycles
·
Truck
v
Lab Equipments
·
Lab Equipments
·
Plant and Machinery
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.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.