|
Report Date : |
31.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUSA CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
15/19, J K Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.07.1983 |
|
|
|
|
Com. Reg. No.: |
11-030449 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.468
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1983PTC030449 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK10691C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK2777R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Lube Oil Additives such as Pour Point Depressants
(PPD) and Viscosity Index Improvers (VII). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 976000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 commitment. The company can be considered normal for business dealings at usual
trade 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 : |
15/19, J K Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-26875002/ 26873979 |
|
Fax No.: |
91-22-66916192 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
DIRECTORS
AS ON 26.09.2012
|
Name : |
Mr. Ishwarbhai Vithalbhai Patel |
|
Designation : |
Director |
|
Address : |
501 Sea Princes Apartment, Plot No.20, |
|
Date of Birth/Age : |
03.06.1950 |
|
Date of Appointment : |
19.07.1983 |
|
Din No.: |
01441178 |
|
|
|
|
Name : |
Ms. Namrata Ishwarbhai Patel |
|
Designation : |
Director |
|
Address : |
501 Sea Princes Apartment, Plot No.20, |
|
Date of Birth/Age : |
02.11.1978 |
|
Date of Appointment : |
01.08.2000 |
|
Din No.: |
01930711 |
|
|
|
|
Name : |
Mrs. Ratnavali Ishwarbhai Patel |
|
Designation : |
Director |
|
Address : |
601 Sea Princes Apartment, Plot No.20, |
|
Date of Birth/Age : |
30.07.1955 |
|
Date of Appointment : |
05.06.2006 |
|
Pan No.: |
AACPP4142J |
|
Din No.: |
01930747 |
|
|
|
|
Name : |
Mr. Vikesh Ishwarbhai Patel |
|
Designation : |
Director |
|
Address : |
501 Sea Princes Apartment, Plot No.20, |
|
Date of Birth/Age : |
19.04.1981 |
|
Date of Appointment : |
18.12.2006 |
|
Din No.: |
01930777 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ishwarbhai Vithalbhai Patel |
|
75280 |
|
Ratnavali Ishwarbhai Patel |
|
43492 |
|
Namrata Ishwarbhai Patel |
|
700 |
|
Vikesh Ishwarbhai Patel |
|
700 |
|
Ishwarbhai Vithalbhai Patel HUF |
|
44510 |
|
|
|
|
|
TOTAL
|
|
164682 |
AS ON 26.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Lube Oil Additives such as Pour Point Depressants (PPD)
and Viscosity Index Improvers (VII). |
GENERAL INFORMATION
|
Customers : |
· Castrol India Limited · Hindustan Petroleum Corp. Limited · Indian Oil Corp. Limited · Bharat Petroleum Corp. Limited · Bharat Shell Limited · Wyeth Limited · Colgate Palmolive India Limited · Nipa Chemicals Limited · Valvoline Cummins Limited · Hi Shine Inks Private Limited · Aventis Pharma Limited · Marico Limited · Lanxess ABS · Avalon Cosmetics Private Limited · Reckittbenckiser · Ciba Specialty Chemicals · Total Fina Elf India Limited · Tide Water Oil Co. I. Limited · Lubrizol India Limited · Indian Petrochemicals Limited |
||||||||||||
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||||||||||||
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No. of Employees : |
Not Available |
||||||||||||
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||||||||||||
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Bankers : |
|
||||||||||||
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|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vasani and Thakkar Chartered Accountants |
|
Address : |
3, Radha Apartment, 1st Floor, Teli Galli, Andheri (East),
Mumbai-400069, Maharashtra, India |
|
PAN No: |
AAAFV1277E |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
164682 |
Equity Shares |
Rs.100/-
each |
Rs.16.468
Millions |
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 |
16.468 |
16.468 |
16.468 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
227.548 |
181.325 |
158.404 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
244.016 |
197.793 |
174.872 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.379 |
16.841 |
0.000 |
|
|
2] Unsecured Loans |
28.050 |
49.385 |
41.900 |
|
|
TOTAL BORROWING |
31.429 |
66.226 |
41.900 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
275.445 |
264.019 |
216.772 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
105.727 |
97.123 |
86.527 |
|
|
Capital work-in-progress |
5.587 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.699 |
2.194 |
1.845 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
76.014
|
86.775 |
62.117 |
|
|
Sundry Debtors |
100.632
|
101.360 |
76.608 |
|
|
Cash & Bank Balances |
8.183
|
7.748 |
12.936 |
|
|
Other Current Assets |
11.180
|
13.687 |
0.000 |
|
|
Loans & Advances |
62.513
|
34.792 |
21.217 |
|
Total
Current Assets |
258.522
|
244.362 |
172.878 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
30.997 |
|
|
Other Current Liabilities |
50.827
|
47.465 |
1.080 |
|
|
Provisions |
46.263
|
32.195 |
12.401 |
|
Total
Current Liabilities |
97.090
|
79.660 |
44.478 |
|
|
Net Current Assets |
161.432
|
164.702 |
128.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
275.445 |
264.019 |
216.772 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
66.880 |
53.257 |
36.844 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
14.333 |
13.112 |
12.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
52.547 |
40.145 |
24.291 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.065 |
13.205 |
8.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
35.482 |
26.940 |
16.144 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
169.129 |
146.208 |
130.488 |
|
|
|
|
|
|
|
|
|
Add/ Less |
INCOME TAX OF
EARLIER YEARS |
(10.741) |
4.020 |
0.424 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
215.352 |
169.128 |
146.208 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
162.635 |
101.917 |
NA |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
215.45 |
163.59 |
98.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.43
|
11.75 |
9.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.20 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.13
|
0.33 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
3.07 |
3.89 |
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 |
No |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
PERFORMANCE
REVIEW:
The Company has
made a Profit of Rs. 52.547
Millions compared to Rs. 40.145
Millions in the immediate preceding previous year.
Further export sales
during the year are increased as compared to the immediate preceding previous
year to the total turnover of current year. The company also expects to
increase the volume in the future by more than current figures. It also looks
forward to introduce new environment friendly products. Moreover the company is
taking initiative for efficient water usage techniques in production
activities, and has already done necessary changes in techniques and by adding
new technology which will help in saving lot of water.
To accelerate
further value creation, the Company continues to evaluate new areas of growth.
Their products are focused on innovation‐led business
growth for their clients. They aim to optimse their cost through a culture of
continues improvement which remains their top priority.
Subject has
inculcated a habit to be in harmony with nature and in this context,
afforestation, gardens and reuse of treated water in production and
agricultural activities are routine.
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Deposits |
|
|
|
Lubrizol Advance Material Depo (I) Limited |
0.000 |
0.585 |
|
Biopore Surgical Private Limited |
0.400 |
0.000 |
|
Loans and advances from related parties I V Patel (HUF) |
1.900 |
12.500 |
|
Other loans and
advances from Directors |
|
|
|
Ishwarbhai Vithalbhai Patel |
2.050 |
11.050 |
|
Ratnavali Ishwarbhai Patel |
12.500 |
10.900 |
|
Namrata Ishwarbhai Patel |
11.200 |
10.000 |
|
Vikesh Ishwarbhai Patel |
0.000 |
4.350 |
|
TOTAL
|
28.050 |
49.385 |
FIXED ASSETS:
WEBSITE DETAILS:
Subject was established in 1983 by Mr. Ishwar Patel, a technocrat who
obtained his master degree in chemistry from Germany in 1973. The company
started as a manufacturer of Lube Oil Additives such as Pour Point Depressants
(PPD) and Viscosity Index Improvers (VII), an area it has dominated for the
past 20+ years.
In 1991, with the addition of ethoxylation/ propoxylation facilities it
started manufacturing specialty chemicals for various industrial applications.
Their specialty chemicals include various types of EO and EO/PO Condensates,
Acrylate and Methacrylate polymers, Antioxidants, Corrosion Inhibitor,
Biocides, Metal working etc, are widely approved by many reputed Lube Oil,
Textile, Paper, Paints, Cosmetics, Adhesives, Pharmaceutical, Metal and Allied
Industries.
The development of tailor made quality products is of major interest and
the high quality standards are maintained at every level of the company even as
they continuously change to improve their selves. The plant is equipped with
the latest machines and equipment with best QC/QA lab and R and D facilities.
Management has focused on eco friendly environment by developing excellent
landscape, plantation and modern ETP.
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.53.57 |
|
|
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
49 |
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.