MIRA
INFORM REPORT
|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P P ROLLING MILLS MFGING COMPANY PRIVATE LIMITED |
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Formerly Known
As : |
P. P. Engineering Works |
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Registered
Office : |
D - 820, New Friends Colony, New Delhi - 110065 |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.04.1998 |
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Com. Reg. No.: |
55-093215 |
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Capital
Investment / Paid-up Capital : |
Rs.18.200 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U29223DL1998PTC093215 |
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|
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PAN No.: [Permanent Account No.] |
AASCP7505P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Suppliers of Rolling Mills Parts and Rolling Mills Equipment |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 530000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Latest
financials i.e. 2011-12 are missing with the government department. From the
previous year financials it seems that there appears huge external borrowings
recorded by the company. However trade relations are reported as fair.
Business is active. Payments terms 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 |
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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 |
LONG TERM BANK FACILITIES : BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
27.04.2012 |
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Rating Agency Name |
CARE |
|
Rating |
SHORT TERM BANK FACILITIES : A4 |
|
Rating Explanation |
Minimal degree of safety it carry high credit risk. |
|
Date |
27.04.2012 |
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 : |
D - 820, New Friends Colony, |
|
Tel. No.: |
91-11-26848885/ 26836340/ 26326325/ 41627515/ 41627516/ 26313774/ 26326325 |
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Fax No.: |
91-11-2683 6335 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq Ft |
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Location : |
Rented |
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Corporate Office : |
Plot No. 63, Sector 27A, Faridabad-121003, |
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Tel. No.: |
91-129-4181100 |
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Fax No.: |
91-129-4181124 |
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E-Mail Id : |
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Factory 1 : |
Shop No.7,8 and 11, Bhaskar Estates, Faridabad-121001, |
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Area : |
53000 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
Works Plot No. 39, Sector- 27 C, Faridabad-121003, |
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Tel. No.: |
91-129-2271011/ 12/ 4181100 |
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Fax No.: |
91-129-2271012 |
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Area : |
8100 sq ft |
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Location : |
Owned |
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Factory 3 : |
Plot No.70, Sector – 25, Faridabad Industrial Area, Haryana, India |
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Area : |
130000 Sq. Ft. |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Pankaj Khanna |
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Designation : |
Managing Director |
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Address : |
D-820, New Friends Colony, |
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Date of Birth/Age : |
09.02.1968 |
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Qualification : |
M.B.A |
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Date of Appointment : |
09.08.2005 |
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DIN No.: |
00169023 |
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Name : |
Mr. Praneet Khanna |
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Designation : |
Director [Operations] |
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Address : |
D - 820, New Friends Colony, |
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Date of Birth/Age : |
17.06.1975 |
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Qualification : |
M.B.A |
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Date of Appointment : |
25.03.2006 |
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DIN No.: |
00464766 |
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Name : |
Ms. Renu Khanna |
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Designation : |
Director |
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Address : |
D-820, New Friends Colony, |
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Date of Birth/Age : |
09.05.1947 |
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Qualification : |
M.B.A |
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Date of Appointment : |
09.08.2005 |
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DIN No.: |
00169121 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
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No. of Shares |
|
Renu Khanna |
|
945000 |
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Pankaj Khanna |
|
665000 |
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Prem Prakash Khanna |
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21000 |
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Praneet Khanna |
|
189000 |
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Total |
|
1820000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Suppliers of Rolling Mills Parts and
Rolling Mills Equipment |
GENERAL INFORMATION
|
Suppliers : |
· A V S Tools (India) Private Limited · Acufab Private Limited · Akansha Clearing And Forwarding Private Limited · Associated Road Carriers Limited · C S Advisory India Private Limited · Chandekar Business Media Private Limited · Dhl Express India Private Limited · E-Procurement Technologies Limited · Gulati Steels Fab Private Limited · India Infrastructure and Logistics Private Limited ·
Isr Infomedia Private Limited |
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Customers : |
· Ashiana Ispat Limited · A K Multimetals Private Limited · Balmukund Sponge and Iron Limited · Dadiji Steels Limited · Dinabandhu Steel and Power Limited · Galaxy Promoters Private Limited · Galwalia Ispat Udyog Limited · GMT Equipment Private Limited · Goenka Steels Private Limited · Kamal Sponge Steel and Power Limited · Lg Electronics India Private Limited ·
Maruti Ferrous Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
· Corporation Bank, Overseas Branch, M-93, Connaught Place, New Delhi – 110001, India · HDFC Bank Limited · HSBC Bank · ICICI Bank Limited ·
State Bank of India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K N Barry and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-11- 28752713 |
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PAN No.: |
AAFPB7583C |
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 |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1820000 |
Equity Shares |
Rs.10/- each |
Rs.18.200
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
18.200 |
18.200 |
18.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
114.499 |
83.892 |
50.680 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
132.699 |
102.092 |
68.880 |
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LOAN FUNDS |
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1] Secured Loans |
197.637 |
85.271 |
123.273 |
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2] Unsecured Loans |
1.426 |
1.352 |
1.233 |
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TOTAL BORROWING |
199.063 |
86.623 |
124.506 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
331.762 |
188.715 |
193.386 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
497.037 |
350.324 |
287.466 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
1.960 |
1.960 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.084
|
20.535 |
24.421 |
|
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Sundry Debtors |
25.215
|
34.457 |
23.984 |
|
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Cash & Bank Balances |
96.352
|
153.269 |
75.387 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
130.011
|
122.347 |
116.478 |
|
Total
Current Assets |
320.662
|
330.608 |
240.270 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
225.191
|
223.634 |
156.203 |
|
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Other Current Liabilities |
239.908
|
247.138 |
175.113 |
|
|
Provisions |
20.889
|
23.470 |
5.074 |
|
Total
Current Liabilities |
485.988
|
494.242 |
336.390 |
|
|
Net Current Assets |
(165.326)
|
(163.634) |
(96.120) |
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MISCELLANEOUS EXPENSES |
0.051 |
0.065 |
0.080 |
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|
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TOTAL |
331.762 |
188.715 |
193.386 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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|
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Income |
753.934 |
734.450 |
578.237 |
|
|
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Other Income |
31.690 |
18.313 |
9.635 |
|
|
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TOTAL |
785.624 |
752.763 |
587.872 |
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
499.903 |
470.018 |
402.069 |
|
|
|
Consumable Stores |
21.187 |
16.845 |
16.331 |
|
|
|
Power and Fuel |
14.703 |
10.610 |
7.656 |
|
|
|
Repair and Maintenance |
12.729 |
10.619 |
10.715 |
|
|
|
Rent Paid |
15.983 |
12.026 |
8.440 |
|
|
|
Advertisement |
4.844 |
1.596 |
1.418 |
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|
|
Bank Charges |
4.741 |
4.382 |
5.639 |
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|
|
Other Expenses |
137.400 |
158.022 |
122.445 |
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|
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TOTAL |
711.490 |
684.118 |
574.713 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
74.134 |
68.645 |
13.159 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
27.545 |
17.127 |
13.612 |
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PROFIT BEFORE
TAX |
46.589 |
51.518 |
(0.453) |
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|
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Less |
TAX |
14.021 |
18.307 |
1.480 |
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|
Less |
LOSS ON
INVESTMENT |
1.960 |
0.000 |
0.000 |
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PROFIT AFTER TAX
|
30.608 |
33.211 |
(1.933) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
197.950 |
408.993 |
NA |
|
|
TOTAL EARNINGS |
197.950 |
408.993 |
NA |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.80 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.90 |
4.41 |
(0.33) |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.05 |
7.01 |
(0.08 |
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.70 |
7.57 |
(0.09) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.50 |
(0.01) |
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|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
1.50 |
0.85 |
1.81 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.67 |
0.71 |
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 |
Yes |
|
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 |
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 |
DETAILS OF
UNSECURED LOAN
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Pankaj Khanna |
0.084 |
|
|
Praneet Khanna |
0.524 |
|
|
Renu Khanna |
0.818 |
|
|
Total |
1.426 |
1.352 |
FINANCIAL RESULT
The Turnover has improved for the year ended 31/03/2011 which is Rs.767.471 Millions in comparison with year ended 31/03/2010 which was Rs.739.259 Millions. The profit before tax and other adjustment is Rs.46.588 Millions in the year ended 31/03/2011 as against of Rs.51.518 Millions in the year ended 31/03/2010.
The net profit has decline due to depreciation in the current year which is Rs.27.545 Millions fixed assets in the year ended 31/03/2011 where as it was Rs.17.127 Millions in the year ended 31/03/2010. The directors expect the better working result in the coming year.
OFFICE SITE
The company has built office building in Plot No. I-42 in DLF Industrial area, Phase-I, Faridabad, Haryana. The office is very spacious, which is equipped with modern facilities and security systems. The accommodation is about 19000 square feet which is quite adequate for our use. They occupied the same in the month of September, 2010.
FACTORY SITE
The company is also constructing a factory at Plot No. 70 in Sector-25 in Faridabad Industrial Area. The expected covered area shall be about 1,30,000 square feet. The factory site shall be very spacious for the use of the company. The construction of the factory shall take more than year time for completion.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29223DL1998PTC093215 |
||||||||||||
|
Name of the
company |
P P ROLLING MILLS MFGING COMPANY PRIVATE LIMITED |
||||||||||||
|
Address of the
registered office or of the principal place of business in |
D - 820, New Friends Colony, New Delhi - 110065, India E-mail Id : accounts@pprm.in |
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|
This form is for |
Creation of
charge |
||||||||||||
|
Type of charge |
Immovable
property |
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|
Particular of
charge holder |
Corporation Bank, Overseas Branch, M-93, Connaught Place, New Delhi – 110001, India E-Mail id : pankajkpc@gmail.com |
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|
Nature of
instrument creating charge |
Memorandum of
deposits of title deeds |
||||||||||||
|
Date of
instrument Creating the charge |
26.10.2012 |
||||||||||||
|
Amount secured by
the charge |
Rs.424.500
Millions |
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|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per terms of Sanction. Terms of
Repayment As per terms of
Sanction. Margin As Per Sanction. Extent and
Operation of the charge
|
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|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
EMG of property bearing
No.I-42,DLF Industrial area Phase-I,(Eastern Side),admeasuring 903.5 Sq.
yards out of 1807 Sq. yards situated at village Mewla Maharajpur, Faridabad.
The plot is bounded as under: North : Plot No. 64 and 65. South : Road East : Plot No.I-41 West : Plot No. I-43 |
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.54.29 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.