|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOMS OUTDOOR MEDIA SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
349, Business Point, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.09.2005 |
|
|
|
|
Com. Reg. No.: |
11-156161 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74300MH2005PTC156161 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM28150D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM4369H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Out of Home Media services including Media Planning, Buying, and Designing Consultancy, Outdoor Media Monitoring services, Visual Merchandising Services, Signage and other related services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established independent out of Home Advertising Media
unit of “Madison World” which is known to be Indian’s largest Indian owned
diversified communication group. The company possesses a favourable financial profile marked by
adequate networth base and comfortable capital structure characterised by
zero debt. Management has reported a decent net profitability during FY 14 which
has led to sufficient cash inflows. The ratings also take into consideration, the subject’s robust network
and high quality experienced and creative team which innovatively and cost
effectively has served its prestigious client base for several years gaining
a valuable space in the segment. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of experienced promoters, the subject can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Anjat |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-21771500 |
|
Date : |
09.08.2014 |
LOCATIONS
|
Registered Office : |
349, Business Point, Western Express Highway, Andheri (East), Mumbai –
400069, Maharashtra, India |
|
Tel. No. : |
91-22-21771500 |
|
Fax No. : |
91-22-66750414 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Offices : |
Located at · Bhubaneshwar Chennai Cochin Guwahati Jaipur Kolkata Lucknow Mumbai Patna |
DIRECTORS
As on 03.07.2014
|
Name : |
Mr. Sam Baman Balsara |
|
Designation : |
Chairman and Managing Director, Madison World |
|
Address : |
47, Malcolm Baug, |
|
Date of Birth/Age : |
12.01.1951 |
|
Date of Appointment : |
19.09.2005 |
|
DIN No.: |
00076942 |
|
|
|
|
Name : |
Ms. Lara Sam Balsara |
|
Designation : |
Director and Business Development and Diversification Manager, Madison
World |
|
Address : |
47, Malcolm Baug, S V Road, Jogeshwari (West), Mumbai – 400102,
Maharashtra, India |
|
Date of Birth/Age : |
11.02.1981 |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00089327 |
KEY EXECUTIVES
|
Name : |
Mr. Anjat |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.07.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Sam Baman Balsara |
47500 |
95.00 |
|
Lara Sam Balsara |
2500 |
5.00 |
|
Total |
50000 |
100.00 |
As on 03.07.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Out of Home Media services including Media Planning, Buying, and Designing Consultancy, Outdoor Media Monitoring services, Visual Merchandising Services, Signage and other related services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Rege and Company Chartered Accountants |
|
Address : |
125, Hiramani Super Market, Mumbai – 400012, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS7198F |
|
|
|
|
Associates : |
· Platinum Advertising Private Limited Platinum Communications Private Limited Madison Retail Paradigm Private Limited Madison Communications Private Limited Entrust Communications Private Limited BMB Madison Advertising Private Limited Anugrah Madison Advertising Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Share |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
0.500 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
209.752 |
166.553 |
164.597 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
210.252 |
167.053 |
165.097 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
13.552 |
9.056 |
19.396 |
|
(d) long-term provisions |
4.490 |
4.325 |
0.000 |
|
Total Non-current Liabilities (3) |
18.042 |
13.381 |
19.396 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
223.738 |
206.966 |
319.047 |
|
(c) Other current
liabilities |
86.771 |
25.840 |
44.883 |
|
(d) Short-term provisions |
21.605 |
18.619 |
6.826 |
|
Total Current Liabilities (4) |
332.114 |
251.425 |
370.756 |
|
|
|
|
|
|
TOTAL |
560.408 |
431.859 |
555.249 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4.242 |
4.189 |
5.477 |
|
(ii) Intangible Assets |
1.394 |
1.215 |
1.779 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.582 |
1.444 |
1.388 |
|
(d) Long-term Loan and Advances |
28.033 |
16.027 |
15.627 |
|
(e) Other Non-current assets |
5.862 |
0.136 |
44.495 |
|
Total Non-Current Assets |
41.113 |
23.011 |
68.766 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
272.175 |
271.811 |
391.654 |
|
(d) Cash and cash
equivalents |
207.332 |
68.479 |
23.876 |
|
(e) Short-term loans and
advances |
39.788 |
68.558 |
70.953 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
519.295 |
408.848 |
486.483 |
|
|
|
|
|
|
TOTAL |
560.408 |
431.859 |
555.249 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
1072.821 |
1248.776 |
|
|
|
Other Income |
|
27.777 |
7.931 |
|
|
|
TOTAL |
1178.869 |
1100.598 |
1256.707 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1114.868 |
1046.077 |
1243.452 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
64.001 |
54.521 |
13.255 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.767 |
17.637 |
4.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
43.234 |
36.884 |
8.919 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
864.68 |
737.68 |
178.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.67 |
3.35 |
0.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.08 |
1.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.45 |
12.67 |
2.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.33 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.63 |
1.31 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
164.597 |
166.553 |
209.752 |
|
Net
worth |
165.097 |
167.053 |
210.252 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1256.707 |
1100.598 |
1178.869 |
|
|
|
(12.422) |
7.112 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1256.707 |
1100.598 |
1178.869 |
|
Profit |
8.919 |
36.884 |
43.234 |
|
|
0.71% |
3.35% |
3.67% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES OF
LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CHANGE OF ADDRESS
The Registered office of the company has been shifted
from Koch
House, Ground Floor, Jerbai Wadia Road, Sewri (West), Mumbai – 400015,
Maharashtra, India to the present address w.e.f 15.06.2011
COMPANIES AFFAIR
During the year, the Company has earned Total Income of Rs. 1178.869 Millions as compared to Rs. 1100.598 Millions in the previous year which is higher by 7.11%. Correspondingly, the expenses also increased from Rs. 1046.077 Millions in the previous year to Rs. 1114.868 Millions in the current year which is higher by 7%. The Profit Before Tax increased to Rs. 64.001 Millions as compared to Rs. 54.521 Millions in the previous year. After providing for Income Tax of Rs. 20.904 Millions and Deferred Tax Asset of Rs. 0.137 Million, the Net Profit for the year was Rs. 43.234 Millions as compared to Rs. 36.884 Millions in the previous year. The directors are hopeful of a better performance during the current financial year 2014 – 2015.
GENERAL
INFORMATION ABOUT COMPANY
The Company was incorporated on 19th September, 2005 in the name and style of “MOMS Outdoor Media Solutions Private Limited”. The Company is principally engaged in Out of Home Media services including Media Planning, Buying, and Designing Consultancy, Outdoor Media Monitoring services, Visual Merchandising Services, Signage and other related services.
FIXED ASSETS
Tangible Assets
· Furniture and Fixtures
Office
Equipment
Computer
Equipments
Other
Equipments
Intangible Assets
· Computer Software
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.61.56 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.