|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI INDUSTRIES |
|
|
|
|
Registered
Office : |
Office No. 46, 1st Floor, Swedish Market, 316, |
|
|
|
|
Country : |
|
|
|
|
|
Year of
Establishment : |
01.04.2014 |
|
|
|
|
Capital
Investment : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AANFB7384D |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Yarn. |
|
|
|
|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
- |
NB |
New Business |
- |
|
Status : |
New Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new partnership concern and establishing itself
gradually. Mr. Ramawtar Pareek, Partner has provided general information and also
informed that concern has started its business activity from July 2014. Trade relations are improving. Business is active. Payment terms are
unknown. The concern can be considered for business dealings on a safe and
secure trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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 that 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 PARTED BY
|
Name : |
Mr. Ramawtar Pareek |
|
Designation : |
Partner |
|
Contact No.: |
91-9323030333 |
|
Date : |
22.08.2014 |
LOCATIONS
|
Registered Office : |
Office No. 46, 1st Floor, Swedish Market, 316, Kalbadevi
Road, Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22054091/ 32260331 |
|
Mobile No.: |
91-9323030333 [Mr. Ramawtar Pareek] |
|
Fax No.: |
Not Available |
|
Location : |
Rented |
|
|
|
|
Factory : |
Plot No. 14 and 15, Balaji Industries Estate, Survey No. 205/1/2,
Village Pipariya, Silvassa – 396230, Dadra and Nagar Haveli, U.T., India |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. Ramawtar Bhawarlal Pareek |
|
Designation : |
Partner |
|
Address : |
A-110, CBE Saraswat Sadan CHS Limited, Near Sai Park, Navghar Road,
Bhayander [East], Thane – 401105, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1971 |
|
Qualification : |
Graduate |
|
Experience : |
15 Years |
|
PAN No.: |
AMBPP5945Q |
|
|
|
|
Name : |
Mrs. Reena Ramawtar Pareek |
|
Designation : |
Partner |
|
Address : |
A-110, CBE Saraswat Sadan CHS Limited, Near Sai Park, Navghar Road, Bhayander
[East], Thane – 401105, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1977 |
|
Qualification : |
Graduate |
|
Experience : |
10 Years |
|
PAN No.: |
AMNPP8934B |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Yarn. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit [30 Days] |
GENERAL INFORMATION
|
Customers : |
Wholesalers ·
Ammanarul
Spinners Private Limited Address: Valapadi Thuraiyur
Road, Nagiyampatty Gangavalli TK, District Salem, Tamilnadu, India Contact No.: 91-22-22422622
[Mr. Mahesh] ·
ESS VEE
Enterprises Address: 24 B, Vinayak
Heights, Upper Govind Nagar, Malad [East], Mumbai – 400097, Maharashtra,
India Contact No.: 91-22-22075565
[Mr. Sanjaybhai] ·
Shri
Raman Textile Address: 5, Chaturbhuj
Jeevandas House, 2nd Floor, 285 Princess Street, Mumbai – 400002,
Maharashtra, India Contact No.: 91-9322072622
[Mr. Sushil Sharma] |
|
|
|
|
No. of Employees : |
10 (Approximately) |
|
|
|
|
Bankers : |
· Bank of India Banker Report: Satisfactory |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
GSV and Company Chartered Accountants |
|
Address : |
110, 1st Floor, 21 Century Business Centre, Ring Road,
Surat – 395002, Gujarat, India |
|
Tel. No.: |
91-261-4003090 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW BUSINESS
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT OF WORKING
CAPITAL REQUIREMENTS
OPERATING STATEMENT
(RS. IN MILLIONS)
|
Sr No |
|
PARTICULARS |
Estimated 2014-15 |
Projection 2015-16 |
Projection 2016-17 |
Projection 2017-18 |
Projection 2018-19 |
|
|
|
|
|
|
|
|
|
|
1 |
|
GROSS SALES |
|
|
|
|
|
|
|
i) |
Sales |
|
|
|
|
|
|
|
|
a) Domestic Sales |
55.000 |
60.500 |
66.550 |
73.205 |
80.526 |
|
|
|
b) Sub-total [a] |
55.000 |
60.500 |
66.550 |
73.205 |
80.526 |
|
|
|
c) %age rise (+) or fall (-) in net sales as compared to previous year |
0.00% |
10.00% |
10.00% |
10.00% |
10.00% |
|
|
|
Total |
55.000 |
60.500 |
66.550 |
73.205 |
80.526 |
|
|
|
|
|
|
|
|
|
|
|
ii) |
Other income |
|
|
|
|
|
|
|
|
a)Duty drawback |
-- |
-- |
-- |
-- |
-- |
|
|
|
b)Cash assistance |
-- |
-- |
-- |
-- |
-- |
|
|
|
c)Commission/Brokerage/interest |
-- |
-- |
-- |
-- |
-- |
|
|
|
d) Sub-total
[a+b+c] |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL [i] + [ii] |
55.000 |
60.500 |
66.550 |
73.205 |
80.526 |
|
|
|
|
|
|
|
|
|
|
2 |
|
COST OF SALES |
|
|
|
|
|
|
|
i) |
Purchases |
42.475 |
42.848 |
47.132 |
51.845 |
57.030 |
|
|
|
Imported |
-- |
-- |
-- |
-- |
-- |
|
|
|
Domestic |
42.475 |
42.848 |
47.132 |
51.845 |
57.030 |
|
|
ii) |
Other expenses |
13.750 |
14.425 |
15.868 |
17.454 |
19.200 |
|
|
iii) |
Sub-total [i + ii] |
56.225 |
57.273 |
63.000 |
69.300 |
76.230 |
|
|
iv) |
Add: Opening stock |
-- |
4.621 |
5.087 |
5.596 |
6.156 |
|
|
v) |
Sub-total [iii + iv] |
56.225 |
61.894 |
68.087 |
74.896 |
82.386 |
|
|
vi) |
Less: Closing Stock |
4.621 |
5.087 |
5.596 |
6.156 |
6.771 |
|
|
vii) |
SUB-TOTAL [Total cost of sales] [v - vi] |
51.604 |
56.807 |
62.491 |
68.740 |
75.614 |
|
|
|
|
|
|
|
|
|
|
3 |
|
Selling, General & Administrative Expenses (including bonus payments) |
0.660 |
0.726 |
0.899 |
1.088 |
1.297 |
|
|
|
|
|
|
|
|
|
|
4 |
|
Operating Profit before interest & Depreciation [1(iii)-2(vii)-3] |
2.736 |
2.967 |
3.161 |
3.376 |
3.614 |
|
|
|
|
|
|
|
|
|
|
5 |
|
INTEREST Exps.- Interest |
1.091 |
1.190 |
1.190 |
1.190 |
1.190 |
|
|
|
-Other Loans |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
6 |
|
DEPRECIATION |
0.716 |
0.609 |
0.517 |
0.440 |
0.374 |
|
|
|
|
|
|
|
|
|
|
7 |
|
Operating profit after interest and depreciation [4-5-6] |
0.929 |
1.169 |
1.453 |
1.747 |
2.050 |
|
|
|
|
|
|
|
|
|
|
8 |
|
(i) Add other non-operating income |
|
|
|
|
|
|
|
|
(a) |
-- |
-- |
-- |
-- |
-- |
|
|
|
(b) Misc. income |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal (income) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
(ii) Deduct other non-operating expense |
|
|
|
|
|
|
|
|
(a) Directors Remuneration |
-- |
-- |
-- |
-- |
-- |
|
|
|
(b) Interest on Partners' capital |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal (expenses) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
(iii) Net of other non-operating incomes/expenses (net of 8(i) & 8(ii)) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
9 |
|
Profit before tax/loss (7+8(iii)) |
0.929 |
1.169 |
1.453 |
1.747 |
2.050 |
|
|
|
|
|
|
|
|
|
|
10 |
|
Provision for tax |
0.287 |
0.361 |
0.449 |
0.540 |
0.634 |
|
|
|
|
|
|
|
|
|
|
11 |
|
Net profit / (loss)[9-10] |
0.642 |
0.808 |
1.004 |
1.207 |
1.417 |
|
|
|
|
|
|
|
|
|
|
12 |
|
(i) Equity dividend paid/ Drawings |
-- |
-- |
-- |
-- |
-- |
|
|
|
(ii) Dividend Rate |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
13 |
|
Retained Profit[11-12] |
0.642 |
0.808 |
1.004 |
1.207 |
1.417 |
|
|
|
|
|
|
|
|
|
|
14 |
|
Retained profit / Net Profit (%age) |
100% |
100% |
100% |
100% |
100% |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS
OF BALANCE SHEET
(RS. IN MILLIONS)
|
Sr No |
PARTICULARS |
Estimated
2014-15 |
Projection
2015-16 |
Projection
2016-17 |
Projection
2017-18 |
Projection
2018-19 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
1 |
Short term borrowings from bank (incl. Bills purchased, discounted
& excess borrowings placed on repayment basis) |
|
|
|
|
|
|
|
(i) From applicant bank |
10.000 |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
(ii) From other banks |
-- |
-- |
-- |
-- |
-- |
|
|
(iii) of which EP & BD |
-- |
-- |
-- |
-- |
-- |
|
|
Sub Total (A) |
10.000 |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
|
|
|
|
|
|
|
2 |
Short term borrowings from others |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
3 |
Sundry Creditors - Trade |
2.095 |
2.113 |
2.324 |
2.557 |
2.812 |
|
|
|
|
|
|
|
|
|
4 |
Advance payments from customers/deposits from dealers |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
5 |
Provision for Taxation |
0.287 |
0.361 |
0.449 |
0.540 |
0.634 |
|
|
|
|
|
|
|
|
|
6 |
Dividend Payable |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
7 |
Other statutory liabilities (due within one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
8 |
Deposits/Installments of term loan/DPGs/ Debentures, etc.(due within
one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
9 |
Other current liabilities & Provisions (due within one year) |
1.292 |
1.322 |
1.417 |
1.541 |
1.608 |
|
|
|
|
|
|
|
|
|
|
Sub Total (B) |
3.674 |
3.796 |
4.191 |
4.637 |
5.054 |
|
|
|
|
|
|
|
|
|
10 |
TOTAL CURRENT LIABILITIES [total of 1 to 9] |
13.674 |
13.796 |
14.191 |
14.637 |
15.054 |
|
|
|
|
|
|
|
|
|
|
TERM LIABILITIES |
|
|
|
|
|
|
11 |
Debentures (not maturing within one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
12 |
Preference Shares (redeemable after one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
13 |
Term loans (excluding installments payable within one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
14 |
Deferred Payment Credits (excl. installments due within one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
15 |
Term deposits (repayable after one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
16 |
Other term liabilities |
|
|
|
|
|
|
|
(a) Unsecured loans |
3.100 |
3.100 |
3.100 |
3.100 |
3.100 |
|
|
|
|
|
|
|
|
|
17 |
Total term
liabilities (Total of 11 to 16) |
3.100 |
3.100 |
3.100 |
3.100 |
3.100 |
|
|
|
|
|
|
|
|
|
18 |
TOTAL OUTSIDE LIABILITIES [10+17] |
16.774 |
16.896 |
17.291 |
17.737 |
18.154 |
|
|
|
|
|
|
|
|
|
|
NET WORTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
Capital |
4.975 |
5.617 |
6.425 |
7.429 |
8.636 |
|
|
|
|
|
|
|
|
|
20 |
General Reserve |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
21 |
Capital Addition |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
22 |
Other reserves (excluding provisions) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
23 |
Surplus (+) or deficit (-) in Profit & Loss Account |
0.642 |
0.808 |
1.004 |
1.207 |
1.417 |
|
|
|
|
|
|
|
|
|
24 |
NET WORTH |
5.617 |
6.425 |
7.429 |
8.636 |
10.052 |
|
|
|
|
|
|
|
|
|
25 |
TOTAL LIABILITIES [18+24] |
22.391 |
23.321 |
24.719 |
26.373 |
28.206 |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
Cash & Bank balances |
0.069 |
0.094 |
0.119 |
0.144 |
0.169 |
|
|
|
|
|
|
|
|
|
27 |
Fix Deposits |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
28 |
Receivables(Domestic) |
13.562 |
13.758 |
14.222 |
14.842 |
15.443 |
|
|
|
|
|
|
|
|
|
29 |
Inventories |
|
|
|
|
|
|
|
(i) Raw materials (including stores and other items in process of
manufacture) |
|
|
|
|
|
|
|
(a) Imported |
-- |
-- |
-- |
-- |
-- |
|
|
(b) Indigenous |
-- |
-- |
-- |
-- |
-- |
|
|
(ii) Stock-in-process |
-- |
-- |
-- |
-- |
-- |
|
|
(iii) Other consumable stores |
|
|
|
|
|
|
|
(a) Imported |
-- |
-- |
-- |
-- |
-- |
|
|
(b) Indigenous |
-- |
-- |
-- |
-- |
-- |
|
|
(iv) Finished Goods |
4.621 |
5.087 |
5.596 |
6.156 |
6.771 |
|
|
|
|
|
|
|
|
|
30 |
Advance to suppliers of Raw materials & stores/spares |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
31 |
Advance payment of taxes |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
32 |
Other current assets |
0.080 |
0.932 |
1.850 |
2.739 |
3.704 |
|
|
|
|
|
|
|
|
|
33 |
TOTAL CURRENT ASSET [Total 26 to 33] |
18.332 |
19.871 |
21.787 |
23.880 |
26.088 |
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 |
Gross Block (land & building machinery vehicles work-in-progress) |
4.775 |
4.059 |
3.450 |
2.932 |
2.493 |
|
|
|
|
|
|
|
|
|
35 |
Depreciation to date |
0.716 |
0.609 |
0.517 |
0.440 |
0.374 |
|
|
|
|
|
|
|
|
|
36 |
NET BLOCK (35-36) |
4.059 |
3.450 |
2.932 |
2.493 |
2.119 |
|
|
|
|
|
|
|
|
|
37 |
Investments/book debts /advances deposits which are not current assets |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
i.(a)Investments in subsidiary companies/ affiliates |
-- |
-- |
-- |
-- |
-- |
|
|
(b)Others |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
ii. Advances to suppliers of capital goods & contractors |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
iii. Deferred receivables (maturity exceeding one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
iv. Others |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
38 |
Non consumables stores & spare |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
39 |
Other non-current assets (incl. Dues from director) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
40 |
Total other non-current assets (Total of 38 to 40) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
41 |
Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful
debts not provided for etc.) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
42 |
TOTAL ASSETS (Total of
34,37,41 & 42) |
22.391 |
23.321 |
24.719 |
26.373 |
28.206 |
|
|
|
|
|
|
|
|
|
43 |
Tangible net worth (24-42) |
5.617 |
6.425 |
7.429 |
8.636 |
10.052 |
|
|
|
|
|
|
|
|
|
44 |
Net working Capital [(17+24)-(37+41+42)] Totally with (34-10) |
4.658 |
6.075 |
7.596 |
9.243 |
11.034 |
|
|
|
|
|
|
|
|
|
45 |
Current Ratio [34/10] |
1.34 |
1.44 |
1.54 |
1.63 |
1.73 |
|
|
|
|
|
|
|
|
|
46 |
Total Outside Liabilities / Net worth
(18/44) |
2.99 |
2.63 |
2.33 |
2.05 |
1.81 |
|
|
Quasi |
1.57 |
1.45 |
1.35 |
1.25 |
1.14 |
|
|
ADDITIONAL
INFORMATION |
|
|
|
|
|
|
|
A. Arrears of depreciation |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
B. Contingent
Liabilities: |
|
|
|
|
|
|
|
(a)Arrears of cumulative dividends |
-- |
-- |
-- |
-- |
-- |
|
|
(b)Gratuity liability not provided for |
-- |
-- |
-- |
-- |
-- |
|
|
(c)Disputed excise/ customs/tax liabilities |
-- |
-- |
-- |
-- |
-- |
|
|
(d)Other liabilities not provided for |
-- |
-- |
-- |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE
STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES
(RS. IN MILLIONS)
|
Sr No |
PARTICULARS |
Estimated
2014-15 |
Projection
2015-16 |
Projection
2016-17 |
Projection
2017-18 |
Projection
2018-19 |
|
|
|
|
|
|
|
|
|
|
A. CURRENT
ASSETS: |
|
|
|
|
|
|
1 |
Cash & Bank Balances |
0.069 |
0.094 |
0.119 |
0.144 |
0.169 |
|
|
Fix Deposit |
|
|
|
|
|
|
2 |
Investments (other than long term investments) |
|
|
|
|
|
|
|
(i) Government & other Trustee securities |
-- |
-- |
-- |
-- |
-- |
|
|
(ii) Fixed deposits with banks |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
3 |
(i) Receivables other than deferred & exports (incl. Bills
purchased & discounted by banks) |
13.562 |
13.758 |
14.222 |
14.842 |
15.443 |
|
|
(ii) Export receivable (incl. Bills purchased & discounted by
banks) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
4 |
Installments of deferred receivable (due within one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
5 |
Inventories |
|
|
|
|
|
|
|
(i) Raw materials (including stores and other items in process of manufacture) |
|
|
|
|
|
|
|
(a) Imported |
-- |
-- |
-- |
-- |
-- |
|
|
(b) Indigenous |
-- |
-- |
-- |
-- |
-- |
|
|
(ii) Stock-in-process |
-- |
-- |
-- |
-- |
-- |
|
|
(iii) Other consumable stores |
|
|
|
|
|
|
|
(a) Imported |
-- |
-- |
-- |
-- |
-- |
|
|
(b) Indigenous |
-- |
-- |
-- |
-- |
-- |
|
|
(iv) Finished Goods |
4.621 |
5.087 |
5.596 |
6.156 |
6.771 |
|
|
|
|
|
|
|
|
|
6 |
Advance to suppliers of Raw materials & stores/spares |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
7 |
Advance payment of taxes |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
8 |
Other current assets |
0.080 |
0.932 |
1.850 |
2.739 |
3.704 |
|
|
|
|
|
|
|
|
|
9 |
TOTAL CURRENT ASSETS [1 to 8] |
18.332 |
19.871 |
21.787 |
23.880 |
26.088 |
|
|
|
|
|
|
|
|
|
|
(To agree with item 34 in Form III) |
18.332 |
19.871 |
21.787 |
23.880 |
26.088 |
|
|
|
|
|
|
|
|
|
|
B. CURRENT
LAIBILITES (Other than bank borrowings for working capital) |
|
|
|
|
|
|
10 |
Short term borrowings from others |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
11 |
Sundry Creditors - Trade |
2.095 |
2.113 |
2.324 |
2.557 |
2.812 |
|
|
|
|
|
|
|
|
|
12 |
Advance payments from customers/ deposits from dealers |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
13 |
Provision for Tax |
0.287 |
0.361 |
0.449 |
0.540 |
0.634 |
|
|
|
|
|
|
|
|
|
14 |
Dividend Payable |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
15 |
Other statutory liabilities (due within one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
16 |
Deposits/Instalments of term loan/DPGs/ Debentures, etc.(due within
one year) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
17 |
Other current liabilities & Provisions (due within one year) |
1.292 |
1.322 |
1.417 |
1.541 |
1.608 |
|
|
|
|
|
|
|
|
|
18 |
TOTAL CURRENT LIABILITIES [10 to 17] |
3.674 |
3.796 |
4.191 |
4.637 |
5.054 |
|
|
|
|
|
|
|
|
|
|
(To agree with sub-total B-Form III) |
3.674 |
3.796 |
4.191 |
4.637 |
5.054 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION
OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
(RS. IN MILLIONS)
|
Sr No |
PARTICULARS |
Estimated 2014-15 |
Projection 2015-16 |
Projection 2016-17 |
Projection 2017-18 |
Projection 2018-19 |
|
1 |
Total Current Assets (Form IV) |
18.332 |
19.871 |
21.787 |
23.880 |
26.088 |
|
|
|
|
|
|
|
|
|
2 |
Other Current Liabilities (other than bank borrowings) (14 of Form IV) |
3.674 |
3.796 |
4.191 |
4.637 |
5.054 |
|
|
|
|
|
|
|
|
|
3 |
Working Capital Gap (WCP) (1-2) |
14.658 |
16.075 |
17.596 |
19.243 |
21.034 |
|
|
|
|
|
|
|
|
|
4 |
Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III) |
4.583 |
4.968 |
5.447 |
5.970 |
6.522 |
|
|
|
|
|
|
|
|
|
5 |
Actual/projected net working capital (45 in form III) |
4.658 |
6.075 |
7.596 |
9.243 |
11.034 |
|
|
|
|
|
|
|
|
|
6 |
Item 3 minus item 4 |
10.075 |
11.107 |
12.150 |
13.273 |
14.512 |
|
|
|
|
|
|
|
|
|
7 |
Item 3 minus item 5 |
10.000 |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
|
|
|
|
|
|
|
8 |
Maximum permissible bank finance (item 6 or 7 whichever is less) |
10.000 |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
|
|
|
|
|
|
|
9 |
Excess borrowings, if any representing short fall in NWC (4-5) |
-- |
-- |
-- |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
FUNDS
FLOW STATEMENT
(RS. IN MILLIONS)
|
Sr No |
PARTICULARS |
Estimated 2014-15 |
Projection 2015-16 |
Projection 2016-17 |
Projection 2017-18 |
Projection 2018-19 |
|
|
|
|
|
|
|
|
|
1 |
SOURCES |
|
|
|
|
|
|
|
[a] Net profit (after tax) |
0.642 |
0.808 |
1.004 |
1.207 |
1.417 |
|
|
[b] Depreciation |
0.716 |
0.609 |
0.517 |
0.440 |
0.374 |
|
|
Partners' Salary & interest |
-- |
-- |
-- |
-- |
-- |
|
|
[c] Increase in Capital |
4.975 |
-- |
-- |
-- |
-- |
|
|
[d] Increased in Term Liab. (incl. Public deposits) |
-- |
-- |
-- |
-- |
-- |
|
|
[e] Decrease in |
|
|
|
|
|
|
|
[i] Fixed Assets |
-- |
-- |
-- |
-- |
-- |
|
|
[ii] Other non-current Assets |
-- |
-- |
-- |
-- |
-- |
|
|
[f] Others (Unsecured Loans) |
3.100 |
-- |
-- |
-- |
-- |
|
|
[g] Total |
9.433 |
1.416 |
1.522 |
1.647 |
1.791 |
|
|
|
|
|
|
|
|
|
2 |
APPLICATION |
|
|
|
|
|
|
|
[a] Net Loss |
-- |
-- |
-- |
-- |
-- |
|
|
[b] Decrease in Term Liab. (Incl. Public deposits) |
-- |
-- |
-- |
-- |
-- |
|
|
[c] Increase in |
|
|
|
|
|
|
|
[i] Fixed Assets |
4.775 |
-- |
-- |
-- |
-- |
|
|
[ii] Other non-current Assets |
-- |
-- |
-- |
-- |
-- |
|
|
[d] Withdrawals |
-- |
-- |
-- |
-- |
-- |
|
|
[e] Others (Unsecured loans) |
-- |
-- |
-- |
-- |
-- |
|
|
[f] Total |
4.775 |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
3 |
Long Term Surplus (+) / Deficit (-) (1 minus 2) |
4.657 |
1.416 |
1.522 |
1.647 |
1.791 |
|
|
|
|
|
|
|
|
|
4 |
+ / (-) in current assets * (As per details given below) |
18.332 |
1.539 |
1.916 |
2.094 |
2.207 |
|
|
|
|
|
|
|
|
|
5 |
+ / (-) in current Liabilities other than bank borrowings |
3.674 |
0.122 |
0.394 |
0.447 |
0.417 |
|
|
|
|
|
|
|
|
|
6 |
+ / (-) in working capital Gap |
14.658 |
1.416 |
1.522 |
1.647 |
1.791 |
|
|
|
|
|
|
|
|
|
7 |
Net Surplus (+) / deficit (-) (Difference of 3 & 6) |
(10.000) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
8 |
+ / (-) in Bank Borrowings |
10.000 |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
* Break up of (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[i] + / (-) in Raw material |
-- |
-- |
-- |
-- |
-- |
|
|
[ii] + / (-) in Stock in process |
-- |
-- |
-- |
-- |
-- |
|
|
[iii] + / (-) in finished goods |
4.621 |
0.466 |
0.509 |
0.560 |
0.616 |
|
|
[iv] + / (-) in Receivables |
|
|
|
|
|
|
|
[a] Domestic |
13.562 |
0.196 |
0.464 |
0.620 |
0.602 |
|
|
[b] Export |
-- |
-- |
-- |
-- |
-- |
|
|
[iii] + / (-) in stores & spares |
-- |
-- |
-- |
-- |
-- |
|
|
[iii] + / (-) in other Current Assets |
0.149 |
0.877 |
0.943 |
0.914 |
0.990 |
|
|
|
|
|
|
|
|
|
|
Total |
18.332 |
1.539 |
1.916 |
2.094 |
2.207 |
------------------------------------------------------------------------------------------------------------------------------
FINANCIAL
DETAILS
(RS. IN MILLIONS)
|
Sr. No. |
PARTICULARS |
Estimated |
Projected |
Projected |
Projected |
Projected |
|
|
|
31.03.15 |
31.03.16 |
31.03.2017 |
31.03.2018 |
31.03.2019 |
|
a) |
Paid up Capital |
5.617 |
6.425 |
7.429 |
8.636 |
10.052 |
|
|
|
|
|
|
|
|
|
b) |
Tangible Net worth |
5.617 |
6.425 |
7.429 |
8.636 |
10.052 |
|
|
|
|
|
|
|
|
|
c) |
Investment in cost (Of which in group cost) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
d) |
Adjusted TNW |
8.717 |
9.526 |
10.529 |
11.736 |
13.152 |
|
|
|
|
|
|
|
|
|
e) |
Net Block |
4.059 |
3.450 |
2.932 |
2.493 |
2.119 |
|
|
|
|
|
|
|
|
|
f) |
Net sales : |
55.000 |
60.500 |
66.550 |
73.205 |
80.526 |
|
|
|
|
|
|
|
|
|
g) |
Other Income |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
h) |
EBIDTA |
2.736 |
2.967 |
3.161 |
3.376 |
3.614 |
|
|
|
|
|
|
|
|
|
i) |
Interest |
1.091 |
1.190 |
1.190 |
1.190 |
1.190 |
|
|
|
|
|
|
|
|
|
j) |
Gross Profit/(Loss) |
3.396 |
3.693 |
4.059 |
4.465 |
4.911 |
|
|
|
|
|
|
|
|
|
k) |
Taxes |
0.287 |
0.361 |
0.449 |
0.540 |
0.634 |
|
|
|
|
|
|
|
|
|
l) |
Cash Accruals |
1.358 |
1.416 |
1.522 |
1.647 |
1.791 |
|
|
|
|
|
|
|
|
|
m) |
Depreciation |
0.716 |
0.609 |
0.517 |
0.440 |
0.374 |
|
|
|
|
|
|
|
|
|
n) |
Net Profit/(Loss) |
0.642 |
0.808 |
1.004 |
1.207 |
1.417 |
|
|
|
|
|
|
|
|
|
o) |
Current Assets |
18.332 |
19.871 |
21.787 |
23.880 |
26.088 |
|
|
|
|
|
|
|
|
|
p) |
Current Liabilities |
13.674 |
13.796 |
14.191 |
14.637 |
15.054 |
|
|
|
|
|
|
|
|
|
q) |
RATIOS : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
r) |
Current ratio |
1.34 |
1.44 |
1.54 |
1.63 |
1.73 |
|
|
|
|
|
|
|
|
|
|
Debt/Equity : |
|
|
|
|
|
|
s) |
Term liab./ Adjusted TNW |
|
|
|
|
|
|
t) |
TOL/ Adjusted TNW |
2.99 |
2.63 |
2.33 |
2.055 |
1.81 |
|
|
TOL/Quasi Equity |
1.57 |
1.45 |
1.35 |
1.25 |
1.14 |
|
|
Profitability%: PAT/Net Sales |
1.17% |
1.33% |
1.51% |
1.65% |
1.76% |
|
|
|
|
|
|
|
|
|
|
Interest Coverage |
2.25 |
2.19 |
2.28 |
2.38 |
2.50 |
|
|
|
|
|
|
|
|
|
u) |
Inventory + Receivables/ Sales (%)
|
3.306 |
3.115 |
2.978 |
2.868 |
2.759 |
|
PARTICULARS |
Estimated |
Projected Year |
Projected Year |
Projected Year |
Projected Year |
|
|
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
|
(a) Total Current Assets |
18.332 |
19.871 |
21.787 |
23.880 |
26.088 |
|
|
|
|
|
|
|
|
(b) Other Current Liabilities |
3.674 |
3.796 |
4.191 |
4.637 |
5.054 |
|
|
|
|
|
|
|
|
(c) Working Capital Gap (a - b) |
14.658 |
16.075 |
17.596 |
19.243 |
21.034 |
|
|
|
|
|
|
|
|
(d) Minimum stipulated Net Working Capital (25% of "a") |
4.583 |
4.968 |
5.447 |
5.970 |
6.522 |
|
|
|
|
|
|
|
|
(e) Actual/Projected Net Working Capital |
4.658 |
6.075 |
7.596 |
9.243 |
11.034 |
|
|
|
|
|
|
|
|
(f) (c - d) |
10.075 |
11.107 |
12.150 |
13.273 |
14.512 |
|
|
|
|
|
|
|
|
(g) (c - e) |
10.000 |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
|
|
|
|
|
|
(h) MPBF (lower of "f" and "g") |
10.000 |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
|
|
|
|
|
|
(i) Excess Borrowings, if any |
-- |
-- |
-- |
-- |
-- |
|
Sr. No. |
PARTICULARS |
Current
Year |
Next
Year |
Next
Year |
Next
Year |
|
|
|
2014-15 |
2015-16 |
2016-17 |
2017-18 |
|
a. |
Gross Sales |
55.000 |
60.500 |
66.550 |
73.205 |
|
|
|
|
|
|
|
|
b. |
25% of Gross Sales |
13.750 |
15.125 |
16.638 |
18.301 |
|
|
|
|
|
|
|
|
c. |
5% of Gross Sales |
2.750 |
3.025 |
3.328 |
3.660 |
|
|
|
|
|
|
|
|
d. |
Actual /Projected Net Working Capital |
4.658 |
6.075 |
7.596 |
9.243 |
|
|
|
|
|
|
|
|
e. |
(b-c) |
11.000 |
12.100 |
13.310 |
14.641 |
|
|
|
|
|
|
|
|
f. |
(b-d) |
9.092 |
9.050 |
9.041 |
9.058 |
|
|
|
|
|
|
|
|
g. |
Permissible Bank Finance (Lower of e & f) |
9.092 |
9.050 |
9.041 |
9.058 |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
|
Purpose for which valuation is made |
To Avail Loan |
|
|
|
|
Date as on which valuation is made |
29.07.2014 |
|
|
|
|
Name of Proprietor of the machinery/plant
under valuation/ address |
Mr. Ramawtar B. Pareek at Plot No. 15,
Balaji Industries Estate, Survey No. 205/1/2, Village Pipariya, Silvassa –
396230, Dadra and Nagar Haveli, U.T., India |
|
|
|
|
If the asset is under joint ownership/
Co-ownership, shares of each owner. |
Proprietary Firm |
|
|
|
|
Description of the machinery/plant and the
purpose for which it is utilized |
To manufacture Fancy yarn. |
|
|
|
|
Year of Manufacture |
2009 |
|
|
|
|
Price to the owner where he is not the first
owner |
Second Owner |
|
|
|
|
Rated capacity/speed of machinery by the
original manufacturer |
20 MT per Month |
|
|
|
|
Whether presently the machinery is in
operation |
All machines are in working condition. |
|
|
|
|
What generation of technology is involved in
the machinery inspected? |
Latest Technology |
|
|
|
|
Whether inspection carried out to see the
machinery in operation |
Machines in operational condition |
|
|
|
|
Whether dry run of machinery or any other
tests carried out to ascertain its condition |
Machines are in working condition |
|
|
|
|
Date since the machinery not in operation |
Machines are in working condition |
|
|
|
|
What steps were taken to keep the machinery
in good condition or to protect it from corrosion |
Working condition |
|
|
|
|
Estimated residual life of refurbishing |
5/6 years if maintained properly |
|
|
|
|
Estimated life of similar new machinery |
15 years minimum |
|
|
|
|
Valuation method 1. Historical cost basis 2. Market price of similar new machinery 3. Distress sale value 4. Any other method with full details of the
methodology employed |
Depreciation Method |
|
|
|
|
Final value Rs. 4.775 Millions only
considered as representing a reasonable value and reason for accepting the
same. |
|
------------------------------------------------------------------------------------------------------------------------------
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. 60.44 |
|
|
1 |
Rs. 100.24 |
|
Euro |
1 |
Rs. 80.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
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.