MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEMI CONDUCTOR LABORATORY |
|
|
|
|
Formerly Known As : |
SEMI CONDUCTOR COMPLEX LIMITED |
|
|
|
|
Registered Office : |
Sector 72, S.A.S. Nagar - 160 071, |
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|
Country : |
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|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Year of Establishment : |
1983 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 662.816 Millions |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PTLS16381B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGTS0959N |
|
|
|
|
Legal Form : |
Part of Department of Space |
|
|
|
|
Line of Business : |
Research Laboratory. |
|
|
|
|
No. of Employees : |
534 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of Department of Space, Government of India. Networth of the subject is strong and healthy. Trade relation is trustworthy. Business is active. Payment terms are
regular and as per commitment. In view of Government support, subject can be considered good 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 DENIED BY
|
Name : |
Mr. Ranbir |
|
Designation : |
Accountant |
|
Contact No.: |
91-172-2236382 |
|
Date : |
18.12.2014 |
LOCATIONS
|
Registered Office : |
Sector 72, S.A.S. Nagar - 160 071, |
|
Tel. No.: |
91-172-2237401 to 2237409/ 2236040/ 5027558 |
|
Fax No.: |
Not Available |
|
Email : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Second Floor, Core 4, Scope Minar, Luxminagar, Delhi-110 092, |
|
Tel. No.: |
91-11-22432127 |
|
Fax No.: |
91-11-22422732 |
|
|
|
|
Guest House 1 : |
SCL Housing Complex, Silicon Enclave, Near IVY Hospital, Adjacent to
St. Xavier Sr. Secondary School, (Opposite House No. 1083-84), Sector 71,
S.A.S. Nagar - 160 071, Punjab, India |
|
Tel. No.: |
91-172-2225929 |
MANAGEMENT
|
Name : |
Dr. B.N. Suresh |
|
Designation : |
Director (Vikram Sarabhai Distinguished Professor) |
|
|
|
|
Name : |
Dr. Chandrashekhar |
|
Designation : |
Director (Central Electronics Engineering Research Institute (CEERI), Pilani) |
|
|
|
|
Name : |
Prof. S.K. Lahiri |
|
Designation : |
Member, Deptt. of Electronics and Telecommunications Engineering, Indian Institute of Technology, Kharagpur |
|
|
|
|
Name : |
Dr. A. S. Kirankumar |
|
Designation : |
Space Application Centre (SAC), Ahmedabad |
|
|
|
|
Name : |
Shri E. Vasantha |
|
Designation : |
(Digital & Comm. Area), ISRO Satellite Centre (ISAC), |
|
|
|
|
Name : |
Shri John P. Zacharaiah |
|
Designation : |
Associate Director, R&D & Prod. VSSC, Thiruvananthapuram |
|
|
|
|
Name : |
A.S. Kiran Kumar, |
|
Designation : |
Director, Space Application Centre (SAC), |
|
Name : |
Mr. J. M. Amba |
|
Designation : |
Head of Accountant |
|
Name : |
Mr. Sukhbir Singh |
|
Designation : |
Controller |
|
Name : |
Mr. Surinder Singh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ranbir |
|
Designation : |
Accountant |
Central Public Information Officer
|
Name : |
Rajendra Saksena |
|
Designation : |
Head, P&GA |
Alternate Central Public Information Officer
|
Name : |
M.K. Mathur |
|
Designation : |
Head, VAPD |
Assistant Public
Information Officer
|
Name : |
Rajeev K. Kaher |
|
Designation : |
Asst. Admn. Officer, P&GA |
Transparency Officer
|
Name : |
P.J. Bhat |
|
Designation : |
Dy. Director |
Public Grievance Officer
|
Name : |
A.K. Saini |
|
Designation : |
Gp. Head, ESG |
BUSINESS DETAILS
|
Line of Business : |
Research Laboratory. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
LSI/VLSI Wafers 6” processing |
Quantity in
millions |
|
2 |
0.106 |
|
Chip on Board (COB) / ECB |
Quantity in
millions |
|
250 |
36.000 |
|
Board Level Assembly/Sub-systems |
Quantity in
millions |
|
20 |
5.051 |
|
VLSI Packaging |
Quantity in
millions |
|
100 |
42.231 |
GENERAL INFORMATION
|
Supplier : |
Not Divulged |
|
|
|
|
Customer : |
Not Divulged |
|
|
|
|
No. of Employees : |
534 (Approximately) |
|
|
|
|
Bankers : |
·
Andhra Bank ·
Indian Bank ·
State Bank of |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.K. Sood and Associates Chartered Accountants |
|
Address : |
S C O 50-51, 2nd Floor, Sector 17-A, |
CAPITAL STRUCTURE
AS ON 31.03.2014
|
Particulars |
|
31.03.2014 (Rs. in
Millions) |
|
Corpus Fund |
705.994 |
|
|
Less : Pension Fund |
0.000 |
|
|
|
|
|
|
Less: Excess of Income over Expenditure |
43.178 |
662.816 |
|
|
|
662.816 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
CAPITAL FUNDS |
|
|
|
|
|
1] Capital Fund |
662.816 |
705.994 |
842.390 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10283.918 |
10425.216 |
10837.883 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10946.734 |
11131.210 |
11680.273 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10946.734 |
11131.210 |
11680.273 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
712.990 |
716.576 |
587.502 |
|
|
Capital work-in-progress |
8128.651 |
8161.623 |
8033.945 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
115.369
|
134.614
|
145.101 |
|
|
Sundry Debtors |
46.573
|
46.143
|
57.752 |
|
|
Cash & Bank Balances |
2350.919
|
2458.156
|
3866.972 |
|
|
Other Current Assets |
79.941
|
86.286
|
201.714 |
|
|
Loans & Advances |
451.558
|
447.207
|
435.347 |
|
Total
Current Assets |
3044.360
|
3172.406
|
4706.886 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
939.267
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
939.267
|
919.395
|
1648.060 |
|
|
Net Current Assets |
2105.093
|
2253.011
|
3058.826 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10946.734 |
11131.210 |
11680.273 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Income |
|
|
|
|
|
Income from Sales |
62.012 |
56.560 |
47.618 |
|
|
Income from Services/ Assembly Job |
4.386 |
8.610 |
9.966 |
|
|
Revenue Grant |
670.000 |
525.021 |
497.800 |
|
|
Interest Earned |
43.846 |
49.020 |
40.114 |
|
|
Other Revenue |
1.558 |
8.104 |
6.398 |
|
|
Reversal Receipt for Pension |
20.991 |
18.059 |
0.588 |
|
|
Dep. Of Grant Assets |
169.093 |
161.848 |
96.910 |
|
|
Accretion to WIP/ Finished Goods |
(20.747) |
(14.340) |
11.940 |
|
|
Total Income |
951.139 |
812.882 |
711.334 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
20.504 |
12.533 |
15.156 |
|
|
Stores and Spares Consumed |
30.429 |
17.255 |
1.860 |
|
|
Testing Charges |
0.002 |
0.062 |
0.026 |
|
|
Employees Remuneration and Benefits |
447.564 |
385.261 |
341.840 |
|
|
Power & Fuel |
224.152 |
163.937 |
68.587 |
|
|
Repair and Maintenance |
34.777 |
16.453 |
17.332 |
|
|
Administrative, Selling and Other Overheads |
11.400 |
14.395 |
16.324 |
|
|
Security and Fire Fighting Expenses |
45.166 |
40.156 |
33.957 |
|
|
Inventory and Petty Assets Written off |
0.000 |
0.011 |
0.057 |
|
|
Depreciation |
180.323 |
175.963 |
111.269 |
|
Total Expenditure |
994.317 |
826.026 |
606.408 |
|
|
|
|
|
|
|
|
Excess Income of over Expenditure transferred
to Balance Sheet |
(43.178) |
(13.144) |
104.926 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Material (including agency sales &
stock & sale items) |
8.459 |
10.646 |
17.864 |
|
|
Stores, Spares & Consumables |
16.871 |
3.452 |
8.345 |
|
Total Imports |
25.330 |
14.098 |
26.209 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
(69.63) |
(23.24) |
220.35 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
(69.63) |
(23.24) |
220.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.36) |
(0.11) |
0.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.24 |
3.45 |
2.86 |
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) |
|
Capital Fund |
842.390 |
705.994 |
662.816 |
|
Reserves & Surplus |
10837.883 |
10425.216 |
10283.918 |
|
Net worth |
11680.273 |
11131.210 |
10946.734 |
|
|
|
|
|
|
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) |
|
Sales |
47.618 |
56.560 |
62.012 |
|
|
|
18.779 |
9.639 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
47.618 |
56.560 |
62.012 |
|
Profit |
104.926 |
(13.144) |
(43.178) |
|
|
220.35% |
(23.24%) |
(69.63%) |
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 |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
No |
CONTINGENT
LIABILITIES:
(Rs.
In Millions)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Guarantees
issued by banks against counter guarantees by SCL |
9.379 |
9.379 |
|
Letter
of credit & Import bills issued by banks |
3.079 |
12.759 |
|
Octroi |
4.533 |
4.533 |
|
Claims
not acknowledged as debt |
0.000 |
0.250 |
|
|
|
|
|
Total |
16.991 |
26.921 |
INTRODUCTION:
Subject an autonomous body under the Department of Space, is
engaged in Research and Development in the area of Microelectronics to meet the
strategic need of the country in this vital area. SCL activities include
design, development, manufacture, assembly and packaging and testing of COMS/
Imaging/ MEMS devices for various strategic applications. SCL is also engaged
in Hi-Rel Board Fabrication and Component Screening for ISRO, indigenization of
Electronic Boards for Air Force and Production of Radio Sonde Systems for
Atmospheric Studies. The Design, Assembly, Testing, Quality/Reliability
Assurance Facilities are already in place, and up gradation of VLSI
manufacturing facility from 0.8µm CMOS 6” Wafer Fabrication to 0.18µm CMOS 8”
Wafer Fabrication is close to completion. Development and Manufacture of ASICs
for Strategic Sector is the major thrust area.
FIXED ASSETS:
- Land Freehold
- Buildings
- Plant and Machinery
- Furniture and Fittings
- Vehicles
- Grant Assets
- Sponsored
Projects
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.63.07 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
63 |
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.