MIRA
INFORM REPORT
|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BENCHMARK COMPUTER SOLUTIONS PRIVATE LIMITED |
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|
Registered
Office : |
Unit 35G, Apollo
Industrial Premises Co-Operative Society Limited, Off Mahakali Caves Road,
Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
31.10.2002 |
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Com. Reg. No.: |
11-137752 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
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|
CIN No.: [Company Identification
No.] |
U72000MH2002PTC137752 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject provides complete solution of Hardware and Software for IT. |
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No. of Employees
: |
Information declined by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 113000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. There is a slight dip in profit of the company in 2013. However,
liquidity position of the company is strong. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered normal for business dealing 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous year.
The drop in India was steeper at 21 %. State run carrier Air India is doling
out free tickets to its 24000 employees, even as it expects to incur a loss of
Rs.39000 mn this financial year and has a debt of Rs.350000 mn. 550000 number
of jobs generated across India in 2013, a fall of 0.4 % as compared to with a
year earlier. The National Capital Region has a one-fourth share in total
jobs created, according to a study by industry lobby group Assochem, Banks,
real estate, automobile and telecommunications sectors are showing a rise of
job creation. $ 805 mn investments by venture capital firms in India during
2013, registering a drop of about 18 % over the previous year. The Information
Technology and IT-Enabled Services Industry retained its status as the
favourable venture capital investors in 2013. Pakistan has temporarily banned
gold imports for the second time in six months, as it tries to stem smuggling
into India. India’s import duty on gold is 10 % and curbs on purchases have
dried up legal imports into what used to be the world’s biggest bullion buyers.
The World Gold Council puts the amount smuggled into India at upto 200 tonnes
in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits
estimated to be about Rs.35000 mn be used for education and awareness among
depositors. According to the plan, deposits that have not been claimed
for at least 10 years will be transferred to the scheme.
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.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-26876485
LOCATIONS
|
Registered Office : |
Unit 35G, Apollo
Industrial Premises Co-Operative Society Limited, Off Mahakali Caves Road,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-26876485/ 6/ 7/ 61638990/ 40822100-103 |
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Fax No.: |
91-22-26876487/ 26875611 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
(AS ON 28.09.2013)
|
Name : |
Mr. Dhananjay Vrindawan Wakode |
|
Designation : |
Director |
|
Address : |
A-501, 5th Floor, Dheeraj Jamuna, Chincholi, Malad (West),
Mumbai – 400 064, Maharashtra, India |
|
Date of Birth/Age : |
23.11.1968 |
|
Date of Appointment : |
31.10.2002 |
|
DIN No.: |
02286601 |
|
|
|
|
Name : |
Mr. Hemant Muddanna Sanil |
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Designation : |
Director |
|
Address : |
A-21, 2nd Floor, Symphony, Chandivali Farm Road, Sakinaka, Mumbai
– 400 072, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1964 |
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Date of Appointment : |
31.10.2002 |
|
DIN No.: |
01245532 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2013)
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Dhananjay Vrindawan Wakode |
5,000 |
50.00 |
|
Hemant Muddanna Sanil |
5,000 |
50.00 |
|
Total |
10,000 |
100.00 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
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|
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides complete solution of Hardware and Software for IT. |
GENERAL INFORMATION
|
Customers : |
·
Altana Pharma Private Limited ·
Applause Entertainment ·
B. K. Birla Centre For Education ·
Bharat Co-operative Bank Limited ·
Britt Worldwide India Private Limited (Training
Institute of Amway) ·
Century Cement ·
Century Textiles and Industries Limited ·
CMA-CGM ·
DSP Designs (Architects) ·
Great Eastern Shipping Company Private Limited ·
Indian Institute of Technology (IIT Powai) ·
Indian Petrochemical Corporation Limited ·
ISKCON ·
Mahindra and Mahindra (Tractor Division) ·
Robinsons India Private Limited ·
S.P. College of Engineering ·
Samata Sahakari Bank Limited ·
Tata Institute of Social Science ·
Times of India (Multimedia Division) ·
Zydus Altana Healthcare Private Limited |
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No. of Employees : |
Information declined by management. |
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Bankers : |
·
The Bharat
Co-Operative Bank Limited Andheri Branch, B-28; MI.E. Sanjay Building No. 5, M. Vasanji Road, Marol; Andheri (East), Mumbai - 400059, Maharashtra, India ·
Union
Bank of India Gopi Kunj, Plot No. 506, 1st Road, C. D. Marg, Khar West,
Mumbai, Maharashtra - 400052, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mohan M. Pathak ad Company Chartered Accountants |
|
Address : |
36/1927, Shraddha CHS, Gandhi Nagar, W.E. Highway, Bandra (East),
Mumbai – 400 051, Maharashtra, India |
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Tel. No.: |
91-22-26427020 |
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Mobile No.: |
91-9820009117 |
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E-Mail : |
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PAN
No: |
AAGPP4351F |
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Associates : |
· HD Systems |
CAPITAL STRUCTURE
(AS ON 27.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
28.256 |
26.752 |
18.726 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
28.356 |
26.852 |
18.826 |
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.789 |
1.674 |
1.261 |
|
(b) Deferred tax liabilities
(Net) |
0.031 |
0.031 |
0.031 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2.820 |
1.705 |
1.292 |
|
|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2.000 |
4.410 |
0.000 |
|
(b) Trade payables |
11.462 |
18.126 |
14.948 |
|
(c) Other current liabilities |
0.294 |
0.018 |
0.285 |
|
(d) Short-term provisions |
3.653 |
0.617 |
0.575 |
|
Total
Current Liabilities (4) |
17.409 |
23.171 |
15.808 |
|
|
|
|
|
|
TOTAL |
48.585 |
51.728 |
35.926 |
|
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|
II.
ASSETS |
|
|
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|
(1) Non-current assets |
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2.695 |
1.937 |
1.572 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.720 |
0.129 |
0.316 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3.415 |
2.066 |
1.888 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.922 |
0.922 |
1.101 |
|
(b) Inventories |
0.416 |
1.644 |
0.463 |
|
(c) Trade receivables |
7.846 |
4.051 |
7.086 |
|
(d) Cash and cash equivalents |
32.544 |
37.739 |
19.472 |
|
(e) Short-term loans and
advances |
3.427 |
5.289 |
5.898 |
|
(f) Other current assets |
0.015 |
0.017 |
0.018 |
|
Total
Current Assets |
45.170 |
49.662 |
34.038 |
|
|
|
|
|
|
TOTAL |
48.585 |
51.728 |
35.926 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
102.262 |
97.742 |
107.187 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.681 |
8.822 |
8.119 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.773 |
0.797 |
0.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8.908 |
8.025 |
7.844 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.650 |
0.000 |
0.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.258 |
8.025 |
7.791 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.311 |
0.685 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
625.80 |
802.50 |
779.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
8.71
|
8.21 |
7.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.33
|
15.51 |
21.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.30 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17
|
0.23 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.59
|
2.14 |
2.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
18.726 |
26.752 |
28.256 |
|
Net
worth |
18.826 |
26.852 |
28.356 |
|
|
|
|
|
|
long-term borrowings |
1.261 |
1.674 |
2.789 |
|
Short term borrowings |
0.000 |
4.410 |
2.000 |
|
Total
borrowings |
1.261 |
6.084 |
4.789 |
|
Debt/Equity
ratio |
0.067 |
0.227 |
0.169 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
107.187 |
97.742 |
102.262 |
|
|
|
-8.812 |
4.624 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
107.187 |
97.742 |
102.262 |
|
Profit |
7.791 |
8.025 |
6.258 |
|
|
7.27% |
8.21% |
6.12% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
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 |
No |
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Long Term Borrowings |
|
|
|
Term Loan from
others |
|
|
|
Money Master Loan
– Honda City |
0.634 |
0.874 |
|
Money Master Loan
– Printer |
0.389 |
0.800 |
|
Money Master Loan
– Printer I |
0.655 |
0.000 |
|
Money Master Loan
– Printer II |
0.533 |
0.000 |
|
Money Master Loan
– Printer III |
0.578 |
0.000 |
|
|
|
|
|
Total |
2.789 |
1.674 |
YEAR IN RETROSPECT
The Sales for the financial year were Rs.102.262 millions as compared to
the sales of Rs.97.742 millions of the previous year.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10461532 |
02/11/2013 |
19,000,000.00 |
UNITED BANK OF
INDIA |
GOPI KUNJ, PLOT
NO. 506, 1ST ROAD, C. D. MARG, KHAR WEST, MUMBAI, MAHARASHTRA - 400052, INDIA |
B90058694 |
|
2 |
90145173 |
11/05/2004 |
1,500,000.00 |
THE BHARAT
CO-OP. BANK LIMITED |
ANDHERI BRANCH;
B-28; MI.E. SANJAY BUILDING NO. 5, M. VASANJI ROAD; MAROL; ANDHERI (EAST),
MUMBAI, |
- |
|
3 |
90141294 |
11/05/2004 |
2,100,000.00 |
THE BHARAT
CO-OP. BANK LIMITED |
ANDHERI BRANCH;
B-28; MI.E. SANJAY BUILDING NO. 5, |
- |
FIXED ASSETS:
· Computers
· Office Equipment
· Furniture and Fixtures
· Vehicles (Cars)
· Mobile
· Plant and Machinery
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 records 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 : 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.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS43 |
|
|
|
--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 |
|
45 |
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.