.
MIRA
INFORM REPORT
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAMAN FIBRESCIENCE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 313, 5th Cross, 7th ‘B’ Main, 4th
Block, Koramangala Layout, Bangalore – 560034, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.01.2007 |
|
|
|
|
Com. Reg. No.: |
08-041393 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 51.608 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21099KA2007PTC041393 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRR05931C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR4755M |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged primarily in the manufacture of specially engineered Glass Fibre Mat with application as battery separator. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Reserves of the company appears to be low. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “B+” (Suspended) |
|
Rating Explanation |
Risk prone credit and very high credit risk.
|
|
Date |
25.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” (Suspended) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
25.10.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Corporate Office : |
No. 313, 5th Cross, 7th ‘B’ Main, 4th
Block, Koramangala Layout, Bangalore – 560034, Karnataka, India |
|
Tel. No.: |
91-80-41306528 |
|
Fax No.: |
91-80-41306529 |
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E-Mail : |
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|
Website : |
|
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|
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|
Factory : |
Survey No. 38, K.N. Hundi, 12th KM, |
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Tel. No.: |
91-821-2596114 |
|
Fax No.: |
91-821-2596114 |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Aroon Raman |
|
Designation : |
Director |
|
Address : |
No. 100, 5th |
|
Date of Birth/Age : |
21.03.1960 |
|
Date of Appointment : |
05.01.2007 |
|
PAN No.: |
ABXPR5463J |
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DIN No.: |
00201205 |
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|
|
|
Name : |
Mrs. Afried Raman |
|
Designation : |
Director |
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Address : |
403, Olympus – 1, |
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Date of Birth/Age : |
01.02.1963 |
|
Date of Appointment : |
05.01.2007 |
|
DIN No.: |
01192006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Aroon Raman |
|
3828000 |
|
Afried Raman |
|
10000 |
|
Sudha Raman and Mr. Manu Raman |
|
275000 |
|
Sudha Raman and Mr. Vikram Raman |
|
250000 |
|
Venkatachari Krishnan – HUF |
|
51000 |
|
Jayshree Ananth and Dr. M.S. Ananath |
|
5000 |
|
Harini Srinivasan and Ms. Shalini Deepa Srinivasan |
|
4000 |
|
Harini Srinivasan and Ms. Tulsi Srinivasan |
|
4000 |
|
Indu Malini Ananthachari |
|
15000 |
|
T. Ananthachari |
|
12500 |
|
Jayashri Sridharan and Mr. R Sridharan |
|
25000 |
|
R. Raghavan and Mrs. Lakshmi Raghvan |
|
10000 |
|
Ranga Gopalswami and Mr. R.G. Nadasur |
|
6000 |
|
Sripriya Chari |
|
30000 |
|
Mythili Rangachari |
|
6250 |
|
R. Madhavan |
|
5000 |
|
Naval Jal Patel and Mrs. Armaity Naval Patel |
|
17500 |
|
Susheela Padmanabhan and Mr. T.N.P. Durai |
|
11250 |
|
Shusheela Padmanabhan and Mrs. Jayanthi Balaji |
|
11250 |
|
Lakshmi Durai |
|
3000 |
|
Srilata Raman |
|
25000 |
|
S.R. Madhavan HUF |
|
75000 |
|
G.K. Natesh |
|
220000 |
|
|
|
|
|
Total |
|
4899750 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged primarily in the manufacture of specially engineered Glass Fibre Mat with application as battery separator. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not available |
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Bankers : |
· State Bank of India, Commercial Branch, #7/3, M.R.N. Signature, Vishwamanava Double Road, Saraswathipuram, Mysore - 570009, Karnataka, India · Small Industries Development Bank of India, Khanija Bhavan 5th Floor, East Wing 49, Race Course Road, Bangalore - 560001, Karnataka, India |
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Facilities : |
(Rs.
In Millions)
|
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
M.A. Narasimhan and Company Chartered Accountants |
|
Address : |
No. 25 (Old – 13), 1st Floor, 7th Cross,
Swimming Pool Extension, Mallesswaran, |
|
PAN No.: |
AAGFM7833H |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5160750 |
Equity Shares |
Rs.10/- each |
Rs. 51.608
Millions |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
51.608 |
51.608 |
50.000 |
|
(b) Reserves & Surplus |
26.083 |
18.772 |
2.202 |
|
(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) |
77.691 |
70.380 |
52.202 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term
borrowings |
57.535 |
67.645 |
70.425 |
|
(b) Deferred tax liabilities (Net) |
12.484 |
11.445 |
9.721 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.286 |
2.009 |
0.461 |
|
Total Non-current
Liabilities (3) |
72.305 |
81.099 |
80.607 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
49.432 |
30.312 |
28.077 |
|
(b)
Trade payables |
23.862 |
13.560 |
13.392 |
|
(c)
Other current liabilities |
20.850 |
13.012 |
9.544 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
94.144 |
56.884 |
51.013 |
|
|
|
|
|
|
TOTAL |
244.140 |
208.363 |
183.822 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
120.861 |
124.871 |
101.537 |
|
(ii)
Intangible Assets |
16.564 |
1.187 |
0.000 |
|
(iii) Capital
work-in-progress |
15.251 |
6.875 |
23.349 |
|
(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 |
12.272 |
9.958 |
6.456 |
|
(e) Other
Non-current assets |
1.416 |
1.222 |
0.059 |
|
Total Non-Current
Assets |
166.364 |
144.113 |
131.401 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
35.400 |
33.260 |
25.658 |
|
(c)
Trade receivables |
34.233 |
24.263 |
16.523 |
|
(d) Cash
and cash equivalents |
2.320 |
1.348 |
6.417 |
|
(e)
Short-term loans and advances |
5.755 |
5.371 |
3.753 |
|
(f)
Other current assets |
0.068 |
0.008 |
0.070 |
|
Total
Current Assets |
77.776 |
64.250 |
52.421 |
|
|
|
|
|
|
TOTAL |
244.140 |
208.363 |
183.822 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
201.532 |
208.392 |
140.939 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
186.852 |
189.346 |
132.370 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.680 |
190.046 |
8.569 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.186 |
5.506 |
5.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8.494 |
13.540 |
3.507 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
8.494 |
13.540 |
3.507 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
48.181 |
50.487 |
28.916 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.65 |
2.62 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.21 |
6.50 |
2.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.71 |
6.72 |
2.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.19 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.38 |
1.39 |
1.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
1.12 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OUTLOOK FOR 2013-14
The current year (2013-14), many of last year’s initiatives of product and market development have started to reflect in strong performance. Sales have increased by more than 50% and profit figures of the previous year have already been crossed. Exports are also on track to show a big jump over the previous year.
That being said, the Indian economy is facing strong headwinds. Growth has slowed further, interest rates remain high, and the Indian Rupee has plunged to unprecedented lows against the dollar. Liquidity levels in the market remain very tight and this does have the impact of restricting sales to minimize credit risks. Thanks to its strong export performance this year, the company has benefited strongly from the INR depreciation, but inputs costs have also gone up, as have uncertainties with customers in Indonesia and Brazil both markets which have also seen sharp currency devaluation.
However, they remain optimistic that they will weather the current storms and post a good performance for the coming year. They also hope to make continued progress towards becoming a global company in the medium term.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10377570 |
31/08/2012 |
9,500,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
KHANIJA BHAVAN 5TH FLOOR ,EAST WING 49, RACE COURSE ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B58491036 |
|
2 |
10075338 |
27/12/2012 * |
163,100,000.00 |
STATE BANK OF INDIA |
SME BRANCH, #7/3, M.R.N. SIGNATURE, VISHWAMANAVA |
B68828854 |
* Date of charge modification
Fixed Assets:
- Land
- Computers
- Office
Equipments
- Factory Equipments
- Furniture and
Fittings
- Motor
Vehicles
- Machineries
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. 62.99 |
|
|
1 |
Rs. 104.61 |
|
Euro |
1 |
Rs. 86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.