MIRA
INFORM REPORT
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Report No. : |
313310 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHREE VENKATESH INTERNATIONAL LIMITED |
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Registered Office
: |
1st Floor, Shop No. 2440, SY. No. 74, Plot 60, Wing D, New
Bombay Market, Opposite, Garden, Umar Wada, Surat - 395002, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.12.2008 |
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Com. Reg. No.: |
04- 055735 |
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Capital
Investment / Paid-up Capital : |
Rs.2.200 Million |
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CIN No.: [Company Identification
No.] |
U52100GJ2008PLC055735 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAMCS7426D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Generic Medicines, Heart Related Medicine,
Blood Pressure Related Medicines, Atenolol, Amoxicillin, Antibiotics, Bulk
Drugs, Pharmaceutical Intermediates, Shipping of Medicines, Jelly,
Lubricating Oral Jelly, Pharmaceutical Medicines etc. |
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No. of Employees
: |
21 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 16000 |
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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 satisfactory track Record. General financial of the company seems to be sound. Profitability of
the company is fair. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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 PARTED BY
|
Name : |
Mr. Fenil |
|
Designation : |
Marketing Manager |
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Contact No.: |
91-8376808173 |
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Date : |
28.03.2015 |
LOCATIONS
|
Registered Office : |
1st Floor, Shop No. 2440, SY. No. 74, Plot 60, Wing D, New Bombay
Market, Opposite, Garden, Umar Wada, Surat - 395002, Gujarat, India |
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Tel. No.: |
91-261-3043607 |
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Mobile No.: |
91-8376808173 (Mr. Fenil) |
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Fax No.: |
91-261-3043608 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Factory : |
164, Meghani Tower, Cinema Road, Delhi Gate, Surat - 395002, Gujarat,
India |
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Location : |
Owned |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sanjaybhai Manjibhai Gadhesariya |
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Designation : |
Whole Time Director |
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Address : |
36, Bhojalram Society, Opposite Shyamsunder Society, Behind Himson
Hills, A.K. Road, Varachha, Surat – 395008, Gujarat, India |
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Date of Birth/Age : |
10.11.1978 |
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Date of Appointment : |
05.04.2014 |
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DIN No.: |
02355231 |
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Other Directorship:
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Name : |
Mr. Kishanbhai Manjibhai Gadhesariya |
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Designation : |
Whole Time director |
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Address : |
36, Bhojalram Society, Opposite Shyamsunder Society Near Dharmistha
Park, A.K. Road, Surat – 395008, Gujarat, India |
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Date of Birth/Age : |
29.01.1972 |
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Date of Appointment : |
05.04.2014 |
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DIN No.: |
02355201 |
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Other Directorship:
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Name : |
Mr. Hiteshkumar Chovatiya |
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Designation : |
Additional Director |
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Address : |
15, Sidi Wado, Hadmatia 1m Hadmatiya, Talala, Junagadh -
362140, Gujarat, India |
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Date of Birth/Age : |
23.04.1978 |
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Date of Appointment : |
27.11.2014 |
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DIN No.: |
06471452 |
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KEY EXECUTIVES
|
Name : |
R. C. Tarpara and Associate |
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Designation : |
Company Secretary |
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Address : |
212, Shajanand Complex, Behind Bhagvati Chambers, C. G. Road,
Navrangpura, Ahmendabad – 380009, Gujarat, India |
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Tel No.: |
91-79-26462005 |
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|
|
Name : |
Mr. Fenil |
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Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
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No. of Shares |
|
Sanjaybhai Manjibhai Gadhesariya |
|
55000 |
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Sarojben Manjibhai Patel |
|
10000 |
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Kishanbhai Manjibhai Gadhesariya |
|
20000 |
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Govindbhai Jerambhai Gadhesariya |
|
5000 |
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Gautambhai Vallabhbhai Saghani |
|
5000 |
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Hiteshkumar Jayantilal Chovatiya |
|
5000 |
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Manjibhai Madhabhai Gadhesariya |
|
50000 |
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Vijyaben Madhabhai Gadhesariya |
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50000 |
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Naynaben Sanjaybhai Gadhesariya |
|
10000 |
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Kiranben Kishanbhai Gadhesariya |
|
10000 |
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Total |
|
220000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Generic Medicines, Heart Related Medicine, Blood
Pressure Related Medicines, Atenolol, Amoxicillin, Antibiotics, Bulk Drugs,
Pharmaceutical Intermediates, Shipping of Medicines, Jelly, Lubricating Oral
Jelly, Pharmaceutical Medicines etc. |
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Products : |
·
Generic Medicines ·
Heart Related Medicine ·
Blood Pressure Related Medicines ·
Atenolol, Amoxicillin ·
Antibiotics ·
Bulk Drugs ·
Pharmaceutical Intermediates ·
Shipping Of Medicines ·
Jelly ·
Lubricating Oral Jelly ·
Pharmaceutical Medicines, etc. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Advance Payment |
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Purchasing : |
Advance Payment |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
21 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
R. Harsoda and Company Chartered Accountants |
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Address : |
206/207 Arthik Bhavan, Near, Bombay Garage Petrol Pump, Gondal Road,
Rajkot – 360002, Gujarat, India |
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Tel. No.: |
91-281-2230290 |
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Fax No.: |
91-281-2230290 |
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E-Mail : |
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PAN No.: |
ACIPH0536L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000 |
Equity Shares |
Rs.10/- each |
Rs.2.200
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
2.200 |
2.200 |
2.200 |
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(b) Reserves & Surplus |
3.365 |
1.060 |
0.209 |
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(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 |
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Total
Shareholders’ Funds (1) + (2) |
5.565 |
3.260 |
2.409 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
1.669 |
0.920 |
0.486 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.004 |
0.014 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
1.669 |
0.924 |
0.500 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
1.653 |
1.502 |
8.068 |
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(c) Other current
liabilities |
8.311 |
5.164 |
1.658 |
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(d) Short-term provisions |
0.560 |
0.392 |
0.238 |
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Total Current Liabilities (4) |
10.524 |
7.058 |
9.964 |
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TOTAL |
17.758 |
11.242 |
12.873 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
0.832 |
1.015 |
0.181 |
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(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) |
0.010 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.501 |
0.049 |
0.096 |
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Total Non-Current Assets |
1.343 |
1.064 |
0.277 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
10.750 |
7.115 |
1.002 |
|
(c) Trade receivables |
3.564 |
0.169 |
9.772 |
|
(d) Cash and cash
equivalents |
0.500 |
0.176 |
0.837 |
|
(e) Short-term loans and
advances |
1.352 |
2.665 |
0.262 |
|
(f) Other current assets |
0.249 |
0.053 |
0.723 |
|
Total Current Assets |
16.415 |
10.178 |
12.596 |
|
|
|
|
|
|
TOTAL |
17.758 |
11.242 |
12.873 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
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SALES |
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Income |
78.995 |
44.128 |
43.088 |
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Other Income |
2.450 |
1.449 |
0.242 |
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|
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TOTAL (A) |
81.445 |
45.577 |
43.330 |
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Less |
EXPENSES |
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||
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|
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Purchase of Stock-in-trade |
66.041 |
38.929 |
36.124 |
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Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(3.634) |
(6.113) |
0.224 |
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Employee Benefits Expenses |
3.361 |
3.337 |
1.125 |
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|
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Other Expenses |
12.400 |
8.236 |
4.975 |
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TOTAL (B) |
78.168 |
44.389 |
42.448 |
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||
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.277 |
1.188 |
0.882 |
||
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||
|
Less |
FINANCIAL
EXPENSES (D) |
0.092 |
0.009 |
0.132 |
||
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||
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
3.185 |
1.179 |
0.750 |
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Less |
DEPRECIATION/
AMORTISATION (F) |
0.301 |
0.187 |
0.074 |
||
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||
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
2.884 |
0.992 |
0.676 |
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Less |
TAX (H) |
0.579 |
0.141 |
0.299 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
2.305 |
0.851 |
0.377 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.060 |
0.209 |
(0.168) |
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||
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BALANCE CARRIED
TO THE B/S |
3.365 |
1.060 |
0.209 |
||
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EARNINGS IN
FOREIGN CURRENCY |
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||
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F.O.B. Value of Exports |
73.624 |
40.734 |
40.916 |
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TOTAL EARNINGS |
73.624 |
40.734 |
40.916 |
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||
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Earnings /
(Loss) Per Share (Rs.) |
10.47 |
3.87 |
5.88 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.92 |
1.93 |
0.87 |
|
|
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|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.15 |
2.69 |
2.05 |
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|
|
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.25 |
8.82 |
5.25 |
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|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.30 |
0.28 |
|
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|
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.28 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.44 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
2.200 |
2.200 |
2.200 |
|
Reserves & Surplus |
0.209 |
1.060 |
3.365 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2.409 |
3.260 |
5.565 |
|
|
|
|
|
|
Long Term borrowings |
0.486 |
0.920 |
1.669 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.486 |
0.920 |
1.669 |
|
Debt/Equity
ratio |
0.202 |
0.282 |
0.300 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
43.088 |
44.128 |
78.995 |
|
|
|
2.414 |
79.013 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
43.088 |
44.128 |
78.995 |
|
Profit |
0.377 |
0.851 |
2.305 |
|
|
0.87% |
1.93% |
2.92% |
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 |
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 |
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 |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans From Directors and Shareholders Relatives |
1.669 |
0.920 |
|
Total |
1.669 |
0.920 |
REVIEW OF OPERATION
During the period, the company has recorded revenue
from operations of Rs.78.995 Million as compared to previous years, revenue
from operation of Rs.44.128 Million. Profit before depreciation was Rs.3.184
Million as compared to corresponding amount of Rs.1.179 Million previous
year’s. Likewise, net profit after providing for current and deferred tax was
Rs.2.304 Million during the. The Board of Directors further increase in sales
and profitability in the years to come.
NO CHARGES EXIST FOR
COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information Gathered
by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.