MIRA INFORM REPORT
|
Report No. : |
318268 |
|
Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADEL SHIPPING
AND LOGISTICS LIMITED |
|
|
|
|
Registered
Office : |
Essar Technopark II, Old Swan Mills Compound, LBS Marg, Off BKC, Kurla
(west), Mumbai – 400070, Maharashtra |
|
Tel. No.: |
91-22-66601100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.02.2010 |
|
|
|
|
Com. Reg. No.: |
11-199815 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 19.150 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63000MH2010PLC199815 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA36635E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA2170J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the Business of Shipping Activity. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of Adel Shipping Holdings
Limited. It is an established company having satisfactory track. The management has witnessed decent increase in its profitability even
though there was only marginal increase in its total income during FY2014. The company has healthy capital structure and good liquidity position.
However, it has huge receivables which may act as a threat to its liquidity. In the view of good operational performance and support from its
holding company, subject can be considered normal for short to medium term
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.
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. Milind Makade |
|
Designation : |
Deputy Accountant |
|
Contact No.: |
91-22-66601100 |
|
Date : |
20.04.2015 |
LOCATIONS
|
Registered Office : |
Essar Technopark II, Old Swan Mills Compound, LBS Marg, Off BKC, Kurla
(West), Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-66601100 |
|
Fax No : |
91-22-23544446 |
|
E-Mail : |
DIRECTORS
As on : 26.09.2013
|
Name : |
Mr. Ramakrishnan Aduthurai Perumalkoil Ramachandran |
|
Designation : |
Director |
|
Address : |
Madan Smruti, 7th Floor, Veer Savarkar Road, Dadar (West), Mumbai - 400 028, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1957 |
|
Date of Appointment : |
08.02.2010 |
|
DIN No.: |
00583765 |
|
|
|
|
Name : |
Mr. Anant Dhandhania |
|
Designation : |
Director |
|
Address : |
Flat No. 501, Bullet Apartments, Hindu Colony, Dadar East , Mumbai - 400 014, Maharashtra, India |
|
Date of Birth/Age : |
31.12.1986 |
|
Date of Appointment : |
08.02.2010 |
|
DIN No.: |
02912818 |
|
|
|
|
Name : |
Mr. Ashok Vaidyanathan |
|
Designation : |
Director |
|
Address : |
Flat No. 501, Bullet Apartments. Hindu Colony, Dadar (East), Mumbai - 400 014, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1963 |
|
Date of Appointment : |
08.02.2010 |
|
DIN No.: |
01089738 |
KEY EXECUTIVES
|
Name : |
Martino Ferrao and Associates |
|
Designation : |
Secretory |
|
Address : |
Level 3, Office # 301, Dhun Building, 23/25, Janmabhoomi Marg, Fort,
Mumbai – 400001, Maharashtra, India |
|
E- mail : |
|
|
|
|
|
Name : |
Mr. Milind Makade |
|
Designation : |
Deputy Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 26.09.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Adel Shipping Holdings Limited, India |
1914940 |
100.00 |
|
V. Ashok jointly with Adel Shipping Holdings Limited |
10 |
0.00 |
|
Manoj Contractor jointly with Adel Shipping Holdings Limited |
10 |
0.00 |
|
Vikram Gupta jointly with Adel Shipping Holdings Limited |
10 |
0.00 |
|
S. Raman jointly with Adel Shipping Holdings Limited |
10 |
0.00 |
|
Mitish Somani jointly with Adel Shipping Holdings Limited |
10 |
0.00 |
|
Girish Joshi jointly with Adel Shipping Holdings Limited |
10 |
0.00 |
|
Total |
1915000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the Business of Shipping Activity. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Financial Institution : |
|
|
|
|
|
Auditors : |
|
|
Name : |
J. K. Doshi and Company Chartered Accountant |
|
Address : |
19 Khetan Bhavan, 198 Jhamshedji Tata Road, Mumbai – 400020, Maharashtra,
India |
|
Tel. No.: |
91-22-22820813 |
|
Fax No.: |
91-22-22820917 |
|
PAN No.: |
AAAFJ0776E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Adel Shipping Holdings Limited U65191MH2010PLC202307 |
CAPITAL STRUCTURE
As on : 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs. 220.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1915000 |
Equity Shares |
Rs.10/- each |
Rs. 19.150
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.150 |
19.150 |
19.150 |
|
(b) Reserves & Surplus |
152.817 |
134.761 |
127.884 |
|
(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) |
171.967 |
153.911 |
147.034 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
304.831 |
332.077 |
361.261 |
|
(b) Deferred tax liabilities (Net) |
21.955 |
13.888 |
8.443 |
|
(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) |
326.786 |
345.965 |
369.704 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
4.569 |
5.838 |
3.850 |
|
(c) Other
current liabilities |
63.667 |
55.315 |
48.798 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
68.236 |
61.153 |
52.648 |
|
|
|
|
|
|
TOTAL |
566.989 |
561.029 |
569.386 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
331.412 |
372.839 |
434.589 |
|
(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 |
40.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.196 |
9.059 |
8.551 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
371.608 |
381.898 |
443.140 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
190.113 |
169.818 |
105.269 |
|
(d) Cash
and cash equivalents |
2.575 |
8.148 |
19.910 |
|
(e)
Short-term loans and advances |
2.399 |
1.165 |
1.007 |
|
(f) Other
current assets |
0.294 |
0.000 |
0.060 |
|
Total
Current Assets |
195.381 |
179.131 |
126.246 |
|
|
|
|
|
|
TOTAL |
566.989 |
561.029 |
569.386 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
181.128 |
179.165 |
157.762 |
|
|
|
|
Other Income |
0.762 |
0.092 |
0.284 |
|
|
|
|
TOTAL |
181.890 |
179.257 |
158.046 |
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Employees benefits expense |
7.624 |
4.836 |
4.526 |
|
|
|
|
Other expenses |
2.771 |
2.792 |
22.463 |
|
|
|
|
Operating expenses |
21.232 |
42.458 |
0.000 |
|
|
|
|
TOTAL
|
31.627 |
50.086 |
26.989 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
150.263 |
129.171 |
131.057 |
|
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
21.403 |
22.700 |
22.158 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
128.860 |
106.471 |
108.899 |
|
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
82.155 |
91.069 |
107.178 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
46.705 |
15.402 |
1.721 |
|
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
28.649 |
8.527 |
17.039 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
18.056 |
6.875 |
(15.318) |
|
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K) |
(33.089) |
(39.965) |
(24.648) |
||
|
|
|
|
|
|
|
|
|
|
Balance Carried to the B/S (J+K+L-M) |
(15.033) |
(33.090) |
(39.966) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.00 |
4.00 |
(8.00) |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
9.97 |
3.84 |
(9.71) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
82.96 |
72.10 |
83.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.86 |
2.75 |
0.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.10 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.77 |
2.16 |
2.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.86 |
2.93 |
2.40 |
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 |
19.150 |
19.150 |
19.150 |
|
Reserves & Surplus |
127.884 |
134.761 |
152.817 |
|
Net
worth |
147.034 |
153.911 |
171.967 |
|
|
|
|
|
|
long-term borrowings |
361.261 |
332.077 |
304.831 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
361.261 |
332.077 |
304.831 |
|
Debt/Equity
ratio |
2.457 |
2.158 |
1.773 |
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 |
157.762 |
179.165 |
181.128 |
|
|
|
13.567 |
1.096 |
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 |
157.762 |
179.165 |
181.128 |
|
Profit / (Loss) |
(15.318) |
6.875 |
18.056 |
|
|
(9.71%) |
3.84% |
9.97% |
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 |
Yes |
|
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 |
No |
REVIEW OF OPERATIONS :
The Vessels of the Company have been chartered
to Essar Bulk Terminal Limited (EBTL) and the Company continues to provide its
services to EBTL.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10220756 |
27/05/2010 * |
427,140,000.00 |
Axis Trustee Services Limited |
MAKER TOWERS 'F', 6TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra
- 400005, INDIA |
A87577946 |
* Date of charge modification
FIXED ASSETS
·
Vessels
·
Computers
·
Motor Vehicle
·
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 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 :
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.62.56 |
|
|
1 |
Rs.93.56 |
|
Euro |
1 |
Rs.67.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
RNK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 POINTS |
|
|
|
--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.