MIRA INFORM REPORT
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Report No. : |
305174 |
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Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
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Name : |
AUTOMETERS ALLIANCE LIMITED (w.e.f. 25.10.1999) |
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Formerly Known
As : |
AUTOMETERS SECHERON LIMITED |
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Registered
Office : |
101C, Shiv House, Hari Nagar Ashram, New Delhi – 110014, Delhi |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.07.1995 |
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Com. Reg. No.: |
55-070835 |
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Capital Investment
/ Paid-up Capital : |
Rs.70.000 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1995PLC070835 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELA11683A |
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PAN No.: [Permanent Account No.] |
AAACA7870P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the activity of manufacturing and servicing of Engineering Products comprising Tachographs, Relays, Vacuum Circuit Breakers, Auxiliary Converters, Inverters, Converters, Passenger Information Systems, Connectors, Tapchanger, Master-Controller, Uninterrupted Power Supply System and Electric Panels. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 3000000 |
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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. Profit of the company has declined during financial year 2014. However, the rating takes into consideration company decent financial
risk profile and adequate liquidity position of the company. Trade relations are fair. Business is active. Payment terms 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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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
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Rating Agency Name |
ICRA |
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Rating |
Long term fund based limited and Non fund based limits = A- |
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Rating Explanation |
Have adequate degree of safety and carry low credit risk |
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Date |
December, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short term fund based and Non fund limits = A2+ |
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Rating Explanation |
Have strong degree of safety and carry low credit risk |
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Date |
December, 2014 |
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.
LOCATIONS
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Registered Office : |
101C, Shiv House, Hari Nagar Ashram, New Delhi – 110014, Delhi, India |
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Tel. No.: |
91-11- 26343774/ 26946764 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office / Factory 1: |
C-63, Sector 57, Noida – 201307, |
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Tel. No.: |
91-120-2583545/ 2583546 / 2479200 / 6770100 |
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Fax No.: |
91-120-2583542 |
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E-Mail : |
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Factory 2 : |
Village-Beli-Deyol, Nalagarh Road, Tehsil - Nalagarh, District. -
Solan Himachal Pradesh, India |
DIRECTORS
As on 11.09.2014
|
Name : |
Mr. Keshav Kumar Thirani |
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Designation : |
Managing Director |
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Address : |
B-104/2, |
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Date of Birth/Age : |
11.08.1947 |
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Qualification : |
B. Com. (Hons.) |
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Date of Appointment : |
01.04.2014 |
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DIN No.: |
00280467 |
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Other
Directorship :
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Name : |
Mr. Harsh Vardhan Kejriwal |
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Designation : |
Director |
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Address : |
12/1, |
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Date of Birth/Age : |
02.05.1947 |
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Date of Appointment : |
26.10.1995 |
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DIN No.: |
00088343 |
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Other
Directorship :
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Name : |
Mr. Shri Gopal Rajgarhia |
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Designation : |
Director |
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Address : |
33/1, Friends Colony (East), New Delhi-110065, |
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Date of Birth/Age : |
21.08.1946 |
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Date of Appointment : |
05.10.2000 |
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DIN No.: |
00002245 |
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Other
Directorship :
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MAJOR SHAREHOLDERS
As on 11.09.2014
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Names of Shareholders |
No. of Shares |
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Autometers Limited, India |
4330000 |
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K K Thirani |
2670002 |
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H V Kejriwal |
1 |
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Jayshree Thirani |
1 |
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Girija Jhunjhunwala |
1 |
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Aditi Thirani |
1 |
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Anuja Thirani |
1 |
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Total |
7000007 |
As on 11.09.2014
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage of Holding |
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Bodies corporate |
61.86 |
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Directors or relatives of Directors |
38.14 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the activity of manufacturing and
servicing of Engineering Products comprising Tachographs, Relays, Vacuum Circuit
Breakers, Auxiliary Converters, Inverters, Converters, Passenger Information
Systems, Connectors, Tapchanger, Master-Controller, Uninterrupted Power
Supply System and Electric Panels. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122002,
Haryana, India |
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PAN No.: |
ACHFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Autometers Limited, India |
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Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their
relatives : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
10000000 |
Equity Shares |
Rs.10/-each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
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|
7000007 |
Equity Shares |
Rs.10/-each |
Rs.70.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
70.000 |
70.000 |
70.000 |
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(b) Reserves &
Surplus |
1056.047 |
1005.602 |
829.874 |
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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) |
1126.047 |
1075.602 |
899.874 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
53.916 |
54.050 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
53.579 |
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Total Non-current
Liabilities (3) |
53.916 |
54.050 |
53.579 |
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(4) Current Liabilities |
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(a) Short term borrowings |
424.894 |
145.286 |
70.204 |
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(b) Trade payables |
248.385 |
122.970 |
88.161 |
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(c) Other current
liabilities |
196.925 |
25.168 |
16.235 |
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(d) Short-term provisions |
45.835 |
71.031 |
101.733 |
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Total Current Liabilities
(4) |
916.039 |
364.455 |
276.333 |
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TOTAL |
2096.002 |
1494.107 |
1229.786 |
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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 |
258.260 |
268.366 |
274.077 |
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(ii) Intangible Assets |
9.082 |
8.556 |
11.895 |
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(iii) Capital
work-in-progress |
0.740 |
2.424 |
11.544 |
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(iv) Intangible assets
under development |
3.260 |
2.785 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets
(net) |
9.290 |
6.889 |
4.667 |
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(d) Long-term Loan and Advances |
127.842 |
117.658 |
78.818 |
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(e) Other Non-current
assets |
49.353 |
18.026 |
3.322 |
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Total Non-Current Assets |
457.827 |
424.704 |
384.323 |
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(2) Current assets |
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
506.518 |
398.251 |
403.002 |
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(c) Trade receivables |
1011.993 |
601.669 |
392.226 |
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(d) Cash and cash
equivalents |
10.805 |
19.975 |
21.303 |
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(e) Short-term loans and
advances |
69.863 |
35.119 |
18.137 |
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(f) Other current assets |
38.996 |
14.389 |
10.795 |
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Total Current Assets |
1638.175 |
1069.403 |
845.463 |
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|
|
|
|
|
TOTAL |
2096.002 |
1494.107 |
1229.786 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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|
|
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Income |
1666.419 |
1537.022 |
1381.877 |
|
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Other Income |
6.365 |
36.418 |
3.808 |
|
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TOTAL |
1672.784 |
1573.440 |
1385.685 |
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Less |
EXPENSES |
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|
|
|
|
Cost of Materials
Consumed |
821.230 |
706.719 |
741.856 |
|
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Purchases of
Stock-in-Trade |
162.684 |
86.513 |
45.689 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(56.555) |
(3.215) |
(31.696) |
|
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Employees benefits
expense |
372.809 |
330.548 |
248.330 |
|
|
Other expenses |
271.321 |
220.377 |
195.743 |
|
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TOTAL |
1571.489 |
1340.942 |
1199.922 |
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|
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|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
101.295 |
232.498 |
185.763 |
|
|
|
|
|
|
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Less |
FINANCIAL EXPENSES |
17.229 |
6.659 |
6.443 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
84.066 |
225.839 |
179.320 |
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|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
36.090 |
36.050 |
34.565 |
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|
|
PROFIT/ (LOSS) BEFORE TAX |
47.976 |
189.789 |
144.755 |
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Less |
TAX |
(2.469) |
(2.316) |
(8.803) |
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|
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|
|
PROFIT/ (LOSS) AFTER TAX
|
50.445 |
192.105 |
153.558 |
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|
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|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
283.882 |
128.156 |
134.005 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
20.000 |
135.000 |
|
|
|
Proposed Dividend @ 20%
on fully paid equity shares |
14.000 |
21.000 |
|
|
|
Corporate Dividend Tax |
2.379 |
3.407 |
|
|
|
Total (M) |
NA |
36.379 |
159.407 |
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|
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Balance Carried to the
B/S |
334.327 |
283.882 |
128.156 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.788 |
0.170 |
1.794 |
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TOTAL EARNINGS |
0.788 |
0.170 |
1.794 |
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IMPORTS |
|
|
|
|
|
Raw Materials |
0.116 |
0.013 |
0.027 |
|
|
Components and Stores
parts |
371.641 |
288.344 |
208.978 |
|
|
Capital Goods |
2.343 |
3.376 |
0.293 |
|
|
TOTAL IMPORTS |
374.100 |
291.733 |
209.298 |
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|
|
Earnings / (Loss) Per
Share (Rs.) |
7.21 |
27.44 |
21.94 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
3.02
|
12.49 |
11.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.07
|
15.12 |
13.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.30 |
12.81 |
11.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.18 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.38 |
0.14 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79 |
2.93 |
3.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
70.000 |
70.000 |
70.000 |
|
Reserves & Surplus |
829.874 |
1005.602 |
1056.047 |
|
Net worth |
899.874 |
1075.602 |
1126.047 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
70.204 |
145.286 |
424.894 |
|
Total borrowings |
70.204 |
145.286 |
424.894 |
|
Debt/Equity ratio |
0.078 |
0.135 |
0.377 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1381.877 |
1537.022 |
1666.419 |
|
|
|
11.227 |
8.419 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1381.877 |
1537.022 |
1666.419 |
|
Profit |
153.558 |
192.105 |
50.445 |
|
|
11.11% |
12.50% |
3.03% |
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE AND OUTLOOK
The Company has achieved gross sales of Rs. 1772.500 Millions in the year under review,as compared to Rs. 1646.400 Millions in the previous year. In spite of higher sales,the profit margin for the year under review was adversely affected due to an increase in production costs,lower pricing of some products due to market conditions, and the adverse impact of fluctuation in Foreign exchange Rates.The Company has commenced the supply of Escalators to the Indian Railways during the year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10085067 |
24/08/2013 * |
100,000,000.00 |
CENTRAL BANK OF INDIA |
70 JANPATH, NEW DLEHI, Delhi - 110001, INDIA |
B84226992 |
|
2 |
10085017 |
24/08/2013 * |
220,000,000.00 |
CENTRAL BANK OF INDIA |
70 JANPATH, NEW DLEHI, Delhi - 110001, INDIA |
B84177336 |
|
3 |
10085041 |
24/08/2013 * |
220,000,000.00 |
CENTRAL BANK OF INDIA |
70 JANPATH, NEW DLEHI, Delhi - 110001, INDIA |
B84186543 |
|
4 |
10085059 |
24/08/2013 * |
1,210,000,000.00 |
CENTRAL BANK OF INDIA |
70, JANPATH, NEW DELHI, Delhi - 110001, INDIA |
B84175975 |
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.61.75 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.