MIRA
INFORM REPORT
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Report No. : |
305497 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARDOR INTERNTIONAL PRIVATE LIMITED |
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Registered
Office : |
‘Ardor House’ |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.02.2003 |
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Com. Reg. No.: |
04-042016 |
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Capital
Investment / Paid-up Capital : |
Rs.1450.000 Millions |
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CIN No.: [Company Identification
No.] |
U51909GJ2003PTC042016 |
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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.] |
AAECA1210B |
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|
Legal Form : |
Private limited liability company. |
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Line of Business
: |
Trader and importer of chemicals. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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. The management has failed to file its financial with government
department for the year 2014. As per available financial of 2013, a reserve of the company is low.
However, the rating takes into consideration company’s sound operational risk
profile marked by decent capital base and fair profitability margins of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
July 08, 2014 |
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|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
July 08, 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.
INFORMATION DECLINED
Management non-corporative (91-79-66219999)
LOCATIONS
|
Registered Office : |
'Ardor House' Mondeal Business Park, Beside Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat, India |
|
Tel. No.: |
91-79-66219999/26584511/26584514 |
|
Fax No.: |
91-79-66219988/26584515 |
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E-Mail : |
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Website : |
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Branches : |
Located At: · Mumbai · Indore · Kanpur · Silvassa · Gandhidham |
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Godown : |
Aslali, Ahmedabad, India |
DIRECTORS
|
Name : |
Mr. Bharat shah |
|
Designation : |
Director |
|
Date of Appointment : |
01.03.2010 |
|
DIN No.: |
02438343 |
|
|
|
|
Name : |
Mr. Fenil Shah |
|
Designation : |
Managing Director |
|
Date of Appointment : |
18.02.2003 |
|
DIN No.: |
00044522 |
|
|
|
|
Name : |
Mrs. Gita B. Shah |
|
Designation : |
Director |
|
Date of Appointment : |
18.02.2003 |
|
DIN No.: |
00049071 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Shah |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
Fenil Shah |
131675000 |
|
Gitaben Shah |
131675000 |
|
Janki Shah |
131675000 |
|
Smita Rakesh Bhatt |
1715000 |
|
Shilpa R Shah |
1715000 |
|
Hasmukh Thakor |
842500 |
|
Umang S Patel |
842500 |
|
Navin D Thakor |
842500 |
|
Nilesh A Solanki |
842500 |
|
Nipesh R Shah |
1067500 |
|
Kamini Soni |
1715000 |
|
Amitaben A Shah |
1225000 |
|
Shaileshkumar R Shah |
625000 |
|
Shaileshkumar R Shah HUF |
625000 |
|
Arunkumar R Shah HUF |
1135000 |
|
Ruchit Arunkumar Shah |
1135000 |
|
Nayanaben Arunkumar Shah |
1110000 |
|
Milanbhai B Mehta HUF |
1166250 |
|
Shrikesh Mehta HUF |
1166250 |
|
Nitaben M Mehta |
1166250 |
|
Malvikaben S Mehta |
1166250 |
|
Vasumati N Mehta |
1772500 |
|
Bharat Shah |
131675000 |
|
Jinal Shah |
131675000 |
|
Nayankumar Mehta |
6000000 |
|
Ardor In-fin Private Limited |
131675000 |
|
Ardor Structures Private Limited |
131675000 |
|
Greenland Infracon Private Limited |
131675000 |
|
Infinium Det Chem Pvt Ltd |
130300000 |
|
Jayco Synthetics Pvt Ltdc |
130300000 |
|
Ardor Global Pvt Ltd |
108125000 |
|
Total |
1450000000 |
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
52.67 |
|
Directors or relatives of Directors |
47.33 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and importer of chemicals. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
Central Bank of India, Mid Corporate Central Bank
Building, Lal Darwaja, Ahmedabad – 380001, Gujarat, India ·
Axis Bank Limited, Opposite Samartheshwar Temple,
Law Garden, Ellisebridge, Ahmedabad – 380009, Gujarat, India ·
State Bank of India, overseas branch, Ahmedabad,
India ·
Punjab National Bank, Nehru nagar, Ahmedabad,
India ·
Bank of Baroda, Mid Corporate Branch, Ahmedabad,
India ·
National Bank of India, IFB Branch, Ahmedabad,
India ·
Rajkot Nagrik Sahakari Bank, Ahmedabad,
India |
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Facilities : |
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Auditors : |
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|
Name : |
Vipul and Manish Associate Chartered Accountant |
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Address : |
True Value House, Opposite ISRO, Near Sundarvan Bus Stop, Satellite,
Ahmedabad – 380 015, |
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PAN No.: |
AACFV2807J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
·
Chem-Edge International Private Limited CIN
No. : U24100GJ2009PTC057712 ·
Ardor Global Private Limited CIN
No. : U24100GJ2011PTC064235 ·
Infinium Det-Chem Private Limited CIN
No. : U24241GJ2003PTC042771 |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
145000000 |
Equity Shares |
Rs.10/- each
|
Rs.1450.000
Millions |
|
|
|
|
|
After 27.09.2013
Authorised Capital : Equity Shares Rs.2000.000 Millions
Issued, Subscribed & Paid-up Capital : Equity Shares
Rs.1950.000 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 |
1450.000 |
1050.000 |
425.000 |
|
(b) Reserves & Surplus |
637.068 |
376.310 |
233.606 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money pending allotment |
500.000 |
200.000 |
250.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2587.068 |
1626.310 |
908.606 |
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
804.653 |
603.330 |
489.698 |
|
(b) Deferred tax liabilities (Net) |
9.343 |
1.687 |
1.594 |
|
(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) |
813.996 |
605.017 |
491.292 |
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2484.508 |
846.702 |
598.859 |
|
(b) Trade payables |
2544.137 |
1844.574 |
1234.208 |
|
(c) Other current
liabilities |
73.194 |
90.441 |
43.703 |
|
(d) Short-term provisions |
72.052 |
27.882 |
16.541 |
|
Total Current Liabilities (4) |
5173.891 |
2809.599 |
1893.311 |
|
|
|
|
|
|
TOTAL |
8574.955 |
5040.926 |
3293.209 |
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
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|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
696.795 |
10.100 |
11.275 |
|
(ii) Intangible Assets |
2.895 |
0.182 |
0.154 |
|
(iii) Capital
work-in-progress |
0.000 |
263.584 |
195.411 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.500 |
2.500 |
41.671 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.888 |
0.239 |
0.247 |
|
(e) Other Non-current assets |
6.010 |
4.370 |
1.230 |
|
Total Non-Current Assets |
710.088 |
280.975 |
249.988 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1536.226 |
807.925 |
613.051 |
|
(c) Trade receivables |
5965.346 |
2910.986 |
2172.093 |
|
(d) Cash and cash
equivalents |
266.776 |
963.341 |
154.492 |
|
(e) Short-term loans and
advances |
96.519 |
77.699 |
103.585 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
7864.867 |
4759.951 |
3043.221 |
|
|
|
|
|
|
TOTAL |
8574.955 |
5040.926 |
3293.209 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
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Income |
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|
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|
Other Income |
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TOTAL |
19815.633 |
10957.846 |
9014.311 |
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Less |
EXPENSES |
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|
|
|
Office Expenses |
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|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
19415.643 |
10743.048 |
8846.930 |
|
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|
PROFIT/
(LOSS) BEFORE TAX |
399.990 |
214.798 |
167.381 |
|
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|
|
|
|
Less |
TAX |
139.232 |
72.094 |
58.067 |
|
|
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|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
260.758 |
142.704 |
109.314 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.80 |
N.A |
N.A |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/ Total Income) |
(%) |
1.32 |
1.30 |
1.21 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Total Income) |
(%) |
4.67 |
4.50 |
5.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.13 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27 |
0.89 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.69 |
1.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
425.000 |
1050.000 |
1450.000 |
|
Reserves & Surplus |
233.606 |
376.310 |
637.068 |
|
share application money |
250.000 |
200.000 |
500.000 |
|
Net
worth |
908.606 |
1626.310 |
2587.068 |
|
|
|
|
|
|
long-term borrowings |
489.698 |
603.330 |
804.653 |
|
Short term borrowings |
598.859 |
846.702 |
2484.508 |
|
Total
borrowings |
1088.557 |
1450.032 |
3289.161 |
|
Debt/Equity
ratio |
1.198 |
0.892 |
1.271 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9014.311 |
10957.846 |
19815.633 |
|
|
|
21.561 |
80.835 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9014.311 |
10957.846 |
19815.633 |
|
Profit |
109.314 |
142.704 |
260.758 |
|
|
1.21% |
1.30% |
1.32% |
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 |
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 |
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 |
No |
|
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 |
Note:
The Registered office has again shifted from
D, E and F, Mondeal Business Park, Beside Gurudwara, S.G. Highway Road,
Thaltej, Ahmedabad – 380054, Gujarat, India to the present address w.e.f.
25.03.2013
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
650.671 |
486.949 |
|
|
|
|
|
Total |
650.671 |
486.949 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10462635 |
29/11/2013 |
100,000,000.00 |
BANK OF INDIA |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI BUILDING,
BHADRA, AHMEDABAD, Gujarat - 380001, INDIA |
B90517772 |
|
2 |
10421955 |
28/03/2013 |
674,000,000.00 |
State Bank of India |
Overseas Branch,3rd Floor, Amrut Jayanti Bhavan,, |
B73792830 |
|
3 |
10269021 |
24/07/2014 * |
5,850,000,000.00 |
PNB INVESTMENT SERVICE LTD - SEC TRUSTEE OF BOI CONSRTIM BOI SBI AXIS PNB
CBI RNSB UBI BOB |
C / O PUNJAB NATIONAL BANK CIRCLE OFFICE 6TH FLOOR, GUJARAT BHAVAN OPP
M J LIBRARY ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA |
C12563490 |
|
4 |
90107105 |
24/07/2014 * |
5,850,000,000.00 |
PNB INVESTMENT SERVICE LTD - SEC TRUSTEE OF BOI CONSRTIM BOI SBI AXIS
PNB CBI RNSB UBI BOB |
C / O PUNJAB NATIONAL BANK CIRCLE OFFICE 6TH FLOOR, GUJARAT BHAVAN OPP
M J LIBRARY ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA |
C12562468 |
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 records 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.61.49 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
42 |
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.