MIRA INFORM REPORT
|
Report No. : |
311056 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMBICA SYNFAB PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
187 (Malia), New Cloth Market, O/S Raipur Gate, Ahmedabad – 380002,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.01.2010 |
|
|
|
|
Com. Reg. No.: |
04-059060 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 4.646 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120GJ2010PTC059060 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA09367B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA1256D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trading of Grey Cloth. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 82000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company is low. However, the rating takes into consideration
company’s sound financial risk profile and fair liquidity position 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 conditions. |
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. Pawankumar Madanchand Agarwal |
|
Designation : |
Director |
|
Contact No.: |
91-9924600557 |
|
Date : |
07.03.2015 |
LOCATIONS
|
Registered Office : |
187 (Malia), New Cloth Market, O/S Raipur Gate, Ahmedabad – 380002,
Gujarat, India |
|
Tel. No.: |
91-79-66301378/ 22173975/ 22173897 |
|
Mobile No.: |
91-9924600557 (Mr. Pawankumar Madanchand Agarwal) |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Pramodkumar Omprakash Agrawal |
|
Designation : |
Director |
|
Address : |
187, New Cloth Market, O/S Raipur Gate, Ahmedabad – 380002, Gujarat,
India |
|
Date of Birth/Age : |
07.10.1970 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
02873056 |
|
|
|
|
Name : |
Mr. Anand Madanchand Agarwal |
|
Designation : |
Director |
|
Address : |
187, New Cloth Market, O/S Raipur Gate, Ahmedabad – 380002, Gujarat,
India |
|
Date of Birth/Age : |
12.12.1973 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
02873073 |
|
|
|
|
Name : |
Mr. Pawankumar Madanchand Agarwal |
|
Designation : |
Director |
|
Address : |
187, New Cloth Market, O/S Raipur Gate, Ahmedabad – 380002, Gujarat,
India |
|
Date of Birth/Age : |
02873123 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
02873123 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
`No. of Shares |
|
Pawankumar Madanchand Agrawal |
93400 |
|
Anand Madanchand Agrawal |
93300 |
|
Pramodkumar Omprakash Agrawal |
93390 |
|
Vinay Bansal |
9000 |
|
Dhaniyadevi Saraogi |
10 |
|
Symbolic Finance and Investment Private Limited, India |
55000 |
|
Assurance Buildtech Limited, India |
35000 |
|
Performers Buildwells Private Limited, India |
10000 |
|
Greenvision International Private Limited, India |
4500 |
|
Arihant Electrosoft Private Limited, India |
25000 |
|
Cordillera Realtors Private Limited, India |
25000 |
|
Cygnet Realtors Private Limited, India |
21000 |
|
Total |
464600 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
38.00 |
|
Directors or relatives of Directors |
62.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trading of Grey Cloth. |
|
|
|
|
Products : |
Grey Cloth |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
-- |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 Days/ 60 Days/ 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 Days/ 60 Days/ 90 Days) |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Production |
|
|
|
|
Finished Goods |
4170746 |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
OEM’s and End Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
20 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nahta Jain and Associates Chartered Accountants |
|
Address : |
211, 1st Floor, New Cloth Market, O/S Raipur Gate,
Ahmedabad – 380002, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFN3524D |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary/ Associate : |
-- |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
464,600 |
Equity Shares |
Rs.10/- each |
Rs. 4.646 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
4.646 |
4.646 |
4.646 |
|
(b) Reserves & Surplus |
24.118 |
21.443 |
19.485 |
|
(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) |
28.764 |
26.089 |
24.131 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
23.006 |
29.705 |
13.431 |
|
(b) Deferred tax liabilities (Net) |
0.102 |
0.160 |
0.109 |
|
(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) |
23.108 |
29.865 |
13.540 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
12.804 |
16.909 |
15.144 |
|
(b) Trade
payables |
247.703 |
235.550 |
125.983 |
|
(c) Other
current liabilities |
17.268 |
11.620 |
9.950 |
|
(d) Short-term
provisions |
1.385 |
0.847 |
0.760 |
|
Total Current
Liabilities (4) |
279.160 |
264.926 |
151.837 |
|
|
|
|
|
|
TOTAL |
331.032 |
320.880 |
189.508 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4.339 |
4.104 |
2.559 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.077 |
0.077 |
0.077 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4.416 |
4.181 |
2.636 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
106.787 |
80.360 |
70.161 |
|
(c) Trade
receivables |
218.246 |
234.164 |
114.447 |
|
(d) Cash
and cash equivalents |
0.297 |
0.628 |
1.095 |
|
(e) Short-term
loans and advances |
1.257 |
1.489 |
1.082 |
|
(f) Other
current assets |
0.029 |
0.058 |
0.087 |
|
Total
Current Assets |
326.616 |
316.699 |
186.872 |
|
|
|
|
|
|
TOTAL |
331.032 |
320.880 |
189.508 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
771.640 |
683.347 |
|
|
|
Other Income |
|
5.487 |
0.983 |
|
|
|
TOTAL (A) |
1085.478 |
777.127 |
684.330 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
232.321 |
391.137 |
|
|
|
Purchases of Stock-in-Trade |
|
454.275 |
173.956 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
2.164 |
-8.991 |
|
|
|
Employees benefits expense |
|
10.871 |
7.051 |
|
|
|
Other expenses |
|
69.624 |
117.283 |
|
|
|
TOTAL (B) |
1084.151 (Including Financial and Depreciation) |
769.255 |
680.436 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
|
7.872 |
3.894 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
4.717 |
1.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
3.155 |
2.705 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.351 |
0.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1.327 |
2.804 |
2.449 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.348) |
0.847 |
0.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2.675 |
1.957 |
1.632 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
4.21 |
3.51 |
|
Expected Sales (2014-2015): Rs. 1300.000 Millions
The above information has been parted by Mr. Pawankumar Madanchand
Agarwal (Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA
|
0.25 |
0.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
NA
|
1.02 |
0.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40 |
0.87 |
1.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.24 |
1.79 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.20 |
1.23 |
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 |
4.646 |
4.646 |
4.646 |
|
Reserves & Surplus |
19.485 |
21.443 |
24.118 |
|
Net
worth |
24.131 |
26.089 |
28.764 |
|
|
|
|
|
|
long-term borrowings |
13.431 |
29.705 |
23.006 |
|
Short term borrowings |
15.144 |
16.909 |
12.804 |
|
Total
borrowings |
28.575 |
46.614 |
35.810 |
|
Debt/Equity
ratio |
1.184 |
1.787 |
1.245 |
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) |
|
Total Income |
684.330 |
777.127 |
1085.478 |
|
|
|
13.560 |
39.678 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
684.330 |
777.127 |
1085.478 |
|
Profit |
2.615 |
7.444 |
2.675 |
|
|
0.38% |
0.96% |
0.25% |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 |
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 |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
22.472 |
29.705 |
|
Total |
22.472 |
29.705 |
FIXED ASSETS
Tangible Assets
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipment’s
· Other Equipment’s
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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.