MIRA INFORM REPORT
|
Report No. : |
344405 |
|
Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNITY JEWELS |
|
|
|
|
Registered
Office : |
Unit No. IT - 2, SDF - VII, Seepz - SEZ, Andheri (East), Mumbai –
400096, Maharashtra |
|
Tel. No.: |
91-22-61571616 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of
Establishment : |
2010 |
|
|
|
|
Capital
Investment : |
Rs 321.275 Million |
|
|
|
|
IEC No.: |
2712000021 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU06641F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFU7442A |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer of Diamond Studded Jewellery. |
|
|
|
|
No. of Employees
: |
227 (Approximately) |
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 partnership concern established in the year 2010. It is
engaged in the business of manufacturing of diamond studded jewellery. For the financial year ended 2015, the concern has a steady growth in
its scale of operations, it has achieved profitability margin of 12.6% along
with decent growth in its sales turnover. The concern has healthy working capital with low borrowing. It has
adequate net worth position. Trade relations are reported as fair. Business is active. Payment
terms are usually correct and as per commitment. The concern can be considered normal for business dealing 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
18.11.2014 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Ms. Nutan Parte |
|
Designation : |
Account Assistant |
|
Contact No.: |
91-22-67161616 |
|
Date : |
08.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Unit No. IT - 2, SDF - VII, Seepz - SEZ, Andheri (East), Mumbai –
400096, Maharashtra, India |
|
Tel. No.: |
91-22-61571616/ 67161616 |
|
Mobile No.: |
91-9930926264 (Mr. Kishor) |
|
Fax No.: |
91-22-67161626 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
PARTNERS
|
Name : |
Mr. Savjibhai Dholakia |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Ghanshyam Dholakia |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Rajesh Malavia |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Rameshbhai Patel |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Parag shah |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Pintubhai Tulsibhai Dholakia |
|
Designation : |
Partner |
|
|
|
|
Name : |
Harikrishna Private Limited |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Ms. Nutan Parte |
|
Designation : |
Account Assistant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond Studded Jewellery. |
|
|
|
|
Products/ Services: |
Products : · Diamond Rings · Diamond Earrings · Diamond Pendants · Diamond Bracelets · Diamond Necklaces Services : · Range of more than 10,000 designs · Introduction of new concepts and designs every month · Dedicated Product Development Team · Export to all major countries worldwide |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Hong Kong · USA · Canada |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· USA · Hong Kong |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
227 (Approximately) |
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Bankers : |
|
||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
M. M. Nissim and Company Chartered Accountants |
|
Address : |
Worli, Mumbai, Maharashtra, India |
|
|
|
|
Sister Concerns : |
· H K Design, India · Harikrishna Exports Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
|
Capital Investment : |
|
|
Owned : |
Rs. 321.275 Million |
|
Borrowed : |
-- |
|
Total : |
Rs. 321.275
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Partner Capital |
321.275 |
188.798 |
106.672 |
|
(b) Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
(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) |
321.275 |
188.798 |
106.672 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
214.462 |
203.669 |
189.503 |
|
(b)
Trade payables |
271.911 |
307.937 |
29.237 |
|
(c)
Other current liabilities |
3.495 |
4.869 |
2.698 |
|
(d)
Short-term provisions |
11.048 |
2.099 |
2.516 |
|
Total
Current Liabilities (4) |
500.916 |
518.574 |
223.954 |
|
|
|
|
|
|
TOTAL |
822.191 |
707.372 |
330.626 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
83.789 |
73.682 |
77.036 |
|
(ii)
Intangible Assets |
0.305 |
0.360 |
0.805 |
|
(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) |
0.080 |
0.012 |
0.000 |
|
(d) Long-term Loan
and Advances |
56.086 |
23.513 |
5.145 |
|
(e)
Other Non-current assets |
59.037 |
49.423 |
13.112 |
|
Total
Non-Current Assets |
199.297 |
146.990 |
96.098 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
230.787 |
175.329 |
25.963 |
|
(c)
Trade receivables |
380.042 |
345.904 |
205.891 |
|
(d)
Cash and cash equivalents |
4.873 |
31.656 |
1.591 |
|
(e)
Short-term loans and advances |
5.548 |
6.254 |
0.640 |
|
(f)
Other current assets |
1.644 |
1.239 |
0.443 |
|
Total
Current Assets |
622.894 |
560.382 |
234.528 |
|
|
|
|
|
|
TOTAL |
822.191 |
707.372 |
330.626 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1346.766 |
879.843 |
207.081 |
|
|
|
Other Income |
2.742 |
8.564 |
0.235 |
|
|
|
TOTAL (A) |
1349.508 |
888.407 |
207.316 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1040.849 |
715.998 |
178.521 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(3.747) |
(23.913) |
(7.881) |
|
|
|
Employees benefits expense |
76.223 |
44.620 |
2.822 |
|
|
|
Other expenses |
37.636 |
23.956 |
4.078 |
|
|
|
TOTAL (B) |
1150.961 |
760.661 |
177.540 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
198.547 |
127.746 |
29.776 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.893 |
11.508 |
3.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
187.654 |
116.238 |
26.050 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.948 |
11.397 |
6.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
174.706 |
104.841 |
19.834 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.291 |
2.670 |
0.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
170.415 |
102.171 |
19.740 |
|
Expected Sales (2015-2016) : Rs.1600.000 Million
The above information has been parted by Mr. Nutan Parte (Account
Assistant).
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.65 |
11.61 |
9.53 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.74 |
14.52 |
14.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.25 |
14.82 |
6.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54 |
0.56 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67 |
1.08 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.08 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Partner Capital |
106.672 |
188.798 |
321.275 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
106.672 |
188.798 |
321.275 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
189.503 |
203.669 |
214.462 |
|
Total
borrowings |
189.503 |
203.669 |
214.462 |
|
Debt/Equity
ratio |
1.777 |
1.079 |
0.668 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
207.081 |
879.843 |
1346.766 |
|
|
|
324.879 |
53.069 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
207.081 |
879.843 |
1346.766 |
|
Profit |
19.740 |
102.171 |
170.415 |
|
|
9.53% |
11.61% |
12.65% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
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.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
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 |
YES |
|
--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.