MIRA
INFORM REPORT
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Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SAISHWARI EXPORTS |
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Registered
Office : |
Opposite Civil Court, Near Bus Stand, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
2007 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million (Estimated) |
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IEC No.: |
6107000046 |
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PAN No.: [Permanent Account No.] |
ABHFS4214L |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
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Manufacturer, Trader and Exporter of Brass Handicrafts. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established proprietory concern having moderate track.
Trade relations are reported as fair. Business is active. Payments are reported
to be slow but correct. The concern can be considered for business dealings with some
caution. |
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, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Ketan Bhardwaj |
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Designation : |
Manager |
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Contact No.: |
91-1332-274639 |
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Date : |
11.11.2011 |
LOCATIONS
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Registered Office : |
Opposite Civil Court, Near Bus Stand, |
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Tel. No.: |
91-1332-274639 |
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Fax No.: |
91-1332-273046 |
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E-Mail : |
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Factory : |
Located at
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SOLE PROPRIETOR
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Name : |
Mrs. Prakashwati Sharma |
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Designation : |
Proprietor |
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Address : |
53, Civil Lines, Roorkee - 247667, Uttarakhnad, India |
KEY EXECUTIVES
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Name : |
Mr. Ketan Bhardwaj |
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Designation : |
Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Brass Handicrafts. |
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Products : |
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Exports : |
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Products : |
Brass Handicrafts |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Punjab National Bank, Roorkee, |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Sister Concern : |
Sai Overseas Address : Roorkee, Line of business
: Manufacturer, Trader and Exporter of Brass Handicrafts. Saishwari International Address : Roorkee, Line of business
: Manufacturer, Trader and Exporter of Brass Handicrafts. TIN No.: 05004337089 CST No.: RK5078902 |
CAPITAL STRUCTURE
AS ON 31.03.2011
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Capital Investment : |
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Owned : |
Rs.1.000 Million (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs.1.000 Million (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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12.500 |
The above information has been parted by Mr.Ketan Bhardwaj.
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
LOCAL AGENCY FURTHER INFORMATION
NOTE 1:
We contacted Mr.
Ketan Bhardwaj regarding your query, he informed us that we can contact the company
directly TK-Trading AS, Norway and can ask them about the performance of the
subject.
Further, he
explained us that he can divulge his two major customers in Germany which are
buying the products from him on regular basis only when we reveal the identity
of the inquiring company of this report.
NOTE 2:
The Subject established on 19th January 2007 as a Partnership Concern with the Partners Mr. Ketan Bhardwaj and Mrs. Prakashwati Sharma. On 31st March 2007, they have changed their legal title as Proprietorship Company.
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
YES |
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2) Locality of the firm |
YES |
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3) Constitutions of the firm |
YES |
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4) Premises details |
YES |
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5) Type of Business |
YES |
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6) Line of Business• |
YES |
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7) Promoter’s background |
-- |
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8) No. of employees |
YES |
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9) Name of person contacted |
YES |
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10) Designation of contact person |
YES |
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11) Turnover of firm for last three years |
NO |
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12) Profitability for last three years |
NO |
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13) Reasons for variation <> 20% |
NO |
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14) Estimation for coming financial year |
NO |
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15) Capital in the business |
YES |
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16) Details of sister concerns |
YES |
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17) Major suppliers |
NO |
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18) Major customers |
NO |
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19) Payments terms |
YES |
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20) Export / Import details (if applicable) |
NO |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
YES |
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24) Banking facility details |
NO |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
NO |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
NEGATIVE RECORDS
SCAM ALERT Ketan Bhardwaj, Saishwari Exports, Opposite Civil Court, Near
Bus Stand, Delhi-Haridwar Road, ROORKEE - 247667 (INDIA)
Don’t trade with this company!!!! You will
loose money.
They send You less and products than You have paid for, and with
much less quality that first shown.
Ketan Bhardwaj, Saishwari Exports, or Sai
Overseas or nauticalgiftsindia.com. They operate under different names.
We are a respectable company, and this scam
alert are true.
We have traded with this Indian company twice.
They told us that broken and missing items should be replaced in the next
order/shipment, but they did not, even after several reminders. The second
shipment was even worse. They have promised severel times to check this up, but
they never replies.
Please stay away from this company!!!
NOTE:
While investigating about the subject company,
we got to know that one of the company has posted a “SCAM ALERT” against the
subject company on alibaba.com. For further investigation, we contacted Mr.
Ketan Bhardwaj about the same. He informed us that the fault was from Fedex
Courier who misplaced the products. For which they have claimed the same and
the dispute has been resolved now.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.49.78 |
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|
1 |
Rs.80.10 |
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Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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29 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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- |
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.