1. Summary Information
|
|
|
Country |
|
|
Company Name |
HYUNDAI
CONSTRUCTION EQUIPMENT INDIA PRIVATE LIMITED |
Principal Name 1 |
Bosun Choi |
|
Status |
Moderate |
Principal Name 2 |
Ji Pyo Sang |
|
|
|
Registration # |
11-130553 |
|
Street Address |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra |
||
|
Established Date |
18.06.2007 |
SIC Code |
-- |
|
Telephone# |
91-2135-301700 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-2135-301712 / 301863 |
Business Style 2 |
Trader |
|
Homepage |
Product Name 1 |
Excavators |
|
|
# of employees |
400 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.2,076,214,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings |
Banking |
HSBC Bank |
|
Public Limited Corp. |
No |
Business Period |
5 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B
(29) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
Korea |
Hyundai Heavy
Industries Company Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,205,577,000 |
Current Liabilities |
2,440,730,000 |
|
Inventories |
1,902,754,000 |
Long-term Liabilities |
2,038,518,000 |
|
Fixed Assets |
1,965,253,000 |
Other Liabilities |
66,063,000 |
|
Deferred Assets |
000 |
Total Liabilities |
4,545,311,000 |
|
Invest& other Assets |
4,662,000 |
Retained Earnings |
000 |
|
|
|
Net Worth |
1,532,935,000 |
|
Total Assets |
6,078,246,000 |
Total Liab. & Equity |
6,078,246,000 |
|
Total Assets (Previous Year) |
4,607,220,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales/ Gross Income |
5,470,263,000 |
Net Profit |
16,120,000 |
|
Sales(Previous yr)/ Gross Income |
2,757,288,000 |
Net Profit(Prev.yr) |
(212,929,000) |
MIRA
INFORM REPORT
|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI CONSTRUCTION EQUIPMENT INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
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Date of
Incorporation : |
18.06.2007 |
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|
|
|
Com. Reg. No.: |
11-130553 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2076.214
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45400PN2007FTC130553 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05576E MUMH10638F |
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PAN No.: [Permanent Account No.] |
AABCH8756Q |
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Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer, Trader and Importer of Excavators. |
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|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 6100000 |
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|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of It is an established company having moderate track. There appears some
accumulated losses recorded by the company. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. In view of strong holding company, the subject can be considered
normal for business dealings at usual trade terms and conditions, with slight
caution on account of accumulated losses. |
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered / Head Office / Factory : |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra, India |
|
Tel. No.: |
91-2135-301700 |
|
Fax No.: |
91-2135-301712 / 301863 |
|
E-Mail : |
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Website : |
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Area : |
50 Acre |
|
Location : |
Leased |
|
|
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|
Regional Office
: |
Located At:
|
DIRECTORS
As on 30.09.2011
|
Name : |
Bosun Choi |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
1 Gang Seon Maul 1902-705 98, Juyeop-Dong I Sanseo-Gu, Gyeonaggi-Do,
Goyang |
||||||||||||||||||
|
Date of Birth/Age : |
28.02.1966 |
||||||||||||||||||
|
Date of Appointment : |
17.06.2011 |
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Din No.: |
03553597 |
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Other Directorship:
|
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|
Name : |
Ji Pyo Sang |
||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||
|
Address : |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra, India |
||||||||||||||||||
|
Date of Birth/Age : |
08.06.1958 |
||||||||||||||||||
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Date of Appointment : |
01.01.2010 |
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Date of Ceasing: |
01.01.2012 |
||||||||||||||||||
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Din No.: |
02954171 |
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Other Directorship:
|
|||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Ms. Asawari Avinash Tilak |
|
Designation : |
Secretary |
|
Address : |
A-9, Ganga Lahari Society, Ganesh Nagar, Pune-411052, Maharashtra,
India |
|
Date of Birth/Age : |
01.03.1985 |
|
Date of Appointment : |
01.10.2010 |
|
PAN No.: |
AFSPT4547E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hyundai Heavy Industries Company Limited,
Korea |
|
20762135 |
|
Ji Pyo Sang |
|
1 |
|
|
|
|
|
Total |
|
20762136 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Importer of Excavators |
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
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Bankers : |
·
HSBC Bank, Ban Garden Road ·
Axis Bank |
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|
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Facilities : |
NOTE: (A) [(Repayable within one year Rs 33.340 Millions)] (B) [(Repayable within one year Rs 16.670 Millions)] (C) [(Repayable within one year Rs. 141.780 Millions)] (D) [(Repayable within one year Rs. Nil)] |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
‘ |
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Pan No.: |
AAEFP3641G |
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|
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Holding Company: |
Hyundai Heavy Industries Company Limited,
Korea |
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|
|
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Fellow Subsidiary: |
Hyundai Heavy Industries Europe NV, Belgium |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000000 |
Equity Shares |
Rs.100/- each |
Rs.2100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20762136 |
Equity Shares |
Rs.100/- each |
Rs.2076.214
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2076.214 |
1718.478 |
1718.478 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(543.279) |
(559.399) |
(346.470) |
|
|
NETWORTH |
1532.935 |
1159.079 |
1372.008 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2038.518 |
1621.654 |
1354.777 |
|
|
TOTAL BORROWING |
2038.518 |
1621.654 |
1354.777 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3571.453 |
2780.733 |
2726.785 |
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
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|
|
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FIXED ASSETS [Net Block] |
1965.253 |
2013.271 |
1931.554 |
|
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Capital work-in-progress |
4.662 |
9.948 |
75.307 |
|
|
|
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|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1902.754
|
1299.062
|
757.782 |
|
|
Sundry Debtors |
1675.814
|
943.688
|
284.301 |
|
|
Cash & Bank Balances |
173.861
|
86.148
|
174.591 |
|
|
Other Current Assets |
1.956
|
2.326
|
2.924 |
|
|
Loans & Advances |
353.946
|
252.777
|
186.984 |
|
Total
Current Assets |
4108.331
|
2584.001
|
1406.582 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2216.237
|
1730.021 |
652.528 |
|
|
Other Current Liabilities |
224.493
|
67.404
|
23.237 |
|
|
Provisions |
66.063
|
29.062
|
10.893 |
|
Total
Current Liabilities |
2506.793
|
1826.487
|
686.658 |
|
|
Net Current Assets |
1601.538
|
757.514
|
719.924 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3571.453 |
2780.733 |
2726.785 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
5470.263 |
2757.288 |
617.210 |
|
|
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|
|
|
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PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
254.945 |
27.448 |
(210.160) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
125.407 |
149.666 |
76.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
16.120 |
(212.929) |
(331.479) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
1.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
16.120 |
(212.929) |
(333.353) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(543.278) |
(559.399) |
(346.469) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
1110.045 |
487.014 |
|
|
|
Prototype Material |
|
3.581 |
4.334 |
|
|
|
Capital Goods |
NA |
40.598 |
597.741 |
|
|
|
Consumables |
|
3.313 |
0.000 |
|
|
|
Trade Goods |
|
915.901 |
495.141 |
|
|
TOTAL IMPORTS |
NA |
2073.438 |
1584.230 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.94 |
(12.39) |
(22.29) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.18) |
(0.24) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.97
|
2.97 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.41 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
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 |
OPERATIONS:
Subject is
destined to revolutionize the Construction Equipment business in India with its
cutting edge technology to go ahead with its creative wisdom, positive thinking
and unwavering drive and aims to be the market leader in terms of customer
delight and market share.
Hyundai in India
has wide range of Crawler, Wheeled excavator in 8 tonne to 80 tonne and Wheel
Loader HL760 and HL770 to suit every requirement and application like
irrigation, road construction, mining or any other infrastructure development
activities. Hyundai make excavators which can be equipped with various
attachments like bucket, rock breaker, etc. to cater to the need of various
segments.
The Hyundai India
has come up with indigenizing the machines from 8 tonne to 30 tonne segment.
The Hyundai machines have well been well accepted within the industry to
achieve the market share of 13% in four years of period. The machines are
working well within all the applications in India to make the well verse future
for construction industry.
Subject is
headquartered in Pune and has four Regional Offices at Delhi, Kolkata,
Hyderabad and Mumbai overlooking sales through its strong 25 dealerships
covering every state in India. The dealerships are aptly supported by Sales and
Service centres ensuring customer centric service and maximum uptime to
customers. Each region has a parts warehouse for its immediate requirement with
the mother warehouse in Pune constantly supporting the regions with necessary
parts. The machine depots are been set up at 7 places all over India including
plant at Pune to have efficient machine movement to customers on time.
Nov, 2010:
Participated in IMME 2010
Subject
participated in IMME 2010, an exhibition organized at Kolkata. Considered to be
one of the biggest exhibition in mining industry in India. Hyundai stall was
well appreciated by all.
Nov, 2010: New indigenized excavators launched
The long reach
Excavators R210-7 and R300LC-7 was introduced for specific application like,
Solid Waste Management, Drainage, River bed cleaning. The 20 tonne excavator
R220LC-7 Rock was introduced for Rock application.
Jan, 2011: Launched Indigenous R80-7
The indigenized
version of 8 tonne excavator was launched to match the Indian conditions. The
machine was indigenously developed to compete in tough Indian applications.
June, 2011: Launched Indigenous R340LC-7
The indigenized
version of 30 tonne excavator was launched to match the Indian conditions. The
machine was customized based on Customer feedback to suit Marble, Limestone and
Quarry application.
Aug, 2011: Double century of machines in a month
Hyundai first time achieved the double century mark in a single month by
selling 218 units of excavators during the month of August. Machine production
too was the highest in the month with 190 units.
RESEARCH,
DEVELOPMENT and TECHNOLOGY ABSORPTION:
(a) New Product Introductions
Hyundai launched
new product 34T Excavator (R340LC-7) in India market. This machine is tested in
India for hot weather conditions jointly with HHI R and D Korea team. Endurance
test results from this joint exercise was used for mass production design
release.
(b) Localization
Various components
such as Fabrications for all models are manufactured in-house, Major components
- Engine , Hoses and hydraulic pipe work, Tooth points and adaptors, Fabricated
brackets, Under covers, Castings etc. are locally procured. Indigenized
components are developed according to defined specifications and as per Hyundai
Construction Engineering Standards (HCES)
(c) R and D Manpower
India engineering
team in agreement with HHI R and D team dedicatedly work on the technology
implementation, indigenizing the product and improve Quality. 50 - Engineering
Change Notes released to resolve the field failures. All engineering
improvements are done taking into the consideration of machine usage and
application for Indian Territory. India engineering and HHI Engineering share
the common engineering platform called HCE ECS Hyundai Construction Equipment
Engineering Collaboration System.
(d) Training
Process Engineers
from HHI Korea along with the India team worked hand in hand to increase the
production capacity of plant from 2500 units to 3000 units annual production
Testing experts from HHI- Korea visited and jointly with India team conducted
Performance / Specification trials for the New models.
FIXED ASSETS:
- Plant and
Machinery
- Office
Equipment
- Computer
- Furniture and
Fixtures
- Vehicles
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.52.00 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
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
|
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.