MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHEP INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Aver Plaza, Plot No.B-13, Opposite Citi Mall,
New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-180544 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.1302.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2008FTC180544 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC15867F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is in the business of leasing out pallets and crates for
hire together with associate supply chain logistics services for consumers in
|
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track record. There appear huge
accumulated losses recorded by the company. However, trade relations are
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
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
31-03-2012.
LOCATIONS
|
Registered Office : |
3Rd Floor, Aver Plaza, Plot No. B-13, Opposite Citi Mall,
New Link Road, Andheri – (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-67839434 / 67839415 / 67839400 / 67839428 / 67839440 |
|
Fax No.: |
91-22-67839472 / 73 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Subhash Mohan Bhat |
|
Designation : |
Director |
|
Address : |
Flat 202, B-Wing, Nagwekar Apartment, |
|
Date of Birth/Age : |
15.08.1971 |
|
Date of Appointment : |
20.11.2009 |
|
DIN No.: |
02812693 |
|
|
|
|
Name : |
Mr. Rajkumr Kannan |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
24.06.1972 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
03632163 |
|
|
|
|
Name : |
Mr. Devdip Purkayastha |
|
Designation : |
Director |
|
Address : |
414, Raheja Crest 2, Oshiwara Link Road, Andheri (West),
Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
17.02.1963 |
|
Date of Appointment : |
06.09.2012 |
|
DIN No.: |
05351521 |
|
|
|
|
Name : |
Mr. Lars Hvid Amstrup |
|
Designation : |
Director |
|
Address : |
33, Greenleaf Place, Singapore-279437 |
|
Date of Birth/Age : |
14.12.1961 |
|
Date of Appointment : |
08.06.2012 |
|
DIN No.: |
05265974 |
|
|
|
|
Name : |
Mr. Ravi Shankar |
|
Designation : |
Director |
|
Address : |
Flat No.203-204, Link Plaza Co-operative Housing Limited, Link Road,
Malad (West), Mumbai-400064, Maharashtra, India |
|
Date of Birth/Age : |
02.06.1976 |
|
Date of Appointment : |
27.07.2012 |
|
DIN No.: |
05339270 |
|
|
|
|
Name : |
Mr. Rajdeep Gopinath Mhatre |
|
Designation : |
Director |
|
Address : |
G/3, 5, A Wing, Bharat Tower, Majiade, Thane (Wst), Thane-400601,
Maharashtra, India |
|
Date of Birth/Age : |
21.11.1966 |
|
Date of Appointment : |
06.09.2012 |
|
DIN No.: |
05351709 |
|
|
|
|
Name : |
Mr. Abhijit Pawar |
|
Designation : |
Director |
|
Address : |
1/B, Safalya, 14th Bandra Reclamation, Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
16.01.1977 |
|
Date of Appointment : |
30.09.2011 |
|
|
|
|
Name : |
Pranil Vadgama |
|
Designation : |
Director |
|
Address : |
8, Riding Hill, south Croydon, United Kingdom, CR29LN |
|
Date of Birth/Age : |
08.07.1971 |
|
Date of Appointment : |
23.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Chep |
12673000 |
|
Brambles |
40000 |
|
TOTAL
|
12713000 |
AS ON 12.03.2013
|
Names of Allottees |
No. of Shares |
|
Chep |
220000 |
|
TOTAL
|
220000 |
AS ON 06.09.2012
|
Names of Allottees |
No. of Shares |
|
Chep |
311000 |
|
TOTAL
|
311000 |
AS ON 25.04.2012
|
Names of Allottees |
No. of Shares |
|
Chep |
310000 |
|
TOTAL
|
310000 |
AS ON 24.01.2012
|
Names of Allottees |
No. of Shares |
|
Chep |
311000 |
|
TOTAL
|
311000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is in the business of leasing out pallets and crates for
hire together with associate supply chain logistics services for consumers in
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
President Plaza, 1st Floor, Plot No.36, Opposite Muktidham Derasar
Thatlej Cross Road, Ahmedabad-380054, Gujarat, India |
|
PAN No.: |
AAEFP5579P |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
Rs.100/- each |
Rs. 1450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13024000 |
Equity Shares |
Rs.100/-
each |
Rs. 1302.400
Millions |
|
|
|
|
|
AS ON 14.09.2012
Authorised Capital : Rs. 1450.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
1404.400 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1302.400 |
1232.500 |
715.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
125.000 |
|
|
3] Reserves & Surplus |
140.206 |
37.718 |
380.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(731.051) |
|
|
NETWORTH |
1442.606 |
1270.218 |
488.949 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1442.606 |
1270.218 |
488.949 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1171.618 |
687.354 |
318.377 |
|
|
Capital work-in-progress |
183.750 |
82.354 |
57.851 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.043
|
1.076
|
0.000 |
|
|
Sundry Debtors |
169.895
|
68.393
|
24.028 |
|
|
Cash & Bank Balances |
74.210
|
114.246
|
94.467 |
|
|
Other Current Assets |
14.543
|
50.836
|
0.318 |
|
|
Loans & Advances |
126.069
|
480.520
|
256.022 |
|
Total
Current Assets |
385.760
|
715.071 |
374.835 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
108.736
|
86.523
|
253.611 |
|
|
Other Current Liabilities |
185.722
|
124.412
|
5.517 |
|
|
Provisions |
4.064
|
3.626
|
2.986 |
|
Total
Current Liabilities |
298.522
|
214.561 |
262.114 |
|
|
Net Current Assets |
87.238
|
500.510
|
112.721 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1442.606 |
1270.218 |
488.949 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 (9 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
462.332 |
210.394 |
47.475 |
|
|
|
Other Income |
|
|
14.421 |
|
|
|
TOTAL (A) |
462.332 |
210.394 |
61.896 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Cost |
|
|
46.788 |
|
|
|
Operating Expenses |
|
|
35.351 |
|
|
|
Other Administrative Expenses |
|
|
249.916 |
|
|
|
TOTAL (B) |
794.943 |
550.299 |
332.055 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[Including Financial |
[Including Financial |
(270.159) |
|
|
|
|
Expenses |
Expenses |
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
And |
And |
0.249 |
|
|
|
|
Depreciation ] |
Depreciation ] |
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(270.408) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
21.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(332.611) |
(339.905) |
(292.127) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
REVERSAL OF
EXCESS PROVISION FOR FBT |
0.000 |
(1.174) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(332.611) |
(338.731) |
(292.127) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(438.922) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(731.049) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
65.099 |
|
|
TOTAL IMPORTS |
NA |
NA |
65.099 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(25.54) |
(34.71) |
46.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 (9 Months) |
|
PAT / Total Income |
(%) |
(71.94)
|
(161.00) |
(471.96)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(615.32)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.36)
|
(24.24) |
(42.14)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.23)
|
(0.27) |
(0.59)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
3.33 |
1.43
|
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 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
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 |
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 |
BACKGROUND
Subject is part of the Brambles group worldwide and is into 2nd
Year of operations in India. The company is in the business of leasing out
pallets and crates for hire together with associate supply chain logistics
services for consumers in
NOTE
Registered office has been shifted from 9, Hari Niwas, 303/304, L B S
Marg, Kurla (West), Mumbai, Maharashtra, India to the present address w.e.f.
12.08.2008
OPERATIONS
Operation and logistic
continues to be a strong backbone for the company .Various automation plans
were executed in the areas of operation which brought about efficiencies and
increased productivity. Transport network optimization bought about transport
efficiencies. Transport network, dealer network and appropriate warehouse
registrations were established across India to enable CHEP to service its
customers effectively.
FIXED ASSETS
·
Computers
·
Furniture and Fixture
·
Office Equipments
·
Plant and Machinery
·
Vehicles
·
Leasehold Improvements
·
Computer Software
·
Crate Designs
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. 54.44 |
|
|
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.