|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CIGNATTK HEALTH INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
6th
Floor, Vulcan Insurance Building, 202 A, Veer Nariman Road, Churchgate
Reclamation, Mumbai – 400 020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.03.2012 |
|
|
|
|
Com. Reg. No.: |
11-227948 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2012PLC227948 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECC7904J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Health Insurance Services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 396000 |
|
|
|
|
Status : |
Yet to commence its business activity |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company and not yet started its activity. Ms. Mabel (Accounts Department) has provided general information and
claimed that the company will start its business activity in January 2014. However, capital base of the company appears to be good. Payment terms are reported to be unknown. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
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.
INFORMATION PARTED BY (PARTIAL DETAILS)
|
Name : |
Ms. Mabel |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-61703600 |
|
Date : |
29.11.2013 |
LOCATIONS
|
Registered Office : |
6th
Floor, Vulcan Insurance Building, 202 A, Veer Nariman Road, Churchgate
Reclamation, Mumbai – 400 020, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
10th Floor (South Side) – Commerz, International Business Park,
Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra, India |
|
Tel. No.: |
91-22-61703600 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sandeep
Arunbhai Patel |
|
Designation : |
Managing Director |
|
Address : |
Flat No.1, 3rd
Floor, Writer Residences, St. Leo Road, CTS. No.462, Bandra (West), Mumbai –
400 050, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1966 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.05.2012 |
|
DIN No.: |
03210271 |
|
E-Mail: |
|
|
|
|
|
Name : |
Jagannathan
Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
No.6, Brunton Cross Road, Museum Road, Ashok Nagar, Bangalore – 560
025, Karnataka, India |
|
Date of Birth/Age : |
13.05.1948 |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00191522 |
|
E-Mail: |
|
|
|
|
|
Name : |
Jason Dominic
Sadler |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.05.1968 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.09.2013 |
|
DIN No.: |
06440304 |
|
|
|
|
Name : |
Raghunathan
Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
91/1 (Old), 146 (New), Santhome High Road, Chennai – 600 028,
Tamilnadu, India |
|
Date of Birth/Age : |
08.07.1952 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00043455 |
|
E-Mail: |
KEY EXECUTIVES
|
Name : |
Ms. Mabel |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Ms. Sapna Desai |
|
Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
TTK Partner LLP, India |
|
10049994 |
AS ON 09.10.2013
|
Names of Allottee |
|
No. of Shares |
|
TTK Partner LLP, India |
|
43950000 |
|
Total
|
|
43950000 |
AS ON 16.07.2013
|
Names of Allottee |
|
No. of Shares |
|
TTK Partner LLP, India |
|
15000000 |
|
Total
|
|
15000000 |
AS ON 15.06.2013
|
Names of Allottee |
|
No. of Shares |
|
TTK Partner LLP, India |
|
5000000 |
|
Total
|
|
5000000 |
BUSINESS DETAILS
|
Line of Business : |
Providing Health Insurance Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Vishwanathan |
|
Address : |
No:17 (Old
No:8-A), Bishop Wallers Avenue (West), Mylpore, Chennai – 600 004, Tamilnadu,
India |
|
PAN No.: |
AAAFV0367K |
|
|
|
|
Holding Company
: |
TTK Partner LLP, India |
|
|
|
|
Enterprises which are owned, or have significant influence
of or are partners with Key management personnel and their relatives : |
Cigna Health
Solutions India Private Limited, India (CIN No.: U93090MH2011FTC213985) |
CAPITAL STRUCTURE
AS ON 11.09.2013
Authorised Capital : Rs.1000.000 millions
Issued, Subscribed & Paid-up Capital : Rs.1000.000
millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10050000 |
Equity Shares |
Rs.10/- each
|
Rs.100.500
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
100.500 |
|
(b) Reserves & Surplus |
|
|
(1.386) |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
99.114 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) Long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
0.000 |
|
(c)
Other current liabilities |
|
|
0.236 |
|
(d) Short-term
provisions |
|
|
0.000 |
|
Total Current
Liabilities (4) |
|
|
0.236 |
|
|
|
|
|
|
TOTAL |
|
|
99.350 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
0.000 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other
Non-current assets |
|
|
98.850 |
|
Total Non-Current
Assets |
|
|
98.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c)
Trade receivables |
|
|
0.000 |
|
(d) Cash
and cash equivalents |
|
|
0.500 |
|
(e)
Short-term loans and advances |
|
|
0.000 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.500 |
|
|
|
|
|
|
TOTAL |
|
|
99.350 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL (A) |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other expenses |
|
|
0.056 |
|
|
|
TOTAL (B) |
|
|
0.056 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(0.01) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(0.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.12 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last one year |
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 |
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 |
Note:
No Charges Exist
for Company.
BACKGROUND:
The Company is a
public limited company incorporated under the provisions of the Companies Act,
1956 on 12th March, 2012. The Company has applied for registration
under section 3 of the Insurance Act, 1938 to carry on business of Insurance
and is inter alia engaged in the business of providing health insurance
services in India.
WEBSITE DETAILS:
NEWS/ MEDIA
CIGNA TTK HEALTH
INSURANCE SECURES LICENSE FROM IRDA, TO SHORTLY COMMENCE INDIA OPERATIONS
Mumbai, 18th
November 2013
Cigna TTK Health Insurance Company Limited, a joint venture between the U.S. based global health service leader, Cigna Corporation, and Indian conglomerate TTK Group, has received the regulatory - license from the Insurance Regulatory and Development Authority (IRDA) on 13th November, 2013 and is set to commence its operations soon.
Announcing this development, Mr. Sandeep Patel, Managing Director and CEO, Cigna TTK Health Insurance said, "We are happy to announce that we have received the regulatory approval from IRDA to commence operations in India. We would like to thank the IRDA for its support throughout the licensing process.
“We are truly excited to mark our presence here and bring to life Cigna TTK’s mission to improve the health, well-being and sense of security of the people we serve. We will strongly leverage Cigna’s global health services experience and expertise, and the trust, credibility and experience of the TTK group to offer an innovative suite of products backed by an enhanced customer experience. To support this, we have extensively invested in state-of-the-art technology, to give customers and distributors a completely hassle-free and personal experience."
Cigna TTK is a stand-alone health insurance company, headquartered in Mumbai and will look to roll out a pan India presence.
About Cigna TTK
Health Insurance Company Limited
U.S. health service giant Cigna Corporation, and Indian conglomerate TTK Group have entered into a joint venture to sell health insurance products in India. Cigna TTK Health Insurance Company Limited (Cigna TTK) has been incorporated and is based in Mumbai.
About Cigna
Corporation:
Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping the people we serve improve their health, well-being and sense of security. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioural health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has more than 80 million customer relationships throughout the world.
About TTK Group:
TTK is widely recognized across India with a reputation built across eight decades for quality consumer products and services, the three letters in ‘TTK’ represents the corporate philosophy of the Group – Trust, Transparency and Knowledge. TTK’s various operations include manufacturing and marketing of kitchenware, fast moving consumer goods, pharmaceuticals, contraceptive devices, bio-medical devices, food products, maps and atlases, and other services. The company’s multiple businesses sell brands that are household names including Prestige, Woodwards, Eva, Fryums etc. TTK has its roots in India but reaches every continent in the globe with its wide range of products. The flagship company of the group, TTK Prestige, has won several awards including the India’s “Best SME Company for the year 2010” presented by the Prime Minister of India. TTK Prestige has earned a spot in FORBES ASIA’s list of “Best under a Billion” companies.
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] 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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.