|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLINT GROUP INDIA PRIVATE LIMITED (w.e.f. 12.06.2006) |
|
|
|
|
Formerly Known
As : |
INCOWAX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 47-D, Bommasandra Industrial Area, Bangalore – 560099, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.01.1989 |
|
|
|
|
Com. Reg. No.: |
08-009759 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 24.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U02422KA1989PTC009759 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI00223G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5639L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Trader of Printing Ink. |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 3200000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for business dealings 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 – 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 |
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 : |
No. 47-D, Bommasandra Industrial Area, Bangalore – 560099, Karnataka,
India |
|
Tel. No.: |
91-80-27832420 |
|
Fax No.: |
91-80-27832419 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
6000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at: ·
Tamilnadu ·
Hyderabad ·
Kolkata ·
Navi Mumbai ·
Ghaziabad ·
Gujarat |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Lyle Macfarlane George |
|
Designation : |
Director |
|
Address : |
20, JLN 16/6, Seksyen 16, Jaya Selangor, Malaysia – 46430, India |
|
Date of Birth/Age : |
05.01.1948 |
|
Date of Appointment : |
01.09.2008 |
|
DIN No.: |
06393780 |
|
|
|
|
Name : |
Mr. Stephen Andrew Brenton |
|
Designation : |
Director |
|
Address : |
32, Curlew Point, Patterson Lakes, Melbourne – 3197, Australia |
|
Date of Birth/Age : |
20.11.1951 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
06393526 |
|
|
|
|
Name : |
Roy Upal |
|
Designation : |
Director |
|
Address : |
H 52/ D, Saket, New Delhi – 110017, India |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
05222906 |
|
|
|
|
Name : |
Mr. Sridhar Janakiraman |
|
Designation : |
Alternate Director |
|
Address : |
B-7, 602, L and T Southcity, Arikere, Bangalore – 560076, Karnataka,
India |
|
Date of Birth/Age : |
24.12.1964 |
|
Date of Appointment : |
29.07.1996 |
|
DIN No.: |
00382310 |
KEY EXECUTIVES
|
Name : |
Mr. Sridhar Janakiraman |
|
Designation : |
Secretary |
|
Address : |
B-7, 602, L and T Southcity, Arikere, Bangalore – 560076, Karnataka,
India |
|
Date of Birth/Age : |
24.12.1964 |
|
Date of Appointment : |
29.07.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Flint Ink Mauritius Limited |
|
2429990 |
|
Flint Ink Holdings Mauritius Limited
|
|
10 |
|
|
|
|
|
Total |
|
2430000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Printing Ink. |
||||||
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|
||||||
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Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Printing Inks |
Kgs |
- |
8392400 |
10064628 |
|
Thinner |
NA |
- |
-- |
94562 |
|
Varnishes |
Kgs |
- |
150000 |
71323 |
|
Others |
NA |
- |
-- |
31251 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Corporation Bank, 14-15 First Floor, National Plaza, R. C. Dutt Road, Alkapuri, Vadodara - 390007, Gujarat, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
‘Mittal Tower’, 10th Floor, ‘C’ Wing, 47/6, M |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Fellow Subsidiaries : |
·
Flint Ink Australia Pty Limited ·
·
·
·
·
·
Flint Ink’s Gravenzande BV America Flint ·
Schimdt – ·
·
Flint Ink NZ Limited – ·
Flint Ink Corporation – ·
Arrow Head Trading ·
CRR Pigments ·
BASF Industries Private Limited ·
Flint Ink – Germany ·
Day International - UK |
|
|
|
|
Holding Company : |
·
Flint Ink Mauritius Limited ·
Flint Ink Corporation, |
|
|
|
|
Ultimate Holding Company : |
CVC Fund |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2430000 |
Equity Shares |
Rs.10/- each |
Rs. 24.300
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 |
24.300 |
24.300 |
24.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
783.609 |
713.141 |
600.988 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
807.909 |
737.441 |
625.288 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
168.999 |
0.000 |
3.497 |
|
|
TOTAL BORROWING |
168.999 |
0.000 |
3.497 |
|
|
DEFERRED TAX LIABILITIES |
8.282 |
15.973 |
13.139 |
|
|
|
|
|
|
|
|
TOTAL |
985.190 |
753.414 |
641.924 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
207.172 |
207.384 |
160.304 |
|
|
Capital work-in-progress |
136.729 |
27.617 |
30.055 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.070 |
0.070 |
0.080 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
267.926
|
254.843 |
171.378 |
|
|
Trade receivable |
470.469
|
409.078 |
365.478 |
|
|
Cash & Bank Balances |
120.969
|
33.564 |
121.361 |
|
|
Other Current Assets |
0.004
|
0.004 |
0.004 |
|
|
Loans & Advances |
209.899
|
104.578 |
67.308 |
|
Total
Current Assets |
1069.267
|
802.067 |
725.529 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
367.258
|
250.569 |
247.787 |
|
|
Other Current Liabilities |
28.726
|
12.097 |
10.542 |
|
|
Provisions |
32.064
|
21.058 |
15.715 |
|
Total
Current Liabilities |
428.048
|
283.724 |
274.044 |
|
|
Net Current Assets |
641.219
|
518.343 |
451.485 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
985.190 |
753.414 |
641.924 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1933.000 |
1571.000 |
1457.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
167.490 |
156.330 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
EOB value of Exports |
-- |
140.739 |
152.952 |
|
|
|
Freight and Insurance |
-- |
2.468 |
2.916 |
|
|
TOTAL EARNINGS |
169.430 |
286.417 |
311.738 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
446.630 |
366.308 |
|
|
|
Capital Goods |
NA |
-- |
-- |
|
|
TOTAL IMPORTS |
NA |
446.630 |
366.308 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
16.59 |
17.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.22 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50 |
2.82 |
2.64 |
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 |
Yes |
|
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 two 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 |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2012 |
As on 31.03.2011 |
|
Borrowing from foreign company |
168.999 |
0.000 |
|
|
|
|
|
Total |
168.999 |
0.000 |
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U02422KA1989PTC009759 |
|
Name of the
company |
FLINT GROUP INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No. 47 - D, Bommasandra Industrial Area, Bangalore – 560099, Karnataka, India Email-id - j.sridhar@ip.flintgrp.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80057141 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others (Inventory
Including Finished, Semi Finished and RM) |
|
Particular of
charge holder |
Corporation Bank,
14-15 First Floor, National Plaza, R. C. Dutt Road, Alkapuri, Vadodara –
390007, Gujarat, India Email-id - cb336@corpbank.co.in |
|
Nature of
instrument creating charge |
Cash Credit (hyp
of stock and book debts) of Rs.75.000 millions, bank guarantee financial of
Rs.25.000 millions, Inland/ Import letter of credit renewal of Rs.50.000
millions |
|
Date of
instrument Creating the charge |
28.03.2013 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
Letter Terms of Repayment As per sanction
Letter Margin As per sanction
Letter Extent and Operation of the charge As per sanction
Letter |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
(i) Cash Credit
:- First charge on Inventory cum book debts / current assets (ii) Import/
Inland LC :- Extension of charge on inventory and receivables (iii) Bank
Guarantee :- Extension of charge on inventory and receivables (iv) Collateral
Security :- first charge on factory land situated at plot no. 47-D,
Bommasandra Industrial Area, Bangalore- 560 009 measuring East to West 72.50
meters and North to South 48.60 Meters (v) Collateral
Security :- Total Measurement 3937 Sq Meters (Factory Land including Factory
Building) |
|
Date of
instrument modifying the charge |
26.12.2005 |
|
Particulars of
the present modification |
Cash credit enhanced
up to Rs.75.000 millions and Bank Guarantee and Inland/ Import letter of
Credit Rs.25.000 millions and Rs.50.000 respectively as it is hence total
limit of Rs.150.000 millions. |
PERFORMANCE REVIEW
The prices of raw materials had gone up during the period due to steady increase in the Prices of White and Crude based products like Oils and solvents which impacted the Margins despite price increases implemented for better realization. Their sales during the period had increased by 24% in their sale value, achieving sale of Rs. 1,933 Million as against sale of Rs. 1,571 Million in the last year.
The Company’s effort continued in reformulation of News inks, Raw material cost savings with Global procurement support, manufacturing optimization, and the increased level of standardization of inks. During the year The Company had the task of completing Project Arjun the new Modern Plant at Vadodara. This Resulted in Duplication of activities and also in additional expenditure due to some delays in Project implementation. With all these completed and the expansion in News facility also in line the Company expects to do better in coming years.
PROSPECTS FOR THE
CURRENT YEAR
The packaging industry is continuing its growth rate exceeding 12 %. With more brands entering the packaged food and FMCG sectors and entry of International brands in FMCG markets, the demand for printing inks is expected to increase especially for the Company’s products.
With expansion by existing print houses to various towns the demand for News ink is also increasing. The print houses going in for High speed presses and good quality color print jobs that gives a improved print and they expect to improve their sales in this segment.
The Company is also focusing on providing the latest developments Aqueous and UV inks to their customers.
FIXED ASSETS
·
·
·
Buildings
·
Plant and Machinery
·
Research and Development
Equipment
·
Data Processing Machines
·
Office Equipment
·
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 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. 56.50 |
|
|
1 |
Rs. 86.01 |
|
Euro |
1 |
Rs. 73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
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 |
NO |
|
--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.