MIRA INFORM REPORT
|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKIPPER LIMITED (w.e.f 07.09.2009) |
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Formerly Known
As : |
SKIPPER STEELS LIMITED |
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Registered
Office : |
3A Loudon St, 1st Floor, Kolkata – 700017, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.03.1981 |
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Com. Reg. No.: |
21-033408 |
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Capital
Investment / Paid-up Capital : |
Rs. 360.444 Millions |
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CIN No.: [Company Identification
No.] |
L40104WB1981PLC033408 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Iron and Steel Products and PVC products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6500000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Flagship Company of S.K. Bansal Group. It is an established company having a satisfactory track record. There
appears slight dip in profitability during 2011-12. However, general financial position appears to be strong. Performance
capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk |
|
Date |
May 2012 |
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 : |
3A Loudon St, 1st Floor, Kolkata – 700017, West
Bengal, India |
|
Tel. No.: |
91-33-2289-2327 / 5731 / 5732 |
|
Fax No.: |
91-33-2289-5733 |
|
E-Mail : |
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|
Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Sadhuram Bansal |
|
Designation : |
Chairman Emeritus |
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|
|
|
Name : |
Mr. Sajan Kumar Bansal |
|
Designation : |
Managing Director |
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|
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Name : |
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Designation : |
Director |
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|
Name : |
Mr. Devesh Bansal |
|
Designation : |
Director |
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|
Name : |
Mr. Siddharth Bansal |
|
Designation : |
Director |
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Independent
Directors |
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|
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|
Name : |
Amit Kiran Deb |
|
Designation : |
IAS (Retd) Chairman |
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Name : |
|
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Designation : |
IAS (Retd) |
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Name : |
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Designation : |
Ex MD, SAIL |
KEY EXECUTIVES
|
Name : |
Mr. Arbind Kumar Jain |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Iron and Steel Products and PVC products. |
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Products : |
|
PRODUCTION STATUS (31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
M S/G Pipes |
M.T. |
90000 |
49838 |
|
Structural Fabrication |
M.T. |
100000 |
38607 |
|
Pole/ Highmast |
M.T. |
30000 |
357 |
|
PVC Products |
M.T. |
5000 |
3559 |
|
Hot Rolled Products |
M.T. |
215000 |
36904 |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
Not Divulged |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Patanhjali and Company Chartered Accountants |
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Parties where key
management personnel along with their relatives have significant influence : |
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CAPITAL STRUCTURE
After 25.09.2012
Authorised
Capital : Rs.400.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.97.444 Millions
As on 31.03.212
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.1/- each |
Rs.100.000 Millions |
|
3000000 |
Redeemable Non-Cumulative Preference |
Rs.100/- each |
Rs.300.000 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70444250 |
Equity Shares |
Rs.1/- each |
Rs.70.444 Millions |
|
2900000 |
Redeemable Non-Cumulative Preference |
Rs.100/- each |
Rs.290.000 Millions |
|
|
Total |
|
Rs.360.444
Millions |
Details of
shareholders holding more than 5% shares :
|
Name of
Shareholders |
No of Shares |
% |
|
Mr. Sajan Kumar Bansal |
7887520 |
11.20 |
|
Mr. Sharan Bansal |
3997100 |
5.67 |
|
Mr. Siddharth Bansal |
7684500 |
10.91 |
|
Mrs. Rashmi Bansal |
6537520 |
9.28 |
|
Mrs. Sumedha Bansal |
5492030 |
7.80 |
|
M/s.VentexTrade Private Limited |
5750000 |
8.16 |
The Reconciliation of
the number of shares outstandig is set out below
|
Particulars |
As at 31-03-2012 |
|
Equity Shares at the beginning of the year |
70444250 |
|
Add: Equity Shares issued on Sub Division |
- |
|
Less : Equity Shares Cancelled on Sub Division |
- |
|
Equity Shares At the end of the year |
70444250 |
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 |
360.444 |
360.444 |
70.444 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1274.919 |
1211.368 |
1039.598 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1635.363 |
1571.812 |
1110.042 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2296.494 |
2462.218 |
1373.395 |
|
|
2] Unsecured Loans |
1162.298 |
844.647 |
619.606 |
|
|
TOTAL BORROWING |
3458.792 |
3306.865 |
1993.001 |
|
|
DEFERRED TAX LIABILITIES |
110.692 |
94.094 |
62.190 |
|
|
|
|
|
|
|
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TOTAL |
5184.847 |
4972.771 |
3165.233 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2827.701 |
2080.994 |
1329.960 |
|
|
Capital work-in-progress |
20.483 |
334.862 |
471.737 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.007 |
0.007 |
1.902 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1689.278
|
1760.460 |
828.994 |
|
|
Sundry Debtors |
1449.441
|
920.761 |
606.693 |
|
|
Cash & Bank Balances |
85.703
|
68.649 |
80.937 |
|
|
Other Current Assets |
6.994
|
8.553 |
0.000 |
|
|
Loans & Advances |
614.350
|
286.166 |
231.521 |
|
Total
Current Assets |
3845.766
|
3044.589 |
1748.145 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1119.754
|
250.467 |
195.516 |
|
|
Other Current Liabilities |
354.064
|
224.707 |
172.221 |
|
|
Provisions |
35.292
|
12.507 |
18.774 |
|
Total
Current Liabilities |
1509.110
|
487.681 |
386.511 |
|
|
Net Current Assets |
2336.656
|
2556.908 |
1361.634 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5184.847 |
4972.771 |
3165.233 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7403.379 |
5024.700 |
4089.658 |
|
|
|
Other Income |
18.626 |
44.517 |
7.623 |
|
|
|
TOTAL (A) |
7422.005 |
5069.217 |
4097.281 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5361.184 |
4411.624 |
|
|
|
|
Change in Inventories of Finished Goods and Work in Progress |
221.004 |
(478.494) |
|
|
|
|
Personnel Expenses |
169.885 |
121.340 |
3760.124 |
|
|
|
Manufacturing, Administrative, Selling and Other Expenses |
1039.266 |
501.163 |
|
|
|
|
TOTAL (B) |
6791.339 |
4555.633 |
3760.124 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
630.666 |
513.584 |
337.157 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
367.487 |
195.127 |
99.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
263.179 |
318.457 |
238.022 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
117.108 |
65.727 |
31.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
146.071 |
252.730 |
206.045 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
47.128 |
76.233 |
70.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
98.943 |
176.497 |
135.638 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
481.833 |
337.731 |
227.671 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
20.000 |
13.215 |
|
|
|
Dividend |
NA |
10.630 |
10.567 |
|
|
|
Tax on Dividend |
NA |
1.765 |
1.796 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
481.833 |
337.731 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
86.745 |
109.835 |
60.398 |
|
|
TOTAL EARNINGS |
86.745 |
109.835 |
60.398 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
146.120 |
585.330 |
8.006 |
|
|
|
Capital Goods |
30.400 |
29.287 |
15.041 |
|
|
TOTAL IMPORTS |
176.520 |
614.617 |
23.047 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.40 |
2.51 |
20.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.33
|
3.48 |
3.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.97
|
5.03 |
5.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.19
|
4.93 |
6.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.16 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.11
|
2.10 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
6.24 |
4.52 |
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 |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
Yes |
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF:
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
a) Claims against the Company not acknowledged as debt Disputed tax/duties |
48.114 |
45.116 |
|
b) Bills Discounted |
152.148 |
316.788 |
|
c) Bank Guarantee issued by Banks |
1245.330 |
1317.523 |
Notes:
(i) The Company does not expect any reimbursements in respect of the above contingent liabilities.
(ii) It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) pending resolution of the appellate proceedings.
(iii) In respect of matters at (b), the cash outfows if any, could occur or defoult by the parties whose bills have been discounted by the banks.
(iii) In respect of matters at (c) the cash outflows, if any, could generally occur at any time during the subsistence of the liability to which the guarantees or letters of credit relate.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
(c) Loans And Advances from Related Parties |
138.036 |
24.386 |
|
(d) Other Loans and Advances |
|
|
|
From Bodies Corporate |
235.500 |
260.166 |
|
From Directors |
332.570 |
210.650 |
|
SHORTTERM
BORROWINGS |
|
|
|
Short Term Loans from Banks |
0.000 |
303.095 |
|
Other Loans and Advances |
456.192 |
46.350 |
|
Total |
1162.298 |
844.647 |
|
|
|
|
FIXED ASSETS
- Land and Land Development
- Buildings
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- 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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.