|
Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SINGAPORE AIRLINES LIMITED |
|
|
|
|
Branch Office : |
Ground Floor,
Air India Building, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.08.1972 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
1856.1 (In $ Millions) |
|
|
|
|
Legal Form : |
It is a Branch of a Foreign Register Company |
|
|
|
|
Line of Business
: |
The principal activity of the company consists of passenger air
transportation. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a foreign registered company having fine track record. The rating takes into consideration company’s established track of
business operation marked by healthy financial risk profile and decent
profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-22048845)
LOCATIONS
|
Registered
Office / Headquarters : |
25 Airline Road,
Airline House, Singapore 819829 |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
|
|
|
Branch Office : |
Ground Floor,
Air India Building, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22852477 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Reservation and
Ticketing Office : |
2nd Floor Setu Complex, S. P. Nagar Road, Off C. G. Road, Navrangpura, Ahmedabad - 380009, Gujarat, India |
|
Tel. No.: |
91-79-30012828 |
|
Fax No.: |
91-79-30012850 |
|
E-Mail : |
|
|
|
|
|
Airport/ Lost and
Found Office : |
Room Number 02, Office Ground Level, Sardar Vallabhbhai International (SVP), Airport Terminal – 2, Ahmedabad – 380003, Gujarat, India |
|
Tel. No.: |
91-79-22858116/ 8117 (SQ Office) / 22869237/ 9238 |
|
Fax No.: |
91-79-22866623 |
|
|
|
|
Town Offices : |
Located At: ·
Delhi ·
Kolkata ·
Chennai ·
Mumbai ·
Bangalore ·
Ahmedabad |
|
|
|
|
Airport Offices
: |
Located at: ·
Delhi ·
Kolkata ·
Chennai ·
Mumbai ·
Bangalore |
DIRECTORS
As on 31.03.2013
|
Name: |
Stephen Lee Ching Yen |
|
Designation: |
Chairman (Independent) |
|
|
|
|
Name: |
William Fung Kwok Lun |
|
Designation: |
Director (Independent) |
|
|
|
|
Name: |
Goh Choon Phong |
|
Designation: |
Chief Executive Officer |
|
|
|
|
Name: |
Euleen Goh Yiu Kiang |
|
Designation: |
Director (Independent) |
|
|
|
|
Name: |
Christina Ong |
|
Designation: |
Director (Independent) |
|
|
|
|
Name: |
Helmut Gunter Wilhelm Panke |
|
Designation: |
Director (Independent) |
|
|
|
|
Name: |
Lucien Wong Yuen Kuai |
|
Designation: |
Director (Non Independent) |
|
|
|
|
Name: |
Jackson Peter Tai |
|
Designation: |
Director (Independent) |
|
|
|
|
Name: |
Hsieh Tsun-Yan |
|
Designation: |
Director (Independent) (Appointed as Director on 1 September, 2012) |
|
|
|
|
Name: |
Gautam Banerjee |
|
Designation: |
Director (Independent) (Appointed as Director on 1 January, 2013) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
The principal activity of the company consists of passenger air
transportation. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ernst and Young LLP Public Accountants and Certified Public Accountants |
|
Address : |
One Raffles Quay North Tower #18-01 Singapore 048583 |
CAPITAL STRUCTURE
As on 31.03.2013
(In
$ Millions)
|
Particulars |
Share capital |
Treasury shares |
Capital reserve |
Share-Based Compensation reserve |
Fair value reserve |
General reserve |
Total |
|
Balance at 1 April 2012 |
1,856.1 |
(258.4) |
(8.1) |
133.7 |
(9.8) |
11,133.4 |
12,846.9 |
|
Comprehensive income |
|||||||
|
Net fair value changes on available-for-sale
assets |
-- |
-- |
-- |
-- |
2.2 |
-- |
2.2 |
|
Net fair value changes on cash flow hedges |
-- |
-- |
-- |
-- |
10.5 |
-- |
10.5 |
|
Other
comprehensive income for the financial
year |
-- |
-- |
-- |
-- |
12.7 |
-- |
12.7 |
|
Loss for the
financial year |
-- |
-- |
-- |
-- |
-- |
(694.1) |
(694.1) |
|
Total comprehensive income for the
financial year, net of tax |
-- |
-- |
-- |
-- |
12.7 |
(694.1) |
(681.4) |
|
Transactions with owners, recorded directly in
equity |
|||||||
|
Share-based
compensation expense |
-- |
-- |
-- |
3.2 |
-- |
-- |
3.2 |
|
Share
options Share awards lapsed |
-- |
-- |
-- |
(3.0) |
-- |
3.0 |
-- |
|
Purchase of
treasury shares |
-- |
(37.7) |
-- |
-- |
-- |
-- |
(37.7) |
|
Treasury shares reissued pursuant to equity
compensation plans |
-- |
26.3 |
(1.3) |
-- |
-- |
-- |
15.6 |
|
Dividends |
-- |
-- |
-- |
(9.4) |
-- |
(188.0) |
(188.0) |
|
Total
transactions with owners |
-- |
(11.4) |
(9.2) |
-- |
-- |
(185.0) |
(206.9) |
|
Balance at 31 March 2012 |
1,856.1 |
(269.8) |
124.5 |
124.5 |
2.9 |
10254.3 |
11,958.6 |
FINANCIAL DATA
[all figures are
in $ Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY ATTRIBUTABLE
TO OWNERS OF THE PARENT |
|
|
|
|
Share Capital |
1856.1 |
1856.1 |
1832.4 |
|
Other Reserves |
10372.3 |
11249.2 |
12345.7 |
|
Share-Based Compensation Reserve |
0.0 |
0.0 |
0.0 |
|
General Reserve |
0.0 |
0.0 |
0.0 |
|
Fair Value Reserve |
0.0 |
0.0 |
0.0 |
|
Treasury Shares |
(269.8) |
(258.4) |
(43.0) |
|
TOTAL |
11958.6 |
12846.9 |
14135.1 |
|
|
|
|
|
|
Total Equity |
11958.6 |
12846.9 |
14135.1 |
|
Deferred Account |
127.8 |
199.9 |
330.7 |
|
Deferred Taxation |
1621.3 |
1694.8 |
1814.1 |
|
Long-Term
Liabilities |
803.9 |
807.9 |
803.4 |
|
Provisions |
376.1 |
259.1 |
162.0 |
|
|
|
|
|
|
TOTAL |
14887.7 |
15808.6 |
17245.3 |
|
|
|
|
|
|
REPRESENTED BY: |
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENTS |
|
|
|
|
Aircraft, Spares and Spare Engines |
8746.8 |
9223.9 |
9479.1 |
|
Land and Building |
70.7 |
79.4 |
92.5 |
|
Others |
1581.8 |
1525.0 |
1805.8 |
|
Intangible Assets |
159.0 |
111.2 |
90.8 |
|
Subsidiary Companies |
2030.1 |
2038.8 |
1755.8 |
|
Associated Companies |
532.5 |
1701.1 |
1715.7 |
|
Joint Venture Companies |
0.0 |
0.0 |
0.0 |
|
Long-Term Investments |
626.8 |
293.7 |
18.8 |
|
Other Receivables |
213.9
|
215.6
|
119.6 |
|
Deferred Account |
0.0
|
33.7
|
0.0 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Inventories |
192.7 |
221.7 |
253.9 |
|
Trade Debtors |
1080.9 |
870.2 |
913.6 |
|
Deposits and Other Debtors |
36.6 |
26.7 |
33.5 |
|
Prepayments |
75.8 |
74.8 |
89.5 |
|
Amounts Owing by Subsidiary Companies |
189.9 |
195.2 |
194.0 |
|
Investments |
289.4 |
565.2 |
339.9 |
|
Derivative Assets |
77.7 |
57.4 |
63.1 |
|
Cash and Bank Balance |
4834.3 |
4450.7 |
7217.8 |
|
TOTAL |
6777.3 |
6461.9 |
9105.3 |
|
|
|
|
|
|
LESS: CURRENT
LIABILITIES |
|
|
|
|
Sales in Advance of Carriage |
1367.7 |
1409.5 |
1421.1 |
|
Deferred Revenue |
532.5 |
497.0 |
445.1 |
|
Current Tax Payable |
130.2 |
186.0 |
370.3 |
|
Trade and Other Creditors |
2510.1 |
2210.2 |
2161.8 |
|
Amounts Owing to Subsidiary Companies |
1219.8 |
1525.2 |
1529.0 |
|
Notes Payable |
0.0 |
0.0 |
900.0 |
|
Provisions |
65.2 |
35.1 |
62.3 |
|
Derivatives Liabilities |
25.7 |
12.7 |
48.5 |
|
TOTAL |
5851.2 |
5875.7 |
6938.1 |
|
NET CURRENT ASSETS |
926.1 |
586.2 |
2167.2 |
|
|
|
|
|
|
TOTAL |
14887.7 |
15808.6 |
17245.3 |
REVENUE STATEMENT
|
PARTICULAR |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
TOTAL REVENUE |
|
|
|
|
External Revenue
|
12169.3 |
11582.3 |
11227.0 |
|
Inter-Segment
Revenue |
1243.3 |
1234.9 |
1178.5 |
|
TOTAL |
13412.6 |
12817.2 |
12405.5 |
|
|
|
|
|
|
RESULTS |
|
|
|
|
Segment Result |
262.0 |
279.1 |
972.8 |
|
|
|
|
|
|
Finance Charges |
(35.2) |
(65.9) |
(58.8) |
|
Interest Income |
62.2 |
50.1 |
36.8 |
|
(Loss)/Surplus
on Disposal of Aircraft, Spares and Spare Engines |
56.3 |
(28.9) |
103.1 |
|
Dividend From
Subsidiary Companies |
-- |
266.4 |
173.0 |
|
Dividends From
Long-Term Investments |
10.3 |
4.4 |
11.3 |
|
Other
Non-Operating Items |
(5.8) |
(13.4) |
81.5 |
|
Share of Profits
of Joint Venture Companies |
-- |
0.0 |
0.0 |
|
Share of
(Losses)/Profits of Associated Companies |
(1.9) |
(29.3) |
22.3 |
|
Exceptional
Items |
-- |
(4.1) |
0.00 |
|
Taxation |
(32.4) |
(45.2) |
(210.0) |
|
|
|
|
|
|
Profit/(Loss)
For the Financial Year |
315.5 |
413.2 |
1132.0 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current
Maturities of Long Term Debts is Not Available.
|
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 |
No |
|
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 |
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 |
No |
GENERAL
Subject is a limited liability company incorporated in the Republic of Singapore which is also the place of domicile. The Company is listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and is a subsidiary company of Temasek Holdings (Private) Limited, incorporated in the Republic of Singapore.
The registered office of the Company is at Airline House, 25 Airline Road, Singapore 819829.
The principal activities of the Group consist of passenger and cargo air transportation, engineering services, training of pilots, air charters and tour wholesaling and related activities. The principal activity of the Company consists of passenger air transportation.
The financial statements for the financial year ended 31 March 2012 were authorised for issue in accordance with a resolution of the Board of Directors on 9 May 2012.
SUBSIDIARY, ASSOCIATED AND JOINT VENTURE
COMPANIES
In the Company’s separate financial statements, investments in subsidiary and associated companies are accounted for at cost less accumulated impairment losses.
A subsidiary company is defined as an entity over which the Group has the power to govern the financial and operating policies so as to obtain benefits from its activities, generally accompanied by a shareholding giving rise to the majority of the voting rights.
An associated company is defined as an entity, not being a subsidiary company or joint venture company, in which the Group has significant influence, but not control, generally accompanied by a shareholding giving rise to not less than 20% of the voting rights. A list of the Group’s associated companies is shown in Note 24 to the financial statements.
BUSINESS SEGMENT
For management purposes, the Group is organised into operating segments based on the nature of the services provided which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment managers report directly to the management of the Company who regularly review the segment results in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note 4, including the factors used to identify the reportable segments and the measurement basis of segment information. The significant business segments of the Group are airline operations, engineering services and cargo operations.
GEOGRAPHICAL SEGMENT
The analysis of revenue by area of original sale from airline operations is derived by allocating revenue to the area in which the sale was made. Revenue from other operations, which consist principally of engineering services and cargo operations, is derived in East Asia and therefore, is not shown. Assets, which consist principally of flight and ground equipment, support the entire worldwide transportation system, and are mainly located in Singapore. An analysis of assets and capital expenditure of the Group by geographical distribution has therefore not been included.
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] 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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.