MIRA INFORM REPORT
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Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
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Name : |
THE GRIFFIN COAL MINING COMPANY PTY LIMITED |
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Formerly Known As : |
THE GRIFFIN COAL MINING
COMPANY LIMITED |
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Registered Office : |
Level 15, 28 The Esplanade,
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
16.01.1925 |
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Com. Reg. No.: |
008667285 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Exploration, mining and
marketing of coal |
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No. of Employees : |
489 employees (Subject);
7,914 employees (Lanco Infratech Group) |
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 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Australia |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Australia - ECONOMIC OVERVIEW
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Source : CIA |
Verified Address
Subject name : THE GRIFFIN COAL MINING
COMPANY PTY LIMITED
Business address : Level 15, 28 The Esplanade
Town : Perth
Province : Western
Australia
Zip/postal code : 6000
Country : Australia
Tel : +61 8 61882200
Fax : +61 8 61882201
Email : info@griffincoal.com.au
Website : www.griffincoal.com.au
Registered address : Level 15, 28 The Esplanade
Town : Perth
Province : Western
Australia
Zip/postal code : 6000
Country : Australia
Postal address : GPO Box G474
Town : Perth
Province : Western
Australia
Zip/postal code : 6841
Country : Australia
Operating Address 1st Floor, 677 Murray Street,
Town West Perth,
Province Western Australia
Zip/postal code 6005
Country Australia
Executive Summary
Date founded or registered : 16/01/1925
Legal form : Australian
Proprietary Company
Chief executive : Satish Mullapudi
Issued & paid up capital
: AUD 5,695,343
Sales turnover : AUD 131,177,000 (Non-Consolidated 9
months, 31/03/2011)
Net income : AUD
-124,451,000 (Non-Consolidated 9 months, 31/03/2011)
Total fixed assets : AUD 1,201,192,000
(Non-Consolidated 9 months, 31/03/2011)
Line of business : Exploration, mining and
marketing of coal.
Staff employed : 489 employees (Subject);
7,914 employees (Lanco Infratech Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management experience : Management is adequately experienced
Financial performance : Financial performance is gradually
declining
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Comments : Although the Subject
has been facing losses for two consecutive years, the
Subject's share equity is stable.
Registry Data
Registration date : 16/01/1925
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 008667285
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 16008667285
Registry status : Live/Active
Previous name : THE GRIFFIN COAL MINING
COMPANY LIMITED (initial)
Change of legal form : None reported.
Key Management
Name : Satish
Mullapudi
Designation : Managing Director
Appointments
Name : Kandimalla K.V. Naga
Prasad
Designation : Director
Appointment date : 28/02/11
Address : India
Biography : Born on 20-08-1970 in India.
Name : Manoj Agarwal
Designation : Director
Appointment date : 28/02/11
Address India
Biography : Born on
30-06-1964 in India.
Name : Satish
Mullapudi
Designation : Director
Appointment date : 09/05/11
Address : 64 Worcester
Crescent
Bundoora,
VIC 3083
Australia
Biography : Born on
15-03-1981 in India.
Name : James
Riordan
Designation : Company Secretary
Appointment date : 28/02/11
Address : 10 Cornell
Place
East
Cannington, WA 6107
Australia
Biography : Born on
21-05-1979 in Cork, Ireland.
Staff employed : 489 employees (Subject);
7,914 employees (Lanco Infratech Group)
Auditors : ERNST &
YOUNG
11 Mounts
Bay Road
Perth, WA
6000
Australia
Composition
Authorized Capital : AUD 5,695,343
No of shares : 11,390,685 Ordinary Shares
Share par value : No par value
Issued capital : AUD 5,695,343
Paid
up capital : AUD
5,695,343
How listed : Full List
Composition
Shareholder name : LANCO RESOURCES AUSTRALIA PTY
LTD
Address : Level 15, 28
The Esplanade
Perth, WA
6000
Australia
No. of shares : 11,390,685 Ordinary
Shares
% of shares : 100%
Structure
Name : LANCO INFRATECH LIMITED
Affiliation type : Ultimate Holding Company
Address : Plot No. 397, Udyog Vihar
Phase-III
Gurgaon
122016
Haryana
India
Comments :
Lanco Infratech Limited
engages in engineering, procurement and construction
(EPC), power, solar energy,
natural resources, infrastructure, and property
development businesses in
India, Australia, Singapore, and internationally. The
company provides EPC services
for thermal power projects, hydro power
projects, chimneys, cooling
towers and balance of plant, and transmission and
distribution projects, as
well as for roads, highways and bridges, metros and
railways, buildings and
airports, sea ports and marine structures, and water and
pipelines. It is also
involved in the development of solar power projects. In
addition, the company
generates and trades power from thermal, hydro, wind,
and solar sources; develops
integrated properties comprising commercial and
residential buildings; and
explores, mines, and markets coal. Lanco Infratech
Limited was founded in 1960
and is based in Gurgaon, India.
Name : LANCO RESOURCES
AUSTRALIA PTY LTD
Affiliation type : Parent Company
Address : Level 15, 28 The Esplanade
Perth, WA
6000
Australia
Name : LANCO ANPARA POWER
LIMITED
Affiliation type : Sister Company
Address : Gate No. 03, Anpara, P.O.
Anpara
Sonebhadra
District
Uttar
Pradesh
India
Name : LANCO RESOURCES
INTERNATIONAL PTE. LTD.
Affiliation type : Sister Company
Address : 8 Shenton Way
#50-01 AXA
Tower
Singapore
068811
Singapore
Name : P.T. LANCO INDONESIA
ENERGY
Affiliation type : Sister Company
Address : Sampoerna Strategic Square
North
Tower, 20th Floor
Jl.Jend.
Sudirman Kav. 45–46
Jakarta 12930
Indonesia
Related companies and corporate affiliations comments
Other companies of the Lanco
Infratech Group should be considered affiliates of the Subject.
Bank Details
Name of bank : National Australia Bank
Address : Australia
Account details : Current Account
Comments : It is generally not the policy
of local banks to provide credit status information to
non
related parties, however interested parties would be advised to consult first
with the Subject
if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : Petitioner Court Action:
Petitioner: PERDAMAN CHEMICALS AND
FERTILISERS PTY LTD
Address:
Level 17,
54-58 Mounts Bay Road
Perth, WA
6000
Australia
Start
date: 23-11-2012
Court no:
Supreme WA COR190 of 2012
The case
id settled with the Subject agreeing to pay Perdaman a nominal amount
of AUD 7.5
million and legal costs to be taxed by the Court, without admission of
any of the
allegations of Perdaman.
Description
Source of financial statement
: Commercial Registry Filings
Financial statement date : 31/03/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 1.06 as of
10-06-2013
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD) India, Rupee (INR)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 31/03/11 30/06/10 31/03/12
Length of accounts : 9 months 12 months 12 months
Sale turnover / Income : 131,177,000 209,282,000
102,865,733,000
Gross profit : -48,980,000 -95,620,000 ---
Profit before tax : -163,284,000 -61,796,000 3,483,831,000
Net income : -124,451,000 -45,554,000 1,237,607,000
Non current assets : 1,139,648,000 1,519,712,000 374,842,101,000
Current assets : 61,544,000 96,104,000 109,294,903,000
Inventories : 11,736,000 13,138,000 27,888,841,000
Total assets : 1,201,192,000 1,615,816,000 484,137,004,000
Current liabilities : 157,580,000 802,727,000 157,888,516,000
Non current liabilities : 296,658,000 344,902,000 269,669,155,000
Total liabilities : 454,238,000 1,147,629,000 427,557,671,000
Share equity : 746,954,000 468,187,000 47,060,510,000
Reserve :
944,703,000 541,485,000
Retained earning : -203,504,000 -79,053,000
Comments : The
non-consolidated financial information above relates to the Subject only.
The
group’s consolidated financial information above relates to the Subject’s
Ultimate Holding
Company Lanco Infratech Limited and all its subsidiaries which
include
the Subject.
Main activities : The Subject engages in
exploration, mining and marketing of coal.
The
Subject operates 2 coal mines: Ewington 1 & 2 Mines and Muja South
Mine in
the Collie area, approximately 220 kilometres south east of Perth,
the
capital city of Western Australia.
Ewington 1 & 2 Mines:
The
Ewington mine lies within the Premier Coal Measures, 10 kilometres
east of
Collie and is gradually advancing down dip to the east.
There are
three main seams (1.5 metres to three metres thick) and four
associated
seam splits of one metre or less being mined within a 25 metre
vertical
section. These seams are generally smaller than Muja but
production
levels are similar. Deepening of the mine is underway to
develop a
further three seams.
Muja South Mine:
Located at
the south and east of Muja Mine. Muja Mine is 18 kilometres
south east
of Collie region)
Muja South
is a new mine site immediately south and east of the existing
Muja Mine,
intended to form the next phase in the orderly development of
Griffin
Coal's Collie coal deposits.
The
Subject is ultimately owned by Lanco Infratech Limited.
Lanco
Infratech Limited engages in engineering, procurement and
construction
(EPC), power, solar energy, natural resources, infrastructure,
and
property development businesses in India, Australia, Singapore, and
internationally.
The company provides EPC services for thermal power
projects,
hydro power projects, chimneys, cooling towers and balance of
plant, and
transmission and distribution projects, as well as for roads,
highways
and bridges, metros and railways, buildings and airports, sea
ports and
marine structures, and water and pipelines. It is also involved in
the
development of solar power projects. In addition, the company
generates
and trades power from thermal, hydro, wind, and solar sources;
develops
integrated properties comprising commercial and residential
buildings;
and explores, mines, and markets coal. Lanco Infratech Limited
was
founded in 1960 and is based in Gurgaon, India.
Product & services : Coal
Purchases
Local : Yes
International : South Africa, United States
Sales
Local : Yes
International : Asia
Key events : April 29, 2013
Griffin
Coal Settles AUD 3.5 Billion Lawsuit by Perdaman
Lanco
Infratech's Australian subsidiary, Griffin Coal, has settled protracted
litigation
for a claim of AUD 3.5 billion initiated by Perdaman Chemicals
against
the company. The Australian coal miner has agreed to pay
Perdaman a
nominal amount of AUD 7.5 million and legal costs to be taxed
by the
Court, without admission of any of the allegations of Perdaman.
Alleging
non-compliance with coal supply pact for the company's upcoming
urea plant
in Western Australia, Perdaman Industries filed an AUD 3.5
billion
lawsuit against Lanco in Australia in 2011. This settlement was
reached
pursuant to the rules of Supreme Court of Western Australia,
which allows
for early and cost effective resolution of such claims.
Source:
Businessweek
April 29,
2013
Lanco
Infratech May Sell Stake In Griffin Coal And Other Projects
Lanco
Infratech Limited (BSE:532778) can sell a stake in Griffin Coal
Mining
Company Pty Ltd. in next one year. Nagaprasad Kandimalla, its
Chief
Executive of Business Development, said that Lanco could sell a
stake in
Griffin Coal in the next one year, and also take loans and raise
money from
its own cash flow for the investment. A sale of shares in the
coal unit
could see "a good response" because of the settlement with
Perdaman
Chemicals and Fertilizers, he added. Lanco is also looking at
options
like stake sale in local power and road projects to raise funds and
cut its
overall debt. Lanco's shares rose 10% to INR 11.60.
Source:
Businessweek
2 January
2013
Lanco
Infratech subsidiary wins case in Australian court
The
Supreme Court of Western Australia has ruled in favour of Griffin Coal
Mining
Company, a subsidiary of diversified infrastructure Indian
conglomerate,
Lanco Infratech
Lanco
Infratech has won a legal battle in Australia against Perdaman
Chemicals
and Fertilizers Pty Ltd. Lanco Infratech, through its Australian
subsidiary,
Lanco Resources Australia, had acquired Griffin Coal Mining
Company
and Carpenter Mine Management in February 2011.
The
Supreme Court of Western Australia allowed subsidiary Griffin Coal
Mining
Company Pty Ltd to enter into revised Coal Supply Agreement
(CSA) with
Griffin Power entities. The latter is in the process of being
acquired
by Japanese consortium of Sumitomo Corp and Kansai Electric
Power Co.
The
Supreme Court of Western Australia has rejected the contention of
Perdaman Chemicals
and Fertilizers Pty Ltd.
Lanco
Infratech Executive Chairman L Madhusudhan Rao said, ``The
revised
CSA will result in a gain of approximately A$ 150 million, including
a
substantial upfront payment to Griffin Coal Mining Company Pty Ltd''.
Lanco has
acquired Griffin Coal for A$ 720 million in February 2011. Last
year,
Griffin produced over 3 million tonnes of coal.
The power
plant associated with Griffin Coal mine is in the process of being
sold to
the Japanese consortium and a new coal supply agreement was to
be signed.
However,
Perdaman Chemicals, which filed a case for damages amounting
to $3.2
billion, had sought an interim stay against a deal with the Japanese
buyers.
The court rejected the plea. The main case for damages, lodged by
Perdaman
against Lanco Griffin, is to be heard by February-March 2013.
The Lanco
Group filed a counter claim for damages on the ground that the
petition
was vexatious.
At the end
of November, Lanco Infratech had spoken about the Bluewaters
power
project, which is located near Griffin coal mines, and was sold to
Sumitomo
Corporation and Kansai Electric. The Lanco arm in Australia is
to supply
about 1.8 million tonnes of coal for over 25 years to Bluewaters
project,
as per agreement.
"Following
the recent sale to the Japanese consortium, the coal supply
contract
was renegotiated for next 25 years. This will help us gain $150
million,
including upfront payment of $50 million,'' Nagaprasad Kandimalla,
Lanco
Infra CEO had said.
The Indian
major is currently producing 3.7 million tonnes a year and
expects to
increase it to about 5 million tonne next year.
In a
related development, Lanco Infratech has also reportedly begun talks
with
Indian firms, JSW Energy and Adani Power, to sell a power plant in
Karnataka
as banks pile pressure on debt laden power companies to sell
assets and
improve cash flow.
Preliminary
discussions have taken place between JSW Energy, Lanco
and Adani
for the sale of the 1,200 mw coal fired Udupi power plant.
High debt,
paucity of both coal and gas and defaults by bankrupt state
electricity
boards have put immense strain on the cash flows of private
power
firms. Lanco had begun talks with banks some months ago, seeking
easier
repayment terms for its debt of $5.9 billion (Rs 325 billion), one of
the
largest among private power producers.
15
December 2010
Lanco
Infratech to acquire Griffin Coal Mining Co
Mumbai:
Lanco Infratech Ltd with business interests in construction,
Power,
EPC, Infrastructure and Property Development has come into a
binding
agreement with Griffin Energy Group Pvt Ltd (Administrators
Appointed)
and Carpenter Mine Management Holdings Pty Ltd
(Administrators
Appointed) to purchase 100% shares of Griffin Coal Mining
Company Pty
Ltd and Carpenter Mine Management Pty Ltd (Griffin Coal).
This was
done through their Australian subsidiary Lanco Resources
Australia
Pty Ltd.
Griffin
coal owns the largest operational thermal coal mines in Western
Australia.
The mine currently produces over 4 mtpa of coal and can be
ramped up
to over 15 mpta in the near term, post development of
evacuation
infrastructure. The mining tenements contain over 1.1 billion
tonnes of
JORC compliant thermal coal resources. The mine is located in
close
proximity to India for better trade with India. The mine is also easily
accessible
by rail and road and better connectivity with other mines in
Australia.
Suresh
Kumar, CFO of Lanco Infratech Limited, said: “The acquisition of
Griffin Coal
is an important component of our development strategy,
providing
increased fuel security for our current power generation assets
and future
power portfolio expansions. This acquisition also presents an
opportunity
to Lanco to participate in the burgeoning natural resources
trading
market."
Source: www.news.oneindia.in
History : 1923
Private
syndicate formed to develop coal leases to the south of Collie to
supply
coal to Western Australian Government Railways (WAGR).
1925
The
Western Australian Coal Mining Briquetting and By-Product Company
Ltd was
formed.
1927
Two years
later it changed its name to The Griffin Coal Mining Company
Pty Ltd,
supplying coal to ships, railways and the WA goldfields.
1931
Small
railway contract granted.
1953
Open cut
mining work commences at Muja Mine.
1954
Deep
mining commences at Muja Mine to extract the Hebe Seam.
1960
Griffin
Coal wins major share of the coal supply to Muja Power Station, a
new power
station to be operated by Western Australia’s only electricity
provider,
Western Power (now Verve).
1965
Deep
mining ceases at Muja after water floods mine.
1966
Griffin
Coal makes its first international coal export of 3,000 tonnes of coal
to Japan.
1970
Final year
Griffin Coal supplies coal to WAGR.
1982
Open cut
mining commences at Chicken Creek.
1996
Mining
commences at Ewington II mine.
2006
Development
of Ewington I mine.
2009
Mining
commences at Ewington I mine.
2011
Griffin
Coal purchased by Lanco Infratech, through Australian subsidiary
Lanco
Resources Australia Pty Ltd.
Property &
Assets
Premises : The Subject
operates from premises at the verified heading address consisting of an
administrative office.
Branches : In addition, the
Subject operates 2 coal mines, Ewington 1 & 2 Mines and Muja South Mine in
the Collie area, approximately 220 kilometres south east of Perth, the capital
city of Western Australia.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4% industry: 25.6% services: 70.4%
Inflation : 2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate 2009: 5.6 %
2010: 5.2 %
2011:5.1 %
Public debt
(General Government gross
debt as a % GDP) 2009: 16.9%
2010: 20.4%
2011: 22.9 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest companies in the country Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac
Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2009: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows 2008: US$33,604 million
2009: US$ 16,160 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20 (ranking
by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 76%
Purchase Term
Local : Bank transfer, D/P,
D/A, Credit 30-120 days
International : L/C, Telegraphic transfer, D/P,
D/A, Credit 30-120 days
Sales Term
Local : Bank transfer, D/P,
D/A, Credit 30-120 days
International : L/C, Telegraphic transfer, D/P,
D/A, Credit 30-120 days
Trade Reference/
Payment Behaviour
Comments : As local and international
trade references were not supplied, the Subject's
payment
track record history cannot be appropriately determined but based
on our
research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Other official and local business sources
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.85 |
|
UK Pound |
1 |
Rs. 102.68 |
|
Euro |
1 |
Rs. 81.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.