MIRA
INFORM REPORT
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Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
PERRY IMPEX LIMITED (w.e.f. 03.11.2014) |
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Formerly Known
As : |
PERRY IMPEX PRIVATE LIMITED |
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Registered Office
: |
1001-1019-1020, 10th Floor, Prasad Chembers, Opera House,
Mumbai – 400004, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.07.2010 |
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Com. Reg. No.: |
11-205838 |
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Capital
Investment / Paid-up Capital : |
Rs.70.000 Millions |
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CIN No.: [Company Identification
No.] |
U36911MH2010PLC205838 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP29306E |
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PAN No.: [Permanent Account No.] |
AAFCP5705P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Processor of Rough Diamond to Polish Diamond. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Rating is constrained on account of highly fragmented and unorganized diamond
industry and increase in external borrowing over previous year. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Term loans=BB- |
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Rating Explanation |
Inadequate credit quality and high credit
risk. |
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Date |
February, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short term, fund based facilities=A4 |
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Rating Explanation |
Minimal degree of safety and very high
credit risk. |
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Date |
February, 2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Satish |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-9702315757 |
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Date : |
11.12.2014 |
LOCATIONS
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Registered Office : |
1001-1019-1020, 10th Floor, Prasad Chembers, Opera House,
Mumbai – 400004, |
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Tel. No.: |
91-22-40931111 |
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Mobile No.: |
91-9702315757 |
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Fax No.: |
91-22-40931199 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Rented |
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Corporate Office : |
404, 4th Floor, ‘B’ Wing, The Capital, Near Bharat Diamond
Bourse, BKC, Bandra (East), Mumbai – 400051, |
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Tel. No.: |
91-22-40931111 |
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Factory : |
50 Sahyog Chambers, Mini Bazar, |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Rasikkumar Popatlal Mangukiya |
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Designation : |
Director |
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Address : |
A-38, Saif Society, |
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Date of Birth/Age : |
22.05.1978 |
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Date of Appointment : |
22.07.2010 |
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DIN No.: |
02226186 |
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Name : |
Mr. Rameshbhai Popatbhai Mangukiya |
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Designation : |
Director |
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Address : |
A-38, Saif Society, L.H. Road, Surat – 395006, Gujrat. India |
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Date of Birth/Age : |
25.04.1975 |
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Date of Appointment : |
22.07.2010 |
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DIN No.: |
02964700 |
KEY EXECUTIVES
|
Name : |
Mr. Satish |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Rameshbhai Popatbhai Mangukiya |
2730000 |
39.00 |
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Rasikkumar Popatlal Mangukiya |
4270000 |
61.00 |
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Total |
7000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2013
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Processor of Rough Diamond to Polish Diamond. |
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Products : |
Diamond |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Polish Diamond |
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Countries : |
·
Japan ·
Hongkong ·
USA ·
China |
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Imports : |
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Products : |
Rough Diamond |
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Countries : |
·
Africa ·
Dubai ·
Antwerp |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· ICICI Bank Limited, Landmark, Race Course Circle, Vadodara – 390007, Gujarat, India · Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India · Karnataka Bank Limited, Overseas Branch, 104-106 Embassy Centre, J.B. Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S K Motani and Company Chartered Accountants |
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Address : |
A-203, Modi Nagar, Block No A, Mathuradas Road. Kandivali West , Mumbai – 400067, Maharashtra, India |
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PAN No.: |
AAYFS6247Q |
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Membership : |
-- |
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Sister Concern : |
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CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
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(1)Shareholders' Funds |
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(a) Share Capital |
70.000 |
70.000 |
70.000 |
|
(b) Reserves & Surplus |
181.374 |
147.448 |
109.727 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
251.374 |
217.448 |
179.727 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
12.881 |
11.665 |
64.390 |
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(b) Deferred tax liabilities (Net) |
2.197 |
0.850 |
0.000 |
|
(c) Other long term liabilities |
0.280 |
0.100 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
15.358 |
12.615 |
64.390 |
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(4) Current Liabilities |
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(a) Short term borrowings |
389.534 |
241.605 |
1416.282 |
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(b) Trade payables |
1517.983 |
189.103 |
245.946 |
|
(c) Other current
liabilities |
11.797 |
2.617 |
0.000 |
|
(d) Short-term provisions |
29.123 |
19.291 |
7.360 |
|
Total Current Liabilities (4) |
1948.437 |
452.616 |
1669.588 |
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TOTAL |
2215.169 |
682.679 |
1913.705 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
92.593 |
9.991 |
8.934 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
20.655 |
19.650 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.612 |
24.712 |
28.007 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15.113 |
17.101 |
16.030 |
|
(e) Other Non-current assets |
35.557 |
96.606 |
0.000 |
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Total Non-Current Assets |
171.530 |
168.060 |
52.971 |
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
246.271 |
135.525 |
146.655 |
|
(c) Trade receivables |
1759.680 |
358.115 |
327.579 |
|
(d) Cash and cash
equivalents |
19.127 |
7.906 |
1375.958 |
|
(e) Short-term loans and
advances |
18.561 |
13.073 |
9.983 |
|
(f) Other current assets |
0.000 |
0.000 |
0.559 |
|
Total Current Assets |
2043.639 |
514.619 |
1860.734 |
|
|
|
|
|
|
TOTAL |
2215.169 |
682.679 |
1913.705 |
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Profit/Loss for the year |
66.830 |
45.090 |
25.811 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.60 |
1.16 |
8.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.14 |
1.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
70.000 |
70.000 |
70.000 |
|
Reserves & Surplus |
109.727 |
147.448 |
181.374 |
|
Net
worth |
179.727 |
217.448 |
251.374 |
|
|
|
|
|
|
long-term borrowings |
64.390 |
11.665 |
12.881 |
|
Short term borrowings |
1416.282 |
241.605 |
389.534 |
|
Total
borrowings |
1480.672 |
253.270 |
402.415 |
|
Debt/Equity
ratio |
8.238 |
1.165 |
1.601 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loans
from banks |
3.735 |
0.000 |
|
Rupee term loans
from others |
3.646 |
0.000 |
|
Loans and
advances from related parties |
5.500 |
11.665 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Rupee term loans
from banks |
3.880 |
0.000 |
|
Rupee term loans
from others |
5.204 |
0.000 |
|
|
|
|
|
Total |
21.965 |
11.665 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10524845 |
17/09/2014 |
200,000,000.00 |
SYNDICATE BANK |
IBB BRANCH, FORT, MUMBAI, MAHARASHTRA - 400004, INDIA |
C28511186 |
|
2 |
10522962 |
12/09/2014 |
50,000,000.00 |
KARNATAKA BANK LTD. |
OVERSEAS BRANCH, 104-106, EMBASSY CENTER, JB MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C23966757 |
|
3 |
10466243 |
12/12/2013 |
79,500,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
B91990341 |
|
4 |
10445172 |
31/07/2013 |
47,000,000.00 |
INDUSIND BANK LIMITED |
701 SOLITAIRE CORPORATE PARK, GURU HARGOVINDJI MAHARAJ PARK, ANDHERI (E), MUMBAI, MAHARASHTRA - 400093, INDIA |
B83116814 |
|
5 |
10423631 |
25/03/2013 |
200,000,000.00 |
CENTRAL BANK OF INDIA |
BHASKAR MANSION,IST FL,D.B.MARG,, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400004, INDIA |
B74396250 |
|
6 |
10264493 |
18/06/2014 * |
200,000,000.00 |
KARNATAKA BANK LTD. |
OVERSEAS BRANCH, 104-106 EMBASSY CENTRE,, J. B. MARG, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
C11159183 |
|
7 |
10259059 |
18/10/2012 * |
150,000,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMACHAR MARG, FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA |
B61158796 |
|
8 |
10259060 |
17/05/2011 * |
150,000,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMACHAR MARG, FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA |
B15048937 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
DIAMOND INDUSTRY – INDIA
-
From
time immemorial, India is well known in the world as the birthplace for
diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The
achievement of the Indian diamond industry was possible only due to combination
of the manufacturing skills of the Indian workforce and the untiring and
unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The
area of study of family owned diamond businesses derives its importance from
the huge conglomerate of family run organizations which operate in the diamond
industry since many generations.
-
Some of
the basic traits of family run business enterprises include spirit of
entrepreneurship, mutual trust lowers transaction costs, small, nimble and
quick to react, information as a source of advantage and philanthropy.
-
Family
owned diamond businesses need to improve on many fronts including higher
standard of corporate governance, long-term performance – focused strategies,
modern management and technology.
-
Utmost
caution is to be exercised while dealing with some medium and large diamond
traders which are usually engaged in fictitious import – export, inter-company
transactions, financially assisted by banks. In the process, several public
sector banks lost several hundred million rupees. They mostly diverted borrowed
money for diamond business into real estate and capital markets.
-
Excerpts
from Times of India dated 30th October 2010 is as under –
-
Gem
& Jewellery Export Promotion Council in its statistical data has shown the
export of polished diamonds to have increase by 28 % in February 2013. Compared
to $ 1.4 bn worth of polished diamond export in February, 2012, India exported
$ 1.84 billion worth of polished diamonds in February 2013. A senior executive
of GJEPC said, “Export of cut and polished diamonds started falling month-wise
after the imposition of 2 % of import duty on the polished diamonds. But February,
2013 has given a new ray of hope to the industry as the export of polished
diamonds has actually increased by 28 %. It means the industry is on the
track of recovery and round tripping of diamonds has stopped completely.”
Demand has started coming from the US, the UK, Japan and China. India’s
polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The
banking sector has started exercising restraint while following prudent risk
management norms when lending money to gems and jewellery sector. This follows
the implementation of Basel III accord – a global voluntary regulatory standard
on bank capital adequacy, stress testing and market liquidity.
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.61.95 |
|
|
1 |
Rs.97.16 |
|
Euro |
1 |
Rs.76.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
34 |
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.