MIRA
INFORM REPORT
|
Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CERNER HEALTHCARE SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
06.04.2004 |
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Com. Reg. No.: |
08-033701 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U72200KA2004PTC033701 |
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PAN No.: [Permanent Account No.] |
AACCC3795R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing
Information Technology (IT) Services. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 35000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track. Financial position of the company is sound. Reserves of the company are decent. No borrowings are recorded by the
company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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 |
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
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 DECLINED BY
|
Name : |
Ms. Rashmi |
|
Designation : |
Ass. In Finance Department |
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Contact No.: |
91-80-30730000 |
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Date : |
29.07.2014 |
LOCATIONS
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Registered Office : |
3 Kasturba Road, Levels 3-5, Prestige Obelisk, Bangalore – 560001, Karnataka, India |
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Tel. No.: |
91-80-30730000/ 30730368 |
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Fax No.: |
91-80-30730386 |
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E-Mail : |
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Website : |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Marcus Gordon Naughton |
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Designation : |
Director |
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Address : |
2304W, 125th Street, Leawood Kansas, United States of
America 66209 |
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Date of Birth/Age : |
14.03.1955 |
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Date of Appointment : |
06.04.2004 |
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DIN No.: |
01347108 |
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Name : |
Randy Delane Sims |
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Designation : |
Director |
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Address : |
5005W, 144th Terrace Leawood Kansas, United States of
America 66224 |
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Date of Birth/Age : |
18.06.1960 |
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Date of Appointment : |
06.04.2004 |
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DIN No.: |
01347117 |
KEY EXECUTIVES
|
Name : |
Ms. Rashmi |
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Designation : |
Ass. In Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Name of
Shareholders |
No of
Shares |
Percentage |
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|
Cerner Innovation Inc, USA |
9900 |
99.00 |
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Cerner International Inc, USA |
100 |
1.00 |
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Total
|
10000 |
100.00 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Software Developers |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SR
Batliboi and Associates LLP Chartered Accountants |
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Address : |
Maruti Info-Tech
Centre,11-12/1, Inner Ring Road, Kormangala, Bangalore-560071, Karnataka,
India |
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PAN No.: |
ACHFS9118A |
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Holding Company : |
· Cerner Innovation Inc., USA |
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Ultimate Holding Company : |
· Cerner Corporation Inc., USA |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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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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|
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|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
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(b) Reserves & Surplus |
868.330 |
660.317 |
514.294 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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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) |
868.430 |
660.417 |
514.394 |
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(3) Non-Current Liabilities |
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|
|
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.312 |
8.399 |
9.005 |
|
(d) long-term provisions |
47.690 |
17.252 |
10.660 |
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Total Non-current Liabilities (3) |
48.002 |
25.651 |
19.665 |
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(4) Current Liabilities |
|
|
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
47.512 |
35.378 |
111.004 |
|
(c) Other current
liabilities |
34.366 |
64.665 |
41.076 |
|
(d) Short-term provisions |
59.037 |
29.573 |
21.840 |
|
Total Current Liabilities (4) |
140.915 |
129.616 |
173.920 |
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TOTAL |
1057.347 |
815.684 |
707.979 |
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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 |
250.529 |
269.946 |
271.291 |
|
(ii) Intangible Assets |
0.118 |
0.150 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
34.302 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
95.060 |
59.122 |
47.004 |
|
(d) Long-term Loan and Advances |
149.184 |
153.872 |
115.279 |
|
(e) Other Non-current assets |
4.929 |
4.722 |
37.904 |
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Total Non-Current Assets |
499.820 |
522.114 |
471.478 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
124.899 |
|
(d) Cash and cash
equivalents |
486.822 |
272.056 |
101.857 |
|
(e) Short-term loans and
advances |
69.738 |
21.514 |
9.745 |
|
(f) Other current assets |
0.967 |
0.000 |
0.000 |
|
Total Current Assets |
557.527 |
293.570 |
236.501 |
|
|
|
|
|
|
TOTAL |
1057.347 |
815.684 |
707.979 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1700.451 |
1234.184 |
1033.219 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1285.284 |
984.441 |
805.412 |
|
|
|
|
|
|
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
415.167 |
249.743 |
227.807 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
165.957 |
91.833 |
94.272 |
|
|
|
|
|
|
|
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|
|
PROFIT/(LOSS)
BEFORE TAX |
249.210 |
157.910 |
133.535 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
41.197 |
11.887 |
(18.059) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
208.013 |
146.023 |
151.594 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
660.317 |
514.294 |
362.700 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
868.330 |
660.317 |
514.294 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20801.32 |
14602.33 |
15159.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.23 |
11.83 |
14.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.90 |
21.86 |
20.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.24 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.96 |
2.26 |
1.36 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
514.294 |
660.317 |
868.330 |
|
Net worth |
514.394 |
660.417 |
868.430 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
1,033.219 |
1,234.184 |
1,700.451 |
|
|
|
19.450 |
37.779 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
1,033.219 |
1,234.184 |
1,700.451 |
|
Profit |
151.594 |
146.023 |
208.013 |
|
|
14.67% |
11.83% |
12.23% |
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
------------------------------------------------------------------------------------------------------------------------------
HIGH
COURT OF KARNATAKA
CASE PENDING
|
High Court of Karnataka - Bangalore Bench |
ITA 114/2012 |
|
Petitioner/ Appnt. Name |
The commissioner of Income Tax |
Respondent/ Defnt. Name |
M/S Cerner Healthcare Solutions Private Limited |
|
|
|
|
|
|
Petnr./ Appnt. Advocate |
K V Aravind |
Respnt./ Defnt. Advocate |
-- |
|
|
|
|
|
|
Date Filed |
22.05.2012 Classification |
District |
Bangalore city |
|
Stage |
Hearing |
Last Posted for |
Admission |
|
|
|
|
|
|
Last Action
Taken |
Admit/ Rule |
Last
Date of Action |
31.05.2012 |
|
|
|
|
|
|
Before
Hon'ble Judge/s |
D.V.SHYLENDRA KUMAR B.SREENIVASE GOWDA |
|
|
LOWER
COURT DETAILS [APPEAL FROM BELOW CASE.]
|
Case No |
Court name |
Disposal Date |
|
ITA 627/2011 |
INCOME TAX APPELLATE
TRIBUNAL BANGLAROE |
16/12/2011 |
------------------------------------------------------------------------------------------------------------------------------
BACKGROUND
The Company was
incorporated as a private limited Company under the Companies Act, 1956 (the Act)
on 6 April 2004. The Company is a subsidiary of Cerner Innovation Inc, United
States of America ('Cerner Inc/ Parent Company'). The Company is registered as
a 100% Export Oriented Unit (EOU) and operates under Software Technology Parks
of India ('STPI') scheme of Government of India, with an objective to provide
Information Technology (IT) services to Cerner Inc. Additionally, the Company
has set up a Special Economic Zone (SEZ) unit to provide IT services to Cerner
Inc. The registered office of the Company is located at Bangalore.
PERFORMANCE
The Company has performed
extremely well during the year. There has been an increase in the turnover from
Rs.1,234.18 million to Rs.1,700.45 million and an increase of Rs.165.43 million
in the Profit before depreciation and tax over the previous year. Profit after
tax is Rs.208.01 million as against Rs.146.02 million in the previous year.
Overall this has been a very good year of performance for the company.
FUTURE PROSPECTS
The current headcount of
the Company is 1,068 associates. The headcount for the company is projected to
increase to 1,500 associates by 31st March 2014. The company expects
proportionately higher levels of revenue and profitability in the next fiscal
year.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Leasehold Improvements
· Computer Software
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.60.15 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.