MIRA
INFORM REPORT
|
Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
REVERSE LOGISTICS COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Khasra No.337, 1st Floor, Chaudhary Satbir Complex, Near
CRC-2, Village-Sultanpur, M G Road, New Delhi – 110030 |
|
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Country : |
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Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
03.07.2008 |
|
|
|
|
Com. Reg. No.: |
55-180429 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.0.277 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63030DL2008PTC180429 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECR0690J |
|
|
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|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
The
Company is engaged in the business of providing end to end solutions through
intelligent acquisition and disposition of returned and surplus goods by
developing and using a proprietary technology platform. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
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 a moderate track record. The company is continuously incurring losses from its operations
however, no borrowings recorded by the company. Trade relations are reported to be fair. Business is active. Payments
terms are reported to be slow but correct. The company can be considered for business dealings 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs.350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-11-43491100
LOCATIONS
|
Registered/ Head Office : |
Khasra No.337, 1st Floor, Chaudhary Satbir Complex, Near
CRC-2, Village-Sultanpur, M G Road, New Delhi – 110030, India |
|
Tel. No.: |
91-11-43491199/ 43491100 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
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Branch Office (UAE): |
Plot No.13, Gold Tower, Unit No.281, Jumeirah Lakes Tower, Dubai,
UAE |
|
Tel. No.: |
+97-14206282 |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Hitendra Chaturvedi |
|
Designation : |
Managing Director |
|
Address : |
2105, Rock View Apartments, B-2, Vsant Kunj, New Delhi – 110070, India
|
|
Date of Birth/Age : |
03.04.1969 |
|
Date of Appointment : |
03.07.2008 |
|
DIN No.: |
02143256 |
|
PAN No.: |
AHOPC2396L |
|
|
|
|
Name : |
Mrs. Savita Chaturvedi |
|
Designation : |
Director |
|
Address : |
2105, Rock View Apartments, B-2, Vsant Kunj, New Delhi – 110070, India
|
|
Date of Birth/Age : |
17.07.1940 |
|
Date of Appointment : |
03.07.2008 |
|
DIN No.: |
02163445 |
|
|
|
|
Name : |
Mr. Joo Hock Chua |
|
Designation : |
Director |
|
Address : |
86 Seletar Hills drive, Singapore – 807102 |
|
Date of Birth/Age : |
26.02.1956 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
00497333 |
|
|
|
|
Name : |
Mr. Sandeep Murthy |
|
Designation : |
Director |
|
Address : |
The Imperial 41054, 1st Floor, North Block B B, Nakashe
Marg, Mumbai – 400034, Maharashtra, India |
|
Date of Birth/Age : |
22.11.1976 |
|
Date of Appointment : |
17.05.2010 |
|
DIN No.: |
00591165 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Name of
Shareholders |
|
No of Shares (Equity) |
|
|
|
|
|
Hitendra Chaturvedi |
|
105606 |
|
Savita Chaturvedi |
|
1000 |
|
Rajesh Sehgal |
|
220 |
|
Everest Flavours Limited, India |
|
1 |
|
Anand Jhaveri |
|
662 |
|
Saloni Jhaveri |
|
662 |
|
Mahendra Swarup |
|
500 |
|
Murugun Capital |
|
100 |
|
Sherpalo Mauritius LLC, Mauritius |
|
100 |
|
Reliance Capital Limited, India |
|
16542 |
|
Sandeep Murthy |
|
882 |
|
Vertex Asia Investments Pte. Limited, Singapore |
|
100 |
|
|
|
|
|
Total |
|
126375 |
|
|
||
|
Name of
Shareholders |
|
No of Shares (Preference) |
|
|
|
|
|
Murugun Capital, Mauritius |
|
53212 |
|
Sherpalo Mauritius LLC, Mauritius |
|
53212 |
|
Vertx Asia Investments Pte. Limited,
Singapore |
|
44573 |
|
|
|
|
|
Total
|
|
150997 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.24 |
|
Bodies corporate |
|
13.09 |
|
Directors or relatives of directors |
|
85.05 |
|
Other top fifty shareholders |
|
1.62 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged in the business of providing end to end solutions through
intelligent acquisition and disposition of returned and surplus goods by
developing and using a proprietary technology platform. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Indusind Bank Limited Dr.
Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, India ·
ICICI Bank ·
Indian Overseas Bank |
|
|
|
|
Facilities : |
-- |
|
|
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Banking
Relations : |
-- |
|
|
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Auditors : |
|
|
Name : |
B
S R and Associates Chartered Accountants |
|
Address : |
Maruthi
Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore -560071
Karnataka, India |
|
PAN No.: |
AAIFB7355D |
|
|
|
|
Subsidiary : |
·
Retrust Technologies Private Limited, India
|
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Onkar Enterprises, India |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10800000 |
Equity Shares |
Rs.1/- each |
Rs.10.800 Millions |
|
200000 |
Preference Shares |
Rs.1/- each |
Rs.0.200 Million |
|
|
|
|
|
|
|
Total |
|
Rs.11.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126375 |
Equity Shares |
Rs.1/- each |
Rs.0.126
Million |
|
150997 |
Preference Shares |
Rs.1/- each |
Rs.0.151
Million |
|
|
|
|
|
|
|
Total |
|
Rs.0.277 Million |
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 |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
0.277 |
0.210 |
0.210 |
|
(b) Reserves & Surplus |
840.765 |
158.018 |
198.862 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
841.042 |
158.228 |
199.072 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2.653 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.288 |
0.978 |
0.000 |
|
Total Non-current
Liabilities (3) |
4.941 |
0.978 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
13.228 |
11.135 |
4.896 |
|
(c) Other
current liabilities |
28.424 |
13.549 |
5.495 |
|
(d) Short-term
provisions |
7.290 |
1.281 |
0.000 |
|
Total Current
Liabilities (4) |
48.942 |
25.965 |
10.391 |
|
|
|
|
|
|
TOTAL |
894.925 |
185.171 |
209.463 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
19.913 |
7.704 |
7.371 |
|
(ii)
Intangible Assets |
0.000 |
0.132 |
0.237 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.034 |
7.680 |
3.805 |
|
(e) Other
Non-current assets |
3.442 |
0.295 |
0.240 |
|
Total Non-Current
Assets |
40.489 |
15.811 |
11.653 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
418.241 |
106.375 |
15.374 |
|
(c) Trade
receivables |
72.537 |
17.235 |
12.478 |
|
(d) Cash
and cash equivalents |
275.890 |
32.006 |
159.962 |
|
(e)
Short-term loans and advances |
86.938 |
13.744 |
9.996 |
|
(f) Other
current assets |
0.830 |
0.000 |
0.000 |
|
Total
Current Assets |
854.436 |
169.360 |
197.810 |
|
|
|
|
|
|
TOTAL |
894.925 |
185.171 |
209.463 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
NET LOSS |
(117.186) |
(40.844) |
(37.624) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded
Goods |
11.280 |
0.106 |
0.000 |
|
|
|
Capital
Goods |
0.000 |
0.000 |
3.621 |
|
|
TOTAL IMPORTS |
11.280 |
0.106 |
3.621 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
17.46
|
6.52 |
19.04 |
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 |
0.210 |
0.210 |
0.210 |
|
Reserves & Surplus |
198.862 |
158.018 |
840.765 |
|
Net worth |
199.072 |
158.228 |
840.975 |
|
|
|
|
|
|
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 |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
No |
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The Registered office of the company has been
shifted from First Floor, Muskaan, sector B, Pocket 2, Plot #3, Vasant Kunj,
Delhi – 110070, India, to the present address w.e.f. 01.10.2012.
COMPANY OVERVIEW
The Company is a Company incorporated
under the provisions of the Companies Act, 1956 on 3 July 2008. The Company has
its head office registered in New Delhi. The Company is engaged in the business
of providing end to end solutions through intelligent acquisition and
disposition of returned and surplus goods by developing and using a proprietary
technology platform. This technology platform will integrate the entire returns
process from customer pick-up to the final destination of the refurbished
goods.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Estimated
amount of contract remaining to be executed on capital account |
-- |
-- |
|
Guarantees
issued in favour of Commercial tax authorities |
0.150 |
-- |
|
Bank
Guarantees issued against performance of contract |
78.532 |
0.295 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10395823 |
20/12/2012 |
220,000,000.00 |
Indusind Bank Limited |
Dr. Gopal Das Bhawan, 28,
Barakhamba Road, New Delhi - 110001, India |
B65453557 |
FIXED ASSETS:
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipment
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.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.