MIRA INFORM REPORT
|
Report No. : |
316063 |
|
Report Date : |
06.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIBA DRIVETEC INDIA PRIVATE LIMITED (w.e.f. 24.02.2011) |
|
|
|
|
Formerly Known
As : |
HOERBIGER DRIVE TECHNOLOGY INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Gat No.142/2/1, Dingrajwadi, Koregaon Bhima, Taluka Shirur, Pune –
412209, Maharashtra |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.01.2014 |
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Date of
Incorporation : |
10.05.2007 |
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Com. Reg. No.: |
11-130110 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.002 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2007PTC130110 |
|
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05589D |
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PAN No.: [Permanent Account No.] |
AABCH8587P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Friction Discs and Steel Discs used in
the oil immersed brakes of Tractors and other off-road vehicles. |
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|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Miba Friction Holding Gmbh”. It is an established company having good track record. The rating reflects company strong financial risk profile marked by
healthy net worth and sound profitability of the company. No borrowings
recorded by the company. Trade relations are reported as fair. Business is active. Payments
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 : |
Mr. Mahendra Mahajan |
|
Designation : |
Account Executive |
|
Contact No.: |
91-2137-617340 |
|
Date : |
06.04.2015 |
LOCATIONS
|
Registered Office : |
Gat No.142/2/1, Dingrajwadi, Koregaon Bhima, Tal Shirur, Pune –
412209, |
|
Tel. No.: |
91-2137-617340/617341 |
|
Fax No.: |
91-2137-617342 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 31.07.2014
|
Name : |
Mr. Vijay Shivram Rajwade |
|
Designation : |
Dirrector |
|
Address : |
401, Om Avishkar Sneh Paradise, Near |
|
Date of Birth/Age : |
14.01.1951 |
|
Date of Appointment : |
09.06.2007 |
|
DIN No: |
01737712 |
|
|
|
|
Name : |
Mr. Kiran Premchand Malhotra |
|
Designation : |
Director |
|
Address : |
H-1 / 2A, Hindustan Estate, Kalyani Nagar, Pune – 411014, |
|
Date of Birth/Age : |
14.10.1945 |
|
Date of Appointment : |
10.05.2007 |
|
DIN No: |
00008626 |
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|
|
|
Name : |
Mr. Markus Hofer |
|
Designation : |
Nominee Director |
|
Address : |
Hofmuehlasse, 19/24, Vienna 100, Austria |
|
Date of Birth/Age : |
23.04.1968 |
|
Date of Appointment : |
21.01.2012 |
|
DIN No: |
05177562 |
|
|
|
|
Name : |
Mr. Martin Liebl |
|
Designation : |
Nominee Director |
|
Address : |
Gmundneberg 39, Altmuenster, 4813, |
|
Date of Birth/Age : |
05.08.1972 |
|
Date of Appointment : |
21.02.2011 |
|
DIN No: |
03416214 |
|
|
|
|
Name : |
Mr. Markus Ber |
|
Designation : |
Nominee Director |
|
Address : |
Einsiedling 27, 4655, Vorchdorf, Austria |
|
Date of Birth/Age : |
08.06.1961 |
|
Date of Appointment : |
18.06.2012 |
|
DIN No.: |
05305243 |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Mahajan |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.07.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Vijay Shivram Rajwade |
200 |
0.01 |
|
Miba Friction Holding Gmbh, Australia |
2000000 |
99.99 |
|
Total |
2000200 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 31.07.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Friction Discs and Steel Discs used in
the oil immersed brakes of Tractors and other off-road vehicles. |
|
|
|
|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
|
|
Name : |
B B S R and Company Chartered Accountants |
|
Address : |
701-703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund
Garden Road, Pune – 411001, Maharashtra, India |
|
Tel No.: |
91-20-30504000 |
|
Fax No.: |
91-20-30504100 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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|
Ultimate holding
company |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 31.01.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000200 |
Equity Shares |
Rs.10/- each |
Rs. 20.002
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.01.2014 |
31.01.2013 |
31.01.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
20.002 |
20.002 |
20.002 |
|
(b) Reserves & Surplus |
301.912 |
193.403 |
92.118 |
|
(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) |
321.914 |
213.405 |
112.120 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.296 |
0.000 |
1.969 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.884 |
1.629 |
0.288 |
|
Total
Non-current Liabilities (3) |
1.180 |
1.629 |
2.257 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1.100 |
16.319 |
70.824 |
|
(c) Other current liabilities |
59.294 |
67.153 |
9.281 |
|
(d) Short-term provisions |
13.637 |
10.194 |
0.462 |
|
Total
Current Liabilities (4) |
74.031 |
93.666 |
80.567 |
|
|
|
|
|
|
TOTAL |
397.125 |
308.700 |
194.944 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
27.775 |
30.393 |
38.816 |
|
(ii) Intangible Assets |
0.593 |
1.022 |
1.463 |
|
(iii) Capital work-in-progress |
0.162 |
0.000 |
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) |
0.000 |
0.684 |
0.000 |
|
(d) Long-term Loan and Advances |
17.055 |
12.578 |
10.978 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
45.585 |
44.677 |
51.257 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
61.970 |
63.604 |
31.779 |
|
(c) Trade receivables |
62.512 |
79.134 |
53.264 |
|
(d) Cash and cash equivalents |
213.232 |
113.726 |
50.938 |
|
(e) Short-term loans and
advances |
12.159 |
6.642 |
7.706 |
|
(f) Other current assets |
1.667 |
0.917 |
0.000 |
|
Total
Current Assets |
351.540 |
264.023 |
143.687 |
|
|
|
|
|
|
TOTAL |
397.125 |
308.700 |
194.944 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.01.2014 |
31.01.2013 |
31.01.2012 |
|
|
SALES |
|
|
|
|
|
Income |
629.930 |
461.970 |
|
|
|
Other Income |
|
|
|
|
|
TOTAL
(A) |
629.930 |
461.970 |
370.844 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
(B) |
453.811 |
304.445 |
279.506 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
176.119 |
157.525 |
91.338 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.915 |
0.067 |
1.029 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
175.204 |
157.458 |
90.309 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5.525 |
5.871 |
6.857 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
169.679 |
151.587 |
83.452 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
61.170 |
50.302 |
25.707 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
108.509 |
101.285 |
57.745 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
193.403 |
92.118 |
34.373 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
301.912 |
193.403 |
92.118 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
113.480 |
111.287 |
51.871 |
|
|
TOTAL
EARNINGS |
113.480 |
111.287 |
51.871 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
120.640 |
119.750 |
58.133 |
|
|
Components and Stores parts |
1.333 |
1.261 |
3.450 |
|
|
TOTAL
IMPORTS |
121.973 |
121.011 |
61.583 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
54.25 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.01.2014 |
31.01.2013 |
31.01.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.74 |
49.21 |
42.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53 |
0.71 |
0.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.75 |
2.82 |
1.78 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.01.2012 |
31.01.2013 |
31.01.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
20.002 |
20.002 |
20.002 |
|
Reserves & Surplus |
92.118 |
193.403 |
301.912 |
|
Net
worth |
112.120 |
213.405 |
321.914 |
|
|
|
|
|
|
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 |
31.01.2012 |
31.01.2013 |
31.01.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
370.844 |
461.970 |
629.930 |
|
|
|
24.573 |
36.357 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.01.2012 |
31.01.2013 |
31.01.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
370.844 |
461.970 |
629.930 |
|
Profit |
57.745 |
101.285 |
108.509 |
|
|
15.57% |
21.92% |
17.23% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPAN
OPERATING AND
FUTURE PROSPECTS:
During the year, the company has earned an income of Rs. 629.900 Million
as compared to Rs. 461.900 Million during the last year and has earned profit after
tax of Rs. 108.500 Million.
COMPANY OVERVIEW
Subject was incorporated on 10 May 2007, as a 100% subsidiary of HOERBIGER Holding AG, Switzerland, under the name of "HOERBIGER Drive Technology India Private Limited." The main business of the Company is manufacturing of Friction Discs and Steel Discs used in the oil immersed brakes of Tractors and other off-road vehicles. In terms of share purchase agreement executed on 17 Dec 2010, Miba Friction Holding GmbH, Austria, purchased 100% shares of the Company w.e.f 01 January 2011. Subsequent to acquisition by Miba Friction Holding GmbH, the name of the Company was changed from "HOERBIGER Drive Technology India Private Limited" to "Miba Drivetec India Private Limited" on 24 February 2011.
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.01.2014 |
31.01.2013 |
|
|
|
|
|
Claims against the company not acknowledged
as debt |
6.788 |
0.000 |
FIXED ASSETS
- Plant and Machinery
- Furniture and Fixture
- Office Equipment
- Computers
- Leasehold Improvements
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.