MIRA
INFORM REPORT
|
Report No. : |
338370 |
|
Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BRIGHTPOINT INDIA PRIVATE LIMITED |
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|
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Registered
Office : |
First Floor, Plot No.G-9, Block B-1, Mohan Co-operative Industrial Estate,
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Tel. No.: |
91-11-39195042 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.07.1998 |
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Com. Reg. No.: |
55-094807 |
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Capital Investment
/ Paid-up Capital : |
RS.38.801 Million |
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CIN No.: [Company Identification
No.] |
U74899DL1998PTC094807 |
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IEC No.: |
0503077411 |
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TIN No.: |
07660264531 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELB04106E |
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PAN No.: [Permanent Account No.] |
AAACB6414G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of trading of mobile handsets and accessories for various brands and fulfillment services for mobile operators. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the on 3rd July 1998 it is an
established company having moderate track record. The company has reported moderate operational and weak financial risk profile.
Due to accumulated losses at end of the financial year 2013-2014 net worth of
the company has fully eroded. However, business is active. Payments are reported to be slow. The company can be considered for business dealing on fully safe and
secured 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Chandnika Prasad |
|
Designation : |
Account Manager |
|
Contact No.: |
91-11-39195042 |
|
Date : |
25.08.2015 |
LOCATIONS
|
Registered Office : |
First Floor, Plot No.G-9, Block B-1, Mohan Co-operative Industrial
Estate, Mathura Road, New Delhi – 110044, India |
|
Tel. No.: |
91-11-39195042 |
|
Fax No.: |
91-11-66567100 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Caraig Meredith Carpenter |
|
Designation : |
Director |
|
Address : |
42400, Washington Boulevard, Inidana Polis Indiana-46205, USA |
|
Date of Birth/Age : |
12.12.1968 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
03494868 |
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|
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|
Name : |
Paul Andrew Ringrose |
|
Designation : |
Director |
|
Address : |
12A Wattle ST Killara, New South Wales, Australia |
|
Date of Birth/Age : |
28.11.1964 |
|
Date of Appointment : |
06.10.2009 |
|
DIN No.: |
02799510 |
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|
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|
Name : |
Raymond Bruce Thomlinson |
|
Designation : |
Director |
|
Address : |
22, Beach Road, Collary, 2097, Australia |
|
Date of Birth/Age : |
15.09.1961 |
|
Date of Appointment : |
06.10.2009 |
|
DIN No.: |
02799520 |
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|
|
|
Name : |
Vincent Don Argo |
|
Designation : |
Director |
|
Address : |
12942 Treaty Line, ST, Carmel Indian – 46032, United States of America |
|
Date of Birth/Age : |
30.08.1960 |
|
Date of Appointment : |
16.11.2011 |
|
DIN No.: |
3554183 |
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|
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|
Name : |
Rajesh Sokhal |
|
Designation : |
Managing Director |
|
Address : |
Block III/39, Eros Garden, Surajkund Road, Faridabad– 121009, Haryana,
India |
|
Date of Birth/Age : |
15.07.1969 |
|
Date of Appointment : |
02.09.2011 |
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DIN No.: |
03562693 |
KEY EXECUTIVES
|
Name : |
Mr. Chandnika Prasad |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Brightpoint Holding B.V., |
|
541586 |
|
Persequor Limited, |
|
95574 |
|
|
|
|
|
Total
|
|
637160 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Brightpoint Holding B.V., |
|
3242903 |
|
|
|
|
|
Total
|
|
3242903 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of trading of mobile handsets and accessories for various brands and fulfillment services for mobile operators. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
The Royal Bank of Scotland, New Delhi, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
7th Floor, Tower A, Wing 1, Business Bay Airport Road, Yerwada, Pune – 411006, Maharashtra, India |
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PAN No.: |
AAHFP0187A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Brightpoint Holdings B.V., Netherlands |
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Unlimited Holding Company : |
Ingram Micro INC |
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Fellow
Subsidiaries Companies : |
· Brightpoint INC · Brightpoint Europe A/S · Eclipse Services S.L. · Brightpoint Australia Pty Limited · Brightpoint Middle East FZE · Brightpoint New Zealand Limited · Brightpoint Solutions FZE · BP International HK Limited · Brightpoint Singapore Limited · Touchstone Wireless LLP · Ingram Micro Asia Pacific Pte Limited · Ingram Micro India Private Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
640000 |
Equity Shares |
Rs.10/- each |
Rs.6.400 Million |
|
3300000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.33.000 Million |
|
|
|
|
|
|
|
Total
|
|
Rs.39.400
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
637160 |
Equity Shares |
Rs.10/- each |
Rs.6.372
Million |
|
3242903 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.32.429
Million |
|
|
|
|
|
|
|
Total |
|
Rs.38.801 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
38.801 |
38.801 |
38.801 |
|
(b) Reserves & Surplus |
(82.298) |
15.582 |
155.628 |
|
(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) |
(43.497) |
54.383 |
194.429 |
|
|
|
|
|
|
(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 |
6.739 |
0.000 |
0.000 |
|
(d) long-term provisions |
33.149 |
6.309 |
2.964 |
|
Total Non-current Liabilities (3) |
39.888 |
6.309 |
2.964 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
336.526 |
773.441 |
388.605 |
|
(b) Trade payables |
407.260 |
716.908 |
1608.369 |
|
(c) Other current
liabilities |
146.540 |
241.415 |
167.689 |
|
(d) Short-term provisions |
2.975 |
5.541 |
36.407 |
|
Total Current Liabilities (4) |
893.301 |
1737.305 |
2201.070 |
|
|
|
|
|
|
TOTAL |
889.692 |
1797.997 |
2398.463 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2.858 |
6.628 |
17.080 |
|
(ii) Intangible Assets |
6.936 |
13.515 |
15.637 |
|
(iii) Capital
work-in-progress |
0.027 |
2.052 |
2.052 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.023 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
49.671 |
|
(d) Long-term Loan and Advances |
42.625 |
39.973 |
33.072 |
|
(e) Other Non-current assets |
3.506 |
3.319 |
1.310 |
|
Total Non-Current Assets |
55.952 |
65.487 |
118.845 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
354.843 |
714.602 |
1523.217 |
|
(c) Trade receivables |
380.203 |
665.142 |
659.474 |
|
(d) Cash and cash
equivalents |
10.837 |
4.975 |
18.199 |
|
(e) Short-term loans and
advances |
37.032 |
129.999 |
54.508 |
|
(f) Other current assets |
50.825 |
217.792 |
24.220 |
|
Total Current Assets |
833.740 |
1732.510 |
2279.618 |
|
|
|
|
|
|
TOTAL |
889.692 |
1797.997 |
2398.463 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
11522.380 |
15722.700 |
|
|
|
Other Income |
NA |
|
|
|
|
|
TOTAL |
NA |
11522.380 |
15722.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less/ Add |
Depreciation &
Operating Expenses |
NA |
800.900 |
745.660 |
|
|
|
|
|
|
|
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|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
(90.250) |
20.050 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
49.800 |
6.500 |
|
|
|
|
|
|
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|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(97.880) |
(140.050) |
13.550 |
|
|
|
|
|
|
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|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(39.180) |
100.870 |
87.310 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(137.060) |
(39.180) |
100.860 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(25.23) |
(36.09) |
--- |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
60.111 |
60.111 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
505.404 |
(383.077) |
9.714 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
(1.22) |
0.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00 |
(5.03) |
0.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(1.66) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(7.74) |
14.22 |
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.00 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
38.801 |
38.801 |
38.801 |
|
Reserves & Surplus |
155.628 |
15.582 |
(82.298) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
194.429 |
54.383 |
(43.497) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
388.605 |
773.441 |
336.526 |
|
Total borrowings |
388.605 |
773.441 |
336.526 |
|
Debt/Equity ratio |
1.999 |
14.222 |
(7.737) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short term
borrowing |
|
|
|
Loans repayable on demand from banks |
336.526 |
773.441 |
|
Total |
336.526 |
773.441 |
INFORMATION ABOUT
PRIMARY BUSINESS SEGMENT
The Company is engaged in the business of trading of mobile handsets
and accessories for various brands. The Company also has a service centre to
render after sale services to customers in India. The Company is also engaged
in fulfillment services for mobile operators. These, in the context of
Accounting Standard 17 on Segment Reporting, notified under Section 211(3C) of
the Companies Act, 1956, are considered to constitute a single primary segment.
Thus the segment revenue, segment results, total carrying amount of segment
assets, total carrying amount of segment liabilities, total cost incurred to
acquire segment assets, total amount of charge for depreciation during the year
are all as reflected in the financial statements for the year ended March 31,
2014 and as on that date
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Dividend on Redeemable Cumulative Preference Shares (Including Dividend Distribution Tax thereon) |
21.937 |
19.479 |
|
Claims against the Company not acknowledged as debt * |
0.920 |
0.920 |
|
Sales tax demands disputed by the Company * |
43.752 |
20.647 |
|
Custom duty tax matters disputed by the Company * |
6.411 |
6.411 |
|
Income Tax demands disputed by the Company * |
0.489 |
Nil |
|
Various cases pending at consumer forum** |
3.156 |
4.838 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
·
Leasehold Improvements
·
Operations Equipment
·
Office Equipment
·
Furniture and Fittings
·
Computers
·
Vehicles
·
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 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.66.16 |
|
|
1 |
Rs.103.88 |
|
Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
12 |
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.