MIRA INFORM REPORT
|
Report No. : |
334219 |
|
Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
BMC SOFTWARE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Business Bay, Wing 1-Ninth Floor, Tower B, Survey No.103, Hissa No.2,
Airport Road, Yerwada, Pune – 411006, Maharashtra |
|
Tel. No.: |
91-20-40175000 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
29.06.2001 |
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Com. Reg. No.: |
25-016290 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.115 Million |
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|
|
CIN No.: [Company Identification
No.] |
U72200PN2001PTC016290 |
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|
|
IEC No.: |
3101004683 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
AABCB6110E |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the development and export of computer software under Software Technology Parks of India ("STPI") scheme. |
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|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 “BMC Software Inc.,USA”. It is a well-established and reputed company having fine track. Rating takes into consideration sound financial risk profile of the company
marked by strong net worth base and acceptable gearing. General financial position seems to be strong net profitability seems
to be fair. Trade relations are reported to be fair. Business is active payments
are reported to be regular and as per commitments. The company can be considered for normal 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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Abhijit Gokhale |
|
Designation : |
IT Department |
|
Contact No.: |
91-9923092233 |
|
Date : |
28.07.2015 |
LOCATIONS
|
Registered Office : |
Business Bay, Wing 1-Ninth Floor, Tower B, Survey No.103, Hissa No.2,
Airport Road, Yerwada, Pune – 411006, Maharashtra, India |
|
Tel. No.: |
91-20-40175000 |
|
Fax No.: |
91-20-40175001 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Mumbai: Office No. 303, Sigma Building, Central Avenue Road, Hiranandani
Gardens, Powai, Mumbai-400076, Maharashtra, India Tel No.: 91-22-67481950 Fax No.: 91-22-67481955 New Delhi: Hotel Crowne Plaza, New Friends Colony, New Delhi-110065, India Tel No.: 91-11-46520834/
46520835 Fax No.: 91-11-4652837 Bangalore: #1, Nagarjuna Castle, Wood Street/Castle Street, Ashok Nagar,
Bangalore-560025, Karnataka, India Tel No.: 91-80-30914000 Fax No.: 91-80-25578986 |
DIRECTORS
As on 25.09.2014
|
Name : |
Stephen Boyd Solcher |
|
Designation : |
Director |
|
Address : |
2217, Maconda Lane, Houston, Texas-77027, USA |
|
Date of Birth/Age : |
21.10.1960 |
|
Date of Appointment : |
05.12.2005 |
|
DIN No.: |
01812198 |
|
|
|
|
Name : |
Mr. James Thomas Copeland |
|
Designation : |
Director |
|
Address : |
3305, Ashmore Lane, Grapevine, Texas-76051, USA |
|
Date of Birth/Age : |
06.05.1955 |
|
Date of Appointment : |
28.06.2011 |
|
DIN No.: |
03558613 |
|
|
|
|
Name : |
Mr. Tarun Dharampal Sharma |
|
Designation : |
Director |
|
Address : |
PL6, Building H, Kumar Parijat, S. No. 15/5, Kondwa KD, Nibmrj,
Pune-411048, Maharashtra, India |
|
Date of Birth/Age : |
13.02.1971 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03109849 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijit Gokhale |
|
Designation : |
IT Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
BMC Software Inc., United States of America |
|
11339 |
|
BMC Software Investment LLC, United States of America |
|
1 |
|
Bladelogic Inc., United States of America |
|
200 |
|
Total |
|
11540 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2014
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the development and export of computer software under Software Technology Parks of India ("STPI") scheme. |
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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 : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400028, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
· BMC Software Inc., USA |
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|
|
Other related
parties with whom transactions have taken place during the year: |
· BMC Software Distribution BV, Netherlands · BMC Software Israel Limited, Israel · BMC Software Asia Pacific Pte Ltd, Singapore · BMC Software (Australia) PTY Limited, Australia · BMC Software France SAS, France · BMC Software K.K. (Japan), Japan · BMC Software S.A. , Spain · BMC Software Limited, UK · BMC Software AS, Norway · BMC Software GmbH, Germany · BMC Software (New Zeland) Limited, New Zealand · BMC Software AB, Sweden · BMC Software SrL, Italy · BMC Software A/S, Denmark · BMC Software Canada, Inc., Canada · BMC Software Limited, South Africa · BMC Software Belgium NV, Belgium · BMC Software GmbH, Switzerland · BMC Software doBrasilLtda, Brazil · BMC Software (Hong Kong) Limited, Hong Kong · BMC Software Korea, Inc., South Korea · BMC Software Finance, Inc, USA |
CAPITAL STRUCTURE
As on 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,540 |
Equity Shares |
Rs.10/- each |
Rs. 0.115
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 |
0.115 |
0.115 |
0.115 |
|
(b) Reserves & Surplus |
1633.991 |
1299.497 |
996.296 |
|
(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) |
1634.106 |
1299.612 |
996.411 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
78.107 |
42.898 |
35.324 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
18.023 |
|
(d) long-term
provisions |
89.052 |
81.930 |
65.898 |
|
Total Non-current
Liabilities (3) |
167.159 |
124.828 |
119.245 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
593.347 |
627.882 |
549.804 |
|
(c) Other
current liabilities |
161.726 |
154.659 |
89.342 |
|
(d) Short-term
provisions |
280.394 |
186.990 |
138.938 |
|
Total Current
Liabilities (4) |
1035.467 |
969.531 |
778.084 |
|
|
|
|
|
|
TOTAL |
2836.732 |
2393.971 |
1893.740 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
352.289 |
265.028 |
298.248 |
|
(ii) Intangible
Assets |
4.031 |
6.576 |
2.298 |
|
(iii)
Capital work-in-progress |
75.584 |
48.507 |
8.204 |
|
(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) |
192.439 |
166.634 |
120.504 |
|
(d) Long-term Loan and Advances |
559.845 |
327.125 |
209.829 |
|
(e) Other
Non-current assets |
0.000 |
1.037 |
7.052 |
|
Total Non-Current
Assets |
1184.188 |
814.907 |
646.135 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
502.204 |
455.002 |
391.347 |
|
(d) Cash
and cash equivalents |
991.116 |
1007.844 |
710.608 |
|
(e) Short-term
loans and advances |
155.052 |
116.218 |
145.650 |
|
(f) Other
current assets |
4.172 |
0.000 |
0.000 |
|
Total
Current Assets |
1652.544 |
1579.064 |
1247.605 |
|
|
|
|
|
|
TOTAL |
2836.732 |
2393.971 |
1893.740 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue |
5087.197 |
4559.763 |
3755.115 |
|
|
|
Other Income |
49.964 |
34.052 |
67.876 |
|
|
|
TOTAL |
5137.161 |
4593.815 |
3822.991 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
4445.767 |
3962.610 |
3242.681 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
691.394 |
631.205 |
580.310 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
193.079 |
192.126 |
163.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
498.315 |
439.079 |
417.169 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
163.822 |
135.878 |
133.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
334.493 |
303.201 |
283.619 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1299.497 |
996.296 |
712.677 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1633.990 |
1299.497 |
996.296 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28985.52 |
26273.91 |
24577.03 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
60.658 |
36.894 |
22.325 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
501.371 |
607.825 |
633.027 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.58 |
6.65 |
7.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.40 |
20.15 |
23.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.34 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.06 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60 |
1.63 |
1.60 |
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 |
0.115 |
0.115 |
0.115 |
|
Reserves & Surplus |
996.296 |
1299.497 |
1633.991 |
|
Net
worth |
996.411 |
1299.612 |
1634.106 |
|
|
|
|
|
|
long-term borrowings |
35.324 |
42.898 |
78.107 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
22.325 |
36.894 |
60.658 |
|
Total
borrowings |
57.649 |
79.792 |
138.765 |
|
Debt/Equity
ratio |
0.058 |
0.061 |
0.085 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue |
3755.115 |
4559.763 |
5087.197 |
|
|
|
21.428 |
11.567 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue |
3755.115 |
4559.763 |
5087.197 |
|
Profit |
283.619 |
303.201 |
334.493 |
|
|
7.55% |
6.65% |
6.58% |
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 three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
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 |
REVIEW OF BUSINESS
Subject is engaged in the development and export of computer software under Software Technology Parks of India ("STPI") scheme. The Company provides Information Technology (IT) enabled business support services to BMC Software Inc., USA and its affiliates and sales and marketing support services for software products sold by BMC Software Inc., USA and its affiliates. The Company provides various IT related professional services to BMC Software Inc., USA and various other affiliated companies globally.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10571071 |
29/05/2015 |
331,000,000.00 |
Deutsche Bank A.G. |
Suprem, Main ITI Road,, Aundh, Pune, Maharashtra |
C54452156 |
* Date of charge modification
FIXED ASSETS
· Furniture and Fixture
· Vehicles
· Computer Software
· Office Equipment
· 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 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.64.00 |
|
|
1 |
Rs.91.43 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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.