MIRA INFORM REPORT
|
Report No. : |
348888 |
|
Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
CARGOTEC INDIA PRIVATE LIMITED (w.e.f. 25.10.2007) |
|
|
|
|
Formerly Known
As : |
HIAB LOAD HANDLING EQUIPMENT PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Office No.301-306, 3rd Floor, Kesar Solitaire, Plot- 5, Sector - 19, Sanpada, Navi Mumbai – 400705, Maharashtra |
|
Tel. No.: |
91-22-67736666 / 27582222 |
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Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
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Date of
Incorporation : |
14.02.2007 |
|
|
|
|
Com. Reg. No.: |
11-195775 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.915.585 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29150MH2007FTC195775 |
|
|
|
|
IEC No.: |
0309051282 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCH8289A |
|
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Material handling equipments. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1730000 |
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|
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Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of Cargotec Sweden AB. It an
established company having satisfactory track. It was incorporated in the year 2007, owns and operates as a manufacturer
of industrial machinery “Cargotec” and makes cargo-handling machinery for
ships, ports, terminals and local distribution. As per Registrar of Companies, the date of balance sheet (i.e.
financial field) is shown as 31.03.2015 but the documents related to the
financials are not available from any source. However, as per financial of the year 2014, company has recorded fair
profit from its business operation which has recovered accumulated losses
incurred from its past few years. Further, it has no borrowings recorded
during a year under a review. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. In view of aforesaid, the company can be considered 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 – 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
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. D. Samba Moorthy |
|
Designation : |
Senior Manager – Import and Export |
|
Contact No.: |
91-9004669032 |
|
Date : |
07.11.2015 |
LOCATIONS
|
Registered Office : |
Office No.301-306, 3rd Floor, Kesar Solitaire, Plot- 5, Sector - 19, Sanpada, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-67736666 / 27582222 |
|
Mobile No.: |
91-9004669032 (Mr. D. Sambamoorthy) |
|
Fax No.: |
91-22-67736600 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
No.14, Karnarajar Salai, Periyasekkadu, Madhavaram Milk Colony
(Manali), Chennai – 600051, Tamilnadu, India |
|
Tel. No.: |
91-44-25940949 |
|
Fax No.: |
91-44-25943769 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Jonne Raimo Hankimaa |
|
Designation : |
Managing Director |
|
Address : |
Nummenkenka 15, 04300 Tuusula, Tuusula, 04300, Finland |
|
Date of Birth/Age : |
15.05.1966 |
|
Qualification : |
Master of Science (Econ) |
|
Experience : |
23 Years |
|
Date of Appointment : |
01.12.2010 |
|
DIN No.: |
02395498 |
|
|
|
|
Name : |
Mr. Loh Swee Peng |
|
Designation : |
Director |
|
Address : |
Hse 8, Petrus Avenue, The Vineyard, 23 Ngau Tam Mei Road, Yuen Long, 0, Hong Kong |
|
Date of Birth/Age : |
15.07.1964 |
|
Date of Appointment : |
14.05.2010 |
|
DIN No.: |
03041078 |
|
|
|
|
Name : |
Mr. Dan Niklas Pettersson |
|
Designation : |
Director |
|
Address : |
Tutaryd Ostergard 2, 341 91 Ljungby, Sweden, Na, Sweden |
|
Date of Birth/Age : |
19.02.1966 |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
06970470 |
KEY EXECUTIVES
|
Name : |
Mr. D. Samba Moorthy |
|
Designation : |
Senior Manager – Import and Export |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Cargotec Sweden AB, Sweden |
|
91558439 |
|
Cargotec Holdings Sweden AB, Sweden |
|
19 |
|
Total |
|
91558458 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Manufacturer and Trader of Material handling equipment’s. |
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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 Available |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Finland |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
President Plaza, 1st Floor, Plot No 36 Opposite Muktidham, Derasar S. G. Highway, Thaltej Cross Road, Ahmedabad – 380054, Gujarat, India |
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PAN No.: |
AAEFP5579P |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
Cargotec Sweden AB, Sweden |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94700000 |
Equity Shares |
Rs.10/- each |
Rs.947.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91558458 |
Equity Shares |
Rs.10/- each |
Rs.915.585
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 |
915.585 |
770.415 |
770.414 |
|
(b) Reserves &
Surplus |
(308.945) |
(325.874) |
(330.455) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
145.170 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
606.640 |
589.711 |
439.959 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.477 |
27.345 |
11.993 |
|
Total Non-current
Liabilities (3) |
3.477 |
27.345 |
11.993 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
26.556 |
|
(b) Trade payables |
210.982 |
231.015 |
232.519 |
|
(c) Other current
liabilities |
70.739 |
61.639 |
36.667 |
|
(d) Short-term provisions |
51.126 |
18.060 |
10.379 |
|
Total Current Liabilities
(4) |
332.847 |
310.714 |
306.121 |
|
|
|
|
|
|
TOTAL |
942.964 |
927.770 |
758.073 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
51.125 |
59.480 |
63.361 |
|
(ii) Intangible Assets |
8.825 |
10.116 |
22.425 |
|
(iii) Capital
work-in-progress |
11.215 |
11.215 |
11.215 |
|
(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 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
120.576 |
96.336 |
78.421 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
191.741 |
177.147 |
175.422 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
196.207 |
237.124 |
264.523 |
|
(c) Trade receivables |
262.315 |
294.542 |
277.269 |
|
(d) Cash and cash
equivalents |
249.439 |
176.774 |
3.342 |
|
(e) Short-term loans and
advances |
38.159 |
41.844 |
37.517 |
|
(f) Other current assets |
5.103 |
0.339 |
0.000 |
|
Total Current Assets |
751.223 |
750.623 |
582.651 |
|
|
|
|
|
|
TOTAL |
942.964 |
927.770 |
758.073 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Gross Income |
1351.465 |
1508.306 |
1386.453 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
(Due to Market Down) |
|
|
|
EXPENSES |
1337.156 |
1476.542 |
1398.638 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
NA |
98.776 |
63.773 |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
NA |
67.012 |
75.957 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
17.609 |
31.764 |
(12.184) |
|
|
|
|
|
|
|
|
TAX |
0.680 |
(1.113) |
0.857 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
16.929 |
32.877 |
(13.041) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
492.135 |
476.982 |
314.428 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.18 |
0.35 |
(0.14) |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1400.000 |
The above information has been parted by Mr. D. Samba Moorthy (Senior
Manager – Import and Export).
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
68.590 |
193.195 |
(24.304) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Gross Income) |
(%) |
1.25 |
2.18 |
(0.94) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.89 |
3.47 |
(1.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.05 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26 |
2.42 |
1.90 |
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 |
770.414 |
770.415 |
915.585 |
|
Reserves & Surplus |
(330.455) |
(325.874) |
(308.945) |
|
Share Application money
pending allotment |
0.000 |
145.170 |
0.000 |
|
Net worth |
439.959 |
589.711 |
606.640 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
26.556 |
0.000 |
0.000 |
|
Total borrowings |
26.556 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.060 |
0.000 |
0.000 |
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) |
|
Gross Income |
1386.453 |
1508.306 |
1351.465 |
|
|
|
8.789 |
(10.398) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Income |
1386.453 |
1508.306 |
1351.465 |
|
Profit |
(13.041) |
32.877 |
16.929 |
|
|
(0.94%) |
2.18% |
1.25% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
No |
|
26 |
Turnover of firm for last four 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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The Registered address has been shifted from the 6th Floor,
"A" Wing, Shree Nand Dham, Sector 11, Plot No. 59, CBD Belapur, Navi Mumbai
– 400614, Maharashtra, India to the present address w.e.f. 26.05.2011.
GENERAL INFORMATION
Subject was incorporated on 14th February, 2007. The company is a subsidiary of Cargotec Sweden AB, a company incorporated in Sweden. The company is engaged in the business of trading of material handling equipment’s. The company manufactures certain material handling equipment’s in its factory at Bangalore. The company renders maintenance and other services to various customers relating to the above material handling equipment’s and also renders agency services on commission basis to its group companies internationally. The company provides engineering services such as structural analysis, software development and design and drafting services with the help of purchased software based on specification received from overseas associated Group companies.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Buildings
- Office Building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Motor Vehicles
- Office Equipment
- Computer Equipments
- Other Equipments
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 records 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.65.79 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.