MIRA INFORM REPORT
|
Report No. : |
343318 |
|
Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
NUANCE INDIA PRIVATE LIMITED |
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|
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Registered
Office : |
No. 43\61, Surveyor's Street, Basavangudi, Bangalore – 560004,
Karnataka |
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Tel. No.: |
91-80-26623610/11 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.04.2008 |
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Com. Reg. No.: |
08-054891 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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|
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CIN No.: [Company Identification
No.] |
U64200KA2008PTC054891 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of IT Solution, Support and
Marketing, Product research and Development services in India and also business
in providing speech and Imaging solutions for business. |
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|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Nuance Communications, Netherland BV
incorporated in the year 2008. It is engaged in the business is IT solutions.
It has satisfactory track. Management has failed to file its financial record with the government
department for the year 2014. As per the available financial for the year 2013, the company has
healthy operational activity by good top line growth along with profitability
margin of 7.6%. The rating derives the strength from company’s healthy financial base,
comfortable capital structure, and good liquidity position along with zero
debt balance sheet profile. Trade relations are fair. Business is active. Payments are usually
correct. In view of strong holding company, it 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
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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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Nagaraja |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9972578994 |
|
Date : |
29.09.2015 |
LOCATIONS
|
Registered Office : |
No. 43/61, Surveyor's Street, Basavangudi, Bangalore – 560004,
Karnataka, India |
|
Tel. No.: |
91-80-26623610/11 |
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Mobile No.: |
91-9972578994 (Mr. Nagaraja) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Industrial |
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Corporate Office : |
2nd Floor, Indraprastha Equinox, No. 23, 100 Ft. Inner Ring
Road, Koramangala, Bangalore – 560095, Karnataka, India |
|
Tel. No.: |
91-80-67236130 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Thomas Linwood Beaudoin |
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Designation : |
Director |
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Address : |
19 Northbriar Road, Acton, Ma, 017205827, United States of America |
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Date of Birth/Age : |
06.12.1953 |
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Date of Appointment : |
27.09.2012 |
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DIN No.: |
02521519 |
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Other Directorship:
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Name : |
Mr. Steven Edward Hebert |
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Designation : |
Director |
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Address : |
41 Northville Way, North Attleboro, 027601105, , United States of America |
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Date of Birth/Age : |
23.06.1953 |
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Date of Appointment : |
27.09.2012 |
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DIN No.: |
03577288 |
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Other Directorship:
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Name : |
Mr. Caroline Curtis |
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Designation : |
Director |
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Address : |
55 The Pines, Castleknock, Dublin 15, Dublin, Na, Ireland |
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Date of Birth/Age : |
21.12.1963 |
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Date of Appointment : |
28.01.2013 |
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DIN No.: |
06513748 |
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Other Directorship:
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Name : |
Mr. Srinivasa Rao Duddupudi |
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Designation : |
Additional director |
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Address : |
C4-204, Brahma Suncity, WadgoanSheri, Pune, 411014, Maharashtra, INDIA |
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Date of Appointment : |
22.12.2014 |
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DIN No.: |
07045039 |
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KEY EXECUTIVES
|
Name : |
Mr. Nagaraja |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Nuance Communications Netherlands B.V., Netherlands |
|
49999 |
|
Sameer Rao |
|
1 |
|
|
|
|
|
Total |
|
50000 |
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 : |
Subject is engaged in the business of IT Solution, Support and
Marketing, Product research and Development services in India and also business
in providing speech and Imaging solutions for business. |
|
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|
Products/Services : |
IT Services |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Services |
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Countries : |
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Imports : |
Not Available |
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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 : |
200 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Guru and Jana Chartered Accountants |
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Address : |
41. Patalamma Temple Road, Basavanagudi, Near South End Circle,
Bangalore – 560004, Karnataka, India |
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Tel. No.: |
91-80-42202020 |
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Website : : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFA5265A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company (As on 31.03.2013) : |
Nuance Communication Netherland BV |
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Related Parties / Associates Enterprises (As on 31.03.2013) : |
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Ultimate Holding Company (As on 31.03.2013) : |
Nuance communications INC, USA |
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Associates Company (As confirmed by the management) : |
Nuance Transcription Services India Private Limited, Bangalore |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
0.500 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
34.071 |
18.146 |
8.385 |
|
(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) |
34.571 |
18.646 |
8.885 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.010 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
13.382 |
3.635 |
2.307 |
|
Total
Non-current Liabilities (3) |
13.382 |
3.645 |
2.307 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
4.702 |
4.912 |
2.275 |
|
(c) Other current liabilities |
172.993 |
86.862 |
16.137 |
|
(d) Short-term provisions |
6.894 |
3.577 |
0.591 |
|
Total
Current Liabilities (4) |
184.589 |
95.351 |
19.003 |
|
|
|
|
|
|
TOTAL |
232.542 |
117.642 |
30.195 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
32.174 |
34.537 |
3.131 |
|
(ii) Intangible Assets |
0.089 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
3.246 |
0.000 |
0.560 |
|
(d) Long-term Loan and Advances |
9.405 |
7.024 |
1.917 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
44.914 |
41.561 |
5.608 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
155.631 |
39.146 |
0.000 |
|
(d) Cash and cash equivalents |
15.076 |
9.549 |
16.960 |
|
(e) Short-term loans and
advances |
0.481 |
16.660 |
6.812 |
|
(f) Other current assets |
16.440 |
10.726 |
0.815 |
|
Total
Current Assets |
187.628 |
76.081 |
24.587 |
|
|
|
|
|
|
TOTAL |
232.542 |
117.642 |
30.195 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
208.492 |
150.566 |
91.848 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
184.822 |
134.363 |
81.193 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
32.057 |
20.174 |
7.655 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
8.387 |
3.971 |
1.291 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
23.670 |
16.203 |
6.364 |
|
|
|
|
|
|
|
Less |
TAX |
7.745 |
6.442 |
2.082 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
15.925 |
9.761 |
4.282 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
208.482 |
150.565 |
91.848 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
319.00 |
195.00 |
86.00 |
|
|
Diluted |
312.00 |
191.00 |
84.00 |
|
Particulars |
|
31.03.2015 |
31.03.2014 |
|
Sales Turnover (Approximately) |
|
400.000 |
280.000 |
Expected Sales (2015-2016): Rs.800.000 Million (Due to increase in
order)
The above information has been parted by Mr. Nagaraja (Finance Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
7.64 |
6.48 |
4.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.32 |
13.77 |
21.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.68 |
0.87 |
0.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
0.80 |
1.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
8.385 |
18.146 |
34.071 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8.885 |
18.646 |
34.571 |
|
|
|
|
|
|
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 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
91.848 |
150.566 |
208.492 |
|
|
|
63.930 |
38.472 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
91.848 |
150.566 |
208.492 |
|
Profit |
4.282 |
9.761 |
15.925 |
|
|
4.66% |
6.48% |
7.64% |
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 |
Yes |
|
19 |
Major customers |
Yes |
|
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 five 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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from S-205/206, 2nd Floor Suraj Ganga Arcade, 332/7, 14th Cross Jayanagar 2nd Block, Bangalore – 560011, Karnataka, India to the present address w.e.f. 01.02.2011
Background (As on
31.03.2013)
Subject was incorporated as a Private Limited company on 24th
April 2008 under the companies Act, 1956. The Company is engaged in the
business of IT Solution, Support and Marketing, Product research and
Development services in India and also business in providing speech and Imaging
solutions for business.
OPERATIONS (As on
31.03.2013)
The company has been able to generate a Revenue of Rs. 807.492 Million
for the year 2012-2013 on comparison to previous year i.e. Rs. 150.566 Million.
The company ended with a profit of Rs. 15.925 Million as compared to a profit
of Rs. 9.761 Million in the previous year. Efforts are being made by the
directors of the company to improve the performance.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
Tangible Assets
- Computer
Equipment
- Furniture
- Office
Equipment
- Leasehold
Improvement
Intangible Assets
- Computer
Assets
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.66.18 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.74.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.