MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIRAMGAM-MAHESANA PROJECT LIMITED |
|
|
|
|
Registered
Office : |
E-9, 3rd Floor, South Extension, Part-II, New Delhi-110049,
Delhi |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.02.2003 |
|
|
|
|
Com. Reg. No.: |
55-119009 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 270.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL2003PLC119009 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELV04208B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV7027L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Infrastructure Development Company. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The
company is progressing well. The company has successful in wiping off the
accumulated losses of previous years. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered normal for business 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
E-9, 3rd Floor, South Extension, Part-II, New Delhi-110049,
Delhi, India |
|
Tel. No.: |
91-11-40780900 |
|
Fax No.: |
91-11-40780915 |
|
E-Mail : |
DIRECTORS
AS ON 23.09.2010
|
Name : |
Mr. Mohinder Singh Narula |
|
Designation : |
Director |
|
Address : |
3, Golf Links, New Delhi-110003, Delhi, India |
|
Date of Birth/Age : |
09.04.1962 |
|
Date of Appointment : |
18.02.2003 |
|
DIN No : |
00113019 |
|
|
|
|
Name : |
Mr. Virender Singh Narula |
|
Designation : |
Director |
|
Address : |
3, Golf Links, New Delhi-110003, Delhi, India |
|
Date of Birth/Age : |
01.12.1940 |
|
Date of Appointment : |
31.03.2005 |
|
DIN No : |
00032266 |
|
|
|
|
Name : |
Mr. Narinder Singh Narula |
|
Designation : |
Director |
|
Address : |
3, Golf Links, New Delhi-110003, Delhi, India |
|
Date of Birth/Age : |
01.10.1942 |
|
Date of Appointment : |
18.02.2003 |
|
DIN No : |
00113749 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2010
|
Names of Shareholders |
No. of Shares |
|
DSC Limited, India |
26997000 |
|
Virender Singh Narula |
500 |
|
Narinder Singh Narula |
500 |
|
Mohinder Singh Narula |
500 |
|
Gurvinder Kaur Narula |
500 |
|
Rajinder Kaur Narula |
500 |
|
Satwinder Kaur Narula |
500 |
|
Total |
27000000 |
AS ON 23.09.2010
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
00.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Infrastructure Development Company. |
GENERAL INFORMATION
|
Bankers : |
·
Axis Bank Limited, K-12, Green Park Main, New
Delhi-110016, India |
|
|
|
Banking Facilities :
|
Secured Loan |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
Rs.
In Millions 31.03.2007 |
|
i)
22,69,600 (10.5%) Non Convertible Debentures of Rs.41/- (Rs. 87.10/-)*each (Previous Year 22,69,600 10.5%Non Convertible Debentures of
Rs.65.40each.) *The value has been rounded off to nearest Rupee as the actual value is
in fraction due to redemption terms |
93.048 |
148.442 |
197.689 |
454.210 |
|
Note: Debentures are Secured by a)
a first mortgage and charge on all the immovable
properties except project assets , both present and future of the company. b)
a first charge by way of hypothication of all
movable properties including the machinery, machinery spares, equipment,
tools and accessories, both present and future of the company. |
|
|
|
|
|
ii)
Term Loan from Bank Intt. accrued and due on term loan |
462.950 4.331 |
475.250 4.845 |
490.793 0.000 |
0.000 0.000 |
|
Note: Term Loan is
Secured by a)
a first mortgage and charge on all movable and
immovable assets (Including revenue and receivable) except project assets and
facilities. b)
assignment of all rights, title and interests of
the company in respect of all assets of the project in favour of Bank. c)
pledge of 29 % of equity shares held by the
promotors in favour of Axis Bank Limited or trustee, if so required by the
Bank. d)
Negetive Lien on Balance Equity Personal
Guarantee(s) of Sh. M. S. Narula and Sh. N. S.Narula, Directors of the
Company. |
||||
|
Total |
560.329 |
628.537 |
688.482 |
454.210 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Grewal and Singh Chartered Accountant |
|
Address : |
A-17, L. G. F., Lajpat Nagar-III, New Delhi-110024, Delhi, India |
|
Tel No.: |
91-11-29842641 / 29833394 / 29839823 |
|
Fax No.: |
91-11-29849331 |
|
Email : |
|
|
|
|
|
Holding Company : |
·
DSC Limited. CIN No.: U74899DL1978PLC009287 |
|
|
|
|
Fellow Subsidiaries : |
·
Delhi-Gurgaon Super Connectivity Limited. ·
Lucknow-Sitapur Expressways Limited. ·
DSC Ventures Private Limited ·
Raipur Expressways Limited ·
Sandur Bypass Project Limited ·
KMP Expressways Limited ·
Naying DSC Power Limited ·
Hemkunt Sahib Infrastructure Developers Limited ·
Mangroh Infratech Limited ·
Nehru Place Infratech Limited ·
DSC Global Holdings (Singapore) Pte. Limited ·
DSC infrastructure (Singapore) Pte. Limited. ·
DSC Globeleq (Singapore) Pte. Limited. ·
DS Comtech Private Limited. |
|
|
|
|
Other Related Company : |
·
D S Global Private Limited ·
DS Promoters and Developers Private Limited ·
D. S. Capital and Finance Limited ·
Select Promoters Private Limited ·
D S Fincap Private Limited ·
Variety Properties Private Limited ·
Regal Properties Private. Limited ·
Season Impex Private Limited ·
Faith Real Estates Private Limited ·
Savera Impex Private Limited ·
Devkusha Buildcon Private Limited ·
Grand Real Estate Private Limited ·
D.S. Exports Private Limited ·
Ebony Click.com Private Limited ·
DS Precious Marbles and Granites Private Limited ·
DSC Architects and Engineers Private Limited ·
Pace Aviation Services Private Limited ·
Netvisions Global Private Limited ·
Birbal. Com Private Limited ·
DSC Infrastructure Private Limited ·
DSC Infra Developers Limited ·
Alphamatic Investment limited ·
Swans Town Planners Private Limited ·
Saffron Town Planners Private Limited ·
Aries Buildwell Private Limited ·
Libra Buildtech Private Limited ·
Flamingo Propbuild Private Limited ·
Ebony Retail Private Limited ·
Ebony Homes Private Limited ·
Gwalior Jhansi Expresways Limited ·
Elsingham-DSC Mauritius Private Limited ·
Ebony Retail Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27000000 |
Equity Shares |
Rs.10/- each |
Rs. 270.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27000000 |
Equity Shares |
Rs.10/- each |
Rs. 270.000 Millions |
|
|
|
|
|
Notes: (Out of the above 26997000 (Previous Year 26997000)
equity shares of Rs. 10/- each are held by DSC Limited, the holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
270.000 |
270.000 |
270.000 |
270.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
234.759 |
170.065 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(50.073) |
(55.493) |
|
|
NETWORTH |
504.759 |
440.065 |
219.927 |
214.507 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
560.329 |
628.537 |
688.482 |
454.210 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
560.329 |
628.537 |
688.482 |
454.210 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
1065.088 |
1068.602 |
908.409 |
668.717 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
467.965 |
542.009 |
627.936 |
727.661 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
90.722
|
105.658 |
98.073 |
58.916 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
555.186
|
478.358 |
227.852 |
32.505 |
|
Total
Current Assets |
645.908
|
584.016 |
325.925 |
91.421 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
0.878
|
0.518 |
11.156 |
108.025 |
|
|
Other Current Liabilities |
31.394
|
31.699 |
33.672 |
42.340 |
|
|
Provisions |
16.513
|
25.206 |
0.624 |
0.000 |
|
Total
Current Liabilities |
48.785
|
57.423 |
45.452 |
150.365 |
|
|
Net Current Assets |
597.123
|
526.593 |
280.473 |
(58.944) |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
1065.088 |
1068.602 |
908.409 |
668.717 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
159.390 |
318.780 |
159.390 |
159.390 |
|
|
|
Other Income |
46.998 |
67.790 |
9.796 |
2.542 |
|
|
|
TOTAL (A) |
206.388 |
386.570 |
169.186 |
161.932 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Administrative and Other Expenses |
0.760 |
4.307 |
0.771 |
1.486 |
|
|
|
TOTAL (B) |
0.760 |
4.307 |
0.771 |
1.486 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
205.628 |
382.263 |
168.415 |
160.446 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
65.573 |
73.863 |
62.646 |
51.226 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
140.055 |
308.400 |
105.769 |
109.220 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION
(F) |
74.044 |
85.927 |
99.725 |
115.749 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
66.011 |
222.473 |
6.044 |
(6.529) |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.317 |
2.959 |
0.624 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
64.694 |
219.514 |
5.420 |
(6.529) |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
157.766 |
(50.072) |
(55.492) |
(48.963) |
|
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD MAT |
0.000 |
0.624 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Debenture Redemption Reserve |
7.200 |
12.300 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
215.260 |
157.766 |
(50.072) |
(55.492) |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.40 |
8.13 |
0.20 |
(0.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
31.35
|
56.78 |
3.20 |
(4.03) |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
41.41
|
69.79 |
3.78 |
(4.10) |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.93
|
19.76 |
0.63 |
(0.80) |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.51 |
0.03 |
(0.03) |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
1.56 |
3.34 |
2.82 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.24
|
10.17 |
7.17 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from C-66, South Extension, Part-II, New Delhi-110049,
India to the present address w.e.f. 25.08.2009
OPERATIONS
As per
the Concession Agreement dated 23/05/2003 executed with Western Railways,
Ministry of Railways, Government of India, the Company is entitled to receive Annuity
(access charges) of Rs. 79.695 millions on semiannual basis during the
concession period.
In terms of the said Concession Agreement, the Company has
received two Annuity installments from Western Railway amounting to Rs. 159.390
millions which were due on June, 2009 and December, 2009.
FORM 8
|
Corporate
identity number of the company |
U74999DL2003PLC119009 |
|
Name of the
company |
VIRAMGAM-MAHESANA PROJECT LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-66, South Extension, Part-II, New Delhi-110049, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Axis Bank Limited, K-12, Green Park Main, New Delhi-110016, India |
|
Nature of
instrument creating charge |
Joint Mortgage by deposit of title deeds in respect of immovable
properties dated 17.12.2007. |
|
Date of
instrument Creating the charge |
17.12.2007 |
|
Amount secured by
the charge |
Rs. 500.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate of Interest @3.75% below BPLR per annum, payable monthly
(presently at 11.25%) Terms of
repayment Repayable in 17 half yearly installment as per repayment schedule,
commencing from 31.12.2007. Extent and
operation of the charge Grant of Loan of Rs. 500.000 millions against securitisation of
annuities receivable from western railways. |
|
Short particulars
of the property charged (Including location of the property) |
All those pieces and parcels of non agricultural land admeasuring
2171.96 Sq. Yds. forming part of the said land made up of Private Plot No. 04
admeasuring 1902.43 Sq Yds forming part of amalgamated Survey No. 35 of Mouje
Irana of Kadi Taluka in District Mehsana together with 1/44th
undivided impartible joint ownership right in the Internal Approach road land
abutting on Nal Road which undivided impartible right come to 269.53 sq yds
more properly described in the attached joint mortgage deed. |
|
Charge
identification number of the charge to be modified |
10084456 |
|
Particulars of
the present modification |
Further Secured by way of a constructive delivery of Title Deeds to
Axis Bank Limited acting as Security Trustee to Axis Bank Limited (Lender) to
secure for Term Loan aggregating Rs. 500.000 millions (together with all
interest, default interest, fees and/ or remuneration payable to the Trustee),
costs, charges, expenses and other monies and all other amounts whatsoever
stipulated in or payable as per the terms of issue of Sanction Letter. |
FIXED ASSETS
·
Land
·
Plant and Machinery
·
Building
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. 44.80 |
|
|
1 |
Rs. 72.85 |
|
Euro |
1 |
Rs. 63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
46 |
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.