MIRA
INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
VRL LOGISTICS LIMITED |
|
|
|
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Registered
Office : |
RS No. 351/1, Varur Post Chabbi Taluk Hubli, Dist. Dharwad, Hublu –
581207, Karnataka |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.1983 |
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|
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|
Com. Reg. No.: |
005247 |
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Capital
Investment / Paid-up Capital : |
Rs. 707.000 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U60210KA1983PLC005247 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Providing Logistic Services |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4335464 |
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|
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Performance
of the company has improved in the year 2009-10. Trade relation are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/Administrative
Office: |
RS No. 351/1, Varur Post Chabbi Taluk Hubli, Dist. Dharwad, Hublu –
581207, Karnataka, India |
|
Tel. No.: |
91-836-2237610/2237613 |
|
Fax No.: |
91-836-2237614 |
|
E-Mail : |
varurho@vrllogistics.com |
|
Website : |
www.vrllogistics.com |
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|
|
|
Corporate Office : |
Giriraj Annexe Circuit House Road, Hubli - 580 029 Karnataka, India |
|
Tel. No.: |
91-836-2237511/2237512 |
|
Fax No.: |
91-836-2256612 |
|
E-Mail : |
eadoffice@vrllogistics.com |
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|
|
|
Branches : |
BANGALORE MAIN OFFICE : DELHI OFFICE : CHENNAI OFFICE : HYDERABAD OFFICE : KOLKATA OFFICE : AHMEDABAD OFFICE : MUMBAI OFFICE : TEL: 91-22-2783 2752 to
55. PUNE OFFICE : |
DIRECTORS
As on 06.07.2010
|
Name : |
Mr. Vijay Sankeshwar |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
120-125 Lalith Mahal, Naveen Park, Kusugal Road, Dharwad – 580023,
Karnataka, India |
|
Date of Birth/Age : |
02.08.1950 |
|
Date of Appointment : |
31.03.1983 |
|
|
|
|
Name : |
Mr. Anand V. Sankeshwar |
|
Designation : |
Managing Director |
|
Address : |
120-125 Lalith Mahal, Naveen Park, Kusugal Road, Dharwad – 580023,
Karnataka, India |
|
Date of Birth/Age : |
14.11.1974 |
|
Date of Appointment : |
04.01.1993 |
|
|
|
|
Name : |
Mr. Sudhir P. Ghate |
|
Designation : |
Director |
|
Address : |
Needam Behind SDM Law College, MG Road, Mangalore – 575003, Karnataka,
India |
|
Date of Birth/Age : |
12.11.1957 |
|
Date of Appointment : |
15.06.2005 |
|
|
|
|
Name : |
Mr. Karunakara C. Shetty |
|
Designation : |
Director |
|
Address : |
#9 Upstairs Khb Colony, Basaveshwar Nagar, Bangalore – 560079,
Karnataka, India |
|
Date of Birth/Age : |
29.05.1953 |
|
Date of Appointment : |
15.06.2005 |
|
|
|
|
Name : |
Mr. Jayateerth S. Korlahalli |
|
Designation : |
Director |
|
Address : |
Srinivas 16 Cross Vidyanagar, Gadag – 5802101, Karnataka, india |
|
Date of Birth/Age : |
10.07.1940 |
|
Date of Appointment : |
06.07.2010 |
|
|
|
|
Name : |
Mr. Prabhakar Kore |
|
Designation : |
Director |
|
Address : |
BC 92 Camp, church Road, Belgaum – 590009, Karnataka, India |
|
Date of Birth/Age : |
01.08.1947 |
|
Date of Appointment : |
06.07.2010 |
|
|
|
|
Name : |
Mr. Rang P. Raichur |
|
Designation : |
Whole time Director / Secretary |
|
Address : |
16 Sayujya 1st Cross, Goldenpark, Devangpeth Road, Hubli,
Dharwad – 580032, Karnataka, India |
|
Date of Birth/Age : |
08.11.1955 |
|
Date of Appointment : |
15.06.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Aniruddha A. Phadnavis |
|
Designation : |
Company Secretary |
|
Address : |
54 Prasanna Colony, Gokul Road, Hubli, Dharwad – 580030, Karnataka,
India |
|
Date of Birth/Age : |
25.05.1980 |
|
Date of Appointment : |
01.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Vijay Sankeshwar |
|
33075000 |
|
Mrs. Lalitha Sankeshwar |
|
21000 |
|
Mr. Anand Sankeshwar |
|
37197000 |
|
Mrs. Vani Sankeshwar |
|
400000 |
|
Mrs. Bharati P. Holkunde |
|
1750 |
|
Mr. K. N. Umesh |
|
1750 |
|
Mr. L. Ramanand Bhat |
|
1750 |
|
Mr. Y. M. Honnalli |
|
1750 |
|
Total |
|
70700000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Logistic Services |
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|
|
|
Products : |
·
Goods Transport ·
Travels Service ·
Wind Power Generation |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India · Centurion Bank of Punjab Limited · ICICI Bank · IDBI Bank · Induslnd Bank · Kotak Mahindra Bank · NKGSB Co-op Bank · State Bank of India · Union Bank of India · UCO Bank · Shamrao Vithal Co-op. Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
H K Veerbhadrappa and Company Chartered Accountant |
|
Address : |
Club Road, Hbli – 580029, Karnataka, india |
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|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,07,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 707.000
Millions |
|
|
|
|
|
Notes
Of the above equity shares
1. 1,97,48,000 shares of Rs. 10 each were issued as fully paid up bonus
shares by capitalization of capital reserves
2. 5,00,00,000 equity shares of Rs. 10 each were issued as fully paid-up
bonus shares by capitalization of profits.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
707.000 |
707.000 |
707.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
376.866 |
342.302 |
337.530 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1083.866 |
1049.302 |
1044.530 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3673.221 |
4199.828 |
4328.517 |
|
|
2] Unsecured Loans |
110.987 |
5.914 |
0.000 |
|
|
TOTAL BORROWING |
3784.208 |
4205.742 |
4328.517 |
|
|
DEFERRED TAX LIABILITIES |
758.535 |
608.537 |
585.878 |
|
|
|
|
|
|
|
|
TOTAL |
5626.609 |
5863.581 |
5958.925 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4709.415 |
4913.058 |
5226.804 |
|
|
Capital work-in-progress |
129.297 |
31.876 |
75.451 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.250 |
1.250 |
1.250 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.552
|
68.635 |
63.306 |
|
|
Sundry Debtors |
491.404
|
445.928 |
292.298 |
|
|
Cash & Bank Balances |
186.270
|
239.117 |
194.139 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
529.378
|
469.189 |
451.785 |
|
Total
Current Assets |
1276.604
|
1222.869 |
1001.528 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
332.097
|
161.256 |
194.170 |
|
|
Other Current Liabilities |
152.085
|
133.234 |
141.426 |
|
|
Provisions |
5.775
|
10.982 |
10.512 |
|
Total
Current Liabilities |
489.957
|
305.472 |
346.108 |
|
|
Net Current Assets |
786.647
|
917.397 |
655.420 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5626.609 |
5863.581 |
5958.925 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Services |
6791.687 |
6158.520 |
5125.880 |
|
|
|
Sale of Power |
263.629 |
261.761 |
263.212 |
|
|
|
Sale of Verified Emissions |
20.216 |
0.000 |
0.000 |
|
|
|
Other Income |
87.017 |
86.339 |
80.360 |
|
|
|
TOTAL |
7162.549 |
6506.620 |
5469.452 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operative Expenses |
4876.065 |
4400.638 |
3624.238 |
|
|
|
Employees Cost |
698.243 |
880.319 |
636.381 |
|
|
|
Administrative Expenses |
163.159 |
120.767 |
114.229 |
|
|
|
TOTAL |
5737.467 |
5401.724 |
4374.848 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1425.082 |
1104.896 |
1094.604 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
516.131 |
588.847 |
539.206 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
908.951 |
516.049 |
555.398 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
464.221 |
462.582 |
430.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXTRAORDINARY/EXCEPTIONAL ITEMS AND TAXATION |
444.730 |
53.467 |
125.348 |
|
|
Add |
Extraordinary
Items |
-- |
(19.542) |
3.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
444.730 |
33.925 |
128.848 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
152.475 |
26.025 |
39.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
292.255 |
7.900 |
89.291 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
EXPENDITURES/(INCOME) |
|
|
|
|
|
Less |
Other Expenses |
1.268 |
3.127 |
(3.838) |
|
|
Less |
Depreciation/Gross
Block Adjustment |
-- |
-- |
19.271 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
159.781 |
155.008 |
81.150 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
29.099 |
-- |
-- |
|
|
|
Interim Dividend |
219.170 |
-- |
-- |
|
|
|
Tax on Dividend |
37.253 |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
165.246 |
159.781 |
155.008 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.12 |
0.07 |
1.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.08
|
0.12 |
1.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.54
|
0.55 |
18.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.42
|
0.55 |
2.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.03 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.94
|
4.29 |
4.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
4.00 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U60210KA1983PLC005247 |
||||||
|
Name of the
company |
VRL LOGISTICS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
RS No. 351/1, Varur Post Chabbi Taluk Hubli, Dist. Dharwad, Hublu –
581207, Karnataka, India |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Movable property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Deed of
Hypothecation.(LBI562) |
||||||
|
Date of instrument
Creating the charge |
15.07.2011 |
||||||
|
Amount secured by
the charge |
Rs. 1.935
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 12% per annum. Terms of
Repayment Amount repayable in
60 no. monthly installments of Rs. 0.045 millions each. Margin NIL Extent and
Operation of the charge As per Deed of
Hypothecation. Others -- |
||||||
|
Particulars of
the property charged |
2 nos. Godrej
Forklift Truck Model.(WITHIN INDIA). |
Fixed Assets
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture, Fixtures and
Office Equipment
·
Vehicles
·
Aircraft
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.