MIRA
INFORM REPORT
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Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
NAVI MUMBAI SEZ PRIVATE LIMITED |
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Registered Office : |
Jai Centre, 1st Floor, 34, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.06.2004 |
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Com. Reg. No.: |
11-146973 |
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CIN No.: [Company
Identification No.] |
U45200MH2004PTC146973 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN11804C |
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PAN No.: [Permanent
Account No.] |
AACCN0042N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Development of Special Economic Zone and Infrastructures Development. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 84646168 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a Joint-venture between Dronagiri Infrastructure Private
Limited and City and Industrial Development Corporation of Maharashtra
Limited to develop and operate a Special Economic Zone (SEZ) at Navi Mumbai, The company can be considered good 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
Note : Management non co-operative [ Name not disclosed ]
LOCATIONS
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Registered Office : |
Jai Centre, 1st Floor, 34, |
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Tel. No.: |
91-22-40727000 |
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E-Mail : |
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Corporate Office : |
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Tel. No.: |
91-22-40723135 |
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Fax No.: |
91-22-27583200 |
DIRECTORS
As on : 30.10.2010
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Name : |
Mr. Anand Jain |
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Designation : |
Chairman |
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Address : |
A – 13, Starling Apartments, 38, |
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Date of Birth/Age : |
14.01.1957 |
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Date of Appointment : |
28.04.2006 |
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Name : |
Mr. Sanjay Punkhla |
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Designation : |
Director |
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Address : |
56/1426, Adarsh Nagar, Worli, Mumbai – 400025, |
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Date of Birth/Age : |
19.03.1965 |
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Date of Appointment : |
22.09.2005 |
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Name : |
Mr. Parag Parekh |
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Designation : |
Director |
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Address : |
603, Indraprasth, |
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Date of Birth/Age : |
23.06.1961 |
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Date of Appointment : |
22.09.2005 |
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Name : |
Mr. Ajit Warty |
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Designation : |
Director |
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Address : |
Flat No. 42, 4th Floor, Praneet, 234, Jaywant Palkar Marg,
Worli, Mumbai – 400025, |
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Date of Birth/Age : |
30.04.1944 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr. Vinay A Bansal |
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Designation : |
Director |
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Address : |
7 S, Dilwara, M |
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Date of Birth/Age : |
09.01.1945 |
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Date of Appointment : |
30.07.2007 |
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Name : |
Mr. Nikhil Gandhi |
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Designation : |
Director |
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Address : |
Damodar Bhavan, 3rd Floor, Sheeta Building Enclosure,
Mahalaxmi Temple Road, Mahalaxmi, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
25.04.1959 |
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Date of Appointment : |
04.10.2004 |
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Name : |
Mr. Bhavesh Gandhi |
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Designation : |
Director |
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Address : |
D – 4, New Breach Candy Apartment, 4th Floor, Breach Candy,
Mumbai – 400026, |
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Date of Birth/Age : |
17.01.1966 |
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Date of Appointment : |
04.10.2004 |
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Name : |
Mr. Jayant R. Kulkarni |
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Designation : |
Director |
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Address : |
R H 06, P L – 04, Sec – 19, Aparajita Co-Operative Society, New Panvel
(East), Navi Mumbai – 410206, |
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Date of Birth/Age : |
11.07.1954 |
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Date of Appointment : |
05.06.2007 |
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Name : |
Mr. Gurkeerat Singh Gill |
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Designation : |
Director |
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Address : |
901, Nilambary Queens, Barracks, Opposite Sarang Buildings, Gen J
Bhosle Marg, Mumbai – 400020, |
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Date of Birth/Age : |
15.03.1950 |
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Date of Appointment : |
18.10.2007 |
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Name : |
Mr. Dilip Shekdar |
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Designation : |
Director |
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Address : |
302, 3rd Floor, Building No. C – 3, Ritu Park, R |
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Date of Birth/Age : |
21.02.1952 |
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Date of Appointment : |
01.03.2008 |
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Name : |
Mr. Tanaji V Satre |
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Designation : |
Director |
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Address : |
28th Floor, |
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Date of Birth/Age : |
01.06.1956 |
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Date of Appointment : |
30.06.2010 |
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Name : |
Mr. Madhusudan D Lele |
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Designation : |
Director |
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Address : |
Flat No.E-3:02, 1st Floor, Spaghatti Complex, Plot No.22,
Sector 15, Kharghar, Navi Mumbai – 410210, Maharashtra, India |
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Date of Birth/Age : |
22.10.1969 |
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Date of Appointment : |
07.09.2006 |
KEY EXECUTIVES
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Name : |
Mr. Ravin Kapadia |
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Designation : |
Assistant Company Secretary |
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Address : |
130, Cavel Street, 2nd Floor, |
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Date of Birth/Age : |
22.10.1969 |
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Date of Appointment : |
07.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.10.2010
|
Names of Shareholders |
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No. of Shares |
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City And Industrial Corporation of Maharashtra Limited |
|
200705800 |
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Dronagiri Infrastructure Private Limited |
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571239588 |
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Total |
|
771945388 |
Equity share break –
up
As on : 30.10.2010
|
Category |
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Percentage |
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Government companies |
|
26.00 |
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Bodies corporate |
|
74.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Development of Special Economic Zone and Infrastructures Development. |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management.
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Bankers : |
v
Industrial Development Bank of India Limited v
Axis Bank Limited Central Office, Capital Markets Department, 11th Floor, “F
Wing”, Maker Towers, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Facilities : |
Secured Loans
Note: Above term loans are secured by first charge/
mortgage/ hypothecation and shall rank inter se pari passu on. -all the immovable properties present and future, -all the movable assets (including receivables, bank accounts and
intangibles), (excluding goodwill of promoters) present and future. -assignment/charge of all the rights, titles and interest under
material project contracts, approvals, lease agreement and documents entered
with respect to lease of land, clearances, permits, insurance policies, and
under letter of credit, guarantee of performance provided bond provided by
any party for any project contract; and also by a -non-disposable undertaking for 51% of the share capital of the
company held by the Sponsors / Promotors (DIPL and CIDCO) / affiliates upto
the dates specified in the respective loan agreement (generally upto the
first repayment) and 26% of share capital of the company, thereafter |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountant |
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Address : |
714 – 715, Tulsiani Chambers, 21, Nariman Point, Mumbai – 400021, |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
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Holding Company : |
v
Dronagiri Infrastructure Private Limited (DIPL) |
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Joint Promoter of Company : |
v
City and Industrial Development Corporation of
Maharashtra Limited (CIDCO) |
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Subsidiary Company: |
v
Dronagiri Commercial Complex Maintenance Company
Private Limited |
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Holding Company of DIPL |
v
Urban Infrastructure Holdings Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000000 |
Equity Shares |
Rs. 10/- each |
Rs. 25000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
771945388 |
Equity Shares |
Rs. 10/-
each |
Rs. 7719.454 millions |
Note:
Of the above,
(1)
571239588 (Previous year
534545805) Equity shares of Rs. 10/- each fully paid up are held by Dronagiri
Infrastructure Private Limited – the Holding Company
(2)
231795501 (Previous year
218903091) Equity shares of Rs. 10/- each are allotted as fully paid up without
payments being received in cash against the expenditure incurred.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7719.453 |
7719.454 |
7223.592 |
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2] Share Application Money |
12883.115 |
12883.116 |
11700.054 |
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3] Reserves & Surplus |
861.569 |
558.972 |
95.365 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
21464.137 |
21161.542 |
19019.011 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
41980.650 |
42089.646 |
37613.320 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
41980.650 |
42089.646 |
37613.320 |
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DEFERRED TAX LIABILITIES |
50.685 |
23.313 |
0.000 |
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TOTAL |
63495.472 |
63274.501 |
56632.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
850.983 |
880.480 |
748.414 |
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Capital work-in-progress |
591.791 |
401.256 |
77.012 |
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INVESTMENT |
234.445 |
0.099 |
911.661 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
34539.236
|
30393.955
|
24724.820 |
|
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Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
8.522
|
828.671
|
46.494 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
27362.423
|
30901.452
|
30364.729 |
|
Total
Current Assets |
61910.181
|
62124.078
|
55136.043 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
7.661
|
12.590
|
26.618 |
|
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Sundry Creditors |
84.058 |
117.011 |
175.586 |
|
|
Provisions |
0.209
|
1.812
|
38.596 |
|
Total
Current Liabilities |
91.928
|
131.413
|
240.800 |
|
|
Net Current Assets |
61818.253
|
61992.665
|
54895.243 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
63495.472 |
63274.501 |
56632.331 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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|
5831.219 |
|
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|
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Other Income |
|
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|
|
|
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TOTAL (A) |
5831.219 |
8169.033 |
NA |
|
|
|
|
|
|
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Less |
|
|
|
|
|
|
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|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
5373.248 |
7480.160 |
NA |
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Advertising Expenses |
|
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|
|
|
|
TOTAL (B) |
5373.248 |
7480.160 |
NA
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
457.971 |
688.873 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
457.971 |
688.873 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
457.971 |
688.873 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
155.374 |
225.266 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
302.597 |
463.607 |
NA |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
Capital Goods |
23.858 |
73.326 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
0.39 |
0.62 |
0.15 |
|
|
|
- Diluted |
0.15 |
0.24 |
0.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.18 |
5.67
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.85 |
8.43
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.72 |
1.09
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.03
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.96 |
0.06
|
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
673.46 |
472.74
|
228.97 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors * |
75.039 |
107.180 |
166.905 |
|
Interest Accrued but not due on loans |
9.019 |
9.831 |
8.681 |
|
|
|
|
|
|
Total |
84.058 |
117.011 |
175.586 |
Note : * The company has not received any information from “suppliers”
regarding their status under the Micro, Small and Medium Enterprises
Development Act 2006 and hence disclosures as required under scheduled VI of
the companied Act 1956, relating to amounts unpaid as at the yearend together
with interest paid / payable etc. have not been made.
Note:
The registered office address of the company has been shifted from Skil
House, 209, Bank Street Cross Lane, Fort, Mumbai – 400023,
OPERATIONS
The Company has received Gazette Notifications from the
Ministry of Commerce and Industry, Department of Commerce, Udyog Bhavan,
Boundry work is progressing well and Dronagiri node and Ulwe Node is expected to be completed by March, 2011. Kalamboli node will be completed in 2011-12. site development activities are also picking up. External water pipeline work is expected to be completed by March, 2011.
The company has achieved financial closure for 2140 Ha. Business development and marketing efforts are being stepped up..
FINANCIAL RESULTS
The company has made
Net profit after tax of Rs. 302.597 millions as against Rs. 463.651 millions in
the previous year.
Directors do not
recommend dividend for the year.
SUBSIDAIRY COMPANY
During the year, Dronagiri Commercial Complex Maintenance Company Private Limited has become subsidiary of the Company.
The audited statements of accounts of the subsidiary of the company, together with the Reports of the Board of Directors and Auditors for the year ended 31st March, 2009 are attached as required under Section 212 of the Companies Act, 1956.
FORM 8
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
10019881 |
||||||
|
Corporate
identity number of the company |
U45200MH2004PTC146973 |
||||||
|
Name of the
company |
NAVI MUMBAI SEZ
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Jai Centre, 1st Floor, 34, |
||||||
|
Type of charge |
v
Book
Debts v
Movable
Property v
Immovable
Property v
Floating
Charge |
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|
Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Third Deed of
modification dated14.01.2009 between Navi Mumbai SEZ Private Limited (The
Company) and Axis Bank Limited (Security Trustee) |
||||||
|
Date of
instrument Creating the charge |
14.01.2009 |
||||||
|
Amount secured by
the charge |
Rs. 4850.000
millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As mentioned in
the respective loan agreementof secured lenderin the indentureof mortgage
dated 04.09.2006 Terms of
Repayment As mentioned in
the respective loan agreement of secured lender in the indenture of mortgage
dated 04.09.2006 Margin As mentioned in
the respective loan agreement of secured lender in the indenture of mortgage
dated 04.09.2006 Extent and
Operation of the charge As mentioned in
the respective loan agreement of secured lender in the indenture of mortgage
dated 04.09.2006 |
||||||
|
Short particulars
of the property charged |
All the 499 units
in the CIDCO Commercial Complex situated abd lying at Sector 11, Dronagiri
Node, Tehsil Uran, District Raigad as per third deed of modification as
attached |
||||||
|
Date of latest
modification prior to the present modification |
31.10.2008 |
||||||
|
Particulars of
the present modification |
Third deed of modification
of dated 14.01.2009 between Navi Mumbai SEZ Private Limited (The Company) and
Axis Bank Limited (Security Trustee) The company has mortgaged additional
Immovable properties of 499 units more particularly described in schedule II
of 3rd deed of modification allotted by CIDCO at Dronagiri in
favour of its security trustee for the mortgage created on 04.09.2006 (Charge
ID 10019881), 29.10.2007 (Charge ID 10074298) and 15.05.2008 (Charge ID
10105347) aggregating to Rs. 427.500 millions. |
CONTIONGENT
LIABILITIES (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Financial
Guarantees * |
-- |
1.500 |
|
Performance
Guarantees * |
751.265 |
751.265 |
|
Claims against Company
not acknowledged as debt (No outflow is expected in the near future) |
150.267 |
6.032 |
|
Total |
901.532 |
758.797 |
* Bank guarantees are provided under contractual
/ legal obligation. No cash outflow is expected
FIXED ASSETS
v Leasehold Improvement
v Buildings
v Temporary Frection
v Plant and Machinery
v Electrical Installations
v Equipments
v Furniture and Fixtures
v Vehicles
v Speed Boat
v Jetties
v Capital Work in Progress
Intangible Assets
v Computer Software
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. 45.31 |
|
|
1 |
Rs. 70.26 |
|
Euro |
1 |
Rs. 59.56 |
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 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
45 |
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.