MIRA
INFORM REPORT
|
Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK MAHINDRA PRIME LIMITED |
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Formerly Known
As : |
KOMAF AUTO FINANCE PRIVATE LIMITED |
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Registered
Office : |
36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.02.1996 |
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Com. Reg. No.: |
11-97730 |
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CIN No.: [Company Identification
No.] |
U67200MH1996PLC097730 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK06165F |
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PAN No.: [Permanent Account No.] |
AAACJ5934A |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
The company offers car financing in the form of loans for the entire
range of passenger cars and multi utility vehicles |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 45000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Kotak Mahindra Bank Limited. Subject is a well
established and reputed company having fine track. Financial position of the
company appears to be sound. Directors are reported to be experienced and
respectable businessman. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for any 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 DECLINED BY
The Management non cooperative
LOCATIONS
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Registered Office : |
36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-66581100 |
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Fax No.: |
91-22-22855577 |
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E-Mail : |
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Website : |
DIRECTORS
As On 26.05.2010
|
Name : |
Dr. Shankar Acharya |
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Designation : |
Non Executive Part Time Chairman |
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Name : |
Mr. Uday Suresh Kotak |
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Designation : |
Executive Vice-Chairman and Managing Director |
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Address : |
62 NCPA Apartments, Doradjee Tata Marg, Nariman Pint, Mumbai – 400021,
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Date of Birth/Age : |
15.03.1959 |
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Date of Appointment : |
13.12.1996 |
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DIN No. : |
00007467 |
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Name : |
K. M. Gherda |
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Designation : |
Director |
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Name : |
Mr. Anand Mahindra |
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Designation : |
Director |
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Name : |
Cyril Shroff |
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Designation : |
Director |
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Name : |
Pradeep N. Kotak |
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Designation : |
Director |
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Name : |
Mr. Shivaji Dam |
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Designation : |
Director |
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Name : |
Mr. Chengalath Madhavan Jayaram |
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Designation : |
Executive Director |
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Address : |
Satguru Simran, 7th Floor, 3rd Road, Almeida Park,
Bandra West, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
18.04.1956 |
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Date of Appointment : |
03.10.1996 |
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DIN No. : |
00012214 |
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Name : |
Mr. Dipak Brijmohandas Gupta |
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Designation : |
Executive Director |
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Address : |
Flat No. 32, A Wing Tanna Residency, 392, Veer Savarkar Marg, Mumbai –
400025, |
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Date of Birth/Age : |
13.02.1961 |
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Date of Appointment : |
28.02.1996 |
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DIN No. : |
00004771 |
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Name : |
Mr. Arvind Yashpal Kathpalia |
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Designation : |
Director |
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Address : |
Flat No. 3 B, 3rd Floor, Brighton Apartments, |
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Date of Birth/Age : |
19.03.1958 |
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Date of Appointment : |
26.05.2010 |
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DIN No. : |
02630873 |
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Name : |
Mr. Jaimin Mukund Bhatt |
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Designation : |
Director |
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Address : |
30.03.1962 |
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Date of Birth/Age : |
3 Orion Apartments, 29 A, |
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Date of Appointment : |
24.07.2007 |
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DIN No. : |
00003657 |
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Name : |
Mr. Narayan Subramaniam Ayypankav |
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Designation : |
Director |
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Address : |
2nd Floor, Silvares Clear Villa, Plot No. 502, 13th
Road, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
09.11.1960 |
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Date of Appointment : |
26.05.2010 |
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DIN No. : |
00007404 |
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Name : |
Ms. Shanti A Ekambaram |
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Designation : |
Director |
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Address : |
101 A Kalpatru Habitat, Dr. S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
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Date of Birth/Age : |
14.09.1962 |
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Date of Appointment : |
04.10.2005 |
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DIN No. : |
00004889 |
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Name : |
Mr. Mohan Narayan Shenoi |
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Designation : |
Director |
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Address : |
Flat No. 53, ‘A’ Tower, Kalpatru Residency Road No. 8, Sion (East),
Mumbai – 400022, |
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Date of Birth/Age : |
28.04.1958 |
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Date of Appointment : |
16.06.2007 |
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DIN No. : |
01603606 |
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Name : |
Mr. Venkat Krishnan Subramanian |
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Designation : |
Additional Director |
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Address : |
Flat 31-31, |
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Date of Birth/Age : |
05.10.1969 |
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Date of Appointment : |
26.05.2010 |
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DIN No. : |
00031794 |
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Name : |
Mr. Sumit T Bali |
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Designation : |
Manager |
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Address : |
Flat 101 Vasundhara Janaki Kutir, |
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Date of Birth/Age : |
15.08.1967 |
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Date of Appointment : |
04.10.2005 |
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Pan No. : |
AFKPB1996F |
KEY EXECUTIVES
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Name : |
Ms. Bina Chandarana |
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Designation : |
Company Secretary and Senior Vice President |
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Name : |
Mr. Harish Mavji Shah |
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Designation : |
Company Secretary |
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Address : |
15 Ratna Deep 4th Floor, |
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Date of Birth/Age : |
30.03.1958 |
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Date of Appointment : |
28.09.1999 |
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Pan No. : |
AAKPS3535L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 26.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kotak Mahindra Bank Limited – |
|
1782520 |
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Central Depository Services Limited – |
|
1224400 |
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Kotak Securities Limited – |
|
488200 |
|
Shroff Suresh Cyril |
|
20 |
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Tirupattur V Raghunath |
|
15 |
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Subramaniam A Narayan |
|
20 |
|
Gupta B Dipak |
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15 |
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Chengalath M Jayaram |
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5 |
|
Bhatt M Jaimin |
|
5 |
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Total |
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3495200 |
As On 26.05.2010
|
Category |
Percentage |
|
Nationalised or other banks |
51.00 |
|
Bodies corporate |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company offers car financing in the form of loans for the entire
range of passenger cars and multi utility vehicles |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
Notes: (1) The Debentures are redeemable at par. The Non Convertible Debentures, Index Linked Debentures and Deep Discount Debentures are secured by way of a pari passu mortgage and charge in favour of the Debenture Trustees on the Company's immoveable property amounting to Rs.1.807 millions and further secured by way of hypothecation of receivables arising out of loan, lease and hire purchase, book debts and other current assets.
Notes: (1) The Debentures are redeemable at par. The Non-Convertible Debentures, Index Linked Debentures and Deep Discount Debentures are secured by way of a pari passu mortgage and charge in favour of the Debenture Trustees on the Company’s immoveable property amounting to Rs.1.807 millions and further covered by a negative lien to the extent of Rs.12419.700 millions (Previous year Rs. 26725.000 millions) on specified receivables under auto finance of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Salivati |
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Address : |
Deloitte Haskins and Sells, 12, Dr. Annie Besant Road, Opposite Shiv
Sagar Estate, Worli, Mumbai – 400018, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Pan No. : |
AADFD2337G |
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Joint Venture : |
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Holding Company : |
CIN: L65110MH1985PLC038137 |
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Fellow Subsidiaries : |
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Associate : |
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Enterprises over which director/relatives/key management personnel have
significant influence : |
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Mutual Fund / Venture Capital Fund managed by
fellow subsidiary : |
Managed by fellow subsidiary – Kotak Mahindra
Asset Management Company Limited Kotak Real Estate Fund and Managed by fellow subsidiary – Kotak
Investment Advisors Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
|
500000 |
Preferences Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs. 40.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3495200 |
Equity Shares |
Rs. 10/- each |
Rs. 34.952
Millions |
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Note:
Of the above:
i)
1782600 shares are held by
Kotak Mahindra Bank Limited, the holding company along with its nominees
ii)
1712600 (previous year
1479300) shares held by Kotak Securities Limited, a subsidiary of the holding
company
iii)
1971000 shares are
allotted as fully paid up pursuant to conversion of fully convertible
debentures.
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 |
34.952 |
32.619 |
32.619 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11162.186 |
8616.535 |
7046.544 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11197.138 |
8649.154 |
7079.163 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
38298.500 |
850.000 |
0.000 |
|
|
2] Unsecured Loans |
34793.222 |
47477.437 |
52876.356 |
|
|
TOTAL BORROWING |
73091.722 |
48327.437 |
52876.356 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84288.860 |
56976.591 |
59955.519 |
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
283.713 |
30.709 |
49.364 |
|
|
Capital work-in-progress |
0.000 |
258.456 |
224.256 |
|
|
|
|
|
|
|
|
INVESTMENT |
1137.087 |
810.306 |
683.982 |
|
|
DEFERREX TAX ASSETS |
336.550 |
257.157 |
287.528 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
2248.347
|
756.872 |
2200.629 |
|
|
Other Current Assets |
1457.905
|
2760.311 |
1131.426 |
|
|
Loans & Advances |
83109.679
|
55713.341 |
59025.666 |
|
Total
Current Assets |
86815.931
|
59230.524 |
62357.721 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2226.552 |
1432.542 |
1548.346 |
|
|
Other Current Liabilities |
1362.343
|
1840.668 |
1833.467 |
|
|
Provisions |
695.526
|
337.351 |
265.519 |
|
Total
Current Liabilities |
4284.421
|
3610.561 |
3647.332 |
|
|
Net Current Assets |
82531.510
|
55619.963 |
58710.389 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84288.860 |
56976.591 |
59955.519 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9660.234 |
9877.584 |
7179.907 |
|
|
|
Other Income |
260.340 |
(55.497) |
219.825 |
|
|
|
TOTAL (A) |
9920.574 |
9822.087 |
7399.732 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Payments to employees |
342.561 |
281.447 |
286.779 |
|
|
|
Administrative and other expenses |
1156.847 |
1074.328 |
1126.342 |
|
|
|
Provisions / write offs for non performing / other assets |
782.875 |
743.565 |
322.106 |
|
|
|
TOTAL (B) |
2282.283 |
2099.340 |
1735.227 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7638.291 |
7722.747 |
5664.505 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5031.916 |
5271.121 |
4100.776 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2606.375 |
2451.626 |
1563.729 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.646 |
19.491 |
17.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2588.729 |
2432.135 |
1546.323 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
924.607 |
862.144 |
540.109 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1664.122 |
1569.991 |
1006.214 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2993.051 |
1737.058 |
932.087 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Special Reserve |
332.824 |
313.998 |
201.243 |
|
|
BALANCE CARRIED
TO THE B/S |
4324.349 |
2993.051 |
1737.058 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
510.07 |
481.31 |
323.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.77
|
15.98 |
13.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.80
|
24.62 |
21.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.97
|
4.10 |
2.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.28 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.91
|
6.00 |
7.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
20.26
|
16.40 |
17.10 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry creditors |
|
|
|
|
Micro enterprises and small enterprises |
- |
- |
- |
|
Other than micro enterprises and small enterprises |
2226.552 |
1432.542 |
1548.346 |
|
Total |
2226.552 |
1432.542 |
1548.346 |
Form 8:
|
This form is for |
Creation of
charge |
||||||
|
Corporate
identity number of the company |
U67200MH1996PLC097730 |
||||||
|
Name of the
company |
Kotak Mahindra
Prime Limited |
||||||
|
Address of the
registered office or of the principal place of business in |
36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
||||||
|
Type of charge |
Book Debts Floating Charge |
||||||
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Particular of
charge holder |
|
||||||
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Nature of description
of the instrument creating or modifying the charge |
Security trust
agreement cum deed of hypothecation |
||||||
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Date of
instrument Creating the charge |
26.03.2009 |
||||||
|
Amount secured by
the charge |
Rs. 75000.000
millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– rate of Interest would be as per the terms mutually agreed between the
company and the lenders from time to time. Terms of
Repayment – terms of repayment would be as per the terms mutually agreed
between the company and the lenders from time to time. Margin – margin
would be as per the terms mutually agreed between the company and the lenders
from time to time. Extent and
Operation of the charge – the charge operates as security, inter alia, for
the payment and discharge by the company to the lenders of all of its
obligations and liabilities under or in connection with any existing/acceding
facility documents and any other document pertaining to the existing/acceding
credit facilities including the principal amount of and interest on the
existing/acceding credit facilities. |
||||||
|
Short particulars
of the property charged |
All receivables of the company arising out of
loan, lease and hire purchase transactions, other book debts and such other
current assets as may be identified by the company from time to time and
accepted by the security trustee, but excluding any specific receivables in
respect of which lien (undertaking to create charge) has been marked to secure
certain term loans, working capital demand loans, cash credit and other fund
based and non-fund based credit facility/(ies) availed by the company |
Fixed Assets:
- Building
- Office
equipment
- Computers
- Furniture and
fixtures
- Vehicles
- Leasehold
improvements
- Software
Website details:
Subject is a
subsidiary of Kotak Mahindra Bank Limited. The Company offers car financing in
the form of loans for the entire range of passenger cars and multi utility
vehicles.
The Company also offers
inventory funding to car dealers and has entered into strategic arrangement
with various car manufacturers in
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
68 |
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.