MIRA
INFORM REPORT
|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MARASA HOSPITALITY PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.02.2008 |
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Com. Reg. No.: |
11-178908 |
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Capital Investment
/ Paid-up Capital : |
Rs.383.364 Millions |
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CIN No.: [Company Identification
No.] |
U5510MH2008PTC178908 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM33542F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Hospitality. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1630000 |
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Status : |
Project under implementation |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2008, its projects are
under implementation. Payments are unknown. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED
Management Non Co-operative
LOCATIONS
|
Registered Office : |
Bakhtawar Building, 11th Floor, Nariman Point, Opposite
Obroi Towers, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22882518 |
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Fax No.: |
91-22-22882518 |
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E-Mail : |
DIRECTORS
As on 03.08.2011
|
Name : |
Mr. Kishor Chamanlal Doshi |
|
Designation : |
Director |
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Address : |
202, Abhilasha Building, Plot No. 2, Punjab Lane, Borivali (West),
Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
30.03.1955 |
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Date of Appointment : |
14.02.2008 |
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DIN No.: |
00518387 |
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Name : |
Mr. Gamanlal Vallabhdas Radia |
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Designation : |
Director |
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Address : |
B-201, Salcetan CHS Limited, IC Colony, Road No. 1, Borivali (West),
Mumbai – 400103, Maharashtra, India |
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Date of Birth/Age : |
09.02.1932 |
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Date of Appointment : |
14.02.2008 |
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DIN No.: |
00181514 |
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Name : |
Mr. Mayur Muljibhai Madhvani |
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Designation : |
Director |
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Address : |
235, Bickenhall Mansions, Bickenhall Street, London United Kingdom
WIUGBW |
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Date of Birth/Age : |
22.09.1949 |
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Date of Appointment : |
21.10.2008 |
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DIN No.: |
00181565 |
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Name : |
Ms. Natasha Madhvani |
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Designation : |
Director |
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Address : |
Flat 4, 12 Charles Street, London WID5DR, United Kingdom |
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Date of Birth/Age : |
04.04.1977 |
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Date of Appointment : |
21.10.2008 |
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DIN No.: |
01309215 |
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Name : |
Mr. Kamleshbhai Manubhai Madhvani |
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Designation : |
Director |
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Address : |
Kakira Sugar Estate, Kakira Bungalow, Kakira, Uganda |
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Date of Birth/Age : |
11.012.1954 |
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Date of Appointment : |
21.10.2008 |
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DIN No.: |
01006931 |
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Name : |
Shrai Manubhai Madhvani |
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Designation : |
Director |
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Address : |
Kakira Sugar Estate, Kakira Bungalow, Kakira, Uganda |
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Date of Birth/Age : |
05.05.1968 |
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Date of Appointment : |
21.10.2008 |
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DIN No.: |
00690205 |
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Name : |
Mr. Mansukhlal Dahyalal Radia |
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Designation : |
Director |
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Address : |
5 West Towers, Pinner United Kingdom |
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Date of Birth/Age : |
14.02.1949 |
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Date of Appointment : |
06.07.2009 |
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DIN No.: |
02424467 |
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Name : |
Mr. Pratap Muljibhai Madhvani |
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Designation : |
Director |
|
Address : |
PMM Bunglow, Kakira Sugar Works, Kakira, Uganda |
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Date of Birth/Age : |
21.10.1938 |
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Date of Appointment : |
06.07.2009 |
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DIN No.: |
02667857 |
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Name : |
Mr. Ronak Pratap Madhvani |
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Designation : |
Director |
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Address : |
9 Kololo Hill Lane Kololo, Kampala, Uganda |
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Date of Birth/Age : |
26.04.1964 |
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Date of Appointment : |
06.07.2009 |
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DIN No.: |
02667833 |
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Name : |
Falguni Bibhuti Sarkar |
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Designation : |
Director |
|
Address : |
Senior Staff Quarters No. 20, Kakira Sugar Works Kakira, Uganda |
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Date of Birth/Age : |
09.04.1948 |
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Date of Appointment : |
06.07.2009 |
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DIN No.: |
02667807 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kishor Chamanlal Doshi |
|
5000 |
|
Gamanlal Vallabhdas Radia |
|
5000 |
|
Marasa India Limited, Mauritius |
|
43698290 |
|
Total |
|
43708290 |
As on 03.01.2012
|
Names of Allottees |
|
No. of Shares |
|
Marasa India Limited, Mauritius |
|
16083809 |
|
Total |
|
16083809 |
Equity Share Break up (Percentage of Total Equity)
As on 03.08.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.98 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Hospitality. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of Baroda, BOB Building, M.G. Road, Rajkot – 360001, Gujarat,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.C. Bandi and Company Chartered Accountants |
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Address : |
812 Maker Chamber V, Nariman Point, Mumbai-400021, Maharashtra, India |
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PAN.: |
AACPB7792A |
CAPITAL STRUCTURE
After 03.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
59792099 |
Equity Shares |
Rs.10/- each |
Rs.597.921 Millions |
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|
|
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As on 03.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43708290 |
Equity Shares |
Rs.10/- each |
Rs.437.083 Millions |
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|
|
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|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38336352 |
Equity Shares |
Rs.10/- each |
Rs.383.364 Millions |
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|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
383.364 |
249.536 |
129.941 |
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|
2] Share Application Money |
22.665 |
0.000 |
34.307 |
|
|
3] Reserves & Surplus |
2.175 |
1.269 |
0.812 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
408.204 |
250.805 |
165.060 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
40.130 |
0.914 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
40.130 |
0.914 |
0.000 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
448.334 |
251.719 |
165.060 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
179.159 |
91.481 |
1.466 |
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Capital work-in-progress |
181.761 |
56.273 |
115.400 |
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|
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INVESTMENT |
5.300 |
24.372 |
13.604 |
|
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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 |
0.000
|
0.000 |
0.000 |
|
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
9.957
|
5.454 |
1.560 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
73.322
|
72.269 |
31.253 |
|
Total
Current Assets |
83.279
|
77.723 |
32.813 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.905
|
1.876 |
0.177 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.024 |
|
|
Provisions |
0.279
|
0.139 |
0.035 |
|
Total
Current Liabilities |
5.184
|
2.015 |
0.236 |
|
|
Net Current Assets |
78.095
|
75.708 |
32.577 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.019 |
3.885 |
2.013 |
|
|
|
|
|
|
|
|
TOTAL |
448.334 |
251.719 |
165.060 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1.080 |
0.622 |
0.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
0.174 |
0.166 |
0.045 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
0.174 |
0.166 |
0.045 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.906 |
0.456 |
0.855 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.906 |
0.456 |
0.812 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.906 |
0.456 |
0.812 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.02 |
0.02 |
0.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
83.88
|
73.31 |
90.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.34
|
0.27 |
2.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11
|
0.012 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
16.06
|
38.57 |
139.03 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
4.905 |
1.876 |
0.177 |
|
Total |
4.905 |
1.876 |
0.177 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATION AND STATUS OF THE PROJECTS ON HAND:
The company has been
continuing to pursue its main objective of setting up of 3 or 4 star hotels in
places of religious interest for promoting religious tourism. Till date, the
status of various projects under implementation is as follows:
I) HOTEL IN RAJKOT – GUJARAT:
The 70 room Rajkot
Project is almost nearing completion.
The soft trials in
different sections of the hotel have started from last month. The hotel
operators are also in the process of taking over the management of the operations
of the property in stages.
Recruitment of
over 85 operating staff has been made and such staff are already on board. The
operational team is headed by a General Manager.
The formal opening
of the hotel will be announced after the operations have stabilized within a
month or so.
II) LAND ACQUISITION IN RISHIKESH:
The company had
acquired 99% interest in a partnership firm – Serene Tourism Ventures – which
owns a 1.8 acre plot of land in the Tapovan area of Rishikesh. Proper fencing
along with steel gates have been put up by the company on this land. The
application made to the Hardwar Development Authority for conversion of usage
of the land from ‘non-cultivated agricultural’ to ‘tourism land for hotel
project’ has recently been approved by the relevant authorities. The company
has reached an understanding with Serene Tourism Ventures whereby the
development rights of this land into a hotel project will vest solely in the
company. Meanwhile, the basic architectural design prepared by the Architect is
being finalized and the same will be submitted to Haridwar Development
Authority for approval within a month.
III) LAND ACQUISITION IN TIRUPATI:
The application
for conversion of land usage from ‘residential’ to ‘tourism’ (for the 3.25 acre
plot of land owned by the company) submitted to Tirupati Development Authority
has already been recommended by them for conversion. The file has been
forwarded by them to the Andhra Pradesh Goverment’s office in Hyderabad for
final approval. This approval is expected to be received in about 6 to 8 weeks.
Meanwhile, the Architects have prepared the basic design drawings for the
proposed 120 room hotel, which would be submitted to Tirupati Development
Authority as soon as the land conversion approval has been received.
IV) LAND ACQUISITION IN BODHGAYA:
The company has
also acquired a 4.6 acre plot of land in Bodhgaya for the purpose of setting up
a suitable 3 star hotel. Architects and Consultants have been appointed who are
now working towards developing the design drawings for the proposed 80 room
hotel in Bodhgaya.
V) IDENTIFICATION OF OTHER LAND PROPERTIES:
(a) Varanasi:
A suitable site
has been identified and the negotiations on the terms of acquisition is
presently in progress.
(b) Nathdawara:
Few sites had been
selected in the popular religious town of Nathdwara where the famous Shrinathji
Temple is located. However, as the prices quoted were extremely high, the
negotiations were not pursued any further.
(c) Dharamsala :
Search for suitable
land in the popular Buddhist destination is presently being undertaken.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U55101MH2008PTC178908 |
|
Name of the
company |
MARASA
HOSPITALITY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Bakhtawar
Building, 11th Floor, Nariman Point, Opposite Obroi Towers,
Mumbai-400021, Maharashtra, India Email : kishorcdoshi@gmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of Baroda, Bob Building, M.G. Road, Rajkot – 360001, Gujarat,
India Email : RAJKOT@bankofbaroda.com
|
|
Nature of
instrument creating charge |
Memorandum
recording past transaction of creation of mortgage by Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
30.06.2009 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate 1.75% above BPLR Rate At Present 13.75%
P.A. with Monthly Rest Terms of
Repayment 23 quarterly
equal installments each of Rs.4.167 Millions commencing from 24 Months after
the first disbursement but not later than 01.04.2011. 24th last quarterly
installment will be Rs.4.159 Millions Margin 35% On cost of
Interior Designing Civil work etc. and 25% On Plant and Machinery, Furniture
and Fixture Equipment, Miscellaneous Fixed Assets Extent and
Operation of the charge The Company
created an equitable mortgage by way of deposit of title deeds in respect of
its immovable properties as described under Item No.14 as security for
repayment of principal, interest, liquidated damages, costs, charges and
expenses and all other moneys due and payable by the Borrower to the Bank Others Nil |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Land admeasuring
about 1004.00 sq. mtrs.of revenue Survey No.2084 in the City Survey Ward
No.14 of the City of Rajkot and construction thereon "Hotel The Jewel, Limda
Chowk, Rajkot, India |
Contingent
Liabilities (As on 31.03.2011):
Estimated amount
of contracts remaining to be executed on capital account and not provided for
is Rs.46.300 Millions (Previous Year – Nil).
FIXED ASSETS
·
Furniture and Fixtures
·
Office Equipments
·
Airconditioners and
Refrigerators and Fans
·
Pumps and Accessories
·
Computers
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.52.68 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
CTI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
26 |
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.