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Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
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Name : |
G.S. LIGHTING PRIVATE LIMITED |
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Registered
Office : |
A-10/3, Lower Ground Floor, Vasant Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.12.1994 |
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Com. Reg. No.: |
55-063496 |
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Capital Investment
/ Paid-up Capital : |
Rs.18.421
millions |
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CIN No.: [Company Identification
No.] |
U74899DL1994PTC063496 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Lighting Fittings. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 383000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct. The company can
be considered normal for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
|
Registered Office : |
A-10/3, Lower Ground Floor, Vasant Vihar, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Krishan Mehta |
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Designation : |
Director |
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Address : |
D - 4A/2, |
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Date of Appointment : |
15.12.1994 |
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00459450 |
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Other Directorship :
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Name : |
Mr. Shyam Mehta |
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Designation : |
Director |
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Address : |
D - 4A/2, |
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Date of Appointment : |
15.12.1994 |
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DIN No.: |
00459490 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Krishan Mehta |
|
68110 |
|
Shyam Mehta |
|
68100 |
|
Veer Prabha Mehta |
|
48000 |
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Total |
|
184210 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Lighting Fittings. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v Punjab and Sind
Bank, Chandni Chowk Branch, Fountain Chowk, v Kotak Mahindra Bank
Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400 021,
Maharashtra, India v HDFC Bank
Limited v State Bank of v Axis Bank
Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.M. Narang and Company Chartered Accountants |
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Address : |
A-10/3, LGF, Vasant Vihar, |
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Tel. No.: |
91-11-41660599 |
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Fax No.: |
91-11-26154436 |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD4091I |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
184210 |
Equity Shares |
Rs.100/- each |
Rs.18.421
millions |
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|
|
|
|
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 |
18.421 |
18.421 |
18.421 |
|
|
2] Share Application Money |
5.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.310 |
71.445 |
69.711 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
95.731 |
89.866 |
88.132 |
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LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
45.022 |
35.603 |
45.067 |
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2] Unsecured Loans |
19.632 |
0.000 |
0.000 |
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TOTAL BORROWING |
64.654 |
35.603 |
45.067 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
160.385 |
125.469 |
133.199 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
62.982 |
62.747 |
57.266 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.040 |
0.040 |
0.040 |
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DEFERRED TAX ASSETS |
2.397 |
2.511 |
2.754 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
89.460
|
57.969 |
59.034 |
|
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Sundry Debtors |
29.388
|
15.587 |
21.158 |
|
|
Cash & Bank Balances |
(5.054)
|
5.168 |
6.543 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
2.938
|
3.172 |
4.316 |
|
Total
Current Assets |
116.732
|
81.896 |
91.051 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
21.016
|
21.003 |
16.566 |
|
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Other Current Liabilities |
0.403
|
0.192 |
0.731 |
|
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Provisions |
1.747
|
2.280 |
2.714 |
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Total
Current Liabilities |
23.166
|
23.475 |
20.011 |
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Net Current Assets |
93.566
|
58.421 |
71.040 |
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MISCELLANEOUS EXPENSES |
1.400 |
1.750 |
2.099 |
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TOTAL |
160.385 |
125.469 |
133.199 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT BEFORE
TAX |
1.933 |
3.026 |
16.827 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.08
|
2.09 |
11.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.66 |
0.74 |
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Current Ratio (Current Asset/Current Liability) |
|
5.04
|
3.49 |
4.55 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from S-13, Shankar
Market, C.P. Circus, New Delhi – 110 001 to the present address w.e.f.
15.02.2011.
FINANCIAL RESULTS:
Company has earned Net Profit before tax of
Rs.1.933 millions in this period as compared to Net Profit before tax of
Rs.3.026 millions in the preceding period.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1994PTC063496 |
|
Name of the
company |
G.S. LIGHTING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-10/3, Lower Ground Floor, Vasant Vihar, E-Mail: anil.kumar@energeticindia.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others (Current Assets
and Moveable Assets.) |
|
Particular of
charge holder |
CIN No.:
L65110MH1985PLC038137 Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400 021,
Maharashtra, India E-Mail: john.fernandes@kotak.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Deed of
Hypothecation. 2. Memorandum of
Deposit of the Title Deeds. |
|
Date of
instrument Creating the charge |
20.09.2011 |
|
Amount secured by
the charge |
Rs.110.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC / WCTL -
Floating over the tenure of the facility. WCDL - As per
Bank's policy. Conditional WCDL -
As deemed fit by the Bank at the time of disbursement. Terms of
Repayment: WCDL /
Conditional WCDL - On demand as per terms and conditions as deemed fit by the
Bank. WCTL - 1. Loan
shall be repaid by way of 36 EMIs starting from month following the month of
first disbursement of Term Loan. 2. EMIs shall be
recovered by ways of debit to current account of the Borrower with the Bank. Margin: LC - Minimum cash
margin of 15.00% shall be provided upfront in the form of Fixed Deposit. Lien shall be
marked on the Fixed Deposit in favour of the Bank. Conditional WCDL
- On such terms and conditional as deemed fit by the Bank. Extent and
Operation of the charge: 1. First and
exclusive charge by way of Hypothecation of Current assets and Movable assets
present and future of the Borrower, in favour of Kotak Mahindra bank as
security for repayment of financial facilities granted by the Bank to the
Borrower. 2. First and
exclusive charge by way of Mortgage on Immovable property of the Company, in
favour of Kotak Mahindra bank as security for repayment of financial
facilities granted by the Bank to the Company. |
|
Short particulars
of the property charged |
The whole of
Borrower's Current assets and Movable assets both present and future as described
in Schedule to the Deed of Hypothecation. All that piece
and parcel of land area meas. 3 kanal 16 Marla forming part of Khewat Khata
No.55/136, Rect./Killa No.14/4 (7-12), 2 Kanal 10 Marla forming part of
Khewat Khata No.198/394, Rect./Killa No.14/7 (7-12), 2 Kanal 12 Marla forming
part of Khewat Khata No.198/394, Rect./Killa No.14/7 (7-12), 2 Kanal 10 Marla
forming part of Khewat Khata No.198/394, Rect./Killa No.14/7 (7-12), 3 Kanal
16 Marla forming part of Khewat Khata No.55/136, Rect./Killa No.14/4 (7-12)
total land adms.15 Kanal 4 Marla i.e. 9196 sq.yrds., at Begumpur
Khatola, Gurgaon, Haryana. |
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.50.57 |
|
|
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.50 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.