|
Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ABG CEMENT LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Bhupati Chambers, 13, Mathew Road, Opera House, Mumbai-400004,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-185707 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4215.374 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36941MH1996PLC185707 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA10463F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Cement Concrete. |
|
|
|
|
No. of Employees
: |
Information not given 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 |
|
Maximum Credit Limit : |
USD 16500000 |
|
|
|
|
Status : |
Project Under Implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year 1996, it is yet to
commence its commercial business activities. The project of the company is
under it’s implementation stage. Payments are unknown. The company can be considered for business dealings on a secured 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.
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office : |
5th Floor, Bhupati Chambers, 13, Mathew Road, Opera House,
Mumbai-400004, Maharashtra, India |
|
Tel. No.: |
91-22-61489500 / 61489527 |
|
Mobile No.: |
91-9819440904 (Ms. Pranali) 91-9687689487 (Ms. Apoorva Joshi) 91-9687689407 (Mr. Anup Desai) |
|
Fax No.: |
91-22-66223050 |
|
E-Mail : |
DIRECTORS
AS ON 27.09.2011
|
Name : |
Mr. Pradeep Kapoor |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 2C,
Jeevan Jyot Building, Setalvad Lane, Off. Neapean Sea Road, Mumbai-400006,
Maharashtra, India |
|
Date of Birth/Age : |
04.11.1945 |
|
Date of Appointment : |
01.10.2006 |
|
DIN No.: |
00053199 |
|
|
|
|
Name : |
Mr. Dhananjay Laxman Datar |
|
Designation : |
Director |
|
Address : |
B1-61, 6th
Floor, Gagan Apartments, Gokuldham, Goregaon (East), Mumbai-400063,
Maharashtra, India |
|
Date of Birth/Age : |
22.12.1962 |
|
Date of Appointment : |
15.04.2008 |
|
DIN No.: |
01685012 |
|
|
|
|
Name : |
Mr. Ramabadran Parthasarathy |
|
Designation : |
Nominee Director |
|
Address : |
Phase CF3,
Millanium Enclave PL 1,2,3, S S R Pankajam Road, Saligramam, Chennai-600009, Tamilnadu,
India |
|
Date of Birth/Age : |
11.05.1955 |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
02170273 |
KEY EXECUTIVES
|
Name : |
Mr. Imtiaz Iqbal Khan |
|
Designation : |
Secretary |
|
Address : |
Flat No.8, 1st Floor, Plot no.71, Sargam Apartment, 30th
Road, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1959 |
|
Date of Appointment : |
17.11.2008 |
|
Pan No.: |
AAEPK7228A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2011
|
Names of Shareholders |
No. of Shares |
|
ABG Cement Holdco Private Limited, India |
387530564 |
|
Nikhil Desai (Nominee on behalf of ABG Cement Holdco Private Limited) |
1 |
|
Arvind Ingavale (Nominee on behalf of ABG Cement Holdco Private
Limited) |
1 |
|
Ashok Kumar Bansal |
1 |
|
Arjun Pandere |
2 |
|
Gulab Bhai Mistry |
1 |
|
IFCI Limited, India |
41376797 |
|
Total |
428907367 |
AS ON 27.12.2011
|
Names of Allottee |
No. of Shares |
|
IFCI Limited, India |
14540000 |
|
Total |
14540000 |
AS ON 27.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Public Finance
Companies |
9.65 |
|
Bodies corporate |
90.35 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Cement Concrete. |
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Punjab National Bank, PNB House Branch, Sir P. M.
Road, Fort, Mumbai-400001, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nisar and Kumar Chartered Accountant |
|
Address : |
A/17, Everest Building, Tardeo Road, Tardeo, Mumbai-400034,
Maharashtra, India |
|
Pan No.: |
AACFN8765B |
|
|
|
|
Holding Company : |
·
ABG International Private Limited |
|
|
|
|
Fellow Subsidiaries : |
·
ABG Shipyard Limited ·
PFS Shipping (India) Limited ·
ABG Engineering and Constructions Limited ·
Tirupati Landmark Private Limited (formerly B.F.
Engineering Private Limited) ·
ABG Foods Private Limited ·
ABG Aquafarm Private Limited ·
Second Land Developers Private Limited (Formerly
ABG Resources Private Limited) ·
ABG Energy Limited |
|
|
|
|
Associates : |
·
ABG Energy (Gujarat) Limited ·
ABG Energy (Himachal Pradesh) Limited ·
Abhishek Merchantile Private Limited ·
ABG Motors Limited |
CAPITAL STRUCTURE
AFTER 27.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000000 |
Equity Shares |
Rs.10/- each |
Rs. 9000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
443447367 |
Equity Shares |
Rs.10/- each |
Rs. 4434.474
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs. 6000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
421537367 |
Equity Shares |
Rs.10/- each |
Rs. 4215.374
Millions |
|
|
|
|
|
NOTE:
421,537,367
(P.Y. 17,85,90,570) Equity Shares of Rs. 10/- each fully paid up. (Out of the
above 387,530,564 (P.Y. 15,36,30,564) equity shares are held by the holding
company i.e. ABG International Private Limited)
AS ON 27.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000000 |
Equity Shares |
Rs.10/- each |
Rs. 9000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
428907367 |
Equity Shares |
Rs.10/- each |
Rs. 4289.074
Millions |
|
|
|
|
|
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 |
4215.374 |
1785.906 |
170.306 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(89.463) |
(72.164) |
(58.386) |
|
|
NETWORTH |
4125.911 |
1713.742 |
111.920 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11107.745 |
4049.924 |
308.308 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1229.015 |
|
|
TOTAL BORROWING |
11107.745 |
4049.924 |
1537.323 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15233.656 |
5763.666 |
1649.243 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
385.185 |
308.838 |
282.866 |
|
|
Capital work-in-progress |
14633.258 |
5185.841 |
1214.531 |
|
|
|
|
|
|
|
|
INVESTMENT |
187.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
741.413
|
316.829 |
41.348 |
|
|
Other Current Assets |
0.000
|
1.910 |
0.000 |
|
|
Loans & Advances |
563.416
|
391.778 |
205.898 |
|
Total
Current Assets |
1304.829
|
710.517 |
247.246 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1259.645
|
433.167 |
90.974 |
|
|
Other Current Liabilities |
10.501
|
5.695 |
2.654 |
|
|
Provisions |
6.470
|
2.668 |
1.772 |
|
Total
Current Liabilities |
1276.616
|
441.530 |
95.400 |
|
|
Net Current Assets |
28.213
|
268.987 |
151.846 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15233.656 |
5763.666 |
1649.243 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee related expenses |
1.226 |
1.059 |
0.000 |
|
|
|
Administrative, Selling & Other Expenses |
12.588 |
11.396 |
14.712 |
|
|
|
TOTAL |
13.814 |
12.455 |
14.712 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(13.814) |
(12.455) |
(14.712) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.485 |
1.323 |
0.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(17.299) |
(13.778) |
(15.466) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(0.524) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(17.299) |
(13.778) |
(15.990) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(72.164) |
(58.386) |
(42.396) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(89.463) |
(72.164) |
(58.386) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.07) |
(0.08) |
(319.35) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.02)
|
(1.35) |
(2.92) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.00)
|
(0.01) |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.00
|
2.62 |
14.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.61 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
SUNDRY CREDITORS
|
|
|
|
|
Creditors
due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors
due others |
1259.645 |
433.167 |
90.974 |
|
Total |
1259.645 |
433.167 |
90.974 |
OPERATIONS
The Company is at
an advanced stage of implementing India’s largest, state-of-the-art,
prestigious cement plant of 5.81 million tonnes per annum plant at Thumdi in
the state of Gujarat. The Company is also setting up a grinding unit near Surat
in the state of Gujarat. Both the projects have a captive jetty each for
transport of clinker and import of coal which would reduce cost of fuel and
improve the clinker quality due to use of imported coal.
The project is at
an advanced stage of completion. All major machineries have already been
arrived at the project site. The company has procured the equipments from
world’s major and renowned manufactures like FLSmidth, Loesche, Beumer,
Liebherr etc. Process control system has been ordered on FLSmidth Automation specialists
in the process control of cement plants.
Labour problem has
become an issue of national level as the skilled; un-skilled labour is not
available resulting in delay in civil construction. This has compelled the
company to approach the lenders for extension of commercial operational date
(COD). PNB as lead Bank along with the other consortium members have taken
practical view of the situation and agreed to extend the COD by 12 months.
Now with the
concentrated efforts most of the civil construction has been completed and
erection of mechanical equipment is at advanced stage. Equipment fabrication
work is almost completed and now the erection activity is under full swing.
Electrical equipment required has been received at site and will shortly be installed.
Construction of temporary housing for over two thousand labourers is complete
and handed over to their contractors. Construction of the housing complex is
proceeding at a fast pace, and the guest-house and quarters for employees will
soon be progressively released for occupation. The cement sales office in
Ahmadabad is being set up and offices at other locations are under
finalization. Recruitment for the project and cement marketing is progressing
well. All the key positions in all the departments are in place.
The company is
working closely to achieve the targeted commissioning of the project in 2nd
quarter of current fiscal i.e. 2011-12.
FINANCE
In view of the
time overrun the consequent increase in project cost has been approved by the
lead banker i.e. Punjab National Bank and consortium member banks. As such, the
Company has tied-up financing of the project.
The Company has
drawn Rs.11107.700 Millions of term loan and the promoters have brought in
equity of Rs.4215.400 Millions till the Balance Sheet date. The Company is
confident of successful implementation of the project.
CONTINGENT LIABILITIES (AS ON 31.03.2011):
1)
Estimated amount of contract remaining to be
executed on capital account (net of advances) and not provided for Rs.6924.800 Millions
( P.Y. 5768.000 Millions)
2)
Contingent Liabilities on account of Letter of
Credits is Rs. 1678.200 Millions (P.Y. 1258.100 Millions)
FORM 8
|
Corporate
identity number of the company |
U36941MH1996PLC185707 |
|
Name of the
company |
ABG CEMENT
LIMITED |
|
Address of the
registered office or of the principal place of business in |
5th Floor, Bhupati Chambers, 13, Mathew Road, Opera House,
Mumbai-400004, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Punjab National Bank, PNB House Branch, Sir P. M. Road, Fort,
Mumbai-400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of
deposit of title deeds |
|
Date of
instrument Creating the charge |
17.12.2011 |
|
Amount secured by
the charge |
Rs. 3193.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest PNB 11% p.a.
linked to BPLR. Terms of repayment In 32 equal
quarterly installments commencing after moratorium period of 12 months from
the date of cod Margin The Debt Equity
Ratio I.E.70:30 Extent and operation of the charge First charge
ranking pari passu inter se amongst the lenders of the project( Punjab
National Bank-security agent and lenders agent)Punjab National Bank, Andhra
Bank, Oriental Bank of Commerce, State Bank of Bikaner and Jaipur, state bank
of India and union Bank of India over
the mortgaged properties more particularly described in the second schedule. Other Borrowings Made
By ABG Energy (Gujarat) Limited |
|
Short particulars
of the property charged (Including location of the property) |
First Charge Ranking
Pari Passu Inter Se Amongst The Lenders of The Project At Punjab National Bank Branch Office At Surat Main
Branch, Meghai Towers, Station Road, Surat, The Documents of Title of The
Immovable Properties (All That Piece And Parcel of The Following Along with
All The Structures Constructed/To Be Constructed And The Plant and Machinery
Fastened To Earth Thereon Lying And
Being At Village Mora of Taluka Choryasi, District Surat: Survey No.:182+182
Area In Hectares:00-90-04, Survey No.188p1 Area In Hectares:01-56-81, Survey
No.188p2 Area In Hectares:01-56-82, Survey No.189p1 Area In Hectares:00-42-62
And Survey No.182P2 Area In Hectares:00-80-94. |
FIXED ASSETS
·
Freehold Land
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
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] 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. 50.91 |
|
|
1 |
Rs. 81.21 |
|
Euro |
1 |
Rs. 67.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--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.