|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE COMPOSITE INSURANCE BROKING LIMITED (w.e.f. 26.10.2010) |
|
|
|
|
Formerly Known
As : |
STANDARD COMPOSITE INSURANCE BROKERS LIMITED (w.e.f. 24.03.2009) STANDARD COMPOSITE INSURANCE BROKERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, B-Wing, Trade World, Kamala Mills Compound, S.
B. Marg, Lower Parel, Mumbai – 400013, |
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Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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|
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|
Date of
Incorporation : |
24.10.1994 |
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|
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|
Com. Reg. No.: |
11-082324 |
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|
Capital
Investment / Paid-up Capital : |
Rs.25.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1994PLC082324 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS39565B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICS1889A |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
The Company is into Composite Insurance Broking Related Activities. |
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|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 53000 |
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|
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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 a part of well known ‘Reliance Group’. It is an established
company having a satisfactory track record. Company has incurred a loss during 2013. There are no external borrowings
recorded. Promoters and directors are reported to be well experienced and are
respectable businessmen. Trade relations are 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.
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China in
the ranking part of EY’s Capital Confidence Barometer report based on a survey
across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of payments
is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4
% between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-30479801
LOCATIONS
|
Registered Office : |
7th Floor, B-Wing, Trade World, Kamala Mills Compound, S.
B. Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30479801 |
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Fax No.: |
91-22-30479650 |
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E-Mail : |
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Website : |
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Corporate Office : |
11th Floor, R-Tech Park, Nirlon Compound, Western Express Highway, Mumbai - 400063. Maharashtra, India |
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Tel. No.: |
91-22-33201212 / 39896789 |
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Fax No.: |
91-22-33201555 |
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E-Mail : |
DIRECTORS
(AS ON 23.08.2013)
|
Name : |
Mr. Sanjay Tulsio Wadhwa |
|
Designation : |
Director |
|
Address : |
H-802, 8th Floor, Rpyal Fern Great Eastern Garden LBS Marg,
Kanjurmarg, Mumbai – 400078, Maharashtra, India |
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Date of Birth/Age : |
10.10.1973 |
|
Date of Appointment : |
18.08.2010 |
|
DIN No.: |
03329219 |
|
|
|
|
Name : |
Mr. Ashish Dhirajlal Turakhia |
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Designation : |
Director |
|
Address : |
303, Devaki Apartment, Near Sanyas Ashram Vithalbhai Road, Vile Parle
(West), Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
08.06.1963 |
|
Date of Appointment : |
06.03.2012 |
|
DIN No.: |
02601110 |
|
|
|
|
Name : |
Mr. Lav Ramji Chaturvedi |
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Designation : |
Director |
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Address : |
403-04, Golden Rays, X Wing, Shastri Nagar, Andheri (West), Mumbai –
400053, Maharashtra, India |
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Date of Birth/Age : |
20.07.1976 |
|
Date of Appointment : |
18.08.2010 |
|
DIN No.: |
02859336 |
KEY EXECUTIVES
|
Name : |
Mr. Sumit Dutt |
|
Designation : |
Principal Officer |
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|
|
|
Name : |
Mr. Rrabhat Bhardwaj |
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Designation : |
Area Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 23.08.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Reliance Securities Limited, India |
|
2499940 |
|
Reliance Securities Limited, India Jointly with Amit Bapna |
|
10 |
|
Reliance Securities Limited, India Jointly with V R Mohan |
|
10 |
|
Reliance Securities Limited, India Jointly with Yogesh Deshpande |
|
10 |
|
Reliance Securities Limited, India Jointly with Madan Chaturvedi |
|
10 |
|
Reliance Securities Limited, India Jointly with Parul Jain |
|
10 |
|
Reliance Securities Limited, India Jointly with Atul Tandon |
|
10 |
|
|
|
|
|
Total |
|
2500000 |
(AS ON 31.08.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is into Composite Insurance Broking Related Activities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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|
|
|
Bankers : |
Not Available |
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|
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Facilities : |
-- |
|
|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Pathak H.D. and Associates Chartered Accountants |
|
Address : |
814-815, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-30228508 / 8509 |
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Fax No.: |
91-22-30228509 |
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E-Mail : |
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PAN No.: |
AAAFP1031C |
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Ultimate Holding
Company : |
· Reliance Capital Limited |
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|
Holding Company : |
· Reliance Securities Limited (Holds 52% of the equity share capital) |
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Fellow Subsidiaries
: |
· Reliance Money Express Limited ·
Reliance General Insurance Company Limited ·
Reliance Finance Limited |
CAPITAL STRUCTURE
(AS ON 23.08.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
25.000 |
25.000 |
25.000 |
|
(b) Reserves & Surplus |
(11.776) |
81.539 |
104.174 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
13.224 |
106.539 |
129.174 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.162 |
0.533 |
0.377 |
|
Total Non-current Liabilities (3) |
0.162 |
0.533 |
0.377 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
64.000 |
0.000 |
0.000 |
|
(b) Trade payables |
13.091 |
26.445 |
15.863 |
|
(c) Other current
liabilities |
10.532 |
15.976 |
13.955 |
|
(d) Short-term provisions |
0.919 |
4.486 |
8.690 |
|
Total Current Liabilities (4) |
88.542 |
46.907 |
38.508 |
|
|
|
|
|
|
TOTAL |
101.928 |
153.979 |
168.059 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12.220 |
4.510 |
2.285 |
|
(ii) Intangible Assets |
0.654 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35.071 |
31.158 |
51.591 |
|
(e) Other Non-current assets |
5.000 |
5.000 |
0.000 |
|
Total Non-Current Assets |
52.945 |
40.668 |
53.876 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.471 |
26.991 |
68.666 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
30.521 |
22.362 |
9.346 |
|
(d) Cash and cash
equivalents |
13.629 |
55.967 |
28.683 |
|
(e) Short-term loans and
advances |
4.258 |
5.887 |
7.398 |
|
(f) Other current assets |
0.104 |
2.104 |
0.090 |
|
Total Current Assets |
48.983 |
113.311 |
114.183 |
|
|
|
|
|
|
TOTAL |
101.928 |
153.979 |
168.059 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
123.680 |
123.659 |
65.707 |
|
|
|
Other Income |
2.121 |
26.707 |
103.588 |
|
|
|
TOTAL (A) |
125.801 |
150.366 |
169.295 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
87.456 |
61.275 |
23.724 |
|
|
|
Administrative and Other Expenses |
118.519 |
109.419 |
57.905 |
|
|
|
TOTAL (B) |
205.975 |
170.694 |
81.629 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(80.174) |
(20.328) |
87.666 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.580 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(82.754) |
(20.328) |
87.666 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.230 |
2.326 |
0.587 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(88.984) |
(22.654) |
87.079 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.331 |
(0.019) |
26.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(93.315) |
(22.635) |
60.579 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81.539 |
104.174 |
43.595 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(11.776) |
81.539 |
104.174 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(37.33) |
(9.05) |
24.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(74.18)
|
(15.05) |
35.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(71.95)
|
(18.32) |
132.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(87.30)
|
(14.71) |
51.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(6.73)
|
(0.21) |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.84
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.55
|
2.42 |
2.97 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
|
Sr. No. |
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 |
No |
|
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 |
Yes |
|
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
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Short Term
Borrowings |
|
|
|
Repayable on Demand |
|
|
|
Inter Corporate Deposit |
|
|
|
From Related Parties |
49.000 |
0.000 |
|
From Others |
15.000 |
0.000 |
|
|
|
|
|
Total |
64.000 |
0.000 |
OPERATIONS
Renewal of Composite Insurance Broking License:
The Insurance Regulatory and Development
Authority (IRDA) has renewed the composite insurance Broking License of the company
for a period of three years from April 22, 2012 to April 21, 2015.
Changes institution of Registered office:
The situated of Registered office of the
company is being changed from 5th Floor, express Building, 14 E Road,
Churchgat, Mumbai – 400020 to 7th Floor, B Wing, Trade World, Kamala
Mills Compound, S. B. Marg, Lower Parel, Mumbai – 400013 with effect with April
22, 2013 for Better administrative Convenience.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Leasehold Improvement
· Office Equipment
· Furniture and Fixture
· Data Processing Equipment
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 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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
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Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
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TOTAL |
|
49 |
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.