|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIFOR PHARMA PRIVATE LIMITED (w.e.f.14.05.2007) |
|
|
|
|
Formerly Known
As : |
VIFOR INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.1, Udyog Nagar Estate, Goregaon (West), Mumbai-400062,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.07.1967 |
|
|
|
|
Com. Reg. No.: |
11-013778 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 24.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1967PTC013778 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09884A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV4180F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Pharmaceutical Products |
|
|
|
|
No. of Employees
: |
120 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Latest
financial i.e. 2011-2012 are missing with the government department. From the
available financials of 2011. The company seems to be performing well. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can considered normal for business dealings at usual trade
terms and condition. |
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 PARTED BY
|
Name : |
Mr. Sawant |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-28753227 |
|
Date : |
15.02.2013 |
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No.1, Udyog Nagar Estate, Goregaon (West), Mumbai-400062,
Maharashtra, India |
|
Tel. No.: |
91-22-28742296 / 28749039 / 28753227 / 28749040 |
|
Fax No.: |
91-22-28749040 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
KSEZ, Gujarat, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Naresh Navnitlal Shah |
|
Designation : |
Managing Director |
|
Address : |
22, Purnima, 43, Rioge Road, Walkeshwar, Mumbai-400006, Maharashtra,
India |
|
Date of Birth/Age : |
19.05.1954 |
|
Date of Appointment : |
19.11.1981 |
|
Election ID No.: |
MT04024267437 |
|
DIN No.: |
00233014 |
|
|
|
|
Name : |
Mr. Bharat Kantilal Mehta |
|
Designation : |
Director |
|
Address : |
Flat E517, 5th Floor, Veena Sitar, Mahavir Nagar, Kandivali
(West), Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
16.07.1962 |
|
Date of Appointment : |
10.03.2012 |
|
DIN No.: |
05239629 |
|
|
|
|
Name : |
Mr. Mohandas Upendra Lawande |
|
Designation : |
Director |
|
Address : |
Flat No. 103, Wing A, Silver Square, Sunder Nagar, CTS Plot No. 5621, Kalina,
Santacruz (East), Mumbai-400098, Maharashtra, India |
|
Date of Birth/Age : |
03.02.1938 |
|
Date of Appointment : |
10.03.2012 |
|
DIN No.: |
05239636 |
KEY EXECUTIVES
|
Name : |
Mr. Sawant |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Naresh Navnitlal Shah Jointly with Jayshree N. Shah Jointly with Pushpa N. Shah |
57552 |
|
Naresh Navnitlal Shah Jointly with Pushpa N. Shah Jointly with Jayshree N. Shah |
35563 |
|
Jayshree Naresh Shah Jointly with Naresh N. Shah Jointly with Pushpa N. Shah |
11 |
|
Jesal Naresh Shah Jointly with Jayshree N. Shah Jointly with Naresh N. Shah |
11 |
|
Puja Shah Jointly with Jayshree N. Shah Jointly with Naresh N. Shah |
11 |
|
Priti Amitkumar Shah Jointly with Pushpa N. Shah Jointly with Naresh Shah |
8217 |
|
Sushma Amit T. Sanghavi Jointly with Pushpa N. Shah Jointly with Naresh Shah |
8217 |
|
Bhavana Kamal Shah Jointly with Pushpa N. Shah Jointly with Naresh Shah |
8217 |
|
Pushpa N. Shah Jointly with Naresh Shah |
129701 |
|
Total |
247500 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Products |
|
|
|
|
Exports : |
|
|
Products : |
Finished goods |
|
Countries : |
South Africa |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Germany ·
UAE |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Water for Injection |
Nos. |
728950000 |
503613850 |
Note: Installed capacity is as certified by the
management.
GENERAL INFORMATION
|
Customers : |
Others; |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
120 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Syndicate Bank, Malad (West), Mumbai, Maharashtra, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A B. Modi and Associates Chartered Accountant |
|
Address : |
207, Kshamalaya, 37, New Marine Lines, Mumbai-400020, Maharashtra,
India |
|
Pan No.: |
AAGFA2478L |
|
|
|
|
Related Parties : |
CRL Terminals Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
247500 |
Equity Shares |
Rs.100/-
each |
Rs. 24.750
Millions |
|
|
|
|
|
Note:
Of the above Shares
1. 1976 Equity Shares of Rs. 100/- each fully paid up are allotted for
consideration other than cash, pursuant to an agreement and
2. 232500 Equity shares of Rs. 100/- each are allotted as fully paid up by
way of Bonus Shares of Capitalization of General Reserve.
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 |
24.750 |
24.750 |
24.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
254.393 |
251.040 |
250.444 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
279.143 |
275.790 |
275.194 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
87.490 |
91.672 |
68.469 |
|
|
2] Unsecured Loans |
245.389 |
238.494 |
287.079 |
|
|
TOTAL BORROWING |
332.879 |
330.166 |
355.548 |
|
|
DEFERRED TAX LIABILITIES |
16.029 |
18.784 |
18.446 |
|
|
|
|
|
|
|
|
TOTAL |
628.051 |
624.740 |
649.188 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
319.263 |
347.582 |
392.610 |
|
|
Capital work-in-progress |
0.000 |
0.965 |
0.582 |
|
|
Advance for Capital Goods |
0.000 |
2.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.042 |
0.041 |
0.014 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
50.584
|
33.675 |
25.146 |
|
|
Sundry Debtors |
94.242
|
71.984 |
68.646 |
|
|
Cash & Bank Balances |
162.283
|
163.709 |
160.377 |
|
|
Other Current Assets |
33.017
|
56.496 |
105.534 |
|
|
Loans & Advances |
19.084
|
13.774 |
11.584 |
|
Total
Current Assets |
359.210
|
339.638 |
371.287 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.091
|
32.201 |
27.685 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
17.373
|
33.285 |
87.620 |
|
Total
Current Liabilities |
50.464
|
65.486 |
115.305 |
|
|
Net Current Assets |
308.746
|
274.152 |
255.982 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
628.051 |
624.740 |
649.188 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
423.496 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
9.568 |
1.753 |
(8.712) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.295 |
0.892 |
(4.350) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
6.273 |
0.861 |
(4.362) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
209.523 |
208.927 |
220.728 |
|
|
|
|
|
|
|
|
|
|
Short
(Excess) Provision for Tax |
0.043 |
0.265 |
0.199 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.700 |
0.000 |
0.00 |
|
|
|
Proposed Dividend |
2.475 |
0.000 |
1.052 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
6.188 |
|
|
|
Tax on Dividend |
0.401 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
212.177 |
209.523 |
208.927 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
9.319 |
17.266 |
11.124 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
71.959 |
53.633 |
28.120 |
|
|
|
Stores & Spares |
0.247 |
0.452 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.666 |
|
|
TOTAL IMPORTS |
72.206 |
54.085 |
28.786 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
25.34 |
3.48 |
(17.63) |
|
|
Particulars |
|
|
31.03.2012 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
320.000 (Due to some
labour problem) |
|
|
|
|
|
The above information has been parted by Mr. Sawant (Accounts
Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.26
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.41
|
0.26 |
(1.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.01 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
1.20 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.12
|
5.19 |
3.22 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
------ |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Due to Micro, Small and Medium Enterprises |
0.702 |
0.521 |
0.450 |
|
Others |
32.389 |
31.680 |
27.235 |
|
Total |
33.091 |
32.201 |
27.685 |
WORKING
During the year, production and sales of water for injection from the
Mumbai unit and KSEZ unit increased by about 10% as a result of good off take
of their customers. However production cost has gone up because of increase in
the utilities cost.
The turnover
during the period April- august 2011 was approximately Rs. 112.600 Millions
from Mumbai Unit and Rs. 52.600 Millions from KSEZ unit.
During the year,
Company has earned profit of Rs. 9.568 Millions before tax as against Profit of
Rs.1.753 Millions In the previous year.
UNSECURED LOAN
|
Unsecured Loan |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
|
Short Term Loans |
|
|
|
From Directors |
9.334 |
9.334 |
|
From Shareholders |
236.055 |
229.160 |
|
Total |
245.389 |
238.494 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Electrical Equipments
·
Vehicles
·
Computer Software
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. 54.29 |
|
|
1 |
Rs. 84.09 |
|
Euro |
1 |
Rs. 72.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.