MIRA INFORM REPORT
|
Report Date : |
05.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MERCURY PHARMA SERVICES PRIVATE LIMITED |
|
|
|
|
Formally Known
as : |
GOLDSHIELD SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 101, Vedanta 779, Makwana Road, Marol Villege, Andheri
(East) Mumbai – 400059, Maharashtra |
|
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|
|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.06.1999 |
|
|
|
|
Com. Reg. No.: |
11-120396 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74990MH1999FTC120396 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Providing Pharma Services |
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|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5061000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having a good track record. There appears slight dip in sales and profitability during 2012. However, general financial strength seems to be strong. Liquidity position
is good. The company operates on its own fund. Trade relations are reported to be fair. Business is active. Payments
are reported to be regulars and as per commitment. The company can be 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.
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. Santosh |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-66784444 |
|
Date : |
03.07.2013 |
LOCATIONS
|
Registered Office : |
Office No. 101, Vedanta 779, Makwana Road, Marol Villege, Andheri
(East) Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-66784444 |
|
Fax No.: |
91-22-66771262 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. John Beighton |
|
Designation : |
Director |
|
Address : |
2, Abbey Court, Abbey Road, Knaresborough, HG5 8HX, North Yorkshire,
United Kingdom |
|
Date of Birth/Age : |
31.01.1959 |
|
Date of Appointment : |
09.06.2011 |
|
DIN No. : |
03540202 |
|
|
|
|
Name : |
Mr. Pradip Kumar Mukherjee |
|
Designation : |
Director |
|
Address : |
L-3C- 301, Oak Land Park, Lokhandwala Oshiwara Andheri (West), Mumbai
– 400053, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1957 |
|
Date of Appointment : |
20.09.2012 |
|
DIN No. : |
06405319 |
|
|
|
|
Name : |
Mr. Anand Raman |
|
Designation : |
Director |
|
Address : |
28.02.1967 |
|
Date of Birth/Age : |
1B Wing, Flat – 801, Siddhachal PH – VI, Thane – 400610, Maharashtra,
India |
|
Qualification : |
A.C.A. |
|
Experience : |
25 Years |
|
Date of Appointment : |
09.06.2011 |
|
DIN No. : |
03536705 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Mercury Pharma International Limited |
998800 |
|
Goldshield Healthcare Private Limited |
1200 |
|
|
|
|
Total |
1000000 |
As on: 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
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 |
99.88 |
|
Bodies corporate |
0.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provide Pharma Services |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
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No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
HDFC Bank Limited |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg,
Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
PAN No. : |
AAIFB7357B |
|
|
|
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Holding Company (As on 31.03.2011) : |
Antigen International Limited |
|
|
|
|
Ultimate Holding Company (As on 31.03.2011) : |
Goldshield Group Limited (UK) Goldshield Healthcare Private Limited (GHPL) Complete Wellbeing Publishing Private Limited (CWPL) Goldshield Real Estate Private Limited (GREPL) B and S House of Health Private Limited (B and S) |
CAPITAL STRUCTURE
As on: 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2.500 |
2.500 |
|
(b) Reserves & Surplus |
|
1262.888 |
1175.024 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1265.388 |
1177.524 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
17.845 |
23.845 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
1.193 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
19.038 |
23.845 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
5.706 |
11.573 |
|
(c) Other current
liabilities |
|
48.965 |
84.133 |
|
(d) Short-term
provisions |
|
1.040 |
0.000 |
|
Total Current
Liabilities (4) |
|
55.711 |
95.706 |
|
|
|
|
|
|
TOTAL |
|
1340.137 |
1297.075 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
118.313 |
115.101 |
|
(ii) Intangible Assets |
|
52.247 |
77.108 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
8.237 |
5.376 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
© Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
60.135 |
122.961 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
238.932 |
320.546 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
© Trade receivables |
|
389.120 |
595.848 |
|
(d) Cash and cash
equivalents |
|
660.612 |
356.035 |
|
(e) Short-term loans
and advances |
|
32.278 |
18.404 |
|
(f) Other current
assets |
|
19.195 |
6.242 |
|
Total Current Assets |
|
1101.205 |
976.529 |
|
|
|
|
|
|
TOTAL |
|
1340.137 |
1297.075 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1080.296 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1082.796 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
20.445 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1103.241 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
265.802 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
Capital Advance |
|
|
1.586 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
433.045 |
|
|
Cash & Bank Balances |
|
|
363.658 |
|
|
Other Current Assets |
|
|
0.804 |
|
|
Loans & Advances |
|
|
127.571 |
|
Total
Current Assets |
|
|
925.078 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
85.015 |
|
|
Other Current Liabilities |
|
|
4.210 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
89.225 |
|
|
Net Current Assets |
|
|
835.853 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1103.241 |
|
\PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
404.808 |
652.565 |
|
|
|
|
Other Income |
101.937 |
48.202 |
|
|
|
|
TOTAL |
506.745 |
700.767 |
698.682 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
|
|
|
|
Administrative Expenses |
NA |
NA |
|
|
|
|
Advertising Expenses |
NA |
NA |
|
|
|
|
TOTAL |
NA
|
NA
|
603.388 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
196.497 |
180.517 |
95.294 |
|
|
|
|
|
|
|
|
|
|
INTEREST
/ DEPRECIATION |
59.151 |
80.319 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
137.344 |
100.125 |
95.294 |
|
|
|
|
|
|
|
|
|
|
TAX |
50.000 |
24.000 |
21.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
87.863 |
94.727 |
74.043 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1120.787 |
1026.059 |
952.016 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1208.650 |
1120.786 |
1026.059 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
351.45 |
378.90 |
296.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
17.34
|
13.52 |
10.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.93
|
16.00 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.80
|
11.75 |
8.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
19.77
|
10.20 |
10.37 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
Trade Payables |
5.706 |
10.657 |
85.015 |
|
Micro, Small and Medium Enterprises |
-- |
0.916 |
4.210 |
|
|
|
|
|
|
Total |
5.706
|
11.573 |
89.225 |
|
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 |
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% |
---------------------- |
|
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) |
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 |
BUSINESS REVIEW:
During the year, the company recorded a
marginal drop in operating income compared to previous year.
The highlights for the year included:
- Operating
income for the year marginally declined to Rs. 404.808 Millions from Rs.
652.565 Millions in the previous year.
- Profit after
tax has decreased to Rs. 87.863 from Rs. 94.727 in the previous year,
thereby reflecting a downward trend in profit.
FIXED ASSETS:
- Office
Building
- Leasehold
Improvement
- Furniture and
Fixture
- Office
Equipments
- Plant and
Equipments
- Motor Vehicle
- Computer and
Networking
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.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.