|
Report Date : |
14.06.2013 |
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, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.10.1994 |
|
|
|
|
Com. Reg. No.: |
11-082324 |
|
|
|
|
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 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is into Composite Insurance Broking Related Activities. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 420000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 2012. 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.
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 DECLINED BY
|
Name : |
Mr. Sumit Dutt |
|
Designation : |
Principal Officer |
|
Contact No.: |
91-7498256206 |
|
Date : |
13.06.2013 |
LOCATIONS
|
Registered Office : |
7th Floor, B-Wing, Trade World, Kamala Mills Compound, S.
B. Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
11th Floor, R-Tech Park, Nirlon Compound, Western Express Highway, Mumbai - 400063. Maharashtra, India |
|
Tel. No.: |
91-22-33201212 / 39896789 |
|
Fax No.: |
91-22-33201555 |
|
E-Mail : |
DIRECTORS
As on 01.06.2012
|
Name : |
Mr. Sanjay Tulsio Wadhwa |
|
Designation : |
Director |
|
Address : |
H-802, 8th Floor, Rpyal Fern Great Eastern Garden LBS Marg,
Kanjurmarg, Mumbai – 400078, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1973 |
|
Date of Appointment : |
18.08.2010 |
|
DIN No.: |
03329219 |
|
|
|
|
Name : |
Mr. Ashish Dhirajlal Turakhia |
|
Designation : |
Director |
|
Address : |
303, Devaki Apartment, Near Sanyas Ashram Vithalbhai Road, Vile Parle (West),
Mumbai – 400056, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1963 |
|
Date of Appointment : |
06.03.2012 |
|
DIN No.: |
02601110 |
|
|
|
|
Name : |
Mr. Lav Ramji Chaturvedi |
|
Designation : |
Director |
|
Address : |
403-04, Golden Rays, X Wing, Shastri Nagar, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
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 |
|
|
|
|
Name : |
Mr. Rrabhat Bhardwaj |
|
Designation : |
Area Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Glorry Bulion Trading Private Limited, India |
|
100000 |
|
Appollo trusteeship Private Limited, India |
|
100000 |
|
Imaginationworks Production Company Private Limited, India |
|
100000 |
|
Reliance Globalcom Limited, India |
|
100000 |
|
Relogistics (North East) Private Limited, India |
|
500000 |
|
Reliance Clinical Research Services Private Limited, India |
|
100000 |
|
Healthcare Systems and Solutions Global Private Limited, India |
|
100000 |
|
Goa Trading Private Limited, India |
|
100000 |
|
Reliance Securities Limited, India |
|
1300000 |
|
Total |
|
2500000 |
As on 01.06.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is into Composite Insurance Broking Related Activities. |
|
|
|
|
Products : |
Composite Insurance Broking |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pathak H.D. and Associates Chartered Accountants |
|
Address : |
709, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-30228508 / 8509 |
|
E-Mail : |
|
|
PAN No.: |
AAAFP1031C |
|
|
|
|
Company : |
Reliance Capital Limited |
|
|
|
|
Holding Company : |
Reliance Securities Limited (Holds 52% of the equity share capital) |
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
|
|
|
|
Note:
1. Terms and Rights attached to shares
The company has only one class of equity share having a par value of Rs. 10/- per share. Each holder of equity share is entitle to one vote per share
2. The details of
shares held by holding company:
Out of equity shares
issued by the company, shares held by its holding company are as below:
|
Particular |
No. of shares |
% held |
|
Equity shares |
|
|
|
Reliance Securities Limited, the holding Company (1300000 equity shares of Rs. 10 each, fully paid up) |
13,000,000 |
52% |
3. The details of shareholders,
holding more than 5% shares in the company as at March 31, 2012 and March 31,
2011 is set out below :
|
Particular |
No. of shares |
% held |
|
Equity share holders |
|
|
|
Reliance Securities Limited |
1,300,000 |
52% |
|
Reloqistics (North East) Private Limited |
500,000 |
20% |
4. The reconciliation
of the number of shares outstanding and the amount of share capital as at March
31, 2012 and March 31, 2011 is set out below
|
Particular |
No. of shares |
Amount |
|
Equity Shares |
|
|
|
Number of shares at the beginning |
2500000 |
25.000 |
|
Number of shares at the end |
2500000 |
25.000 |
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 |
|
25.000 |
25.000 |
|
(b) Reserves & Surplus |
|
81.539 |
104.174 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.533 |
0.377 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
0.490 |
15.863 |
|
(c) Other current liabilities |
|
41.931 |
13.955 |
|
(d) Short-term provisions |
|
4.486 |
8.690 |
|
TOTAL |
|
153.979 |
168.059 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4.510 |
2.285 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
21.837 |
51.591 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
26.991 |
68.666 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
22.362 |
9.346 |
|
(d) Cash and cash equivalents |
|
60.967 |
28.683 |
|
(e) Short-term loans and advances |
|
15.208 |
7.398 |
|
(f) Other current assets |
|
2.104 |
0.090 |
|
TOTAL |
|
153.979 |
168.059 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
25.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
43.595 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
68.595 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
68.595 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.158 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
8.780 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
7.175 |
|
|
Cash & Bank Balances |
|
|
6.252 |
|
|
Other Current Assets |
|
|
0.096 |
|
|
Loans & Advances |
|
|
69.212 |
|
Total
Current Assets |
|
|
82.735 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
19.918 |
|
|
Other Current Liabilities |
|
|
3.665 |
|
|
Provisions |
|
|
0.495 |
|
Total
Current Liabilities |
|
|
24.078 |
|
|
Net Current Assets |
|
|
58.657 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
68.595 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
123.659 |
65.707 |
88.378 |
|
|
|
Other Income |
26.707 |
103.588 |
1.675 |
|
|
|
TOTAL |
150.366 |
169.295 |
90.053 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
61.275 |
23.724 |
7.045 |
|
|
|
Administrative and Other Expenses |
109.419 |
57.905 |
68.023 |
|
|
|
TOTAL |
170.694 |
81.629 |
75.068 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(20.328) |
87.666 |
14.985 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.326 |
0.587 |
0.322 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(22.654) |
87.079 |
14.663 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.019) |
26.500 |
5.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(22.635) |
60.579 |
9.663 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
104.174 |
43.595 |
33.932 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
81.539 |
104.174 |
43.595 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(9.05) |
24.23 |
3.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(15.05)
|
35.78 |
10.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(18.32)
|
132.53 |
16.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.71)
|
51.81 |
17.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
0.67 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72
|
2.97 |
3.44 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITOR
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Trade payables |
0.490 |
15.863 |
19.918 |
|
Total |
0.490 |
15.863 |
19.918 |
|
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 |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
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 |
OPERATIONS:
(a) Control of the
Company
During the year, on account of transfer of shares, the Company has become a subsidiary of Reliance Securities Limited as also of Reliance Capital Limited with effect from October 18, 2011.
(b) Change in name of
the Company
Insurance Regulatory and Development Authority (IRDA) has approved the new name of the Company and accordingly issued the Composite Insurance Broker's licence in the new name i.e. 'Reliance Composite Insurance Broking Limited' on September 23, 2011.
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Contingent Liabilities |
|
|
|
Capital commitments |
0.137 |
0.010 |
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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
51 |
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.