|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARCELORMITTAL DISTRIBUTION SOLUTIONS INDIA PRIVATE LIMITED
[w.e.f. 29.07.2009] |
|
|
|
|
Formerly Known
As : |
ARCELORMITTAL-STAINLESS INTERNATIONAL INDIA PRIVATE LIMITED [w.e.f.
27.05.2008] ARCELOR STAINLESS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A/403 and B/402, 4th Floor, Delphi, Hiranandani Business
Park, Powai, Mumbai - 400076 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.05.2003 |
|
|
|
|
Com. Reg. No.: |
11-140373 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.981
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420MH2003PTC140373 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22249D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA5521B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Iron and Steel. |
|
|
|
|
No. of Employees
: |
65 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Arcelor Foundation Solutions BV,
Netherlands’. It is an established company
having satisfactory track record. Even though the company has recorded better
growth in its sales during 2012, it has incurred loss from its operations.
However, trade relations are reported as fair. Business is active. Payments
are reported to be usually correct and as per commitments. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
A/403 and B/402, 4th Floor, Delphi, Hiranandani Business
Park, Powai, Mumbai – 400076 |
|
Tel. No.: |
91-22-42489504 |
|
Mobile No.: |
91-8898701147 (Mr. Shravan Mulky) |
|
Fax No.: |
91-22-67029546 |
|
E-Mail : |
anandrai.prakash@arcelormittal.com
shravan.mulky@arcelormittal.com
bhaskar.pendse@arcelormittal.com |
|
Area : |
6000 Sq. ft |
|
Location: |
Owned |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Vijaykumar Brahma Bhatnagar |
|
Designation : |
Director |
|
Address : |
Flat No.22, Tower P1, ATS Green Village, Sector-93A, Noida Exp. Way,
Noida-201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
21.08.1947 |
|
Date of Appointment : |
27.08.2009 |
|
Din No.: |
02200026 |
|
|
|
|
Name : |
Mr. Raj Kumar Saxena |
|
Designation : |
Director |
|
Address : |
Flat No. 141, Nehru Apartments, Kalkaji, New Delhi-110019, India |
|
Date of Birth/Age : |
09.05.1950 |
|
Date of Appointment : |
27.09.2011 |
|
Din No.: |
01146693 |
|
|
|
|
Name : |
Mr. Manjunath Gopal Raghavelu |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 2 B, 2nd Floor, Lotia Mansion, 453, 15th
Road, Opposite Khar Gymkhana Ground, Khar (West), Mumbai-400052, Maharashtra,
India |
|
Date of Birth/Age : |
09.06.1976 |
|
Qualification : |
B Com, MBA |
|
Experience : |
11 Years |
|
Date of Appointment : |
01.01.2012 |
|
Din No.: |
02491745 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Arcelor Foundation Solutions B.V., Netherlands |
|
298138 |
|
Manjunath Raghavelu |
|
1 |
|
Total |
|
298139 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Iron and Steel. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
65 [Approximately] |
|
|
|
|
Bankers : |
·
HDFC Bank, Fort Branch, Mumbai, Maharashtra,
India ·
Bank of America, Nariman Point, Mumbai,
Maharashtra, India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hinesh R. Doshi and Company Chartered Accountants |
|
Address : |
102, First Floor, ‘A’ Wing, Rajgir Court, 6 Kohinoor Road, Dadar
(East), Mumbai-400014, Maharashtra, India |
|
Pan No.: |
AACFH3118C |
|
|
|
|
Holding company : |
· Arcelor Foundation Solutions B V, Luxembourg · ArcelorMittal Stainless Internationa S A, Luxembourg |
|
|
|
|
Fellow Subsidiary : |
· ArcelorMittal Projects, Netherlands · Srcelor Mittal Projects, Netherlands · ArcelorMittal Commercial R.P.S. Sarl, Luxembourg · ArcelorMittal International, Luxembourg · ArcelorMittal International FZE, France · ArcelorMittal Flat Carbon Europe SA, Luxembourg · ArcelorMittal, France · Dubai Steel Trading Company LLC, Saudi Arabia · ArcelorMittal Stainless International, Luxembourg |
CAPITAL STRUCTURE
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 |
|
|
|
|
|
|
298139 |
Equity Shares |
Rs.10/- each |
Rs. 2.981
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.981 |
2.724 |
2.724 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
173.174 |
146.728 |
29.462 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
176.155 |
149.452 |
32.186 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
231.710 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
231.710 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
407.865 |
149.452 |
32.186 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
50.864 |
13.012 |
4.371 |
|
|
Capital work-in-progress |
1.428 |
8.554 |
1.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
82.448 |
0.335 |
0.193 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4251.884
|
1289.017
|
55.819 |
|
|
Sundry Debtors |
1110.320
|
931.403
|
0.041 |
|
|
Cash & Bank Balances |
900.088
|
58.875
|
2.308 |
|
|
Other Current Assets |
4.851
|
0.115
|
0.000 |
|
|
Loans & Advances |
1308.154
|
154.165
|
53.719 |
|
Total
Current Assets |
7575.297
|
2433.575
|
111.887 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6950.023
|
2193.320
|
53.769 |
|
|
Other Current Liabilities |
350.377
|
67.478
|
3.783 |
|
|
Provisions |
1.772
|
45.226
|
27.913 |
|
Total
Current Liabilities |
7302.172
|
2306.024
|
85.465 |
|
|
Net Current Assets |
273.125
|
127.551
|
26.422 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
407.865 |
149.452 |
32.186 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8104.090 |
2968.730 |
68.310 |
|
|
|
Commission |
14.460 |
4.820 |
14.380 |
|
|
|
Other Income |
63.710 |
94.560 |
4.650 |
|
|
|
TOTAL (A) |
8182.260 |
3068.110 |
87.340 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
7749.200 |
2836.820 |
62.060 |
|
|
|
Employee Remuneration and Benefits |
58.340 |
18.080 |
7.670 |
|
|
|
Administrative Expenses |
441.430 |
31.580 |
14.920 |
|
|
|
TOTAL (B) |
8248.970 |
2886.480 |
84.650 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(66.710) |
180.630 |
2.690 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
182.920 |
4.410 |
0.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(249.630) |
177.220 |
2.530 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.790 |
1.390 |
0.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(255.420) |
175.830 |
1.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(82.120) |
58.560 |
0.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(173.300) |
117.270 |
1.210 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
143.770 |
26.500 |
25.290 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(29.530) |
143.770 |
26.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3.585 |
1.149 |
0.000 |
|
|
|
Commission |
14.464 |
4.823 |
14.381 |
|
|
TOTAL EARNINGS |
18.049 |
5.972 |
14.381 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
6759.474 |
2223.575 |
98.371 |
|
|
TOTAL IMPORTS |
6759.474 |
2223.575 |
98.371 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(581.27) |
430.50 |
4.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.36)
|
3.82
|
1.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.15)
|
5.92
|
2.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.35)
|
7.19
|
1.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.45)
|
1.18
|
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.32
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.06
|
1.31 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
NOTE
The Registered Office of the company has been shifted from 205, Sentinel,
Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India to the present address
w.e.f. 16.05.2012
BUSINESS OPERATIONS
During the year the Company’s turnover has increased many fold mainly due to substantial increase in trading activities of all kind of steel products. The company has opened stock yards at various locations in India including at Bangalore, Kolkata and Jaipur.
The Board of Directors is hopeful of maintaining the upward trend in turnover in the coming year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Loans repayable on demand – From Bank Buyers credit facility for import payments |
231.710 |
0.000 |
|
Total |
231.710 |
0.000
|
FIXED ASSETS
v
Tangible Assets
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Computer
v
Intangible
Assets
· 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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
50 |
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.