MIRA
INFORM REPORT
|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
WORLD GOLD COUNCIL ( |
|
|
|
|
Registered
Office : |
B-6/3, 6th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
02.12.2011 |
|
|
|
|
Com. Reg. No.: |
11-224567 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.222 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2011FTC224567 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of developing markets for gold. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (91-22-61579100)
LOCATIONS
|
Registered Office : |
B-6/3, 6th Floor, Laxmi Towers, C-25, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-61579100 |
|
Fax No.: |
91-22-61579199 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Head Office : |
10 Old Bailey, London EC4M 7NG, United Kingdom |
|
Tel. No.: |
44-20-7826 4700 |
|
Fax No.: |
44-20-7826 4799 |
|
E-Mail : |
|
|
|
|
|
Branches : |
Located at: · New York Beijing Shanghai Hong Kong Singapore Tokyo Chennai |
DIRECTORS
As on: 20.05.2014
|
Name : |
Palamadai Ramaswamy Somasundaram |
|
Designation : |
Managing Director |
|
Address : |
B-401, Ashok Towers, Dr. S S Rao Road, Parel, Near ITC Grand Hotel, Mumbai – 400012, Maharashtra, India |
|
Date of Appointment : |
16.01.2013 |
|
DIN No.: |
00356363 |
|
|
|
|
Name : |
Mr. Vipin Sharma |
|
Designation : |
Director |
|
Address : |
11/9, Gandhi Nagar, Jaipur – 302018, Rajasthan, India |
|
Date of Appointment : |
10.12.2012 |
|
DIN No.: |
03400219 |
|
|
|
|
Name : |
Mr. Robin Choon Fye Lee |
|
Designation : |
Director |
|
Address : |
28, Park Dr, London - NW117SP United Kingdom |
|
Date of Birth/Age : |
16.09.1967 |
|
DIN No.: |
03621323 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 20.05.2014
|
Names of Shareholders |
|
No. of Shares |
|
WGC (Far East) Pte. Limited, Singapore |
|
1522159 |
|
Palamadai Ramaswamy
Somasundaram |
|
1 |
|
|
|
|
|
Total |
|
1522160 |
As on: 04.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
WGC (Far East) Pte. Limited, Singapore |
|
1029300 |
|
Palamadai Ramaswamy
Somasundaram |
|
1 |
|
|
|
|
|
Total |
|
1029301 |
Equity Share Break up (Percentage of Total Equity)
As on: 20.05.2014
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Directors or relatives of directors |
|
0.01 |
|
Total
|
|
100.00 |
%20PRIVATE%20LIMITED%20-%20281508_MIRA%2014-Aug-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of developing markets for gold. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apllo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-30902511 |
|
PAN No. : |
AAIFB7357B |
|
|
|
|
Holding Company : |
WGC (Far East) Pte Limited, Singapore |
|
|
|
|
Ultimate Holding Entity : |
World Gold Council, an association |
|
|
|
|
Fellow Subsidiary : |
·
WGC (IOM) Limited ·
WGC (UK) Limited |
CAPITAL STRUCTURE
After: 20.05.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2551461 |
Equity Shares |
Rs.10/- each |
Rs.25.515 Millions |
|
|
|
|
|
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1522160 |
Equity Shares |
Rs.10/- each |
Rs.15.222 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
15.222 |
0.100 |
|
(b) Reserves & Surplus |
|
4.964 |
(26.294) |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
308.800 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
328.986 |
(26.194) |
|
|
|
|
|
|
(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 |
|
3.052 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
3.052 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
35.046 |
0.000 |
|
(c) Other current liabilities |
|
157.503 |
45.235 |
|
(d) Short-term provisions |
|
0.933 |
0.000 |
|
Total
Current Liabilities (4) |
|
193.482 |
45.235 |
|
|
|
|
|
|
TOTAL |
|
525.520 |
19.041 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
|
|
(ii) Intangible Assets |
|
3.995 |
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 |
|
19.246 |
0.379 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
23.241 |
0.379 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
3.050 |
0.000 |
|
(d) Cash and cash equivalents |
|
470.824 |
6.656 |
|
(e) Short-term loans and
advances |
|
26.012 |
1.464 |
|
(f) Other current assets |
|
2.393 |
10.542 |
|
Total
Current Assets |
|
502.279 |
18.662 |
|
|
|
|
|
|
TOTAL |
|
525.520 |
19.041 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
39.373 |
10.542 |
|
|
Other Income |
|
19.181 |
0.000 |
|
|
TOTAL
(A) |
|
58.554 |
10.542 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
|
104.996 |
0.000 |
|
|
Other expenses |
|
358.919 |
36.836 |
|
|
TOTAL
(B) |
|
463.915 |
36.836 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
(405.361) |
(26.294) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.140 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(405.501) |
(26.294) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.713 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
(406.214) |
(26.294) |
|
|
|
|
|
|
|
Less |
TAX
(H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
|
(406.214) |
(26.294) |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
|
(406.214) |
(26.294) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
(634.64) |
(2629.46) |
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2013 |
31.12.2012 |
|
PAT / Total Income |
(%) |
|
(693.74) |
(249.42) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(1031.71) |
(249.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(77.30) |
(138.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.23) |
1.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.60 |
0.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.100 |
15.222 |
|
Reserves & Surplus |
(26.295) |
4.964 |
|
Share Application money
pending allotment |
0.000 |
308.800 |
|
Net
worth |
(26.195) |
328.986 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
7.507 |
0.000 |
|
Total
borrowings |
7.507 |
0.000 |
|
Debt/Equity
ratio |
(0.287) |
0.000 |
%20PRIVATE%20LIMITED%20-%20281508_MIRA%2014-Aug-2014_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10.542 |
39.373 |
|
|
|
273.487 |
%20PRIVATE%20LIMITED%20-%20281508_MIRA%2014-Aug-2014_files/image006.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10.542 |
39.373 |
|
Profit |
(26.294) |
(406.214) |
|
|
(249.42%) |
(1031.71%) |
%20PRIVATE%20LIMITED%20-%20281508_MIRA%2014-Aug-2014_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – 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 two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
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
The company is exploring various potential opportunities for improving
and expanding the business of the company.
Note: No Charges Exist for Company
COMPANY OVERVIEW
The Subject is a private limited company incorporated under the
companies Act, 1956 (‘the Act’) and is a subsidiary of The WGC (Far) East Pte.
Limited. The Subject was incorporated on 2 December 2011 to carry on the business
of developing markets for gold.
FIXED ASSETS
Tangible Assets
· Furniture and Fixture
· Vehicles
· Computers
· Office 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.61.25 |
|
|
1 |
Rs.103.01 |
|
Euro |
1 |
Rs.81.90 |
INFORMATION DETAILS
|
Information Gathered
by : |
NAY |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.