MIRA INFORM REPORT
|
Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
KINGSTON PROPERTY SERVICES LIMITED (w.e.f. 13.07.2011) |
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Formerly Known
As : |
KINGSTON PROPERTY SERVICES PRIVATE LIMITED (w.e.f. 09.05.2008) FOUNDATION REALTY PRIVATE LIMITED |
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Registered
Office : |
Commerz, 3rd Floor, International Business Park, Oberoi
Garden City, Off W.E. Highway, Goregaon (East), Mumbai – 400063,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.11.2007 |
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Com. Reg. No.: |
11- 176290 |
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Capital
Investment / Paid-up Capital : |
Rs.0.900 Million |
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CIN No.: [Company Identification
No.] |
U70102MH2007PTC176290 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF05155D |
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PAN No.: [Permanent Account No.] |
AABCF1616P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Real Estate Development |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 76000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Oberoi Realty Limited”. It is an
established company having satisfactory track. The company possesses a strong financial profile marked by adequate networth
base and comfortable capital structure characterized by zero debt amidst a
challenging economic backdrop. Management has reported a decent revenue and profitability from its
operations during FY 13. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong parentage, the subject can be considerate for
business dealings at usual tr5ade 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever bond
offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation
raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon
rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-66773333
LOCATIONS
|
Registered Office : |
Commerz, 3rd Floor, International Business Park, Oberoi
Garden City, Off W.E. Highway, Goregaon (East), Mumbai - 400063,
Maharashtra, India |
|
Tel. No.: |
91-22-66773333 |
|
Fax No.: |
91-22-66773334 |
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E-Mail : |
DIRECTORS
(AS ON 08.07.2013)
|
Name : |
Mr. Vikas Ranvir Oberoi |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Plot No.70, 12th NS Road, JVPD Scheme, Juhu, Mumbai-400049,
Maharashtra, India |
|
Date of Birth/Age : |
08.09.1969 |
|
Date of Appointment : |
29.11.2007 |
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DIN No.: |
00011701 |
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|
|
|
Name : |
Ms. Bindu Ranvir Oberoi |
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Designation : |
Director |
|
Address : |
Plot No.70, 12th NS Road, JVPD Scheme, Juhu, Mumbai-400049,
Maharashtra, India |
|
Date of Birth/Age : |
20.08.1968 |
|
Date of Appointment : |
29.11.2007 |
|
DIN No.: |
00837711 |
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|
|
|
Name : |
Mr. Raman Krishen Sapru |
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Designation : |
Director |
|
Address : |
A-403, Hawa Mahal, Soham Garden, Ghodbunder Road, Manpada, Thane
(West), Mumbai-400607, Maharashtra, India |
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Date of Birth/Age : |
01.08.1969 |
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Date of Appointment : |
21.06.2011 |
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DIN No.: |
03533272 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 08.07.2013)
|
Name of
Shareholders |
|
No of
Shares |
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|
|
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|
Vikas Oberoi |
|
5 |
|
Oberoi Realty Limited, India |
|
89990 |
|
Bindu Oberoi and Oberoi Realty Limited, India |
|
1 |
|
Saumil Daru and Oberoi Realty Limited, India |
|
1 |
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Raman Sapru and Oberoi Realty Limited, India |
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1 |
|
Rajendra Chandorkar and Oberoi Realty Limited, India |
|
1 |
|
Arunkumar Kotian and Oberoi Realty Limited, India |
|
1 |
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|
|
|
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Total |
|
90000 |
(AS ON 21.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
99.99 |
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Directors or relatives of directors |
|
0.01 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Development |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P. Raj and Company Chartered Accountants |
|
Address : |
3/1218
Navjivan Commercial Premises Co-Opposite Society Limited, Lamington Road,
Mumbai - 400008, Maharashtra, India |
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PAN No.: |
AANFP6200G |
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Holding Company: |
Oberoi Realty Limited (L45200MH1998PLC114818) |
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Fellow
Subsidiary: |
Oberoi Mall Limited (U45202MH2001PLC132119) |
CAPITAL STRUCTURE
(AS ON 08.07.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
Rs.10/- each |
Rs.0.900 Million |
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|
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|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
0.900 |
0.900 |
0.100 |
|
(b) Reserves & Surplus |
17.992 |
11.305 |
6.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
18.892 |
12.205 |
6.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.001 |
(0.021) |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.172 |
0.157 |
0.284 |
|
Total Non-current
Liabilities (3) |
0.173 |
0.136 |
0.284 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
7.102 |
5.645 |
4.060 |
|
(c) Other
current liabilities |
248.392 |
129.786 |
45.228 |
|
(d) Short-term
provisions |
0.138 |
0.783 |
0.897 |
|
Total Current
Liabilities (4) |
255.632 |
136.214 |
50.185 |
|
|
|
|
|
|
TOTAL |
274.697 |
148.555 |
56.869 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.579 |
0.475 |
0.303 |
|
(ii)
Intangible Assets |
0.017 |
0.085 |
0.153 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.279 |
|
(d) Long-term Loan and Advances |
1.306 |
0.352 |
0.076 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1.902 |
0.912 |
0.811 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
5.243 |
5.818 |
5.667 |
|
(d) Cash
and cash equivalents |
243.041 |
123.628 |
32.135 |
|
(e)
Short-term loans and advances |
21.767 |
10.782 |
17.916 |
|
(f) Other
current assets |
2.744 |
7.415 |
0.340 |
|
Total
Current Assets |
272.795 |
147.643 |
56.058 |
|
|
|
|
|
|
TOTAL |
274.697 |
148.555 |
56.869 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
263.238 |
241.243 |
210.059 |
|
|
|
Other Income |
5.026 |
8.754 |
2.354 |
|
|
|
TOTAL (A) |
268.264 |
249.997 |
212.413 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
25.613 |
22.500 |
20.609 |
|
|
|
Other expenses |
233.263 |
219.215 |
185.076 |
|
|
|
TOTAL
(B) |
258.876 |
241.715 |
205.685 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.388 |
8.282 |
6.728 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
(0.024) |
0.020 |
0.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.412 |
8.262 |
6.696 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.348 |
0.137 |
0.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
9.064 |
8.125 |
6.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.378 |
3.119 |
1.269 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
6.686 |
5.006 |
5.291 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
74.30 |
69.23 |
529.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.49 |
2.00 |
2.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.44 |
3.37 |
3.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.30 |
5.47 |
11.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.67 |
1.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
1.08 |
1.12 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
0.100 |
0.900 |
0.900 |
|
Reserves & Surplus |
6.300 |
11.305 |
17.992 |
|
Net worth |
6.400 |
12.205 |
18.892 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
210.059 |
241.243 |
263.238 |
|
|
|
14.845 |
9.117 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
210.059 |
241.243 |
263.238 |
|
Profit |
5.291 |
5.006 |
6.686 |
|
|
2.52% |
2.08% |
2.54% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: 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 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 |
NOTE:
The Registered office of the company has been shifted from International
Business Park, Oberoi Garden City, Off. Western Express Highway, Goregaon
(East), Mumbai- 400063, Maharashtra, India to the present address w.e.f.
21.09.2009
OPERATION
During the year, the
Company has recorded Total Revenue of Rs.268.264 Millions as compared to
Rs.249.997 Millions in the previous year. The Profit before tax stood at
Rs.9.064 Millions for the year ended March 31, 2013 as compared to Profit
before tax of Rs.8.124 Millions for the previous year ended March 31, 2012.
After deducting expense on account of tax, the Company earned a Net Profit of
Rs.6.687 Millions for the year as compared to Net Profit of Rs.5.005 Millions in
the previous year ended March 31, 2012.
FIXED ASSETS:
·
Plant and Equipment
·
Furniture and Fixtures
·
Office Equipment
·
Computer
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 records 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.60.01 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.81.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
48 |
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.