MIRA INFORM REPORT
|
Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PALAVA DWELLERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
216, Shah and Nahar Estate, Dr. E Moses Road, Worli, Mumbai – 400018,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.07.2005 |
|
|
|
|
Com. Reg. No.: |
11-154993 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70100MH2005PTC154993 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1117D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Development and Construction of Real Estate. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 26000000 |
|
|
|
|
Status : |
Good |
|
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|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having fine track record. Financial position of the company is sound and healthy. Networth of the
company’s are strong. Fundamentals of the company’s are healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for normal 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.
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-cooperative. (Tel. No.: 91-22-23024400)
LOCATIONS
|
Registered Office : |
216, Shah and Nahar Estate, Dr. E Moses Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-23024400 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on: 22.08.2013
|
Name : |
Mr. Shaishav Pankaj Dharia |
|
Designation : |
Nominee Director |
|
Address : |
1204, Casa Grande, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1973 |
|
Date of Appointment : |
16.08.2012 |
|
DIN No.: |
06405078 |
|
|
|
|
Name : |
**Mr. Pankajkumar Rajendraprasad Jain |
|
Designation : |
Nominee Director |
|
Address : |
Flat no-301, 3rd Floor, Tirupati Complex Society, Ram Mandir Rd, Nr. Babhai Naka, Borivali w, -400092, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1980 |
|
Date of Appointment : |
15.01.2013 |
|
DIN No.: |
05114230 |
** Mr. Pankajkumar Jain was appointed as Additional Director on 15th January, 2013 and was appointed as Nominee Directors on Annual General Meeting dated 22nd August, 2013.
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 22.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Lodha Developer Private Limited, India |
|
999 |
|
Sahajanand Hi-Tech Constructions Private Limited (Nominee of Lodha Developers Private Limited), India |
|
1 |
|
|
|
|
|
Total |
|
1000 |
|
Names of Preference
share |
|
No.
of Shares |
|
|
|
|
|
Lodha Developer Private Limited, India |
|
24000 |
|
|
|
|
|
Total |
|
24000 |
Equity Share Break up (Percentage of Total Equity)
As on: 22.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Development and Construction of Real Estate. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Finance Institutions: |
|
|
|
|
|
Auditors : |
|
|
Name : |
Shanker and Kapani Chartered Accountants |
|
Address : |
2nd Floor, N T Chouse, 15 N M Marg, Ballard Estate, Mumbai - 400038, Maharashtra, India |
|
PAN No.: |
AAKFS6521L |
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Holding Company: |
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Subsidiary
Companies: |
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Fellow
Subsidiaries: |
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Related Party: |
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CAPITAL STRUCTURE
As on: 22.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.100/- each |
Rs. 0.100 Million |
|
24000 |
Preference Shares |
Rs.100/- each |
Rs. 2.400 Millions |
|
|
Total |
|
Rs. 2.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.100/- each |
Rs. 0.100 Million |
|
24000 |
Preference Shares |
Rs.100/- each |
Rs. 2.400 Millions |
|
|
Total |
|
Rs. 2.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2.500 |
2.500 |
|
(b) Reserves & Surplus |
|
6699.508 |
3570.028 |
|
(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) |
|
6702.008 |
3572.528 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
903.349 |
611.523 |
|
(c)
Other long term liabilities |
|
246.509 |
127.138 |
|
(d)
long-term provisions |
|
37.826 |
29.573 |
|
Total
Non-current Liabilities (3) |
|
1187.684 |
768.234 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
9179.644 |
4878.797 |
|
(b)
Trade payables |
|
5781.853 |
3232.833 |
|
(c)
Other current liabilities |
|
14519.038 |
9093.080 |
|
(d)
Short-term provisions |
|
12.872 |
375.376 |
|
Total
Current Liabilities (4) |
|
29493.407 |
17580.086 |
|
|
|
|
|
|
TOTAL |
|
37383.099 |
21920.848 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
98.107 |
65.120 |
|
(ii)
Intangible Assets |
|
11.511 |
16.098 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
5390.957 |
705.957 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
761.809 |
5.498 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
6262.384 |
792.673 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
23331.822 |
18349.925 |
|
(c)
Trade receivables |
|
2362.220 |
578.324 |
|
(d)
Cash and cash equivalents |
|
739.218 |
697.513 |
|
(e)
Short-term loans and advances |
|
4471.744 |
1463.791 |
|
(f)
Other current assets |
|
215.711 |
38.622 |
|
Total
Current Assets |
|
31120.715 |
21128.175 |
|
|
|
|
|
|
TOTAL |
|
37383.099 |
21920.848 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
15018.106 |
10559.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
12056.724 |
6350.755 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
2961.382 |
4208.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(168.297) |
1167.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
3129.679 |
3041.312 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
3129679.00 |
3041312.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
20.84 |
28.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.26 |
19.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.44 |
1.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
1.37 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.06 |
1.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.500 |
2.500 |
|
Reserves & Surplus |
3570.028 |
6699.508 |
|
Net
worth |
3572.528 |
6702.008 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
4878.797 |
9179.644 |
|
Total
borrowings |
4878.797 |
9179.644 |
|
Debt/Equity
ratio |
1.366 |
1.370 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
10559.200 |
15018.106 |
|
|
0.000 |
42.228 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
10559.200 |
15018.106 |
|
Profit |
3041.312 |
3129.679 |
|
|
28.80% |
20.84% |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Loans and advances from others |
4784.271 |
1758.797 |
|
Other loans and advances |
1390.273 |
0.000 |
|
|
|
|
|
Total |
6174.544 |
1758.797 |
FINANCIAL OVERVIEW
The Company’s total income has substantially increased from Rs.10559.200 millions in the financial year 2011-12 to Rs.15018.106 millions in the financial year 2012-13. Correspondingly, there has also been a significant increase in Company’s total expenditure from Rs.6350.755 millions for the financial year 2011-12 to Rs.12056.724 millions for the financial year. The Company has witnessed Profit for the year of Rs.3129.679 millions for the financial year, in comparison to the profit for the year of Rs.3041.312 millions for the previous financial year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10488424 |
17/04/2014 |
600,000,000.00 |
PNB HOUSING FINANCE LIMITED |
PNB HOUSING FINANCE LIMITED, 22 K G MARG, NEW DELHI, Delhi - 110001, INDIA |
C02684553 |
|
2 |
10490783 |
15/04/2014 * |
6,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
C04130357 |
|
3 |
10464906 |
28/11/2013 |
2,250,000,000.00 |
KOTAK MAHINDRA PRIME LIMITED |
36-38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B91433763 |
|
4 |
10427035 |
03/05/2013 |
2,700,000,000.00 |
State Bank of India |
Commercial Branch, {Advances} at N.G.N Vaidya Marg, Bank Street, Horniman Circle, MUMBAI, Maharashtra - 400001, INDIA |
B75592055 |
|
5 |
10286187 |
04/06/2011 * |
500,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B14141956 |
|
6 |
10273748 |
22/10/2013 * |
6,000,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA |
B87764742 |
* Date of charge modification
FIXED ASSETS
- Buildings
- Plant and equipment
- Vehicles
- Computer equipment’s
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 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 : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
8 |
|
--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 |
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 |
|
64 |
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.