The Recognition

The company has received the following approvals / recognition.

• The company is approved by Central Government for the purpose of provisions of Sec. 36(1)(viii) of the Income Tax Act, 1961.

• Deposits placed in the company by charitable, endowment and religious trusts are considered as a specified investment under the Provisions of the Sec. 11(5)(ix) of the Income Tax Act, 1961.

• Recognition from National Housing Bank to avail their refinance facility, vide agreement dated 09-08-1991.

• Keen interest and enthusiasm shown by many leading banks in the public as well as private sector to give long term finance to the company.

Credit Rating:
CRISIL has awarded “FAA-” positive, indicating strong degree of safety with regard to timely payment of interest and principal on the instrument thereon and P1+ rating for short term debt upto Rs.20.00 crores.

ICRA has assigned the LA+ (pronounced L A plus) rating for Rs.240 cr. long term bank limit programme under BASEL II norms. This is the adequate-credit-quality rating assigned by ICRA. Instruments rated in this category carries average credit risk – with risk weightage at 50%.