MIRA INFORM REPORT

 

 

Report Date :

02.11.2006

 

IDENTIFICATION DETAILS

 

Name :

JUBILANT ENGINEERING LIMITED

 

 

Registered Office :

Plot No. 29, Nagarjuna Hills, Panjagutta, Hyderabad – 500 082, Andhra Pradesh, India.

 

 

Country:

India

 

 

Financials (as on):

31.03.2005

 

 

Date of Incorporation :

14.10.1996

 

 

Com. Reg. No.:

01-25483

 

 

CIN No.:

[Company Identification No.]

L74140AP1996PLC025483

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CMBJ03153D

 

 

PAN No.:

[Permanent Account No.]

AAACJ6045P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Engaged in as mechanical, electrical and textile engineers, who undertake repair, maintenance and installation services on turnkey basis.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 100000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company is doing well.

 

It can be considered good for any normal business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

Plot No. 29, Nagarjuna Hills, Panjagutta, Hyderabad – 500 082, Andhra Pradesh, India.

Tel. No.:

91-40-23351585

Fax No.:

91-40-23357820

Area :

Rented  - 1100 sq.ft. 

Location :

Commercial

 

 

Factory 1 :

No. 509/1-A, Maniakarampalayan Road, Nallpalayan, Coimbatore – 641 006, India

Tel. No.:

91-422-2534149

Fax No.:

91-422-2534137

 

DIRECTORS

 

Name :

Mr. Mahendra Kumar Patodia

Designation :

Managing Director

Date of Birth/Age :

25.08.1951

Date of Appointment :

14.10.1996

 

 

Name :

Ms. Anjana Patodia

Designation :

Director

 

 

Name :

Mr. V. Raghu Ram

Designation :

Director

Date of Birth/Age :

20.12.1954

Date of Appointment :

02.12.2003

 

 

Name :

Mr. C. R. Garg

Designation :

Director

Date of Birth/Age :

15.07.1952

Date of Appointment :

02.12.2003

 

 

Name :

Mr. J Venkateswarlu

Designation :

Director

Address:

Plot No. 183, Bhoodevi Nagar, Venkatapuram, Tirumalagiri, Secundarabad – 500 015, Andhra Pradesh, India.

Date of Birth/Age :

15.04.1964

Date of Appointment :

13.06.2006

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

M. K. Patodia

363400

Anjana Patodia

88400

M K Patodia (HUF)

297500

C. R. Gang

200

M. Satyanarayana

200

V. Raghuram

200

Modestry Finance and Investment Private Limited

100

 

 

Total:

750000

 

BUSINESS DETAILS

 

Line of Business :

Engaged in as mechanical, electrical and textile engineers, who undertake repair, maintenance and installation services on turnkey basis.

 

 

Products:

Products

ITC Code No.:

Industrial Gate Value & Accessories

3802/3808

 

 

Terms :

 

Selling :

Contract, Credit (30 days) or Cash terms

 

 

Purchasing :

Cash or Credit (30 days) terms

 

PRODUCTION STATUS

 

Particulars
Unit

Installed Capacity

Gate Value Assembly

Nos.

3600

Internals

Nos.

87000

 

GENERAL INFORMATION

 

Customers :

Manufacturers

 

 

No. of Employees :

300

 

 

Bankers :

Ψ       HDFC Bank, Hyderabad – 500 001, Andhra Pradesh

 

Ψ       Central Bank of India, Panjagutta Branch, Hyderabad – 500 082, Andhra Pradesh

 

 

Facilities:

Secured Loan

Amount

(In Millions)

Rupee Term Loan from Bank

 

Bank of Punjab Limited – Term Loan – I

13.631

Bank of Punjab Limited – Term Loan – II

22.187

Working Capital Loans form Bank

 

Packing Credit Account (INR) – BOP

--

Foreign Currency Packing Credit – BOP

23.296

Foreign Currency Packing Credit – PNB

15.121

Foreign Currency Packing Credit – UTI

13.122

 

 

Unsecured Loan

 

Form Body Corporate

 

Perfect Knitters Limited

11.000

 

 

Total:

98.357

 

Security:

Term Loan:

Secured by way of first charge on all fixed assets of the company both present & future, second charge on Bankers goods as specified in clause 2[a] below, personal guarantee of a Director of the company and corporate guarantee of bodies corporate.

 

Working Capital Loan:

1.       Secured by way of hypothecation of stocks, book debts and other movable current assets (bankers goods) of the company, both present & future, second charge on Fixed Assets as referred in clause [1] above and personal guarantee of a directors of the company.

 

  1. Working capital loans from BOP are additionally secured by corporate guarantee given by bodies corporate. Working capital loan form Punjab National Bank is also additionally secured by corporate guarantee given by a body corporate.

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

D. K. Baid & Company

Chartered Accountants

5-8-4-12, 2nd Floor, Abids Shopping Centre, Hyderabad – 500 001, Andhra Pradesh

Tel. No.:

91-40-23203648

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

750000

Equity Shares

Rs.10 each

Rs. 7.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

750000

Equity Shares

Rs.10 each

Rs. 7.500 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

7.500

2.500

1.123

2] Reserves & Surplus

19.413

0.779

0.495

3) (Accumulated loss)

0.000

0.000

0.000
NETWORTH

26.913

3.279

1.618

LOAN FUNDS

 

 

 

1] Secured Loans

87.360

12.979

0.000

2] Unsecured Loans

11.000

9.000

0.000
TOTAL BORROWING

98.360

21.979

0.000

DEFERRED TAX LIABILITIES

3.152

0.632

0.010
 

 

 

 
TOTAL

128.425

25.890

1.628
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

53.539

11.040

0.000
Capital work-in-progress

0.000

13.999

0.000
 

 

 

 
INVESTMENT

0.000

0.000

0.000
DEFERREX TAX ASSETS

0.000

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories

60.461

0.204

0.000
 
Sundry Debtors

14.586

1.059

0.000
 
Cash & Bank Balances

9.988

3.131

1.663
 
Loans & Advances

10.881

1.184

0.074
Total Current Assets

95.916
5.578

1.737
Less : CURRENT LIABILITIES & PROVISIONS

 
 

 
 
Current Liabilities

21.034

4.755

0.142
 
Provisions

0.000

0.000

0.000
Total Current Liabilities

21.034
4.755

0.142
Net Current Assets

74.882
0.823

1.595
 

 

 

 
MISCELLANEOUS EXPENSES

0.004

0.028

0.033
 

 

 

 
TOTAL

128.425

25.890

1.628

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2005

31.03.2004

31.03.2003
Sales Turnover [including other income]

122.965

11.148

12.600
 

 

 

 
Profit/(Loss) Before Tax

21.985

0.982

0.970
Provision for Taxation

3.351

0.699

0.450
Profit/(Loss) After Tax

18.634

0.283

0.520
 

 

 

 

Export Value

79.474

2.631

NA

 

 

 

 

Import Value

51.567

11.507

NA

 

 

 

 

Total Expenditure

100.980

10.166

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003
PAT / Total Income
(%)

15.15

2.54
4.12
 
 

 

 
 
Net Profit Margin

(PBT/Sales)

(%)

17.87

8.81
7.69
 

 

 

 
 
Return on Total Assets

(PBT/Total Assets}

(%)

14.71

3.21
55.84
 

 

 

 
 
Return on Investment (ROI)

(PBT/Networth)

 

0.82

0.30
0.59
 

 

 

 
 
Debt Equity Ratio

(Total Liability/Networth)

 

4.44

8.15
0.08
 

 

 

 
 
Current Ratio

(Current Asset/Current Liability)

 

4.56

1.17
12.23

 

LOCAL AGENCY FURTHER INFORMATION

 

History

 

Subject was incorporated on 14th October, 1996 at Hyderabad in Andhra Pradesh under the name and style of Jubilant Investments & Real Estates (Private) Limited having Company  Registration Number 01-25483.

 

The name of the company was changed to the present with effect from 9th December, 2003

 

It purchases 100% from local market .

 

It sells 100% in local market.

 

It is reported that the company until 09.12.2003 was acting only as estate agents and since then it has switch over to the new line of business which is expected to enhance the income of the company in the coming years.

 

Performance Review:

 

The directors are gald to report that the Net Sales/ Income form operation increased to almost 8 times from Rs. 11.118 Millions in 2003-04 to Rs. 95.998 Millions in 2004-05. The consequence to that the operating profit increased to Rs. 28.752 Millions in 2004-05 from 1.946 Millions in 2003-04. Accordingly the profit before tax also improved from Rs. 0.982 Millions to Rs. 21.985 Millions.

 

After making mandatory provisions for the deferred tax liability in the term of accounting standard 22 and current tax, amounting to Rs. 3.351 Millions, the net profit after tax stood at Rs. 18.634 Millions as against previous year’s Rs. 0.284 Millions.

 

The overall improvement in the sales and profit can be attributed to the fact that company has received good amount of export orders from its principle customer FMC and will also receive good amount of export orders from them in future.

 

Change of Status of the company form DTA Unit to 100% EOU:

 

As you are aware that the company has been engaged in the business of export of Engineering goods and components required by their prime customer FMC. In consequence of that the company has changed its status from DTA unit to 100% EOU by registering itself with DC, MEPZ vide no. A/2004/053/EOU-TN Dated 26.10.2004. The company has converted in to 100% EOU on 22.11.2004 by declaring its commencement of production on that date.

 

Fixed Assets:

 

Buildings, Plant & Machinery, Electrical Installation, Computers, Furniture & Fixtures, Office Equipment, Dies & Equipments and Vehicles, etc.  

 

Name of the company

JUBILANT ENGINEERING LIMITED

Presented By

Mr. V Raghu Ram, Director

1) Date and description of instrument creating the change

24.12.2003

 

Deed of Hypothecation of Assets to secure Term Loan

2) Amount secured by the charge/amount owing on the securities of charge

Term Loan – Rs. 15.000 Millions

FLC (DP basis) – Rs. 12.300 Millions

Bank Guarantee – Rs. 1.500 Millions

(Outstanding facilities 1 & 2 not to exceed Rs. 15.000 Millions at any time.)

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

First charge on all Fixed assets specified in Schedule “A” both present & future of the Company includes of machinery of Rs. 20.160 Millions & other assets of Rs. 1.990 Millions to be installed and hypothecation of stocks imported/ purchased under LC.

4) Gist of the terms and conditions and extent and operation of the charge.

Term Loan – 0.50% below PTLR i.e. 12.50% p.a. presently Monthly compounding.

Margin – 33.33%

 

FLC (DP basis) – Margin – 15% (FDRs with Branch).

Commission – 0.15%

 

Bank Guarantee – Margin – 10% (FDRs with branch)

Commission – 2%

5) Name and Address and description of the person entitled to the charge.

Bank of Punjab Limited

1-7-283/1&2, 126, Sarojini Devi Road, Secunderabad – 500 003, Andhra Pradesh, India.

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

Name of the company

JUBILANT ENGINEERING LIMITED

Presented By

Mr. M K Patodia, Director

1) Date and description of instrument creating the change

24.12.2003

 

Deed of Hypothecation of Assets to secure Term Loan

2) Amount secured by the charge/amount owing on the securities of charge

Term Loan – Rs. 15.000 Millions

FLC (DP basis) – Rs. 12.300 Millions

Bank Guarantee – Rs. 1.500 Millions

(Outstanding facilities 1 & 2 not to exceed Rs. 15.000 Millions at any time.)

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

First charge on all Fixed assets specified in Schedule “A” both present & future of the Company includes of machinery of Rs. 20.160 Millions & other assets of Rs. 1.990 Millions to be installed and hypothecation of stocks imported/ purchased under LC.

4) Gist of the terms and conditions and extent and operation of the charge.

Term Loan – 0.50% below PTLR i.e. 12.50% p.a. presently Monthly compounding.

Margin – 33.33%

 

FLC (DP basis) – Margin – 15% (FDRs with Branch).

Commission – 0.15%

 

Bank Guarantee – Margin – 10% (FDRs with branch)

Commission – 2%

5) Name and Address and description of the person entitled to the charge.

Bank of Punjab Limited

1-7-283/1&2, 126, Sarojini Devi Road, Secunderabad – 500 003, Andhra Pradesh, India.

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

Name of the company

JUBILANT ENGINEERING LIMITED

Presented By

Mr. V Raghu Ram, Director

1) Date and description of instrument creating the change

24.12.2003

 

Deed of Hypothecation of Assets to secure Term Loan

2) Amount secured by the charge/amount owing on the securities of charge

Term Loan – Rs. 15.000 Millions

 

FLC Sub Limit (DP basis) – Rs. 12.300 Millions

 

Bank Guarantee – Rs. 1.500 Millions

 

Total: Rs. 16.500 Million

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

First charge on all Fixed assets specified in Schedule “A” both present & future of the Company includes of machinery of Rs. 20.160 Millions & other assets of Rs. 1.990 Millions to be installed and hypothecation of stocks imported/ purchased under LC.

4) Gist of the terms and conditions and extent and operation of the charge.

Term Loan – 0.50% below PTLR i.e. 12.50% p.a. presently Monthly compounding.

Margin – 33.33%

 

FLC (DP basis) – Margin – 15% (FDRs with Branch).

Commission – 0.15%

 

Bank Guarantee – Margin – 10% (FDRs with branch)

Commission – 2%

5) Name and Address and description of the person entitled to the charge.

Bank of Punjab Limited

1-7-283/1&2, 126, Sarojini Devi Road, Secunderabad – 500 003, Andhra Pradesh, India.

6) Date  and brief description of instrument modifying the charge

Letter dated 16.06.2005 form Bank of Punjab Limited for completely repayment of Term Loans only and enhanced working capital facilities remain the same.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Complete repayment of:

 

Term Loan – I – Rs. 15.000 Millions

Term Loan – II – Rs. 22.000 Millions

 

There are no due outstanding in Term Loan Accounts with Bank of Punjab and the Working Capital Facilities are not changed. Bank of Punjab, UTI Bank and Punjab National Bank shall have 1st charge on the all Current Assets and 2nd charge on the entire Block Assets. Exim Bank Shall have 1st charge on Block Assets and 2nd charge on the Current Assets of the company.

 

 

Name of the company

JUBILANT ENGINEERING LIMITED

Presented By

Mr. V Raghu Ram, Director

1) Date and description of instrument creating the change

24.12.2003

 

Deed of Hypothecation of Assets to secure Term Loan

2) Amount secured by the charge/amount owing on the securities of charge

Term Loan – Rs. 15.000 Millions

 

FLC Sub Limit (DP basis) – Rs. 12.300 Millions

 

Bank Guarantee – Rs. 1.500 Millions

 

Total: Rs. 16.500 Million

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

First charge on all Fixed assets specified in Schedule “A” both present & future of the Company includes of machinery of Rs. 20.160 Millions & other assets of Rs. 1.990 Millions to be installed and hypothecation of stocks imported/ purchased under LC.

4) Gist of the terms and conditions and extent and operation of the charge.

Term Loan – 0.50% below PTLR i.e. 12.50% p.a. presently Monthly compounding.

Margin – 33.33%

 

FLC (DP basis) – Margin – 15% (FDRs with Branch).

Commission – 0.15%

 

Bank Guarantee – Margin – 10% (FDRs with branch)

Commission – 2%

5) Name and Address and description of the person entitled to the charge.

Bank of Punjab Limited

1-7-283/1&2, 126, Sarojini Devi Road, Secunderabad – 500 003, Andhra Pradesh, India.

6) Date  and brief description of instrument modifying the charge

28.03.2005

 

Agreement for Hypothecation of Movable Assets forming part of Fixed/Block Assets (pari passu second charge)

 

Deed of Hypothecation of Assets to secure Term Loans.

 

Packing credit agreement.

 

Deed of Hypothecation to secure LC on DA/DP basis.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Various facilities:

(Rs. In Millions)

Facilities

Existing

(Bank of Punjab Ltd & UTI Bank Ltd.)

Additional

(Punjab National Bank)

Total

Term Loan

37.000

10.000

47.000

Packing Credit

50.000

35.000

85.000

Bills Discounting

40.000

35.000

75.000

Bank Guarantee

4.000

NIL

4.000

FLC

14.500

20.000

34.500

Total

145.500

100.000

245.500

 

Additional facilities form –

Punjab National Bank,

Mid Corpoarte Branch

Banjara Hills, Hyderabad

 

Pari passu First Charge on the company’s entire current assets, goods, movables, and other assets, present & future along with Bank of Punjab Limited and UTI Bank Limited and First & exclusive charge in favour Punjab National Bank on the fixed assets to be acquired by the company by availing a term loan of Rs. 10.000 Millions and pari passu second charge on movable fixed assets along with Bank of Punjab Limited and UTI Bank Limited.

 

Packing Credit – (up to 90 days)

Margin – 10%

FC –

Rate of Interest – LIBOR + 0.75% p.a.

RUPEE –

Rate of interest – BPLR – 3.25%

i.e. 7.5% p.a.

 

Foreign Bills Discounting –

Rate of Interest – Up to 90 days – BPLR – 3.25% i.e. 7.5% p.a. and beyond 90 days – BPLR – 0.25% i.e. 10.50% p.a.

 

FLC –

Margin – 10%

Commission – As per Bank/FEDAI guidelines

 

Term Loan –

Margin – 50%

Interest – 11.25% p.a.

 

 

 

CMT REPORT [Corruption, Money laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records 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.44.86

UK Pound

1

Rs.85.24

Euro

1

Rs.56.99

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

39

 

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

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions