MIRA INFORM REPORT

 

 

Report Date :

26.06.2007

 

IDENTIFICATION DETAILS

 

Name :

ESSAR AGROTECH LIMITED

 

 

Registered Office :

Essar House, 11 KK Marg Mahalaxmi, Mumbai-400034, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

23.04.1993

 

 

Com. Reg. No.:

11-71726

 

 

CIN No.:

[Company Identification No.]

L01120MH1993PLC071726

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUME01880E

 

 

PAN No.:

[Permanent Account No.]

AAACE1945R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Farming, Horticulture, Floriculture, Sericulture, Cultivators of all kinds of Food grains Seeds, Fruits, Flowers, Properties of Orchards and  /or to carry on the business of Exporters, Sellers, Processors of all kinds of Vegetables, Fruits and dealers of such products of Agriculture, Farming, Floriculture Activities.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

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

Small

 

Maximum Credit Limit :

USD 403000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a old and established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Essar House, 11 KK Marg Mahalaxmi, Mumbai-400034, Maharashtra, India

Tel. No.:

91-22-24950606/ 56601100

Fax No.:

91-22-24954765/ 24612070/ 24954331

E-Mail :

corpratecommunications@essar.com

amallya@essar.com

Website :

http://www.essaragrotech.com

 

 

Branches :

21, Phiroze Gandhi Road, Lajpat Nagar III, New Delhi-110024, India

Tel. No.:

91-11-26932622

Fax No.:

91-11-26332282

 

 

DIRECTORS

 

Name :

Mr. Shyam G. Mohan

Designation :

Director

Address :

B-44, Block B, 4th Floor, Twin Tower, Priyadarshini, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

13.01.1967

Date of Appointment :

18.02.1999

 

 

Name :

Mr. Anand Sonthalia

Designation :

Director

Address :

6A, Sanket Apartments, Pochkhanwala Road, Worli, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

18.10.1951

Date of Appointment :

01.10.1998

 

 

Name :

Mr. Madan Mundra

Designation :

Director

Address :

2nd Floor, Pleasant Park, J.B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

15.01.1964

Date of Appointment :

06.09.2003

 

 

Name :

Mrs. Vasudha Prashant Ruia

Designation :

Director

Address :

Khalil Al Sayegh Villa # 3, Jummeiran, Dubai

Date of Birth/Age :

05.12.1972

Date of Appointment :

23.04.2003

 

 

Name :

Mr. Suresh Sundaram 

Designation :

Director

Address :

12/B, Jaidarshan , Nepeansea Road, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

03.10.1942

Date of Appointment :

23.06.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Srinivasan Venkatesan

 

1

Mr. Swami Dass

 

1

Mr. Param Rao Araua

 

1

Mr. R. Jagannathan

 

1

Mr. Balasundaram Premlaxmi

 

1

Mr. Hitesh Vyas

 

1

Mr. J F Haldar

 

1

Mr. Sundarappadian Raman

 

1

Essar House Limited

 

1800000

Essar House Limited

 

290000

 

 

 

 

Names of Shareholders

 

% of Holding

 

 

 

Others

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Farming, Horticulture, Floriculture, Sericulture, Cultivators of all kinds of Food grains Seeds, Fruits, Flowers, Properties of Orchards and  /or to carry on the business of Exporters, Sellers, Processors of all kinds of Vegetables, Fruits and dealers of such products of Agriculture, Farming, Floriculture Activities.

 

 

Products with ITC Code  :
  • Fresh Cut Flowers – 06031000
  • Snow Peas
  • Oregano
  • Thyme
  • Rosemary

 

 

Exports :

 

Countries :

Europe, Asia & Pacific and Middle East

 

 

GENERAL INFORMATION

 

Bankers :
  • UTI Bank Limited

      Universal Insurance Building, Ground Floor, Sir P M Road, Fort, Mumbai

      400001, Maharashtra, India

 

  • State Bank of India

 

  • Syndicate Bank

 

 

Facilities :

Secured Loan

(Rs. In millions)

 

31.03.2005

From Banks

 

Working Capital Loan

5.700

 

Note: Working Capital Loan is secured by fixed deposit receipts.

 

Unsecured Loan

(Rs. In millions)

 

31.03.2005

656869 Zero Interest Optionally Fully Convertible Debentures

Debentures (OFCD) of Rs. 100/- each fully paid

65.687

Less: Bought back and cancelled during the year

(65.687)

Total

0.000

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

B P Jain and Company

Chartered Accountants

Address :

A-16, Everest, 156, Tardeo Road, Tardeo, Mumbai – 400 034, Maharashtra, India .

 

 

Holding Company :
  • Essar Investments Limited
  • Essar House Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1900000

Equity Shares

Rs. 10/- each

Rs. 19.000 millions

310000

Preference Shares

Rs. 100/- each

Rs. 31.000 millions

 

Total

 

Rs. 50.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1800008

Equity Shares

Rs. 10/- each

Rs. 18.000 millions

290000

Preference Shares

Rs. 100/- each

Rs. 29.000 millions

 

Total

 

Rs. 47.000 millions

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

47.000

47.000

35.000

2] Share Application Money

0.000

0.000

48.163

3] Reserves & Surplus

112.340

112.340

4.340

4] (Accumulated Losses)

(58.516)

(49.754)

(46.877)

NETWORTH

100.824

109.586

40.626

LOAN FUNDS

 

 

 

1] Secured Loans

14.250

5.700

3.610

2] Unsecured Loans

77.520

0.000

65.687

TOTAL BORROWING

91.770

5.700

69.297

 

 

 

 

TOTAL

192.594

115.286

109.923

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

189.767

140.395

74.739

Capital work-in-progress

17.990

19.121

22.889

 

 

 

 

Unamortised Lease Rentals

0.361

0.421

0.480

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3.121

2.565

2.266

 

Sundry Debtors
11.010

8.159

9.374

 

Cash & Bank Balances
25.103

7.511

6.335

 

Other Current Assets
0.360

0.332

0.049

 

Loans & Advances
5.853

5.636

5.358

Total Current Assets
45.447

24.203

23.384

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
60.620

68.619

11.445

 

Provisions
0.351

0.235

0.144

Total Current Liabilities
60.971

68.854

11.589

Net Current Assets
(15.524)

(44.651)

11.795

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.020

 

 

 

 

TOTAL

192.594

115.286

109.923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

51.981

43.161

35.060

Other Income

0.256

0.163

0.379

Total Income

52.237

43.324

35.439

 

 

 

 

Profit/(Loss) Before Tax

(8.459)

(2.877)

2.721

Provision for Taxation

(0.302)

0.000

0.000

Profit/(Loss) After Tax

(8.157)

(2.877)

2.721

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

NA

NA

13.049

Total Earnings

NA

NA

13.049

 

 

 

 

Expenditures :

 

 

 

 

Operating Expenses

0.000

0.000

12.972

 

Administrative Expenses

0.000

0.000

12.326

 

Raw Material Consumed

8.538

4.691

0.000

 

Purchases made for re-sale

3.132

0.000

0.000

 

Increase/(Decrease) in Finished Goods

(0.133)

0.181

0.806

 

Personnel Expenses

0.000

0.000

0.588

 

Financial Charges

0.000

0.000

0.304

 

Prior Period Adjustment

0.000

0.000

0.072

 

Salaries, Wages, Bonus, etc.

1.603

1.438

0.000

 

Payment to Auditors

0.028

0.028

0.000

 

Interest

0.183

0.050

0.000

 

Insurance Expenses

0.714

0.464

0.000

 

Power & Fuel

0.766

0.579

0.000

 

Depreciation & Amortization

19.636

12.916

5.648

 

Other Expenditure

26.228

25.852

0.000

Total Expenditure

49.158

46.199

32.716

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
(15.61)

(6.64)

7.67

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(16.19)

(6.64)

7.67

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(3.33)

(1.56)

2.24

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.08)

(0.02)

0.06

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.51

1.68

2.99

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.74

0.35

2.01

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FORM 8

 

Name of the company

ESSAR AGROTECH LIMITED

Presented By

Mr. Suresh Sundaram, Director

1) Date and description of instrument creating the 

    change

Deed of hypothecation dated 04.08.1997, executed by the company herein and hereafter referred to as the borrower in favour of UTI Bank Limited, (therein and thereafter as referred to as “the Bank”) a copy which is enclosed

2) Amount secured by the charge/amount owing on 

    the securities of charge

Rs. 19.634 millions

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

1. all the borrower stock of raw materials and stocks in process and finished goods, consumable stores and spares, packing materials, etc. both present and future now being or hereafter during the continuance of the agreement brought into or upon or now or hereafter in course of transit to any godows, jathas or other place of storage at various factories and sales depots of the borrower or other place whatsoever and wheresoever in the possession or occupation of the borrower (hereinafter referred to as “the said goods”)

 

2. all the present and future book debts, outstanding monies, receivables, claims, bills, rights to or immovable properties and movable assets and which are now due, owing or payable to or belonging to the borrower or which may at any time hereafter during the continuance of this security become due, owing, payable, or belonging to the borrower in the course of its business by any person, firm, company or body corporate or by the government, central or state or Indian railways, any government departments or office or any authority or any body corporate or undertaking or project whatever in the public sector (hereinafter referred to as the “said debts”)

 

3. all the tangible, movable properties and assets of the borrower of whatsoever nature including plant and machinery, tools and accessories, stores, spares relating to the plant and machinery, furniture, articles, office equipment, computer and things belonging to the borrower and lying and being at their premises / factories at Tungi, Mawal Taluka, Maharashtra, being movable properties and capable of passing by delivery, both present and future, whether installed or not or whether now lying loose or in cases and now being or at any time hereinafter during the continuance of this agreement brought into or upon or at any time in course of transit to the premises, factories of the borrower at Tungi either by way of substitution or in addition or other place whatsoever and wheresoever in the possession or occupation of the borrower (hereinafter referred to as the “said assets”)   

4) Gist of the terms and conditions and extent and

    operation of the charge.

In consideration of the bank having agreed to lend and advance to the borrower the loan, agreement and declaration by the borrower, inter alia, as follows:

 

a) covenant by the borrower to repay the loan and pay interest and all other monies in the manner set out in the loan agreement between the borrower and the bank and to comply with the terms and conditions of the said loan agreement.

 

b) the said goods were thereby hypothecated in the bank as and by way of first charge as security for due payment of the said sun of Rs. 19.634 millions and interest, discount, commission, charges and costs and expenses payable to or incurred by the bank in relation thereon.     

5) Name and Address and description of the

    person entitled to the charge.

UTI Bank Limited

Universal Insurance Building, Ground Floor, Sir P M Road, Fort, Mumbai 400001, Maharashtra, India

6) Date  and brief description of instrument

    modifying the charge

NA

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.

NA

 

 

Name of the company

ESSAR AGROTECH LIMITED

Presented By

Company Secretary / Director

1) Date and description of instrument creating the 

    change

Deed of hypothecation dated 17.09.1993 executed by Essar Agrotech Limied (therein and hereinafter referred to as the “the company”) in favour of the Industrial Credit and Investment Corporation of India Limited (therein and hereinafter referred to as “the Lender”)

2) Amount secured by the charge/amount owing on 

    the securities of charge

Rs. 27.500 millions

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

The whole of the movable property of the company situate at village Tung, Taluka Maval, District Pune in the State of Maharashtra including the company’s movable plant and machinery, machinery spares, tools and accessories and othe movables, both present and future (save and except book debt) (therein and hereinafter referred to as “the said Goods”)

4) Gist of the terms and conditions and extent and

    operation of the charge.

In consideration of the bank having agreed to lend and advance to the borrower the loan, agreement and declaration by the borrower, inter alia, as follows:

 

a) covenant by the Company to repay the loan and pay interest and all other monies in the manner set out in the loan agreement between the Company and the Lender to comply with the terms and conditions of the said loan agreement.

 

b) the said goods were thereby hypothecated to ICICI, as and by way of first charge as security for  and be charged with repayment of the Loan with all premia on repayment or on redemption, costs, charges and expenses including any increase as a result of devolution / revolutions/ fluctuations in the rates of exchange of the foreign currencies involved and all the monies payable by the company to ICICI in respect thereof.

 

c) the company to keep the said goods in marketable and good condition and also insured as provided therein. 

 

d) power of entry, power to take charge and / or possession of, seize, recover, receive, appoint receivers of and remove and / or sale by auction or private contract, dispatch for realization or otherwise dispose of or deal with all or any part of the said goods etc. as provided therein. 

5) Name and Address and description of the

    person entitled to the charge.

The Industrial Credit and Investment Corporation of India Limited

163, Backbay Reclamation, Mumbai – 400020, Maharashtra, India 

6) Date  and brief description of instrument

    modifying the charge

No instrument was executed but on the 08.06.1998 a joint mortgage was created by the company jointly in favour of ICICI and UTI Bank Limited by deposit of title deeds with ICICI, ICICI acting for itself and as agent of UTI Bank Limited, in respect of the company’s immovable properties situated at village Tung, Registration Sub District Vadagain, Taluka Maval, District Pune in the State of Maharashtra more particularly described in Annexure II hereunder written in order to create security thereon as and by way of a joint mortgage by deposit of title deeds pursuant to the Resolution passed by the Company on dated 31.03.1998.

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.

The Loan together with all interest, front end fees, liquidated damages, premia on prepayment or on redemption, costs, charges and all other monies payable by the company to the lender in respect thereof secured under the abovementioned deed of hypothecation is also now secured by the said joint mortgage by deposit of title deeds in respect of company’s immovable properties situated at Village Tung, Registration Sub District Vadagain, Taluka Maval, District Pune in the State of Maharashtra together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth.

 

The company fixed assets of important values include Freehold Land, Buildings, Furniture and Fixtures, Vehicles, Computers and Printers, Green House (Factory Building), Office Equipments, Starter Plants, Plant and Machinery.

 

As Per Web

 

History

 

The Indus Valley civilization flourished around 2,500 B.C. in South Asia and civilizations are essentially defined among many things by its agriculture. India and Indians, with such an extensive agrarian ancestry, now has the distilled wisdom of thousands of years in the fine art of farming.


Essar Agrotech Limited (EATL) is a budding Indian company figuratively and literally. An off-shoot of the Essar Group of companies brings with it an experience of a Group that has been running profitable and stable businesses for over a quarter century. So now you know why we brand our produce Indus Fresh.

 

EATL was one among the pioneers in the Indian Floriculture business, when it began its foray into growing the

 

commercial production of Dutch variety of roses as far back as 1994. It has the potential to play a leading role in Indian floriculture transformation, thereby creating a niche for its products and services.


Today, it has grown up the slope and diversified into horticulture to grow exotic vegetables. Fresh produce that find their way from verdant local gardens to the Europe's outlandish kitchens.

 

Essar's farms at Lonavla spread over more than 20 lavish hectares of green. At an altitude (825 m above sea level) that is ideal for growing flowers and vegetables. Lonavla is about 90 kms from the port city of Mumbai, India's busiest business hub.


A generous mix of bounteous soil, plentiful water and salubrious climate makes Lonavla an ideal location for the cultivation of floriculture and horticulture products.

 

Exports

 

Subject produce reach various destinations in Europe, Asia & Pacific and Middle East within 24 hours of it leaving the hills of Lonavla.Well, they are looking at newer markets and newer customers who value our premium quality fresh produce. 

 

It trading goods include Kini and Apples.

 

Company Contact details:

 

Contact Person: Mrs. Vasudha Ruia, Director

Contact Nos.: 91-22-66601100

Fax Nos.: 91-22-24954490 

 

Contact Person   -  Mr. Kamlesh Karle, Chief Operating Officer

Contact Nos.: 91-22-66601100 

Fax Nos.: 91-22-24954490 

E-mail : kkkarle@essar.com  , kkkarle@vsnl.net 

                              

Contact Person    -  Mr. Ramesh Poojary, Manager - Marketing 

Contact Nos. : 91-22-66601100 

Fax Nos.: 91-22-24954490 

E-mail : rpoojary@essar.com 

 

 

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.41.01

UK Pound

1

Rs.81.74

Euro

1

Rs.55.04

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

YS

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

28

 

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

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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