MIRA
INFORM REPORT
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Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
CREEK INSULATION CHEMICALS PRIVATE LIMITED |
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Formerly Known as : |
GAUTAM CHEMICALS AND PLASTICS PRIVATE LIMITED |
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Registered Office : |
C-43, MIDC, T T C Industrial Area, Turbhe Off. Thane Belapur Road,
Thane-400613, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
11.03.1970 |
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Com. Reg. No.: |
11-14565 |
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CIN No.: [Company
Identification No.] |
U25200MH1970PTC01465 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10770E |
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PAN No.: [Permanent
Account No.] |
AAACC2177R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To set up and carry on the business of manufacturing, refining,
preparing, raising, acquiring, buying, selling, importing, exporting,
distributing and dealing in all or any kind or classes of organic and
inorganic chemicals and other by products, formulations, basic and
intermediate materials for the same, derivatives and compounds thereof and
chemicals and industrial and other preparations required in the manufacture
of plastics, leather, metal finishing and wood chemicals employed as
preservatives, colouring, pigmenting, treatment of agricultural and non
agricultural products. To set up and carry on the business of moulding, fabrication,
finishing, extrusion, assembling and re selling of plastic articles including
thermoplastics and thermosettings, fabrication of allied metallic, glass and
other accessories for the articles as well as their machines. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate and small company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having moderate track. Directors
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported as slow but
correct. The company can be considered for small business dealings at usual
trade terms and conditions with slight caution, initially. |
LOCATIONS
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Registered Office : |
C-43, MIDC, T T C Industrial Area, Turbhe Off. Thane Belapur Road,
Thane-400613, Maharashtra, India |
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Tel. No.: |
91-22-27684033/ 27613439 |
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Fax No.: |
91-22-27613439 |
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E-Mail : |
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Corporate and Correspondence Office : |
113-115, Turf Estate, 3/65, Off Dr. E. Moses Road, Mahalaxmi,
Mumbai-400011, India |
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Tel. No.: |
91-22-24946100/ 24949984/ 24949987 |
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Fax No.: |
91-22-24946101 |
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E-Mail : |
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Factory 1 : |
114, Turf Estate, 3/65, Off Dr. E. Moses Road, Mahalaxmi, Mumbai,
Maharashtra |
DIRECTORS
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Name : |
Mr. Jairam Tejumal Hemrajani |
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Designation : |
Director |
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Address : |
203A, Sky Scraper, 74, Darden Road, Mumbai-400026, Maharashtra |
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Date of Birth/Age : |
29.08.1929 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mrs. Madhu Vikram Utamsingh |
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Designation : |
Director |
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Address : |
26, Sonmare, 67B, Napean Sea Road, Mumbai-400006, Maharashtra |
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Date of Birth/Age : |
30.10.1966 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mrs. Savita Jairam Hemrajani |
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Designation : |
Director |
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Address : |
203A, Sky Scraper, 74, Darden Road, Mumbai-400026, Maharashtra |
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Date of Birth/Age : |
24.05.1937 |
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Date of Appointment : |
16.08.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Jashan Textile Mills Limited |
6999 |
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Mrs. Madhu Vikram Utamsingh |
1 |
BUSINESS DETAILS
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Line of Business : |
To set up and carry on the business of manufacturing, refining, preparing,
raising, acquiring, buying, selling, importing, exporting, distributing and
dealing in all or any kind or classes of organic and inorganic chemicals and
other by products, formulations, basic and intermediate materials for the
same, derivatives and compounds thereof and chemicals and industrial and
other preparations required in the manufacture of plastics, leather, metal
finishing and wood chemicals employed as preservatives, colouring,
pigmenting, treatment of agricultural and non agricultural products. To set up and carry on the business of moulding, fabrication,
finishing, extrusion, assembling and re selling of plastic articles including
thermoplastics and thermosettings, fabrication of allied metallic, glass and
other accessories for the articles as well as their machines. |
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Products : |
Bulk Drugs
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GENERAL
INFORMATION
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Bankers : |
Bank of India, Worli Naka Branch, Mumbai-400018 The Maharashtra State Financial Corporation, New Excelaior Building, 7th, 8th and 9th Floor, Amrit Keshav Nayak Marg, Fort, Mumbai-400001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A K. Bohra & Company Chartered Accountant |
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Address : |
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000 |
Equity Shares |
Rs.10/- each |
Rs.0.700
millions |
LOCAL AGENCY
FURTHER INFORMATION
The situation of registered office of the companyh was changed
From :
114, Turf Estate, 3/65, Off Dr. E. Moses Road, Mahalaxmi, Mumbai,
Maharashtra
To :
C-43, MIDC, T T C Industrial Area, Turbhe Off. Thane Belapur Road,
Thane-400613, Maharashtra, India
With effect from 01.07.2005.
Form 8 Particular for creation or modification of charges
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Name of the company |
GAUTAM CHEMICALS
AND PLASTICS PRIVATE LIMITED |
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Presented By |
Gautam Chemicals And Plastics Private Limited |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of tangible movable property dated 18.10.1975 for Rs.0.075 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.075 millions |
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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 |
All tangible movable assets of the company including in particulars, all stocks of raw materials such as calcium chloride, sodium silicate, Lime Asbestos, Raw (Imported), Aluminium, Asbestos, Fluff (Indian), Plaster of paris, Oil and any other insulating material and finished goods sucj as Calcium Silicate performed and powder insulations etc., and goods in process etc., wheresoever situate and/or in transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of assets described in column 3 and such assets of the nature mentioned in column 3 as are or may at any time be in the possession or power of the company to secure a demand cash credit of Rs.0.075 millions carrying interest at 3.5% over bank rate minimum 12% per annum to the company by the Bank from time to time, with power to the bank to seize and realize Margin 25% of the cost price or market
price whichever is lower for Raw Materials and Finished No advance against goods in process. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Worli Naka Branch, Mumbai-400018 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
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Name of the company |
GAUTAM CHEMICALS
AND PLASTICS PRIVATE LIMITED |
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Presented By |
Gautam Chemicals And Plastics Private Limited |
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1) Date and description of instrument creating the change |
Letter o hypothecation dated 23.02.1976 executed by the company in favour of the Maharashtra State Financial Corporation. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.420 millions |
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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 |
Hypothecation of the company’s all tangible movable property plant fixed or otherwise machinery fixtures, fittings, electronic and other installation and all other articles fixed and lying on the premises situated at Plot of land bearing No.C-43 in Trans Thana Creek Industrial Area of the Village limits of Pawane Taluka, Registration Sub district and District Thana or in the godowns of company or in the custody of any persons who are Mercantile Agents of the company or in the course of transit including all movable assets or be lying in or upon the said premises of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Inconsideration for the aforesaid loan the company has created first charge of the company’s property (short particulars whereof are stated in the preceding column 3), in favour of the Maharashtra State Financial Corporation Rs.0.278 millions paid upon execution of the letter of hypothecation dated 23.02.1976. The total amount of Rs.0.420 millions to be repaid by the company in seventeen held yearly installments ending on 23.02.1986. The loan to carry interest at 14.5 % per annum from 23.02.1976 payable half yearly on the 15th December and 15th June in each year with a provision for rebate of 2% for prompt payment of interest to be made on 15.06.1976. The company to maintain a minimum margin of 4% between the market value of the mortgaged premises and the amount of outstanding loans. |
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5) Name and Address and description of the person entitled to the charge. |
The Maharashtra State Financial Corporation New Excelaior Building, 7th, 8th and 9th Floor, Amrit Keshav Nayak Marg, Fort, Mumbai-400001 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.31 |
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UK Pound |
1 |
Rs.86.96 |
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Euro |
1 |
Rs.58.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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30 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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