MIRA INFORM REPORT

 

 

Report Date :

23.04.2007

 

IDENTIFICATION DETAILS

 

Name :

CHEMETALL-RAI INDIA LIMITED

 

 

Registered Office :

Nirlon House, 254-B, Dr. A. B. Road, Worli, Mumbai-400025, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

22.10.1964

 

 

Com. Reg. No.:

11-13040

 

 

CIN No.:

[Company Identification No.]

U28920MH1964PLC013040

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC11488B

 

 

PAN No.:

[Permanent Account No.]

AAACP2287P

 

 

Legal Form :

A closely held public limited liability company.

 

 

Line of Business :

Manufacturing of Pyrene Products, Bonderizing and Pakerizing Processes and Metal Furnishing.

 

 

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 500000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments. The company is doing well. It can be considered normal for business dealings at usual trade terms and conditions.

 

The company can be regarded as a promising business partner in a medium to long-run.

 

 

LOCATIONS

 

Registered Office :

Nirlon House, 254-B, Dr. A. B. Road, Worli, Mumbai-400025, Maharashtra

Tel. No.:

91-22-24934586 / 24924700 / 24924743

Fax No.:

91-22-24931878

E-Mail :

savio.fernandes@chemertll-rai.co.in

asis.ray@chemetall-rai.co.in

Website :

http://www.chemrall-rai.co.in

 

 

Head Office :

Gat No.569, Pune-Nagar Road, Village Koregaon Bhima, Taluka-Shirur, Pune-412 207

Tel. No.:

91-20-56164751 to 54

Fax No.:

91-2137 – 253128

 

 

Factory 1 :

Plot No. 6/1. MIDC Industrial Area, Kalyan Bhiwandi Road, Saravali Village, District Thane, Kalyan – 421 311, Maharashtra, India.

 

 

Branches :

Bangalore, Kolkata, Chennai, New Delhi, Murnbai, & Pune

 

 

Factories and Technical center:

Kalyan and Koregaon Bhima, Pune

 

 

DIRECTORS

 

Name :

Mr. Ram Nath

Designation :

Director

Address :

53 Gulestan, Carmichael Road, Mumbai;400026, Maharashtra

Date of Birth/Age :

01.05.1928

Date of Appointment :

23.10.1964

 

 

Name :

Mr. Charanjit Rai

Designation :

Director

Address :

Mewar, 40 A Peddar Road, Mumbai;400026, Maharashtra

Date of Birth/Age :

01.02.1956

Date of Appointment :

14.06.1975

 

 

Name :

Mr. Basidhar Sunderlal Metha

Designation :

Director

Address :

37 Maheshwari, Mansion, Jagmohandas Marg, Mumbai;400006, Maharashtra

Date of Birth/Age :

19.09.1935

Date of Appointment :

26.11.2003

 

 

Name :

Mr. Joachim Erjet Horher

Designation :

Director

Address :

Ander Nachtwei, De 26 00 433, Frankfurt, Germany

Date of Birth/Age :

13.10.1943

Date of Appointment :

30.10.1995

 

 

Name :

Mr. Aliff Sultan Fazel Bhoy

Designation :

Director

Address :

63 Mori road, Mahim Mumbai;400016, Maharashtra

Date of Birth/Age :

19.06.1965

Date of Appointment :

12.07.2002

 

 

Name :

Mr. Kurt George Wenzel

Designation :

Director

Address :

Ludwing Scrafer Weg 16 65 779, Kelarheim, Germany

Date of Birth/Age :

17.10.1949

Date of Appointment :

11.04.2002

 

 

Name :

Mr. Olson Robert Bruce

Designation :

Director

Address :

Laurentiuss Trase 1451465 Bergisctglad, gladbach Bach, Germany

Date of Birth/Age :

09.03.1952

Date of Appointment :

23.11.2004

 

 

Directorship in other companies :

 

CIN of company:

L99999GJ1975PLC002859

Name of the company:

Atul Limited

Designation:

Director

 

 

CIN of company:

U31300MH1946PTC005017

Name of the company:

Bhara Bijlee Limited

Designation:

Director

 

 

CIN of company:

L2430WB1965PLC026670

Name of the company:

Century Enka Limited

Designation:

Director

 

 

CIN of company:

L25100MH1958PLC011041

Name of the company:

Ceat Limited

Designation:

Director

 

 

CIN of company:

L70100MH1977PLC019916

Name of the company:

Housing Development Finance Corporation Limited

Designation:

Director

 

 

CIN of company:

L24119PN1951PLC008409

Name of the company:

Sudarshan Chemiclas Industries Limited

Designation:

Director

 

 

CIN of company:

L24100MH1986PLC039837

Name of the company:

Viny Chemicals (India) Limited

Designation:

Director

 

 

CIN of company:

U99999MH1986PTC040298

Name of the company:

SBI Capital Markets Private Limited

Designation:

Director

 

 

CIN of company:

U19119TN1984PTC010806

Name of the company:

Seema Leathers Private Limited

Designation:

Directors

 

 

CIN of company:

L24390MH1976PLC019380

Name of the company:

J B Chemicals and Pharmaceuticals Limited

Designation:

Director

 

 

CIN of company:

U74200MH1977PTC020041

Name of the company:

UHDE India Limited

Designation:

Director

 

 

CIN of company:

L24100MH1969PLC014336

Name of the company:

Pidilite Industries Limited

Designation:

Director

 

 

CIN of company:

U72100KA1993PTC014226

Name of the company:

Sasken Communication Technologies Limited

Designation:

Director

 

 

CIN of company:

L65999MH1986PLC147981

Name of the company:

IL and FS Investment Managers Limited

Designation:

Director

 

 

CIN of company:

U28931RJ1984PLC002890

Name of the company:

Gilliette India Limited

Designation:

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. V. Gandikota

Designation :

Chief Executive

Date of Birth/Age :

57 years

Qualification :

B. Sc., PGDM, IIMC

Experience :

36 years

Date of Appointment :

1st October, 1985

Previous Employment :

Berger Paints India Limited

 

 

Name :

Mr. N. R. Arur

Designation :

General Manager (Finance)

Date of Birth/Age :

54 years

Qualification :

B.Sc., PGDM, IIMC

Experience :

32 years

Date of Appointment :

6th December, 1988

Previous Employment :

Orient Longman Limited

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Pyrene Products, Bonderizing and Pakerizing Processes and Metal Furnishing.

 

 

Products :

Boron Amorphous

Calcium Hydride

Magnesium Metal Powder

Thallium Lodide Granules

Thallium Lodide

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Actual Production

Powder Chemicals

MT

 

870

1156

Liquid Chemicals

KL

 

7620

1792

Liquid Chemicals

MT

 

--

2738

Powder / Liquid Chemicals

NOS

 

--

19832

 

 

GENERAL INFORMATION

 

No. of Employees :

300

 

 

Bankers :

Canara Bank, Sir P. M. Road, Mumbai – 400 001, India

 

HDFC Bank Limited

Bhandarkar Road Branch, Pune-411 004

 

 

Facilities :

Secured loans

31.03.2005

(Figures Rs. in millions)

Working Capital Facilities from bank, secured by hypothecation of raw materials, finished and semi finished goods, stores and spares, packing materials and book debts present as well as future, and against a collateral security of plant and machinery

752

 

 

Loan from Bank secured by way of hypothecation of certain specified assets

--

 

 

Hypothecation of certain specified assets

2.908

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

G. Shankar

Chartered Accountant

Address :

A.F.Fergusn and compny

Allabad Bank Buildings, Bombay Samachar Marg, Mumbai;400023, Maharashtra, India

 

 

Associates/Subsidiaries :

Associates:

Duro Metochem Private Limited

 

Subsidiaries:

Indrox Chemicals Limited

Pyrox Speciality Chemicals Limited

 

 

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

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

7.350

7.350

7.350

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

118.491

100.902

94.660

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

125.841

108.252

102.010

LOAN FUNDS

 

 

 

1] Secured Loans

32.268

25.660

23.161

2] Unsecured Loans

6.000

5.000

3.500

TOTAL BORROWING

38.268

30.660

26.661

DEFERRED TAX LIABILITIES

2.700

2.500

3.400

 

 

 

 

TOTAL

166.809

141.412

132.071

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

59.050

52.928

51.663

Capital work-in-progress

5.646

2.955

1.641

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
44.381

31.398

25.776

 

Sundry Debtors
122.390

95.288

83.288

 

Cash & Bank Balances
3.757

1.656

3.731

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
19.319

17.796

13.277

Total Current Assets
189.847

146.138

126.072

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
75.842

49.825

43.902

 

Provisions
11.892

10.784

3.687

Total Current Liabilities
87.734

60.609

47.589

Net Current Assets
102.113

85.529

78.483

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.284

 

 

 

 

TOTAL

166.809

141.412

132.071

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

379.690

316.001

300.634

Other Income

15.780

12.192

 

Total Income

395.470

328.193

300.634

 

 

 

 

Profit/(Loss) Before Tax

38.837

16.075

32.276

Provision for Taxation

15.800

5.100

12.641

Profit/(Loss) After Tax

23.037

10.975

19.635

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Other Earnings

0.000

0.000

23.625

Total Earnings

0.000

0.000

23.625

 

 

 

 

Imports :

 

 

 

 

Others

0.000

0.000

15.326

Total Imports

0.000

0.000

15.326

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

225.987

195.208

0.000

 

Purchases made for re-sale

3.941

3.212

0.000

 

Consumption of stores and spares parts

0.000

0.000

0.000

 

Increase/(Decrease) in Finished Goods

0.000

0.000

0.000

 

Salaries, Wages, Bonus, etc.

48.780

41.914

0.000

 

Managerial Remuneration

0.000

0.000

0.000

 

Payment to Auditors

0.350

0.322

0.000

 

Interest

2.480

2.782

0.000

 

Insurance Expenses

1.714

1.030

0.000

 

Power & Fuel

1.716

1.772

0.000

 

Depreciation & Amortization

4.516

3.796

0.000

 

Other Expenditure

67.149

62.082

268.358

Total Expenditure

356.633

312.118

268.358

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
5.87

3.34

6.53

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
10.22

5.08

10.74

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
15.60

8.07

18.16

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.30

0.14

0.32

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.69

0.55

0.73

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.16

2.41

2.65

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Name of the company

Chemetall-Rai India Limited

Presented By

HDFC Bank Limited and Chemetall-Rai India Limited

1) Date and description of instrument creating the change

Dated: 18th January 2005

Letter of Hypothecation of Stocks, Book debts and Machinery

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

Rs.12.500 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

  • All the stock in trade both present and future consisting of raw materials, Finished goods, goods in process of manufacturing and traded goods and other merchandise whatsoever being movable properties now or at any time hereafter belonging to company or at its disposal and how or at any time and from time to time hereafter stored or to be stored or brought into or upon or in course of transit to company’s factory or premises or at any other place whatsoever and whosesoever in possession or occupation of the company or at any other premises or place.
  • All the book Debts, outstanding monies receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security becomes due and owing to the company in the courses of its business by any person, firm, company, or body corporate or by the government department or office or any Municipal or Local or Public or semi Government Body or authority or any body corporate or undertaking or project whatever in the Public Sector
  • All the movable Plant and Machinery both present and future as per list attatched to the Agreement, being movable properties, now stored at or being stored or which may hereafter be brought into or stored at or at present installed at locations set out in Schedule A to the Agreement and also the Plant and Machinery, Which may at any time hereafter belonging to company or at it’s disposal and now or at any time and form time to time hereafter stored or be stored or brought into or upon orin course or transit or awaiting transit by any mode of transport to Company’s factory or premises or at any other place whatsoever and wheresoever in possession or occupation or at any othr premises or place.

4) Gist of the terms and conditions and extent and operation of the charge.
  • The Goods, debts ad machinery stated above shall hypothecated by way of first charge to secured as a continuing security for the due repayment by the company to the Company to he bank at any tiem on demand.
  • The company shall at all times during the continuance of this security maintain the said goods, debts and machinery of a sufficient quantity and value (as estimated by the Bank) so as to provide the margin of security as may from time to time be advises by the Bank to the company.

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

HDFC Bank Limited

Bhandarkar Road Branch, Pune-411 004

6) Date  and brief description of instrument modifying the charge

--

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.

--

 

 

 

This form is for

Modification of charge

Charge identification number of the charge to be modified

90240394

Corporate identity number of the company

U28920MH1964PLC013040

Name of the company

Chemetall –Rai India Limited

Address of the registered office or of the principal place of  business in India of the company

Nirlon House, 254-B, Dr. A. B. Road, Worli, Mumbai-400018,Maharashtra

Type of charge

Book Debts, Movable Property, Others

Particular of charge holder

Canara Bank

Fort (Main ) Branch,

Sir P.M. Road, Fort, Mumbai;400001, Maharashtra, India

 

suyashri@vsnl.com

Nature of description of the instrument creating or modifying the charge

Supplementary Common Hypothecation Agreement (SCHA)

Date of instrument Creating the charge

16.12.2006

Amount secured by the charge

Rs.50.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Interest: As Specified by Bank from time to time

 

Terms of repayment:

Repayment: As Specified by Bank from time to time

 

Margin:

As Specified by Bank from time to time

 

Extent and operation of the charge:

The security of stock, book debts, plant and machinery etc. given earlier extended for the enchanced limit of Rs.50.000 Millions

 

Other:

--

Short particulars of the property charged

Hypothecation of present and future stocks, book debts, spares, Packing Materials, Plant and Machinery etc.

Date of latest modification prior to the present modification

08.06.2005

Particulars of the present modification 

Now vide this modification the credit facility increased from Rs.37.500 Millions or Rs.50.000 Millions described in Annexure II to SCHA .further the security by way of hypothecation of stocks, book debts, plant and machinery, present and future given earlier and described in Annexure II to SCHA also extended for the enhanced limit.

 

History

 

Subject was incorporated on 22nd October, 1964 at Mumbai in Maharashtra as a Private Limited Company under the name and style of Pyrene-Rai Metal Treatment Private Limited. Later it was converted into a Public Limited Company and the name of the company was changed to the present w.e.f. 6th February, 1996.

 

The company’s fixed assets of important value include Leasehold Land, Freehold Land, Buildings, Plant and Machinery, Electrical Equipment, Installation and Accessories, Furniture, Fixture and Office Equipments, Motor Vehicles and Laboratory Equipments.

 

 

Company Operations

 

Coming off the back of a high growth year the growth rate has dropped although it continues to he higher

than that of the economy.

 

Due to a fire and consequent shut down in a major vendor's plant in India, the price of a major input almost doubled making a serious impact on the Company's margins during the year. This was worsened by an adverse supply demand position for the input in the international market as well. The prices have stabilized albeit at a higher level in the next financial year.

 

It has been decided to accept a one-time charge of Rs 3.007 Millions on account of provision for gratuity liability to employees in accordance with the applicable accounting standards.

 

The outlook for the coming year is positive.

 

The year under report (Year ended 31-3-05) has resulted in a net profit of Rs. 11.690 Millions after providing Rs. 3.798 Millions for Depreciation and Rs. 5.100 Millions for Taxation. This amount together with the Profit of Rs. 34.601 Millions brought forward from earlier years aggregating to Rs. 46.291 Millions is available for appropriation.

 

The Directors take note of the Auditors' comments regarding deposit of statutory dues The, Directors further state that the delays in deposit of statutory dues due to general destabilization consequent on shifting of the Company's Head Office Accounts from Worli to Nagar Road continued for 4 months into the financial year under report.

 

As on date, all undisputed statutory dues have been deposited. The Company had taken necessary measures to prevent recurrence of these incidents in the previous year itself. These have taken total effect and there are no delays after July 2004.

 

 

Trade terms with

 

 

 

The company is in technical collaboration with Chemetall GmbH, Germany.

 

The manufacturing consists of blending of raw materials in electrically operated blending vessels. The major raw materials consumed by the company includes Acids (including Phosphoric Acid and Other Acids), Chemicals, Zinc Oxide, Organic Additives, Resins, Dyes, Wetting Agents, Oils and Solvents.

 

The company has imported the technologies for the manufacture of chemicals for Printed Circuit Board Industry and Chemicals for Metal Finishing Industry.

 

 

 

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.41.29

UK Pound

1

Rs.82.30

Euro

1

Rs.56.20

 

 

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

 

54

 

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