MIRA INFORM REPORT

 

Report Date :

29.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SAKAR FERRO ALLOYS PRIVATE LIMITED

 

 

Registered Office :

H 10, Madhavpura Market, Shahibaug Road, Ahmedabad-380004, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

19.07.1996

 

 

Com. Reg. No.:

04-30244

 

 

Capital Investment / Paid-up Capital :

Rs.12.450 Millions

 

 

CIN No.:

[Company Identification No.]

U27100GJ1996PTC030244

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMS08728G / AHMS06283E

 

 

PAN No.:

[Permanent Account No.]

AADS3756P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Aluminium Ingots, Notch Bars, Shots, Zinc Ingots, Aluminium Alloys.

 

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 370000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealing at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

LOCATIONS

 

Registered Office / Administrative Office and Marketing Office 1 :

H/10, Madhavpura Market, Shahibaug Road, Ahmedabad-380 004, Gujarat , India

Tel. No.:

91-79-25622281/25624681

Mobile No.:

91-9898554414 (Mr. Jatin M. Shah)

Fax No.:

91-79-25620620

E-Mail :

info@sakarferro.com / arfinad1@sancharnet.in

Website :

http://www.sakarferro.com

Area :

1500 sq. ft.

Location :

Owned

 

 

Works / Factory / Ies 1 :

140-141, Santej – Vadsar Road, Taluka – Kalol, District – Ghandhinagar – 382721, Gujarat, India

 

 

Works / Factory / Ies 1 / Administrative Office and Marketing Office 2:

243, 10th Ward, Ghandhi Chowk, Hospet, Karnataka, India

 

 

Administrative Office and Marketing Office 3 :

Yadav Compound, Near Railway Flyover, Sector-25, Faridabad, Haryana, India

 

 

Administrative Office and Marketing Office 4 :

Gate No.1234, A/P Sanswadi, Taluka – Shirur, District – Pune, Maharashtra

 

 

DIRECTORS

As on 15.09.2010

 

Name :

Mr. Jatin Mahendra Shah

Designation :

Director

Address :

Khanswala’s Bunglow, Nr. Post Office, Dharam Nagar, Sabarmati, Ahmedabad- 380 005, Gujarat, India

Date of Birth/Age :

09.12.1983

Date of Appointment :

10.01.2002

DIN No.:

00182683

 

 

Name :

Mr. Rameshkumar Rikhavchand Shah

Designation :

Director

Address :

Khanswala’s Bunglow, Nr. Post Office, Dharam Nagar, Sabarmati, Ahmedabad- 380 005, Gujarat, India

Date of Birth/Age :

23.05.1965

Date of Appointment :

25.09.2009

DIN No.:

00182764

 

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2010

 

Names of Shareholders

 

No. of Shares

Vimala Rameshkumar shah

 

55200

Jatin Mahendrakumar Shah

 

40700

Rashmi  Deepakkumar Shah

 

45100

Arfin India Limited, India

 

357000

Arfin Capital Limited, India

 

115000

Pushpa Mahendrakumar Shah

 

35000

Rohan Rameshkumar shah

 

5000

Rani Jatin Shah

 

17000

Shobha Dilip Daga

 

15000

Dilip Daga

 

7500

Dilip Daga as Karta of Dilip Daga (HUF)

 

7500

Ghewarchand Basiram Nahta

 

5000

Sureshbhai Ghewarchand Nahta

 

10000

Jawerilal Ghewarchand Nahta

 

25000

Sushilaben Parasamal Nahta

 

10000

Seemaben Deepchand Shah

 

95000

Khushoo Mahendrabhai Shah

 

25000

Hardik Rameshbhai Shah

 

135000

Pooja Mahendrabhai Shah

 

110000

Rohan Rameshbhai Shah

 

30000

Manjuben Madanlal Bafna

 

75000

Mayank Madanlal Bafna

 

25000

 

 

 

Total

 

1245000

 

List of Allotees :

As on 31.03.2011

 

List of Allotees

 

No. of Shares allotted

Mahendrabhai R. Shah

 

29590

Rameshbhai R. Shah

 

36000

Jatin m. Shah

 

25790

Rohan R. Shah

 

4000

Vimlaben Rameshkumar Shah

 

34500

Pushpa Mahendrakumar Shah

 

20120

 

 

 

Total

 

150000

 

 

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2010

 

Category

Percentage

Bodies corporate

37.91

Directors or relatives of Directors

47.63

Other top fifty shareholders

14.46

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Aluminium Ingots, Notch Bars, Shots, Zinc Ingots, Aluminium

 

 

GENERAL INFORMATION

 

Customers :
  • JSW Limited
  • Essar Steel Limited
  • Natsteel, Singapore
  • Hindustan Aeronautics Limited
  • TISCO Limited
  • Viswesaria Iron and Steel Limited
  • Shah Alloys Limited.

 

 

Bankers :
  • Axis Bank, Credit Management Center, 2nd Floor, 3rd Eye One, Near Panchavati Crossing, C.G. Road, Ahmedabad -* 380009, Gujarat, India

 

  • Punjab National Bank

 

  • Vijaya Bank, Ahmedabad

 

  • State Bank of Mysore, Ahmedabad

 

  • State Bank of India, Overseas Branch,Ahmedabad

 

  • State Bank of India, MID Corporate Branch, Aodiac Avenue, Opposite Commissioner’s Bunglows, Law Garden, Ahmedabad – 380006, Gujarat, India

 

  • HDFC Bank Limited

 

  • Standard Charted Bank

 

 

Financial Institution :
  • Citi Corporation Finance India Limited

 

  • Reliance Capital Limited

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Axis Bank – Term Loan (Against Plant and Machineries)

24.947

0.000

Axis Bank – Buyers Credit

35.115

0.000

Cash Credit Limit from State Bank of India- Overseas |Branch- Ahmedabad

(Against Hypothecation of stocks, and book debts, and personal guarantees of directors)

0.000

15.780

Cash Credit Limit from Axis Bank – Ahmedabad

62.647

0.000

Citi Corporation Finance (I) limited

( Against Hypothecation of truck)

0.785

1.421

Citi Corporation Finance (I) limited

(Against Hypothecation of truck- body)

0.060

0.280

HDFC Bank Limited

(Against Hypothecation of car)

2.867

0.262

HDFC Bank Limited

 (Car Loan –Civic)

0.380

0.727

Reliance Capital Limited

0.103

0.165

Working Capital Loan (wcdl) (Axis Bank)

44.900

0.000

 

 

 

Total

171.804

18.635

Unsecured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

From Directors / members/ their and Relatives

- Rani J Shah

4.000

4.000

From Companies

3.979

5.199

From Bank

- City Bank

0.833

1.294

 

 

 

Total

8.812

10.493

 

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Nalin K. Thakkar and Company

Chartered Accountants

Address :

602, Samudra Annexe, Opposite C. G. Road, Near Hotel Classic Gold, Navarangpura, Ahmedabad-380006, Gujarat, India

Tel. No.:

91-079-26568526

Mobile No.:

91-9825047487

Fax No.:

91-79-28568598

E-Mail :

nalinkth@yahoo.co.in

PAN.:

AAKPT0207G

 

CAPITAL STRUCTURE

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000

Equity Shares

Rs.10/- each

Rs.15.000 Millions

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1245000

Equity Shares

Rs.10/- each

Rs.12.450 Millions

 

After 15.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000

Equity Shares

Rs.10/- each

Rs.15.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1395000

Equity Shares

Rs.10/- each

Rs.13.950 Millions

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

12.450

11.950

7.950

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

80.970

69.102

31.777

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

93.420

81.052

39.727

LOAN FUNDS

 

 

 

1] Secured Loans

171.804

18.635

52.849

2] Unsecured Loans

8.812

10.493

3.060

TOTAL BORROWING

180.616

29.128

55.909

DEFERRED TAX LIABILITIES

2.624

1.541

1.083

 

 

 

 

TOTAL

276.660

111.721

96.719

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

67.878

22.881

20.583

Capital work-in-progress

0.000

4.168

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
127.587
62.955

56.864

 

Sundry Debtors
198.304
58.284

75.731

 

Cash & Bank Balances
30.006
10.061

9.489

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
15.470
18.746

17.709

Total Current Assets
371.367
150.046

159.793

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
67.596
12.881

79.887

 

Other Current Liabilities
85.361
51.699

0.393

 

Provisions
9.667
0.862

3.443

Total Current Liabilities
162.624
65.442

83.723

Net Current Assets
208.743
84.604

76.070

 

 

 

 

MISCELLANEOUS EXPENSES

0.039

0.068

0.066

 

 

 

 

TOTAL

276.660

111.721

96.719

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

 

Sales and Other Income

1023.610

791.427

722.983

 

 

TOTAL                                    

1023.610

791.427

722.983

 

 

 

 

 

 

TOTAL EXPENSES 

1012.912

789.282

715.089

 

 

 

 

 

 

PROFIT BEFORE TAX               

10.698

2.145

7.894

 

 

 

 

 

Less

TAX                                                                 

3.326

0.707

2.433

 

 

 

 

 

 

PROFIT AFTER TAX                            

7.372

1.438

5.461

 

 

 

 

 

Less

PRIOR PERIOD ADJUSTMENTS

0.004

0.113

0.081

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

11.551

10.227

4.848

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

18.920

11.552

10.228

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.92

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.72

 0.18

0.76

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.44

1.24

4.38

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.11

0.03

0.20

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.67

1.17

3.51

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.28

2.29

1.91

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONAL ACTIVITIES AND FINANCIAL ACHIEVEMENTS:


The directors of your Company glad to report that the total sales and other income of the Company have been increased substantially to Rs.1023.610 Millions as compared to the last year’s sales of Rs.791.427 Millions as the sales of the company has been increased, the Net profit after tax has also been increased to Rs.7.372 Millions in the current year as compared to last year’s profit of Rs.1.438 Millions. During the year under report the sales have witnessed growth of approximately 29 % and Net profit after tax appropriately five times, the directors will take much more efforts to increase the sales further and profitability of the Company also. Thus, overall performance of the company remained quiet satisfactory.

 

FUTURE OUTLOOK:

 

Your Company has established good reputation among the buyers in respect of its products.
The efforts taken by the management over a couple of years in developing a good market for
Company’s products such as Aluminum Ingots, shots, alloys, scrap etc. have started to reap its benefits.

 

FORM 8 :

 

This form is for

Modification of charge

Corporate identity number of the company

U27100GJ1996PTC030244

Name of the company

SAKAR FERRO ALLOYS PRIVATE LIMITED

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

H/10, Madhavpura Market, Shahibaug Road, Ahmedabad-380 004, Gujarat , India

Type of charge

Immovable Property

Book Debts

Movable Property (not being pledge)

Movable Plant and Machinery

Particular of charge holder

Axis Bank Limited, Credit Management Centre, 2nd Floor, 3rd Eye One, Near Panchavati Crossing, C. G. Road, Ahmedabad-380009, Gujarat, India

Email

nilesh.kumar@axisbank.com

Nature of description of the instrument creating or modifying the charge

Simple mortgage deed (without possession)

Date of instrument Creating the charge

03.06.2010

Amount secured by the charge

Rs.250.000 Millions

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

Rate of Interest

For CC and Term Loan: BPLR - 3.75% i.e. 11.00% p. a. (presently BPRL @ 14.75%)

For LC (Inland/Import): 65% of Bank's standard Schedule of Charges.

 

Terms of Repayment

Cash Credit Repayable on Demand and Term Loan is repayable in 53 monthly installments of Rs.0.463 millions each and last installment of Rs.0.464 millions. Repayment to commence tentatively from July 2010.

 

Margin

Cash Credit Limit : Stocks :25%, Book Debts(not older than 120 days) : 35%

Term Loan : 34.21%

LC (Inland/Foreign) : 15%

 

Extent and Operation of the charge

The Charge by way of Hypothecation on Current Assets , Movables and Plant and  Machinery and EM on immovable properties being non agriculture freehold land as prescribed in instrument of charge attached herewith extends to secure the aggregate credit facility of Rs.250.000 Millions together with interest, cost and charges etc.

 

Other

As per documents executed in favour of bank from time to time by borrower company.

Short particulars of the property charged

I)                     For working capital limits: Hypothecation of entire current assets of Co. (Both current and  Future)  Collateral: Extension of charge over Plant  and  Machinery (including other movable fixed assets) acquired out of term loan.

II)                   For Term Loan: First charge over Plant  and  Machinery (including other movable fixed assets) acquired out of term loan. Collateral: Extension of charge over entire current assets of the co. (Both current and  Future)

III)                  All tangible movable, machinery, plant and machinery, fixures, fittings other installation, cranes, furniture, computers and other accessories lying in premises or in godowns of borrower.

IV)                Hypothecation of all the stock in trade both present and future consisting of stock including raw material, stock in process, finished goods such as packing materials, consumable stores and spares etc.

V)                  All the present and future book-debts, outstanding monies, receivables claims bills, contracts, engagements and securities which are due and owing to borrower in present and  future.

Particulars of the present modification

There is o change in limit of Rs.250.000 Millions which was earlier secured by hypothecation of stocks, Book-debts, Movable Plant and Machinery and other movable assets etc. as per charge created on 11.12.2009 and registered by ROC on 18.01.2010 is now further secured by immovable property being non agriculture freehold land as prescribed in point 15 above more particularly described in instrument of charge attached herewith.

 

FIXED ASSETS :

 

  • Land
  • Building
  • Electrical Installation
  • Plant and Machinery
  • EPABX and Phone
  • AIR Conditioner
  • Furniture and Fixture
  • Scooters
  • Computer and Printers
  • Weighing Scale
  • Trucks
  • Loading Tempo
  • Telephone
  • Car – Verna
  • Forklift
  • Bikes
  • Lorry
  • Motorcar – Civic
  • Motorcar - BMW
  • Motorcar - Van

 

WEBSITE DETAILS  :

 

OVERVIEW  :

 

In the year 2001, the Arfin group made a leap of faith by setting up Sakar Ferro Alloys Private Limited
It marked the groups foray in the business of aluminium recycling. The group set out
with an ambition to become a dominant player in this field, and it achieved the same. Since
then it has forayed into the business of Ferro Alloys. Today, Sakar Ferro Alloys is peerless in
the businesses of Aluminium recycling and ferro alloys production.

Over the years Sakar has been able to maintain its dominant position due to its USP. Its Key
Success  Factors (Ksf) are :

 

  • Strong commitment to the recycling industry.
  • Offering value added services at the clientele.
  • 95°/o lead time in scheduled delivery and quality.
  • Quality performance across mulitple horizontals and verticals.

 

SAKAR’S GROWTH MANTRA :

 

  • Elevate Sakar as a globally renowned brand in Ferro Alloys by being innovative and
    striving for excellence in all operations.
  • Define a quality management system with laid down procedures and records,
    monitor the same periodically for its effectiveness.

 

AFFILIATIONS:

 

Sakar Ferro Alloys is registered with the Aluminium Association of lnçtia, one of the
Indian aluminium industry’s leading associations.

 

FINANCIAL PERFORMANCE:

 

  • Over the years Sakar has achieved unprecedented financial performance From
    Rs.400.000 Millions in 2005-06 to Rs.1700.000 Millions 2007-08, the Arfiri Group is expected to
    achieve a turnover of  Rs.2500.000 Millions in 2008-09.
  • The group estimates its turnover to reach Rs.5000.000 Millions INR in 2010-11 after all its
    expansion plans are furnished.

 

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.46.05

UK Pound

1

Rs.75.20

Euro

1

Rs.66.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

-

NB

                                       New Business

-

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.