MIRA
INFORM REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
ALLIANCE INSURANCE BROKERS PRIVATE LIMITED |
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Registered
Office : |
8TH Floor, Gold Crest, 10th Road, Juhu, Vile
Parle (W), Mumbai-400049, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.08.2003 |
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Com. Reg. No.: |
11-141621 |
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CIN No.: [Company Identification
No.] |
U67200MH2003PTC141621 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18953E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Insurance Broking. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 160000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company is
progressing well. Trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Jitendra Shah |
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Designation : |
Accounts Department |
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Date : |
16.02.2010 |
LOCATIONS
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Registered Office : |
8TH Floor, Gold Crest, 10th Road, Juhu, Vile
Parle (W), Mumbai-400049, Maharashtra, India |
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Tel. No.: |
91-22-67390900 |
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Fax No.: |
91-22-67390918 / 19 |
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E-Mail : |
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Branch Office : |
206, 21, Harmony Lane No.48, Opposite P.Y.C. Ground, Decan Gymkhana, Pune-411004,
Maharashtra, India |
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Tel. No.: |
91-20-66202665 / 66202373 |
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Fax No.: |
91-20-66202665 |
DIRECTORS
As On : 20.09.2010
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Name : |
Mr. Shashikant Vanmalidas Thakkar |
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Designation : |
Director |
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Address : |
Damodar Bhuvan, Vallabh Bhai Road, Vile Parle (west), Mumbai 400 056,
Maharashtra, India |
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Date of Birth/Age : |
25.12.1949 |
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Date of Appointment : |
06.08.2003 |
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DIN No : |
00895662 |
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Name : |
Mr. Aatur Shashikant Thakkar |
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Designation : |
Director |
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Address : |
Damodar Bhuvan, Vallabh Bhai Road, Vile Parle (west), Mumbai 400 056,
Maharashtra, India |
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Date of Birth/Age : |
03.05.1981 |
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Date of Appointment : |
10.12.2004 |
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DIN No : |
00895686 |
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Name : |
Mr. Omprakash Tilokchand Ghurka |
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Designation : |
Director |
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Address : |
D - 602, 6th Floor, Eternity, Kanakia Spaces, Teen Hath
Naka, Naupada, Thane (west), Mumbai -400 602, Maharashtra, India |
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Date of Birth/Age : |
02.10.1949 |
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Date of Appointment : |
10.12.2004 |
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DIN No : |
02055651 |
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Name : |
Mr. Tapas Bhibhu Bhusan Nandi |
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Designation : |
Director |
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Address : |
Flat No. 1402, Serenity Complex, Block B2, City International School, Behind
Oshiwara Police Station, Mumbai – 400102, Maharashtra, India |
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Date of Birth/Age : |
28.04.1954 |
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Date of Appointment : |
20.07.2009 |
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DIN No : |
02740491 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Shashikant V. Thakkar |
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350000 |
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Ms. Bina Desai |
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6250 |
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Mrs. Nayna S. Thakkar |
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175000 |
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Mrs. Muktaben V. Thakkar |
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112500 |
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Mr. Dipak Desai |
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6250 |
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Mr. Shashikant Thakkar jointly with Mrs. Nayna Thakkar |
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1512500 |
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Mr. Aatur Thakkar jointly with Mr. Shashikant Thakkar |
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156250 |
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Mrs. Nayna S Thakkar jointly with Mr. Shashikant V. Thakkar |
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181250 |
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Total |
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2500000 |
AS ON 20.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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99.50 |
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Other top fifty shareholders |
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0.50 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Insurance Broking. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Corporate |
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No. of Employees : |
50 (In Office) (Approximately) |
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Bankers : |
·
Bank of Baroda, Walkeshwar Branch, 59, Walkeshwar
Road, Opposite Shital Baug, Mumbai-400006, Maharashtra, India ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Hemant Panpalia and Company. Chartered Accountant |
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Address : |
1206/C, Ashok Towers, Dr. B. Ambedkar Marg, Parel, Mumbai-400012,
Maharashtra, India |
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Tel. No.: |
91-22-24102228 |
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E-Mail : |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000
millions |
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Notes :
(out of the above, 1500000 Equity Shares
issued as fully paid Bonus Shares by capitalization of Profits)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.000 |
25.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.818 |
4.054 |
14.207 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
40.818 |
29.054 |
19.207 |
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LOAN FUNDS |
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1] Secured Loans |
27.802 |
29.122 |
10.000 |
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2] Unsecured Loans |
0.600 |
0.600 |
6.000 |
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TOTAL BORROWING |
28.402 |
29.722 |
16.000 |
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DEFERRED TAX LIABILITIES |
0.744 |
0.000 |
0.006 |
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TOTAL |
69.964 |
58.776 |
35.213 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
52.066 |
13.131 |
13.109 |
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Capital work-in-progress |
0.000 |
36.844 |
14.346 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
0.024 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
12.890
|
2.272 |
3.009 |
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Other Current Assets |
19.422
|
12.756 |
9.789 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
32.312
|
15.028 |
12.798 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.178
|
0.148 |
1.522 |
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Other Current Liabilities |
0.000
|
0.068 |
0.017 |
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Provisions |
11.237
|
6.037 |
3.501 |
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Total
Current Liabilities |
14.415
|
6.253 |
5.040 |
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Net Current Assets |
17.897
|
8.775 |
7.758 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.964 |
58.776 |
35.213 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Brokerage |
60.119 |
27.596 |
18.448 |
|
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Interest Income |
NA |
0.437 |
0.966 |
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Miscellaneous Income |
NA |
0.037 |
0.004 |
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Consultancy Fees Received |
NA |
0.030 |
0.050 |
|
|
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Excess Provision of Income Tax |
NA |
0.000 |
0.111 |
|
|
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TOTAL |
NA |
28.100 |
19.579 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Sundry Balance Written Off |
|
0.000 |
0.008 |
|
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Audit Fees |
|
0.025 |
0.015 |
|
|
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Employees Remuneration |
|
11.495 |
7.720 |
|
|
|
Donation |
NA |
0.050 |
0.000 |
|
|
|
Legal and Professional Charges |
|
1.904 |
2.822 |
|
|
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Office Expenses |
|
1.573 |
1.206 |
|
|
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Administrative Expenses |
|
4.704 |
3.826 |
|
|
|
Preliminary Expenses w/off |
|
0.000 |
0.029 |
|
|
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TOTAL |
NA |
19.751 |
15.626 |
|
|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
8.349 |
3.953 |
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|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
0.788 |
0.380 |
|
|
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|
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|
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PROFIT BEFORE
TAX |
24.050 |
7.561 |
3.573 |
|
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|
|
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|
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Less |
TAX |
8.342 |
2.506 |
1.236 |
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|
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|
|
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PROFIT AFTER TAX |
15.708 |
5.055 |
2.337 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.110 |
10.055 |
7.719 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
30.818 |
15.110 |
10.055 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.28 |
2.02 |
4.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
17.99 |
11.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.50
|
26.83 |
13.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.26 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
1.24 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.40 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from Office No.205, 2nd Floor,
Vireshwar Chambers Shan Cinema, Compound, M G Road, Vile Parle (E),
Mumbai-400057, Maharashtra, India to the present address w.e.f.28.09.2009
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
3.178 |
0.148 |
1.522 |
|
Total |
3.178 |
0.148 |
1.522 |
FORM 8
|
Corporate
identity number of the company |
U67200MH2003PTC141621 |
|
Name of the
company |
ALLIANCE
INSURANCE BROKERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
8th Floor,
Gold Crest, 10th Road, Juhu, Vile Parle (West), Mumbai-400049, Maharashtra,
India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Any interest in immovable property Book debts |
|
Particular of
charge holder |
Bank of Baroda, Walkeshwar Branch, 59, Walkeshwar Road, Opposite
Shital Baug, Mumbai-400006, Maharashtra, India |
|
Nature of
instrument creating charge |
Instrument
of Hypothecation of Book-Debts. |
|
Date of
instrument Creating the charge |
02.12.2010 |
|
Amount secured by
the charge |
Rs.57.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest
at the rate of Base Rate + 3.25% per annum with monthly rests. Terms of
repayment On Demand Extent and
operation of the charge The
charge is modified as First Charge basis to secure the due repayment,
discharge and redemption by the Company to the Bank under the Bank of Baroda
Overdraft against Land and Building facility of Rs.25.000 millions (Fresh)
and Term Loan of Rs.32.000 millions, aggregating to Rs.57.000 millions
together with interest, additional interest, further interest by way of
liquidated damages, penal interest, interest tax, commission, costs, charges
and expenses and other moneys payable by the Company to the Bank. |
|
Short particulars
of the property charged (Including location of the property) |
1)
Office No.801 admeasuring 2015 sq.
ft. of built up area situated on the 8th Floor of the building constructed on
the plot of land bearing Plot No.3,Sub-Plot No.12, CTS No.196(pt) situate at
Guru Nanak Road, (North South Road No.10), J.V.P.D. Scheme, Vile Parle
(West), Mumbai - 400 049. 2)
Office No.205 situated on the 2nd floor
of the building known as Vireshwar Chambers of Vireshwar Chambers Cooperative
Premises Society Limited constructed on the piece and parcel of land bearing
Plot Nos. 23, 24, 25 and 26 of Private Paranjpe Scheme "A", C.T.S.
No.579, 579/1 to 579/3 situate at M. G. Road, Next to Shaan Talkies, Vile
Parle (East), Mumbai - 400 057. 3)
By way of First Charge the book debts
in respect of supplies made to various Govt. Departments or limited companies
etc. as evidenced by supply bills/receipted challans /receipted invoices
deposited with the bank from time to time and all the book-debts now owing to
the Borrower and also the book debts which may at any time during the
continuance of this security become owing to the Borrower in the course of
its business by any person, firm, company or body corporate, or by the Govt.
Central/State or Indian Railway or any Government Department or Office or any
Municipal or local or public or Semi-Government body or authority or anybody
corporate or undertaking or project whatever in the public sector. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
Yes Office No.205 belongs to Mr. Shashikant Vanmalidas and Mrs. Nayna Shashikant
Thakkar. |
|
Charge
identification number of the charge to be modified |
10154255 |
|
Date of
instrument modifying the charge |
15.11.2010 |
|
Particulars of
the present modification |
The charge
is now modified to record the additional security by way of First Charge over
the book debts in respect of supplies made to various Government Departments
or limited companies etc. as evidenced by supply bills/receipted challans
/receipted invoices deposited with the bank from time to time etc. to secure
only the Baroda Overdraft facility of
Rs.25.000 millions against Land and Building. The total charge is remain
unchanged at Rs. 57.000 millions |
FIXED ASSETS
·
Office Premises
·
Residential Premises
·
Office Equipments
·
Furniture and Fixtures
·
Motor Vehicles
·
Computers
WEB SIDE DETAILS
PROFILE
Alliance Insurance Brokers is one of the leading
insurance service providers dedicated to assist you to have an adequate insurance
protection for the exposure to risk.
They are one of the fastest growing broking houses
in India providing a one-stop solution for a wide range of services like Best
Tailor Made Insurance Solutions, Claims Management, Insurance Audit and Renewal
Reviews. Capitalizing on the expertise that we possess, they ensure a flexible
and an innovative way of doing business with their clients promising them
absolute fulfillment. They always look forward to welcome their clients and
endeavour to build an everlasting and a growing relationship with them. They
seek to provide the peace of mind for their clients through high quality
insurance products, backed with exceptional service.
Alliance was founded in 2003 by Mr. S. V. Thakkar,
who is a veteran in the insurance industry having vast experience of over three
decades. Having such a strong background in the field of insurance and with a
vision in his mind, he established Alliance Insurance Brokers Private Limited,
catering to life and non-life sector.
Alliance is built on the foundation of building
strong and ever-growing relationships with various business entities and
establishing a trustworthy brand name for itself. Alliance focuses on
de-risking the unknown and unforeseen risks faced by their clients and adding
value to all its stakeholders.
Today, Alliance is managed by a strong management,
with a blend of youth and experience, which is extremely futuristic in their
approach and ensures delivery of real-time services. Alliance follows a sector
specific approach by having dedicated teams catering to different sectors.
Their main focus is on various lines of business like Aviation and Aerospace,
Banks and Financial Institutions, Channels and Content Exhibition, Construction
and Infrastructure, Leisure, Manufacturing and Services, Media and
Entertainment, Power and Energy, and Sports and Events.
Having been in these specialized markets for over
seven years, Alliance has carved out a niche for itself and has built up
significant expertise, relationships and infrastructure over these years.
HISTORY
Alliance is one of the pioneers in the field of
insurance broking operating since 2003. It has been founded by Mr. S. V.
Thakkar, who is a veteran in the insurance industry having vast experience in
this industry for over last three decades. Having such a strong background in
the field of insurance and with a vision in his mind, he established Alliance,
catering to life and non-life sector.
Alliance has been built on the foundation of
building strong and ever-growing relationships with various business entities
and establishing a trustworthy brand name for itself. Alliance focuses on
de-risking the unknown and unforeseen risks faced by their clients and adding
value to all its stakeholders.
Today, Alliance is managed by a strong management,
with a blend of youth and experience, which is extremely futuristic in their
approach and ensures delivery of real-time services.
MILESTONE
2003
ü Starts operations from Mumbai, India.
ü One of the first 10
broking houses to start operations in India
2004
ü Records a growth
of 100% plus in first year of operation itself.
ü Successful tie-ups
with major corporates in Manufacturing and Services sector across India.
2005
ü Enters Media,
Entertainment and Sports sector.
ü Partners with
various Global Reinsurers.
2006
ü Expands its
operations in India and starts office in Pune.
2007
ü Penetrates into
the Construction and Leisure sectors by acquiring business from several
renowned developers in the country.
2008
ü Holds 75% market
share in Media, Entertainment and Sports sector.
ü Grows 100% in
spite of global meltdown.
ü Enters Aviation
sector and ties up with leading Commercial Pilot Associations for "Loss of
License" insurance.
2009
ü Opens second
office in Mumbai.
ü Insures major
sporting events across the country.
ü Forays into
structured Credit insurance for Banks and Financial Institutions.
2010
ü Enters Power and
Energy and Infrastructure sector with projects in Metro rail, road,
transmission lines, renewal energy like solar, wind and also conventional
energy space.
ü Pioneers in
devising “Exhibitors Loss of Revenue” insurance cover.
ü First brokers in
the country to devise and underwrite insurance covers for cricketers i.e.
"Player Loss of Fees" and "Player Bonus".
ü Explores
Bancassurance and Reinsurance markets.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.