MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

DILIGENT MEDIA CORPORATION LIMITED

 

 

Registered Office :

DNA Wing, First Floor, Oasis Complex, Kamala Mills Compound P B Marg, Lower Parel, Mumbai – 400013, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

17.02.2005

 

 

Com. Reg. No.:

11-151377

 

 

CIN No.:

[Company Identification No.]

U22120MH2005PLC151377

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD12345E

 

 

PAN No.:

[Permanent Account No.]

AACCD1338F

 

 

Legal Form :

A Closely Held Public Limited Liability Company.

 

 

Line of Business :

Publishing and Printing of Newspaper

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (35)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 9963000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. 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 for business dealings with some caution.

 

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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Management Non Co-operative.

 

 

LOCATIONS

 

Registered Office :

DNA Wing, First Floor, Oasis Complex, Kamala Mills Compound P B Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-39888888/ 43888888

Fax No.:

91-22-39801004/ 43888000/39801000

E-Mail :

jaink@dnaindia.net

r_gurav@dnaindia.net

jitendra_k@dnaindia.net

g_nupur@dnaindia.net 

advertising@dnaindia.net 

subscriptions@dnaindia.net 

n_manju@dnaindia.net

Website :

www.dnaindia.com

 

 

DIRECTORS

 

As On 27.09.2010

 

Name :

Mr. Sudhir Agarwal

Designation :

Managing Director

Address :

E1-79, Arera Colony, Bhopal – 462016, Madhya Pradesh, India

Date of Birth/Age :

20.07.1957

Date of Appointment :

22.03.2005

DIN No. :

00051407

 

 

Name :

Mr. Punit Goenka

Designation :

Director

Address :

Bunglow No. 1, Jollymaker Apartment No.1, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

20.06.1975

Date of Appointment :

17.02.2005

DIN No. :

00031263

 

 

Name :

Mr. Girish Agarwal

Designation :

Director

Address :

E1-79, Arera Colony, Bhopal – 462016, Madhya Pradesh, India

Date of Birth/Age :

10.07.1971

Date of Appointment :

22.03.2005

DIN No. :

00051375

 

 

Name :

Mr. Pawan Agarwal

Designation :

Director

Address :

E1-79, Arera Colony, Bhopal – 462016, Madhya Pradesh, India

Date of Birth/Age :

31.07.1974

Date of Appointment :

22.03.2005

DIN No. :

00465092

 

 

Name :

Mr. Himanshu Pradeep Mody

Designation :

Director

Address :

1201 – B, Gardenia Building, Vasant Valley, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

28.12.1977

Date of Appointment :

16.02.2009

DIN No. :

00686830

 

 

Name :

Mr. Amit Goenka

Designation :

Director

Address :

Bunglow No. 1, Jollymaker Apartment No.1, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

24.08.1976

Date of Appointment :

26.05.2009

DIN No. :

00017707

 

 

KEY EXECUTIVES

 

Name :

Ms. Mita Sanghavi

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.09.2010

 

Names of Shareholders

 

No. of Shares

 

Mediavest India Private Limited, India 

 

32580400

Bhaskar Multinet Limited, India 

 

15268670

R. C. Agarwal (HUF)

 

4158400

Bhaskar Infrastructure Limited, India 

 

17312500

Mediavest India Private Limited, India Joint with Shri Punit Goenka

 

10

Mediavest India Private Limited, India Joint with Shri Himanshu Mody

 

10

Mediavest India Private Limited, India Joint with Shri Ashok Sanghavi

 

10

Total 

 

69320000

 

 

AS ON 27.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

94.00

Directors or relatives of directors

 

6.00

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Publishing and Printing of Newspaper

 

 

Imports :

 

Products :

Newsprint

Countries :
  • Korea
  • Canada

 

 

GENERAL INFORMATION

 

 

Suppliers :
  • Zee Enterprise Entertainment Limited
  • Writers and Publishers Private Limited
  • I Media Corporation Limited
  • Zee News Limited

 

 

Customers :

  • D S Corporation Limited
  • Wire and Wireless India Limited
  • D S Power Limited
  • Fun Multiplex Private Limited

 

 

No. of Employees :

Information not divulged by the managemant

 

 

Bankers :
  • State Bank of India, Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India

 

  • Bank of India, Star House, C-5, G-Block, Bandra – Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

 

  • Corporation Bank – IF 8 Branch, Bharat House, Ground Floor, 104, L B S Marg, Fort, Mumbai – 400023, Maharashtra, India

 

 

Financial Institution :

SICOM Limited, Nirmal Building, 1st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Facilities :

Secured Loan

Rs in Millions [As on 31.03.2010]

Rs in Millions[As On 31.03.2009]

 

 

 

Term Loan from Banks

2920.212

1807.051

Cash Credit / Working Capital from Bank 

572.120

569.725

Vehicle Loans

0.262

0.895

Interest accrued and due

24.590

20.907

Total

3517.184

2398.578

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

MGB and Company

Chartered Accountant

Address :

Jolly Bhavan 2, 1st Floor, 7, New Marine Lines, Churchgate, Mumbai – 400020, Maharashtra, India

Tel No.:

91-22-66332330

Fax No.:

91-22-66351545

Email :

mgbco@mgbco.com

Website :

www.mgbco.com

 

 

CAPITAL STRUCTURE

 

As On 27.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

70000000

Equity Share

Rs.10/- each

Rs.700.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

69320000

Equity Share

Rs.10/- each

Rs.693.200 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

693.200

693.200

381.400

2] Share Application Money

851.993

616.494

4549.122

3] Reserves & Surplus

5630.034

5643.719

0.000

4] (Accumulated Losses)

(4684.580)

(3983.734)

(4354.345)

NETWORTH

2490.647

2969.679

576.177

LOAN FUNDS

 

 

 

1] Secured Loans

3517.184

2398.578

1196.321

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

3517.184

2398.578

1196.321

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

6007.831

5368.257

1772.498

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3136.724

3297.772

1380.905

Capital work-in-progress

455.855

5.118

159.626

 

 

 

 

INVESTMENT

20.404

0.000

0.000

DEFERREX TAX ASSETS

2331.325

1962.444

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
203.887
444.641

176.755

 

Sundry Debtors
414.883
330.871

213.540

 

Cash & Bank Balances
30.162
54.307

132.128

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
112.740
133.281

78.588

Total Current Assets
761.672
963.100

601.011

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
603.923
762.552

311.324

 

Other Current Liabilities
71.136
78.665

48.846

 

Provisions
23.090
19.653

10.260

Total Current Liabilities
698.149
860.870

370.430

Net Current Assets
63.523
102.230

230.581

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.693

1.386

 

 

 

 

TOTAL

6007.831

5368.257

1772.498

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

1467.773

1199.471

870.792

 

 

Other Income

16.234

8.263

4.635

 

 

TOTAL                                     (A)

1484.007

1207.734

875.427

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Materials Consumed

740.071

1145.116

841.416

 

 

Personnel Cost

425.721

335.214

 

 

Operating and Other Expenses

1273.596

483.192

496.462

 

 

Selling and Distribution Expenses 

 

391.372

426.131

 

 

TOTAL                                     (B)

2013.667

2445.401

2099.223

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

(529.660)

(1237.668)

(1223.792)

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

378.255

223.277

164.457

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

(907.915)

(1460.945)

(1388.252)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

161.813

119.464

109.080

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(1069.728)

(1580.409)

(1497.332)

 

 

 

 

 

Less

TAX                                                                  (I)

(368.882)

(1951.019)

7.401

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

(700.846)

370.610

(1504.733)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(3983.735)

(4354.345)

(2849.612)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(4684.581)

(3983.735)

(4354.345)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Sale of News and Publications

NA

2.968

1.739

 

 

Advertisement Revenue

NA

0.000

0.262

 

TOTAL EARNINGS

NA

2.968

2.001

 

 

 

 

 

 

Earnings Per Share (Rs.)

(10.11)

9.70

(39.45)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
(47.23)
30.69

(171.89)

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
(72.88)
131.76

(171.95)

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(27.44)
37.09

(75.55)

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.43)
0.53

(2.60)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.69
1.10

2.72

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.09
1.12

2.072

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS :

(Rs. in Millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

 Creditors for Goods

339.057

583.162

169.856

Creditors for Expenses and Other Liabilities

264.866

179.390

141.468

Total

603.923

762.552

311.324

 

 

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from Continental Building 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India, to the present address w.e.f. 24.03.2006.

 

 

Bankers Charges Report as per Registry

 

Name of the company

DILIGENT MEDIA CORPORATION LIMITED

Presented By

Jointly by Company and Charge Holder

1) Date and description of instrument creating the change

Agreement for term loan dated 13.07.2005

Common deed of hypothecation of movables/assets/debts (all the above agreement constitute a single charge)

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

Term loan                 Rs. 250.000 millions

Cash credit               Rs. 100.000 millions

Total                         Rs. 350.000 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

* First charge on the entire fixed assets excluding vehicles (movable/immovable) of the company. On part passu basis with other financing banks. Hypothecation of the whole of the current assets of the borrower company namely stocks of raw materials, stock in process, semi finished and finished goods, stores and spares not relating to Plant and machinery (consumable stores and spares) bills receivables and book debts and all other movables both present and Future whether now lying loose or in cases or which or now lying Or stored in or about or shall hereinafter from time to time During the continuance of the security of these presents be Brought into or upon or be stored or be in or a8out of the borrowers factories premises and g000wns situated at el 201,opp Nelco, mahape, navi mumbai or wherever else the same may be or be Held by any party to the order or disposition of the borrower or In the course of transit or on high seas or on order or delivery Howsoever and wheresoever in the possession of the borrower and Ether by way of substitution or addition on pari passu basis with Other working capital financing banks.

* Hypothecation of present and future book debts/receivables of the company on pari passu basis with other working capital financing banks.

* hypothecation of the existing & future movable fixed assets of The company viz. plant and machinery, furniture and fixtures, electrical Installation, factory equipments, air conditioner etc which now Belonging to and may hereafter during the subsistence of the Borrower’s liability belong to the borrower and which Are/shall/may 8e brought into or stored or be in or upon the Borrwoer’s premises situated at el 201,opp nelco, mahape,navi Mumbai or any other place wherever else or in course of transit Or delivery to the borrower, on first pari passu basis with other Term lenders and second pari passu basis with other working

Capital financing banks.

4) Gist of the terms and conditions and extent and operation of the charge.

ROI = 8.75%

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

Corporation Bank – IF 8 Branch, Bharat House, Ground Floor, 104, L B S Marg, Fort, Mumbai – 23

6) Date  and brief description of instrument modifying the charge

NA

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

NA

 

 

 

Corporate identity number of the company

U22120MH2005PLC151377

Name of the company

DILIGENT MEDIA CORPORATION LIMITED

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

DNA Wing First Floor Oasis Complex

Kamala Mills Compound P B Marg Lower Parel

Mumbai – 400013, India

jaink@dnaindia.net

This form is for

Creation of charge

Type of charge

Immovable property

Movable property (not being pledge)

Particular of charge holder

Bank of India, Star House, C-5,G-Block, Bandra-Kurla Complex, Bandra (E), Mumbai -400051, Maharashtra, India

andhericorp.mumbainorth@bankofindia.com

Nature of instrument creating charge

Indenture of Mortgage Dated 31st Dec 2009

Date of instrument Creating the charge

31/12/2009

Amount secured by the charge

Rs. 500.000 Millions

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

Rate of Interest

0.5% over BPLR presently 12.5% p.a

 

Terms of Repayment

Repayable in 20 quarterly installments of Rs.25 Millions each commencing after 12 months from the date of first disbursement

 

Extent and operation of the charge

charge on the entire fixed and moveable assets, both present and future, including land, buildings, plant and machinery, machinery spares, tools and accessories electrical installation, furniture and fixtures, vehicles and all other assets of the company situated at Plot nos. as EL-201 and 201/Pt admeasuring in aggregate 17565 sq. mtrs at Mahape Industrial Area Opp GTI call centre, Navi Mumbai-400705

Short particulars of the property or asset(s) charged (including complete address and location of the property)

All that Piece and parcel of Land at Plot No. EL-201 in Trans Thane Creek Industrial Area, village Mahape, Navi Mumbai, Municipal Corporation, Taluka and Dist. Thane adm 10961 sq. mtrs

 

All that Piece and parcel of Land at Plot No. Plot No. 201/Pt TTC in Trans Thane Creek Industrial Area, village Mahape, Navi Mumbai, Municipal Corporation, Taluka and Dist. Thane adm 6604 sq. mtrs

 

All the moveable assets of the Company both present and future at Plot No. EL 201 and EL 201 Pt, TTC

 

 

Fixed Assets

 

  • Freehold Land
  • Leasehold Land
  • Leasehold Improvements
  • Building
  • Plant and Machinery
  • Furniture and Fixture
  • Office Equipments
  • Vehicles
  • Computers

 

AS PER WEBSITE DETAILS

 

Subject which owns DNA (Daily News and Analysis), is a joint venture between two industry majors – the Dainik Bhaskar Group and Zee Group. With a reach of more than 120 countries and access to more than 250 million viewers globally, Zee TV has created a strong brand equity and is the largest media franchise serving the South Asian diaspora with presence in major global markets, including Asia-Pacific, the Middle East, the UK, the US, Canada, the Caribbean and Africa. The Group has transformed itself into an integrated media conglomerate with operations spanning the entire media spectrum.

 

The Dainik Bhaskar Group has soared to the top of the print media industry in India with its flagship Hindi daily, Dainik Bhaskar (India’s No. 1 Daily Hindi Newspaper), and the Gujarati frontrunner, Divya Bhaskar. While Dainik Bhaskar has a big presence in Madhya Pradesh, Rajasthan, Punjab, Haryana, Himachal Pradesh, Chhatisgarh and Uttar Pradesh, Divya Bhaskar is the largest circulated regional daily in Gujarat.


Launched in Mumbai in July 2005, DNA has fast entrenched itself in the lives of a young and dynamic readership in India's commercial capital Mumbai, in the IT Capital Bangalore, and other key cities such as Pune, Ahmedabad, Surat and Jaipur. Through news, views, analyses and interactivity, DNA provides readers with a composite picture of India and the world.

 

 

 

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. 45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

2

--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

 

26

 

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.