MIRA INFORM REPORT

 

 

Report Date :

26.09.2012

 

IDENTIFICATION DETAILS

 

Name :

CEPHAM MILK SPECIALITIES LIMITED

 

 

Registered Office :

Village Bagwas, 6 K.M Stone, Dera Bassi, Barwala Road, Dera Bassi (District Mohali) – 140507, Punjab

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

10.04.1991

 

 

Com. Reg. No.:

16-19162

 

 

Capital Investment/ Paid-up Capital:

Rs.124.967 Millions

 

 

CIN No.:

[Company Identification No.]

L15203PB1991PLC019162

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer of Skimmed Milk Powder, Dairy Whiteners, Ghee and supply of Milk.

 

 

No. of Employees:

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Maximum Credit Limit :

-

 

 

Status :

Sick Company

 

 

Payment Behaviour :

-

 

 

Litigation :

-

 

 

Comments :

Though subject an old company it is passing through difficulties times and has declared as a sick Industrial unit under BIFR (Board for Industrial and Financial Reconstructions). The company has huge accumulated losses. Payments are reported to be slow and delayed.

 

The company can be considered for business dealings on fully safe and secured 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, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered Office/Factory :

Village Bagwas, 6 K.M Stone, Dera Bassi, Barwala Road, Dera Bassi (District Mohali) – 140507, Punjab, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

lucky_chaman@hotmail.com

 

 

DIRECTORS

 

As on 30.09.2006

 

Name :

Mr. Pruthi Dewan Chand

Designation :

Director

Address :

M -255, GK – II, New Delhi, India

Date of Birth/Age :

13.03.1941

Date of Appointment :

10.04.1991

 

 

Name :

Mr. Pruthi Puneet

Designation :

Director

Address :

M -255, GK – II, New Delhi, India

Date of Birth/Age :

24.05.1972

Qualification :

MBA

Expertise in specific functional areas:

Dairy Industry, Bulk drugs and Pharmaceuticals

Date of Appointment :

10.04.1991

Other Public Companies in which Directorship held:

Cepham Organics Limited

Cepham Dairy Development Limited

Cepham Agencies Private Limited

Cepham Pharmaceutical Private Limited

 

 

Name :

Mr. Pruthi Samir

Designation :

Director

Address :

M -255, GK – II, New Delhi, India

Date of Birth/Age :

20.08.1970

Qualification :

 

Expertise in specific functional areas:

Dairy Industry, Bulk drugs and Pharmaceuticals

Date of Appointment :

23.11.1991

Other Public Companies in which membership of Committees of Directors held:

Cepham Organics Limited

Cepham Dairy Development Limited

Cepham Agencies Private Limited

Cepham Pharmaceutical Private Limited

 

 

Name :

Mr. Hidezo Yoshimi

Designation :

Director

Address :

1-19-64,Utsukushigaok A-Midori, Ku Mokohama Japan

Date of Birth/Age :

24.05.1972

Date of Appointment :

10.04.1991

 

 

Name :

Mr. J.S. Mann

Designation :

Director

Address :

H.No. 1043, Ph-Iv Mohali (Punjab)

Date of Birth/Age :

01.12.1950

Date of Appointment :

22.08.2001

 

 

Name :

Mr. B.M Mahajan

Designation :

Director

Date of Birth/Age :

15.05.1956

Date of Appointment :

30.01.2006

 

 

Name :

Mr. S.K. Ahuja

Designation :

Director

Address :

 

Date of Birth/Age :

01.12.1960

Date of Appointment :

30.01.2006

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Om Kant aggarwal

Designation :

Secretary

Address :

H.No. 1030, Sector 45-B Chandigarh, India

Date of Birth/Age :

07.06.1955

Date of Appointment :

13.02.2002

 

 

Name :

Mr. Ravinder Kumar

Designation :

Company Secretary

Address :

Dalima Vihar Rajpura, Distt Patiala Punjab

Date of Birth/Age :

15.04.1958

Date of Appointment :

07.12.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2006

 

SHARE HOLDING DETAILS FILE ATTACHED

 

As on 30.09.2006

 

Category

 

Percentage

 

 

 

Government [Central and State]

 

28.18

Public financial companies

 

4.07

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

1.96

Bodies corporate

 

6.98

Directors or relatives of directors

 

22.18

Other

 

36.63

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Skimmed Milk Powder, Dairy Whiteners, Ghee and supply of Milk.

 

 

PRODUCTION STATUS AS ON 31.03.2011

 

Particulars

Capacity 31.03.2011

Metric Ton

Actual Year ended 31.03.11

Metric Ton

Casein

4017

0.05

Lactose/DG

4800

7.72

Ghee

9750

11.96

W.P.C

1530

0.06

Herbal

10

342.01

Whey Mineral

360

0.00

Lactulose

360

19.88

Total

 

381.68

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Not Available

 

 

Facilities :

Rs. In Millions

Secured Loans

As on 31.03.2011

Rs. in millions

As on 31.03.2010

Rs. in millions

Other debt secured

1036.160

1067.460

 

 

 

Total

1036.160

1067.460

 

Unsecured Loans

As on 31.03.2011

Rs. in millions

As on 31.03.2010

Rs. in millions

Loans directors unsecured

66.708

63.008

Interest accrued due debentures unsecured

0.028

0.028

 

 

 

Total

66.736

63.036

 

 

 

 

 

Banking Relations :

--

 

 

Financial Institutions:

Edeweiss Asset Reconstruction Company Limited, 14th Floor, Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Auditors :

 

Name :

J P Chawla and Company

Chartered Accountant

Address :

43 Darya Ganj New Delhi, India

Pan No.:

AAAFJ1213J

 

 

RELATED PARTIES:

·         Cebon India Limited

·         Cepham Dairy Development Limited

·         Cepham Laboratories Limited

·         Cepham Organics Limited

·         Cepham Pharmacetical Limited

·         Cepham Agencies (P) Limited.

·         Renesa Exports Private Limited

·         Krish Techno park Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Shares

Rs.10/- each

Rs.250.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12496654

Equity Shares

Rs.10/- each

Rs.124.966 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

124.966

124.966

124.966

2] Share Application Money

57.000

57.000

47.000

3] Reserves & Surplus

118.296

118.296

118.296

4] (Accumulated Losses)

(1277.743)

(1231.421)

(1356.350)

NETWORTH

(977.481)

(931.159)

(1066.088)

LOAN FUNDS

 

 

 

1] Secured Loans

1036.160

1067.460

1243.182

2] Unsecured Loans

66.736

63.036

63.036

TOTAL BORROWING

1102.896

1130.496

1306.218

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

125.415

199.337

240.130

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

141.270

165.036

188.379

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
26.882

36.116

56.607

 

Sundry Debtors
472.740

79.671

86.109

 

Cash & Bank Balances
12.494

6.960

8.572

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
54.283

45.510

51.425

Total Current Assets
566.399

168.257

202.713

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
91.539

83.185

74.099

 

Other Current Liabilities
486.436

45.866

71.837

 

Provisions
4.279

4.905

5.026

Total Current Liabilities
582.254

133.956

150.962

Net Current Assets
(15.855)

34.301

51.751

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.00

 

 

 

 

TOTAL

125.415

199.337

240.130

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

SALES

 

 

 

 

 

Income

519.564

386.447

405.008

 

 

Income from job work

0.000

0.000

5.860

 

 

Other Income

5.796

(17.275)

15.003

 

 

TOTAL                                     (A)

525.360

369.172

425.871

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Consumption materials changes inventories

490.235

252.937

 

 

 

Manufacturing service costs

28.412

59.975

 

 

 

Employee related expenses

11.020

13.181

 

 

 

Administrative selling other expenses

10.602

37.687

 

 

 

TOTAL                                     (B)

540.269

363.780

428.096

 

 

 

 

 

Less

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

(14.909)

5.392

(2.225)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

3.413

0.831

6.230

 

 

 

 

 

 

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

(18.322)

4.561

(8.455)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

23.927

23.977

23.898

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                              (G)

(42.249)

(19.416)

(32.353)

 

 

 

 

 

Less

TAX                                                                  (H)

4.073

(1.052)

0.487

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                                (I)

(46.322)

(18.364)

(32.841)

 

 

 

 

 

Add

EXTRA ORDINARY ITEMS

0.000

143.294

0.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(1231.420)

(1356.350)

(1323.509)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

1277.742

(1231.420)

(1356.350)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

3.155

34.582

-

 

 

 

 

 

 

Earnings Per Share (Rs.)

(3.71)

-

-

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

(8.82)

(4.97)

(7.71)

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

(8.13)

(5.02)

(7.99)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(5.97)

(5.83)

(8.27)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.04)

(0.02)

(0.03)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

1.72

1.36

1.37

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.97

1.26

1.34

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

No

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

No

Name of Person Contacted

Yes

Designation of contact person

Yes

Turnover of firm for last three years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

No

Capital the business

Yes

Details of sister concerns

Yes

Major Suppliers

No

Major Customers

No

Payment Terms

No

Export / Import Details [If Applicable]

No

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

No

Banking Facility Details

Yes

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

Yes

Major Shareholders, if applicable

Yes

Date of Birth of Proprietor/Partner/Director, if available

Yes

PAN of Proprietor/Partner/Director, if available

No

Voter ID No of Proprietor/Partner/Director, if available

No

External Agency Rating, if available

No

 

OPERATIONS

 

The turnover of the company during the year is Rs. 525.360 Millions as compared to previous year turnover of Rs 369.172 Millions. The losses of the company are Rs. 42.249 Millions as compared to previous year’s losses of Rs. 18.365 Millions. The company had suffered losses, since its inception for reasons beyond the control of management and changing international market scenario for casein followed by reduction in import duty on lactose, (import substitute) rising milk prices and low availability of milk resulting in unsustainable operations

 

SICK COMPANY

The company is a Sick Industrial Unit under Sick Industrial Companies (Special Provisions) Act, 1985 and is registered with Board for Industrial and Financial Reconstruction (BIFR) as case no. 202/2002 and has been declared as a sick Industrial Unit by Hon’able BIFR in the hearing held on 19.07.2005 IDBI has been appointed as operating agency and preparation of draft rehabilitation scheme is under process

 

MANAGEMENT DISCUSSIONS AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENT:

a) Dairy

The conventional dairy industry is engaged in the manufacture of Skimmed Milk Powder, Dairy Whiteners, Ghee and supply of Milk. The advanced dairy industry is manufacturing export-oriented products like Acid Casein, Whey Protein Concentrate, Lactose, and Milk Calcium etc. These products have ready International market viz. U.S.A, Europe and South East Asian Countries including China. There is a scope for development of new products like Milk Protein Isolates and Lactoluse etc.

 

b) Herbal

Their Company is also engaged in extraction of various high value herbal products. Herbal products manufactured by the Company are being exported to various quality conscious countries. The company is contributing in the growth of country by earning Foreign exchange by export of milk derivatives and herbal products.

 

SEGMENT – WISE PERFORMANCE AND OUTLOOK

The company is mainly engaged in the business of Milk derivatives. The company diversified in the business of Herbal Products, which are extracts of Natural Herbs.

 

The milk industry needs support from government and a development fund is required for the growth of milk industry

 

 

FINANCIAL PERFORMANCE AND ANALYSIS:

 

The turnover of the company during the year is Rs.525.360 millions as compared to previous year’s turnover of Rs.369.172 millions The losses of the company are Rs.42.249 millions as compared to previous year’s losses of Rs.18.365 millions The company had suffered losses, since its inception for reasons beyond the control of management and changing international market scenario for casein followed by reduction in import duty on lactose, (import substitute) rising milk prices and low availability of milk resulting in unsustainable operations. The reason for the losses during the year is acute scarcity of Milk in the state of Punjab, which resulted in low availability of Milk for Processing.

 

FORM 8

 

Corporate identity number of the company

L15203PB1991PLC019162

Name of the company

CEPHAM MILK SPECIALITIES LIMITED

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

Barnal Road, Derabassi, Ditt Patiala - 140507, Punjab, India

Email: lucky_chaman@hotmail.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

80061062

Type of charge

Immovable property

Movable property (not being pledge)

Particular of charge holder

Edeweiss Asset Reconstruction Company Limited, 14th Floor, Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India

Email: cs@edelcap.com

Nature of instrument creating charge

Assignment Agreement dated 1st October 2010 entered into between Punjab National Bank and Edelweiss Asset Reconstruction Company Limited inter-alia assigning all rights, title and interest in loans along with accumulated interest and charges thereon secured by all charges on movable and immovable properties of the company

Date of instrument Creating the charge

01.10.2010

Amount secured by the charge

Rs.40.600 Millions

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

Extent and operation of the charge

First charge on all movables and second charge on all immovables of the company

 

Date of last modification prior to the present modification

13.01.1997

Particulars of the present modification

Edelweiss Asset Reconstruction Company Limited has acquired the loan facilities from Punjab National Bank with underlying security interest vide Assignment Agreement dated 1st October 2010

 

 

CONTINGENT LIABILITIES

Rs. in Millions

 

31.03.2011

31.03.2010

Estimated amount of capital contracts remaining to be executed and not provided for (net of advances)

231.300

326.500

Bank guarantees and letter of credits opened with bank

(net of margin money)

1158.200

873.800

Bonds to excise department against export of excisable goods purchase of goods without payment of duty (to the extent utilised)

158.600

246.400

Custom duty payable against export obligation

244.600

197.500

Suits filed against the Company not acknowledged as debts

34.600

4.500

Liability towards banks against debtors buyout facilities

352.300

270.800

Disputed tax liabilities in respect of pending cases before Appellate Authority (amount deposited under protest Rs. 42.200 Millions (previous year Rs. 44.400 Millions)

142.700

132.400

Corporate Guarantee given on behalf of subsidiary companies (to the extent of outstanding obligation)

1007.200

1131.900

Export bills discounted with banks

260.400

404.500

 

 

 

 

 

FIXED ASSETS:

·         Plant and Machinery

·         Building

·         Vehicles

·         Air Conditioners

·         Computers

·         Land and Site Development

 

  


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 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 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.53.53

UK Pound

1

Rs.86.82

Euro

1

Rs.69.03

 

 

INFORMATION DETAILS

 

 

Report Prepared by :

BYI

 

 

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.