MIRA INFORM REPORT

 

 

 

 

Report Date :

09.02.2013

 

IDENTIFICATION DETAILS

 

Name :

PJL CLOTHING (INDIA) LIMITED

 

 

Registered Office :

Unit No. 19, 1st Floor, Shree Madhu Estate, Pandurang Budhkar Marg, Worli, Lower Parel (West), Mumbai – 400 013, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

29.06.1989

 

 

Com. Reg. No.:

11-052420

 

 

Capital Investment / Paid-up Capital :

Rs. 10.919 millions

 

 

CIN No.:

[Company Identification No.]

U51311MH1989PLC052420

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMP05693C

 

 

PAN No.:

[Permanent Account No.]

AAACP2782R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Retailers of Readymade Garments.

 

 

No. of Employees :

Information denied by Managemet

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 2000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a fine track record. The management of the company has failed to file its financials with the government department for the year 2012.

 

Ms. Madhuri from the Accounts Department has only confirmed that the company id Retailer of readymade garments and the given address is the old address of the company.

 

As per previous year’s record the financial position of the company appears to be good.

 

Trade relations are reported as decent. Business is active. Payment terms are reported as regular and as per commitment.

 

The company can be considered for business dealings 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.

 

 

 

 

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.

 

 

INFORMATION DENIED BY

 

Name :

Ms. Madhuri

Designation :

Accounts Department

Contact No.:

91-22-30021531

Date :

05.02.2013

 

 

LOCATIONS

 

Registered Office :

Unit No. 19, 1st Floor, Shree Madhu Estate, Pandurang Budhkar Marg, Worli, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Tel. No.:

91-22-30021531

Fax No.:

Not Available

E-Mail :

mkoli@pepeindia.com

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Chetan Mulchand Shah

Designation :

Managing director

Address :

Sea Bird Flat No.21, 11th Floor, 114 B. J. Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

07.11.1963

Date of Appointment :

14.11.1991

DIN No.:

00323580

 

 

Name :

Ms. Deepali Chetan Shah

Designation :

Whole-time director

Address :

Sea Bird Flat No.21, 11th Floor, 114 B. J. Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

31.10.1967

Date of Appointment :

10.06.1998

DIN No.:

01861166

 

 

Name :

Mr. Nishith Soneji

Designation :

Director

Address :

Mulbery House, 258 London Road, ST Albans Herts, ALIITJ, United Kingdom

Date of Birth/Age :

01.08.1963

Date of Appointment :

24.12.1998

DIN No.:

02497034

 

 

Name :

Mr. Rahul Shyam Bathija

Designation :

Director

Address :

71, Dakshil Pali De Monte Park Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

17.07.1970

Date of Appointment :

18.08.2009

DIN No.:

00481056

 

 

Name :

Mr. Mahesh Liladhar Soneji

Designation :

Alternate director

Address :

Flat no. 10, 2nd Floor, Plot No. 130, Sion Sita Sadan, CHS Limited,  Opposite Guru Nanak School, Jain Society, Sion (West), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

16.05.1951

Date of Appointment :

04.08.2010

DIN No.:

00056456

 

KEY EXECUTIVES

 

 

Name :

Ms. Madhuri

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

 

 

 

Chetan Mulchand Shah

 

404

Shobha Hari Nichani

 

1

Deepali Chetan Shah

 

1006

Hari Lachmandas Nichani

 

1

Wildside Clothing Company Limited, Mauritius

 

1090450

Vinay Hiru Panjabi

 

1

Vijay Nichani

 

1

 

 

 

Total

 

1091864

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

99.87

Directors or relatives of Directors

0.13

Total

100.00

 

 

BUSINESS DETAILS

 

 

Line of Business :

Retailers of Readymade Garments.

 

 

Products :

·         Mens Casual Blazers

·         Kurta Pyjama

·         Polo Neck Shirts

·         Formal Waistcoats

·         Mens Casual Suits

·         Casual Menswear

 

GENERAL INFORMATION

 

 

No. of Employees :

Information denied by Managemet

 

 

Bankers :

·         HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

 

 

Facilities :

Secured Loan

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Other debt secured

244.440

0.515

Total

244.440

0.515

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Associates

Chartered Accountants

Address :

1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai, Maharashtra, India

PAN No.:

AAIFB7355D

 

 

Holding Company (As on 31.03.2010) :

Wildside Clothing Company Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

Authorized Capital:

 

No. of Shares

Type

Value

Amount

 

 

 

 

2500000

Equity Shares

Rs. 10/- each

Rs. 25.000 millions

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

 

No. of Shares

Type

Value

Amount

 

 

 

 

1091864

Equity Shares

Rs. 10/- each

Rs. 10.919 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

10.919

14.182

15.012

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

498.294

1301.619

974.018

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

509.213

1315.801

989.030

LOAN FUNDS

 

 

 

1] Secured Loans

244.440

0.515

0.777

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

244.440

0.515

0.777

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

753.653

1316.316

989.807

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

22.900

39.363

73.342

Capital work-in-progress

2.432

1.391

1.837

 

 

 

 

INVESTMENT

2.331

831.373

558.956

DEFERREX TAX ASSETS

56.877

42.958

38.305

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
302.985

174.520

186.659

 

Sundry Debtors
641.251

534.629

458.068

 

Cash & Bank Balances
3.345

3.602

3.716

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
228.445

241.427

106.758

Total Current Assets
1176.026

954.178

755.201

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
396.026

355.293

259.632

 

Other Current Liabilities
92.253

85.219

113.816

 

Provisions
18.634

112.435

64.386

Total Current Liabilities
506.913

552.947

437.834

Net Current Assets
669.113

401.231

317.367

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

753.653

1316.316

989.807

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

2640.604

2546.734

2485.629

 

 

Other Income

77.869

48.623

44.263

 

 

TOTAL                                     (A)

2718.473

2595.357

2529.892

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption materials changes inventories

783.074

777.761

1746.990

 

 

Employee related expenses

122.463

101.927

 

 

 

Administrative selling other expenses

840.718

804.075

 

 

 

TOTAL                                     (B)

1746.255

1683.763

1746.990

 

 

 

 

 

Less

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

972.218

911.594

782.902

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

6.140

3.476

5.417

 

 

 

 

 

 

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

966.078

908.118

777.485

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

16.430

30.575

35.306

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

949.648

877.543

742.179

 

 

 

 

 

Less

TAX                                                                  (H)

315.500

305.424

265.070

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

634.148

572.119

477.109

 

 

 

 

 

Less

Prior period expense

0.000

0.000

8.737

 

 

 

 

 

 

PROFIT AFTER TAX AND PRIOR PERIOD ITEMS

634.148

572.119

468.372

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1224.695

897.924

596.552

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to Capital Redemption Reserve

3.264

0.830

5.000

 

 

Utilised for Buy Back of shares

1465.311

244.518

162.000

 

BALANCE CARRIED TO THE B/S

390.268

1224.695

897.924

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export (on F.O.B. basis)

2.310

4.141

4.533

 

TOTAL EARNINGS

2.310

4.141

4.533

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

21.906

21.211

 

TOTAL IMPORTS

NA

21.906

21.211

 

 

 

 

 

 

Earnings Per Share (Rs.)

580.79

393.00

258.00

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
23.33

22.04

18.86

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
35.96

34.46

29.86

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
79.21

88.32

89.58

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
1.86

0.67

0.75

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.47

0.42

0.44

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.32

1.73

1.72

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS:

 

Particulars

 

31.03.2011

31.03.2010

31.03.2009

 

(Rs. in millions)

Creditors due small micro enterprises

0.000

0.000

0.000

Creditors due others
396.026

355.293

259.632

 
 

 

 

Total

396.026

355.293

259.632

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----

22]

Litigations that the firm / promoter involved in

----

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----

26]

Buyer visit details

----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

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

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

No

 

 

Review of Operations

 

The Company has completed another impressive year of performance showing continued growth in earnings in the financial year.

 

Net Sales during financial year was Rs.2640.604 Millions (FY 09-10: Rs. 2546.734 Millions), an increase of 3.69% over the previous year.

 

Business showed healthy growth. This further reinforced the Pepe Jeans London brand's market leadership position in the premium jeans and casual wear segment in India.

 

The Company's market share into retailing continued at a rapid pace with the opening of 56 net stand-alone stores across various cities and towns in India during the period.

 

There are 206 stand-alone stores as at 31stMarch, 2011.

 

Pepe Jeans remained amongst the top-selling brands across all the national chain stores, namely, Lifestyle, Pantaloon, Centrals, Shoppers Stop and Globus.

 

Profit after tax during the financial year was Rs. 661.986 Millions (FY 09-10: Rs.572.119 Millions), an increase of 15.71% over the previous year.

 

Outlook

 

The Company will continue to aggressively focus on ensuring that additional stand-alone stores are opened in select upcoming shopping malls and high streets across all major towns and cities in India.

 

There will be strong focus on the women's and accessories business as the management has identified significant upside potential in these two segments.

 

The aforesaid will directly contribute to rapid growth in revenue. Further, the company will continue improving its product line.

 

Given strong brand awareness, trend-setting product lines and an aggressive pricing strategy vis--vis other international brands, the Company is well-positioned to grow significantly in revenue and earnings for the future.

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U51311MH1989PLC052420

Name of the company

PJL CLOTHING (INDIA) LIMITED

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

Left Side, 2 Floor, Krishna House, Raghuvanshi Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Email : alata@pepejeansindia.com

This form is for

Modification of charge

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

90240901

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Email : nisha.baid@hdfcbank.com

Nature of instrument creating charge

First supplemental letter of hypothecation of stocks, and book debts executed on 15 march 2011, to enhance the credit limits from existing Rs. 30 million to Rs.260 million (i.e enhancement of Rs. 230 million of Cash credit / Working capital demand loan)

Date of instrument Creating the charge

15.03.2011

Amount secured by the charge

Rs.260.000 Millions

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

Rate of Interest

For disbursements upto 31.03.2011, CC facility-11.25% pa, WCDL-10.75% pa. For disbursements after 1.04.2011, CC facility-HDFC Bank's Base rate + 305 basis points subject to revision, WCDL- as stipulated

 

Terms of repayment

WCDL -principal amount to be repaid as bullet payment on the maturity date

CC to be repaid on demand

 

Margin

As stipulated by the bank from time to time

 

Extent and operation of the charge

Exclusive charge on the entire current assets of the company which includes stocks and book debts of the company both present and future

 

Others

First Supplemental Letter of Hypothecation of stocks and book debts

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

Exclusive charge on the entire current assets of the company which includes stocks and book debts of the company both present and future

Date of instrument modifying the charge

22.08.2002

Particulars of the present modification

Enhancement of the credit limits from existing Rs. 30 million to Rs. 260 million (i. e. enhancement of Rs. 230 million of Cash credit / Working capital demand loan)

 

FIXED ASSETS

 

·         Plant and Machinery

·         Leasehold Improvements

·         Computers

·         Office Equipment

·         Furniture and Fixtures

·         Vehicles

·         Computer Software

 

 

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 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.53.57

UK Pound

1

Rs.84.25

Euro

1

Rs.71.79

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

NID

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

62

 

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.