MIRA INFORM REPORT

 

 

 

 

Report Date :

11.02.2013

 

IDENTIFICATION DETAILS

 

Name :

KUNAL PLASTICS PRIVATE LIMITED

 

 

Registered Office :

Sona Udyog, Building No. 4, 2nd Floor, Parsi Panchayat Road, Andheri (East), Mumbai – 400069, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

26.12.1983

 

 

Com. Reg. No.:

11-031665

 

 

Capital Investment / Paid-up Capital :

Rs. 2.500 Millions

 

 

CIN No.:

[Company Identification No.]

U25209MH1983PTC031665

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMK11667F

 

 

PAN No.:

[Permanent Account No.]

AAACK4312L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Polythene Printed Bag.

 

 

No. of Employees :

295 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 200000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. There appears sharp dip in the profitability during 2012. During this year, the company has borrowed huge long term loans.

 

Mr. Balam, Accountant has provided all information to us..

 

However, trade relations are reported as fair. Business is active. Payment terms are slow.

 

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.

 

 

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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating : B

Rating Explanation

High risk of default.

Date

December 18, 2012

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating : A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

December 18, 2012

 

 

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 PARTED BY

 

Name :

Mr. Balam Daliyar

Designation :

Accountant

Contact No.:

91-260-2243244

Date :

06.02.2013

 

 

LOCATIONS

 

Registered Office :

Sona Udyog, Building No. 4, 2nd Floor, Parsi Panchayat Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Tel. No.:

91-22-26833452/ 28203454/ 28361750

Fax No.:

91-22-26840359/ 28302669

E-Mail :

amco2@vsnl.net

vagopack@bom5.vsnl.net.in

accounts@propacking.com

Website :

http://www.propackind.com

 

 

Factory :

Zari Causeway Road, Opposite Sabri Complex, Behind Manek Industrial Estate, Kachigam, Daman, (U.T.), India

Tel. No.:

91-260-2243244/ 2242244

Fax No.:

91-260-2242044

 

 

Sales Office :

4, Magan Mahal, 215 Sir M V Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Tel. No.:

91-22-26833452/ 1403/ 0064

Fax No.:

91-22-26840359

Email :

sales@propackind.com

 

 

DIRECTORS

 

AS ON 25.09.2012

 

Name :

Mrs. Alka Bankim Desai

Designation :

Director

Address :

2, Vatika 14, Baptista Road, Vile Parle (West) Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.06.1957

Date of Appointment :

26.12.2006

DIN No.:

00397153

 

 

Name :

Mrs. Ameeta Jaymin Desai

Designation :

Whole-time director

Address :

Kalpana, 5th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

07.12.1961

Date of Appointment :

26.12.1983

DIN No.:

00233892

 

 

Name :

Mrs. Charulata Nitin Patel

Designation :

Director

Address :

Kalpana, 5th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

13.07.1963

Date of Appointment :

26.12.1983

DIN No.:

00233935

 

 

KEY EXECUTIVES

 

Name :

Mr. Balam Daliyar

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.09.2012

 

Names of Shareholders

 

 

No. of Shares

 

 

 

Ameeta Jaymin Desai

 

8330

Charulata Nitin Patel

 

8331

Indumati B. Desai

 

1

Urmila C. Desai

 

1

Chandravadhan M. Desai

 

1

Kamlaben S Patel

 

1

Surendra Patel

 

1

Surendra Patel (HUF)

 

1

Alka B Desai

 

8333

Total

 

25000

 

 

AS ON 25.09.2012

 

Category

Percentage

Directors or relatives of Directors

99.98

Other top fifty shareholders

0.02

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Polythene Printed Bag.

 

 

Exports :

 

Products :

Polythene Printed Bag

Countries :

v      USA

 

 

Imports :

 

Products :

Raw Material

Countries :

v      UAE

v      Qatar

v      Kuwait

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

v      Reliance Industries Limited

 

 

Customers :

End Users

 

v      Polychem Associates

 

 

No. of Employees :

295 (Approximately)

 

 

Bankers :

v      State Bank of India

MIDC Andheri (East) Branch, Plot No.B-4, MIDC Industrial Area, Ventral Road, Andheri, Mumbai – 400093, Maharashtra, India

 

 

Facilities :

Cash Credit – Rs. 70.000 Millions (State Bank of India)

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Secured Loans

NA

11.314

Total

NA

11.314

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Akkad Mehta and Company

Chartered Accountants

Address :

2, Vatika, 14 Baptista road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAFA2792F

 

 

CAPITAL STRUCTURE

 

AS ON 25.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000

Equity Shares

Rs.100/- each

Rs. 2.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000

Equity Shares

Rs.100/- each

Rs. 2.500 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.500

2.500

2.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

69.206

63.800

50.872

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

71.706

66.300

53.372

LOAN FUNDS

 

 

 

1] Secured Loans

11.314

31.400

2] Unsecured Loans

 

57.696

16.043

TOTAL BORROWING

171.335

69.010

47.443

DEFERRED TAX LIABILITIES

5.979

6.034

6.149

 

 

 

 

TOTAL

249.020

141.344

106.964

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

53.593

51.699

42.032

Capital work-in-progress

132.143

3.788

0.455

 

 

 

 

INVESTMENT

5.876

5.877

5.877

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
40.899
51.323

31.565

 

Sundry Debtors
67.088
63.414

48.029

 

Cash & Bank Balances
7.906
8.253

5.089

 

Other Current Assets
0.455
0.000

0.000

 

Loans & Advances
14.163
15.954

10.899

Total Current Assets
130.511
138.944

95.582

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditor
36.497
58.238

36.690

 

Other Current Liabilities
34.460
 

 

 

Provisions
2.146
0.726

0.292

Total Current Liabilities
73.103
58.964

36.982

Net Current Assets
57.408
79.980

58.600

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

249.020

141.344

106.964

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Sales

422.671

381.733

249.584

 

 

Other Income

2.816

49.620

 

 

 

TOTAL                                    

425.487

431.353

249.584

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

413.009

407.741

242.027

 

 

 

 

 

 

PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION              

12.478

23.612

7.557

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

4.517

3.909

3.723

 

 

 

 

 

 

PROFIT/ LOSS BEFORE TAX   

7.961

19.703

3.834

 

 

 

 

 

Less

TAX                                                                 

2.265

6.584

0.611

 

 

 

 

 

 

PROFIT/ LOSS AFTER TAX

5.696

13.119

3.223

 

 

 

 

 

Less/ Add

Excess/(Short) provision of Tax for earlier Years

0.000

0.535

0.093

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

18.463

12.535

10.010

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

1.000

7.000

0.500

 

 

Proposed Dividend on Equity Shares

0.250

0.625

0.250

 

 

Dividend Distribution Tax

0.041

0.101

0.041

 

BALANCE CARRIED TO THE B/S

22.868

18.463

12.535

 

 

 

 

 

 

Earnings/ Loss Per Share (Rs.)

227.84

524.76

128.92

 

 

Expected Sales (2012-2013): Rs. 500.000 Millions

 

The above information has been parted by Mr. Balam Daliyar (Accountant)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

 

31.03.2011

31.03.2010

PAT / Total Income

(%)
1.34
3.04

1.29

Net Profit Margin

(PBT/Sales)

(%)
1.88

5.16

NA

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.32
10.34

2.79

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.11
0.30

0.07

 

 
 
 

 

Debt Equity Ratio

(Total Debt/Networth)

 
2.39
1.04

0.89

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.78
2.36

2.58

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS ARE NOT AVAILABLE

 

 

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

Yes

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%

Yes

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

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

Yes

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U25209MH1983PTC031665

Name of the company

KUNAL PLASTICS PRIVATE LIMITED

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

Sona Udyog, Building No. 4, 2nd Floor, Parsi Panchayat Road, Andheri (East), Mumbai – 400069, Maharashtra, India

amco2@vsnl.net

This form is for

Modification of charge

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

80044679

Type of charge

Immovable property

Particular of charge holder

v      State Bank of India

MIDC Andheri (East) Branch, Plot No.B-4, MIDC Industrial Area, Ventral Road, Andheri, Mumbai – 400093, Maharashtra, India

kamalax_saraf@hotmail.com

Nature of instrument creating charge

A) Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits/and or/ creation of equitable mortgage on additional properties for existing limits and enhanced limits and additional facilities.

B) Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits/and or/ creation of equitable mortgage on additional properties for existing limits and enhanced limits and additional facilities

Both documents creates single modifn.

Date of instrument Creating the charge

11.04.2011

Amount secured by the charge

Rs. 200.500 Millions

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

Rate of Interest

As per the sanction terms.

 

Terms of Repayment ]

As per the sanction terms.

 

Margin

Stocks-- Raw Materials                       25%

          stock in process                       40%

          Finished goods                        33.33%

Receivables(cover period 75 days)      40%

Letter of credit (usance 90 days)         10%

Bank guarantee                                 10%

EPC                                                  10%

Term loan                                           25.37%

 

Extent and Operation of the charge

(Rs in Millions)

1  Demand Cash Credit          70.000

     2  DDP (Chq/DDs)*           (2.500)

     3  EPC *                           (5.000)

     4  EBD *                           (7.000)

     5  Letter of Credit             27.500

     6  Bank Guarantee            3.000 

     7  Term Loan                    100.000

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

The immovable properties belonging to the company is being offered as a granter security by way of mortgage by deposit of title deeds as described in schedule ii below in favour of the state bank of

India as a continuing security to further secure (unaffected by fluctuations or coming into credit of the borrowers account) repayment of all monies at any time payable by the borrowers M/s Janki

Plastics to the banks in respect of cash credit, export packing credit, export bills purchase, medium term loan, letter of credit and bank guarantee facilities and all other advances which might be

Owning or become owing by the borrower company M/s Janki plastics to the bank upon any other account, indebtedness of Rs.12.000 Millions liability including interest, costs (as between attorney and client),

Charges, expenses, past, present and future.

description of the security: entire land and building constructed thereon located at plot S.No.375, Village Kachigam, Sub. District and District Daman Bounded by:

On east : by plot bearing s.no.377/1(8)

On west: by plot bearing s.no.375/11-a

On north: by plot bearing s.no.375/10

On south: by plot bearing s.no.376/2(11)

Date of instrument modifying the charge

11.04.2011

Particulars of the present modification

The original charge was created on 23.08.2004 for Rs. 12.000 Millions 1stly modified on 17.12.2007 by giving gtee to Janki Plastics. 2ndly modified on 21.11.2008 for Rs. 50.500 Millions also offered addl. security. 3rdly modified on 19.03.2010 for Rs. 56.800 Millions. 4thly modified on 19.03.2010 for mortgage of immovable property. 5thly modified on 11.4.2011 for Rs. 200.500 Millions Now by this modifn. the co offered its property as an addl. security to secure its  limits to the extent of Rs. 200.500 Millions 

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Unsecured Loans

NA

57.696

Total

NA

57.696

 

 

OPERATION

 

The sales for the year were Rs. 422.671 Millions as compared to Rs.381.733 Millions for the previous year. The Company’s Profit after tax has dipped to Rs. 5.696 Millions as compared to Rs. 13.119 Millions in the preceding year.

 

The volatility in raw material prices continued as in previous year. Inflationary trend in commodity market, higher borrowing cost and fluctuation in exchange rate has adversely affected the business growth and profit margin

 

 

PROSPECTS FOR THE CURRENT YEAR

 

The company expects the current year to be full of challenges. The abnormal increase in input cost, stagnancy in demand coupled with inflation rate and increased borrowing cost will put pressure on volume growth as well as profit margin.

 

The uncertainty continues in behavior of oil prices which will affect the prices and availability of critical raw material. Abnormal fluctuations in exchange rate will also have adverse impact on cost of raw material.

 

The company has successfully commissioned CI Flexo Printing Line in May 2012 to modernize and expand its printing capability. The Company is putting more efforts towards developing diversified customer base as well new applications. The company has established long standing relationship with its key customers and its strength has been the ability to understand the ultimate customers’ end use performance characteristics and to develop products to meet these requirements.

 

The company expects growth from new applications and diversified products. Barring unforeseen circumstances, company expects to have marginal growth in volume and profitability during current year..

 

 

TRADE REFERENCES:

 

v      Reliance Industries Limited

v      Polychem Associates

 

 

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 :

SVA

 

 

Report Prepared by :

UDS

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

33

 

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.