MIRA INFORM REPORT

 

 

Report Date :

30.03.2013

 

IDENTIFICATION DETAILS

 

Name :

DIAMOND BEVERAGES PRIVATE LIMITED

 

 

Registered Office :

P-41, Taratala Road, Kolkata – 700 088, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

21.09.1995

 

 

Com. Reg. No.:

21-074469

 

 

Capital Investment / Paid-up Capital :

Rs.56.743 millions

 

 

CIN No.:

[Company Identification No.]

U15549WB1995PTC074469

 

 

PAN No.:

[Permanent Account No.]

AABCD3346C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacturing and selling of Aerated Water, Fruit based Beverages and Packaged Drinking Water.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 911000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having a moderate track record.

 

There appear huge external borrowings recorded by the company.

 

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

 

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 – 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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating: BB- (Under Continuance Surveillance)

Rating Explanation

Moderate risk of default.

Date

14th March, 2013

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating: A4+ (Under Continuance Surveillance)

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

14th March, 2013

 

 

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 :

P-41, Taratala Road, Kolkata – 700 088, West Bengal, India

Tel. No.:

91-33-24018030/ 39878200

Fax No.:

91-33-24010142

E-Mail :

dbpl@diamondbev.in

 

 

DIRECTORS

 

As on 30.06.2012

 

Name :

Mr. Nav Ratan Kishori Lal Goenka

Designation :

Chairman cum Managing Director

Address :

6, Alipore Park Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

19.10.1944

Date of Appointment :

21.09.1995

DIN No.:

00761197

PAN No.:

ADSPG7579B

 

 

Name :

Mr. Hemant Nav Ratan Goenka

Designation :

Managing Director

Address :

6, Alipore Park Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

12.04.1965

Date of Appointment :

17.10.1999

DIN No.:

00984022

PAN No.:

ADSPG7578A

 

 

Name :

Mrs. Shruti Hemant Goenka

Designation :

Director

Address :

6, Alipore Park Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

31.12.1970

Date of Appointment :

30.06.2012

DIN No.:

00761377

PAN No.:

ADSPG7573M

 

 

Name :

Mrs. Ratna Nav Ratan Goenka

Designation :

Director

Address :

6, Alipore Park Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

06.04.1947

Date of Appointment :

30.06.2012

DIN No.:

00984138

PAN No.:

ADSPG7572L

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.06.2012

 

Names of Shareholders

 

No. of Shares

 

Nav Ratan Kishori Lal Goenka

 

610170

Hemant Nav Ratan Goenka

 

930707

N.R. Goenka and Sons, India

 

554776

Shruti Hemant Goenka

 

904350

Abhyudoy Hemant Goenka

 

568034

Vedant Alok Mittal

 

1

Ratna Nav Ratan Goenka

 

621281

N.R. Trading Company Private Limited, India

 

1485000

Smita Alok Mittal

 

1

Total

 

5674320

 

As on 30.06.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

26.00

Directors or relatives of directors

 

74.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing and selling of Aerated Water, Fruit based Beverages and Packaged Drinking Water.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Allahabad Bank, Alipore Branch

 

 

Facilities :

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG-TERM BORROWINGS

 

 

Rupee term loans from banks

161.724

194.118

Loans taken for vehicles

(Hypothecation of Car)

(Assets acquired with their finance.)

6.967

6.700

SHORT-TERM BORROWINGS

 

 

Working capital loans from banks

(Exclusive hypothecation charge over entire stock, book debts and all other current assets of the company both present and future.)

188.500

166.400

Total

357.191

367.218

 

 

 

Banking Relations :

--

 

 

Financial Institution :

West Bengal Financial Corporation, 12-A, Netaji Subhas Road, 3rd and 4th Floor, Kolkata – 700 001, West Bengal, India

 

 

Auditors :

 

Name :

J. Loyalka and Company

Chartered Accountants

Address :

16, Mangoe Lane, Kolkata – 700 001, West Bengal, India

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

AABFJ5067H

 

 

Associates :
  • N.R. Goenka and Sons, India
  • N.R. Trading Company Private Limited, India
  • Vedanta Mittal Beneficiary Trust, India
  • Seth Kishorilal Goenka Foundation, India
  • Bengal beverages Private Limited, India
  • Taratala Soft Drinks Private Limited, India
  • Aqua Trading Company Private Limited, India
  • Eastern Breweries and Distilleries Private Limited, India

 

 

CAPITAL STRUCTURE

 

As on 30.06.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

6000000

Equity Shares

Rs.10/- each

Rs.60.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5674320

Equity Shares

Rs.10/- each

Rs.56.743 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

56.743

37.829

37.829

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

170.892

142.895

131.492

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

227.635

180.724

169.321

LOAN FUNDS

 

 

 

1] Secured Loans

357.191

367.218

542.713

2] Unsecured Loans

286.755

248.773

200.474

TOTAL BORROWING

643.946

615.991

743.187

DEFERRED TAX LIABILITIES

103.904

96.200

90.133

 

 

 

 

TOTAL

975.485

892.915

1002.641

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

864.584

845.036

729.560

Capital work-in-progress

7.533

0.000

0.000

 

 

 

 

INVESTMENT

0.842

0.842

0.842

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
194.839

184.032

169.540

 

Sundry Debtors
89.311

84.502

77.390

 

Cash & Bank Balances
82.893

53.649

103.999

 

Other Current Assets
1.899

1.874

1.303

 

Loans & Advances
174.457

147.192

162.110

Total Current Assets
543.399

471.249

514.342

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
122.128

124.214

72.044

 

Other Current Liabilities
233.842

206.496

105.677

 

Provisions
84.903

93.502

66.441

Total Current Liabilities
440.873

424.212

244.162

Net Current Assets
102.526

47.037

270.180

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

2.059

 

 

 

 

TOTAL

975.485

892.915

1002.641

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from Operation

1899.200

1789.700

1453.500

 

 

Other Income

12.600

11.800

17.400

 

 

TOTAL                                     (A)

1911.800

1801.500

1470.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

1685.500

1608.900

1274.600

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

1685.500

1608.900

1274.600

 

 

 

 

 

Less

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

226.300

192.600

196.300

 

 

 

 

 

Less

INTEREST                                                        (D)

88.000

81.300

63.800

 

 

 

 

 

 

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

138.300

111.300

132.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

81.300

71.800

59.500

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

57.000

39.500

73.000

 

 

 

 

 

 

TAX                                                                  (H)

19.500

14.700

36.400

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

37.500

24.600

36.600

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.61

6.50

9.68

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
1.96

1.37

2.49

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.00

2.21

5.02

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.05

3.00

5.87

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

0.22

0.43

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
2.83

3.41

4.39

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.23

1.11

2.11

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

LITIGATION DETAILS:

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

 

Case Status: P

 

Status of APPL.UND.CENTRAL EXC (CEXA) 4 of 2010

 

COMMISSIONER OF CENTRAL EXCISE, KOLKATA Vs. DIAMOND BEVERAGES PRIVATE LIMITED

 

Pet’s Adv.: Subir Kumar Saha

 

Res’s Adv.: --

 

Court No.: 17 Last Listed On: Thursday, January 20, 2011

 

Category: EXCISE: REVENUE

 

CONNECTED APPLICATION (S)

 

CONNECTED MATTER (S)

No Connected Application

No Connected Cases

 

Case Updated on: Wednesday, May 09, 2012

 

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

No

10) Designation of contact person

No

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

Yes

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

Yes

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

Yes

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

No

34) External Agency Rating, if available

Yes

 

 


 

Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG-TERM BORROWINGS

 

 

Inter-corporate Borrowings

230.903

206.750

Loans and advances from directors

23.206

20.937

Other loans and advances

32.646

21.086

Total

286.755

248.773

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U15549WB1995PTC074469

Name of the company

DIAMOND BEVERAGES PRIVATE LIMITED

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

P-41, Taratala Road, Kolkata – 700 088, West Bengal, India

E-Mail: dbpl@diamondbev.in

This form is for

Modification of charge

Charge identification number of the modified 

10073451

Type of charge

Immovable Property

Movable Property (not being pledge)

Particular of charge holder

West Bengal Financial Corporation, 12-A, Netaji Subhas Road, 3rd and 4th Floor, Kolkata – 700 001, West Bengal, India

E-Mail: monitoring@wbfconline.org

Nature of description of the instrument creating or modifying the charge

(i) Agreement for Hypothecation.

(ii) Memorandum Recording Deposit of Title Deeds.

Date of instrument Creating the charge

10.10.2012

Amount secured by the charge

Rs.222.500 millions

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

Rate of Interest:

For Additional TL of Rs.100.000 millions 13.75%

Penalty Interest @ 2.00% p.a. for default in payment of principal, interest and other dues.

 

Terms of Repayment:

(i) Existing TL of Rs.62.500 millions shall be repaid as per existing sch of 19 qtly inst(1XRs.3.100 millions + 18XRs.3.300 millions),commenced from 26/08/2009 and last falling due on 26/02/2014.

(ii) Addl TL of Rs.60.000 millions shall be repayable in 19 qtly inst(9XRs.3.100 millions + 10XRs.3.210 millions),commencing from 21/09/2012 and last falling due on 21/03/2017.

(iii) Addl TL of Rs.100.000 millions shall be repayable in 19 qty inst (4X40 lc + 5X50 lc +10 X59 lc)commencing from 10/4/2013  and last falling due on 10/10/2017

 

Margin:

As stipulated by the WBFC from time to time. Presently as laid in the Agreement for Hypothecation. The Aggregate amount of this Additional term Loan disbursed/outstanding will not exceed 75% of the value of assets offered and accepted as security against the expansion project cost.

 

Extent and Operation of the charge:

The charge shall operate by way of hypothecation of plant and machineries and other movable fixed assets of the Company lying at P-41, Taratala Road, Kolkata-700088(WB) and equitable mortgage over immovable properties of the Company situated at Mouza Chandi, PS Bishnupur, District South 24 Parganas on first charge basis in favour of WBFC.

Short particulars of the property charged

Hypothecation of entire plant, machineries, tool, spares, equipment and other movable fixed assets (both present and future) of the Company lying/installed at P-41, Taratala Road, Kolkata-700088 (WB).

 

EM of freehold land measuring 89 decimals (more or less) together with structures thereon comprised in RS Plots No.165, 169, 200 and 201, RS Khatian Nos.1240 and 1438 and LR Khatian Nos.3226, 4106 and 4108.

 

Aforesaid immovable properties lying and situated at Mouza Chandi, JL No.101 under PS Bishnupur in the District South 24 Parganas, West Bengal.

Date of latest modification prior to the present modification

21.03.2012

Particulars of the present modification 

By this modification, the overall amount of charge has been enhanced from Rs.122.500 millions to Rs.222.500 millions as WBFC has sanctioned Additional (Fresh) Term Loan of Rs.100.000 millions and also extended its securities over the movable assets of the Company lying at P-41, Taratala Road, Kolkata-700088 and immovable properties of the Company situated at Mouza Chandi, Ps Bishnupur, District South 24 Parganas. All other terms and conditions continue to remain as before in full force and effect.

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipments

 

CHARGES

 

ENTITY

PERSON

COMPETENT AUTHORITY

REGULATORY CHARGES

REGULATORY ACTION(S)/ DATE OF ORDER

FURTHER DEVELOPMENTS

Diamond Beverages Private Limited

--

CBEC

Defaulted in payment of customs/excise duties

Notice issued under Section 142 of Customs Act, 1962

17th July, 2009

--

 

 

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.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

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

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

36

 

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.