MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

IDEAL FASTENER (INDIA) PRIVATE LIMITED

 

 

Registered Office :

C5, Phase II, 3rd Main Road, Special Economic Zone, MEPZ, Tambaram, Chennai – 600 045, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

12.12.2005

 

 

Com. Reg. No.:

18-058282

 

 

Capital Investment / Paid-up Capital :

Rs.0.400 million

 

 

CIN No.:

[Company Identification No.]

U36992TN2005PTC058282

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEI05412B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacturing, exporting, importing, trading and other wise dealing in all kinds of zip components and other garment accessories.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 270000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record.

 

Overall financials appears to be decent.

 

Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealing 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.

 

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

 

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

 

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

 

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

 

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

 

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

 

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

 

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

 

 

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/ Sales Office 1 :

C5, Phase II, 3rd Main Road, Special Economic Zone, MEPZ, Tambaram, Chennai – 600 045, Tamilnadu, India

Tel. No.:

91-44-22622050/ 22622051/ 22622052

Fax No.:

91-44-42034747/ 28276437

E-Mail :

vijaya@idealfastener.com

sastri@idealfastener.com

chennai@idealfastener.com

india@idealfasterner.com

Website :

www.idealfastener.com

Area :

4710 sq. mtrs.

Location :

Leased

 

 

Sales Office 2 :

#404, 1st Floor, 1st Cross, 1st Block, R.T. Nagar, Bangalore – 560 032, Karnataka, India

Tel No.:

91-80-41726476

E-Mail :

bangalore@idealfastener.com

 

 

Sales Office 3 :

207-208 Charmwood Plaza, Charmwood Village, Faridabad - 121 003, Haryana, India

Tel. No.:

91-129-4117601

Fax No.:

91-129-4117601

E-Mail :

delhi@idealfastener.com

 

 

DIRECTORS

 

As on 06.09.2013

 

Name :

Mrs. Vijaya Shekar

Designation :

Director

Address :

88/89, Kuppuswamy Street, G.G. Nagar, Nerkundram, Chennai – 600 107, Tamilnadu, India

Date of Birth/Age :

12.01.1954

Date of Appointment :

12.12.2005

DIN No.:

00532674

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U27209TN1983PTC009966

MULTIZIP PRIVATE LIMITED

Managing director

23/12/1990

23/12/1990

Under liquidation

NO

2

U36992TN2005PTC058282

IDEAL FASTENER (INDIA) PRIVATE LIMITED

Director

12/12/2005

12/12/2005

Active

NO

 

 

Name :

Mr. Baljapalli Suryanarain Sastri

Designation :

Director

Address :

209 (Old No.94), V.M. Street, Mylapore, Chennai – 600 004, Tamilnadu, India

Date of Birth/Age :

25.09.1952

Date of Appointment :

12.12.2005

DIN No.:

01169987

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U27209TN1983PTC009966

MULTIZIP PRIVATE LIMITED

Whole-time director

15/04/1983

15/04/1983

Under liquidation

NO

2

U36992TN2005PTC058282

IDEAL FASTENER (INDIA) PRIVATE LIMITED

Director

12/12/2005

12/12/2005

Active

NO

 

 

Name :

Mr. Jeffrey Jules Gut

Designation :

Director

Address :

7700, Kencot Court, Raleigh, North Carolina, United States of America – 27615

Date of Birth/Age :

16.06.1979

Date of Appointment :

12.12.2005

DIN No.:

01669079

 

 

Name :

Mr. Ralph Leon Gut

Designation :

Director

Address :

7700, Kencot Court, Raleigh, North Carolina, United States of America – 27615

Date of Birth/Age :

27.10.1941

Date of Appointment :

12.12.2005

DIN No.:

01720183

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 06.09.2013

 

Names of Shareholders

 

No. of Shares

 

Baljapalli Suryanarain Sastri (Equity Shares)

 

460

Vijaya Shekar  (Equity Shares)

 

460

Baljapalli Suryanarain Sastri (Class B Equity Shares)

 

500

Vijaya Shekar (Class B Equity Shares)

 

500

M.M. Udeshi (Equity Shares)

 

80

Gilbert Wan Hoi Hung  (Class A Equity Shares)

 

1000

Ideal Fastener Mauritius, Mauritius (Class A Equity Shares)

 

1000

Total

 

4000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 06.09.2013

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

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

 

50.00

Directors or relatives of directors

 

48.00

Other top fifty shareholders

 

2.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing, exporting, importing, trading and other wise dealing in all kinds of zip components and other garment accessories.

 

 

Products :

Item Code No. (ITC Code)

9607.19

Product Description

Zippers

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

31.03.2010

 

Licensed Capacity

Not Applicable

Installed Capacity

Not Applicable

Actual Production – Pcs

38004887

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

v      Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India

v      Bank of Ceylon, No.1090, A.R. Complex, Poonamallee High Road, Chennai – 600 084, Tamilnadu, India

 

 

Facilities :

Secured Loan

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

 

 

Term Loan from Banks

(Secured  against  hypothecation  of  Plant and Machinery and Land  and  Building)

0.000

7.013

Short-term borrowings

 

 

Loan repayable on demand

From Bank - Cash Credit

(Secured  against  hypothecation  of  Stock, Book  Debts  and Land  and  Building)

33.672

24.288

From  Bank - Packing  Credit

(Secured  against  hypothecation  of Stock, Book  Debts and  Land  and  Building)

29.491

29.851

 

 

 

Total

63.163

61.152

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Vepa and Company

Chartered Accountants

Address :

“Rudraprasada”, 93, Venkatachala Mudali Street, Mylapore, Chennai – 600 004, Tamilnadu, India

Tel. No.:

91-44-24987789/ 24987735

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

AAAFV0371K

 

 

CAPITAL STRUCTURE

 

As on 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

190000

Equity Shares

Rs.100/- each

Rs.19.000 millions

5000

Class A Equity Shares

Rs.100/- each

Rs.0.500 million

5000

Class B Equity Shares

Rs.100/- each

Rs.0.500 million

 

Total

 

Rs.20.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1000

Equity Shares

Rs.100/- each

Rs.0.100 million

2000

Class A Equity Shares

Rs.100/- each

Rs.0.200 million

1000

Class B Equity Shares

Rs.100/- each

Rs.0.100 million

 

Total

 

Rs.0.400 million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.400

0.400

0.400

(b) Reserves & Surplus

67.938

25.988

58.923

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

68.338

26.388

59.323

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

67.800

88.812

87.269

(b) Deferred tax liabilities (Net)

3.904

4.156

4.561

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

71.704

92.968

91.830

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

63.163

54.138

39.794

(b) Trade payables

130.403

90.200

55.549

(c) Other current liabilities

2.753

2.496

16.944

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

196.319

146.834

112.287

 

 

 

 

TOTAL

336.361

266.190

263.440

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

117.648

122.997

133.047

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

7.285

2.360

1.141

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

124.933

125.357

134.188

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

119.517

79.785

94.087

(c) Trade receivables

86.150

57.490

29.920

(d) Cash and cash equivalents

4.569

1.665

3.380

(e) Short-term loans and advances

1.192

1.893

1.865

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

211.428

140.833

129.252

 

 

 

 

TOTAL

336.361

266.190

263.440

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

Income

 

 

515.338

 

 

Other Income

 

 

1.445

 

 

TOTAL                                    

850.717

539.112

516.783

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

791.464

553.607

482.522

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION              

59.253

(14.495)

34.261

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

17.555

18.846

19.069

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

41.698

(33.341)

15.192

 

 

 

 

 

Less

TAX                                                                 

(0.252)

(0.405)

0.573

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

41.950

(32.936)

14.619

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB value of export

803.331

512.756

495.326

 

TOTAL EARNINGS

803.331

512.756

495.326

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

276.626

147.530

138.507

 

 

Capital Goods

7.310

2.383

22.720

 

 

Loose Tool

1.054

2.965

3.157

 

TOTAL IMPORTS

284.990

152.878

164.384

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

10487.46

(8234.00)

3654.85

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
4.93

(6.11)

2.83

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

NA

2.95

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
12.40

(12.53)

11.75

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.61

(1.26)

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
1.92

5.42

2.14

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.08

0.96

1.15

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

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

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

No

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

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

No

33]

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

No

34]

External Agency Rating, if available

No

 

NOTE:

The registered office of the company has been shifted from 88/89, Kuppuswamy Street, Golden George Nagar, Chennai – 600 107, Tamilnadu to the present address w.e.f. 01.06.2006.

 

OPERATIONS:

 

The Company is engaged in manufacturing, exporting, importing, trading and other wise dealing in all kinds of zip components and other garment accessories. The Company has been taking several initiatives and planning measures to decide on a suitable structure and develop systems and mechanisms in place in order to effectively carry on its operations.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

 

 

Loans  and  advances  from  related  parties

40.600

53.100

Other  Loans  and advance

27.200

28.700

Total

67.800

81.800

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10138506

19/01/2009

1,950,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

A54974589

2

90325555

26/12/2012 *

93,500,000.00

BANK OF CEYLON

NO.20/21, CASA MAJOR ROAD, N.NO.2 (O.NO.11), ZERAT GARDEN. 2ND LANE, EGMORE, CHENNAI, TAMIL NADU -
600008, INDIA

B65776825

 

NOTE: * Date of charge modification

 

FIXED ASSETS

 

Tangible Assets

 

v      Air conditioner

v      Computer

v      Electrical Installation

v      Factory Shed

v      Furniture and Fitting

v      Motor Car

v      Office Equipments

v      Office Building

v      Plant and Machinery

v      Two Wheelers


 

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.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

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

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NB

                                       New Business

 

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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.