MIRA INFORM REPORT

 

 

Report Date :

25.06.2014

 

IDENTIFICATION DETAILS

 

Name :

MALUR TUBES PRIVATE LIMITED

 

 

Registered Office :

No. 57, Kiadb Industrial Area, Malur, Kolar District – 563130, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

20.03.2002

 

 

Com. Reg. No.:

08-030255

 

 

Capital Investment / Paid-up Capital :

Rs. 18.000 Millions

 

 

CIN No.:

[Company Identification No.]

U27109KA2002PTC030255

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Pre-engineered, Metal Roffing Sheets, Industrial Roofing Sheets, Pre-Painted Roffing Sheets, Galvanized Roffing Sheets, and Other.

 

 

No. of Employees :

50 (Approximetly)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 120000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but carrect

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track.

 

The rating reflects company’s moderate financial risk profile marked by low reserves and thin profitability levels of the company.

 

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

 

The company can be considered for business dealing 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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

N E W S

 

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

 

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

 

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

 

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

 

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

 

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

 

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

 

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

 

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

 

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

 

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. Nalin Gupta

Designation :

Director

Contact No.:

91-9341760607

Date :

14.06.2014

 

 

LOCATIONS

 

Registered Office / Factory Address :

No. 57, Kiadb Industrial Area, Malur, Kolar District – 563130, Karnataka, India

Tel. No.:

91-80-41614781

Mobile No.:

91-9341760607 / 9448008245 (Mr. Nalin Gupta)

Fax No. :

Not Available

E-Mail :

nalingupta_1975@yahoo.co.in

Website :

http://www.malurtubes.com

Location :

Owned

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Sharad Agarwal

Designation :

Managing Director

Address :

No. 712, B – Block , Royal Heritage Apartments old Madras Road,  Banglore – 560016, Karnataka, India.

Date of Birth/Age :

01.05.1980

Date of Appointment :

19.05.2003

DIN No.:

00233861

Other Directorship:

 

S.No.

CIN/LLPN

Name of the

Compay/ LLP

Current

 designation

of the Director/

Designated

Partner

Date of

appointment

at current

designation

Original

date of

appointment

Date

of

cessatn

Company/ LLP Status

Defaulting status              

1

U27109KA2002PTC030255

MALUR TUBES PRIVATE LIMITED

Managing director

19/05/2003

19/05/2003

-

Active

NO

2

U45400DL2005PTC137574

AMTEX PAINTS PRIVATE LIMITED

Additional director

12/10/2009

12/10/2009

-

Active

NO

 

 

Name :

Mr. Nalin Gupta

Designation :

Director

Address :

No. 114 B Block Aristocrat Apts, Ngef layout, Kasturi Nagar, Banglore – 560016, Karnataka, India.

Date of Birth/Age :

28.11.1975

Date of Appointment :

19.05.2003

DIN No.:

01141391

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

Date of

cessation

Company/ LLP Status

Defaulting status

1

U27109KA2002PTC030255

MALUR TUBES PRIVATE LIMITED

Director

19/05/2003

19/05/2003

-

Active

NO

 

 

Name :

Mr. Kanta Gupta

Designation :

Director

Address :

No. 114 B Block Aristocrat Apts, Ngef layout, Kasturi Nagar, Banglore – 560016, Karnataka, India.

Date of Birth/Age :

22.11.1950

Date of Appointment :

01.04.2005

DIN No.:

01141441

Other Directorship:

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointmt at current designatin

Originl date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U27109KA2002PTC030255

MALUR TUBES PRIVATE LIMITED

Director

01/04/2005

01/04/2005

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 03.09.2013

 

Names of Shareholders

 

 

No. of Shares

Sharad Agarwal

 

291750

Pushpa Goyal

 

25000

Prem Gupta

 

503600

Aarthi Gupta

 

298150

Ashish Gupta

 

62500

Manish Gupta

 

62500

Nalin Gupta

 

360000

Kanta Gupta

 

196500

Total

 

1800000

 

 

AS ON 03.09.2013

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pre-engineered, Metal Roffing Sheets, Industrial Roofing Sheets, Pre-Painted Roffing Sheets, Galvanized Roffing Sheets, and Other

 

 

Products :
  • Pre painted Roofing steel sheets
  • Color Coated Roofing sheets
  • Galvanized Roofing sheets
  • Galvalume Roofing Steel sheets
  • Metal Roofing Sheets
  • Steel Roofing Sheets
  • Precoated Roofing sheets
  • Industrial Roofing Sheets
  • Pre Engineered Roofing sheets
  • Tubes and Pipes
  • Raw materials
  • Annealed CR Sheets

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Depend

 

 

Purchasing :

Depend

 

 

GENERAL INFORMATION

 

Suppliers :
  • Steel Authority of India

 

 

Customers :
  • Shankara Infrastructure materials Limited

 

 

No. of Employees :

50 (Approximetly)

 

 

Bankers :
  • Axis Bank Limited Corporate Banking Branch, Express Building, Second Ffoor No.1, Queen’s Road, Bangalore – 560001, Karnataka, india.

 

  • HDFC Bank

 

  • State Bank of India, SEM Branch, ACR Towers, No. 32, 3rd Floor, Residency Road, Bangalore – 560025, Karnataka, India. 

 

 

Facilities :

Secured Loans

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long Term Borrowing

 

 

Term Loans from banks

 

 

HDFC Car Loan

0.292

0.407

HDFC Vehicle Loan

0.162

0.306

Reliance Capital – Canter Loan

1.046

0.000

SBI – Term Loan

3.041

0.000

 

 

 

Short term Borrowing

 

 

Loans repayable on demand from Bank

Cash credit - SBI

42.366

34.631

Total

46.907

35.344

 

Note

 

  • Cash credit facilities primary security are secured by hypothecation of inventories and Trade receivable of the Company, both present and future with effective rate of intrest of 14.20%

 

  • SBI Term Loan, LC, BG and Cash credit facilities Collateral security are secured by factory building situated at No. 57, KIADB Inds Area, Malur, and extension of residential property at Flat No. 204, 2nd Floor, Gopalan Aristcrat Apt, Block A, Kasturinagar Blore – 16, and against hypothecation charge over unencumbered Plant and Machinery of the company

 

  • Loan from HDFC and Reliance Capital Limited is Auto Loan availed repayable in 60 months, 36 months and 48 months tenure respectively.

 

  • HDFC Car Loan is availed in the name of the Directors Mr. Nalin Gupta and Mr. Sharad Agarwal

 

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Sadashiv Prasad and company

Chartered Accountants

Address :

No.2A, 1st Floor,Nanjappa Road, Shanti Nagar, Bangalore – 560027, Karnataka, India.

Tel. No.:

91-80-41248838 / 91-80-41248839

Fax No.:

91-80-41248841

Website :

http://www.caspc.in

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1800000

Equity shares

10/- each

Rs. 18.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1800000

Equity shares

10/- Each

Rs. 18.000 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

18.000

15.000

13.000

(b) Reserves & Surplus

13.379

10.029

7.410

(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)

31.379

25.029

20.410

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4.541

0.713

0.938

(b) Deferred tax liabilities (Net)

0.025

0.000

0.000

(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)

4.566

0.713

0.938

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

42.366

34.691

42.390

(b) Trade payables

31.424

42.884

46.134

(c) Other current liabilities

1.064

0.019

0.649

(d) Short-term provisions

1.023

1.121

0.846

Total Current Liabilities (4)

75.877

78.715

90.019

 

 

 

 

TOTAL

111.822

104.457

111.367

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12.802

9.475

10.552

(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

0.305

0.305

0.305

(c) Deferred tax assets (net)

0.000

0.095

0.030

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.718

0.621

0.000

Total Non-Current Assets

13.825

10.496

10.887

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

66.841

75.808

71.359

(c) Trade receivables

23.883

13.766

21.784

(d) Cash and cash equivalents

3.669

2.884

5.516

(e) Short-term loans and advances

3.604

1.426

1.156

(f) Other current assets

0.000

0.077

0.665

Total Current Assets

97.997

93.961

100.480

 

 

 

 

TOTAL

111.822

104.457

111.367

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

GROSS INCOME

352.407

307.174

297.947

 

 

 

 

 

 

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX                      

5.093

3.801

2.542

 

 

 

 

 

Less

TAX                                                                 

1.744

1.182

0.564

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX              

3.349

2.619

1.978

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

10.028

7.409

5.431

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

13.377

10.028

7.409

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.86

1.46

1.10

 

 

Particulars

 

 

 

31.03.2014

Sales Turnover

 

 

360.000

 

The above information has been parted by Mr. Nalin Gupta

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.032012

Return on Total Assets

(PBT/Total Assets}

(%)
4.57

3.65

2.29

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.15

0.13

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.56

3.17

4.46

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.29

1.19

1.12

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

13.000

15.000

18.000

Reserves & Surplus

7.410

10.029

13.379

Net worth

20.410

25.029

31.379

 

 

 

 

long-term borrowings

0.938

0.713

4.541

Short term borrowings

42.390

34.691

42.366

Total borrowings

43.328

35.404

46.907

Debt/Equity ratio

2.123

1.415

1.495

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

297.947

307.174

352.407

 

 

3.097

14.726

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

297.947

307.174

352.407

Profit

1.978

2.619

3.349

 

0.66%

0.85%

0.95%

 

 

 

 

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

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%

-------------------

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

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

 

 

UNSECURED LOANS:

 

Particular

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Short Term Borrowings

 

 

Loans and advances from related parties

0.000

0.060

Total

0.000

0.060

 

 

FIXED ASSETS:

 

  • Land
  • Building
  • Plant and Machinery
  • Computer and Hardware
  • Furniture and Fixtures
  • Fabrication and Body Buidling
  • Vehicle

 

 

INDEX CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10460120

04/02/2014 *

102,400,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, EXPRESS BUILDING, SECOND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE, Karnataka 
- 560001, INDIA

B96318027

 

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. 60.12

UK Pound

1

Rs.102.00

Euro

1

Rs. 81.43

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TRU

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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.