MIRA INFORM REPORT

 

 

Report No. :

352738.2

Report Date :

03.12.2015

 

IDENTIFICATION DETAILS

 

Name :

PYROTEK INDIA PRIVATE LIMITED

 

 

Registered Office :

Gate No. 1228/1, 1228/2, 1229/1, 1230/4, 1230/5, 1230/6, Village Sanaswadi, Taluka Shirur, Pune – 411208, Maharashtra

Tel. No.:

91-2137-668020/ 668000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

09.02.2000

 

 

Com. Reg. No.:

11-020157

 

 

Capital Investment / Paid-up Capital :

Rs. 434.049 Million

 

 

CIN No.:

[Company Identification No.]

U29299PN2000PTC020157

 

 

IEC No.:

0300033711

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMP211716F

 

 

PAN No.:

[Permanent Account No.]

AABCP8012H

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer, Exporter and Importer of High Temperature Materials for Industrial Applications. [Confirmed by management]

 

 

No. of Employees :

150 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow  but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Pyrotek Inc, USA. It is an established company incorporated in the year 2000 having moderate track record.

 

The company has incurred some accumulated losses which seems to be increasing over years.

 

Further, the rating also takes into consideration low cash and bank balances.

 

Moreover, the rating weakness is partially offset by strong support received to the subject from its holding company.

 

Their trade relations are reported as fair. Business is active. Payments terms are reported to be 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.

 

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Yogesh

Designation :

Production Manager

Contact No.:

91-9850743121

Date :

02.12.2015

 

 

LOCATIONS

 

Registered Office/Branch/Factory 1 :

Gate No. 1228/1, 1228/2, 1229/1, 1230/4, 1230/5, 1230/6, Village Sanaswadi, Taluka Shirur, Pune – 411208, Maharashtra, India

Tel. No.:

91-2137-668020/668000

Mobile No.:

91-9850743121 (Mr. Yogesh Dhusia)

Fax No.:

91-2137-668050

E-Mail :

yogdhu@pyrotek.inc.com

pune@pyrotek-inc.com

Website :

www.pyroteck.info

www.pyrotek-inc.com

Area :

17 acers

Location :

Owned

Locality:

Commercial/ Industrial

 

 

Factory 2 :

Shed No. 3, Sidco Industrial Estate, Thirumazhisai, Chennai – 600124 Tamilnadu, India

 

 

Sales Office:

Kolkata, West Bengal, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Michal Streck

Designation :

Director

Address :

Svitavka, V Domkach, 495, Blansko, Czech Republic.

Date of Birth/Age :

05.10.1976

Date of Appointment :

19.06.2006

DIN No. :

00547464

 

 

Name :

Mr. Krian Narayanrao Deshpande

Designation :

Managing Director

Address :

502, 5th Floor, C Wing Marvel, Vivacity, Kalyani Nagar, Pune 411006, Maharashtra, India

Date of Birth/Age :

14.10.1962

Qualification :

Post Graduate

Date of Appointment :

01.06.2010

DIN No. :

03058241

 

 

Name :

Mr. Martin Plsek

Designation :

Director

Address :

Hrazka 615/30 Brno 62100 Czech Republic.

Date of Birth/Age :

28.02.1977

Date of Appointment :

17.06.2010

DIN No. :

03100736

 

 

KEY EXECUTIVES

 

Name :

Mr. Yogesh

Designation :

Production Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2015

 

Name of Equity Shareholders

 

No. of Shares

Pyrotek Inc. – USA

 

33028427

Pyroteck FZE –  UAE

 

1

Total

 

33028428

 

 

 

Name of Preference Shareholders

 

No. of Shares

Pyrotek Inc. – USA

 

1037653

Total

 

1037653

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of High Temperature Materials for Industrial Applications. [Confirmed by management]

 

 

Products :

Item Code No.

Product Description

38249090

Refining Agent

69039090

Caster and Graphite parts

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Middle East Countries
  • USA
  • UK
  • Japan
  • Switzerland etc.

 

 

Imports :

 

Products :

Raw Material

Countries :
  • USA
  • Switzerland
  • Middle East
  • Countries Germany

 

 

Terms :

 

Selling :

Cash, Advance Payment and Credit (30,60 Days)

 

 

Purchasing :

Cash, Advance Payment and Credit (30,60 Days)

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

T B A Textile, UK

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers and End users

 

Reference :

Bharat Auminium Company, Chhattisgarh

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

Banker Name

ICICI Bank Limited

Branch Address

Branch Bund Garden Road, Pune, Maharashtra, India

Person Name (With Designation)

Not Available

Contact Number

91-22-67574322 (Ringing)

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

55.293

82.081

Total

55.293

82.081

 

Financial Institution  :

The Hongkong and Shanghai Banking Corporation Limited, Amar Avinash Corporate Sector No. 11, Bund Garden Road, Pune - 411001, Maharashtra, India

 

 

Auditors :

 

Name :

M. M. Nissim and Company

Chartered Accountants

Address :

Barodawala Mansion, B wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai 400018, Maharashtra, India

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

AAAFM5103E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:
  • Pyrotek - Inc USA

 

 

Fellow Subsidiary company:
  • Pyrobras Comercio E Industria Limited - Brazil
  • Pyrotek (Asia) Limited, Hong Kong
  • Pyrotek Bahrain, Bahrain
  • Pyrotek CZ, S.R.O., Czech Republic
  • Pyrotek Engineering Materials (Private) Limited - South Africa
  • Pyrotek Engineering Materials Limited. - Grevenbroich, Germany
  • Pyrotek Engineering Materials Limited. - MK, United Kingdom
  • Pyrotek Engineering Materials Limited. -Zaragoza, Spain
  • Pyrotek High-Temperature Industrial Products Inc., Canada,
  • Pyrotek Inc – Korea
  • Pyrotek Middle East FZE – Dubai
  • Pyrotek Scandanavia AB – Sweden
  • Pyrotek Switzerland S.A,
  • Pyrotek Dongguan Limited
  • Pyrotek, Private Limited. - Sydney, Australia
  • Pyrotek Products Limited. - Auckland, New Zealand
  • Pyrotek Japan Limited
  • Pyrotek Refrakter Industry and Trade Limited Company Turkey
  • Pyrotek Netherlands B.V.
  • Shenzhen Pyrotek Inc., China
  • Metaullics System Europe B.V., Netherlands
  • Pyrotek - Drummondville, Canada
  • Pyrotek (Guangxi Nanning) High Temp. Mat. Company Limited., China
  • Pyrotek Inc. Mexico
  • Pyrotek GMBH - Grevenbroich , Germany
  • PT. Pyrotek Indonesia, Indonesia
  • Pyrotek Pty. Limited. - Taiwan Branch., Taiwan
  • Pyrotek Russia, Russia
  • Pyrotek Xian Metallurgical Material Company Limited, China
  • Pyrotek Thailand Company Limited ,Thailand
  • TAB Rractory Construction And Mainteance Company Limited, United Kingdom

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

44500000

Equity Shares

Rs.10/- each

Rs.445.000 Million

1050000

Preference Shares

Rs.100/- each

Rs.105.000 Million

 

Total

 

Rs.550.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

33028428

Equity Shares

Rs.10/- each

Rs.330.284 Million

1037653

Preference Shares

Rs.100/- each

Rs.103.765 Million

 

Total

 

Rs.434.049 Million

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

434.049

374.049

325.746

(b) Reserves & Surplus

(124.667)

(121.288)

(99.621)

(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)

309.382

252.761

226.125

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

292.837

316.966

151.128

(b) Deferred tax liabilities (Net)

0.000

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)

292.837

316.966

151.128

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

55.293

82.081

59.136

(b) Trade payables

63.078

66.078

47.107

(c) Other current liabilities

53.770

35.703

7.811

(d) Short-term provisions

2.442

1.682

0.881

Total Current Liabilities (4)

174.583

185.544

114.935

 

 

 

 

TOTAL

776.802

755.271

492.188

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

438.742

423.521

201.378

(ii) Intangible Assets

6.552

10.714

14.431

(iii) Capital work-in-progress

4.931

31.675

16.806

(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

1.818

0.855

0.215

(e) Other Non-current assets

3.990

4.302

6.279

Total Non-Current Assets

456.033

471.067

239.109

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

121.029

116.789

85.096

(c) Trade receivables

124.415

96.632

69.858

(d) Cash and cash equivalents

2.704

1.084

31.253

(e) Short-term loans and advances

68.343

66.240

64.770

(f) Other current assets

4.278

3.459

2.102

Total Current Assets

320.769

284.204

253.079

 

 

 

 

TOTAL

776.802

755.271

492.188

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

 

 

TURNOVER

924.377

673.578

470.191

 

 

 

 

 

Less

EXPENSES

929.136

700.751

491.835

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(4.759)

(27.173)

(21.644)

 

 

 

 

 

Less

TAX

0.000 

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(4.759)

(27.173)

(21.644)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(136.683)

(109.510)

(87.866)

 

 

 

 

 

 

 

Balance Carried to the B/S

(141.442)

(136.683)

(21.644)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.11) 

(0.63)

(0.50)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(8.508)

(29.885)

(40.776)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Turnover)

(%)

(0.51)

(4.03)

(4.60)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(0.62)

(3.76)

(4.55)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.02)

(0.11)

(0.10)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.13

1.58

0.93

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.84

1.53

2.20

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

325.746

374.049

434.049

Reserves & Surplus

(99.621)

(121.288)

(124.667)

Net worth

226.125

252.761

309.382

 

 

 

 

Long-term borrowings

151.128

316.966

292.837

Short term borrowings

59.136

82.081

55.293

Total borrowings

210.264

399.047

348.130

Debt/Equity ratio

0.930

1.579

1.125

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

470.191

673.578

924.377

 

 

43.256

37.234

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

470.191

673.578

924.377

Profit

(21.644)

(27.173)

(4.759)

 

(4.60%)

(4.03%)

(0.51%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

FUTURE OUTLOOK

 

It is observed by the directors of the Company that the business has made operational loss of Rs.4.759 million (Loss of Rs.27.173 million during the previous year) which is reflected in financial statement. During the current year directors of the Company expect better performance, considering the prevalent economic conditions in the economy, for domestic and international.

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Term loans from others

292.837

316.966

Total

292.837

316.966

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10065271

09/12/2014 *

200,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

AMAR AVINASH CORPORATE SECTOR NO. 11, BUND GARDEN, 
ROAD, PUNE- 411001, MAHARASHTRA, INDIA

C36517035

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2015

31.03.2014

Claims against company not acknowledged as debt

2.933

1.406

 

 

 

 

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipment’s

 

Intangible assets

 

  • Goodwill
  • Computer software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.66.62

UK Pound

1

Rs.100.34

Euro

1

Rs.70.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

28

 

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.