MIRA INFORM REPORT

 

 

Report No. :

354821

Report Date :

15.12.2015

 

IDENTIFICATION DETAILS

 

Name :

BIG MAGIC LIMITED

 

 

Registered Office :

401, 4th Floor, Infiniti, Link Road, Oshiwara, Andheri (West), Mumbai - 400053, Maharashtra

Tel. No.:

91-22-30760685

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

19.04.2011

 

 

Com. Reg. No.:

11-216414

 

 

Capital Investment / Paid-up Capital :

Rs. 0.500 Million

 

 

CIN No.:

[Company Identification No.]

U74900MH2011PLC216414

 

 

IEC No.:

0312039972

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB21183B

 

 

PAN No.:

[Permanent Account No.]

AAECB5352K

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of Television and Post Production. (Confirmed by management)

 

 

No. of Employees :

104 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (15)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Reliance Broadcast Network Limited”. It is an established company with limited operational history having moderate track record.

 

Rating is constrained on company’s weak financial risk profile marked by huge accumulated loss which has fully eroded the net worth of the company.

 

Rating is further constrained on company weak operational performance marked by continuous losses from its operating activities resulting to the accumulated over the years.

 

This rating weakness is partially offsets by strong support from “Reliance Broadcast Network Limited” in way of financial and managerial terms.

 

Trade relations seem to be fair. Business is active. Payments are reported to be slow.

 

The subject can be considered for business dealing on safe and secured 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.

 

EXTERNAL AGENCY RATING

 

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

 

Name :

Mr. Amod Nandgaonkar

Designation :

Manager

Contact No.:

91-22-30689367

Date :

14.12.2015

 

 

LOCATIONS

 

Registered Office :

401, 4th Floor, Infiniti, Link Road, Oshiwara, Andheri (West), Mumbai - 400053, Maharashtra, India

Tel. No.:

91-22-30689444/ 30689344

Fax No.:

91-22-39888927

E-Mail :

gururaja.rao@reliancebroadcast.com

communications@reliancebroadcast.com 

Website :

http://www.reliancebroadcast.com

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Tarun Ashok Katial

Designation :

Director

Address :

403, A/20, Shastri Nagar, Andheri [West], Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

07.01.1975

Qualification :

MBA (Marketing)

Date of Appointment :

19.04.2011

DIN No.:

01665221

 

 

Name :

Malabika Boruah

Designation :

Additional Director

Address :

Flat A-18, Namaskar Chs, Near Poonam Nagar, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India 

Date of Birth/Age :

26.09.1983

Date of Appointment :

26.09.2014

DIN No.:

05298024

 

 

Name :

Mr. Gaurav Jayprakash Dattani

Designation :

Additional director

Address :

Flat No. 702, 7th Floor, E Wing, Shiv Manthan CHSL, Soni Complex, Off Link Road Malad (West), Mumbai – 400064, Maharashtra, India 

Date of Birth/Age :

08.01.1984

Date of Appointment :

26.09.2014

DIN No.:

06626553

 

 

KEY EXECUTIVES

 

Name :

Mr. Amod Nandgaonkar

Designation :

Manager

 

 

MAJOR SHAREHOLDERS

 

As on 26.09.2014

 

Names of Shareholders

 

No. of Shares

Reliance Broadcast Network Limited, India

 

49993

Sunil Kumavan [Nominee of Reliance Broadcast Network Limited, India]

 

1

Shilpa Prabhakar Shetty [Nominee of Reliance Broadcast Network Limited, India]

 

1

Praveen Vilas Saravade [Nominee of Reliance Broadcast Network Limited, India]

 

2

Gaurav Jayprakash Dattani [Nominee of Reliance Broadcast Network Limited, India]

 

1

Malabika Boruah [Nominee of Reliance Broadcast Network Limited, India]

 

1

Kritika Kapoor [Nominee of Reliance Broadcast Network Limited, India]

 

1

Total

 

50000

 

As on 26.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Bodies corporate

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of Television and Post Production. (Confirmed by management)

 

 

Products / Services :

Item Code No. (ITC Code)

Product Description

99846120

Media Operations

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

104 (Approximately)

 

 

Bankers :

Banker Name

Yes Bank Limited

Branch Address

Lokhandwala, Andheri (West), Mumbai, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

Chaturvedi and Shah

Chartered Accountants

Address :

714-715, Tulsiani Chambers 212, Nariman Point, Mumbai – 400021, Maharashtra, India

PAN No.:

AAAFC0662N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Reliance Broadcast Network Limited

 

 

Fellow Subsidiary Company:
  • Cinestar Advertising Private Limited
  • Reliance Television Private Limited
  • RBN US LLC (w.e.f. 18 June, 2012)

 

 

Subsidiary / Step down Subsidiary Companies of Fellow Subsidiary Companies

 
  • Azalia Distribution Private Limited (formerly known as BIG CBS Networks Private Limited) (w.e.f. 21 December, 2013)
  • Reliance TV US LLC (w.e.f. 25 March, 2014) (Previous year: w.e.f. 18 June, 2012 upto 28 March, 2013)
  • Georgeville Television LLC (w.e.f. 25 March, 2014) (Previous year: w.e.f. 24 August, 2012 upto 28 March, 2013)
  • BIG RTL Broadcast Private Limited (upto 30 July, 2012)

 

 

 

Associate of Fellow Subsidiary Company
  • Reliance TV US LLC (w.e.f. 29 March, 2013 upto 24 March, 2014)

 

 

Joint Venture of Fellow Subsidiary Company

 
  • BIG RTL Broadcast Private Limited (w.e.f. 31 July, 2012)
  • Azalia Distribution Private Limited (formerly known as BIG CBS Networks Private Limited) (upto 20 December, 2013)

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs. 0.500 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.500

0.500

0.500

(b) Reserves & Surplus

(1211.295)

(711.095)

(406.535)

(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)

(1210.795)

(710.595)

(406.035)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2068.198

992.921

480.661

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

1.630

1.338

0.000

(d) long-term provisions

1.009

0.878

0.486

Total Non-current Liabilities (3)

2070.837

995.137

481.147

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

102.510

113.940

51.352

(c) Other current liabilities

87.379

55.311

34.468

(d) Short-term provisions

0.625

0.767

0.430

Total Current Liabilities (4)

190.514

170.018

86.250

 

 

 

 

TOTAL

1050.556

454.560

161.362

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

24.995

33.670

26.220

(ii) Intangible Assets

2.730

6.188

4.028

(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

13.624

10.502

2.483

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

41.349

50.360

32.731

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

299.941

161.481

57.964

(c) Trade receivables

118.144

65.950

21.950

(d) Cash and cash equivalents

1.182

0.303

2.693

(e) Short-term loans and advances

269.967

100.166

46.024

(f) Other current assets

319.973

76.300

0.000

Total Current Assets

1009.207

404.200

128.631

 

 

 

 

TOTAL

1050.556

454.560

161.362

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

247.302

221.559

70.606

 

Other Income

0.000

0.000

0.001

 

TOTAL

247.302

221.559

70.607

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

383.305

231.955

197.379

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

0.000

0.000

0.000

 

Employees benefits expense

66.199

37.017

21.078

 

Other expenses

285.355

241.815

250.056

 

TOTAL

734.859

510.787

468.513

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(487.557)

(289.228)

(397.906)

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.171

3.058

1.015

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

(487.728)

(292.286)

(398.921)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

12.471

12.274

7.613

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(500.199)

(304.560)

(406.534)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(500.199)

(304.560)

(406.534)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(711.094)

(406.534)

0.000

 

 

 

 

 

 

Balance Carried to the B/S

(1211.293)

(711.094)

(406.534)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Subscription Revenue

41.679

 NA

 NA

 

TOTAL EARNINGS

41.679

 NA

 NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(10.004)

(6.091)

(8.131)

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

550.000

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(1070.768)

(480.699)

(438.991)

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

Net Profit Margin

(PAT/ Sales)

(%)

(202.26)

(137.46)

(575.78)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

(197.15)

(130.54)

(563.56)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(47.61)

(67.00)

(251.94)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.41

0.43

1.00

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(1.71)

(1.40)

(1.18)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

5.30

2.38

1.49

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.500

0.500

0.500

Reserves & Surplus

(406.535)

(711.095)

(1211.295)

Net worth

(406.035)

(710.595)

(1210.795)

 

 

 

 

long-term borrowings

480.661

992.921

2068.198

Short term borrowings

0.000

0.000

0.000

Total borrowings

480.661

992.921

2068.198

Debt/Equity ratio

(1.184)

(1.397)

(1.708)

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

70.606

221.559

247.302

 

 

213.796

11.619

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

70.606

221.559

247.302

Profit

(406.534)

(304.560)

(500.199)

 

(575.78%)

(137.46%)

(202.26%)

 

 

 

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

No

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

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 four 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

 

FINANCIAL PERFORMANCE

 

During the Year the Company has earned an income of Rs. 247.302 Million against Rs. 221.558 Million for the previous year. The Company has incurred loss of Rs. 500.199 Million

 

 

BUSINESS OPERATIONS

 

BIG MAGIC the most prominent Television channel continued its progress with viewership growth of 122% over last 6 months, fortifying its position as fastest growing TV channel in Hindi heartland. Its creative comedy genre like Har Mushkil ka Hal Akbar Birbal and a hilarious family comic caper Ajab Gazab Ghar Jamai together with weekend offerings around festivals, topical issues and seasons like Rangon Ka Magic, BIG Chunavi Magic, BIG Garmi Bhagao Yojna and BIG Monsoon Magic contributed much towards its success.

 

BIG MAGIC Bihar and Jharkhand (BMBJ) (Now known as Big Magic Ganga), the Bhojpuri TV Channel has been able to make a deeper connect with the people of Bihar and Jharkhand and has cemented its position as the No. 1 Channel in the region with 27% market share in GVT. It has strengthen its foothold in the regional markets with a launch of top rated locally relevant and regional based shows like Police Files, Super Hit Bhojpuri, Daastaan E Ishq and some non-fiction shows like BIG Bahuria, Big Memsaab, Rasoi Ke Rani etc.

 

 

 

 

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Loans and advances from others

2068.198

992.921

Total

2068.198

992.921

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

 

 

FIXED ASSETS

 

  • Plant and equipment
  • Other plant and equipment
  • Furniture and fixtures
  • Office equipment

 

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 Laundring 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. 66.99

UK Pound

1

Rs. 101.78

Euro

1

Rs. 73.46

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KYP

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

---

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

2

--RESERVES

1~10

---

--CREDIT LINES

1~10

1

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

15

 

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.