MIRA INFORM REPORT

 

 

Report No. :

330124

Report Date :

03.07.2015

 

IDENTIFICATION DETAILS

 

Name :

DIFACTO ROBOTICS AND AUTOMATION PRIVATE LIMITED

 

 

Registered Office :

18/1A, 23rd Main, Marenahalli, J.P. Nagar, 2nd Phase, Bangalore – 560 078, Karnataka

Tel. No.:

91-80-42120041

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.01.2007

 

 

Com. Reg. No.:

08-041555

 

 

Capital Investment / Paid-up Capital :

Rs.1.818 million

 

 

CIN No.:

[Company Identification No.]

U74210KA2007PTC041555

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is primarily engaged in the business of offering a range of services related to the robotics and automation industry which include robot simulation, offline programming, onsite robot programming, training, design services, robot calibration among others.

 

 

No. of Employees :

Information declined by the Management. 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 113300

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2007. It is has a satisfactory track record.

 

For the financial year 2014, the company possesses healthy business operations and it has decent profitability margin.

 

The company has good financial risk profile marked by adequate networth along with fine gap between trade payables and receivables.

 

Trade relations are reported as fair. Business is active. Payments are usually correct.

 

In view of healthy financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 31-03-2013.

 

INFORMATION DECLINED BY

 

Name :

Mr. Ajay Mysore Gopalaswamy

Designation :

Director

Contact No.:

91-80-42120041

Date :

02.07.2015

 

 

LOCATIONS

 

Registered Office/ Corporate Headquarters:

18/1A, 23rd Main, Marenahalli, J.P. Nagar, 2nd Phase, Bangalore – 560 078, Karnataka, India

Tel. No.:

91-80-42120041/ 26592040

Fax No.:

Not Available

E-Mail :

ajay@difacto.com

info@difacto.com

Website :

http://difacto.com

 

 

Pune Office :

#115, Vinayak Arcade, Opposite Bajaj Auto Limited, CTS No.4252, Akurdi, Pune – 411 035, Maharashtra, India

 

 

Ahmedabad Office :

#A-210, Siddhi Vinayak Tower, Near Katariya Motors, Prahladnagar Road, Makarba, Ahmedabad – 380 051, Gujarat, India

 

 

Gurgaon Office :

#534, Industrial Area, Udyog Vihar, Phase - V, Gurgaon – 122 016, Haryana, India

 

 

Bangalore Office :

#A151 and #A152, 3rd Cross, 1st Stage, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India

 

 

United States Headquarters:

100 W Big Beaver Rd #200, Troy, MI 48084

Tel. No.:

+1 248 509 5410

E-Mail :

usoffice@difacto.com

 

 

DIRECTORS

 

AS ON 24.09.2014

 

Name :

Mr. Ajay Mysore Gopalaswamy

Designation :

Director

Address :

402-B, Amarjyothi Apartments, 85, Kanakapura Road, Yediyur, Jayanagar 6th Block, Bangalore – 560 082, Karnataka, India

Date of Birth/Age :

03.07.1966

Date of Appointment :

23.01.2007

DIN No.:

02059021

 

Name :

Mrs. Shakunthala Mysore Raghupathy Gopalaswamyrao

Designation :

Director

Address :

402-B, Amarjyothi Apartments, 85, Kanakapura Road, Yediyur, Jayanagar 6th Block, Bangalore – 560 082, Karnataka, India

Date of Birth/Age :

31.08.1940

Date of Appointment :

23.01.2007

DIN No.:

02059051

 

 

KEY EXECUTIVES

 

Name :

CS V.S. Varun

Designation :

Company Secretary in Practice

Address :

1844, 25B Cross, 22nd Main, Sector II, HSR Layout, Bangalore – 560 102, Karnataka, India

Mobile No.:

91-9886052118

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 24.09.2014

 

Names of Shareholders (Equity Shares)

 

No. of Shares

Ajay Mysore Gopalaswamy

90000

Yogesh Kumar

18181

Total

108181

 

 

Names of Shareholders (Preference Shares)

 

No. of Shares

LLC Investments Global, New York

73636

Total

73636

 

 

AS ON 24.09.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

83.19

Other top fifty shareholders

 

16.81

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is primarily engaged in the business of offering a range of services related to the robotics and automation industry which include robot simulation, offline programming, onsite robot programming, training, design services, robot calibration among others.

 

 

Products/ Services :

Robot Engineering Services include:

 

·         Simulation and Off-line Programming

·         Onsite Robot Programming

·         Robot Cell Calibration

·         Robot System Design and Consultancy

·         Industrial Robot Training

·         Case Studies

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the Management. 

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Bangalore City Branch, No.22, J.C. Road, Bangalore – 560 002, Karnataka, 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

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Term Loans

 

 

From Banks

The company has availed term loan of Rs.10.000 million from State Bank of India during the year ended March 31, 2013. This loan is secured by hypothecation of assets purchased out of bank finance and further secured by personal guarantee of directors.

 

This loan is repayable in 50 Monthly lnstallments and carries an Interest rate of 13.10%. As of March 31, 2014 the company has complied with the covenants under the loan arrangements.

 

The company has availed term loan of Rs.4.500 million from State Bank of India during the year ended March 31, 2014. This loan is secured by hypothecation of assets purchased out of bank finance and further secured by personal guarantee of directors and carries an interest rate of 13.5%.

 

As of March31, 2014, the company has complied with the covenants under the loan arrangements.

11.538

9.791

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

 

 

From Banks

The Company has availed the cash credit facility for the purpose of working capital requirement, which is secured against receivables, current assets and further secured by Residential Flat and personal guarantee of Mr. Aiay Mysore Gopalaswamy NM, a director of the company and personal guarantee of Mrs Shakunthala MRG Rao NM, a director of the company. This facility carries a floating interest rate of 13% p.a.

3.105

0.000

Total

14.643

9.791

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Adithya and Vishwas

Chartered Accountants

Address :

No.38, 8th Cross, 8th Main, 2nd Block, Jayanagar, Bangalore – 560 011, Karnataka, India

Tel. No.:

91-80-26572669/ 26572670

E-Mail :

info@avca.co.in

Website :

www.avca.co.in

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

AAGFA1395N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 24.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

192500

Equity Shares

Rs.10/- each

Rs.1.925 million

157500

Preference Shares

Rs.10/- each

Rs.1.575 million

 

Total

 

Rs.3.500 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

108181

Equity Shares

Rs.10/- each

Rs.1.082 million

73636

Preference Shares

Rs.10/- each

Rs.0.736 million

 

Total

 

Rs.1.818 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

1.818

1.818

1.818

(b) Reserves & Surplus

37.833

20.428

18.689

(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)

39.651

22.246

20.507

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

11.538

9.791

1.145

(b) Deferred tax liabilities (Net)

0.000

0.000

0.048

(c) Other long term liabilities

0.000

0.000

0.000

(d) Long-term provisions

3.011

1.431

0.831

Total Non-current Liabilities (3)

14.549

11.222

2.024

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3.105

0.000

0.750

(b) Trade payables

3.637

14.429

1.259

(c) Other current liabilities

8.625

5.679

2.375

(d) Short-term provisions

3.720

0.129

0.000

Total Current Liabilities (4)

19.087

20.237

4.384

 

 

 

 

TOTAL

73.287

53.705

26.915

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

15.954

15.013

4.480

(ii) Intangible Assets

9.789

3.212

3.235

(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)

1.032

0.262

0.000

(d)  Long-term Loan and Advances

3.378

3.083

2.242

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

30.153

21.570

9.957

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1.628

2.800

0.000

(c) Trade receivables

36.220

24.431

13.516

(d) Cash and cash equivalents

5.066

2.041

0.018

(e) Short-term loans and advances

0.103

2.053

3.424

(f) Other current assets

0.117

0.810

0.000

Total Current Assets

43.134

32.135

16.958

 

 

 

 

TOTAL

73.287

53.705

26.915

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

110.456

NA

59.226

 

 

Other Income

 

NA

2.268

 

 

TOTAL                                    

110.456

NA

61.494

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

TOTAL                                    

78.643

NA

NA

 

 

 

 

 

 

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

31.813

NA

NA

 

 

 

 

 

 

INTEREST

1.158

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

30.655

NA

NA

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

6.262

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

24.393

NA

NA

 

 

 

 

 

 

TAX                                                                 

9.303

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

17.406

1.739

8.177

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

18.946

17.207

9.030

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

36.352

18.946

17.207

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Engineering Services

0.000

1.606

0.000

 

TOTAL EARNINGS

0.000

1.606

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Items

0.000

3.172

NA

 

TOTAL IMPORTS

0.000

3.172

NA

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

95.73

9.56

44.97

 

 

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

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

NA

NA

13.81

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

33.76

NA

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.62

NA

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.37

0.44

0.09

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.26

1.59

3.87

 

 

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

1.818

1.818

1.818

Reserves & Surplus

18.689

20.428

37.833

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

20.507

22.246

39.651

 

 

 

 

Long-term borrowings

1.145

9.791

11.538

Short term borrowings

0.750

0.000

3.105

Total borrowings

1.895

9.791

14.643

Debt/Equity ratio

0.092

0.440

0.369

 

 

 

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

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

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 two 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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE:

 

The registered office of the company has been shifted from 2/B, 23rd Main Road, Marenahalli, J.P. Nagar, 2nd Phase, Bangalore – 560 078, Karnataka to the present address w.e.f. 09.02.2012.

 

 

COMPANY BACKGROUND:

 

Subject was incorporated as a private company on 23rd January 2007 under the companies Act, 1956. The Company is primarily engaged in the business of offering a range of services related to the robotics and automation industry. These services include robot simulation, offline programming, onsite robot programming, training, design services, robot calibration among others.

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10126626

11/08/2014 *

20,000,000.00

STATE BANK OF INDIA

BANGALORE CITY BRANCH, NO.22, J C ROAD, BANGALORE – 560 002, KARNATAKA, INDIA

C19995927

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES NOT PROVIDED FOR IN BOOKS:

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Bank Guarantees

0.379

0.000

 

 

FIXED ASSETS:

 

Tangible Assets

·         Computer Hardware

·         Furniture

·         Office Equipments

·         Plant and Machinery

·         Leasehold Improvement

·         Networking Equipments

Intangible Assets

·         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.63.57

UK Pound

1

Rs.99.20

Euro

1

Rs.70.35      

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

SMN

 

 

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

5

--PROFITABILITY

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

 

45

 

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.