MIRA INFORM REPORT

 

 

Report No. :

331360

Report Date :

13.07.2015

 

IDENTIFICATION DETAILS

 

Name :

VALORGANICS PRIVATE LIMITED

 

 

Registered Office :

95, Chadha Building, Ground Floor, Off R A Kidwai Road, Mumbai-400031, Maharashtra

Tel. No.:

91-22-24146465

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

27.09.1984

 

 

Com. Reg. No.:

11-034124

 

 

Capital Investment / Paid-up Capital :

Rs. 0.930 Million

 

 

CIN No.:

[Company Identification No.]

U24110MH1984PTC034124

 

 

IEC No.:

0300047126

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACV4456E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Chemicals and Dyes, Drugs and Intermediates.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and a reputed pharmaceutical company having satisfactory track record.

 

The rating assigned to Val Organics Private Limited drives strength on its healthy scale of operations, above average profitability margins backed by decent net worth position and comfortable debt protection metrics.

 

The rating further take into account on company long track record of its business operations as well as its rich experienced promoters.

 

The rating strength are partially offset with low capitalization and the company’s exposure to foreign exchange fluctuation risk and presence in the highly competitive and fragmented industry.

 

However, trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of sound operational backed by decent promoter experience, the company can be considered good for business dealings with its usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 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

 

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. Lalitkumar Ratanchand Chadha

Designation :

Director

Contact No.:

91-9323356155

Date :

10.07.2015

 

 

Name :

Ms. Rohini

Designation :

Accounts Department

Contact No.:

91-22-24106465

Date :

10.07.2015

 

 

LOCATIONS

 

Registered Office :

95, Chadha Building, Ground Floor, Off R A Kidwai Road, Mumbai-400031, Maharashtra, India

Tel. No.:

91-22-24146465/ 6466/ 6155

Mobile No.:

91-9323356155 (Mr. Lalitkumar Ratanchand Chadha)

Fax No.:

91-22-24139761

E-Mail :

goodwill@vsnl.com

info@valorganics.com

Website :

http://www.valorganics.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Lalitkumar Ratanchand Chadha

Designation :

Managing Director

Address :

Chadha Building, 3rd Floor,  Plot No.95, Wadala, Mumbai-400031, Maharashtra, India

Date of Birth/Age :

26.10.1944

Date of Appointment :

27.09.1984

DIN No.:

00593193

 

 

Name :

Mr. Vivek Lalit Chadha

Designation :

Director

Address :

Chadha Building, 3rd Floor,  Plot No.95, Wadala, Mumbai-400031, Maharashtra, India

Date of Birth/Age :

05.06.1978

Date of Appointment :

01.04.2011

DIN No.:

03022920

 

 

Name :

Mr. Akshay Lalit Chadha

Designation :

Director

Address :

Chadha Building, 3rd Floor,  Plot No.95, Wadala, Mumbai-400031, Maharashtra, India

Date of Birth/Age :

12.02.1980

Date of Appointment :

01.04.2011

DIN No.:

03022917

 

 

KEY EXECUTIVES

 

Name :

Ms. Rohini

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Richa L. Chadha

7250

77.93

Lalit R. Chadha

853

9.17

Vivek L. Chadha

410

4.41

Akshay L. Chadha

410

4.41

Lalit R. Chadha (HUF)

350

3.76

Ramesh G. Kapur

10

0.11

Arvind Kapoor

10

0.11

Mahendra K. Kapoor

10

0.11

Total

9303

100.00

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Chemicals and Dyes, Drugs and Intermediates.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         HDFC Bank Limited

HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

 

·         The Thane Janata Sahakari Bank Limited

Madhumalti, Veer Savarkar Path, Charai, Thane (West), Thane-400601, Maharashtra, India

 

·         TJSB Sahkari Bank Limited

Anant Laxmi Chambers, B-Cabin Shivaji Nagar Road, Naupada, Thane-400602, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans From Banks

 

 

Thane Janata Sahakari Bank - Property loan secured against mortgage on property at Sarigam along with buildings and structure constructed or to be constructed (LN-M-134)

5.291

6.712

Thane Janata Sahakari Bank - Hypothecation loans secured against Windmill at Machharda, District Jamnagar (M-143)

15.416

19.800

Thane Janata Sahakari Bank - Hypothecation loans secured against plant and machinery at Sarigm (M-144)

8.536

10.948

HDFC Bank Limited Property loan No.80057752 secured against mortgage on property at Sarigam along with buildings and structure constructed or to be constructed

1.609

3.809

Thane Janata Sahakari Bank-Hypothecation auto loan hypothecated against Car

4.621

0.000

SHORT TERM BORROWINGS

 

 

HDFC Bank Limited Project Finance Loan Cash Credit  Limit Consist of L/C, reshipment and post shipment limit (Secured against hypothecation of stock, debtors)

65.123

55.699

Citi Bank-Project Finance Loan

Cash credit limit consist of L/C, reshipment and post shipment limit (Secured against hypothecation of stock, debtors)

36.764

0.000

Total

137.360

96.968

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S M Kapoor and Company

Chartered Accountants

Address :

Dossa  Mansion 3rd Floor,Sir P.M.Road, Mumbai-400001, Maharashtra, India

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

AACFS4278E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :

·         Goodwill Organics Private Limited

·         Goodwill Chemical  Industries

·         Goodwill Warehousing

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000

Equity Shares

Rs. 100/- each

Rs. 2.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9303

Equity Shares

Rs. 100/- each

Rs. 0.930 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

0.930

0.930

0.930

(b) Reserves & Surplus

361.550

258.787

196.124

(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)

362.480

259.717

197.054

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

35.473

41.269

50.353

(b) Deferred tax liabilities (Net)

22.727

19.650

19.966

(c) Other long term liabilities

0.627

0.634

0.409

(d) long-term provisions

3.960

1.094

0.780

Total Non-current Liabilities (3)

62.787

62.647

71.508

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

101.887

55.699

22.782

(b) Trade payables

179.892

186.097

79.984

(c) Other current liabilities

8.940

9.736

8.937

(d) Short-term provisions

35.016

39.464

13.193

Total Current Liabilities (4)

325.735

290.996

124.896

 

 

 

 

TOTAL

751.002

613.360

393.458

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

219.529

164.596

158.189

(ii) Intangible Assets

0.015

0.021

0.027

(iii) Capital work-in-progress

11.519

31.873

9.901

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

4.878

9.347

12.248

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

207.602

101.616

60.304

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

443.543

307.453

240.669

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

134.426

111.810

104.570

(c) Trade receivables

126.609

145.952

11.223

(d) Cash and cash equivalents

15.153

26.316

19.008

(e) Short-term loans and advances

22.572

16.499

17.371

(f) Other current assets

8.699

5.330

0.617

Total Current Assets

307.459

305.907

152.789

 

 

 

 

TOTAL

751.002

613.360

393.458

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

836.582

538.361

379.861

 

 

Other Income

24.529

15.921

17.460

 

 

TOTAL                                    

861.111

554.282

397.321

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

677.079

443.678

316.321

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

184.032

110.604

81.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

16.643

14.058

12.241

 

 

 

 

 

 

PROFIT BEFORE TAX

167.389

96.546

68.759

 

 

 

 

 

Less

TAX                                                                 

64.626

33.884

11.412

 

 

 

 

 

 

PROFIT AFTER TAX

102.763

62.662

57.347

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

726.783

332.778

283.574

 

TOTAL EARNINGS

726.783

332.778

283.574

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Value of Imports (CIF Value)

158.151

60.471

53.177

 

TOTAL IMPORTS

158.151

60.471

53.177

 

 

 

 

 

 

Earnings Per Share (Rs.)

11046.22

6735.68

6164.36

 

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 Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

12.28

11.64

15.10

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

22.79

16.87

18.52

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.46

0.37

0.35

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.38

0.37

0.37

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.94

1.05

1.22

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

 

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

0.930

0.930

0.930

Reserves & Surplus

196.124

258.787

361.550

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

197.054

259.717

362.480

 

 

 

 

Long-term borrowings

50.353

41.269

35.473

Short term borrowings

22.782

55.699

101.887

Total borrowings

73.135

96.968

137.360

Debt/Equity ratio

0.371

0.373

0.379

 

 

 

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

379.861

538.361

836.582

 

 

41.726

55.394

 

 

 

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

379.861

538.361

836.582

Profit

57.347

62.662

102.763

 

15.10%

11.64%

12.28%

 

 


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

Yes

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 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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U24110MH1984PTC034124

Name of the company

VALORGANICS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

95, Chadha Building, Ground Floor, Off R A Kidwai Road, Mumbai-400031, Maharashtra, India

This form is for

Creation of charge

Charge identification number of the modified 

--

Type of charge

Movable property (not being pledge)

Others

Particular of charge holder

TJSB Sahkari Bank Limited

Anant Laxmi Chambers, B-Cabin Shivaji Nagar Road, Naupada, Thane-400602, Maharashtra-MH, IN India

crbc@tjsb.co.in

Nature of description of the instrument creating or modifying the charge

Hypothecation Agreement For Vehical Advance

Date of instrument Creating the charge

15.01.2014

Amount secured by the charge

Rs. 5.000 Million

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

10.50% Floating I.E 5.25% Below PLR

 

Terms of Repayment

36 EMI

 

Margin

9%

 

Extent and Operation of the charge

Hypothcation of Vehicle to Secure Auto Finance Facility of Rs. 5.000 Million

 

Others

--

 

Short particulars of the property charged

Hypothecation of Mercedes Benz ML 250 CDI Guarantors: Mr. Lalit R Chadha

Date of Modification

--

Particulars of the present modification 

--

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from 495/97 Kalbadevi Road, Mumbai-400002, Maharashtra, India to the present address w.e.f 15.01.2007

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Leasehold Land

·         Computer

·         Electric Installation

·         Factory Building

·         Factory Equipment

·         Plant and Machinery

·         Furniture and Fixture

·         Vehicles

 

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.63.38

UK Pound

1

Rs.97.65

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRI

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

49

 

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.