MIRA INFORM REPORT

 

 

Report No. :

326127

Report Date :

06.06.2015

 

IDENTIFICATION DETAILS

 

Name :

AJITA SIL-CHEM PRIVATE LIMITED

 

 

Registered Office :

1323, Paliyad Village, Kalol Road, Mehsana – 382735, Gujarat

Tel. No.:

91-2764-289933

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

27.05.1987

 

 

Com. Reg. No.:

04-009685

 

 

Capital Investment / Paid-up Capital :

Rs. 20.306 Million

 

 

CIN No.:

[Company Identification No.]

U24110GJ1987PTC009685

 

 

IEC No.:

0896008185

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AABCA8214A

 

 

PAN No.:

[Permanent Account No.]

AHMA03394G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter, Importer and Supplier of Wall Glazed Tiles, Wall Tiles, Wall Designer Tiles, Plain Wall Tiles, Pyramid Wall Tile, etc.

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a private limited company incorporated in May 1987.

 

It is engaged in business of Manufacturing and Supplying of Wall Glazed Tiles, Wall Tiles, Wall Designer Tiles.

 

It is an established company having satisfactory track record.

 

Financial position of the company seems to be decent.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct and as per commitments.

 

The company can be considered for business dealings at 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities: “BB-”

Rating Explanation

Have inadequate credit quality and carry high credit risk.

Date

02.03.2015

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities: “A4”

Rating Explanation

Have minimal degree of safety and carry very high credit risk.

Date

02.03.2015

 

 

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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Sanjay

Designation :

Export-Import Manager

Contact No.:

91-9825800832

Date :

05.06.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

1323, Paliyad Village, Kalol Road, Mehsana – 382735, Gujarat, India

Tel. No.:

91-2764-289933/ 269848

Mobile No.:

91-9879312110 (Mr. Ashokkumar Bahecharbhai Patel)

91-9825800832 (Mr. Sanjay)

Fax No.:

91-2764-269847/ 269848

E-Mail :

ajitasilchem@gmail.com

ajitasilchem@sify.com

ajitasilchem@icenet.net

Location :

Owned

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Pradipkumar Dahyabhai Patel

Designation :

Director

Address :

At-Pruthvipura, Post Ankala, Taluka – Idar, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

30.01.1975

Date of Appointment :

01.10.2003

DIN No.:

00557743

 

 

Name :

Mr. Ashokkumar Bahecharbhai Patel

Designation :

Additional Director

Address :

Lalpur, Taluka – Idar, Savarkantha – 383430, Gujarat, India

Date of Birth/Age :

01.07.1976

Date of Appointment :

11.04.2009

DIN No.:

02601725

 

 

Name :

Mr. Vipulkumar Amathabhai Patel

Designation :

Additional Director

Address :

At-Pruthvipura, Post Ankala, Taluka – Idar, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

16.04.1977

Date of Appointment :

11.04.2009

DIN No.:

02601790

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay

Designation :

Export-Import Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

 

 

AS ON 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter, Importer and Supplier of Wall Glazed Tiles, Wall Tiles, Wall Designer Tiles, Plain Wall Tiles, Pyramid Wall Tile, etc.

 

 

Products :

·         Wall Glazed Tiles

·         Wall Tiles

·         Wall Designer Tiles

·         Plain Wall Tiles

·         Pyramid Wall Tile

·         Parking Tiles, etc.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

 

Products :

Raw Material and Machinery

Countries :

·         China

·         Italy

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Daga Clay Industries, Rajasthan

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 :

Wholesalers and Retailers

 

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 :

200 (Approximately)

 

 

Bankers :

Bank Name:

Bank Of Baroda

Branch:

New Cloth Market Branch, O/S Raipur Gate, Ahmedabad - 380022, Gujarat, 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 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

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Term loan from Bank of Baroda-666

(Secured by way of first charge / EM of fixed assets, Guarantee of director and other) Balance repayable in 63 months including moratorium period of 3 months, 60 monthly installment i.e 59 monthly installment of Rs. 0.208 Million and Last the 60th installment of Rs. 0.208 Million

6.250

8.750

Term loan from Bank of Baroda-624

(Secured by way of first charge / EM of free hold land and proposed construction on it situated at Paliyad in the Name of Company and First charge / EM of entire present and future Machineries, electrical Installations and other movable fixed assets of company and guarantee of directors and other Balance repayable in 19 Quarterly, repayable start after 14 month moratorium period from 1st Disbursement )

32.485

44.485

Term loan from HDFC Bank

(Secured by way of hypothecation of Vehicle)

(Repayable within 36 EMI of Rs. 0.021 Million)

0.000

0.157

 

 

 

From Others

 

 

Kotak Mahindra Prime Limited

(Secured by way of hypothecation of Vehicle)

(Repayable within 36 EMI of Rs. 0.023 Million)

0.530

0.000

 

 

 

SHORT TERM BORROWINGS

 

 

Working Capital Loans

From Bank of Baroda

(Secured by way of hypothecation of present and future stock of raw material, stock in process, finished goods and packing materials, stores and spare, book debts, etc and guarantee of directors )

54.406

42.764

Total

93.671

96.156

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ratilal and Mahendra

Chartered Accountants

Address :

F-72/73, Akashganga Complex, Near Bus Stand, Himatnagar – 383001, Gujarat, India

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

ABBPP5195K

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital : Rs. 65.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 52.306 Million

 

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2030641

Equity Shares

Rs.10/- each

Rs. 20.306 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

20.306

20.306

18.482

(b) Reserves & Surplus

33.899

29.226

24.858

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

3.014

Total Shareholders’ Funds (1) + (2)

54.205

49.532

46.354

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

86.074

101.724

58.978

(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)

86.074

101.724

58.978

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

54.406

42.764

29.811

(b) Trade payables

70.137

58.551

27.004

(c) Other current liabilities

16.649

14.528

1.238

(d) Short-term provisions

5.632

3.789

2.797

Total Current Liabilities (4)

146.824

119.632

60.850

 

 

 

 

TOTAL

287.103

270.888

166.182

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

88.385

101.156

25.975

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

47.091

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2.003

2.003

2.003

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

3.889

5.076

0.000

Total Non-Current Assets

94.277

108.235

75.069

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

40.587

61.792

32.841

(c) Trade receivables

114.502

82.803

48.256

(d) Cash and cash equivalents

33.920

10.979

3.143

(e) Short-term loans and advances

3.817

7.079

6.873

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

192.826

162.653

91.113

 

 

 

 

TOTAL

287.103

270.888

166.182

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

TURNOVER

389.780

205.849

178.215

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

39.610

24.239

14.909

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

18.943

14.603

7.025

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

20.667

9.636

7.884

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

13.681

6.937

3.932

 

 

 

 

 

 

PROFIT BEFORE TAX

6.986

2.699

3.952

 

 

 

 

 

Less

TAX                                                                 

2.313

0.52

1.494

 

 

 

 

 

 

PROFIT AFTER TAX

4.673

2.179

2.458

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.30

1.07

1.33

 

 

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)

(%)

1.20

1.06

1.38

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

10.16

11.78

8.37

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.45

1.00

3.38

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.05

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.59

2.92

1.92

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.31

1.36

1.50

 

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

18.482

20.306

20.306

Reserves & Surplus

24.858

29.226

33.899

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

3.014

0.000

0.000

Net worth

46.354

49.532

54.205

 

 

 

 

Long-term borrowings

58.978

101.724

86.074

Short term borrowings

29.811

42.764

54.406

Current maturities of long-term debts

0.000

0.000

0.000

Total borrowings

88.789

144.488

140.480

Debt/Equity ratio

1.915

2.917

2.592

 

 

 

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)

Turnover

178.215

205.849

389.780

 

 

15.506

89.352

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover 

178.215

205.849

389.780

Profit

2.458

2.179

4.673

 

1.38%

1.06%

1.20%

 

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

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

Yes

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10553842

11/03/2015

30,000,000.00

BANK OF BARODA

NEW CLOTH MARKET BRANCH, O/S RAIPUR GATE., AHMEDABAD, GUJARAT - 380022, INDIA

C46011946

2

90111879

25/03/2015 *

379,400,000.00

BANK OF BARODA

NEW CLOTH MARKET,, O/S. RAIPUR GATE, AHMEDABAD, 
GUJARAT - 380022, INDIA

C48157085

3

90113014

25/03/2015 *

379,400,000.00

BANK OF BARODA

NEW CLOTH MARKET BRANCH, O/S RAIPUR GATE, AHMEDABAD, GUJARAT - 380022, INDIA

C48154751

 

* Date of charge modification

 

 

OPERATIONS

 

As compared to the previous year, the turnover of the company for the year increased from Rs. 205.849 Million to Rs. 389.780 Million. During the year the company has earned net profit of Rs. 4.673 Million as against the net profit of Rs. 2.179 Million in the previous year. Barring unforeseen circumstances the directors are hopeful to get better financial performance in the coming year.

 

 

FINANCE

 

In the month of September 2013, Bank of Baroda, Ahmedabad has secured the various enhanced credit facilities from Rs. 133.712 Million to Rs. 142.640 Million granted to the company by Bank.

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

From Others

 

 

Bajaj Finance Limited

(Repayable within 24 EMI, ie 8 EMI of Rs. 0.164 Millions EMI of Rs.0.136 and 8 EMI Rs. 0.070)

0.484

1.998

TATA Capital Financial Services Limited

(Repayable within 24 EMI of Rs. 0.125 Million)

1.001

2.214

 

 

 

Loans and advance form related parties

 

 

From Directors

3.404

2.464

From Shareholders Directors Relative and Others

25.620

24.356

 

 

 

Inter corporate deposit

 

 

Niranjan Fabricks Private Limited

1.000

1.000

Ushma Corporate Services Private Limited

4.800

4.800

Gopi India Private Limited

6.000

6.000

Gopalka Motorinvesto Private Limited

4.500

5.500

Total

46.809

48.332

 

 

FIXED ASSETS

 

  • Land
  • Factory Building
  • Plant and Equipment
  • Furniture and Fixtures
  • Office Equipment
  • Vehicles
  • Computers

 

 

 

 

 

 

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. 63.90

UK Pound

1

Rs. 97.98

Euro

1

Rs. 71.82

 

 

INFORMATION DETAILS

 

Information Gathered by :

RKH

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MRI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

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

4

--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

 

43

 

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.