MIRA INFORM REPORT

 

 

Report No. :

326339

Report Date :

09.06.2015

 

IDENTIFICATION DETAILS

 

Name :

NILKAMAL BITO STORAGE SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

77-78, Nilkamal House, Road No.13/14, MIDC, Andheri (East) Mumbai – 400093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.04.2006

 

 

Com. Reg. No.:

11-161327

 

 

Capital Investment / Paid-up Capital :

Rs.44.400 Million

 

 

CIN No.:

[Company Identification No.]

U63020MH2006PTC161327

 

 

IEC No. :

0306014149

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMN13742B

 

 

PAN No.:

[Permanent Account No.]

AACCN2948K

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacture of Material handling Storage System, Stacking Frames, Rolling Equipment Junior Material Handling Equipment’s, Frank Party Open, etc.

 

 

No. of Employees :

1000 (Approximately)

 

 

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

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a 50:50 Joint Venture between Nilkamal Limited, India, and BITO. It is an established company having satisfactory track.

 

The company possesses an acceptable financial profile marked by adequate net worth base and a substantial improvement in the operational performance on account of enhanced scale of operations. 

 

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

 

In view of the synergies earned from the joint venture in terms of marketing, sales and technical support, 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 fund based bank limits = “BBB+”

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

10.03.2015

 

Rating Agency Name

CARE

Rating

Long term non fund based bank limits = “A3”

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

10.03.2015

 

 

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. Anil

Designation :

Marketing

Contact No.:

91-22-26818888

Date :

06.06.2015

 

 

LOCATIONS

 

Registered/ Admin. Office :

77-78, Nilkamal House, Road No.13/14, MIDC, Andheri (East) Mumbai – 400093, Maharashtra, India 

Tel. No.:

91-22-26818888/ 28361366/ 26818653

Fax No.:

91-22-28210920/ 28361923/ 28367891

E-Mail :

nitin.goyal@nbss.in

investor@nilkamal.com

storagesolutions@nbss.in

Website :

http://www.nbss.in

Location :

Owned

 

 

Factory :

Industrial Growth Centre, Phase – II, Samba – 184121, Jammu and Kashmir, India

Tel. No.:

91-1923-2317770/1/2/3

Location :

Leased

 

 

Regional Offices :

Located at:

 

·         Ahmedabad

·         Aurangabad

·         Bangalore

·         Chandigarh

·         Chennai

·         Cochin

·         Coimbatore

·         Dehradun

·         Delhi

·         Faridabad

·         Ghaziabad

·         Goa

·         Gurgaon

·         Guwahati

·         Indore

·         Jaipur

·         Jamshedpur

·         Kanpur

·         Kolkata

·         Ludhiana

·         Madurai

·         Nashik

·         Noida

·         Pune

·         Secunderabad

·         Surat

 

 

DIRECTORS

 

AS ON 30.07.2014

 

Name :

Mr. Nayan Sharad Parekh

Designation :

Director

Address :

Nain Basera, 39 8th Road, JVPD Scheme, Vile Parle, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

08.03.1972

Date of Appointment :

24.04.2006

Voter ID :

MT/08/038/285342

DIN No.:

00037597

 

 

Name :

Mr. Hiten Vamanrai Parekh

Designation :

Director

Address :

Naman, 36, Jai Hind Society, Road No.11, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

27.05.1963

Date of Appointment :

24.04.2006

Voter ID :

MT/08/038/279421

DIN No.:

00037550

 

 

Name :

Mr. Manish Vamanrai Parekh

Designation :

Director

Address :

Prabhu Prem, Plot No.21, Jai Hind Society,, Road No.12, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

04.02.1969

Date of Appointment :

24.04.2006

Voter ID :

MT/08/038/279603

DIN No.:

00037724

 

 

Name :

Mr. Robert Erhard Schillinger

Designation :

Director

Address :

Am, Eichenhain 10, 67745, Grumbach, Grumach

Date of Birth/Age :

13.10.1963

Date of Appointment :

24.04.2006

DIN No.:

00946110

 

 

Name :

Sameer Oberoi

Designation :

Director

Address :

A-18, Chittaranjan Park, New Delhi – 110019, India

Date of Birth/Age :

16.10.1968

Date of Appointment :

31.05.2012

Voter ID No. :

JVG0953927

DIN No. :

00105414

 

 

Name :

Michael Karl Knecht

Designation :

Director

Address :

Hochstrabe 10, Rehborn, Germany

Date of Birth/Age :

27.12.1983

Date of Appointment :

30.07.2014

DIN No. :

06828606

 

 

KEY EXECUTIVES

 

Name :

Mr. Anil

Designation :

Marketing

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.07.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

 

 

 

Nilkamal Limited, India

2220000

50.00

Bito Lagertechnik Bittmann Gmbh, Germany

2220000

50.00

 

 

 

Total

 

4440000

100.00

 

 

 

 

 

AS ON 30.07.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

50.00

Bodies corporate

50.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of Material handling Storage System, Stacking Frames, Rolling Equipment Junior Material Handling Equipment’s, Frank Party Open, etc.

 

 

Products :

Products Description

 

Item Code No.:

 

 

Upright, Beam, Bracing, Spacer, Hook Connector, etc.

3440

Flow Rail System, Pallet System, Multitier System etc.

3402

Drive in System, Cantiliver System, mobile Pallet System etc.

3419

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

 

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 :

Wholesalers and Retailer

 

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 :

1000 (Approximately)

 

 

Bankers :

Bank Name:

State Bank of India

Branch:

Commercial Branch, N.G.N. Vaidya Marg, Fort, Mumbai - 400001, 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 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

 

·         Industrial Development Bank of India Limited, IDBI Tower Wtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Term loans from bank

9.563

0.000

 

 

 

SHORT TERM BORROWINGS

 

 

Cash credit facility from bank

[Cash Credit facility from bank carrying interest rates 10.20% to 13.00% p.a. computed on daily basis based on utilization]

21.522

70.781

Total

31.085

70.781

 

NOTE :

 

LONG TERM BORROWINGS

 

Security :

Term loans sanctioned from the State Bank of India is secured on pari passu basis by a first charge on entire assets of the company and second pari passu charge on entire current assets of the company which carries interest rate of Bank rate plus margin (285 basis point). The term loans is repayable in equal monthly installment, last due in March 2016.

 

SHORT TERM BORROWINGS

 

Security :

 

Cash Credit facility from State Bank of India and Industrial Development Bank of India Limited are first charge on entire current assets of the company and second pari passu basis on the company’s fixed assets.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Associates LLP

Chartered Accountants

Address :

Lodha Excelus, 1st Floor, Apollo Mills Compound,N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India

Tel. No.:

91-22-39896000

Fax No.:

91-22-30902511

PAN No.:

AAAFB9852F

 

 

Joint Venture :

·         Nilkamal Limited

·         Bito Lagertechnik Bittmann, Gmbh

 

 

Associates/Subsidiaries :

Nilkamal Eswarun Plastics (Private) Limited

 

 

Enterprise owned or significantly influenced by the joint venture partners, where transaction have taken place.

·         Nilkamal Crates and Bins, FZE

·         Cambro Nilkamal Private Limited

 

 

Enterprises owned or significantly influenced

by Key Management Personnel or their relatives where transactions have taken place.

Nilkamal Crates and Containers

 

 

CAPITAL STRUCTURE

 

AS ON 30.07.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000

Equity Share

Rs.10/- each

Rs.50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4440000

Equity Share

Rs.10/- each

Rs.44.400 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

44.400

44.400

44.400

(b) Reserves & Surplus

344.580

275.219

254.382

(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)

388.980

319.619

298.782

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

9.563

0.000

0.000

(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

4.852

3.989

1.566

Total Non-current Liabilities (3)

14.415

3.989

1.566

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

21.522

70.781

37.621

(b) Trade payables

46.616

68.988

75.074

(c) Other current liabilities

31.954

28.844

27.368

(d) Short-term provisions

3.081

3.938

5.067

Total Current Liabilities (4)

103.173

172.551

145.130

 

 

 

 

TOTAL

506.568

496.159

445.478

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

182.204

205.137

199.039

(ii) Intangible Assets

1.937

4.240

0.182

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

2.030

(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

6.426

2.035

3.712

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

190.567

211.412

204.963

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

75.375

98.020

92.326

(c) Trade receivables

158.775

156.808

130.987

(d) Cash and cash equivalents

62.785

2.625

2.575

(e) Short-term loans and advances

15.635

23.990

9.654

(f) Other current assets

3.431

3.304

4.973

Total Current Assets

316.001

284.747

240.515

 

 

 

 

TOTAL

506.568

496.159

445.478

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

TOTAL TURNOVER

783.951

736.073

488.200

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

63.961

21.603

49.237

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

3.277

6.349

1.342

 

Exports of Services

 12.461

5.973

 0.000

 

TOTAL EARNINGS

15.738

12.322

1.342

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

11.143

6.680

14.089

 

Components and Stores parts

 0.000

0.040

0.141

 

TOTAL IMPORTS

11.143

6.720

14.230

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

15.62

4.87

11.09

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

9.996

0.000

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.11

0.22

0.13

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.06

1.65

1.66

 

 

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

44.400

44.400

44.400

Reserves & Surplus

254.382

275.219

344.580

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net Worth

298.782

319.619

388.980

 

 

 

 

Long-term borrowings

0.000

0.000

9.563

Short-term borrowings

37.621

70.781

21.522

CURRENT MATURITIES OF LONG-TERM DEBTS

0.000

0.000

9.996

Total Borrowings

37.621

70.781

41.081

Debt/Equity Ratio

0.126

0.221

0.106

 

 

 

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)

Total Turnover

488.200

736.073

783.951

 

 

50.773

6.505

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Turnover

488.200

736.073

783.951

Profit

49.237

21.603

63.961

 

10.09%

2.93%

8.16%

 

 

 

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

Yes

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

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

10041695

23/04/2015 *

221,600,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH,, N. G. N. VAIDYA MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

C51434983

2

10106728

23/04/2015 *

221,600,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH,,N. G. N. VAIDYA MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

C51434041

 

 

* Date of charge modification

 

 

BACKGROUND

 

The company was incorporated on 24th April 2006, as a private limited company. The company is a 50:50 joint venture between Nilkamal Limited India BITO langertechnik, Gmbh. The company is engaged in the business of Material Handling Storage Systems.    

 

 

 

 

 

FINANCIALS:

 

During the year, the company has performed satisfactory. The total turnover of the company went up from Rs. 736.073 Million for the last year to Rs. 783.951 Million for the current year and resulting in growth in profit from Rs. 21.603 Millions to Rs. 63.961 Million for the current year.

 

 

FIXED ASSETS:

 

·         Leasehold Land

·         Building

·         Plant and Equipment’s

·         Furniture and Fixtures

·         Vehicles

·         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 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.64.11

UK Pound

1

Rs.97.84

Euro

1

Rs.71.12

 

 

INFORMATION DETAILS

 

Information Gathered by :

MAN

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--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

 

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

-

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.