MIRA INFORM REPORT

 

 

Report No. :

326986

Report Date :

15.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SALVO EXPLOSIVES AND CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

Plot No.17, Sri Malani Co-Operative Housing Society Limited, Indian Airlines Colony, Thirumalgiri, Secunderabad – 500 015, Telangana

Tel. No.:

91-40-27792456

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

21.01.1985

 

 

Com. Reg. No.:

36-005255

 

 

Capital Investment / Paid-up Capital :

Rs.68.800 million

 

 

CIN No.:

[Company Identification No.]

U24292AP1985PTC005255

 

 

IEC No.:

Not Available

 

 

TIN No.:

36750185601

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCS8200R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Emulsion Explosives, Pentaerythrol Tetranitrate (PETN), Detonating Fuse (D.F), Cast Booster, Slurry Explosives.

 

 

No. of Employees :

30 (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

 

Maximum Credit Limit :

USD 390700

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established private limited company incorporated in 1985, having satisfactory track.

 

Rating takes into consideration the company’s healthy financial risk profile marked by low gearing and extensive experience of company’s promoters in the industrial explosives segment.

 

Overall financial position of the company is decent in FY14.

 

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

 

In view of long standing existence, 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.

 

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 PARTED BY

 

Name :

Mr. Aileni Shyam Sunder Reddy

Designation :

Managing Director

Contact No.:

91-9848233669

Date :

13.06.2015

 

 

LOCATIONS

 

Registered Office :

Plot No.17, Sri Malani Co-Operative Housing Society Limited, Indian Airlines Colony, Thirumalgiri, Secunderabad – 500 015, Telangana, India 

Tel. No.:

91-40-27792456/ 27795999

Mobile No.:

91-9848233669 (Mr. Aileni Shyam Sunder Reddy)

Fax No.:

91-40-27792653

E-Mail :

salvoexplosives@hotmail.com

info@salvo.com

Website :

http://salvoexplosives.com

Location :

Owned

 

 

Factory :

Survey No.756/ 786/ 916/ 617, Ankireddy Pally Village, Keesara Mandal, Rangareddy District, Telangana, India

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Aileni Shyam Sunder Reddy

Designation :

Managing Director

Address :

Plot No.1, Lane No.1, Vayupuri Colony, Malkajgiri, Secunderabad – 500 094, Telangana, India

Date of Birth/Age :

01.07.1980

Date of Appointment :

27.04.2002

DIN No.:

01139121

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24292AP1985PTC005255

SALVO EXPLOSIVES AND CHEMICALS PRIVATE LIMITED

Managing director

27/04/2002

27/04/2002

-

Active

NO

2

U24110TG1998PTC029772

SRI SAI METAL INDUSTRIES PRIVATE LIMITED

Director

16/06/2007

16/06/2007

-

Active

NO

3

U24239TG2004PTC043737

ACCRETE PHARMACEUTICALS PRIVATE LIMITED

Director

30/09/2011

17/05/2010

-

Active

NO

4

U24292TG2006PLC050451

RR HIGH ENERGETICS LIMITED

Director

29/09/2014

29/09/2014

-

Active

NO

 

 

Name :

Ms. Aileni Sandhya Rani

Designation :

Director

Address :

Plot No.1, Lane No.1, Vayupuri Colony, Malkajgiri, Secunderabad – 500 094, Telangana, India

Date of Birth/Age :

08.02.1982

Date of Appointment :

19.04.2005

DIN No.:

01139355

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24292AP1985PTC005255

SALVO EXPLOSIVES AND CHEMICALS PRIVATE LIMITED

Director

19/04/2005

19/04/2005

-

Active

NO

2

U74999TG2009PTC063663

LIFE SHINE MEDICAL SERVICES PRIVATE LIMITED

Director

14/05/2009

14/05/2009

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Note:

Shareholding details file attached.

 

 

AS ON 29.09.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Emulsion Explosives, Pentaerythrol Tetranitrate (PETN), Detonating Fuse (D.F), Cast Booster, Slurry Explosives.

 

 

Products :

Item Code No. (ITC Code)

98020000

Product Description

Laboratory Chemicals

Item Code No. (ITC Code)

36020010

Product Description

Explosives and Chemicals

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers and Retailers

 

Reference :

Coal India Limited, Kolkata 

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

 

·         A.P. Mineral Development Corporation Limited (APMDC)

·         NMDC Limited

 

 

No. of Employees :

30 (Approximately)

 

 

Bankers :

Banker Name

Punjab National Bank

Branch Address

Thirumalagiri Branch, Secunderabad, Telangana, 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

 

State Bank of Hyderabad, MSME Balanagar Branch, Narsapur X Roads, Hyderabad – 500 037, Telangana, India

 

 

Facilities :

Secured Loans

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG-TERM BORROWINGS

 

 

Rupee term loans from banks

0.000

3.903

Deferred sales tax loan

(Guaranteed by Directors)

10.648

0.000

Loans taken for vehicles

2.389

8.365

Other loans and advances

7.675

74.220

SHORT-TERM BORROWINGS

 

 

Working capital loans from banks

36.068

19.809

Total

56.780

106.297

 

Banking Relations :

--

 

 

Financial Institution :

Reliance Capital Limited, "H" Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400 710, Maharashtra, India

 

 

Auditors :

 

Name :

V.C. Mouli and Company

Chartered Accountants

Address :

H. No.3-5-874/A/1/304, Flat No.304, Vipanchi Estate (Commercial Complex), Hyderguda, Hyderabad – 500 029, Telangana, India

Tel. No.:

91-40-23242466

Mobile No.:

91-9849197124

E-Mail :

vcmoulica@gmail.com

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

AAVPV9872G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Other Related Parties :

  • Vijaya Associates, India
  • Life Shine Medical Services Private Limited, India (CIN No.: U74999TG2009PTC063663)
  • Orissa Explosives

 

CAPITAL STRUCTURE

 

AS ON 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

800000

Equity Shares

Rs.100/- each

Rs.80.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

688000

Equity Shares

Rs.100/- each

Rs.68.800 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

68.800

68.800

61.700

(b) Reserves & Surplus

67.944

52.545

41.845

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

7.100

Total Shareholders’ Funds (1) + (2)

136.744

121.345

110.645

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

23.749

86.488

65.473

(b) Deferred tax liabilities (Net)

6.774

6.474

5.665

(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)

30.523

92.962

71.138

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

36.068

19.809

23.035

(b) Trade payables

39.627

55.909

32.312

(c) Other current liabilities

77.868

21.781

29.099

(d) Short-term provisions

11.515

7.262

6.855

Total Current Liabilities (4)

165.078

104.761

91.301

 

 

 

 

TOTAL

332.345

319.068

273.084

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

138.548

147.453

139.795

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

11.646

3.146

16.064

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

9.109

4.326

6.700

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

159.303

154.925

162.559

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

36.484

27.650

34.106

(c) Trade receivables

111.653

107.893

55.993

(d) Cash and cash equivalents

1.985

0.640

1.199

(e) Short-term loans and advances

22.445

27.417

18.616

(f) Other current assets

0.475

0.543

0.611

Total Current Assets

173.042

164.143

110.525

 

 

 

 

TOTAL

332.345

319.068

273.084

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

656.711

518.848

499.681

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

EXPENDITURE

627.445

495.833

479.254

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

26.266

23.015

20.630

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

NA

NA

NA

 

 

 

 

 

 

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

13.899

10.699

10.504

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

20.20

15.55

NA

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

800.000

 

 

 

 

 

Expected Sales (2015-2016): Rs.900.000 million

 

The above information has been parted by Mr. Aileni Shyam Sunder Reddy (Director).

 

 

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

Debt Equity Ratio

(Total Debt /Networth)

 

0.44

0.88

0.80

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.05

1.57

1.21

 

 

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

61.700

68.800

68.800

Reserves & Surplus

41.845

52.545

67.944

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

7.100

0.000

0.000

Net worth

110.645

121.345

136.744

 

 

 

 

Long-term borrowings

65.473

86.488

23.749

Short term borrowings

23.035

19.809

36.068

Total borrowings

88.508

106.297

59.817

Debt/Equity ratio

0.800

0.876

0.437

 

 

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)

Income

499.681

518.848

656.711

 

 

3.836

26.571

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Income

499.681

518.848

656.711

Profit

10.504

10.699

13.899

 

2.10%

2.06%

2.12%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

Particulars

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG-TERM BORROWINGS

 

 

Other loans and advances

3.037

0.000

Total

3.037

0.000

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

CHARGE HOLDER

ADDRESS

Service Request Number (SRN)

1

10565338

23/01/2015

10,160,000.00

RELIANCE CAPITAL LIMITED

"H" BLOCK, 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA

C51443109

2

10473741

23/12/2013

6,856,000.00

TATA MOTORS FINANCE LIMITED

C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI - 400001, MAHARASHTRA , INDIA

B94771086

3

10511056

03/02/2015 *

127,000,000.00

STATE BANK OF HYDERABAD

MSME BALANAGAR BRANCH, NARSAPUR X ROADS, HYDERABAD - 500037, TELANGANA, INDIA

C43715002

4

10381337

31/08/2012

5,880,000.00

RELIANCE CAPITAL LIMITED

"H" BLOCK, 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA

B60008976

 

* Date of charge modification

 

 

FIXED ASSETS

 

·         Land

·         Buildings

·         Plant and Equipments

·         Furniture and Fixtures

·         Vehicles

·         Computer Equipments

·         Office Equipments

 

 

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.64.03

UK Pound

1

Rs.99.27

Euro

1

Rs.71.90    

 

 

INFORMATION DETAILS

 

Information Gathered by :

REK

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SMN

 

 

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

--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

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

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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.