MIRA INFORM REPORT

 

 

Report No. :

327480

Report Date :

20.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SHIV REAL ISPAT PRIVATE LIMITED

 

 

Registered Office :

Rawabhata Industrial Area, Rawabhata Post Birgaon, Raipur-493221, Chhattisgarh

Tel. No.:

91-771-3295101

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.06.2004

 

 

Com. Reg. No.:

10-016722

 

 

Capital Investment / Paid-up Capital :

Rs. 4.750 Million

 

 

CIN No.:

[Company Identification No.]

U02710CT2004PTC016722

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Steel Plant.

 

 

No. of Employees :

50  (Approximately) 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 220000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 28th June 2004, it is established company having satisfactory track record.

 

The general financial position of the company seems to be sound and healthy. The fundamental of the company also seem to be sound.

 

Rating take comfort on established track record and sound financials backed by experienced promoters of the company.

 

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

 

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

 

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. Harish Kumar Patel

Designation :

Director

Contact No.:

91-9826136942

Date :

16.06.2015

 

 

LOCATIONS

 

Registered Office/Factory :

Rawabhata Industrial Area, Rawabhata Post Birgaon, Raipur-493221, Chhattisgarh, India

Tel. No.:

91-771-3295101

Mobile No.:

91-9827108184/9826136942 (Mr. Harish Kumar Patel)

Fax No.:

Not Available

E-Mail :

aggarwalsg@rediffmail.com

DIRECTORS

 

AS ON: 30.09.2014

 

Name :

Harish Kumar Patel

Designation :

Director

Address :

New Timber Market Near Patidar Bhawan Fafadih, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

24.06.1981

Date of Appointment :

01.05.2006

DIN No.:

02547487

 

 

Name :

Jayesh Patel

Designation :

Director

Address :

Patel Engineering Works, Near Pili Building, Fafadih, Raipur-492007, Chhattisgarh, India

Date of Birth/Age :

08.02.1986

Date of Appointment :

28.06.2004

DIN No.:

02549424

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 30.09.2014

 

Names of Shareholders

 

No. of Shares

Chhagan Lal Padmani

 

38500

Narmada Patel

 

61330

Deepa Patel

 

3250

Gouri ben Patel

 

4950

Nilesh Patel

 

3000

Jitendra Patel

 

4250

Hemlata Patel

 

3500

Kamla Patel

 

3750

Babu Bhai Patel

 

4950

Vanita Patel

 

3950

Vivek Patel

 

3250

Baleshwar Kushwaha

 

3500

Mitul Patel

 

3750

Ishwar Bhai Patel

 

4900

Kamlesh Patel

 

4750

Mahendra Patel

 

3800

Bharat Patel

 

3350

Narshi Patel

 

4250

Arjun Bhai Patel

 

4950

Bhawana Patel

 

3750

Dimpal Patel

 

3750

Champa Patel

 

3000

Subhas Singh

 

4950

Rajesh Bhai Patel

 

4350

Jignesh Patel

 

4750

Manilal Patel

 

2250

Narayan Bhai Patel(HUF)

 

32550

Roshni Patel

 

570

Nisha Patel

 

149485

Jayanti Lal Patel

 

136600

Jayesh Patel

 

21808

Jagruti Patel

 

6525

Mangal Lal Patel

 

7679

Mukesh Padmani

 

7436

Samji Bhai Visham Pokar

 

22923

Vithal Bhai Kanti Bhai & Sons

 

11060

Govind Bhai Patel

 

3121

Govind Valjji Bhai Patel(HUF)

 

5445

Jayanti Lal Vaji Bhai(HUF)

 

4525

Mangilal Valji Bhai (HUF)

 

5424

Yogesh Kumar Patel

 

5775

Smt Manjula Patel

 

6732

Smt Pushpa Ben Patel

 

16049

Valji Patel

 

9290

Hansa Ben Govind Patel

 

10162

Indu Ben Patel

 

8025

Leela Ben Patel

 

9041

Tarun Patel

 

4680

Harish Patel

 

36400

 

 

 

Total

 

716035

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Steel Plant.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Credit (30/60/90 Days)

 

 

Purchasing :

Cash and Credit (30/60/90 Days)

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :
  • Akash Sales Corporation
  • ARF Electrodes Private Limited
  • Balaji Enterprises, Raipur
  • Electrotheram (India) Limited
  • Global Trading Company, Raipur
  • Gurukripa Trading Co., Raipur (CG)
  • Ganesh Sponge Private Limited
  • G.R. Sponge and Power Limited
  • Jai Balaji Traders Bhilai
  • Hira Ferro Alloys Limited , Raipur
  • Kalindi Ispat Limited Bilaspur
  • Kalindi Ispat Private Limited, Raipur
  • Kwality Foundry Industries, Raipur (CG)
  • Lunar Enterprises
  • Mangal Sponge and Steel Private Limited Bilaspur(CG)
  • M.P. Agricultural Corporation, Raipur
  • Maruti Chem and  Alloys Company Private Limited
  • N.S. Ispat (India) Private Limited, Raipur
  • Patel Sales Corporation, Raipur
  • Pragati Ingots and Power Private Limited, Raipur
  • Raasi Enterprises, Hyderabad
  • Raipur Carbon Products Private Limited,
  • Raipur Power and Steel Limited, Durg
  • Rooplaxmi Industries India Private Limited, Raipur

 

 

Customers :

End Users and OEM’s

 

  • Aeran Steel Corporation, Hyderabad
  • Agrasen Ispat Private Limited, Mumbai
  • Agrasen Ispat Private Limited, Raipur
  • Aksha Steel Industries, LLP, Mumbai
  • Ambica Agencies, Secunderabad
  • Ambika Sales Corporation, Bangalore
  • A.P. Ispat Udyog, Hyderabad
  • Aprey Steels Private Limited, Hyderabad
  • Ashish Metal, Bangalore
  • Bisaka Steel Corporation
  • Damudi Steel, Bangalore
  • Deepak Steels, Hyderabad
  • Deep Steel, Mumbai
  • D.V. Steel Corporation, Bangalore
  • Ginni Steels Private Limited, Hyderabad
  • Gurukripa Trading Company, Raipur (C.G)
  • Garg Distributors Private Limited, Hyderabad
  • Global Steel Company, Medak
  • Hariom Trade wing Private Limited, Raipur
  • Hindusthan Loha Limited, Raipur
  • HMM Steel Syndicate, Mumbai

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Banker Name

Punjab National Bank

Branch Address

Main Branch, Jai Stamb Chowk,

Raipur - 492001, Chhattisgarh, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans repayable on demand

 

 

from banks

 

 

PNB CC A/c

(Secured By hypothication of stock & book debts. Further secured by Fixed Assets Of the Company & personal guarantee

of the Promoter/Director )

41.555

44.190

Total

41.555

44.190

 

Auditors :

 

Name :

Sakshi Agrawal and Company

Chartered Accountants

Address :

SF-18, Second Floor, Millenium plaza, Raipur-492001, Chhattisgarh, India

Tel. No.:

91-771-2223220 / 4267660

Mobile No.:

91- 94252-07660

Fax No.:

Not Available

E-Mail :

aggarwalsg@rediffmail.com

PAN No.:

ABNFS8971L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

 

CAPITAL STRUCTURE

 

After: 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

904009

Equity Shares

Rs.10/- each

Rs. 9.040 Million

 

 

 

 

 

As on: 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

716035

Equity Shares

Rs.10/- each

Rs. 7.160 Million

 

 

 

 

 

AS ON: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

265000

Equity Shares

Rs.10/- each

Rs. 2.650 Million

 

Add: Forfeited Share account

 

Rs. 2.100 Million

 

Total

 

Rs. 4.750 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

4.750

2.650

2.650

(b) Reserves & Surplus

41.594

20.265

21.965

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

30.939

50.739

11.915

Total Shareholders’ Funds (1) + (2)

77.283

73.654

36.530

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

36.734

39.673

27.336

(b) Deferred tax liabilities (Net)

2.820

2.613

0.268

(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)

39.554

42.286

27.604

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

41.555

44.190

50.395

(b) Trade payables

34.804

34.461

18.878

(c) Other current liabilities

0.000

0.000

1.076

(d) Short-term provisions

15.686

16.873

14.743

Total Current Liabilities (4)

92.045

95.524

85.092

 

 

 

 

TOTAL

208.882

211.464

149.226

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

35.854

36.685

35.387

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

11.928

12.144

10.332

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

47.782

48.829

45.719

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

106.018

122.798

89.188

(c) Trade receivables

45.335

34.168

9.155

(d) Cash and cash equivalents

0.289

0.105

0.028

(e) Short-term loans and advances

9.458

5.564

5.136

(f) Other current assets

0.000

0.000

 

Total Current Assets

161.100

162.635

103.507

 

 

 

 

TOTAL

208.882

211.464

149.226

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2014

3103.2013

INCOME

 

574.787

 

 

 

 

EXPENSES

 

571.877

 

 

 

 

 

PROFIT BEFORE TAXATION

 

2.909

 

 

 

 

 

PROVISION FOR TAXATION

 

0.480

 

 

 

 

 

PROFIT / LOSS AFTER TAXATION

 

2.429

(1.699)

 

 

 

 

Earnings Per Share (Rs.)

 

9.17

NA

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

600.000

 

 

 

 

 

The above information has been parted by Mr. Harish Kumar Patel (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

0.996

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Income)

(%)

0.42
NA

NA

 

 

 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.39

NA

NA

 

 

 
 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

NA

NA

 

 

 
 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.01
1.14

2.13

 

 

 
 

 

Current Ratio

(Current Asset/Current Liability)

 

1.75
1.70

1.22

 

 

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

2.650

2.650

4.750

Reserves & Surplus

21.965

20.265

41.594

Share Application money pending allotment

11.915

50.739

30.939

Net worth

36.530

73.654

77.283

 

 

 

 

long-term borrowings

27.336

39.673

36.734

Short term borrowings

50.395

44.190

41.555

Total borrowings

77.731

83.863

78.289

Debt/Equity ratio

2.128

1.139

1.013

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales (Approximately)

574.787

600.000

 

 

4.386

 

 

 

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

No

18

Major suppliers

Yes

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 two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last One year

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

 

NOTE: Registered office of the company has been shifted from Behind Patidar Bhawan timer Market Bhanpuri, Raipur C.G. Chhattisgarh, India to the present address w. e. f. 01.12.2006

 

UNSECURED LOAN:

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS:

 

 

Loans and advances from related parties

36.734

39.673

 

 

 

Total

36.734

39.673

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10237675

02/11/2011 *

70,500,000.00

PUNJAB NATIONAL BANK

MAIN BRANCH, JAI STAMB CHOWK, RAIPUR, CHHATTISGARH 
- 492001, INDIA

B28577203

 

 

 

CONTINGENT LIABILITIES:

 (Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Claims against the company not acknowledged as debt

 

 

Excise Duty

NA

0.471

Penalty

NA

0.470

 

FIXED ASSETS:

 

Assets under lease

Assets under lease

Assets under lease

 

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. 63.82

UK Pound

1

  Rs. 101.26

Euro

1

Rs. 72.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

THR

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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.