MIRA INFORM REPORT

 

 

Report No. :

328942

Report Date :

25.06.2015

 

IDENTIFICATION DETAILS

 

Name :

VIJAYNATH ROOF AND WALL CLADDING SYSTEMS PRIVATE LIMITED

 

 

Formerly Known As :

VIJAYNATH INTERIORS AND EXTERIORS PRIVATE LIMITED (w.e.f. 15.04.2015)

 

 

Registered Office :

A-2/257 Shah and Nahar Indestate Dhanraj Mill, Compound Lower Parel (West), Mumbai-400013, Maharashtra

Tel. No.:

91-22-24960909

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.03.2003

 

 

Com. Reg. No.:

11-139698

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 Million

 

 

CIN No.:

[Company Identification No.]

U51503MH2003PTC139698

 

 

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 :

Suppliers and Installers for Pre-Engineered Buildings and Metal Roofing Systems.

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having moderate track.

 

Available financial indicates company acceptable financial risk profile

 

However, as per indirect source, we found that the company financial position is deteriorating on account of stretched liquidity and cash flow mismatched due to high dependence on incremental bank borrowings, working capital intensive operations and delays in payment from its customers.

 

However, trade relations seem to be fair. Business is active. Payment terms are reported as slow.

 

In view of promoter’s extensive experience, the subject can be considered for business dealings with great caution.

 

Note: Partial information gathered through indirect i.e., CRISIL

 

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

CRISIL

Rating

Long-Term Rating=B-

Rating Explanation

High risk of default

Date

29.11.2014

 

 

Rating Agency Name

CRISIL

Rating

Short-Term Rating=A4

Rating Explanation

Minimal degree of safety and carry very high credit risk

Date

29.11.2014

 

 

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. Rao

Designation :

Accountant

Contact No.:

91-22-40747777

Date :

24.06.2015

 

 

LOCATIONS

 

Registered Office :

A-2/257 Shah and Nahar Indestate Dhanraj Mill, Compound Lower Parel (West), Mumbai-400013, Maharashtra, India

Tel. No.:

91-22-24960909/ 24976943/  40747777

Mobile No.:

91-9820110668 (Mr. Deepak Vetkar)

Fax No.:

91-22-24961037

E-Mail :

vijayint@bom3.vsnl.net.in

admin@vijaynath.in

Website :

www.vijaynathbuidingproducts.com

rao@vijaynath.in

Area :

800 Sq. Ft.

Location :

Owned

 

 

Branch Office 1:

Flat No. 403, 4th Floor, Legacy, Plot No.16, D.P. Road, Sr. No. 157, Aundh, Pune – 411 007, Maharashtra,  India

Tel No.:

91-20-25881377/ 2588 1177 / 2588 9676

Fax No.:

91-20-25883777

E-Mail :

vroofs@pn3.vsnl.net.in

admin_pune@vijaynath.in

 

 

Branch Office 2 :

Row House No. 204, Peral Spring Apartment – B, Gulmohar Vihar, Pipe Line Road, Near Reliance Petrol Pump, Anandwali, Nasik – 422007, Maharashtra, India

Tel No.:

91-253-3257077/ 6560677

Fax No.:

91-253-2360128

E-Mail :

vijaynathnasik@dataone.in

admin_nasik@vijaynath.in

 

 

Guest House / Branch Office 3 :

Hari - Pooja Puram Housing Society, Banglow No. E - 3, RS. NO. 177, E- Ward, Nagala Park, Opposite Rajhuns Press, Kolhapur - 416 003, Maharashtra, India

Tel:

91-231-2652677

Fax :

91-231-2653677

E-Mail :

kol_vijaynath@bsnl.in

admin_kolkata@vijaynath.in

 

 

Branch Office 4:

B- Wing, 4th Floor, Ram Bhavan Complex, Kodialbail, Mangalore – 574003, Karnataka, India

Tel No.:

91-824-2441577/ 2412177

Fax No.:

91-824-2421086

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Vijayanath Vittal Shetty

Designation :

Director

Address :

2 B, Sanjay Society, First Floor, Opposite Century Bazar, Worli, Mumbai- 400025, Maharashtra, India

Date of Birth/Age :

09.01.1963

Date of Appointment :

24.03.2003

DIN No.:

00741110

 

 

Name :

Mr. Harinakshi Vijaynath Shetty

Designation :

Director

Address :

2 B, Sanjay Society, First Floor, Opposite Century Bazar, Worli, Mumbai- 400025, Maharashtra, India

Date of Birth/Age :

21.03.1967

Date of Appointment :

24.03.2003

DIN No.:

01259648

 

 

KEY EXECUTIVES

 

Name :

Mr. Rao

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Vijayanath Vittal Shetty

500000

50.00

Harinakshi Vijaynath Shetty

500000

50.00

Total

1000000

100.00

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Suppliers and Installers for Pre-Engineered Buildings and Metal Roofing Systems.

 

 

Products :

--

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

 

Products :

Raw Material

Countries :

Germany

Singapore

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name:

Tata Blue Scope Limited

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 :

Company Name:

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

 

·         Larsen and Tubro

·         JMC Projects Limited

 

 

No. of Employees :

200 (Approximately)

 

 

Bankers :

Bank Name:

State Bank of India

 

Branch:

Industrial Finance Branch, Pimpri, Pune-Mumbai Highway, Near Kalasagar Hotel, Kasarwadi-Pimpri, Pune-411034, 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

 

·         Oriental Bank of Commerce

·         IDBI Bank Limited

Dadar, Mumbai, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term loan from SBI

(Secured by Hypomecation of Machinery and Equitable Mortgage of Ofice Premises)

1.103

2.603

Term Loan from

 

 

SBI Loan- Xylo

0.251

0.315

SBI Loan- Swrpio

0.279

0.290

Daimler Financial Ser Private Limited

2.411

3.428

Kotak Mahindra Prime Limited (Secured against Vehicles)

0.101

0.329

SHORT TERM BORROWINGS

 

 

From Banks- Overdraft

(Secured against sundry debtors and stock in trade and Equitable Mortgage of Otfice Premises)

25.801

20.368

Total

29.946

27.333

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ganesh S. Shanbhag

Chartered Accountant

Address :

29-D, Kubal Vilas, First Floor, Off S.B. Marg, Dadar, Mumbai-400028, Maharashtra, India

Mobile No.:

91-9820545156

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

AACPS9938H

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

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

 

 

 

 

1000000

Equity Shares

Rs. 10/- each

Rs. 10.000 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

10.000

10.000

10.000

(b) Reserves & Surplus

172.800

160.592

164.771

(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)

182.800

170.592

174.771

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

4.145

8.465

10.507

(b) Deferred tax liabilities (Net)

5.044

4.494

3.726

(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)

9.189

12.959

14.233

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

25.801

20.368

8.077

(b) Trade payables

124.615

101.151

53.324

(c) Other current liabilities

88.201

90.295

99.556

(d) Short-term provisions

0.000

2.128

12.567

Total Current Liabilities (4)

238.617

213.942

173.524

 

 

 

 

TOTAL

430.606

397.493

362.528

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

80.475

76.933

70.027

(ii) Intangible Assets

0.142

0.261

0.380

(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

11.738

11.073

15.142

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

92.355

88.267

85.549

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

35.490

50.581

20.393

(c) Trade receivables

191.385

142.746

139.451

(d) Cash and cash equivalents

50.651

57.052

63.139

(e) Short-term loans and advances

59.238

48.128

45.951

(f) Other current assets

1.487

10.719

8.045

Total Current Assets

338.251

309.226

276.979

 

 

 

 

TOTAL

430.606

397.493

362.528

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

538.899

518.344

640.589

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

515.222

516.397

557.852

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

23.677

1.947

82.737

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

5.214

5.005

3.587

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

18.463

(3.058)

79.150

 

 

 

 

 

Less

TAX                                                                 

6.255

1.120

25.796

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

12.208

(4.178)

53.354

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.22

0.42

5.34

 

 

PARTICULARS

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

500.000

 

 

 

 

 

The above information has been parted by Mr. Rao (Accountant)

 

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

2.803

2.890

2.689

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

4.29

(0.77)

21.83

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

(0.02)

0.45

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.18

0.19

0.12

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.42

1.45

1.60

 

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

10.000

10.000

10.000

Reserves & Surplus

164.771

160.592

172.800

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

174.771

170.592

182.800

 

 

 

 

Long-term borrowings

10.507

8.465

4.145

Short term borrowings

8.077

20.368

25.801

CURRENT MATURITIES OF LONG-TERM DEBTS

2.689

2.890

2.803

Total borrowings

21.273

31.723

32.749

Debt/Equity ratio

0.122

0.186

0.179

 

 

 

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 Income

640.589

518.344

538.899

 

 

(19.083)

3.966

 

 

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 Income

640.589

518.344

538.899

Profit

53.354

(4.178)

12.208

 

8.33%

(0.81)%

2.27%

 

 

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

Yes

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

Yes

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 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

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

10111522

21/10/2010 *

327,500,000.00

STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH PIMPRI

PUNE-MUMBAI HIGHWAY, NEAR KALASAGAR HOTEL, KASARW
ADI- PIMPRI, PUNE- 411034, MAHARASHTRA, INDIA

A97233472

 

* Date of charge modification

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Unsecured Loan

0.000

1.500

Total

0.000

1.500

 

 

GENERAL INFORMATION:

 

Company is Private Limited is engaged mainly turnkey projects in roofing and cladding business. The Company’s Registered Office situated in A2/257. Shah and Nahar Industrial Estate, Dhanraj Mill Compound Lower Parel (West), Mumbai-400013.

 

 

OPERATIONS:

 

During the year the company has earned a profit of Rs.12.200 Million after depreciation and tax as compared to previous year loss of Rs. 417.800 Million. The generation of revenue is more than the previous year due to increase in sales and decrease in cost of production and marketing expenses in consideration of turnover. The Directors are hopeful of good results in ensuing financial year.


FIXED ASSETS:

 

Tangible Assets

 

·         Premises

·         Office Equipment

·         Plant and machinery

·         Furniture and Fixtures

·         Vehicles

·         Air Conditioner

·         Computer and Printers

 

Intangible Assets

·          Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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. 63.61

UK Pound

1

Rs. 99.79

Euro

1

Rs. 71.17

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

2

--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

 

27

 

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.