MIRA INFORM REPORT

 

 

Report No. :

311784

Report Date :

21.03.2015

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL MEDICINES LIMITED

 

 

Registered Office :

Nisarg, Opposite University Ladies Hostel, Nana Bazar, Vallabh Vidyanagar – 388120, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.03.1994

 

 

Com. Reg. No.:

04-021466

 

 

Capital Investment / Paid-up Capital :

Rs. 9.100 Million

 

 

CIN No.:

[Company Identification No.]

U24230GJ1994PLC021466

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Aluminum Stearate, Basic Aluminum Stearate Acetate, Calcium Chloride, Calcium Stearate, Magnesium Chloride, Magnesium Stearate, Phosphates, etc.

 

 

No. of Employees :

15 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure.

 

Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on safe and secured 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 31-03-2014.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Amit R. Patel

Designation :

Accounts Executive

Contact No.:

91-268-2588606

Date :

18.03.2015

 

 

LOCATIONS

 

Registered Office :

Nisarg, Opposite University Ladies Hostel, Nana Bazar, Vallabh Vidyanagar – 388120, Gujarat, India

Tel. No.:

91-268-2588066

Mobile No.:

91-9824041895 (Mr. Rupesh)

Fax No.:

91-268-2588606

E-Mail :

Rupesh.gmld@gmail.com

Location :

Owned

 

 

Factory  :

National Highway No. 8, Uttarsanda – Gutal Road, Gutal , Uttarsanda – 387370, Gujarat, India

 

 

DIRECTORS

 

As on : 30.09.2014

 

Name :

Mr. Girishbhai Jashbhai Patel

Designation :

Director

Address :

B / 2, Triveni Park, Kapadwanj, Kheda – 387620, Gujarat, India

Date of Birth/Age :

28.09.1948

Date of Appointment :

30.09.2011

DIN No.:

03355739

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

U24230GJ1994PLC021466

GLOBAL MEDICINES LIMITED

Director

30/09/2011

17/01/2011

-

Active

NO

 

 

Name :

Mr. Alpeshbhai Girishbhai Patel

Designation :

Director

Address :

5, Nadiad Utkarsh Society, N K N Road, Nadiad, Kheda – 387001, Gujarat, India

Date of Birth/Age :

30.05.1973

Date of Appointment :

30.09.2011

DIN No.:

03355743

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

U24230GJ1994PLC021466

GLOBAL MEDICINES LIMITED

Director

30/09/2011

17/01/2011

-

Active

NO

 

 

Name :

Mr. Rupeshkumar Sureshbhai Patel

Designation :

Director

Address :

Nisarg, Opposite Universi Ladies Hostel, Nana Bazar, V V Nagar Anand – 388120, Gujarat, India

Date of Birth/Age :

17.02.1971

Date of Appointment :

30.09.2011

DIN No.:

03355750

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

U24230GJ1994PLC021466

GLOBAL MEDICINES LIMITED

Director

30/09/2011

17/01/2011

-

Active

NO

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2014

 

Names of Shareholders

No. of Shares

%age

Nipabhen Miteshbhai Patel

45500

5.00

Alpeshbhai Girishbhai Patel

455000

50.00

Rupeshbhai Sureshbhai Patel

45500

5.00

Mitesh Sureshbhai Patel

91000

10.00

Hemanginiben Alpeshbhai Patel

91000

10.00

Pratimaben Girishbhai Patel

91000

10.00

Girishbhai Jashbhai Patel

91000

10.00

Total

910000

100.00

 

 

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Aluminum Stearate, Basic Aluminum Stearate Acetate, Calcium Chloride, Calcium Stearate, Magnesium Chloride, Magnesium Stearate, Phosphates, etc.

 

 

Products :
  • Aluminum Stearate
  • Basic Aluminum Stearate Acetate
  • Calcium Chloride
  • Calcium Stearate
  • Magnesium Chloride
  • Magnesium Stearate
  • Phosphates

 

 

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 :
  • Prakash Chemical, Vadodara, India
  • Gulkas Pharma Private Limited
  • Atlas Chemicals
  • Darshan Chemicals
  • Paras Chemical Corporation
  • Patel Control Panel
  • Dev Cream Agency
  • Allipo Chemicals
  • Span Marketing
  • Arahant Packaging
  • D and G Transport

 

 

Customers :

 

Reference :

M.N. Chemicals Limited

Name of the Person :

Shivanand (Director)

Contact No.:

91-9448248894

Since How Long Known :

Six Years

Experience :

Not Divulged

Maximum Limit Dealt :

Rs. 1.500 Million (1 Year)
  • Awani Sales Agency Private Limited
  • Envee Drugs Private Limited
  • Gitesh P Shah
  • S.P. Traders
  • V.N. Pharma
  • Mehta Chemie
  • M N Chemicals Limited
  • Multi Metal Limited
  • Nandu Chemicals Industries
  • Vasa Pharmachem Private Limited 

 

 

No. of Employees :

15  (Approximately)

 

 

Bankers :

Banker Name

Oriental Bank of Commerce

Branch Address

2, Ravikiran Complex, Opposite. Rahul Hospital, Nana Kumbhbhatt Road, Nadiad – 387001, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of 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

LONG TERM BORROWING

 

 

O.B.C Bank Term Loan

6.541

2.139

SHORT TERM BORROWING

 

 

O.B.C Bank - CC

4.395

0.892

Total

10.936

3.031

 

Auditors :

 

Name :

Shah and Talati

Chartered Accountants

Address :

4th Floor, Trimurti Complex, Station Road, Nadiad – 387001, Gujarat, India

PAN No.:

AAFB8598H

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern :

Not Available

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

As on : 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs.10/- each

Rs. 20.000 Million

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

910000

Equity Shares

Rs.10/- each

Rs. 9.100 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

9.100

9.100

9.100

(b) Reserves & Surplus

(20.084)

(15.164)

(14.409)

(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)

(10.984)

(6.064)

(5.309)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

28.246

20.970

15.630

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

28.246

20.970

15.630

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4.395

0.892

0.000

(b) Trade payables

1.847

0.987

1.229

(c) Other current liabilities

0.349

0.037

0.095

(d) Short-term provisions

0.000

0.000

0.058

Total Current Liabilities (4)

6.591

1.916

1.382

 

 

 

 

TOTAL

23.853

16.822

11.703

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

18.089

9.684

7.435

(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

0.000

0.000

0.000

(e) Other Non-current assets

0.052

0.052

0.065

Total Non-Current Assets

18.141

9.736

7.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1.485

3.720

2.430

(c) Trade receivables

2.432

1.916

1.127

(d) Cash and cash equivalents

0.437

0.050

0.203

(e) Short-term loans and advances

1.358

1.400

0.443

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

5.712

7.086

4.203

 

 

 

 

TOTAL

23.853

16.822

11.703

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

6.305

5.899

6.133

 

 

Other Income

0.010

0.000

0.021

 

 

TOTAL                                    

6.315

5.899

6.154

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

5.331

4.564

5.100

 

 

Changes in inventories

2.234

(0.987)

(0.723)

 

 

Employees benefits expense

0.633

0.620

0.533

 

 

 Manufacturing and Operating Expenses

0.655

0.878

0.445

 

 

Other expenses

0.681

0.779

0.286

 

 

TOTAL                                    

9.534

5.854

5.641

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(3.219)

0.045

0.513

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

0.978

0.456

0.002

 

 

 

 

 

 

PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION

(4.197)

(0.411)

0.511

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.429

0.343

0.237

 

 

 

 

 

 

PROFIT/LOSS BEFORE TAX

(4.626)

(0.754)

0.274

 

 

 

 

 

Less

TAX                                                                 

0.294

0.000

0.058

 

 

 

 

 

 

PROFIT/LOSS AFTER TAX

(4.920)

(0.754)

0.216

 

 

 

 

 

 

Earnings Per Share (Rs.)

(5.41)

(0.83)

0.23

 

 

Expected Sales (2014-15) : Rs. 20.000 Million

 

The above information has been parted by Mr. Amit R. Patel. (Accounts Executive)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

(78.03)

(12.78)

3.52

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

(51.05)

0.76

8.36

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

-19.39

(4.48)

2.34

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.42

0.12

(0.05)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(2.97)

(3.61)

(2.94)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.87

3.70

3.04

 

 

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

9.100

9.100

9.100

Reserves & Surplus

(14.409)

(15.164)

(20.084)

Net worth

(5.309)

(6.064)

(10.984)

 

 

 

 

long-term borrowings

15.630

20.970

28.246

Short term borrowings

0.000

0.892

4.395

Total borrowings

15.630

21.862

32.641

Debt/Equity ratio

(2.944)

(3.605)

(2.972)

 

 

 

 

 

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)

Sales

6.133

5.899

6.305

 

 

(3.815)

6.883

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6.133

5.899

6.305

Profit

0.216

(0.754)

(4.920)

 

3.52%

(12.78%)

(78.03%)

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

No

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

NOTE : The registered address of the company has been shifted from 6B Vrundavan Society, Anad – V V Nagar Road, Anand – 388001, Gujarat, India to the present address w.e.f. 05.09.2011

 

 

UNSECURED LOAN

(Rs. In Million)

 

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Chetanbhai I Patel

1.000

1.000

Dilantbhai Patel

0.250

0.250

Hemagiben Alpeshbhai Patel

0.025

0.000

Nipaben M Patel

0.150

0.000

Pratimaben G Patel

3.680

3.43

Rajeshbhai C Patel

0.500

0.500

Alpeshbhai G Patel

3.000

1.500

Alpeshbhai G Patel (HUF)

6.925

5.076

Bintaben D Patel

2.000

2.000

Dineshbhai J Patel (HUF)

0.600

0.600

Girishbhai J Patel

2.575

2.225

Miteshbhai S Patel

1.000

1.000

Pameshbhai R Patel

0.000

1.250

Total

21.705

18.831

 

 

INDEX OF CHARGES

 

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10360633

08/06/2012

16,500,000.00

ORIENTAL BANK OF COMMERCE

2, RAVIKIRAN COMPLEX, OPP. RAHUL HOSPITAL, NANA K 
UMBHBATH ROAD, NADIAD, Gujarat - 387001, INDIA

B41629429

2

10362621

10/05/2012

7,200,000.00

ORIENTAL BANK OF COMMERCE

2, RAVIKIRAN COMPLEX, OPP. RAHUL HOSPITAL, NANA K 
UMBHBATH ROAD, NADIAD, Gujarat - 387001, INDIA

B42454777

3

10360637

10/05/2012

9,300,000.00

ORIENTAL BANK OF COMMERCE

2, RAVIKIRAN COMPLEX, OPP. RAHUL HOSPITAL, NANA K 
UMBHBATH ROAD, NADIAD, Gujarat - 387001, INDIA

B41631227

 

 

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.62.49

UK Pound

1

Rs.92.26

Euro

1

Rs.66.80

 

 

INFORMATION DETAILS

 

Information Gathered by :

RKA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

RNK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY 

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

1

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

 

11

 

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.