MIRA INFORM REPORT

 

 

Report No. :

321097

Report Date :

07.05.2015

 

IDENTIFICATION DETAILS

 

Name :

BEKAERT INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

B-1, MIDC Ranjangaon, Taluka, Shirur, Pune – 412 209, Maharashtra

Tel. No.:

91-20-66276600

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014 (15 Months)

 

 

Date of Incorporation :

13.09.1996

 

 

Com. Reg. No.:

11-102569

 

 

Capital Investment / Paid-up Capital :

Rs. 4280.000 million

 

 

CIN No.:

[Company Identification No.]

U27104PN1996PTC102569

 

 

IEC No.:

3198000378

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACB8571E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of manufacture and sale of steel tyre cords and hose reinforcement wires

 

 

No. of Employees :

750 (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 but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having moderate track record.

 

The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealing with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

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. Amol Nagpure

Designation :

Finance Manager

Contact No.:

91-20-66276600

Date :

05.05.2015

 

 

LOCATIONS

 

Registered Office / Factory :

B-1, MIDC Ranjangaon, Taluka, Shirur, Pune – 412 209, Maharashtra, India

Tel. No.:

91-20-66276600

Fax No.:

91-20-66276601

E-Mail :

Ulkesh.shah@bekaert.com

amolnagpure@bekaert.com

Website :

www.bekaert.com

Location :

Owned

 

 

Regional Office :

Sai Trinity Building, Unit No. 9 and 10, 5th Floor, Central Wing, S No. 146, Pashan, Pune – 411 021, Maharashtra, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Roopak Karnik

Designation :

Managing Director

Address :

Plot No.2, Samrudhi Apartment, Colony, Paud Road, Vanaz police station, Kothrud, Pune – 411032, Maharashtra, India 

Date of Birth/Age :

11.08.1970

Date of Appointment :

07.06.2013

DIN No.:

06598937

 

 

Name :

Mr. Lieven J A Larmuseau

Designation :

Director appointed in casual vacancy

Address :

Hoogland 10, 8550, Zwevegem, Belgium

Date of Birth/Age :

28.06.1962

Date of Appointment :

23.06.2009

DIN No.:

02669868

 

 

Name :

Mr. Stijn R J Vanneste

Designation :

Director appointed in casual vacancy

Address :

Duikerstraat 4, 8770 Ingelmunster, Belgium

Date of Birth/Age :

05.05.1972

Qualification :

Graduate

Date of Appointment :

07.04.2011

DIN No.:

03374527

 

 

Name :

Mr. Frank Camiel Jozef Vromant

Designation :

Director

Address :

Abdijweg, 30, Wevelgem, Belgium

Date of Birth/Age :

07.11.1957

Date of Appointment :

22.12.2011

DIN No.:

05140768

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Amol Nagpure

Designation :

Finance Manager

 

 

Name :

Mr. Ulkesh Dilip Shah

Designation :

Secretary

Address :

A-103, Nirman Puram, Near Parshwa Nagar,, Indrayani-Randive Road, Kondhwa Budruk, Pune-411048, Maharashtra, INDIA

Date of Birth/Age :

16.05.1984

Date of Appointment :

25.03.2013

PAN No.:

BDWPS4937E

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

 

 

 

NV Bekaert SA, Belgium

 

427999980

Bekaert Coordinatie Centrum NV, Belgium

 

20

TOTAL

 

428000000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of manufacture and sale of steel tyre cords and hose reinforcement wires

 

 

Products :

Item Code No.

Product Description

73121030

Steel Wire and Wire Products Made of Steel and alloy Steel

73121090

Trading in Steel Wires and Wire

Products

99831418

Sale of Desing Service

 

 

Exports :

 

Products :

Finished goods

Countries :
  • China
  • Belgium

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Belgium
  • France

 

 

Terms :

 

Selling :

Cash and Credit (30/60/90 Days)

 

 

Purchasing :

Cash and Credit (30/60/90 Days)

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

End Users, OEM’s

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

750 (Approximately)

 

 

Bankers :

 

Banker Name :

Royal Bank of Scotland

Branch Address :

Pune Branch, Maharashtra, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

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)

UNSECURED LOAN

As on

31.03.2014

As on

31.03.2013

Long Term Borrowing

 

 

Term loans from others

1684.406

2014.878

 

 

 

Short Term Borrowing

 

 

Rupee term loans from banks

0.000

599.500

Loans repayable on demand from banks

0.000

34.673

Other loans and advances

1233.770

1355.696

Total

2918.176

4004.747

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

706 B Wing, 7th Floor ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune - 411 016, Maharashtra, India

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

AACFD4815A

 

 

Memberships :      

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:
  • N V Bekaert SA Belgium

 

 

Fellow Subsidiaries and Associates :
  • Bekaert (China) Technology and Research and Development Company Limited
  • Bekaert Corporation , USA
  • Bekaert Gmbh, Germany
  • Bekaert (Schweiz) AG
  • Bekaert Hlohovec AS
  • Bekaert Coordinatiecentrum N.V., Belgium
  • Cold Drawn Products Limited
  • China Bekaert Steel Cord
  • PT Bekaert Indonesia
  • Bekaert Management (Shanghai) Company Limited
  • Bekaert Singapore Pte Limited
  • Bekaert Advanced Filtration
  • PT Bekaert Advanced Filtration
  • Belgo Bekaert Armes Limited
  • Bekaert New Materials (Suzhou) Comapny Limited
  • Belgo Mineira Bekaert
  • Bekaert Binjiang Advance Product
  • Bekaert Holding BV
  • Bekaert Shandong Tyre Cord
  • Bekaert Limited
  • Bekintex NV
  • Bekaert Jiangyin Wire Products
  • Bekaert Shenyang Advanced Products
  • Bekaert Mukand Wire Industries Private Limited
  • Bekaert Carding Solutions Private Limited
  • Bekaert France SAS
  • Bekaert Binjiang Steel Cord Company Limited
  • Bekaert Southern Wire Sdn Bhd
  • Bekaert Bohum’s. r. o.
  • Bekaert (Huizhou) Steel Cord Company Limited
  • PT Bekaert Southern Wire
  • Bekaert Poland Sp. z o. o.
  • Leon Bekaert S.p.A.
  • Industrias del Ubierna, S.A.
  • Bekaert Slovakia, s. r. o.

 

 

CAPITAL STRUCTURE

 

 

As on 30.09.2014

 

Authorized Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

428,000,000

Equity Shares

Rs. 10/- each

Rs. 4280.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

428,000,000

Equity Shares

Rs. 10/- each

Rs. 4280.000 million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

(15 Months)

31.12.2012

31.12.2011

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

4280.000

1780.000

1290.000

(b) Reserves & Surplus

(1611.418)

(980.733)

(754.354)

(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)

2668.582

799.267

535.646

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1684.406

2014.878

1326.918

(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

40.135

47.176

33.699

Total Non-current Liabilities (3)

1724.541

2062.054

1360.617

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1233.770

1989.869

1811.632

(b) Trade payables

871.439

885.096

931.246

(c) Other current liabilities

583.941

226.311

206.742

(d) Short-term provisions

15.495

10.932

7.996

Total Current Liabilities (4)

2704.645

3112.208

2957.616

 

 

 

 

TOTAL

7097.768

5973.529

4853.879

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3127.285

2634.222

2300.149

(ii) Intangible Assets

20.593

30.718

16.366

(iii) Capital work-in-progress

500.263

459.068

281.965

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

52.634

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

88.884

74.102

71.931

(e) Other Non-current assets

4.793

0.000

0.000

Total Non-Current Assets

3794.452

3198.110

2670.411

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1187.919

967.368

790.942

(c) Trade receivables

1226.267

1296.790

1013.423

(d) Cash and cash equivalents

329.781

119.670

1.069

(e) Short-term loans and advances

554.830

386.595

378.034

(f) Other current assets

4.519

4.996

0.000

Total Current Assets

3303.316

2775.419

2183.468

 

 

 

 

TOTAL

7097.768

5973.529

4853.879

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

(15 Months)

31.12.2012

31.12.2011

 

SALES

 

 

 

 

Income

6203.727

4963.558

 

 

 

Other Income

77.544

3.611

 

 

 

TOTAL                                     (A)

6281.271

4967.169

3282.254

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

6911.955

5193.548

3497.412

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

(215.158)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

 

120.640

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

NA

NA

(335.798)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

 

130.983

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                        (G)

(630.684)

(226.379)

(466.781)

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

(630.684)

(226.379)

(466.781)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

980.733

(754.354)

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

350.049

(980.733)

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

(1.47)

--

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

(15 Months)

31.12.2012

31.12.2011

Net Profit Margin

(PAT / Sales)

(%)

(10.17)

(4.56)

(14.22)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

NA

NA

(6.56)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(9.64)

(4.11)

(10.21)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.24)

(0.28)

(0.87)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.09

5.01

5.86

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.22

0.89

0.74

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.12.2011

31.12.2012

31.03.2014

(15 Months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1290.000

1780.000

4280.000

Reserves & Surplus

(754.354)

(980.733)

(1611.418)

Net worth

535.646

799.267

2668.582

 

 

 

 

long-term borrowings

1326.918

2014.878

1684.406

Short term borrowings

1811.632

1989.869

1233.770

Total borrowings

3138.550

4004.747

2918.176

Debt/Equity ratio

5.859

5.011

1.094

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2011

31.12.2012

31.03.2014

(15 Months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3282.254

4963.558

6203.727

 

 

51.224

24.985

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2011

31.12.2012

31.03.2014

(15 Months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3282.254

4963.558

6203.727

Profit

(466.781)

(226.379)

(630.684)

 

(14.22%)

(4.56%)

(10.17%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

 

Particular

31.03.2014

31.12.2012

31.12.2011

 Current maturities of long-term debt

330.472

0.000

0.000

Total

330.472

0.000

0.000

 

 

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

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

Yes

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

No

33]

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

No

34]

External Agency Rating, if available

No

 

LITIGATION DETAILS

 

Case Type

Reg. sum Suit

Filling No.:

205622/2012   Filling Date: 20.04.2012

Registration No.:

200622/2012  Registration Date: 20.04.2012

Case Code :

208302056222012

 

CASE STATUS

First Hearing Date :

20.04.2012

Next Hearing Date :

25.06.2015

Purpose of Hearing

Awaiting Summons

Court No. & Judge

9-JOINT CIVIL JUDGE J.D. AND JMFC PUNE

 

Petitioner(s) & Advocate (s)

Petitioner :

Husco Hydraulls Private Limited

Address :

A-4, Talegaon Dabhade Industrial Area, Tal Maval, Dist Pune 410507

Advocate

B. S. Tapasavi

 

 

Respondent (s) & Advocate (s)

Respondent :

Pankaj A. Patil etc.2

Address :

A.R. Patil, Ganesh Society, Jalgaon Road, Bhusawal, Jalgaon 425201

Advocate :

--

 

 

Extra Parties

Respondent :

Varad bunglow, deodhar society

Address :

Pimpri chinchwad link road sudarshnagar, chinchwad-411003

Advocate :

--

 

 

Respondent :

Bakaert industries private limited

Address :

B 1, MIDC, Ranjangaon, Tluka Shirur Dist Pune-412209

Advocate :

--

 

 

ACTS

Under Act (s)

Civil procedure codes

Under Section (s)

Order 37

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments
  • Other equipments

 

Intangible assets

 

  • Computer software
  • Goodwill

 

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.63.64

UK Pound

1

Rs.96.81

Euro

1

Rs.71.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--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

--

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.