MIRA INFORM REPORT

 

 

Report No. :

348089

Report Date :

04.11.2015

 

IDENTIFICATION DETAILS

 

Name :

GERMAN EXPRESS SHIPPING AGENCY (INDIA) PRIVATE LIMITED

 

 

Registered Office :

29, Bank Street, Fort, Mumbai – 400001, Maharashtra

Tel. No.:

91-22-22678311

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.04.1993

 

 

Com. Reg. No.:

11-071596

 

 

Capital Investment / Paid-up Capital :

Rs.82.500 Million

 

 

CIN No.:

[Company Identification No.]

U61100MH1993PTC071596

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

 

PAN No.:

[Permanent Account No.]

MUMG04599A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged into providing logistic services.

 

 

No. of Employees :

150  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1600000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1993. It is engaged into providing logistics services.

 

For the year 2014, the company possesses decent net worth base, however there is sharp decline in its cash accruals marked by poor liquidity position.

 

The company has recorded decline in its sales turnover as compare to previous year and also reported continuous loss since 2013.

 

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

 

The company can be considered for business dealings 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Prafful Pangaonkar

Designation :

Senior Manager Finance

Contact No.:

91-22-22692486

Date :

02.11.2015

 

 

LOCATIONS

 

Registered Office :

29, Bank Street, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22678311

Fax No.:

91-22-22692490

E-Mail :

shreeram@gesaindia.com

mumbai@gesaindia.com

Website :

www.gesaindia.com

 

 

Correspondence Office :

Sapt Building, 3rd Floor, 18 J N Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22692486/87/88

Fax No.:

91-22-22692490

 

 

Branch Office :

Container Freight Station Kondakarai Vallur village, S R Palayam Post, Chennai – 6000120, Tamilnadu, India

Tel. No.:

91-44-25613600

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Naresh Jayantilal Kotak

Designation :

Director

Address :

Carlton Terrace, 35 C, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

27.12.1940

Date of Appointment :

15.04.1993

DIN No.:

00009707

PAN No.:

AADPK7084K

 

 

Name :

Mr. Varghese Thomas

Designation :

Director

Address :

Apt No. 7/A, Neptune Apartment, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

01.06.1977

Date of Appointment :

18.07.2012

DIN No.:

05259148

 

 

KEY EXECUTIVES

 

Name :

Mr. Shreeram Prasad Gupta

Designation :

Secretary

Address :

Flat No. 602, Emp-65, Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India

Date of Appointment :

01.06.2012

PAN No:

ABNPG0176F

 

 

Name :

Mr. Prafful Pangaonkar

Designation :

Senior Manager Finance

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Naresh Jayantilal Kotak

 

824999

Berjis Desai

 

1

Total

 

825000

 

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 :

Subject is engaged into providing logistic services.

 

 

Products :

Description of product

ITC Code

Incidental to water transport

99671101

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, Advance Payment and Credit

 

 

Purchasing :

Cash, Advance Payment and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers and Manufacturer

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

150  (Approximately)

 

 

Bankers :

Banker Name

HDFC Bank Limited

Branch Address

HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, 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 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

 

 

Loans repayable on demand from banks

7.014

33.414

Total

7.014

33.414

 

Auditors :

 

Name :

Kalyaniwalla Mistry and Associates

Chartered Accountants

Address :

M-62 Cusrow Baug, S.B.S. Road, Colaba, Mumbai – 400001, Maharashtra, India

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

AAEFK6064A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate:
  • Uni Tex Products Private Limited, India [U17110MH1936PTC002575]
  • Tai-Pan Shipping Private Limited, India [U63090MH1988PTC048466]
  • Cardinal Air Transport Company Private Limited, India [U63030MH1976PTC018957]

 

 

Entities over which parties specified in (a) above exercise significant influence:

UPTO 18.07.2012

 

  • United Liner Agencies (India) Private Limited
  • Container Movement Transport Private Limited
  • Visakha Container Terminal Private Limited (VCPTL)
  • Contfreight Shipping Agencies (India) Private Limited
  • Jayamb International Agencies Private Limited
  • K. Steamship Agencies Private Limited
  • Aryadoot Transport Private Limited
  • Arya Offshore Services Private Limited
  • Arya Communication and Electronics Services Private Limited
  • J. M. Baxi and Company
  • United Liner Agencies(Stevedores)
  • Boxco (Division of Chunnilal and Company)

 

UPTO 31.03.2013

 

  • Aballaba Developers Private Limited
  • Aila Infrastructure Private Limited
  • Arya Oilfield Services Private Limited
  • Arya Trading and Services Private Limited
  • Baxico Project Management Services Private Limited
  • Boxtrans Shipping Agencies Private Limited
  • Bunga Express Shipping Agencies Private Limited
  • Cardinal Air Transport Company Private Limited
  • Donga Agritech Private Limited
  • Erumelivasan Infrastructure Private Limited
  • Jet Aiu Skyline Transport Private Limited
  • KovidhInfraprojects Private Limited
  • New Pinacle Mart Private Limited
  • Polymarble Mfg. Company Private Limited
  • PVS Marketing and Propmart Private Limited
  • RadingeInfraproject Private Limited
  • Sagar Management Services Private Limited
  • Sagar Offshore Drilling Company Private Limited
  • Sagar Offshore Shipping Services Private Limited
  • Square Wave Developers LLP
  • Taipan Shipping Private Limited
  • Taipan Transport Private Limited
  • Tanirika Infrastructure Private Limited
  • Unitex Products Private Limited
  • V.B.Financial Consultants Private Limited
  • Varuna Offshore Transport Services Private Limited
  • Wamika Developers Private Limited
  • Western Star Line Private Limited
  • YlvernisInfraprojects Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

825000

Equity Shares

Rs.100/- each

Rs. 82.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

825000

Equity Shares

Rs.100/- each

Rs. 82.500 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

82.500

82.500

7.500

(b) Reserves & Surplus

480.436

623.519

630.095

(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)

562.936

706.019

637.595

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7.014

33.414

98.616

(b) Deferred tax liabilities (Net)

20.912

21.033

15.559

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.453

1.909

0.000

Total Non-current Liabilities (3)

30.379

56.356

114.175

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

249.000

220.000

140.275

(b) Trade payables

14.645

11.841

10.630

(c) Other current liabilities

55.242

51.096

186.914

(d) Short-term provisions

100.851

103.403

106.537

Total Current Liabilities (4)

419.738

386.340

444.356

 

 

 

 

TOTAL

1013.053

1148.715

1196.126

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

907.400

951.267

854.788

(ii) Intangible Assets

0.394

0.445

0.887

(iii) Capital work-in-progress

0.304

6.862

0.034

(iv) Intangible assets under development

5.355

2.000

1.400

(b) Non-current Investments

9.200

9.200

9.200

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

22.072

36.724

25.619

(e) Other Non-current assets

15.020

17.041

14.533

Total Non-Current Assets

959.745

1023.539

906.461

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

56.667

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

18.748

14.628

22.638

(d) Cash and cash equivalents

12.695

68.471

42.004

(e) Short-term loans and advances

15.049

23.673

146.273

(f) Other current assets

6.816

18.404

22.083

Total Current Assets

53.308

125.176

289.665

 

 

 

 

TOTAL

1013.053

1148.715

1196.126

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

347.011

492.550

608.238

 

Other Income

 

 

 

 

TOTAL

347.011

492.550

608.238

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(143.083)

(6.576)

93.108

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

512.616

519.192

440.442

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

0.000

0.000

10.000

 

Interim Dividend (including tax)

0.000

0.000

4.358

 

Balance Carried to the B/S

369.533

512.616

519.192

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(173.43)

(10.87)

1241.44

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

26.399

25.609

169.229

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(13.594)

229.569

149.139

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

34.76

43.56

51.31

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.62

0.70

0.95

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.50

0.40

0.64

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.13

0.32

0.65

 

 

 

 

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

7.500

82.500

82.500

Reserves & Surplus

630.095

623.519

480.436

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

637.595

706.019

562.936

 

 

 

 

long-term borrowings

98.616

33.414

7.014

Short term borrowings

140.275

220.000

249.000

Current maturities of long-term debts

169.229

25.609

26.399

Total borrowings

408.120

279.023

282.413

Debt/Equity ratio

0.640

0.395

0.502

 

 

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

608.238

492.550

347.011

 

 

(19.020)

(29.548)

 

 

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

608.238

492.550

347.011

Profit

93.108

(6.576)

(143.083)

 

15.31%

(1.34%)

(41.23%)

 

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

No

19

Major customers

No

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 three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

OPERATIONS:

 

During the year, the overall performance of the Company was lower as compared to previous year due to slow down in the industry.

 

The Company has reported a total income of Rs.347.011 Million as compared to Rs.492.550 Million in the previous year. The Company has incurred a Loss of Rs.143.083 Million as against Rs.6.576 Million as compared to same in the previous year.

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans and advances from directors

249.000

220.000

Total

249.000

220.000

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10569344

30/04/2015

91,100,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C53596474

2

10569347

16/03/2015

29,400,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C53596961

3

10425646

08/04/2013

75,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, MAHARASHTRA - 400013, INDIA

B75112193

4

10363181

08/05/2012

54,900,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, MAHARASHTRA - 400013, INDIA

B42700443

5

10303568

08/08/2011

17,160,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, MAHARASHTRA - 400013, INDIA

B19320134

6

10300726

12/07/2011

3,845,842.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, MAHARASHTRA - 400013, INDIA

B18196568

 

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

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.65.45

UK Pound

1

Rs.100.96

Euro

1

Rs.72.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

3

--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

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

30

 

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.