MIRA INFORM REPORT

 

 

Report No. :

343961

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ULTIMATE CHEM (INDIA) PRIVATE LIMITED

 

 

Registered Office :

A – 33, Marol Nand Dham Udyog CHS Limited, 2nd Floor, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra

Tel. No.:

91-22-29201582

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.02.1999

 

 

Com. Reg. No.:

11-118446

 

 

Capital Investment / Paid-up Capital :

Rs.3.747 Million

 

 

CIN No.:

[Company Identification No.]

U24110MH1999PTC118446

 

 

IEC No.:

0300034351

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMU03661A

 

 

PAN No.:

[Permanent Account No.]

AAACU3398Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in trading, exporting and importing of organic and inorganic chemicals, aliphatic and aromatic solvents, intermediates, bulk drugs, dyes and chemicals, acrylates, polymers and monomers. 

 

 

No. of Employees :

50 (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

 

Status :

Moderate

 

 

Payment Behavior :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1999 and it is a trader, exporter and importer of organic and inorganic chemicals, aliphatic and aromatic solvents, intermediates, bulk drugs, dyes and chemicals.

 

For the financial year ended 2014, the company sales turnover has declined by 22.18% and it has reported low profitability margins at 0.17% during the year under a review.

 

Rating further constrained on account of company’s moderate financial profile marked by modest networth base along with huge borrowings and leverage balance sheet position of the company.

 

Trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, 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

 

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

 

Name :

Mr. Daya Phatak

Designation :

Accounts Department

Contact No.:

91-22-29202978

 

 

 

 

LOCATIONS

 

Registered/ Corporate

Office / Head Office:

A – 33, Marol Nand Dham Udyog CHS Limited, 2nd Floor, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-29201582 / 2978 / 65093918 / 3820 / 29202978 / 23735601

Mobile No.:

91-9820059939 (Mr. Umesh Kanakia)

Fax No.:

91-22-29258797 / 67021506

E-Mail :

ukanakia@bom3.vsnl.net.in

response@ultimatechemindia.com

ultimateindia@gmail.com

Website :

http://www.ultimatechemindia.com

Area :

1800 sq. ft.

Location :

Owned

 

 

Branch Office : 

C-202, Sukirti Garden, Opposite Amrakadam Bunglow, Ramdev Nagar, Satellite Road, Ahmedabad – 380015, Maharashtra, India

Tel. No.:

91-79-26921302

E-Mail :

ultimate_ahm@yahoo.co.in

Location :

Owned

 

 

Godown :

Located at:

 

·         Bhiwandi

·         Ahmedabad

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Ms. Sonal Balkrishna Kanakia

Designation :

Director

Address :

A/2/604, Yogi Palace, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

02.10.1968

Date of Appointment :

22.02.1999

DIN No.:

00986459

 

 

Name :

Mr. Balkrishna Jashwantrai Kanakia

Designation :

Director

Address :

A/2/604, Yogi Palace, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

14.08.1963

Qualification :

B. Com

Date of Appointment :

22.02.1999

DIN No.:

01568621

 

KEY EXECUTIVE

 

Name :

Mr. Umesh Kanakia

Designation :

Chief Executive Officer

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

Balkrishna J. Kanakia

 

120100

Sonal B. Kanakia

 

74600

Balkrishna J. Kanakia (HUF)

 

60010

Muktaben Jayantilal Goradia 

 

70010

Dhaval Balkrishna  Kanakia

 

50018

Total

 

374738

 

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 in trading, exporting and importing of organic and inorganic chemicals, aliphatic and aromatic solvents, intermediates, bulk drugs, dyes and chemicals, acrylates, polymers and monomers. 

 

 

Products :
  • Organic and Inorganic Chemicals
  • Aliphatic and Aromatic Solvents
  • Bulk Drugs
  • Intermediates
  • Dyes and Chemicals
  • Acrylates
  • Polymers and Monomers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Malaysia

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Dubai
  • Asian Countries

 

 

Terms :

 

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash 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 :

End Users and OEMs

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 :

50 (Approximately)

 

 

Bankers :

 

Bank Name

Corporation Bank

Branch

221/223, Samuel Street, Masjid Bunder, Mandvi, Mumbai - 400003, 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

 

  • Standard Chartered Bank, Standard Chartered Tower, 201, B/1 Western Express Highway, Goregaon (East), Mumbai - 400063, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans against hypothecation of property from Standard Chartered Bank

4.655

4.962

Corporation Bank Car Loan

0.692

0.000

Short-term borrowings

 

 

Cash credit from Corporation Bank

12.610

13.342

Buyers Credit from Bank

45.861

37.330

Total

63.818

55.634

 

Note :

 

Long-term Borrowings

 

Term loans of Rs.4.655 Million from Standard Chartered Bank by a first pari passu charge created on immovable property of company, repayable in 120 equal installments bearing interest rate 11% for current maturity of long term borrowings.

 

Short-term borrowings

 

Working capital borrowings and buyers’ credit from banks are secured by way of hypothecation of company’s stock and book debts both present and future and by way of equitable mortgage of company’s immovable of property situated at office address.

 

Auditors :

 

Name :

Pratik Shah and Company

Chartered Accountants

Address :

84/86, Saliyawala Building, 2nd Floor, Masjid Bunder Road, Mumbai – 400003, Maharashtra, India

Tel. No.:

91-22-28937600

Email :

pratikshahca@gmail.com

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

AADPS7151B

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries (As confirmed by the Management) :
  • Radiation Pharma Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500,000

Equity Shares

Rs.10/- each

Rs. 5.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

374,738

Equity Shares

Rs.10/- each

Rs. 3.747 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

3.747

3.747

3.747

(b) Reserves & Surplus

16.566

15.513

14.119

(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)

20.313

19.260

17.866

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

10.480

7.003

7.384

(b) Deferred tax liabilities (Net)

0.181

0.151

0.142

(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)

10.661

7.154

7.526

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

58.471

50.671

38.282

(b) Trade payables

261.110

231.292

148.531

(c) Other current liabilities

2.541

2.273

1.894

(d) Short-term provisions

0.000

0.000

0.222

Total Current Liabilities (4)

322.122

284.236

188.929

 

 

 

 

TOTAL

353.096

310.650

214.321

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3.306

2.782

2.153

(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

9.385

9.385

9.385

(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

0.000

0.000

0.000

Total Non-Current Assets

12.691

12.167

11.538

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

48.594

24.973

29.081

(c) Trade receivables

283.787

266.782

166.635

(d) Cash and cash equivalents

7.334

6.367

6.876

(e) Short-term loans and advances

0.657

0.335

0.084

(f) Other current assets

0.033

0.026

0.107

Total Current Assets

340.405

298.483

202.783

 

 

 

 

TOTAL

353.096

310.650

214.321

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

632.752

815.012

815.174

 

Other Income

 3.153

2.135 

 0.786

 

TOTAL

635.905

817.147

815.960

 

 

 

 

 

Less

EXPENSES

634.482

815.125

813.823

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.423

2.021

2.137

 

 

 

 

 

Less

TAX

0.370

0.628

0.645

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1.053

1.393

1.492

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.81

3.72

3.98

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

1.114

1.114

1.114

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.17

0.17

0.18

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.41

0.67

1.04

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.10

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

3.39

2.99

2.56

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.06

1.05

1.07

 

 

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

3.747

3.747

3.747

Reserves & Surplus

14.119

15.513

16.566

Share Application money pending allotment

0.000

0.000

0.000

Net worth

17.866

19.260

20.313

 

 

 

 

long-term borrowings

7.384

7.003

10.480

Short term borrowings

38.282

50.671

58.471

Current Maturities of Long Term Debt

1.114

1.114

1.114

Total borrowings

46.780

58.788

70.065

Debt/Equity ratio

2.618

3.052

3.449

 

 

 

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)

Turnover

815.174

815.012

632.752

 

 

(0.020)

(22.363)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

815.174

815.012

632.752

Profit

1.492

1.393

1.053

 

0.18%

0.17%

0.17%

 

 

 

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

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

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans from Director

4.029

0.339

Term loans from Shareholders

1.104

1.701

Total

5.133

2.040

 

NOTE:               

 

The situation of the registered office of the company was changed from 82/84, Masjid Bunder Road, 3rd Floor, Near Satkar Hotel, Mumbai – 400 003, Maharashtra to the present address w.e.f. 01.04.2009.

 

CORPORATE INFORMATION

 

The company is formed on 22nd February 1999 as a dealer in chemical and solvents. Company has its head office at Bombay and branch office at Ahmadabad.

 

OPERATIONS AND OUTLOOK:

 

During the year the company earned an income by way of sales and other income of Rs.635.905 Million as against Rs.817.146 Million achieved during the corresponding period of previous year. After offsetting the expenses the company made during the year a profit of Rs.1.053 Million (Profit after tax) as against Rs.1.393 Million achieved during the corresponding period of previous year. The directors are optimistic about the future of the company. 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10512888

07/07/2014

25,305,260.00

CORPORATION BANK

MANDVI BRANCH, 221/223 SAMUEL STREET, MASJID, MUMBAI - 400003, MAHARASHTRA, INDIA

C15002363

2

10343682

27/03/2012

4,300,000.00

STANDARD CHARTERED BANK

STANDARD CHARTERED TOWER, 201, B/1, WESTERN EXPRESS HIGHWAY, GOREGAON (EAST), MUMBAI - 40 
0063, MAHARASHTRA, INDIA

B35627553

3

10258941

18/12/2010

6,741,783.00

STANDARD CHARTERED BANK

STANDARD CHARTERED TOWER, 201, B/1, WESTERN EXPRESS HIGHWAY, GOREGAON (EAST), MUMBAI - 40 
0063, MAHARASHTRA, INDIA

B01979574

4

10052958

21/04/2015 *

85,000,000.00

CORPORATION BANK

221/223,SAMUEL STREET, MASJID BUNDER, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA

C53392767

 

* Date of charge modification

 

FIXED ASSETS:

 

·         Air Conditioner

·         Office Equipments

·         Computer

·         Motor Car

·         Furniture and Fixtures

·         Office Premises (Andheri)

 

 

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. 65.29

UK Pound

1

Rs. 99.31

Euro

1

Rs. 73.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SANS

 

 

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

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

 

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

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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.