MIRA INFORM REPORT

 

 

Report No. :

344568

Report Date :

10.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SUPER BOND ADHESIVES PRIVATE LIMITED

 

 

Registered Office :

119, Vardhaman Complex, Gokul Nagar, L.B.S. Marg, Thane (West) - 400601, Maharashtra

Tel. No.:

91-22-21721016/ 21721017

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.07.1994

 

 

Com. Reg. No.:

11-079653

 

 

Capital Investment / Paid-up Capital :

Rs. 17.323 Million

 

 

CIN No.:

[Company Identification No.]

U24130MH1994PTC079653

 

 

IEC No.:

0301008957

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNES10333B

 

 

PAN No.:

[Permanent Account No.]

AACCS3927P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Adhesives.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1994 engaged in the manufacturing and exporting of adhesives.

 

Company possesses sound operational performance and it has maintained satisfactory profitability margins at 5.56% during FY2014.

 

Rating takes into consideration company’s established track record of business operations supported by extensive industry experience of promoters in adhesives business and sound financial base of the company.

 

Trade relations are reported as fair. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual 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.

 

 

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 DECLINED BY

 

Name :

Mr. D.D. Shetty

Designation :

Accounts Department

Contact No.:

91-22-21721016

Date :

08.10.2015

 

 

LOCATIONS

 

Registered/ Head Office :

119, Vardhaman Complex, Gokul Nagar, L.B.S. Marg, Thane (West) - 400601, Maharashtra, India

Tel. No.:

91-22-21721016/ 21721017

Fax No.:

91-22-21721018

E-Mail :

ddshetty@superbond.co.in

sales@superbond.co.in  

Website :

http://www.superbond.co.in

 

 

Factory 1 :

Located at:

 

·         Wada, Maharashtra, India

 

 

Factory 2 :

Plot No. A-47/48, MIDC, Badlapur, Thane – 421503, Maharashtra, India

Tel. No.:

91-251-2690048/ 2692748

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Dileep Adityakumar Agarwal

Designation :

Director

Address :

Flat No B-1001/1002, Princeton, Hiranandani Estate, Ghodbunder Road, Thane - 400607, Maharashtra, India

Date of Birth/Age :

08.03.1955

Date of Appointment :

15.07.1994

DIN No.:

00256422

 

 

Name :

Mr. Pradeep Adityakumar Agarwal

Designation :

Director

Address :

Flat No. 1401/1402, Wellington, Hiranandani Estate, Ghodbunder Road, Thane - 400607, Maharashtra, India

Date of Birth/Age :

17.09.1952

Date of Appointment :

15.07.1994

DIN No.:

00256478

 

 

Name :

Mr. Priyank Pradeep Agarwal

Designation :

Director

Address :

1401, 1402, Wellington, 14th Floor, Ghodbundar Road, Hiranandani Estate, Thane - 400607, Maharashtra, India

Date of Birth/Age :

03.12.1986

Date of Appointment :

02.04.2010

DIN No.:

02971795

 

 

Name :

Mr. Rohan Dileep Agarwal

Designation :

Director

Address :

1001/B Princeton, Hiranandani Estate, Patlipada, G. B. Road, Thane [West] - 400607, Maharashtra, India

Date of Birth/Age :

04.04.1988

Date of Appointment :

27.08.2012

DIN No.:

03179442

 

 

KEY EXECUTIVES

 

Name :

Mr. D.D. Shetty

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

 

Dileep Agarwal

 

560160

Pradeep Agarwal

 

651250

Taradevi Agarwal

 

159490

Deepa Agarwal

 

94100

Deepti Agarwal

 

67500

Aditya Agarwal (HUF)

 

42500

Richie Agarwal

 

3000

Rohan Agarwal

 

97860

Priyank Agarwal

 

56450

 

 

 

Total

 

 

1732310

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Adhesives.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         V.P. Engineering

·         Reliance Industries Limited

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Axis Bank Limited

George Mansion, LBS Marg, Uthalsar Naka, Thane – 400601, Maharashtra, India

 

·         Axis Bank Limited

Axis House, Ground Floor, Bombay Dyeing Mills Compound, P. B. Marg, Mumbai - 400025, Maharashtra, India

 

·         Citi Bank N.A.

8th Floor, Block-B7, Nirlon Knowledge Park, Off. Western Express Highway, Goregaon East, Mumbai - 400602, Maharashtra, India

 

·         Andhra Bank

·         Union Bank of India

·         HDFC Bank Limited

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Andhra Bank Overdraft Account

[Secured by hypothecation companies stock and book debts]

(0.010)

(0.011)

Axis Bank Overdraft Account

[Secured by hypothecation companies stock and book debts]

57.005

33.753

Term Loan

[Secured by Plant and Machinery situated at Plot No. 1/6, Gut No. 217, Village Khupri and Personal Guarantor of Directors]

1.482

2.417

Term Loan

[Secured by Plant and Machinery situated at Plot No. 1/6, Gut No. 217, Village Khupri and Personal Guarantor of Directors]

1.497

3.281

 

 

 

Total

 

59.984

39.440

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M.V. Keswani and Company

Chartered Accountants

Address :

24, Prince Market, Ulhasnagar, - 421003, Maharashtra, India

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

ACQPK9748K

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,000,000

Equity Shares

Rs. 10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,732,310

Equity Shares

Rs. 10/- each

Rs. 17.323 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

17.323

17.323

8.019

(b) Reserves & Surplus

71.030

61.495

16.127

(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)

88.353

78.818

24.146

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

59.974

39.440

40.940

(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)

59.974

39.440

40.940

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

32.555

26.726

15.720

(b) Trade payables

0.000

0.000

25.653

(c) Other current liabilities

0.000

0.000

0.000

(d) Short-term provisions

82.195

83.264

4.590

Total Current Liabilities (4)

114.750

109.990

45.963

 

 

 

 

TOTAL

263.077

228.248

111.049

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

52.021

59.268

5.994

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

7.777

(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

0.000

0.000

3.510

Total Non-Current Assets

52.021

59.268

17.281

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.002

0.000

(b) Inventories

53.556

44.406

23.798

(c) Trade receivables

141.292

111.502

60.881

(d) Cash and cash equivalents

0.636

0.391

1.044

(e) Short-term loans and advances

15.572

12.679

8.045

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

211.056

168.980

93.768

 

 

 

 

TOTAL

263.077

228.248

111.049

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

628.407

430.519

256.373

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

613.786

418.903

250.865

 

 

 

 

 

 

PROFIT BEFORE TAX

14.621

11.616

5.508

 

 

 

 

 

Less

TAX                                                                 

5.087

3.464

1.809

 

 

 

 

 

 

PROFIT AFTER TAX

9.534

8.152

3.699

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.50

4.71

4.61

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

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

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.56

5.09

5.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.17

0.15

0.23

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.05

0.84

2.35

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.84

1.54

2.04

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

8.019

17.323

17.323

Reserves & Surplus

16.127

61.495

71.030

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

24.146

78.818

88.353

 

 

 

 

Long-term borrowings

40.940

39.440

59.974

Short term borrowings

15.720

26.726

32.555

Total borrowings

56.660

66.166

92.529

Debt/Equity ratio

2.347

0.839

1.047

 

 

 

 

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

256.373

430.519

628.407

 

 

67.927

45.965

 

 

 

 

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

256.373

430.519

628.407

Profit

3.699

8.152

9.534

 

1.44%

1.89%

1.52%

 

 

 

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

No

17

Details of sister concerns

No

18

Major suppliers

Yes

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10550177

04/08/2015 *

44,000,000.00

CITI BANK N.A.

8TH FLOOR, BLOCK- B7, NIRLON KNOWLEDGE PARK, OFF. WESTERN EXPRESS HIGHWAY, GOREGAON EAST, MUMBAI, 
MAHARASHTRA - 400602, INDIA

C62650122

2

10445445

11/11/2014 *

92,200,000.00

AXIS BANK LIMITED

TRISHUL, OPP. SAMARTHESHWAR MAHADEV TEMPLE, NEW LAW GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380009, INDIA

C37353075

3

10342700

07/02/2014 *

5,300,000.00

AXIS BANK LIMITED

AXIS HOUSE, GR. FLOOR, BOMBAY DYING MILLS COMPOUND, P.B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025 
, INDIA

C00637918

4

10277128

09/05/2012 *

69,000,000.00

AXIS BANK LIMITED

CORP. BANKING,BR. AXIS HOUSE, GR.FLR, BOMBAY DYING MILLS COMPD, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B41934035

5

10272337

22/06/2012 *

65,000,000.00

AXIS BANK LIMITED

CORP. BANKING BR., AXIS HOUSE, GR. FLOOR,, BOMBAY 
DYEING MILLS COMPD, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B43145739

6

10274666

07/02/2014 *

3,700,000.00

AXIS BANK LIMITED

GEORGE MANSION, LBS MARG, UTHALSARNAKA, THANE, 
MAHARASHTRA - 400601, INDIA

C00638312

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Aditya Agarwal (HUF)

1.662

1.277

Dileep Agarwal

4.370

3.360

Dileep Agarwal (HUF)

1.198

5.448

Deepa Agarwal

1.838

1.787

Deepak Agarwal

0.419

0.388

Deepti Agarwal

3.982

4.859

Priyank Agarwal

0.837

1.009

Pradeep Agarwal

1.681

0.827

Pradeep Agarwal (HUF)

3.077

2.790

Richie Agarwal

1.197

0.872

Rohan Agarwal

0.864

0.652

Taradevi Agarwal

3.838

3.457

Other Loans

7.592

0.000

 

 

 

Total

 

32.555

26.726

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from 304, Hamilton (A) Hiranandani Estate, Ghodbunder Road, Thane – 400607, Maharashtra, India to the present address w.e.f.01.01.2007.


FIXED ASSETS:

 

·         Land

·         Factory Building

·         Air Conditioner

·         Computer

·         Dies and Moulds

·         Electric Fittings

·         Furniture and Fixture

·         Fire Extinguisher

·         Generator

·         Other Equipments

 

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 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. 64.78

UK Pound

1

Rs. 99.54

Euro

1

Rs. 73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

45

 

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.