MIRA INFORM REPORT

 

 

Report No. :

345341

Report Date :

20.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PAR SPECIALTY POLYMERS PRIVATE LIMITED

 

 

Registered Office :

W-40(B), MIDC Badlapur, Shiragaon, Badlapur – 421501, Maharashtra

Tel. No.:

91-22-67700376 / 67708072 / 67412490

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

04.05.2005

 

 

Com. Reg. No.:

11-153030

 

 

Capital Investment / Paid-up Capital :

Rs.4.107 Million

 

 

CIN No.:

[Company Identification No.]

U24100MH2005PTC153030

 

 

IEC No.:

Not Available

 

 

TIN No.:

27060557568

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCP5729M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business as manufacturer of construction chemicals like concrete admixtures, waterproofing products, bonding agents, curing agent and products for repair and rehabilitation.

 

 

No. of Employees :

20 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 20000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a small company incorporated in the year 2005.

 

It is engaged in the business of manufacturing construction chemicals like concrete admixtures, waterproofing products, bonding agents, curing agent and products for repair and rehabilitation.

 

The rating takes into consideration company’s modest networth position, small scale of business operation and low profit margin of the company.

 

The rating is further constrained by leveraged capital structure of the company and risk associated with the cyclical nature of construction industry.

 

Their trade relations are reported as fair. Business is active. Payment terms are reported as 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

 

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 :

Ms. Surekha

Designation :

Accountant

Contact No.:

91-22-67700376

Date :

17.10.2015

 

 

LOCATIONS

 

Registered Office :

W-40(B), MIDC Badlapur, Shiragaon, Badlapur – 421501, Maharashtra, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

master@parspecialty.com

mail@parspeciality.com

Website :

www.parspeciality.com  

Location :

Owned

Locality :

Commercial

 

 

Head / Corporate Office :

8, Ujagar Industrial Estate, W. T. Patil Marg, Near Duke’s Company, Deonar, Mumbai – 400088, Maharashtra, India

Tel. No.:

91-22-67700376 / 67708072 / 67412490

Fax No.:

91-22-25582323

E-Mail :

info@parspecialty.com

mail@parspecialty.com

 

 

Operating Office :

501, Sabri Samriddhi, Opposite Union Park, S.K Road, Chembur, Mumbai – 400071, Maharashtra, India

 

 

DIRECTORS

 

As on 29.09.2014

 

Name :

Mr. Alokkumar Avinashchandra Gupta

Designation :

Director

Address :

Building No-401, N.R.I. Complex, C-Wood Estate, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Appointment :

04.05.2005

DIN No.:

00120555

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24100MH2005PTC153030

PAR SPECIALTY POLYMERS PRIVATE LIMITED

Director

04/05/2005

04/05/2005

-

Active

NO

2

U70100MH1997PLC106903

SEAWOODS ESTATES LIMITED

Director

17/01/2010

17/01/2010

04/07/2010

Active

NO

 

 

Name :

Mr. Prabodh Sharma

Designation :

Director

Address :

525, Ujagar Niwas,12th  Road, Chembur, Mumbai - 400071, Maharashtra, India

Date of Appointment :

04.05.2005

DIN No.:

01191562

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U74140MH1983PTC030364

INTERTECH MANAGEMENT CONSULTANCY SERVICES PRIVATE LIMITED

Director

31/01/1990

31/01/1990

-

Active

NO

2

U17120MH1987PTC043245

UJAGAR TEXTILES INDUSTRIES PRIVATE LIMITED

Director

01/12/1990

01/12/1990

-

Active

NO

3

U17100MH1975PTC018035

ECHDEE HOSPITALITY PRIVATE LIMITED

Director

01/12/1990

01/12/1990

-

Active

NO

4

U51900MH1991PTC063623

EXPLOR-INDIA MARKETING PRIVATE LIMITED

Director

15/10/1991

15/10/1991

-

Active

NO

5

U52322MH1991PTC063566

UJAGAR GARMENTS (INDIA) PRIVATE LIMITED

Director

21/10/1991

21/10/1991

-

Active

NO

6

U24100MH2005PTC153030

PAR SPECIALTY POLYMERS PRIVATE LIMITED

Director

04/05/2005

04/05/2005

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms. Surekha

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS

 

As on 29.09.2014

 

Names of Shareholders

 

No. of Shares

Alokkumar Avinashchandra Gupta

 

205053

Prabodh Sharma

 

17463

Intertech Management Consultancy Private Limited, India

 

138330

Leena Sharma

 

5000

Prabodh Sharma HUF

 

10830

Lalit Sharma

 

5930

Rajrani Sharma

 

10930

Varun Sharma

 

16764

Jugal Kishore Sharma

 

100

Nirupama Gupta

 

100

Avinash Chandra

 

100

Geeta Gupta

 

100

Total

 

410700

 

As on 29.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

33.68

Directors or relatives of Directors

66.32

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business as manufacturer of construction chemicals like concrete admixtures, waterproofing products, bonding agents, curing agent and products for repair and rehabilitation.

 

 

Products :
  • Waterproofing System
  • Admixture
  • Repairs and Restoration
  • Building and Joint Sealants

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Larsen and Toubro

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 :

Wholesalers, Retailers and End Users

Reference :

Jesons Industries Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

  • Neptune
  • Arihant Superstructures Limited
  • Cosmos Group
  • Safe Enterprises
  • Mahendra Homes
  • Akshar Group
  • The Wadhwa Group

 

 

No. of Employees :

20 (Approximately)

 

 

Bankers :

Banker Name

Canara Bank

Branch Address

Near Railway Station, Chembur (East), Mumbai – 400007, Maharashtra, India

Person Name (With Designation)

Ms. Saroja

Contact Number

91-22-25285372

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)

Denied to provide any feedback

 

  • IDBI Bank Limited

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From Banks

 

 

Canara Bank Car Loan

0.168

0.317

Canara Bank (OD)

6.812

4.884

Canara Bank Term Loan

2.091

2.614

Total

9.071

7.815

 

Auditors :

 

Name :

Kailash Chand Jain and Company

Chartered Accountants

Address :

'Edena', 1st Floor, 97, Maharshi Karve Road, Near Income Tax Office, Mumbai – 400020, Maharashtra, India

Tel. No.:

91-22-22009131 / 22069131 / 22065373 / 22005373

Fax No.:

91-22-22089978

E-Mail :

mail@kcjainco.com

kcjainco@gmail.com

PAN No.:

AAAFK3998D

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 29.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

430000

Equity Shares

Rs.10/- each

Rs.4.300 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

410700

Equity Shares

Rs.10/- each

Rs.4.107 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

4.107

3.107

3.100

(b) Reserves & Surplus

2.897

1.582

1.376

(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)

7.004

4.689

4.476

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

15.892

15.905

12.188

(b) Deferred tax liabilities (Net)

0.116

0.137

0.146

(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)

16.008

16.042

12.334

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

5.200

12.573

8.145

(c) Other current liabilities

0.509

0.454

0.435

(d) Short-term provisions

0.079

0.033

0.038

Total Current Liabilities (4)

5.788

13.060

8.618

 

 

 

 

TOTAL

28.800

33.791

25.428

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

10.738

11.984

11.987

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.037

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.045

0.046

0.089

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

10.783

12.030

12.113

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3.054

2.690

0.706

(c) Trade receivables

13.561

17.519

11.717

(d) Cash and cash equivalents

1.017

1.011

0.688

(e) Short-term loans and advances

0.385

0.520

0.153

(f) Other current assets

0.000

0.021

0.051

Total Current Assets

18.017

21.761

13.315

 

 

 

 

TOTAL

28.800

33.791

25.428

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

NA

 

Other Income

 

 

NA

 

TOTAL

38.422

44.826

NA

 

 

 

 

 

Less

EXPENSES

38.108

44.525

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

0.314

0.301

NA

 

 

 

 

 

Less

TAX

(0.001)

0.095

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

0.315

0.206

0.419

 

 

 

 

 

Add

Earlier year Profit

1.583

1.377

NA

 

 

 

 

 

Add

Securities Premium

1.000

0.000

NA

 

 

 

 

 

 

Balance Carried to the B/S

2.898

1.583

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.76

0.50

1.02

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

47.000

 

The above information has been parted by Ms. Surekha (Accountant).

 

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 flows from operating activities

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Total Income)

(%)

0.82

0.46

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.09

0.89

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.06

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.27

3.39

2.72

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.11

1.67

1.55

 

 

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

3.100

3.107

4.107

Reserves & Surplus

1.376

1.582

2.897

Net worth

4.476

4.689

7.004

 

 

 

 

long-term borrowings

12.188

15.905

15.892

Short term borrowings

0.000

0.000

0.000

Total borrowings

12.188

15.905

15.892

Debt/Equity ratio

2.723

3.392

2.269

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

44.826

38.422

 

(14.286)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

44.826

38.422

Profit

0.206

0.315

 

0.46%

0.82%

 

 

 

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

No

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

Yes

19

Major customers

Yes

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

 

Note:

Registered address has been shifted from the 8, Ujagar Industrial Estate, W.T. Patil Marg, Deonar, Mumbai – 400088, Maharashtra, India to the present address w.e.f. 22.11.2011

 

 

CORPORATE INFORMATION

 

The Company is a Small and Medium Sized Company as defined in the General Instructions in respect of Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended). Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company. The company's operating office is located at 501, Sabri Samriddhi, Opposite Union Park, S.K Road, Chembur, Mumbai – 400071, Maharashtra, India and its registered office is situated in the state of Maharashtra, i.e. within the jurisdiction of the Registrar of Companies, Maharashtra, at Mumbai. The company is carrying on its business of manufacturing and dealing of chemical products and polymers as wholesaler and retailer.

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

6.821

8.090

Total

6.821

8.090

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10365991

20/10/2014 *

13,775,000.00

CANARA BANK

CHEMBUR MAIN BRANCH, 70-A M D S MARG, CHEMBUR, MUMBAI - 400071, MAHARASHTRA, INDIA

C35209501

2

10338200

02/12/2014 *

13,000,000.00

CANARA BANK

CHEMBUR MAIN BRANCH, 70-A M D S MARG,CHEMBUR, MUMBAI - 400071, MAHARASHTRA, INDIA

C38329918

3

10155913

17/03/2009

775,000.00

CANARA BANK

CHEMBUR MAIN BRANCH, 70-A, MDS MARG, CHEMBUR, MUMBAI - 400071, MAHARASHTRA, INDIA

A61757498

4

10045544

25/06/2011 *

2,100,000.00

CANARA BANK

CHEMBUR MAIN BRANCH, 70-A M D S MARG,CHEMBUR, MUMBAI - 400071, MAHARASHTRA, INDIA

B16626988

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment
  • Computer

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.64.96

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

31

 

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.