MIRA INFORM REPORT

 

 

Report No. :

346798

Report Date :

27.10.2015

 

 IDENTIFICATION DETAILS

 

Name :

KEWALRAM TEXTILES PRIVATE LIMITED

 

 

Registered Office :

803, Venus Atlantis, Prahlad Nagar, 100 Feet Road, Ahmedabad – 380015, Gujarat

Tel. No.:

91-79-40320425

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.04.2006

 

 

Com. Reg. No.:

04-048128

 

 

Capital Investment / Paid-up Capital :

Rs. 5.000 Million

 

 

CIN No.:

[Company Identification No.]

U17120GJ2006PTC048128

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMK03597G

 

 

PAN No.:

[Permanent Account No.]

AACCK7917K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the Trading of cotton yarn, polyester cotton (PC) yarn, synthetic yarn and fabrics like poly/viscose suitings, shirtings etc.

 

 

No. of Employees :

Information declined by the Management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 300800

 

 

Status :

Satisfactory 

 

 

Payment Behavior :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is part of Kewalram Chanrai Group (KCG). Chanrai Investment Corporation Limited is an investment company for Kewalram Chanrai Holdings Limited and owns entire shareholding of KCTEX International Limited, Singapore, which in turn is the holding company of the subject.

 

The company has taken huge external borrowings which leads to high leverage and weak liquidity profile.

 

However, the company has improved its scale of operations marked by decent increase in its sales turnover.

 

The ratings continue to take into account the financial flexibility of Chanrai Investment Corporation Limited, its favorable capital structure, comfortable liquidity and profitability, experienced promoters along with its established global operations.

 

Trade relations are fair. Business is active. Payments are slow but 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.

 

 

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

CARE

Rating

Long-term rating : BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

April 02, 2015

 

Rating Agency Name

CARE

Rating

Short-term rating : A3

Rating Explanation

Moderate degree of safety and higher credit risk

Date

April 02, 2015

 

 

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 DENIED BY

 

Name :

Mr. Ajay Barnwal

Designation :

Accountant Department

Contact No.:

91-79-40320425 /40264257

Date :

23.10.2015

 

 

LOCATIONS

 

Registered Office :

803, Venus Atlantis, Prahlad Nagar, 100 Feet Road, Ahmedabad – 380 015, Gujarat, India

Tel. No.:

91-79-40264257

Fax No.:

91-79-40320431

E-Mail :

accounts@kewalramtextiles.com

Website :

http://www.kewalramtextiles.com

 

 

Global Branches :

Located at:

 

·         United States of America

·         Denmark

·         China

·         Dubai

·         Singapore

·         South Africa

 

 

DIRECTORS

 

AS ON 24.09.2014

 

Name :

Mr. Ramesh Parasuraman

Designation :

Director

Address :

437, Tanjong Katong Road, #24-01 King's Mansion, Singapore - 437147, Singapore

Date of Birth/Age :

01.05.1964

Date of Appointment :

13.04.2006

DIN No.:

00664902

Passport No.:

F4950219

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

U17120GJ2006PTC048128

KEWALRAM TEXTILES PRIVATE LIMITED

Director

13/04/2006

13/04/2006

-

Active

NO

2

U23209GJ2010PTC062981

KC PETROCHEM PRIVATE LIMITED

Director

20/11/2010

20/11/2010

-

Strike off

NO

 

 

Name :

Mr. Narain Girdhar Chanrai

Designation :

Director

Address :

28, Leonie Hill, #04-30, Singapore - 0923, Singapore

Date of Birth/Age :

17.07.1948

Date of Appointment :

13.04.2006

DIN No.:

02674505

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

U17120GJ2006PTC048128

KEWALRAM TEXTILES PRIVATE LIMITED

Director

13/04/2006

13/04/2006

-

Active

NO

2

U23209GJ2010PTC062981

KC PETROCHEM PRIVATE LIMITED

Director

20/11/2010

20/11/2010

-

Strike off

NO

 

 

Name :

Mr. Puneet Dabi

Designation :

Director

Address :

B-51, Riviera Harmony, Prahlad Nagar, Corporate Road, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

25.08.2015

DIN No.:

07267731

 

 

Name :

Mr. Deepak Gupta

Designation :

Director

Address :

D-24, Ishan-1, 100 feet Road, Behind Seema Party Hall, Satellite, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

25.08.2015

DIN No.:

07269126

 

 

KEY EXECUTIVES

 

Name :

Mr. Ajay Barnwal

Designation :

Accountant Department

 

 

MAJOR SHAREHOLDERS

 

AS ON 24.09.2014

 

Names of Shareholders

No. of Shares

% of holding

Ramesh Parsuraman

10000

2.00

Narain Girdhar Chanrai

10000

2.00

K C Tex International Limited, Singapore

480000

96.00

Total

500000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 24.09.2014

 

Category

Percentage

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

96.00

Directors or relatives of Directors

004.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the Trading of cotton yarn, polyester cotton (PC) yarn, synthetic yarn and fabrics like poly/viscose suitings, shirtings etc.

 

 

Products :

Item Code No.

Product Description

99612390

Textiles, clothing and footwear n.e.c.

 

·         Polyester Cotton Blended Yarns

·         Synthetic Yarns

·         Fabrics

·         Raw Cotton

·         Polyester Staple Fiber

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

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 :

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 :

Information declined by the Management

 

 

Bankers :

Bank Name

Citibank N. A.

Branch

Kalapuram, 1st floor, Near Muncipal Market, C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, 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

 

  • Union Bank of India, Kaprubavadi Branch, Dhanlaxmi Industrial Estate, Gokul Nagar, Old Agra Road, Thane (West), Thane - 400601, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term borrowings

 

 

Loans repayable on demand

(Hypothecation of inventory and book debts of the Company.)

1295.856

1476.569

Total

1295.856

1476.569

 

Auditors :

 

Name :

Inani and Inani Anil Kumar

Chartered Accountants

Address :

604-605, 6th Floor , Golden Triangle Building, Stadium Road, Navrangpura, Ahmedabad, Gujarat, India

PAN. No.:

AABFI0041A

 

 

Memberships :

-----

 

 

Collaborators :

-----

 

 

Holding Company :

K.C. Tex International Limited, Singapore

 

 

CAPITAL STRUCTURE

 

AS ON 24.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 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

5.000

5.000

5.000

(b) Reserves & Surplus

100.304

65.018

44.638

(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)

105.304

70.018

49.638

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

8.682

7.957

7.602

(b) Deferred tax liabilities (Net)

0.804

0.532

0.305

(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)

9.486

8.489

7.907

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1295.856

1476.569

402.388

(b) Trade payables

100.143

89.107

116.532

(c) Other current liabilities

35.476

38.630

27.040

(d) Short-term provisions

61.094

44.236

38.300

Total Current Liabilities (4)

1492.569

1648.542

584.260

 

 

 

 

TOTAL

1607.359

1727.049

641.805

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

26.152

26.942

28.873

(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

0.104

0.104

0.104

(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

26.256

27.046

28.977

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

26.470

22.135

(c) Trade receivables

1217.733

1465.208

422.702

(d) Cash and cash equivalents

175.813

21.508

37.193

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

187.557

186.817

130.798

Total Current Assets

1581.103

1700.003

612.828

 

 

 

 

TOTAL

1607.359

1727.049

641.805

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Gross Revenue from Operation

6913.301

4259.675

3087.978

 

Other Income

 NA

 NA

 NA

 

TOTAL

 NA

 NA

 NA

 

 

 

 

 

Less

EXPENSES

 NA

  NA

 NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

54.689

32.663

25.209

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

2.194

2.281

1.986

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

52.495

30.382

23.223

 

 

 

 

 

Less

TAX

17.209

10.001

7.733

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

35.286

20.381

15.490

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

USD

104529363.00

USD 54762230.22

$ 57907671.21

 

 

Euro 119482.78

Euro 02697.31

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

70.57

40.76

30.98

 

 

 

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

Net Profit Margin

(PAT / Sales)

(%)

0.51

0.48

0.50

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.27

1.76

3.62

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.50

0.43

0.47

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

12.39

21.20

8.26

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.06

1.03

1.05

 

 

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

5.000

5.000

5.000

Reserves & Surplus

44.638

65.018

100.304

Net worth

49.638

70.018

105.304

 

 

 

 

long-term borrowings

7.602

7.957

8.682

Short term borrowings

402.388

1476.569

1295.856

Total borrowings

409.990

1484.526

1304.538

Debt/Equity ratio

8.260

21.202

12.388

 

 

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)

Gross Revenue from Operation

3087.978

4259.675

6913.301

 

 

37.944

62.296

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Revenue from Operation

3087.978

4259.675

6913.301

Profit

15.490

20.381

35.286

 

0.50%

0.48%

0.51%

 

 

 

 

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

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

Yes

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

 

Note:

 

The registered office of the company has been shifted from 310, Sarthik II, S.G. Highway, Opposite Rajpath Club, Ahmedabad – 380 015, Gujarat to the present address w.e.f. 18.01.2010.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Intercorporate borrowings

8.682

7.957

Total

8.682

7.957

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10479477

14/02/2014

189,000,000.00

CITIBANK N. A.

KALAPURAM, 1ST FLOOR, NEAR MUNCIPAL MARKET, C.G. 
ROAD, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT, 
INDIA

B97152235

2

10164727

28/06/2011 *

810,000,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD - 380006, GUJARAT, INDIA

B16274490

3

10006244

02/02/2012 *

357,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

52/60, MAHATMA GANDHI ROAD, P. O. BOX NO. 128, MUMBAI - 400001, MAHARASHTRA, INDIA

B37600533

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible Assets

  • Buildings
  • Office Building
  • Furniture and Fixtures
  • Vehicles
  • Motor Vehicles
  • Office Equipment
  • Computer Equipments
  • 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 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. 64.88

UK Pound

1

Rs. 99.88

Euro

1

Rs. 72.06

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

SANS

 

 

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

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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 unfavorable 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.