MIRA INFORM REPORT

 

 

Report No. :

346818

Report Date :

28.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SPACK LAMINATORS PRIVATE LIMITED

 

 

Registered Office :

C-173, Anand Vihar, New Delhi - 110092

Tel. No.:

91-11-22163311

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

25.02.1991

 

 

Com. Reg. No.:

55-043228

 

 

Capital Investment / Paid-up Capital :

Rs.9.300 Million

 

Not Available

IEC No.:

 

 

 

CIN No.:

[Company Identification No.]

U74899DL1991PTC043228

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS20046F

 

 

PAN No.:

[Permanent Account No.]

AAACS0936L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Hydrogenated Oil Films, Edible Oil Films, Milk Films, Mineral Water Films, Lamination Grade Films, Surface Protection Films, Release Films, Explosive Films, Shrink/ Stretch Films, Hot Pressure Lamination Films.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 81500

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1991, having satisfactory track record.

 

For the FY 2014, the company has achieved decent sales turnover marked by satisfactory profitability margin. In spite of slight reduction in turnover, the company was able to earn better profits as compared to preceding financial year by reducing various costs. It has sound networth base.

 

Trade relations are fair. Business is active. Payments are usually correct.

 

The company can be considered for business dealing 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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

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

 

 

LOCATIONS

 

Registered Office :

C-173, Anand Vihar, New Delhi – 110092, India

Tel. No. :

91-11-22163311

Mobile No. :

91-9810047222 (Mr. Rajinder Gupta)

Fax No. :

Not Available

E-Mail :

rkg@spacklaminators.com

 

 

Head/ Work Office:

7th and 8th Floor, Advant-Navis Business Park, Plot No.7, Sector-142, Noida -201305, Uttar Pradesh, India

Tel. No. :

91-120-3997600

Fax No. :

91-120-3997666

 

 

Factory / Corporate Office  :

60, 75 and 80, Anand Industrial Estate, Mohan Nagar, Ghaziabad - 201007, Uttar Pradesh, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Rajender Kumar Gupta

Designation :

Director

Address :

C-173, Anand Vihar, New Delhi – 110092, India

Date of Birth/Age :

10.03.1952

Date of Appointment :

25.02.1991

DIN No. :

00310940

 

 

Name :

Mr. Ritesh Bansal

Designation :

Director

Address :

C-173, Anand Vihar, New Delhi – 110092, India

Date of Birth/Age :

12.05.1976

Date of Appointment :

02.08.1995

DIN No. :

01112879

 

 

Name :

Mr. Indra Gupta

Designation :

Director

Address :

17.04.1953

Date of Birth/Age :

Pradeep Packaging, 15, 16/6, West Rotas Nagar, Delhi – 110032, India

Date of Appointment :

25.02.1991

DIN No. :

01171547

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

 

As on 30.09.2014

 

Category

Percentage of Holding

Bodies corporate

20.00

Directors or relatives of Directors

72.00

Other top fifty shareholders

8.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Hydrogenated Oil Films, Edible Oil Films, Milk Films, Mineral Water Films, Lamination Grade Films, Surface Protection Films, Release Films, Explosive Films, Shrink/ Stretch Films, Hot Pressure Lamination Films.

 

 

Products :

·         Hydrogenated Oil Films

·         Edible Oil Films

·         Milk Films

·         Mineral Water Films

·         Lamination Grade Films

·         Surface Protection Films

·         Release Films

·         Explosive Films

·         Shrink/ Stretch Films

·         Hot Pressure Lamination Films

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :                   

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Andhra Bank

Branch

14 Community Centre, Preet Vihar, Delhi – 110092, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

·         Punjab National Bank

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term Loan from Andhra Bank

(Secured by the way of creation of equitable mortgage of Land and Buildings including third party and hypothecation of assets movable or immovable, present or future and also personal guarantee of the directors of the company and Sh. S.K. Gupta )

1.120

1.680

Loans from HDFC Bank Limited

(Secured by way of hypothecation of Vehicles financed and Personal guarantee of Directors of the Company)

0.140

0.427

 

 

 

Short-term borrowings

 

 

Cash Credit Account with Andhra Bank

[Including Net Cheques issued but not presented for payment]

 

(Secured by the way of creation of equitable mortgage of Land and Buildings including third party and hypothecation of assets movable or immovable, present or future and also personal guarantee of the directors of the company and Sh. S.K. Gupta)

40.340

41.084

 

 

 

Total

41.600

43.191

 

NOTE:

 

Terms of Repayment of Secured Loans

 

Term loan and loan from HDFC Bank is repayable in installments and all the installments have been paid in time except in few cases where they have been paid after due date.

 

 

 

Auditors :

 

Name :

M. K. Kuchchhal and Company

Chartered Accountants

Address :

D-106, Ground Floor, Adjacent IDBI Bank, Vivek Vihar Phase-1, Delhi – 110092, India

Tel. No.:

91-11-22454401 / 2412172

Fax No.:

91-11-22452441

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

AAFPG1336G

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

·         Shree Maa Roll Wrap Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs.10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

93003

Equity Shares

Rs.100/- each

Rs.9.300 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

9.300

9.300

9.247

(b) Reserves & Surplus

19.235

16.356

14.755

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.133

Total Shareholders’ Funds (1) + (2)

28.535

25.656

24.135

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1.260

2.107

2.477

(b) Deferred tax liabilities (Net)

0.421

0.536

0.716

(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)

1.681

2.643

3.193

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

49.887

43.990

44.642

(b) Trade payables

63.860

68.482

61.623

(c) Other current liabilities

10.134

11.479

11.688

(d) Short-term provisions

0.660

0.000

0.000

Total Current Liabilities (4)

124.541

123.951

117.953

 

 

 

 

TOTAL

154.757

152.250

145.281

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

21.697

24.967

28.335

(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

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.959

0.999

1.024

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

22.656

25.966

29.359

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

56.452

53.310

50.143

(c) Trade receivables

46.058

58.385

53.784

(d) Cash and cash equivalents

1.734

2.033

1.601

(e) Short-term loans and advances

19.133

2.557

2.024

(f) Other current assets

8.724

9.999

8.370

Total Current Assets

132.101

126.284

115.922

 

 

 

 

TOTAL

154.757

152.250

145.281

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

317.587

326.863

341.602

 

Other Income

0.352

(0.165)

0.106

 

TOTAL (A)

317.939

326.698

341.708

 

 

 

 

 

Less

TOTAL EXPENSES (B)

300.756

313.035

329.431

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

17.183

13.663

12.277

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

9.346

7.502

9.102

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

7.837

6.161

3.175

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

3.665

4.220

4.015

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

4.172

1.941

(0.840)

 

 

 

 

 

Less

TAX (H)

1.292

0.420

(0.028)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

2.880

1.521

(0.812)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

2.720

8.518

10.222

 

TOTAL EARNINGS

2.720

8.518

10.222

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

30.96

16.45

(8.78)

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.847

0.931

2.924

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.91

0.47

(0.24)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

5.41

4.18

3.59

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.70

1.27

-0.58

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.08

-0.03

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.82

1.83

2.07

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.06

1.02

0.98

 

 

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

9.247

9.300

9.300

Reserves & Surplus

14.755

16.356

19.235

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.133

0.000

0.000

Net worth

24.135

25.656

28.535

 

 

 

 

long-term borrowings

2.477

2.107

1.260

Short term borrowings

44.642

43.990

49.887

Current Maturities Of Long-Term Debts

2.924

0.931

0.847

Total borrowings

50.043

47.028

51.994

Debt/Equity ratio

2.073

1.833

1.822

 

 

 

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)

Sales

341.602

326.863

317.587

 

 

(4.315)

(2.838)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

341.602

326.863

317.587

Profit

(0.812)

1.521

2.880

 

(0.24%)

0.47%

0.91%

 

 

 

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

No

8

Designation of contact person

No

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

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

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loan repayable on demand

 

 

From directors cum shareholders

6.300

0.100

From related parties cum shareholders

2.546

1.606

From other than related parties

0.701

1.200

Total

9.547

2.906

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10418414

16/03/2013

11,500,000.00

ANDHRA BANK

PREET VIHAR, DELHI- 110092, INDIA

B72787575

2

10343192

29/02/2012

2,800,000.00

ANDHRA BANK

Preet Vihar, New Delhi - 110092, INDIA

B35460070

3

10325918

12/12/2011

105,558,000.00

Andhra bank

1092, PREET VIHAR, New Delhi, Delhi - 110092, INDIA

B28916088

4

10273221

22/02/2011

7,500,000.00

ANDHRA BANK

PREET VIHAR, NEW DELHI, Delhi - 110092, INDIA

B08504532

5

10189003

14/11/2009

2,000,000.00

ANDHRA BANK

14, Community Centre, Preet Vihar, Delhi - 
110092, INDIA

A74388174

6

10189273

14/11/2009

3,000,000.00

ANDHRA BANK

14, Community Centre, Preet Vihar, delhi, Delhi - 
110092, INDIA

A74465758

7

10129956

25/10/2008

6,200,000.00

ANDHRA BANK

14, COMMUNITY CENTRE, PREET VIHAR,, NEW DELHI, Delhi - 110092, INDIA

A50831395

8

10036947

29/12/2006

7,600,000.00

ANDHRA BANK

144, COMMUNITY CENTRE, PREET VIHAR, DELHI, Delhi 
- 110092, INDIA

A10449981

9

10029434

29/02/2012 *

2,000,000.00

ANDHRA BANK

Preet Vihar, New Delhi- 110092, INDIA

B35320522

10

80021929

02/03/2015 *

45,000,000.00

Andhra Bank

Preet Vihar Branch, Delhi - 110001, INDIA

C50164953

 

 

FIXED ASSETS

 

·         Plant and Machinery

·         Furniture and fixture

·         Electric Items

·         Generators

·         Vehicles

·         Weighing Machine

·         Cellular Phone

·         Computer

·         Software

·         Sound System

·         R. O. System

·         Refrigerators

·         Land

·         Building

 

 

 

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.64.95

UK Pound

1

Rs.99.73

Euro

1

Rs.71.84

 

 

INFORMATION DETAILS

 

Analysis Done by :

AMT

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

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.