MIRA INFORM REPORT

 

 

Report No. :

346779

Report Date :

29.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ABAK ELECTROFAB ENGINEERING PRIVATE LIMITED

 

 

Registered Office :

A-6 Ashiana Sector 17, Vashi, Mumbai – 400703, Maharashtra

Tel. No.:

91-22-27635184

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.09.1993

 

 

Com. Reg. No.:

11-073765

 

 

Capital Investment / Paid-up Capital :

Rs. 0.500 Million

 

 

CIN No.:

[Company Identification No.]

U29100MH1993PTC073765

 

 

IEC No.:

0304044199

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACA8441N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The subject is engaged in the business of Fabrication and Assembly of Electrical Control Panels.

 

 

No. of Employees :

18 (Approximately)

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1993, having satisfactory track. It is a manufacturer and exporter of power and control panel.

 

For the FY 2014, the company has achieved decent sales turnover marked by satisfactory profitability margin.

 

The company has adequate networth base but there is decline in cash accruals and unfavorable gap between trade payables and receivables.

 

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

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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Abdul Kalam

Designation :

Director

Contact No.:

91-930014687

Date :

26.10.2015

 

 

LOCATIONS

 

Registered Office :

A-6 Ashiana Sector 17, Vashi, Mumbai – 400703, Maharashtra, India

Tel. No.:

91-22-27635184

Mobile No.:

91-9768101041 (Mr. M. N. Kapadia)

Fax No.:

Not Available

E-Mail :

abak@abakengg.com

Website :

http://www.abakengg.com

Area :

750 Sq. Ft.

Location :

Rented

Locality:

Commercial

 

 

Factory :

C-416, MIDC, T.T.C., Turbhe,  Navi Mumbai – 400705, Maharashtra, India

Tel. No.:

91-22-27682953

Fax No.:

91-22-27687227

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Abdul Kalam Salam

Designation :

Director

Address :

A-6, Ashiana Chs, Sector-17, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Birth/Age :

06.03.1962

Date of Appointment :

06.09.1993

DIN No.:

00308387

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

U29100MH1993PTC073765

ABAK ELECTROFAB ENGINEERING PRIVATE LIMITED

Director

06-09-1993

06-09-1993

-

Active

NO

2

U72200MH2007PTC175284

ABAK INFOTECH PRIVATE LIMITED

Director

23-10-2007

23-10-2007

-

Active

NO

 

 

Name :

Khairunissa Abdul Kalam

Designation :

Director

Address :

A-6, Ashiana Chs, Sector-17, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Birth/Age :

29.03.1968

Date of Appointment :

06.09.1993

DIN No.:

00336123

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

U29100MH1993PTC073765

ABAK ELECTROFAB ENGINEERING PRIVATE LIMITED

Director

06-09-1993

06-09-1993

-

Active

NO

2

U72200MH2007PTC175284

ABAK INFOTECH PRIVATE LIMITED

Director

23-10-2007

23-10-2007

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Kalam Abdul Salam

4000

80.00

Khairunissa Abdul Kalam

1000

20.00

Total

5000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

           

 

BUSINESS DETAILS

 

Line of Business :

The subject is engaged in the business of Fabrication and Assembly of Electrical Control Panels.

 

 

Products :
  • Power Control Center - Single / Double Front
  • L.T. Bus Ducts.
  • AMF (Auto / Main / Failure) Panels For D.G. Sets.
  • Power and Lighting Distribution Panels.
  • Fire Fighting MCC Panels.
  • Annunciator Panels / Mimic Panels.
  • Motor Control Center - Single / Double Front
  • Power Factor Correction Panel - Thyristor Based / Contactor Based.
  • Auto Transformer Starter Panels.
  • Control Desk and Plc Panels.
  • Ac and Dc Drive Panels.
  • L.T. Feeder Pillars - Indoor / Outdoor

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • Power Control Center - Single / Double Front
  • L.T. Bus Ducts.
  • AMF (Auto / Main / Failure) Panels for D.G. Sets.
  • Power and Lighting Distribution Panels.

Countries :
  • Nigeria
  • Dubai

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cheque and Credit

 

 

Purchasing :

Cheque and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :
  • Vashi Electrical
  • K Chetan and Company
  • Cosmos Electrical
  • Modi S company

 

 

Customers :
  • Alana
  • Leena Electrical
  • A.S. Electrical
  • Perfect electrical
  • MGM Hospital

 

 

No. of Employees :

18 (Approximately)

 

 

Bankers :

Banker Name

Bank of Maharashtra

Branch Address

Vashi Branch, Cidco Old Admn. Building, Sector No. 1, Vashi, Navi Mumbai - 400703, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Cash Credit = Rs.8.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loans from Bank of Maharashtra

 

 

BOM TL 60089829108

0.000

1.932

BOM TL 60102931357

7.603

9.188

BOM TL 60111111459

2.873

3.295

Less: Current Maturities

(3.852)

(6.887)

(Secured by Mortgage of factory Premises and Personal Guarantee of Directors)

SHORT TERM BORROWING

 

 

Cash Credit from Bank of Maharashtra

 

 

BOM CC 20101906421

(Secured by Hypo. Of Stock and Debtors and Personal Guarantees of Directors and Others)

7.784

3.169

Total

14.408

10.697

 

Auditors :

 

Name :

S. V. Shanbhag and Company

Chartered Accountants

Address :

122, 124-125, Vardhaman Market, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra, India

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

AKYPS5895F

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Concern in which some individuals referred to in category A or B is  proprietor / Partner:

M/s. Kasa Technologies

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Shares

Rs.100/- each

Rs.0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Shares

Rs.100/- each

Rs.0.500 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

0.500

0.500

0.500

(b) Reserves & Surplus

18.778

17.022

15.351

(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)

19.278

17.522

15.851

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

6.724

7.628

2.157

(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

0.100

0.171

0.422

Total Non-current Liabilities (3)

6.824

7.799

2.579

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

9.576

4.755

13.074

(b) Trade payables

22.317

36.876

31.665

(c) Other current liabilities

7.337

10.509

6.284

(d) Short-term provisions

0.146

0.104

0.000

Total Current Liabilities (4)

39.376

52.244

51.023

 

 

 

 

TOTAL

65.478

77.565

69.453

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2.620

3.031

3.526

(ii) Intangible Assets

0.676

0.902

1.202

(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

14.038

13.715

13.027

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

17.334

17.648

17.755

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

28.973

26.971

21.811

(c) Trade receivables

16.326

30.895

20.514

(d) Cash and cash equivalents

0.268

1.559

8.242

(e) Short-term loans and advances

2.577

0.492

1.131

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

48.144

59.917

51.698

 

 

 

 

TOTAL

65.478

77.565

69.453

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

81.597

77.341

104.448

 

Other Income

0.573

0.881

0.668

 

TOTAL (A)

82.170

78.222

105.116

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

60.145

55.019

92.371

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

2.333

4.151

(9.860)

 

Employees benefits expense

5.663

6.253

7.431

 

Other expenses

7.800

6.677

8.139

 

TOTAL (B)

75.941

72.100

98.081

 

 

 

 

 

Less

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

6.229

6.122

7.035

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

3.031

2.906

3.150

 

 

 

 

 

 

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

3.198

3.216

3.885

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

0.643

0.796

0.607

 

 

 

 

 

 

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

2.555

2.420

3.278

 

 

 

 

 

Less

TAX (H)

0.800

0.750

1.025

 

 

 

 

 

 

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

1.755

1.670

2.253

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

351.00 

334.000

450.60

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

80.000

 

 

 

 

 

Expected Sales (2015-2016): Rs.100.000 Million

 

The above information has been parted by Mr. Abdul Kalam (Director).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

3.852

6.888

1.105

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

2.15

2.16

2.16

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

7.63

7.92

6.74

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.90

3.12

4.72

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.14

0.21

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.05

1.10

1.03

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.22

1.15

1.01

 

 

 

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

0.500

0.500

0.500

Reserves & Surplus

15.351

17.022

18.778

Net worth

15.851

17.522

19.278

 

 

 

 

long-term borrowings

2.157

7.628

6.724

Short term borrowings

13.074

4.755

9.576

Current maturities of long-term debts

1.105

6.888

3.852

Total borrowings

16.336

19.271

20.152

Debt/Equity ratio

1.031

1.100

1.045

 

 

 

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

104.448

77.341

81.597

 

 

(25.953)

5.503

 

 

 

 

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

104.448

77.341

81.597

Profit

2.253

1.670

1.755

 

2.16%

2.16%

2.15%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

 

 

CORPORATE INFORMATION:

 

The Company was incorporated on 06th September 1993 under the Companies Act '1956. The Company is engaged in the business of Fabrication and Assembly of Electrical Control Panels

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loan from Related Party

0.100

0.100

SHORT TERM BORROWING

 

 

Loan from Related Party

0.092

0.285

Loan from Others

1.700

1.300

Total

1.892

1.685

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10275731

12/02/2011

5,000,000.00

BANK OF MAHARASHTRA

VASHI BRANCH, CIDCO OLD ADMN. BUILDING, SECTOR NO. 1, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA

B09066507

2

10087756

13/08/2010 *

15,000,000.00

BANK OF MAHARASHTRA

VASHI BRANCH, CIDCO OLD ADMN. BUILDING, SECTOR NO. 1, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA

A94464088

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible Assets

 

 

Intangible Assets

 

 

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 records 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.64.04

UK Pound

1

Rs.99.58

Euro

1

Rs.71.75

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

GEET

 

 

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

3

--LEVERAGE

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--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 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.