MIRA INFORM REPORT

 

 

Report No. :

339955

Report Date :

09.09.2015

 

IDENTIFICATION DETAILS

 

Name :

DEITY FUEL ENERGY PRIVATE LIMITED

 

 

Registered Office :

41/402/403, Kumar Business Court, C Wing, 4th Floor, Opposite SKC Mall, Mukund Nagar, Pune – 411037, Maharashtra

Mobile No.:

91-8600033951 (Mr. Ravindra)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.02.2010

 

 

Com. Reg. No.:

11-135485

 

 

Capital Investment / Paid-up Capital :

Rs.17.500 Million

 

 

CIN No.:

[Company Identification No.]

U31101PN2010PTC135485

 

 

IEC No.:

3111006948

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged into manufacturing of Solar Products

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 11000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively new company incorporated in the year 2010, having moderate track.

 

Overall financial condition of the company is moderate as the company has incurred losses from its operations which has adversely affects the networth position of the company.

 

However, trade relations are fair. Business is active. Payment terms are reported to be 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

 

Rating Agency Name

ICRA

Rating

SP 3D

Rating Explanation

Moderate performance capability and weak financial strength.

Date

March 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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Ravindra

Designation :

Executive Director

Contact No.:

91-8600033951

Date :

08.09.2015

 

 

LOCATIONS

 

Registered Office :

41/402/403, Kumar Business Court, C Wing, 4th Floor, Opposite SKC Mall, Mukund Nagar, Pune – 411037, Maharashtra, India

Tel. No.:

Not Available

Mobile No.:

91-8600033951 (Mr. Ravindra)

Fax No.:

Not Available

E-Mail :

sureshnikam@deityfuel.com

 

 

Factory:

Plot No 47-48, Survey No- 343, Mahalunge Chakan Industrial Estate Area, Chakan Talegoan Road, Behind Hotel Court Yard Marriot, Taluka- Khed, Pune – 410501, Maharashtra, India

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Unmesh Balasaheb Jagtap

Designation :

Director

Address :

28, Jedhenagar, Bibwewadi, Opposite Ramyanagari, Near Vidya Sahakari Bank, Upper Indiranagar, Pune - 411037, Maharashtra, India

Date of Birth/Age :

09.06.1972

Date of Appointment :

05.02.2010

DIN No.:

02898183

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

U31101PN2010PTC135485

DEITY FUEL ENERGY PRIVATE LIMITED

Director

5/2/2010

5/2/2010

-

Active

NO

2

U74900PN2015PTC153709

Ino-Solar Energy Private Limited

Director

13/01/2015

13/01/2015

-

Active

NO

 

 

Name :

Mr. Hrishikesh Satish Gore

Designation :

Director

Address :

S No 126/1, Sneh, Walhekarwadi, Chinchwad, Pune - 411033, Maharashtra, India

Date of Birth/Age :

25.12.1986

Date of Appointment :

05.02.2010

DIN No.:

02898178

 

 

Name :

Mr. Ujjwala Suresh Nikam

Designation :

Director

Address :

Plot No. 2, Vrindavan Society, Near Mhatre Bridge, Navi Peth, Pune - 411030, Maharashtra, India

Date of Birth/Age :

01.02.1968

Date of Appointment :

24.02.2011

DIN No.:

01031090

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

U31200PN2003PTC017937

VOLT-AGE INFRA PRIVATE LIMITED

Director

8/5/2003

8/5/2003

-

Active

NO

2

U31101PN2010PTC135485

DEITY FUEL ENERGY PRIVATE LIMITED

Director

24/02/2011

24/02/2011

-

Active

NO

3

U29253PN2014PTC153309

VOLT- AGE ENERGY PRIVATE LIMITED

Director

2/12/2014

2/12/2014

-

Active

NO

 

 

Name :

Mr. Sanjay Dinkar Deshmukh

Designation :

Director

Address :

Sai Dham Complex, Flat No 27, Ambegaon,, Vidyapeeth Road, Katraj, Pune, 411046, Maharashtra, India

Date of Birth/Age :

01.06.1970

Date of Appointment :

24.02.2011

DIN No.:

01321802

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

U32109PN2006PTC022164

ABACUS ELECTRONICS PRIVATE LIMITED

Director

13/03/2006

13/03/2006

1/5/2010

Active

NO

2

U31101PN2010PTC135485

DEITY FUEL ENERGY PRIVATE LIMITED

Director

24/02/2011

24/02/2011

-

Active

NO

3

U74900PN2012PTC145419

PEARL ENERGY SOLUTIONS (INDIA) PRIVATE LIMITED

Director

14/11/2012

14/11/2012

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Ravindra

Designation :

Executive Director

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Unmesh Balasaheb Jagtap

150000

8.57

Suresh Anandrao Nikam

350000

20.00

Ujjwala Suresh Nikam

80000

4.57

Voltage – Infra Private Limited, India 

1170000

66.86

Total

1750000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 29.09.2014

 

Category

Percentage

Bodies corporate

66.86

Directors or relatives of Directors

33.14

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into manufacturing of Solar Products

 

 

Products :

Solar Products

 

 

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 :

Banker Name

Central Bank of India

Branch Address

Mid-Corporate Finance Branch, 317,M G Road, Pune - 411001, 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)

Not Divulged

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

 

 

Central Bank of India

(Secured against all fixed assets of company and personal guarantees of all directors)

32.261

9.492

SHORT TERM BORROWING

 

 

Loan Repayable on Demand

From Bank

Cash Credit from Central Bank

( Secured against all current and fixed assets of company and personal guarantees of all directors)

24.663

50.629

Total

56.924

60.121

 

Auditors :

 

Name :

A.N. Jain and Company

Chartered Accountants

Address :

111 Business Court, B Wing First Floor, Mukund Nagar, Pune – 411037, Maharashtra, India

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

ACAPJ2659N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate Concern:
  • Voltage Engineering Co.
  • Voltage Infra Private Limited
  • Federal Electrical
  • Unpa Engineering: Prop.- Unmesh Jagtap

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1750000

Equity Shares

Rs.10/- each

Rs. 17.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1750000

Equity Shares

Rs.10/- each

Rs. 17.500 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

17.500

17.500

0.100

(b) Reserves & Surplus

(13.736)

2.730

0.756

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

17.093

Total Shareholders’ Funds (1) + (2)

3.764

20.230

17.949

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

48.612

20.916

14.251

(b) Deferred tax liabilities (Net)

0.127

0.127

0.030

(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)

48.739

21.043

14.281

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

24.663

50.629

25.330

(b) Trade payables

27.006

19.223

4.824

(c) Other current liabilities

0.308

1.276

0.732

(d) Short-term provisions

1.826

1.658

1.698

Total Current Liabilities (4)

53.803

72.786

32.584

 

 

 

 

TOTAL

106.306

114.059

64.814

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

15.396

16.916

19.076

(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

7.759

10.060

5.532

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

23.155

26.976

24.608

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

12.187

14.486

2.355

(c) Trade receivables

56.732

61.878

34.549

(d) Cash and cash equivalents

0.515

0.583

1.259

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

13.717

10.136

2.043

Total Current Assets

83.151

87.083

40.206

 

 

 

 

TOTAL

106.306

114.059

64.814

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

59.478

96.688

52.085

 

Other Income

0.471

0.043

0.169

 

TOTAL (A)

59.949

96.731

52.254

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

54.892

83.600

43.130

 

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

2.300

(12.132)

(2.355)

 

Employees benefits expense

4.411

5.573

4.263

 

Other expenses

3.524

4.783

4.520

 

TOTAL (B)

65.127

81.824

49.558

 

 

 

 

 

Less

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

(5.178)

14.907

2.696

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

8.787

9.015

1.502

 

 

 

 

 

 

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

(13.965)

5.892

1.194

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

2.501

2.845

0.104

 

 

 

 

 

 

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

(16.466)

3.047

1.090

 

 

 

 

 

Less

TAX (H)

0.000

0.976

0.337

 

 

 

 

 

 

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

(16.466)

2.071

0.753

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(9.41)

1.18

75.32

 

 

 

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 (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(27.68)

2.14

1.45

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

(8.71)

15.42

5.18

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(15.49)

2.67

1.68

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(4.37)

0.15

0.06

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

19.47

3.54

2.21

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.55

1.20

1.23

 

 

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

0.100

17.500

17.500

Reserves & Surplus

0.756

2.730

(13.736)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

17.093

0.000

0.000

Net worth

17.949

20.230

3.764

 

 

 

 

long-term borrowings

14.251

20.916

48.612

Short term borrowings

25.330

50.629

24.663

Total borrowings

39.581

71.545

73.275

Debt/Equity ratio

2.205

3.537

19.467

 

 

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

52.085

96.688

59.478

 

 

85.635

(38.485)

 

 

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

52.085

96.688

59.478

Profit

0.753

2.071

(16.466)

 

1.45%

2.14%

(27.68%)

 

 

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: Registered office of the company has been shifted from Plot No. 138, Tiny Industrial Co-operative Estate Limited, Kondhwa (Bk.), Pune - 411048, Maharashtra, India to the present address w.e.f. 24.02.2011

 

HIGHLIGHTS OF THE YEAR 2013-14 AND 14-15

 

Due to recession in the economy this year the company has made turnover of Rs.59.500 Million which has reduced from Rs.96.700 Million which resulted into loses of Rs.16.500 Million but for the current year the business is encouraging.

 

BACKGROUND

 

Subject was formed in the financial year 2009-10.The Company is engaged into manufacturing of Solar Products and into execution of Turnkey Projects.

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan – Others

9.415

3.396

Loans From Directors

6.936

8.028

Total

16.351

11.424

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10323574

23/11/2011

102,500,000.00

CENTRAL BANK OF INDIA

MID-CORPORATE FINANCE BRANCH, 317,M G ROAD,, PUNE
, MAHARASHTRA - 411001, INDIA

B27990738

 

 

FIXED 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.66.61

UK Pound

1

Rs.102.30

Euro

1

Rs.74.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

KIN

 

 

Analysis Done by :

GYT

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

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

2

--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

 

27

 

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.