MIRA INFORM REPORT

 

 

Report No. :

341254

Report Date :

15.09.2015

 

IDENTIFICATION DETAILS

 

Name :

HINDUSTAN INOX LIMITED

 

 

Registered Office :

Block No. 7, 11/12, Raghuvanshi Mansion, 1st Floor, Raguvanshi Mill Compound, Lower Parel (West), Mumbai – 400013, Maharashtra

Tel. No.:

91-22-43401414

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.03.2009

 

 

Com. Reg. No.:

11-190911

 

 

Capital Investment / Paid-up Capital :

Rs. 195.793 Million

 

 

CIN No.:

[Company Identification No.]

U27300MH2009PLC190911

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCH1896E

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Stainless Steel Products.

 

 

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 1000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2009 having a satisfactory track record.

 

Profits of the company has slightly declined during FY 2014. However, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings.

 

Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct.

 

The company can be considered normal 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

ICRA

Rating

Long Term Fund Based Limit = BBB

Rating Explanation

Moderate degree of safety and carry moderate credit risk

Date

29.12.2014

 

Rating Agency Name

ICRA

Rating

Short Term Non Fund Based Limit = A3+

Rating Explanation

Moderate degree of safety and carry higher credit risk

Date

29.12.2014

 

 

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 :

Mrs. Vidhi

Designation :

Admin Department

Contact No.:

91-22-43401414

Date :

22.06.2015

 

 

 

LOCATIONS

 

 

Registered Office :

Block No. 7, 11/12, Raghuvanshi Mansion, 1st Floor, Raguvanshi Mill Compound, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-43401414

Fax No.:

91-22-43401400

E-Mail :

hindexpo@vsnl.com

accounts@hindustanstainless.com

sales@hindustaninox.com

Website :

www.hindustanstainless.com

 

 

Head Office:

B-7, 11/13, Raghuvanshi Mansion, Raghuvanshi Mill Compound, S.B. Marg, Lower Parel (West), Mumbai 400013, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Vimal Ghewarchand Bohra

Designation :

Director

Address :

3901, Shreepati Arcade, A. K. Marg, Gwalia Tank, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

03.02.1982

Date of Appointment :

13.03.2009

DIN No.:

02083486

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

U31200MH1991PTC061302

SIEVES MANUFACTURERS (INDIA) PRIVATE LIMITED

Director

02-06-2002

02-06-2002

-

Active

NO

2

U27300MH2009PLC190911

HINDUSTAN INOX LIMITED

Director

13-03-2009

13-03-2009

-

Active

NO

 

 

Name :

Mr. Hemant Ghewarchand Bohra

Designation :

Director

Address :

3901, Shreepati Arcade, A. K. Marg, Gwalia Tank, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

15.07.1977

Date of Appointment :

13.03.2009

DIN No.:

 02083520

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

U31200MH1991PTC061302

SIEVES MANUFACTURERS (INDIA) PRIVATE LIMITED

Director

02-06-2000

02-06-2000

-

Active

NO

2

U27300MH2009PLC190911

HINDUSTAN INOX LIMITED

Director

13-03-2009

13-03-2009

-

Active

NO

 

 

Name :

Mr. Ghewarchand Parasmal Bohra

Designation :

Director

Address :

8A/16, Navjeevan Society, Lamington Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

24.12.1954

Date of Appointment :

13.03.2009

PAN No.:

AABPB2437K

DIN No.:

01491771

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

U31300MH1990PTC055812

VENUS WIRE INDUSTRIES PRIVATE LIMITED.

Director

15-03-1990

15-03-1990

-

Active

NO

2

U45400MH2008PTC177261

VENUS ECO DEVELOPERS PRIVATE LIMITED

Director

02-01-2008

02-01-2008

-

Active

NO

3

U27300MH2009PLC190911

HINDUSTAN INOX LIMITED

Director

13-03-2009

13-03-2009

-

Active

NO

 

KEY EXECUTIVES

 

Name :

Mrs. Vidhi

Designation :

Admin Department

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Ghewarchand Bohra

9986850

51.01

Vimal Bohra

2942210

15.03

Hemant Bohra

1953830

9.98

Rajiv Bohra

2839780

14.50

Sanjay Bohra

201680

1.03

Shobhagdevi Bohra

1453360

7.42

Priya Bohra

201680

1.03

Total

19579390

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 :

Manufacturer and Exporter of Stainless Steel Products.

 

 

Products :

Item Code No.

Product Description

72283019

Stainless Steel Bright Bar

 

 

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

IDBI Bank Limited

Branch Address

IDBI Complex, Near Lal Bunglow,

C G Road, Ahmedabad - 380006,

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

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

other loans and advances

0.000

13.555

SHORT TERM BORROWING

 

 

Loans repayable on demand

533.086

103.781

Total

533.086

117.336

 

Auditors :

 

Name :

M. C Doshi and Company

Chartered Accountants

Address :

219, 2nd Floor, Panchsheel Plaza, B Wing, Near, Dharam Palace, Hughes Road, Mumbai 400007, Maharashtra, India

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

AACPD4437A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20000000

Equity Shares

Rs.10/- each

Rs. 200.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

19579390

Equity Shares

Rs.10/- each

Rs.195.793 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

195.793

195.793

195.793

(b) Reserves & Surplus

159.560

116.777

55.458

(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)

355.353

312.570

251.251

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

365.606

353.139

238.041

(b) Deferred tax liabilities (Net)

28.994

32.570

37.239

(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)

394.600

385.709

275.280

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

533.086

103.781

160.983

(b) Trade payables

561.623

513.209

528.643

(c) Other current liabilities

33.939

33.951

47.331

(d) Short-term provisions

12.013

12.873

3.330

Total Current Liabilities (4)

1140.661

663.814

740.287

 

 

 

 

TOTAL

1890.614

1362.093

1266.818

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

473.371

450.861

443.869

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

7.129

4.168

2.999

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

10.440

10.905

9.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

19.694

12.866

8.086

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

510.634

478.800

464.854

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

519.367

365.721

341.148

(c) Trade receivables

502.034

298.802

295.356

(d) Cash and cash equivalents

79.283

43.576

35.231

(e) Short-term loans and advances

233.479

157.325

116.935

(f) Other current assets

45.817

17.869

13.294

Total Current Assets

1379.980

883.293

801.964

 

 

 

 

TOTAL

1890.614

1362.093

1266.818

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1839.285

1790.542

1413.559

 

Other Income

30.703

27.760

22.498

 

TOTAL (A)

1869.988

1818.302

1436.057

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1684.753

1544.655

1187.620

 

Purchases of Stock-in-Trade

0.000

0.000

 

 

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

(189.686)

(31.140)

(27.631)

 

Employees benefits expense

17.890

14.510

8.523

 

Other expenses

159.604

123.788

124.223

 

TOTAL (B)

1672.561

1651.813

1292.735

 

 

 

 

 

Less

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

197.427

166.489

143.322

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

114.388

67.696

64.305

 

 

 

 

 

 

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

83.039

98.793

79.017

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

14.820

13.945

14.807

 

 

 

 

 

 

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

68.219

84.848

64.210

 

 

 

 

 

Less

TAX (H)

25.437

23.530

41.885

 

 

 

 

 

 

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

42.782

61.318

22.325

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.19

3.13

1.14

 

 

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

(237.294)

56.698

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

2.33

3.42

1.58

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

10.73

9.30

10.14

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.64

6.30

5.12

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.19

0.27

0.26

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.53

1.46

1.59

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.21

1.33

1.08

 

 

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

195.793

195.793

195.793

Reserves & Surplus

55.458

116.777

159.560

Net worth

251.251

312.570

355.353

 

 

 

 

long-term borrowings

238.041

353.139

365.606

Short term borrowings

160.983

103.781

533.086

Total borrowings

399.024

456.920

898.692

Debt/Equity ratio

1.588

1.462

2.529

 

 

 

 

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

1413.559

1790.542

1839.285

 

 

26.669

2.722

 

 

 

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

1413.559

1790.542

1839.285

Profit

22.325

61.318

42.782

 

1.58%

3.42%

2.33%

 

 

 

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

Yes

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

No

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

 

 

OPERATIONS:

 

During the year under accounts sales of the Company increased from Rs. 1790.500 Million to Rs. 1839.200 Million registering an increase of 2.72% in Sales Turnover. Total Sales for the year were of Rs 1839.200 Million (Previous year Rs.1790.500 Million) Export Sales were Rs. 1153.200 Million (Previous year Rs.956.600 Million). During the period the currency loss in forward cover resulted into substantial decrease of profit before taxation which decreases from Rs. 848.48 Crores of the last year to Rs.6821.900 Million during the current year.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWING

 

 

Incorporated Deposit

156.943

143.392

Loans and advances from others

208.663

196.192

Total

365.606

339.584

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10314792

07/08/2013 *

800,000,000.00

IDBI BANK LIMITED JOINTLY WITH ALLAHABAD BANK

IDBI COMPLEX, NEAR LAL BUNGLOW, C G ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

B86066578

2

10314907

07/08/2013 *

800,000,000.00

IDBI BANK LIMITED

IDBI COMPLEX, NEAR LAL BUNGLOW, C G ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

B87590915

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible 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 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.66.37

UK Pound

1

Rs.102.54

Euro

1

Rs.75.32

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

GTA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

0

--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

NO

--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.