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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

504935

Report Date :

21.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PIGEON INDIA PRIVATE LIMITED

 

 

Registered Office :

Unit No. 216, 2nd Floor, Suncity Business Tower, Golf Course Road, Sector 54, Gurugram-122002, Haryana

Tel. No.:

91-124-4320000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

15.10.2009

 

 

Com. Reg. No.:

05-052616

 

 

Capital Investment / Paid-up Capital :

INR 750.000 Million

 

 

CIN No.:

[Company Identification No.]

U36999HR2009FTC052616

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCP2199D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged primarily in the business of trading and manufacturing in baby-care and mother-care products. [Registered activity and also confirmed by management]

 

 

No. of Employees :

150 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 840000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Pigeon Corporation, Japan” and was incorporated in the year 2009. It is engaged in manufacturing and trading of baby care and mother care products and accessories.


For the financial year 2017, the company has reported dip in its revenue by 9.18% as compared to the previous year along with operational loss.


The moderate financial profile of the company is marked by negative reserve base along with negligible debt balance sheet profile due to unsecured debt recorded in the books.


Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team.


Payment seems to be slow but correct.


In view of aforesaid, 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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

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 31-03-2018.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 21.04.2018

 

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION PARTED BY

 

Name :

Ms. Anita

Designation :

H R Executive

Contact No.:

91-120-4366550

Date :

21.04.2018

 

 

LOCATIONS

 

Registered Office :

Unit No. 216, 2nd Floor, Suncity Business Tower, Golf Course Road, Sector 54, Gurugram-122002, Haryana, India

Tel. No.:

91-124-4320000

Fax No.:

91-124-4320020

E-Mail :

simple.bajaj@in.pigeon.com

Website :

http://www.pigeon-in.com

Location :

Owned

Locality :

Industrial

 

 

Factory:

Plot No. 6E, Sector 40-41, Ecotech I, Goutam Budh Nagar, Greater Noida -201301, Uttar Pradesh, India

Tel. No.:

91-120-4366550

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Keiichi Funakoshi

Designation :

Managing Director

Address :

Tower B, Flat No. 83 Park Tower, Golf Course Road, Gurugram – 122002, Haryana, India

Date of Appointment :

09.02.2017

DIN No.:

07717380

 

 

Name :

Yusuke Nakata

Designation :

Director

Address :

3811 4-1-1 Taihei Sumida Ku Tokyo 1300012, Japan

Date of Birth/Age :

13.04.1972

Date of Appointment :

26.09.2014

DIN No.:

06903992

 

 

Name :

Norimasa Kitazawa

Designation :

Director

Address :

Rm.606, 2-4-14, Nihonbashi Horidome-Chou, Chou-Ku, Tokyo 13102, Japan

Date of Appointment :

30.09.2016

DIN No.:

07549534

 

 

KEY EXECUTIVES

 

Name :

Simple Bajaj

Designation :

Company Secretary

Address :

B-2, Kotla Ferozeshah, Vikram Nagar Near Ito, New Delhi – 110002, India

Date of Appointment :

09.02.2016

PAN No.:

AKNPM3223C

 

 

Name :

Ms. Anita

Designation :

H R Executive

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Shareholders

No. of Shares

Pigeon Corporation

 

74999999

Pigeon Singapore Pte Limited

 

1

Total

 

75000000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2017

 

Category

Percentage

Promoters- Body corporate

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged primarily in the business of trading and manufacturing in baby-care and mother-care products. [Registered activity and also confirmed by management]

 

 

Products / Services :

Name and Description of main products / services

NIC Code of the Product/service

Trading of Baby and Mom care products and

accessories

40149030

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • European Countries
  • African Countries

 

 

Imports :

 

Products :

Raw material

Countries :

China

 

 

Terms :

 

Selling :

Advance Payment, Cheque, Credit and Others (NEFT / RTGS) (60 Days)

 

 

Purchasing :

Advance Payment, Cheque, Credit and Others (NEFT / RTGS) (60 Days)

 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Wholesalers, Retailers, End Users, OEM’s, Manufacturer

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

Banker Name :

Not Divulged

Branch :

Not Divulged

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India

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

AAAFP8828M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:
  • Pigeon Corporation, Japan (with effect from February 8, 2016, Pigeon Corporation Japan became holding Company from ultimate holding Company on account of sale of shares by Pigeon Singapore Pte. Limited)
  • Pigeon Singapore Pte. Limited(Holding Companyupto February 7, 2016)

 

 

Fellow subsidiaries:
  • Thai Pigeon Co. Limited
  • Pigeon Industries (Thailand) Co. Limited
  • Pigeon Shanghai Co. Limited
  • Pigeon Industries (Changzhou) Co. Limited
  • Pigeon Manufacturing (Shanghai) Co. Limited
  • Pigeon Singapore Pte. Limited
  • Lansinoh Laboratories

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75000000

Equity Shares

INR 10/- each

INR 750.000 Million

 

 

 

 

 

Issued Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75000000

Equity Shares

INR 10/- each

INR 750.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

750.000

750.000

500.000

(b) Reserves and Surplus

(465.003)

(379.993)

(263.346)

(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)

284.997

370.007

236.654

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

190.000

160.204

160.000

(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

3.430

3.458

1.872

Total Non-current Liabilities (3)

193.430

163.662

161.872

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

0.000

0.000

167.719

(b) Trade payables

31.101

32.270

58.879

(c) Other current liabilities

33.220

33.485

27.250

(d) Short-term provisions

1.935

0.804

0.113

Total Current Liabilities (4)

66.256

66.559

253.961

 

 

 

 

TOTAL

544.683

600.228

652.487

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

423.555

443.176

475.681

(ii) Intangible Assets

1.741

2.152

0.394

(iii) Tangible assets capital work-in-progress

0.041

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 loans and advances

3.901

3.748

2.912

(e) Other Non-current assets

0.200

0.200

0.200

Total Non-Current Assets

429.438

449.276

479.187

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

79.580

100.934

146.368

(c) Trade receivables

6.701

0.000

0.000

(d) Cash and bank balances

5.850

33.435

7.342

(e) Short-term loans and advances

22.970

16.431

19.571

(f) Other current assets

0.144

0.152

0.019

Total Current Assets

115.245

150.952

173.300

 

 

 

 

TOTAL

544.683

600.228

652.487

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

371.216

408.729

329.869

 

Other Income

0.277

1.619

0.864

 

TOTAL

371.493

410.348

330.733

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

43.243

47.417

0.000

 

Purchases of Stock-in-Trade

113.597

159.957

280.483

 

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

46.110

41.909

(83.965)

 

Employee benefit expense

93.177

87.232

70.275

 

Other expenses

115.533

135.647

116.783

 

TOTAL

411.660

472.162

383.576

 

 

 

 

 

 

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

(40.167)

(61.814)

(52.843)

 

 

 

 

 

Less

FINANCIAL EXPENSES

4.169

16.872

7.506

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(44.336)

(78.686)

(60.349)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

40.674

37.962

15.859

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(85.010)

(116.648)

(76.208)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(85.010)

(116.648)

(76.208)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

30.431

2.511

0.000

 

TOTAL EARNINGS

30.431

2.511

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Components and spare parts

101.413

142.056

0.000

 

Capital Goods

12.407

1.226

45.162

 

TOTAL IMPORTS

113.819

143.283

45.162

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(1.13)

(1.56)

(1.02)

 

 

 

 

Particulars

 

 

 

31.03.2018

Sales Turnover (Approximately)

 

 

4100.000

 

 

 

(Due to business growth)

 

The above information has been parted by Ms. Anita

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

0.204

0.385

0.000

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net cash flows from (used in) operations

(70.783)

16.502

28.867

 

 

 

 

Net cash flows from (used in) operating activities

(72.286)

16.989

29.290

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

6.59

0.00

0.00

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

55.40

0.00

0.00

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

72.38

56.80

76.62

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

(0.50)

(0.61)

(0.36)

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

(0.09)

(0.14)

(0.11)

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.47

0.38

0.63

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.67

0.43

1.38

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.23

0.18

1.07

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.49

1.20

2.01

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

(9.63)

(3.66)

(7.04)

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

(22.90)

(28.54)

(23.10)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(15.61)

(19.43)

(11.68)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(29.83)

(31.53)

(32.20)

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.74

2.27

0.68

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.54

0.75

0.11

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.52

0.62

0.36

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.25

0.21

0.66

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.74

2.27

0.68

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

500.000

750.000

750.000

Reserves & Surplus

(263.346)

(379.993)

(465.003)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

236.654

370.007

284.997

 

 

 

 

Long-term borrowings

160.000

160.204

190.000

Short term borrowings

167.719

0.000

0.000

Current maturities of long-term debts

0.000

0.385

0.204

Total borrowings

327.719

160.589

190.204

Debt/Equity ratio

1.385

0.434

0.667

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

329.869

408.729

371.216

 

 

23.906

(9.178)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

329.869

408.729

371.216

Profit/ (Loss)

(76.208)

(116.648)

(85.010)

 

(23.10 %)

(28.54 %)

(22.90 %)

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

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%

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGE: No Charges Exists for Company

 

NOTE: Registered office of the company has been shifted from 504, 5th Floor, B-Wing, Everest Grande, Mahakali Caves Road, Andheri – East, Mumbai-400093, Maharashtra, India to the present address w.e.f. 26.03.2014

 

OPERATIONS

 

The Company is engaged in the business of trading and manufacturing of baby care and mother care products and accessories. During the current year, the Company’s achieved turnover is 371.493 Million as compared to the previous year figure of 410349 Million.

 

UNSECURED LOANS:

(INR In Million)

Particulars

As on

31.03.2017

As on

31.03.2016

LONG TERM BORROWING

 

 

Loans repayable on demand from others

190.000

160.000

Other loans and advances

0.000

0.204

Total

190.000

160.204

 

FIXED ASSETS:

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Office equipment
  • Computer equipments
  • Leasehold improvements

 

Intangible assets

 

  • Computer software

 

 

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

INR

US Dollar

1

INR 66.02

UK Pound

1

INR 92.73

Euro

1

INR 81.46

 

 

INFORMATION DETAILS

 

Information Gathered by :

TEJ

 

 

Analysis Done by :

PRY

 

 

Report Prepared by :

KVT

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.