MIRA INFORM REPORT

 

 

Report Date :

02.06.2011

 

IDENTIFICATION DETAILS

 

Name :

GMR POWER CORPORATION LIMITED (w.e.f. 20.01.2010)

 

 

Formerly Known As :

GMR VASAVI POWER CORPORATION LIMITED

 

 

Registered Office :

25/1, Skip Complex, Museum Road, Bangalore-560025, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.01.1995

 

 

Com. Reg. No.:

08-016942

 

 

Capital Investment / Paid-up Capital :

Rs.2475.000 Millions

 

 

CIN No.:

[Company Identification No.]

U40105KA1995PLC016942

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRG03532E

 

 

PAN No.:

[Permanent Account No.]

AAACG6037G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject Engaged in Generation of Power.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 21000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Profitability of the company is good. Trade relations are fair. Business is active. Payments are reported to regular and as per commitments.

 

The company can be considered good for normal 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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

LOCATIONS

 

Registered Office :

25/1, Skip Complex, Museum Road, Bangalore-560025, Karnataka, India

Tel. No.:

91-80-40432000

Fax No.:

91-80-40432180

E-Mail :

gmrenergy@gmrgroup.in

 

 

DIRECTORS

 

As on 13.08.2010

 

Name :

Mr. Boda Venkata Nageswara Rao

Designation :

Director

Address :

98, Next to Nal Layout, Behind FCI Building, East End Main Road, 4th, T Block, Jaya Nagar, Bangalore-560041, Karnataka, India

Date of Birth/Age :

16.01.1954

Date of Appointment :

31.05.1999

 

 

Name :

Mr. Bimal Parekh

Designation :

Director

Address :

6 Ajanta, L D Ruparel Marg, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

03.12.1960

Date of Appointment :

25.09.1999

 

 

Name :

Mr. Heng Fook Seng

Designation :

Director

Address :

No. 77, Jalan SS 20/6, Damansara KLM, Petaling Jaya, Selangor-47400, Malaysia

Date of Birth/Age :

05.06.1959

Date of Appointment :

26.04.2004

Date of Ceasing:

19.11.2009

 

 

Name :

Mr. Choon Kee Lim

Designation :

Director

Address :

BLK 145, Bishan Street 11, # 05-93, Singapore-570145

Date of Birth/Age :

02.09.1963

Date of Appointment :

26.04.2004

 

 

Name :

Mr. Ramamoorthy Rajagopalan Kuttalam

Designation :

Director

Address :

D 302-303, Mantri Gardens, Maohavan Prk Jaya Nagar, 1st Block, Bangalore-560011, Karnataka, India

Date of Birth/Age :

08.07.1940

Date of Appointment :

08.09.2005

 

 

Name :

Mr. Raaj Kumar

Designation :

Director

Address :

A Block, Flat No. 502, Sobka Opal, 39th Cross, 1 By Main 4 T Block, Jaya Nagar, Bangalore-560041, Karnataka, India

Date of Birth/Age :

20.12.1952

Date of Appointment :

15.10.2007

 

 

Name :

Mr. Nangavaram Chandramouli Sarabeswaran

Designation :

Director

Address :

No. 27, Papanasam Sivan, Palace Road, Chennai-600004, Tamilnadu, India

Date of Birth/Age :

07.05.1944

Date of Appointment :

07.05.2008

 

 

KEY EXECUTIVES

 

Name :

Mr. Shanker Ravi Srinivas

Designation :

Manager

Address :

Flat GA, Medhini Apartment, 372 Arundale, Beach Road, Kalakshetra Colony, Besant Nagar, Chennai-600090, Tamilnadu, India

Date of Birth/Age :

13.11.1959

Date of Appointment :

13.10.2008

 

 

Name :

Mr. Shiv Nath Sinha

Designation :

Secretary

Address :

No. 166, 9 B Main Classic Paradise Layout, Begur Road, Bangalore-560068, Karnataka, India

Date of Birth/Age :

09.12.1975

Date of Appointment :

17.07.2009

Date of Ceasing:

20.03.2010

 

 

Name :

Mr. Chirag Karia

Designation :

Secretary

Address :

No. 146, 1st Cross, 2nd Stage, 12th Block, Nagarbhavi, Bangalore-560072, Karnataka, India

Date of Birth/Age :

05.05.1986

Date of Appointment :

24.04.2010

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 13.08.2010

 

Names of Shareholders

 

No. of Shares

Grandhi Mallikarjuna Rao

 

300

Srinivas Bommidala

 

100

Boda Venkata Nageswara Rao

 

100

Grandhi Varalakshmi

 

100

Sranghi Butchi Sanyasi Raju

 

100

Odeon Limited, Republic of Mauritius

 

121274300

GMR Energy Limited, India

 

126225000

 

 

 

Total

 

247500000

 

 

As on 13.08.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

49.00

Bodies corporate

 

51.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject Engaged in Generation of Power.

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Installed Capacity (50hz)*

200 MW

Unit Sold (Million KWH)

1180.08

Actual Production (Millions KWH)

1186.62

 

 

GENERAL INFORMATION

 

Bankers :

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

Rupee Term Loan

 

 

From Financial Institutions

(Term loan are secured by way of equitable mortgage by deposit of the title deeds of the leasehold land of the company and are also secured by a charge all buildings and structures and plant and machinery including movable plant and machinery, spares tools, cash flows, receivable, book debts intangibles, goodwill, uncalled capital and rights, title under the project documents. Clearances permits, insurances contracts, proceeds and by pledge of 99000000 equity shares of the company held by the holding company.)

702.000

1248.000

Finance Lease Obligation

(Secured against the assets under the finance lease arrangement)

13.042

13.042

Cash Credit and Demand Loans From Banks

(Secured by way of first charge on current assets, stocks of ray material, stores and spares not relating to plant and machinery, bills, receivable, book debts and others movable of the company, both present and future.)

99.729

0.000

Total

814.771

1261.042

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountant

Address :

6-3-550, 2nd Floor, L B Bhavn, Somajiguda, Hyderabad-500082, Andhra Pradesh, India

 

 

Ultimate Holding Company:

  • GMR Holding Private Limited (GHPL)

 

 

Holding Company:

  • GMR Energy Limited (U85110KA1996PLC021262)
  • GMR Infrastructure Limited (GIL), the holding company of GEL

 

 

Fellow Subsidiaries:
  • GMR Chhattisgarh Energy Private Limited (GCHEPL)
  • GMR Industries Limited (GIDL)
  • GMR Aviation Private Limited (GAPL)
  • GMR Bannerghata Properties Private Limited (GBPPl)
  • GMR (Badrinath) Hydro Power Generation Private Limited (GBHPL)
  • GMR Kamalanga Energy Limited (GKEL)
  • Raxa Security Service Limited (RSSL)
  • GMR Varalakshmi Foundation (GVF)

 

 

CAPITAL STRUCTURE

 

As on 13.08.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

250000000

Equity Shares

Rs.10/- each

Rs.2500.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

247500000

Equity Shares

Rs.10/- each

Rs.2475.000 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2475.000

2475.000

2475.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2877.989

2178.428

1865.972

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5352.989

4653.428

4340.972

LOAN FUNDS

 

 

 

1] Secured Loans

814.771

1261.042

510.756

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

814.771

1261.042

510.756

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

6167.760

5914.470

4851.728

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1867.880

2118.707

2748.410

Capital work-in-progress

0.000

8.834

0.000

 

 

 

 

INVESTMENT

3745.304

1234.158

2268.518

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
131.043

74.102

75.400

 

Sundry Debtors
1538.127

896.469

924.352

 

Cash & Bank Balances
168.687

2264.790

60.696

 

Other Current Assets
6.928

39.097

10.096

 

Loans & Advances
749.547

118.878

181.101

Total Current Assets
2594.332

3393.336

1251.645

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1452.033

828.184

 

Other Current Liabilities
9.122

11.504

1416.149

 

Provisions
578.601

0.877

0.696

Total Current Liabilities
2039.756

840.565

1416.845

Net Current Assets
554.576

2552.771

(165.200)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

6167.760

5914.470

4851.728

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

8703.255

10300.487

7655.637

 

 

Other Income

611.653

255.469

258.223

 

 

TOTAL                                     (A)

9314.908

10555.956

7913.860

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Generations Expenses

7277.745

9219.351

6905.536

 

 

Administration and Others Expenses

110.229

181.027

 

 

 

TOTAL                                     (B)

7387.974

9400.378

6905.536

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1926.934

1155.578

1008.324

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

141.431

157.934

89.211

 

 

 

 

 

 

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

1785.503

997.644

919.113

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

270.349

643.708

761.495

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1515.154

353.936

157.618

 

 

 

 

 

Less

TAX                                                                  (H)

238.380

26.836

7.991

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1276.774

327.100

149.627

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1856.214

1529.114

1379.487

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

95.758

0.000

0.000

 

 

Dividend

495.000

0.000

0.000

 

 

Tax on Dividend

82.213

0.000

0.000

 

BALANCE CARRIED TO THE B/S

2460.017

1856.214

1529.114

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Fuel

0.000

2470.432

0.000

 

 

Operations and Maintenance Spares

64.408

81.865

95.978

 

TOTAL IMPORTS

64.408

2552.297

95.978

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.16

1.32

0.60

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
13.70

3.10

1.89

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
17.40

3.44

2.06

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
33.95

6.42

3.94

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.28

0.08

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.53

0.45

0.44

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.27

4.04

0.88

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FINANCIAL HIGHLIGHTS

 

During the year, the revenue from operations decreased by 15.51% to Rs.8702.255 Millions from Rs.10300.487 Millions in the previous year mainly on account of decrease in PLF from 80.31% last year to 67.73% this year. Operating profits are higher by 46.12% at Rs.1315.281 Millions as compared to Rs.900.109 Millions in the previous year mainly due to decrease in O and M Expenditure and depreciation charges during the current year and increase in other income on account of reversal of the provision created in earlier years.

 

CHANGE IN NATURE OF COMPANY

 

During the year, the Company with the approval of the shareholders has been converted into public limited company and has consequently changed the name from “GMR Power Corporation Private Limited” to ‘GMR Power Corporation Limited”.

 

REVIEW OF OPERATIONS

 

The plant has completed the year of O and M. The significant part of the 11th Year Operation was the successful O and M after takeover of the plant from M/s HHI on 1st April 2009. During the year, all O and M practices along with various cost initiatives including spares procurement and alternate vendor development were implemented.

 

The Annual plant Availability was 95.33% during Tariff Year 2009-10 as against the availability of 92.78% during previous tariff year 2008-09. During this year, the had undertaken major jobs and completed successfully, noteworthy among them was the completion of Annual Overhaul of the four DG sets in 42 days as against the planned schedule of 48 days. The achieved availability during 2009-10 tariff years is the highest till date with all four engines major 0/H completed.

 

The failure rates after the major overhaul as compared to last year has reduced marginally, due to prudent and  improved O and M practices as adapted during the overhaul. This includes the regular Engine performance monitoring and fine tuning of its critical parameters.

 

The Plant Load factor as achieved for this tariff year was 67.73% when compared to 8031% in 2008- 09, which is comparatively low, mainly due to low demand request from TNEB. During this tariff year, the plant marginally lost upon all its efficiency parameters viz. Heat Rate of 1861 Kcal/KWhr as against 1856.4lKcal/Kwhr during last year. The total Lube Oil Consumption (both CLO and MLO) was maintained at 1.58 gms/ Kwhr as against last year of 1.52 gmslKwhr. Similarly, Auxiliary Power Consumption (APC) was 3.41% as compared to previous year 3.21%. These were mainly due to the effect of lower dispatch and operation of the plant at part load, however due to the improved O and M practices the reduction were marginal and kept under control.

 

The O and M of sewage treatment plant which was taken over under company’s fold with effect from 15t April ‘08, showed tremendous improvement in respect of availability of various plant auxiliaries and maintenance of assets. The overall improvement in the STP (O and M) resulted in substantial reduction in water production cost to Rs. 29.89/M3 from Rs.30.85/M3 during year 2008-09.

 

The Company had filed a petition with TNERC against TNEB to settle its various claims in July-2008 under the provisions of PPA and the commission delivered its Judgment on April 16, 2010 in which all our dispute claims have been upheld. The commission has directed the Company to rework the claims based on its order and has directed TNEB to make payment in 6 equal monthly installments. This was a major achievement and the company as directed by the commission in its order has filed the revised claims on April 30, 2010. Further TNEB have filed an appeal against the Order of TNERC with the Appellate Tribunal for Electricity.

 

 

Bankers Charges Report as per Registry

 

This form is for

Creation of charge

Corporate identity number of the company

U40105KA1995PLC016942

Name of the company

GMR POWER CORPORATION  LIMITED

Address of the registered office or of the principal place of  business in India of the company

25/1, Skip Complex, Museum Road, Bangalore-560025, Karnataka, India

Type of charge

Book Debts

Movable Property (not being pledge)

Floating Charge

Particular of charge holder

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

Email

j.vidyashankar@idbi.co.in

Nature of description of the instrument creating or modifying the charge

Deed of Hypothecation dated 27.09.2010 executed at Bangalore by the company in favour of IDBI Bank Limited.

Date of instrument Creating the charge

27.09.2010

Amount secured by the charge

Rs.1062.500 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per sanction letter attached herewith.

 

Terms of Repayment

As per sanction letter attached herewith.

 

Extent and Operation of the charge

Subservient charge by way of hypothecation of the Company's entire stocks of raw materials, semi finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies receivables, both present and future, and all the company's movables including movable machinery, machinery spares, tools and accessories, present and future of the company in favour of IDBI Bank Limited.

 

Others

The company has undertaken to keep the assets hypothecated in good working condition and to insure the same in the joint names with the company and IDBI. The security created under the Deed of Hypothecation is to be continuing security.

Short particulars of the property charged

I)                     Subservient charge by way of Hypothecation of company's entire stocks of raw materials, semi finished and finished goods, consumable stores and spares and such other movables including book-debts,

II)                   bills, outstanding monies receivables, both present and future, and all the company's movables including movable machinery, machinery spares, tools and accessories, present and future of the company,

 

Fixed Assets:

 

  • Software
  • Land
  • Buildings
  • Plant and Machinery
  • Office Equipments
  • Furniture and Fixtures
  • Vehicles

 

 

 

 

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 records 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.44.89

UK Pound

1

Rs.73.85

Euro

1

Rs.64.76

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

50

 

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.