MIRA INFORM REPORT

 

 

Report Date :

16.01.2013

 

IDENTIFICATION DETAILS

 

Name :

SBL PRIVATE LIMITED

 

 

Formerly Known As :

SHARDA HOMEO PHARMACEUTICALS PRIVATE LIMITED

 

 

Registered Office :

SBL House 2, Commercial Complex, Ashish Chamber, Shrestha Vihar, New Delhi – 110092 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

31.08.1979

 

 

Com. Reg. No.:

55-009838

 

 

Capital Investment / Paid-up Capital :

Rs. 24.701 Millions

 

 

CIN No.:

[Company Identification No.]

U72990DL1979PTC009838

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Homeopathic Medicine, Herbal Products and Consumer Products.

 

 

No. of Employees :

204 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 1450000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of ‘Himal Enterprises Private Limited’. It is a well-established company having a fine track record.

 

Financial position of the company appears to be good. Directors are reported as well-experienced and knowledgeable businessmen.

 

Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitments.

 

The company can be considered good 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

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 31-03-2012.

 

 

LOCATIONS

 

Registered Office :

SBL House 2, Commercial Complex, Ashish Chamber, Shrestha Vihar, New Delhi – 110092, India

Tel. No.:

91-11-22161934/ 22161935/ 22165145/ 22162239

Fax No.:

91-11-22162353/ 22149221

E-Mail :

sbl@vsnl.com

Website :

www.sblglobal.com

 

 

Factory 1 :

A-3, Site IV, Sahibabad – 201010, Uttar Pradesh, India

Tel. No.:

91-120-2895944/ 2895851/ 2895273/ 2895434

Fax No.:

91 120 2895293

E-Mail :

sblw@vsnl.com

 

 

Factory 2 :

533, Sitapura Industrial Area, Jaipur - 302022, Rajasthan, India

Tel. No.:

91-141-2770201/ 2770197

Fax No.:

91-141-2771136

E-Mail :

sbljpr@sancharnet.in

 

 

Factory 3 :

Plot No.3, Sector 12, BHEL, Haridwar - 249403, Uttarakhand, India

Tel. No.:

91-1334-235277/ 235348

Fax No.:

91-1334-235386

E-Mail :

sblh@sancharnet.in

 

 

DIRECTORS

 

AS ON 01.08.2011

 

Name :

Mr. Tejinder Singh Shergil

Designation :

Director

Address :

God’s Palm Village, Chauki Dhaulas Via, Ganghora, Dehradun – 248141, U.A., India 

Date of Appointment :

01.01.2006

DIN No.:

00146794

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

U72990DL1979PTC009838

SBL PRIVATE LIMITED

Director

01/01/2006

01/01/2006

-

Active

NO

2

U24234UR2005PTC032730

SBL INDUSTRIES PRIVATE LIMITED

Additional director

24/01/2008

24/01/2008

31/03/2008

Amalgamated

NO

 

 

Name :

Mrs. Shobha Shrestha

Designation :

Director

Address :

Development Area, Gangtok – 737131, Sikkim, India

Date of Appointment :

20.11.2002

DIN No.:

00778757

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

U67120DL1981PTC132032

NELLORE INVESTMENT AND TRADING COMPANY PRIVATE LIMITED

Director

20/10/1986

20/10/1986

-

Active

NO

2

U74999DL1988PTC031542

TEAM DESIGNS PRIVATE LIMITED

Director

05/05/1988

05/05/1988

-

Active

NO

3

U70109DL1988PTC031543

ROCKLAND ESTATES PRIVATE LIMITED

Director

05/05/1988

05/05/1988

-

Active

NO

4

U85195RJ1993PTC007368

S B LABS PRIVATE LIMITED

Director

22/08/1995

22/08/1995

-

Active

NO

5

U65999WB1993PTC059153

ASPIRE INVESTMENTS PRIVATE LIMITED

Director

12/09/1997

12/09/1997

-

Active

NO

6

U45201RJ1997PTC014431

TIRUPATI COMPLEXES PRIVATE LIMITED

Director

13/11/1997

13/11/1997

-

Active

NO

7

U72990DL1979PTC009838

SBL PRIVATE LIMITED

Director

20/11/2002

20/11/2002

-

Active

NO

8

U24234UR2005PTC032730

SBL INDUSTRIES PRIVATE LIMITED

Director

27/04/2005

27/04/2005

25/03/2008

Amalgamated

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 01.08.2011

 

Names of Shareholders

No. of Shares

 

% of Shares

B K Shrestha

1000

0.40

Shobha Shrestha

2500

1.01

Himal Enterprises Private Limited, India 

225507

91.30

SB Lab (Private) Limited, India

18000

7.29

Total

247007

100.00

 

 

AS ON 01.08.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

1.41

Other top fifty shareholders

 

98.59

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Homeopathic Medicine, Herbal Products and Consumer Products.

 

 

Products :

ITC Code

Product Descriptions

300390.02

Homoeopathic Medicines

300390.01

Ayurvedic Medicines

 

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

Unit

Installed Capacity

Actual Production

Mother Tincture and mother substance

Ltrs

90000

69002.50

Dilutions

Ltrs

70000

1743.30

Bio Chemie / Boi Combinations

Kgs

75000

126437.80

Specialties

Ltrs

250000

316188.60

Ointment / Toothpaste

Kgs

11000

--

CME Eye Drops

Ltrs

30000

7699.77

Homoeodent

Kgs

--

51562.90

Pomade

Kgs

--

55973.18

Home kit

Ltrs

--

3493.00

Hair Oil and Shampoo

Ltrs

--

2940.00

Herbal Products

Strps

--

63263.00

Herbal Products

Ltrs

--

38745.54

 

* No License is required for the industry

 

** Installed capacity is certified by the General Manager (Works)

 

 

GENERAL INFORMATION

 

No. of Employees :

204 (Approximately)

 

 

Bankers :

Ř       HDFC Bank

Ř       Vijaya Bank

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Secured loan for Holding Company

 

 

Himal Enterprises Private Limited

0.400

0.400

Total

0.400

0.400

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. R. Maheswari and Company

Chartered Accountants

Address :

M-118, Connaught Circus, New Delhi – 110001, India

Tel. No.:

91-11-23416341/ 23417659/ 23418130/ 23415870

Fax No.:

91-11-23415796

E-Mail :

brmc@brmco.com

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

AADFB4175E

 

 

Holding Company :

Himal Enterprises Private Limited

 

 

Wholly Owned Subsidiary Company :

Aspire Investments Private Limited

 

 

Related Parties :

Ř       SBL Industries Private Limited

Ř       Team Design Private Limited

Ř       Tirupati Complex Private Limited

Ř       SB Lab Private Limited

Ř       Himalaya Distilleries Limited

Ř       Nellore Investment and TDG Company

Ř       Rockland Estates Private Limited

 

 

CAPITAL STRUCTURE

 

AFTER 29.09.2012

 

Authorised Capital : Rs. 60.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 24.701 Millions

 

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500,000

Equity Shares

Rs. 100/- each

Rs. 50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

247,007

Equity Shares

Rs. 100/- each

Rs. 24.701 Millions

 

 

 

 

 

1. Details of shareholders holding more than 5% shares of the company

 

Name of shareholders

Number of shares

% of Holding

Himal Enterprises Private Limited

225507

91.30

SB Lab (Private) Limited

18000

7.29

Shobha Shrestha

2500

1.01

B K Shrestha

1000

0.40

 

2. The company has only one class of equity shares having a par value of Rs. 100 per shares. Each holder of equity shares is entitled to one vote per share.

 

3. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

4. There are no securities issued which are outstanding for conversion into equity/ preference shares.

 

5. 72007 Equity shares of Rs. 100 each fully paid up are issued without payment being received in cash in pursuance of scheme of

 

6. There are no shares reserved for issued under options and contracts/ commitments for the sale of shares/ disinvestment.

 

7. Since the opening and closing number of shares are same there are no reconciliation entries in current year as well as previous year


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

24.701

24.701

24.701

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

336.949

333.679

329.233

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

361.650

358.380

353.934

LOAN FUNDS

 

 

 

1] Secured Loans

0.400

0.400

0.400

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.400

0.400

0.400

DEFERRED TAX LIABILITIES

2.626

3.326

3.988

 

 

 

 

TOTAL

364.676

362.106

358.322

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

222.321

231.845

241.518

Capital work-in-progress

1.727

1.727

0.000

 

 

 

 

INVESTMENT

19.880

9.880

9.938

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
52.071

76.950
66.391

 

Sundry Debtors
43.899

39.540
48.095

 

Cash & Bank Balances
53.581

43.224
44.679

 

Other Current Assets
19.127

16.902
0.000

 

Loans & Advances
31.694

26.428
45.742

Total Current Assets
200.372

203.044
204.907

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
15.155

16.564

48.708

 

Other Current Liabilities
18.062

16.267

5.048

 

Provisions
46.407

51.559
44.285

Total Current Liabilities
79.624

84.390
98.041

Net Current Assets
120.748

118.654
106.866

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

364.676

362.106

358.322

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

 

307.087

268.400

 

 

Other Income

 

22.558

21.592

 

 

Provision written back

 

0.996

0.295

 

 

TOTAL                                     (A)

378.556

330.641

290.287

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material

 

116.347

94.754

 

 

Manufacturing Expenses

 

20.060

21.090

 

 

Personnel Expenses

 

67.258

59.837

 

 

Office and Administrative Expenses

 

28.474

25.561

 

 

Selling and Distribution

 

79.152

63.526

 

 

Research and Development

 

2.131

1.286

 

 

TOTAL                                     (B)

362.924

313.422

266.054

 

 

 

 

 

Less

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

 

17.219

24.233

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

0.266

0.233

 

 

 

 

 

 

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

15.632

16.953

24.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

9.949

9.551

7.658

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

5.683

7.402

16.342

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

0.516

6.533

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

5.683

6.886

9.809

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

182.236

175.350

165.541

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

187.919

182.236

175.350

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

6.832

4.908

4.342

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

10.112

11.493

8.544

 

 

 

 

 

 

Earnings Per Share (Rs.)

23.01

27.88

39.71

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
1.50

2.08

3.38

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
N.A.

2.41

6.09

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.34

1.70

3.66

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.02

0.02

0.05

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.22

0.24

0.28

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.52

2.41

2.09

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

FIXED ASSETS

 

Ř       Leasehold Land

Ř       Factory Building

Ř       Plant and Machinery

Ř       A C Plant

Ř       Vehicles

Ř       Furniture and Fixtures

Ř       Library Books

Ř       EDP Unit

Ř       Moulds and Dies

Ř       Tools and Spares

Ř       Office Equipments

Ř       Electrical Installation

Ř       Calcutta Depot Premises

Ř       LPG Cylinders

Ř       Generator

Ř       Refrigerator

Ř       Projector

Ř       Lab Equipments

Ř       Water Cooler

Ř       Solar Water Heater

Ř       R and D Equipment

Ř       Office Flat

Ř       Submersible Pump

Ř       EPABX System

 

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. 54.54

UK Pound

1

Rs. 87.69

Euro

1

Rs. 72.85

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

53

 

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.