MIRA INFORM REPORT

 

 

Report Date :

13.01.2014

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT POLYBONDS PRIVATE LIMITED

 

 

Registered Office :

21, Janta Society, ST No. 6, Behind Community Hall, Rajkot - 363641‎, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

19.06.1990

 

 

Com. Reg. No.:

04-013902

 

 

Capital Investment / Paid-up Capital :

Rs. 0.600 Million

 

 

CIN No.:

[Company Identification No.]

U25209GJ1990PTC013902

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTG00835C

 

 

PAN No.:

[Permanent Account No.]

AARCG3734F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Trading of Dyes and Intermediates.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Maximum Credit Limit :

USD 420000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

There appears a drastic dip in its sales volume during 2013. However, the financial position appears to be acceptable marked by decent networth position.

 

Trade relations are fair. Business is active. Payment terms are reported as usually correct.

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

 

India was ranked 94th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

 

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

 

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

 

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

 

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

 

 

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 :

21, Janta Society, ST No. 6, Behind Community Hall, Rajkot - 363641‎, Gujarat, India 

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

vdbabaria@hotmail.com

Website :

http://www.gujaratpolybonds.com

 

 

Factory :

Plot # 6307/A, 4th Phase, Bilkhadi Area, Near Ramji Paper Mill, GIDC, Vapi - 396195, Gujarat, India

Tel. No.:

91-260-2453131

Fax No.:

91-260-2453073

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Vitthalbhai Dhanjibhai Babaria

Designation :

Whole-time director

Address :

B 404, Krishnanagar Cooperative Housing Society, Gunjan Chharwada Road, GIDC Vapi, Valsad – 396195, Gujarat, India

Date of Birth/Age :

14.01.1956

Date of Appointment :

02.03.1992

DIN No.:

00328855

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

Company/ LLP Status

Defaulting status

1

U25209GJ1990PTC013902

GUJARAT POLYBONDS PRIVATE LIMITED

Whole-time director

02/03/1992

02/03/1992

Active

NO

2

U24290GJ2011PTC065212

WATCHEM INFRATECH PRIVATE LIMITED

Director

29/04/2011

29/04/2011

Active

NO

 

 

Name :

Mrs. Vijayaben Vitthalbhai Babaria

Designation :

Whole-time director

Address :

B 404, Krishnanagar Cooperative Housing Society, Gunjan Chharwada Road, GIDC Vapi, Valsad – 396195, Gujarat, India

Date of Birth/Age :

06.10.1960

Date of Appointment :

02.03.1992

DIN No.:

00329480

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

Company/ LLP Status

Defaulting status

1

U25209GJ1990PTC013902

GUJARAT POLYBONDS PRIVATE LIMITED

Whole-time director

02/03/1992

02/03/1992

Active

NO

2

U24290GJ2011PTC065212

WATCHEM INFRATECH PRIVATE LIMITED

Director

29/04/2011

29/04/2011

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

 

No. of Shares

 

Vitthalbhai Dhanjibhai Babaria

 

51500

Vijayaben Vitthalbhai Babaria

 

8500

 

 

 

Total

 

 

60000

 

 

AS ON 30.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Trading of Dyes and Intermediates.

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

 

·         Kotak Mahindra Bank Limited

Punjab National Bank

Bank of Baroda - Pandesara

IDBI Bank Limited

 

 

Facilities :

 

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loans from Bank

3.225

5.315

From Others

0.000

0.391

SHORT TERM BORROWINGS

 

 

Loans and Advances On Cash Credit Account from Banks

HDFC Bank Limited - Cash Credit

(Secured by hypothecation of stocks and book debts of the company and collaterally secured by extension of charge over Factory Land & Sheds C1/B 3201/3202/3203 at GIDC Sarigam and Plant & Machinery and other assets together with the personal guarantees of all directors.)

39.894

39.112

 

 

 

Total

 

43.119

44.818

 

LONG-TERM BORROWINGS

 

1.       HDFC - WC Term Loan I is repayable in 60 monthly instalments w.e.f. 07/10/2011 in 60 equal instalments of Rs.104707 and last instalment of Rs. 0.105 Million payable before 07/09/2016.

 

2.       HDFC Bank (POD) is repayable in 60 monthly instalments w.e.f. 10/04/2011 in 59 equal instalments of Rs.42000 and last instalment of Rs. 0.022 Million payable before 10/03/2016.

 

3.       Tata Capital Limited Motor Car (Fabia) is repayable in 36 monthly instalments w.e.f. 17/01/2011 in 36 equal instalments of Rs.16000 and last instalment of Rs. 0.016 Million payable before 09/11/2013.

 

4.       Tata Capital Limited Motor Car (Innova) is repayable in 36 monthly instalments w.e.f. 17/01/2011 in 36 equal instalments of Rs.0.029 Million and last instalment of Rs. 0.029 Million payable before 09/11/2013.

 

5.       HDFC Personal Loan is repayable in 36 monthly instalments w.e.f. 04/09/2011 in 36 equal instalments of Rs.0.122 Million and last instalment of Rs. 0.122 Million payable before 04/08/2014.

 

6.       Kotak Mahindra Bank Limited is repayable in 12 monthly instalments w.e.f. 29/03/2012 in 12 equal instalments of Rs.0.365 Million and last instalment of Rs. 0.365 Million payable before 05/04/2013.

 

 

 

 

Banking Relations :

--

 

 

Financial Institution :

Tata Capital Limited

 

 

Auditors :

 

Name :

Manoj Shah and Company

Chartered Accountants

Address :

6, Rajhans, 1st Floor, Near Char Rasta, GIDC, Vapi – 396195, Gujarat, India

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

AAVFM0512G

 

 

Associates :

·         Chemroc Industries

Shriji Roadlines

Shriji Construction Company

Shriji Logistics

Watchem Infratech Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100,000

Equity Shares

Rs. 10/- each

Rs. 1.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

60,000

Equity Shares

Rs. 10/- each

Rs. 0.600 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.600

0.600

0.600

(b) Reserves & Surplus

103.597

100.027

97.190

(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)

104.197

100.627

97.790

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

27.382

25.311

27.866

(b) Deferred tax liabilities (Net)

1.267

1.091

1.433

(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)

28.649

26.402

29.299

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

39.894

39.112

4.018

(b) Trade payables

105.574

140.562

150.635

(c) Other current liabilities

5.459

16.158

4.893

(d) Short-term provisions

1.460

1.448

7.013

Total Current Liabilities (4)

152.387

197.280

166.559

 

 

 

 

TOTAL

285.233

324.309

293.648

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

30.628

34.433

31.553

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

5.298

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.806

3.967

3.271

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

34.434

38.400

40.122

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

29.122

53.784

47.296

(c) Trade receivables

156.950

164.132

135.154

(d) Cash and cash equivalents

5.527

6.434

10.888

(e) Short-term loans and advances

59.200

61.559

60.188

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

250.799

285.909

253.526

 

 

 

 

TOTAL

285.233

324.309

293.648

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from operations

348.976

466.677

513.633

 

 

Other Income

0.608

0.860

NA

 

 

TOTAL                                     (A)

349.584

467.537

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of materials consumed

293.240

403.539

 

 

 

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

2.704

(0.977)

 

 

 

Employee Benefit Expense

8.342

8.215

 

 

 

Other Expenses

25.215

38.290

 

 

 

TOTAL                                     (B)

329.501

449.067

NA

 

 

 

 

 

Less

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

20.083

18.470

31.558

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

11.073

10.393

6.689

 

 

 

 

 

 

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

9.010

8.077

24.869

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.805

4.082

4.462

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

5.205

3.995

20.407

 

 

 

 

 

Less

TAX                                                                  (H)

1.635

1.158

6.774

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

3.570

2.837

13.633

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

99.654

96.817

83.184

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

103.224

99.654

96.817

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

132.989

272.465

225.797

 

 

 

 

 

 

Earnings Per Share (Rs.)

59.51

47.28

227.21

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
1.02

0.61

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.49

0.86

3.97

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.82

1.23

7.08

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.05

0.04

0.21

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.65

0.64

0.33

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.65

1.45

1.52

 

 

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

No

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

Yes

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10011723

06/05/2011 *

212,500,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA

B15557101

2

90097953

25/08/1994

1,500,000.00

SARDAR BHILADALA PARDI PEOPLE'S CO-OP BANK LIMITED

GIDC. VAPI, VAPI - 396195, GUJARAT, INDIA

-

3

90097699

26/03/1993

200,000.00

SARDAR BHILADALA PARDI PEOPLE'S CO-OP BANK LIMITED

GIDC. VAPI, VAPI - 396195, GUJARAT, INDIA

-

4

90102584

13/04/1994 *

1,700,000.00

SARDAR BHILADALA PARDI PEOPLE'S CO-OP BANK LIMITED

GIDC. VAPI, VAPI - 396195, GUJARAT, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

UNSECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loans from Bank

0.000

0.360

Loans From Directors

24.157

19.245

 

 

 

Total

 

24.157

19.605

 

 

OPERATION REVIEW

 

Company’s turnover is decreased from Rs. 466.700 Millions to Rs. 348.900 Millions. The Profits after Tax have marginally increased inspite of decrease in turnover.

 

 

FUTURE OUTLOOK

 

No insurmountable difficulties in production / marketing of Dispersing Agents are anticipated. The operating performance of the company will very much improve in future.


FIXED ASSETS:

 

·         Lease Hold Land

Factory Building

Plant & Machinery

Electrical Installation

Effluent Treatment Plant

Furniture & Fixtures

Laboratory Equipments

Air Conditioner

Computer

Weighing Bridge

Motor Car

Bicycle

Motor Cycle

Mobile

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. 61.94

UK Pound

1

Rs. 102.06

Euro

1

Rs. 84.31

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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

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NB

                                       New Business

 

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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.