MIRA INFORM REPORT

 

 

Report No. :

337805

Report Date :

22.08.2015

 

IDENTIFICATION DETAILS

 

Name :

RED HAT INDIA PRIVATE LIMITED

 

 

Registered Office :

A-201, Supreme IT Park, Near Sharma Cottage, Supreme, City (Behind Lake castle), Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra

Tel. No.:

91-22-39878888

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.07.2000

 

 

Com. Reg. No.:

11-189014

 

 

Capital Investment / Paid-up Capital :

Rs.8.474 Million

 

 

CIN No.:

[Company Identification No.]

U72200MH2000PTC189014

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged into providing IT services.

 

 

No. of Employees :

650 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (55)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 2200000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Red Hat Inc., United States. It is having Fine track.

 

Rating takes into consideration sound financial risk profile of the company marked by debt free capital structure and strong networth base of the company.

 

Further company has achieved decent growth in revenue base along with fair profitability in FY14 leading to overall decent financial position.

 

Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment.

 

In view of strong managerial and technical support from its parent, the company can be considered for normal business dealings with usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2013.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Ms. Vandana Vattan

Designation :

Finance Manager

Contact No.:

91-22-39878888

Date :

21.08.2015

 

 

LOCATIONS

 

Registered Office :

A-201, Supreme IT Park, Near Sharma Cottage, Supreme, City (Behind Lake castle), Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Tel. No.:

91-22-39878888

Fax No.:

91-22-39878899

E-Mail :

mirwin@redhat.com

vvaddan@rehhat.com

Website :

www.redhat.com

Location:

Rented

Locality:

Commercial

 

 

Branch Office :

Located at

 

  • Bangalore
  • Delhi
  • Pune

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mark Everhart Cook

Designation :

Director

Address :

5413 Merion Station DR, Apex, NC, 27539, United States of America

Date of Birth/Age :

02.09.1959

Date of Appointment :

04.12.2006

DIN No.:

01235820

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

U72200PN2004PTC019975

RED HAT SOFTWARE SERVICES (INDIA) PRIVATE LIMITED

Director

1/8/2005

1/8/2005

-

Amalgamated

NO

2

U72200MH2000PTC189014

RED HAT INDIA PRIVATE LIMITED

Director

4/12/2006

4/12/2006

-

Active

NO

3

U72200KA2005PTC036245

JBOSS PROFESSIONAL OPEN SOURCE SOFTWARE SERVICES PRIVATE LIMITED

Director

14/06/2007

14/06/2007

-

Strike off

NO

4

U72400KA2006FTC039076

GLUSTER SOFTWARE INDIA PRIVATE LIMITED

Director

5/4/2012

24/02/2012

-

Amalgamated

NO

5

U72200KA2014PTC073291

eNovance Solutions India Private Limited

Additional director

1/7/2014

1/7/2014

-

Active

NO

 

 

Name :

Mr. Richard Brandon Asbill

Designation :

Director

Address :

2818, Exeter Cir, Raleigh, North Carolina, 276081116, United States of America

Date of Birth/Age :

26.09.1966

Date of Appointment :

04.12.2006

DIN No.:

02118817

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

U72200MH2000PTC189014

RED HAT INDIA PRIVATE LIMITED

Director

4/12/2006

4/12/2006

-

Active

NO

2

U72200KA2005PTC036245

JBOSS PROFESSIONAL OPEN SOURCE SOFTWARE SERVICES PRIVATE LIMITED

Nominee director

23/04/2008

23/04/2008

-

Strike off

NO

3

U72400KA2006FTC039076

GLUSTER SOFTWARE INDIA PRIVATE LIMITED

Director

5/4/2012

24/02/2012

-

Amalgamated

NO

4

U72200KA2014PTC073291

eNovance Solutions India Private Limited

Additional director

1/7/2014

1/7/2014

-

Active

NO

 

 

Name :

Sovik Bromha

Designation :

Director

Address :

Tow T7, FL 12/6 Ruchira, 369, Purbachal Kalitala, Main Road, Kolkata - 700078, West Bengal, India

Date of Birth/Age :

28.06.1965

Date of Appointment :

22.04.2013

DIN No.:

06547555

PAN No.:

ACZPB3562B

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

U72200PN2004PTC019975

RED HAT SOFTWARE SERVICES (INDIA) PRIVATE LIMITED

Director

30/09/2013

22/04/2013

-

Amalgamated

NO

2

U72200MH2000PTC189014

RED HAT INDIA PRIVATE LIMITED

Director

30/09/2013

22/04/2013

-

Active

NO

3

U72400KA2006FTC039076

GLUSTER SOFTWARE INDIA PRIVATE LIMITED

Director

30/09/2013

22/04/2013

-

Amalgamated

NO

4

U72200KA2014PTC073291

eNovance Solutions India Private Limited

Additional director

1/7/2014

1/7/2014

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms. Vandana Vattan

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Names of Shareholders

 

No. of Shares

Red Hat Limited, Ireland 

 

698265

Red Hat Asia Pacific Pte Limited, Singapore

 

10

Total

 

698275

 

AS ON 14.10.2014

 

Names of Allottees

 

No. of Shares

Red Hat Inc

 

141097

Red Hat Financial Holding Inc

 

14

Gluster Inc

 

8007

RH Subsidiary Inc

 

1

Total

 

149119

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 29.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into providing IT services.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, Advance Payment and Cheque 

 

 

Purchasing :

Cash, Advance Payment and Cheque 

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :
  • Adobe
  • Cigna
  • Intuit
  • Sprint
  • University of Reading

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

650 (Approximately)

 

 

Bankers :

Banker Name

JPMorgan Chase Bank, N.A

Branch Address

Santracruz (East), Mumbai, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

M. P. Chitale and Company

Chartered Accountant

Address :

Hamam House,Ambala Doshi Marg, Fort, Mumbai, Maharashtra, India

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

AAAFM2282Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:
  • Red Hat Limited, Ireland

 

 

Other Related Party :
  • Red Hat Inc
  • Gluster Inc

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1650000

Equity Shares

Rs.10/- each

Rs. 16.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

847394

Equity Shares

Rs.10/- each

Rs. 8.474 Million

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000

Equity Shares

Rs.10/- each

Rs. 15.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

698275

Equity Shares

Rs.10/- each

Rs. 6.983 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

8.474

8.474

6.983

(b) Reserves & Surplus

769.541

584.432

96.562

(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)

778.015

592.906

103.545

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

41.154

27.009

12.738

(c) Other long term liabilities

939.258

712.695

337.762

(d) long-term provisions

21.783

5.049

1.738

Total Non-current Liabilities (3)

1002.195

744.753

352.238

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

23.527

19.096

6.725

(c) Other current liabilities

1164.754

933.634

1069.983

(d) Short-term provisions

1.605

8.910

0.257

Total Current Liabilities (4)

1189.886

961.640

1076.965

 

 

 

 

TOTAL

2970.096

2299.299

1532.748

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

429.670

381.768

32.339

(ii) Intangible Assets

2.752

1.559

0.006

(iii) Capital work-in-progress

13.118

0.000

28.609

(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

404.564

57.780

63.665

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

850.104

441.107

124.619

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2.040

1.877

3.184

(c) Trade receivables

342.837

313.012

282.490

(d) Cash and cash equivalents

1486.931

847.437

906.010

(e) Short-term loans and advances

195.496

426.205

172.502

(f) Other current assets

92.688

269.661

43.943

Total Current Assets

2119.992

1858.192

1408.129

 

 

 

 

TOTAL

2970.096

2299.299

1532.748

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

2154.804

1705.146

775.128

 

Other Income

 

 

 

 

TOTAL

2154.804

1705.146

775.128

 

 

 

 

 

Less

EXPENSES

1848.282

1476.699

567.318

 

 

 

 

 

Add

PRIOR PERIOD ADJUSTMENTS

0.000

81.967

9.671

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

306.522

310.414

217.481

 

 

 

 

 

Less

TAX

121.412

96.400

113.717

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

185.110

214.014

103.764

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

NA

NA

(12.603)

 

 

 

 

 

 

Balance Carried to the B/S

NA

NA

91.161

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

265.10

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

860.772

361.820

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

10.37

13.50

14.46

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

0.39

0.52

2.10

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.00

0.00

0.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

10.37

13.50

14.46

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.39

0.52

2.10

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.00

0.00

0.00

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

6.983

8.474

8.474

Reserves & Surplus

96.562

584.432

769.541

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

103.545

592.906

778.015

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

775.128

1705.146

2154.804

 

 

119.983

26.371

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

775.128

1705.146

2154.804

Profit

103.764

214.014

185.110

 

13.39%

12.55%

8.59%

 

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

No

8

Designation of contact person

No

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

Yes

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 three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from B-304, Delphi Building, Hiranandani Business Park, Powai, Mumbai -400076, Maharashtra, India  to the present address w.e.f. 29.04.2013

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--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

NO

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

55

 

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.