MIRA INFORM REPORT

 

 

Report No. :

331076

Report Date :

08.07.2015

 

IDENTIFICATION DETAILS

 

Name :

S.V.A. RIKKON LUBES PRIVATE LIMITED [w.e.f.13.10.2008]

 

 

Formerly Known As :

S.V.A.RIKKON LUBE PRIVATE LIMITED

 

 

Registered Office :

16, A-2, Block, 4th Floor, Aishwarya Apartments, 4th Main Road, Mogappair West, Nolambur, Chennai – 600095, Tamilnadu

Tel. No.:

91-44-26880080

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.09.2004

 

 

Com. Reg. No.:

18-054202

 

 

Capital Investment / Paid-up Capital :

Rs. 7.000 Million

 

 

CIN No.:

[Company Identification No.]

U28939TN2004PTC054202

 

 

IEC No.:

0405009186

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHES22623G

 

 

PAN No.:

[Permanent Account No.]

AAICS7033C 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Automatic Lubrication Systems.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

There seems some dip in the profit of the company during FY2014. However networth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings.

 

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

 

The company can be considered normal 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 – 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

 

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.

 

 

LOCATIONS

 

Registered Office :

16, A-2, Block, 4th Floor, Aishwarya Apartments, 4th Main Road, Mogappair West, Nolambur, Chennai – 600095, Tamilnadu, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

sujatha@rikkonlube.com

sales@rikkonlube.com

rikon@touchtelindia.net

Website :

http://www.rikkonlubes.com

http://www.rikkonlube.com

 

 

Factory :

203, Nageswara Rao Road, Second Extension, Athipet, Chennai – 600058, Tamilnadu, India

Tel. No.:

91-44-26880080/ 26880881

Fax No.:

91-44-26880128

 

 

Branch Office :

Located at:

 

·         Aravindhan

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mrs. Sujatha Venkatesan

Designation :

Managing director

Address :

A2-16, Aishwaryam Apartments, Phase-I, 4th Main Road, Nolambur, Chennai – 600095, Tamilnadu, India

Date of Birth/Age :

24.11.1975

Date of Appointment :

30.06.2014

DIN No.:

00904166

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

U28939TN2004PTC054202

S.V.A. RIKKON LUBES PRIVATE LIMITED

Managing director

30/06/2014

13/09/2004

Active

NO

 

 

Name :

Mr. Jagan Venkatesan

Designation :

Whole-time director

Address :

A2-16, Aishwaryam Apartments, Phase-I, 4th Main Road, Nolambur, Chennai – 600095, Tamilnadu, India

Date of Birth/Age :

24.12.1979

Date of Appointment :

30.06.2014

DIN No.:

00904134

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

U28939TN2004PTC054202

S.V.A. RIKKON LUBES PRIVATE LIMITED

Whole-time director

30/06/2014

13/09/2004

Active

NO

 

 

Name :

Mr. Aravindhan Venkatesan

Designation :

Whole-time director

Address :

A2-16, Aishwaryam Apartments, Phase-I, 4th Main Road, Nolambur, Chennai – 600095, Tamilnadu, India

Date of Birth/Age :

14.12.1977

Date of Appointment :

30.06.2014

DIN No.:

00904154

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

U28939TN2004PTC054202

S.V.A. RIKKON LUBES PRIVATE LIMITED

Whole-time director

30/06/2014

13/09/2004

Active

NO

 

 

Name :

Mr. Srinivasan Venkatesan

Designation :

Whole-time director

Address :

A2-16, Aishwaryam Apartments, Phase-I, 4th Main Road, Nolambur, Chennai – 600095, Tamilnadu, India

Date of Birth/Age :

11.11.1948

Date of Appointment :

30.06.2014

DIN No.:

01487980

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

U28939TN2004PTC054202

S.V.A. RIKKON LUBES PRIVATE LIMITED

Whole-time director

30/06/2014

30/03/2007

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Jagan Venkatesan

175000

25.00

Aravindhan Venkatesan

175000

25.00

Sujatha Venkatesan

175000

25.00

Srinivasan Venkatesan

175000

25.00

 

 

 

Total

 

700000

100.00

 

 

 

 

AS ON 29.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Automatic Lubrication Systems.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Not Available

Countries :

Not Available

 

 

Imports :

 

Products :

Not Available

Countries :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Available

Name of the Person (Designation):

Not Available

Contact Number:

Not Available

Since how long known:

Not Available

Maximum limit dealt:

Not Available

Experience:

Not Available

Remark

Not Available

 

 

Customers :

Reference:

Not Available

Name of the Person (Designation):

Not Available

Contact Number:

Not Available

Since how long known:

Not Available

Maximum limit dealt:

Not Available

Experience:

Not Available

Remark

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank Name:

Not Available

Branch:

Not Available

Person Name (with Designation):

Not Available

Contact Number:

Not Available

Name of Account Holder:

Not Available

Account Number:

Not Available

Account Since (Date/ Year of A/c Opening):

Not Available

Average Balance Maintained (Optional):

Not Available

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

Not Available

Account Operation:

Not Available

Remarks:

Not Available

 

·         Indian Overseas Bank

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

From Kotak Mahindra Prime Limited

Car Loan Account No. 9577420

[The Rate of Interest is 10.99% and is secured against hypothecation of Nissan Micra Car repayable in 36 Monthly Installments of which 6 installments were due and paid]

0.346

0.000

From Tamilnadu Industrial Investment Corporation Limited [TIIC]

Loan Account No. 1381220

0.000

0.923

Loan Account No. 13T 6282

[The Rate of Interest is 15.5% and loan is repayable in 54 monthly installments of which 6 installments were due and paid]

7.666

10.666

Loan Account No. 13T 6144

[The Rate of Interest is 13.75% and loan is repayable in 54 monthly installments of which 18 installments were due and paid]

2.230

4.075

Loan Account No. 13T 6356

[The Rate of Interest is 15.25% and loan is repayable in 12 monthly installments of which 1 installments starts from February 2014]

0.000

1.400

SHORT TERM BORROWINGS

0

0

From Bank

Indian Overseas Bank, Kilapauk, Chennai 10

Cash Credit [Secured against mortgage of Land and Building, Hypothecation of Stock, Receivable and Machinery and further secured by personal guarantees of all the four directors of the Company]

8.738

8.595

Loan on FD

0.900

0.000

 

 

 

Total

 

19.880

25.659

 

 

 

Banking Relations :

--

 

 

Financial Institution :

·         The Tamilnadu Industrial Investment Corporation Limited

86, C & D, 2nd Main Road, Ambattur, Industrial Estate, Chennai - 600058, Tamilnadu, India

 

·         Kotak Mahindra Prime Limited

 

 

Auditors :

 

Name :

S. Venkatram and Company

Chartered Accountants

Address :

218, T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Tel. No.:

91-44-24992155/ 6/ 7

Fax No.:

91-44-24670343

E-Mail :

svco@vsnl.com

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

AABFS8836R

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,000,000

Equity Shares

Rs. 10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

700,000

Equity Shares

Rs. 10/- each

Rs. 7.000 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

7.000

5.000

5.000

(b) Reserves & Surplus

19.377

17.295

14.222

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

2.000

2.000

Total Shareholders’ Funds (1) + (2)

26.377

24.295

21.222

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

10.242

17.064

12.861

(b) Deferred tax liabilities (Net)

0.000

0.548

0.740

(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)

10.242

17.612

13.601

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

17.787

12.569

1.536

(b) Trade payables

2.552

1.584

6.564

(c) Other current liabilities

8.896

5.399

3.497

(d) Short-term provisions

0.011

0.000

0.027

Total Current Liabilities (4)

29.246

19.552

11.624

 

 

 

 

TOTAL

65.865

61.459

46.447

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

34.607

37.330

24.447

(ii) Intangible Assets

0.030

0.034

0.000

(iii) Capital work-in-progress

0.000

0.518

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.123

0.000

0.000

(d)  Long-term Loan and Advances

0.449

0.449

0.189

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

35.209

38.331

24.636

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.100

0.078

0.178

(b) Inventories

22.087

16.587

9.548

(c) Trade receivables

4.865

4.384

4.158

(d) Cash and cash equivalents

2.413

1.012

5.774

(e) Short-term loans and advances

1.107

0.880

1.235

(f) Other current assets

0.084

0.187

0.918

Total Current Assets

30.656

23.128

21.811

 

 

 

 

TOTAL

65.865

61.459

46.447

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX

2.223

3.563

7.796

 

 

 

 

 

Less

TAX                                                                 

0.142

0.489

2.382

 

 

 

 

 

 

PROFIT AFTER TAX

2.081

3.074

5.414

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

10.184

8.281

7.745

 

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.97

6.15

10.83

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

7.139

4.385

2.612

Cash generated from operations

NA

NA

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.38

5.85

16.78

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.15

0.37

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.06

1.22

0.68

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.05

1.18

1.88

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

5.000

5.000

7.000

Reserves & Surplus

14.222

17.295

19.377

Share Application money pending allotment

2.000

2.000

0.000

Net worth

21.222

24.295

26.377

 

 

 

 

Long-term borrowings

12.861

17.064

10.242

Short term borrowings

1.536

12.569

17.787

Total borrowings

14.397

29.633

28.029

Debt/Equity ratio

0.678

1.220

1.063

 

 

 

 

 

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

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

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

No

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10402735

18/01/2013

1,400,000.00

THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED

86,C&D,2 ND MAIN ROAD, AMBATTUR, INDUSTRIAL ESTATE, CHENNAI, TAMILNADU - 600058, INDIA

B67986091

2

10325968

03/01/2012

15,105,000.00

THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED

86,C&D,2 ND MAIN ROAD, AMBATTUR, INDUSTRIAL ESTATE, CHENNAI, TAMILNADU - 600058, INDIA

B28960987

3

10269815

08/03/2011

8,498,000.00

THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED

86,C&D,2 ND MAIN ROAD, AMBATTUR, INDUSTRIAL ESTATE, CHENNAI, TAMILNADU - 600058, INDIA

B07372030

4

80042360

10/01/2015 *

16,000,000.00

INDIAN OVERSEAS BANK

SME KILPAUK BRANCH, 20, ORAMS ROAD, CHENNAI, TAMILNADU - 600010, INDIA

C42028167

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

From Directors

8.149

3.974

 

 

 

Total

 

8.149

3.974

 

 

FIXED ASSETS:

 

·         Land

·         Office Building

·         Plant and Machinery

·         Electrical Installation

·         Computer

·         Vehicles

·         Furniture and Fixture

·         Office Equipment

 

 

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. 63.58

UK Pound

1

Rs. 99.11

Euro

1

Rs. 70.29

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ART

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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.