MIRA INFORM REPORT

 

 

Report No. :

325997

Report Date :

06.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SPARKLINE EQUIPMENTS PRIVATE LIMITED

 

 

Registered Office :

Ramtanay Apartment, Plot No.76/4, RESI-1 Phase, CTS No. 51, B+127/4, Erandwane, Pune – 411004, Maharashtra

Tel. No. :

91-20-65304270 / 27130224

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.09.1994

 

 

Com. Reg. No.:

11-081065

 

 

Capital Investment / Paid-up Capital :

Rs.10.000 Million

 

 

CIN No.:

[Company Identification No.]

U29219MH1994PTC081065

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNESO4750E

 

 

PAN No.:

[Permanent Account No.]

AACCS5871L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Material handling equipments.

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

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. Even though the company has achieved higher sales turnover during FY2014, the net profitability of the company is decreasing.

 

However, the rating also takes into consideration favorable gap between trade receivables and payables backed by sound liquidity position.

 

Trade relations are reported as fair. Business is active. Payments are reported to be 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 – 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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vishal Jandade

Designation :

Senior Accountant

Contact No.:

91-20-65304270

Date :

04.06.2015

 

 

LOCATIONS

 

Registered Office :

Ramtanay Apartment, Plot No.76/4, RESI-1 Phase, CTS No. 51, B+127/4, Erandwane, Pune – 411004, Maharashtra, India

Tel. No.:

91-20-65304270 / 27130224

Fax No.:

91-20-27130317

E-Mail :

sales.pune@sparkline.co.in

sparkline@vsnl.com

Website :

www.sparklineequip.com

 

 

Head Office / Factory 1 :

Plot No. 38, F-II Block, MIDC Pimpri, Pune – 411018, Maharashtra, India

Tel. No.:

91-20-27130224

Fax No.:

91-20-27130317

 

 

Factory 2 :

Waghjai Nagar, Gat No.306 (P), Chakan – Talegaon Road, Rajgurunaop, Chakan, Pune – 410506, Maharashtra, India

 

 

Branch Office :
  • Haryana
  • Jharkhand

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Shitalkumar Abhaykumar Doshi

Designation :

Managing Director

Address :

Ramtanay Apartment Plot No 76 / 4 Res-1 Phase, Cts No 51 B 127/4 Erandwane, Pune – 411004, Maharashtra, India

Date of Birth/Age :

10.02.1963

Date of Appointment :

17.04.2010

DIN No.:

01973105

 

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

U29219MH1994PTC081065

SPARKLINE EQUIPMENTS PRIVATE LIMITED

Managing director

17/04/2010

13/09/1994

-

Active

NO

2

U72900PN2005PTC020512

DESign Automation Pune Private Limited

Director

05/04/2005

05/04/2005

-

Active

NO

3

U29253PN2011PTC142916

DALMEC INDUSTRIAL MANIPULATORS INDIA PRIVATE LIMITED

Director

30/11/2011

30/11/2011

-

Active

NO

4

U29253PN2012PTC145732

ACD AUTOMATION PRIVATE LIMITED

Director

14/12/2012

14/12/2012

-

Active

NO

5

U29300PN2012PTC145785

VSD EQUIPMENTS PRIVATE LIMITED

Director

21/12/2012

21/12/2012

-

Active

NO

6

U74999PN2013NPL148478

SAMAVASARAN FOUNDATION

Director

16/08/2013

16/08/2013

-

Active

NO

 

 

Name :

Ms. Vrushali Sheetal Doshi

Designation :

Director

Address :

Flat No. 9, Chitra Building, Velankar Nagar, Parvati, Pune- 411 009, Maharashtra, India

Date of Birth/Age :

29.12.1966

Date of Appointment :

13.09.1994

DIN No.:

01973141

 

 

Name :

Mr. Siddharth Shitalkumar Doshi

Designation :

Director

Address :

2/12 Chitra Building, Velankar Nagar,  Parvati Darshan Road, Pune – 411009, Maharashtra, India

Date of Birth/Age :

13.05.1992

Date of Appointment :

29.09.2012

DIN No.:

05131418

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

U29253PN2011PTC142916

DALMEC INDUSTRIAL MANIPULATORS INDIA PRIVATE LIMITED

Director

30/11/2011

30/11/2011

-

Active

NO

2

U29219MH1994PTC081065

SPARKLINE EQUIPMENTS PRIVATE LIMITED

Director

29/09/2012

10/02/2012

-

Active

NO

3

U29253PN2012PTC145732

ACD AUTOMATION PRIVATE LIMITED

Director

14/12/2012

14/12/2012

-

Active

NO

4

U29300PN2012PTC145785

VSD EQUIPMENTS PRIVATE LIMITED

Director

21/12/2012

21/12/2012

-

Active

NO

5

U72900PN2005PTC020512

DESign Automation Pune Private Limited

Director

30/09/2013

24/05/2013

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Vishal Jandade

Designation :

Senior Accountant

 

 

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

Shitalkumar Abhaykumar Doshi

909697

87.67

Vrushali Sheetal Doshi

77300

7.45

Siddharth Shitalkumar Doshi

13000

1.25

Mahesh Patil

8466

0.82

Chandrakant Shinde

6391

0.62

Dhanpal Bapu Shedbale

22746

2.19

Total

1037600

100.00

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

96.37

Other top fifty shareholders

3.63

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Material handling equipments.

 

 

Products :

Material Handling Equipments

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Material

Countries :

Germany

 

 

Terms :

 

Selling :

Cash and Credit  (30/60/90 Days)

 

 

Purchasing :

Cash and Credit  (30/60/90 Days)

 

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

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Ashok Leyland

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

  • Reliance Industries Limited
  • Forbes Marshal
  • Atlas Copco
  • HEG Limited
  • Tata Motors

 

 

No. of Employees :

200 (Approximately)

 

 

Bankers :

Banker Name

Bank of Baroda

Branch Address

Pimpri Chinchwad, Pune, 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)

Cash credit = Rs.114.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Cash Credit With BOI Pimpri (Rate of Interest 15.5%)

14.944

23.704

Cash Credit With HSBC Bank (Rate of Interest 12.5%)

35.665

(0.013)

Car Loan(Passat) – Volkswagen Finance Private Limited (Rate of Interest 13%, EMI of Rs. 0.048 Million)

0.882

1.463

Total

51.491

25.153

 

Auditors :

 

Name :

S. H. Surana

Chartered Accountant

Address :

Dugal Plaza, Bibvewadi Road, Pune – 411037, Maharashtra, India

Tel. No.:

91-20-24220502

Fax No.:

91-20-24219288

E-Mail :

suranash@gmail.com

PAN No.:

ADWPS8894B

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister concern :

Design Automation Pune Private Limited

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital : Rs.10.500 Million

 

Issued, Subscribed & Paid-up Capital : Rs.10.489 Million

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 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

10.000

10.000

10.000

(b) Reserves & Surplus

151.203

146.520

140.472

(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)

161.203

156.520

150.472

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

51.491

25.154

15.157

(b) Deferred tax liabilities (Net)

2.777

2.742

2.588

(c) Other long term liabilities

48.933

46.157

46.157

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

103.201

74.053

63.902

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

13.228

(b) Trade payables

110.410

136.092

63.410

(c) Other current liabilities

87.242

120.419

78.246

(d) Short-term provisions

1.915

11.960

12.544

Total Current Liabilities (4)

199.567

268.471

167.428

 

 

 

 

TOTAL

463.971

499.044

381.802

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

57.326

69.229

55.526

(ii) Intangible Assets

2.424

2.903

0.574

(iii) Capital work-in-progress

25.207

9.940

3.689

(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

0.000

0.000

0.000

(e) Other Non-current assets

0.837

0.903

0.791

Total Non-Current Assets

85.794

82.975

60.580

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

123.487

146.464

65.230

(c) Trade receivables

191.380

168.511

184.695

(d) Cash and cash equivalents

26.101

37.521

17.521

(e) Short-term loans and advances

35.748

53.837

51.389

(f) Other current assets

1.461

9.736

2.387

Total Current Assets

378.177

416.069

321.222

 

 

 

 

TOTAL

463.971

499.044

381.802

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

SALES AND OPERATING INCOME

493.977

414.656

455.146

 

 

 

 

 

EXPENSES

486.460

410.296

449.980

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

7.517

10.486

15.509

 

 

 

 

 

TAX

2.635

4.438

5.075

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

4.882

6.048

10.434

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

4.88

6.05

10.43

 

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

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Net Profit Margin

PAT / Sales

(%)

2.29

 

1.46

 

0.99

 

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.10

2.14

1.71

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.07

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Debts/Networth)

 

0.19

0.16

0.32

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.92

1.55

1.89

 

 

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

10.000

10.000

10.000

Reserves & Surplus

140.472

146.520

151.203

Net worth

150.472

156.520

161.203

 

 

 

 

long-term borrowings

15.157

25.154

51.491

Short term borrowings

13.228

0.000

0.000

Total borrowings

28.385

25.154

51.491

Debt/Equity ratio

0.189

0.161

0.319

 

 

 

 

 

 

 

 

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)

Sales

455.146

414.656

493.977

 

 

(8.896)

19.129

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

455.146

414.656

493.977

Profit

10.434

6.048

4.882

 

2.29%

1.46%

0.99%

 

 

 

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

Yes

8

Designation of contact person

Yes

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)

Yes

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

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

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

 

 

OPERATIONS AND FUTURE PROSPECTS

 

During the year ended company achieve the turnover of Rs.493.900 Million as compare to last year and also achieve profit of Rs.7.500 Million as compare to the last year. The Director are hopeful that the company would be able to increase the growth during this financial year.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10483136

08/02/2014

114,000,000.00

BANK OF BARODA

PIMPRI CHINCHWAD MUNICIPAL CORPORATION COMPUND, PIMPRI, MUMBAI - PUNE ROAD, PIMPRI CHINCHWAD, Maharashtra - 411018, INDIA

B98694326

2

10396972

09/01/2013

75,000,000.00

The Hongkong and Shanghai Banking Corporation Limited

52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA

B65884744

3

90085590

24/11/2008 *

130,000,000.00

BANK OF INDIA

PIMPRI BRANCH, PUNE, Maharashtra - 411018, INDIA

A51531606

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Furniture and Fixtures
  • Office and Other Equipment
  • Computer
  • Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.63.89

UK Pound

1

Rs.97.97

Euro

1

Rs.71.81

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PNM

 

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

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

6

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

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.