MIRA INFORM REPORT

 

 

Report No. :

312958

Report Date :

18.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AUTOTEC SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

177/6B, “Ashraya Ornate”, Bilekahalli, Bannerghatta Road, Bangalore – 560076, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.04.2000

 

 

Com. Reg. No.:

08-026996

 

 

Capital Investment / Paid-up Capital :

Rs. 20.529 Million

 

 

CIN No.:

[Company Identification No.]

U72200KA2000PTC026996

 

 

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 :

The company is engaged in the manufacturing of Automatic Test Equipment (ATE), embedded system and Electronic and defence production support. It also provides services in connection with the product manufactured.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 191000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track.

 

The rating takes into consideration AutoTEC’s established position in the defence hardware industry supported by sound financial base and fair profitability margins of the company.

 

Trade relations are fair. Business is active. Payment terms 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

CRISIL

Rating

Long term rating = BB

Rating Explanation

Inadequate credit quality and high credit risk.

Date

17.02.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating = A4+

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

17.02.2015

 

 

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 31-03-2014.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Arun Kumar

Designation :

Finance Head

Contact No.:

91-80-40327600

Date :

17.03.2015

 

 

LOCATIONS

 

Registered Office/Factory :

177/6B, “Ashraya Ornate”, Bilekahalli, Bannerghatta Road, Bangalore – 560076, Karnataka, India

Tel. No.:

91-80-40327600 / 40327676

Fax No.:

91-80-40327676

E-Mail :

shivayogi@rassit.com

arunkumar.br@autotecsystems.com

info@autotecsystems.com

Website :

http://www.autotecsystems.com

 

 

Regional Office 1 :

Plot No.27, Asbestos Colony, Behind SBH Bank, Vikrampuri, Secunderabad – 500009, Telangana, India

Tel. No.:

91-40-27841012 / 13

Fax No.:

91-40-27841011

 

 

Regional Office 2 :

#60, Bahubali Enclave, IP Extension 2, New Delhi – 110092, India

Tel. No.:

91-11-22377291

Fax No.:

91-11-22377291

 

 

DIRECTORS

 

AS ON 12.09.2014

 

Name :

Innanji Satish Kumar

Designation :

Managing director

Address :

1593 35th Cross, 15th Main, BSK II Stage, Bangalore – 560070,  Karnataka, India 

Date of Birth/Age :

20.12.1962

Date of Appointment :

01.04.2012

DIN No.:

00892983

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

U30009KA1998PTC024275

SIERRA CIRCUITS PRIVATE LIMITED

Director

29/09/1998

29/09/1998

-

Active

NO

2

U72200KA2000PTC026996

AUTOTEC SYSTEMS PRIVATE LIMITED

Managing director

01/04/2012

26/04/2000

-

Active

NO

3

U07010KA2003PTC031929

ASHRAYA REALTORS PRIVATE LIMITED

Director

12/05/2003

12/05/2003

-

Active

NO

4

U72900KA2007PTC042981

AutoTEC Embedded Solutions Private Limited

Director

01/06/2007

01/06/2007

-

Strike off

NO

5

U74140KA2007PTC044742

AASHRAM FINANCIAL SERVICES PRIVATE LIMITED

Director

20/12/2007

20/12/2007

-

Strike off

NO

6

U32109KA2009PTC050077

ADTEC ELECTRONIC INSTRUMENTS PRIVATE LIMITED

Director

30/11/2010

30/11/2010

31/03/2012

Active

NO

7

U72200KA1999PTC025738

RASS TECHNOLOGIES PRIVATE LIMITED

Director

17/10/2011

17/10/2011

31/12/2011

Active

NO

 

 

Name :

Chenjeri Sripadarao Srikanth

Designation :

Director

Address :

No.15, 2nd Cross, State Bank of Mysore, Colony Mathikere, Bangalore – 560054, Karnataka, India

Date of Birth/Age :

12.04.1968

Date of Appointment :

01.07.2001

DIN No.:

02235615

 

 

KEY EXECUTIVES

 

Name :

Mr. Arun Kumar

Designation :

Finance Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 12.09.2014

 

Names of Shareholders

 

 

No. of Shares

Ravichandra Sundaram Nagasubramanian

 

428864

Srihari A

 

406000

Innanji Satish Kumar

 

406000

Satish Kumar B S

 

406000

Chenjeri Sripadarao Srikanth

 

406000

 

 

 

Total

 

2052864

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 12.09.2014

 

Category

Percentage

Directors or relatives of Directors

39.55

Other top fifty shareholders

60.45

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in the manufacturing of Automatic Test Equipment (ATE), embedded system and Electronic and defence production support. It also provides services in connection with the product manufactured.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

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 :

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 :

Information declined by the management.

 

 

Bankers :

State Bank of India, SME Branch Jayanagar, No.311 (New) 19, 1st Floor, 1st Main Road, 40th Cross, Jayanagar 8th Block, Bangalore, Karnataka - 560070, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Indian Rupee loans from Financial Institution

[Indian Rupee loans from Financial Institution was obtained for purchase of motor vehicle which carries interest @11%. The loan is repayable in 60 monthly EMI of Rs.0.022 Million. The loan is secured by hypothecation of vehicles.

Another loan obtained from a Financial Institution during previous year has been pre closed during the year. ]

 

0.563

15.737

Les : Amount disclosed under the head “Other current liabilities”

0.000

0.000

Short-term borrowings

 

 

Cash Credit

Cash credit is obtained for working capital requirements which carries @14.50% (During the year, interest rates varied from 14.20% to 14.50%) p.a. The loans is repayable on demand. The above loan is secured by hypothecation of stock, receivables and other current assets. Further, the loan is also secured by personal guarantee of directors and their relatives and corporate guarantee by the directors. 

4.335

18.121

Total

4.898

33.858

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Guru and Jana

Chartered Accountants

Address :

No.41, Patalamma Temple Road, Basavanagudi, Near South End Circle, Bangalore – 560004, Karnataka, India

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

AABFA5265A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates Company:
  • Ashraya Realtors Private Limited
  • Rass Technologies Private Limited

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,100,000

Equity Shares

Rs.10/- each

Rs.21.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,052,864

Equity Shares

Rs.10/- each

Rs.20.529 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

20.529

20.529

20.529

(b) Reserves & Surplus

46.044

35.232

31.025

(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)

66.573

55.761

51.554

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.563

15.737

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1.776

1.538

1.178

Total Non-current Liabilities (3)

2.339

17.275

1.178

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4.335

58.770

73.567

(b) Trade payables

15.461

56.698

77.412

(c) Other current liabilities

25.712

18.160

6.787

(d) Short-term provisions

1.882

2.336

6.198

Total Current Liabilities (4)

47.390

135.964

163.964

 

 

 

 

TOTAL

116.302

209.000

216.696

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6.015

7.375

8.172

(ii) Intangible Assets

0.001

0.003

0.005

(iii) Capital work-in-progress

0.000

0.000

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)

0.821

0.574

0.323

(d)  Long-term Loan and Advances

3.101

3.241

3.112

(e) Other Non-current assets

15.130

22.350

19.404

Total Non-Current Assets

25.068

33.543

31.016

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

27.692

45.479

28.239

(c) Trade receivables

42.463

106.313

116.600

(d) Cash and cash equivalents

2.751

3.873

10.843

(e) Short-term loans and advances

16.434

18.908

28.500

(f) Other current assets

1.894

0.884

1.498

Total Current Assets

91.234

175.457

185.680

 

 

 

 

TOTAL

116.302

209.000

216.696

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

236.724

116.517

186.166

 

Other Income

 

 

 

 

TOTAL (A)

236.724

116.517

186.166

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL (B)

213.531

101.235

168.150

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

23.193

15.282

18.016

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

5.224

6.114

 

 

 

 

 

 

 

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

17.969

9.168

8.089

[Including Financial and Depreciation]

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

1.675

2.119

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

16.294

7.049

9.927

 

 

 

 

 

Less

TAX (H)

5.482

2.842

3.745

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

10.812

4.207

6.182

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

5.00

2.00

3.00

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

4.57

3.61

3.32

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

14.11

3.38

4.59

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.24

0.13

0.19

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.07

1.34

1.43

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.93

1.29

1.13

 

 

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

20.529

20.529

20.529

Reserves & Surplus

31.025

35.232

46.044

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

51.554

55.761

66.573

 

 

 

 

long-term borrowings

0.000

15.737

0.563

Short term borrowings

73.567

58.770

4.335

Total borrowings

73.567

74.507

4.898

Debt/Equity ratio

1.427

1.336

0.074

 

 

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

186.166

116.517

236.724

 

 

(37.412)

103.167

 

 

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

186.166

116.517

236.724

Profit

6.182

4.207

10.812

 

3.32%

3.61%

4.57%

 

 

 

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

Yes

10]

Designation of contact person

Yes

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

Yes

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term borrowings

 

 

Loans from Shareholders

[Borrowing from shareholders does not carry any interest. There are no fixed terms for repayment of such borrowings. The entire borrowings from shareholders has been repaid during the year.]

0.000

40.649

 

 

 

Total

0.000

40.649

 

 

FINANCIAL RESULTS AND PROSPECTUS OF THE COMPANY

 

During the year company has incurred a profit of Rs.10.812 Million. Compared to the profit of Rs.4.207 Million earned during the last financial year. The Directors are confident that the company shall perform well consistently and hence expects to grow multi fold in the years to come.

 

CORPORATE INFORMATION

 

Subject is a Private Limited company domiciled in India and incorporated under the provision of the companies Act, 1956 on 26th April 2000. The company is engaged in the manufacturing of Automatic Test Equipment (ATE), embedded system and Electronic and defence production support. It also provides services in connection with the product manufactured.

 

NOTE

 

The registered office of the company has been shifted from No. 27, 24th Main, Sarakkiake, 5th Phase, J.P. Nagar, Bangalore – 560078, Karnataka, India to the present address w.e.f. 24.01.2007.

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

80029613

25/09/2014 *

159,300,000.00

STATE BANK OF INDIA

SME BRANCH JAYANAGAR, NO.311 (NEW) 19, 1ST FLOOR,, 
1ST MAIN ROAD, 40TH CROSS, JAYANAGAR 8TH BLOCK,, 
BANGALORE, KARNATAKA - 560070, INDIA

C33950502

 

* Date of charge modification

 

 

 

 

 

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.62.69

UK Pound

1

Rs.92.99

Euro

1

Rs.66.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SNT

 

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

4

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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.