MIRA INFORM REPORT

 

 

Report No. :

345197

Report Date :

16.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PROLIFIC PAPERS PRIVATE LIMITED

 

 

Registered Office :

5/2389, Chatta Shahji, Chawri Bazar, Delhi – 110006

Tel. No.:

91-11-23278322

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.03.2007

 

 

Com. Reg. No.:

55-160114

 

 

Capital Investment / Paid-up Capital :

Rs.12.770 Million

 

 

CIN No.:

[Company Identification No.]

U21093DL2007PTC160114

 

 

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 in manufacturing of high grade writing printing paper based on waste paper.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (34)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 480000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in year 2007 and it is engaged in manufacturing of writing and printing paper and duplex boards.

 

Rating remain constrained on account of company’s moderate financial profile marked by unfavorable gap between trade payables to its receivables along with large debt obligations and intensity competitive paper industry.

 

Trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealing with some caution.

 

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

CRISIL

Rating

Long term rating: B+

Rating Explanation

Risk prone credit quality and carries very high credit risk.

Date

29.07.2015

 

 

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 31-03-2015.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Sanjeev Sharma

Designation :

Sales Department

Contact No.:

91-11-23278322

Date :

15.10.2015

 

 

 

LOCATIONS

 

Registered / Corporate Office :

5/2389, Chatta Shahji, Chawri Bazar, Delhi – 110006, India

Tel. No.:

91-11-23278322, 23284468

Fax No.:

91-11-23252759

E-Mail :

info@prolificpapers.com

kochhar.swati1987@gmail.com

Website :

www.prolificpapers.com

 

 

Factory  :

Village Girdhai, Aliganj Road, Kashipur – 244713, Uttarakhand, India

Tel. No.:

91-5947-260838

Fax No.:

91-5947-272022

 

 

DIRECTORS

 

AS ON 27.09.2014

 

Name :

Mr. Shyam Lal Tayal

Designation :

Director

Address :

D-32 Prithvi Raj Road, Adarsh Nagar, Delhi - 110033, India

Date of Birth/Age :

24.05.1983

Date of Appointment :

05.03.2007

DIN No.:

01235247

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

U21093DL2007PTC160114

PROLIFIC PAPERS PRIVATE LIMITED

Director

5/3/2007

5/3/2007

-

Active

NO

2

U22110DL2013PTC262320

NEW SARASWATI HOUSE ( INDIA ) PRIVATE LIMITED

Director

31/12/2014

25/04/2014

-

Active

NO

 

 

Name :

Mr. Abhishek Kumar Agarwal

Designation :

Director

Address :

Ashram Road, Raxaul, Raxaul - 845305, Bihar, India

Date of Birth/Age :

24.05.1983

Date of Appointment :

05.03.2007

DIN No.:

01234538

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

U21093DL2007PTC160114

PROLIFIC PAPERS PRIVATE LIMITED

Director

5/3/2007

5/3/2007

-

Active

NO

2

U67120UP1996PTC019648

SARDHANA SECURITIES PVT.LTD.

Director

30/09/2008

5/3/2008

-

Active

NO

3

U74999UP2005PTC030656

ABC COMMODITIES IMPEX PRIVATE LIMITED

Director

30/09/2011

15/05/2010

-

Active

NO

 

 

Name :

Mr. Hemant Kumar Jodhani

Designation :

Director

Address :

F-83, Block-F, Preet Vihar, Delhi - 110092, India

Date of Birth/Age :

21.11.1959

Date of Appointment :

05.03.2007

DIN No.:

01224778

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

U67120DL1993PTC056414

JODHANI SECURITIES PRIVATE LIMITED

Director

13/12/1993

13/12/1993

-

Active

NO

2

U21093DL2007PTC160114

PROLIFIC PAPERS PRIVATE LIMITED

Director

5/3/2007

5/3/2007

-

Active

NO

 

 

Name :

Mr. Sourabh Jodhani

Designation :

Additional director

Address :

F-83, Preet Vihar, Delhi, 110092,  India

Date of Appointment :

01.01.2014

DIN No.:

03067800

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

U21093DL2007PTC160114

PROLIFIC PAPERS PRIVATE LIMITED

Additional director

1/1/2014

1/1/2014

-

Active

NO

2

U74899DL1997PTC087649

MOTHER-SON INVESTMENTS PVT LTD

Director

2/2/2014

2/2/2014

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjeev Sharma

Designation :

Sales Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.09.2014

 

Names of Shareholders

No. of Shares

Hemant Kumar Jodhani

203100

Hemant Kumar Jodhani HUF

19500

Jodhani Securitirs Private Limited, India

356500

Sneha Jodhani

13500

Sumitra Jodhani

24500

Jodhani Foods Private Limited, India

27500

Mother Son Investment Private Limited, India 

57750

Abhishek Kumar Agarwal

22800

Mukti Nath Agarwal

17500

Sardhana Securities Private Limited, India

232100

Vidhya Devi Agarwal

20000

Bhikam Chand Agarwal

13750

Rachna Agaewal

2100

Bhikam Chand Agarwal HUF

1750

Mukti Nath Agarwal HUF

2250

ABC Commodities Impex Private Limited, India

7000

Shyam Lal Tayal

127700

Orange Education Private Limited, India

127700

Total

1277000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 27.09.2014

 

Category

Percentage

Bodies corporate

54.26

Directors or relatives of Directors

45.74

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing of high grade writing printing paper based on waste paper.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS AS ON (31.03.2012)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Writing Printing Paper

MT

NA

36300

27495.0185

 

 

 

 

 

 

 

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 :

Punjab National Bank, E.K. Road, Meerut - 250001, Uttar Pradesh, India

 

Banker Name

Punjab National Bank

Branch Address

E.K. Road, Meerut - 250001, Uttar Pradesh, 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

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loans from banks

90.915

134.873

Total

90.915

134.873

 

Auditors :

 

Name :

Sanjay and Company

Chartered Accountants

Address :

S-248, Ganga Plaza, Begum Bridge Road, Meerut, Uttar Pradesh, India

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

AAIFM4167G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

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

 

 

 

 

1277000

Equity Shares

Rs.10/- each

Rs. 12.770 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

12.770

12.770

12.770

(b) Reserves & Surplus

156.265

143.545

134.590

(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)

169.035

156.315

147.360

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

111.406

137.873

179.706

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

26.500

31.500

20.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

137.906

169.373

199.706

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

241.124

167.820

126.596

(b) Trade payables

36.862

14.181

21.447

(c) Other current liabilities

10.204

13.663

12.863

(d) Short-term provisions

2.222

1.455

1.456

Total Current Liabilities (4)

290.412

197.119

162.362

 

 

 

 

TOTAL

597.353

522.807

509.428

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

266.349

280.806

322.833

(ii) Intangible Assets

0.000

0.000

0.000

(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)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.065

14.432

0.000

(e) Other Non-current assets

0.000

0.000

5.953

Total Non-Current Assets

269.414

295.238

328.786

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

134.767

118.332

82.024

(c) Trade receivables

118.710

90.143

84.003

(d) Cash and cash equivalents

64.668

12.011

9.636

(e) Short-term loans and advances

0.600

0.850

0.600

(f) Other current assets

9.194

6.233

4.379

Total Current Assets

327.939

227.569

180.642

 

 

 

 

TOTAL

597.353

522.807

509.428

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

NA

834.414

736.568

 

Other Income

NA

3.710

3.540

 

TOTAL

NA

838.124

740.108

 

 

 

 

 

Less

EXPENSES

NA

NA 

NA 

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA 

NA 

 

 

 

 

 

Less

TAX

NA

NA 

NA 

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

12.720

8.955

7.996

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

9.96

7.01

6.26

 

 

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

62.215

59.159

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)
NA

1.07

1.09

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.09

1.96

2.08

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.13

1.15

1.11

 

 

 

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

12.770

12.770

12.770

Reserves & Surplus

134.590

143.545

156.265

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

147.360

156.315

169.035

 

 

 

 

long-term borrowings

179.706

137.873

111.406

Short term borrowings

126.596

167.820

241.124

Total borrowings

306.302

305.693

352.530

Debt/Equity ratio

2.079

1.956

2.086

 

 

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)

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 two 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

Yes

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

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from others

20.491

3.000

SHORT TERM BORROWING

 

 

Loans taken for other fixed assets

241.124

167.820

Total

261.615

170.820

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10471633

09/01/2014

2,467,000.00

PUNJAB NATIONAL BANK

E.K.ROAD, MEERUT, UTTAR PRADESH - 250001, INDIA

B94030954

2

10402093

19/12/2012

10,000,000.00

PUNJAB NATIONAL BANK

PUNJAB NATIONAL BANK, E.K.ROAD, MEERUT, UTTAR PRA
DESH - 250001, INDIA

B67749028

3

10245358

24/09/2010

20,000,000.00

PUNJAB NATIONAL BANK

E.K.ROAD, MEERUT, UTTAR PRADESH - 250001, INDIA

A96638341

4

10209537

24/02/2010

100,000,000.00

PUNJAB NATIONAL BANK

E.K.ROAD, MEERUT, UTTAR PRADESH - 250001, INDIA

A82125303

5

10136959

11/12/2008

180,000,000.00

PUNJAB NATIONAL BANK

MID CORPORATE BRANCH, RDC,, RAJNAGAR,, GHAZIABAD,
UTTAR PRADESH - 201002, INDIA

A54209432

6

10136972

28/03/2014 *

190,000,000.00

PUNJAB NATIONAL BANK

PUNJAB NATIONAL BANK, MEERUT, UTTAR PRADESH - 2500
01, INDIA

C02498665

7

10111698

31/05/2008

500,000.00

PUNJAB NATIONAL BANK

KASHIPUR, KASHIPUR, UTTARAKHAND - 244713, INDIA

A41525585

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible 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 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.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.74.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--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

 

34

 

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.