MIRA INFORM REPORT

 

 

Report No. :

346787

Report Date :

26.10.2015

 

IDENTIFICATION DETAILS

 

Name :

WYSETEK SYSTEMS TECHNOLOGISTS PRIVATE LIMITED

 

 

Registered Office :

802, 8th Floor, Lotus Corporate Park, Graham Fifth Compound, Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra

Tel. No.:

91-22-66662727 / 43594900 / 24440777

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.08.1996

 

 

Com. Reg. No.:

11-102214

 

 

Capital Investment / Paid-up Capital :

Rs.2.499 Million

 

 

CIN No.:

[Company Identification No.]

U72900MH1996PTC102214

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged into dealing, distribution, selling and servicing of IT products and Solutions.

 

 

No. of Employees :

275 (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 :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The company has reported decrease in its sales turnover in FY 2014, However reported decent networth base and fair profit margin in the year under consideration.

 

Further, the ratings factors in the company’s established market position in the information technology hardware distribution business.

 

Trade relations are reported to be fair. Business is active. Payment terms are slow but 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating : BB+

Rating Explanation

Inadequate credit quality and high credit risk. 

Date

March 3, 2014

 

Rating Agency Name

CRISIL

Rating

Short term rating : A4+

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

March 3, 2014

 

 

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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Devish Farate

Designation :

Accounts Executive

Contact No.:

91-22-66662727

Date :

21.10.2015

 

 

LOCATIONS

 

Registered Office / Postal Address :

802, 8th Floor, Lotus Corporate Park, Graham Fifth Compound, Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India

Tel. No.:

91-22-61643333

Fax No.:

91-22-61643399

E-Mail :

anil@wysetek.com

sales@wysetek.com

services@wysetek.com

info@wysetek.com

rajesh@wysetek.com

Website :

http://www.wysetek.com

 

 

Branch Office :

Located At :

 

  • Bangalore
  • Hyderabad
  • Chennai
  • Kochi
  • Trivandrum 
  • Delhi
  • Faridabad
  • Noida
  • Kolkata
  • Goa
  • Nashilk
  • Jaipur
  • Ahmedabad
  • Indore
  • Pune

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Cherian Kunnumkadavadakathil Thomas

Designation :

Director

Address :

Raheja Sherwood, C-Wing, 503 and 504, Near Western Highway, Goregaon (East), Mumbai-400063, Maharashtra, India

Date of Birth/Age :

05.01.1964

Qualification :

B. Sc.

Date of Appointment :

28.08.1969

DIN No.:

02779692

 

 

Name :

Mr. Rajesh Madhav Mathkar

Designation :

Director

Address :

Anmol Prestige, 2nd Floor, Flat 201, Opposite S. V. Road, Goregaon (West), Mumbai-40062, Maharashtra, India

Date of Birth/Age :

13.02.1967

Qualification :

Engineering

Date of Appointment :

28.08.1969

DIN No.:

00695089

 

 

KEY EXECUTIVE

 

Name :

Mr. Devish Farate

Designation :

Accounts Executive

 

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

%age Holding

 

Thomas Cherian

124950

50.00

Rajesh Mathkar

124950

50.00

Total

249900

100.00

 

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into dealing, distribution, selling and servicing of IT products and Solutions.

 

 

Products :

Product Description

Item Code (ITC Code No.)

Computer systems including personal computer

847150

 

 

Brand Names :

Not Available

 

 

Agencies Held :
  • MICROSOFT
  • CITRIX
  • TREND MICRO
  • SYMANTEC
  • CISCO
  • IBM

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit (30 days / 60 days / 90 days)

 

 

Purchasing :

Cash and Credit (30 days / 60 days / 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

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 :

250 (Approximately)

 

 

Bankers :

 

Bank Name

Kotak Mahindra Bank Limited

Branch

J. B. Nagar, Andheri (East), Mumbai, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Loan from bank

32.485

0.467

Loan from other parties

2.642

3.340

Less :Due within 12 months

(10.190)

(0.908)

SHORT TERM BORROWINGS

 

 

From Bank (Cash Credit Facility)

40.810

28.748

Total

65.747

31.647

 

NOTE :

 

LONG TERM BORROWINGS

 

Nature of Security

Description

Nature of Charge

For Car Loan

 

 

 

Primary

Vehicle purchased against the term loan

Exclusive

 

Exclusive

 

For Premises

 

 

 

Primary

 

Business Premises purchased by the Company during the year

Exclusive

 

Exclusive

 

Collateral

 

Hypothecation of Trade Receivables and Inventory

Exclusive

 

Exclusive

 

 

 

SHORT TERM BORROWINGS

 

Nature of Security

Description

Nature of Charge

Primary

 

Hypothecation of Trade Receivables and Inventory

Exclusive

 

Exclusive

 

Collateral

 

Business Premises owned by the company

Exclusive

 

Exclusive

 

 

Auditors :

 

Name :

Sukhbir and Associates

Chartered Accountants 

Address :

320, Udyog Mandir 1, Bhagoji Keer Marg, Mumbai - 400016, Maharashtra, India

PAN No.:

ACHFS8882P

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary company of Wysetek Systems Technologists Private Limited in which they hold 76% Equity :

Wysetek Systems Technologists Singapore Pte. Limited

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

249900

Equity Shares

Rs.10/- each

Rs.2.499 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

2.499

2.499

2.499

(b) Reserves & Surplus

77.278

69.322

61.525

(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)

79.777

71.821

64.024

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

24.937

2.899

3.655

(b) Deferred tax liabilities (Net)

0.791

1.054

0.839

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.641

1.995

2.749

Total Non-current Liabilities (3)

28.369

5.948

7.243

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

40.810

28.748

32.603

(b) Trade payables

52.993

48.588

392.844

(c) Other current liabilities

14.537

6.427

11.231

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

108.340

83.763

436.678

 

 

 

 

TOTAL

216.487

161.532

507.945

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

88.139

31.334

28.565

(ii) Intangible Assets

0.000

0.000

1.041

(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

0.943

2.558

5.477

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

17.520

12.636

12.185

(e) Other Non-current assets

0.140

0.307

0.482

Total Non-Current Assets

106.742

46.835

47.750

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4.421

14.214

14.119

(c) Trade receivables

89.227

82.396

432.655

(d) Cash and cash equivalents

13.639

16.672

8.681

(e) Short-term loans and advances

0.977

0.672

4.680

(f) Other current assets

1.480

0.743

0.060

Total Current Assets

109.744

114.697

460.195

 

 

 

 

TOTAL

216.486

161.532

507.945

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

591.986

728.437

647.084

 

Other Income

3.055

2.025

2.729

 

TOTAL                                    

595.041

730.462

649.813

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchase of Stock-in-Trade

444.158

617.536

563.771

 

Changes in inventories of Stock-in-Trade

9.793

(0.095)

(7.675)

 

Other direct expenses

8.169

11.739

3.842

 

Employee benefit expense

92.588

64.830

58.724

 

Other expenses

22.758

18.574

14.777

 

TOTAL                                    

577.466

712.584

633.439

 

 

 

 

 

 

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

17.575

17.878

16.374

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

2.527

2.960

2.741

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

15.048

14.918

13.633

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

4.093

4.369

3.549

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

10.955

10.549

10.084

 

 

 

 

 

Less

TAX                                                                 

3.000

2.751

2.720

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

7.955

7.798

7.364

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

54.322

46.524

39.160

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

62.277

54.322

46.524

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

31.84

31.20

29.47

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current maturities of long term debts

10.190

0.908

0.822

Cash generated from operations

20.371

24.180

13.764

Net Cash Generated from Operations

12.136

16.303

5.425

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin
(PAT / Sales)

(%)

1.34

1.07

1.14

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

2.97

2.45

2.53

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.08

6.64

2.01

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.15

0.16

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.82

0.44

0.57

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.01

1.37

1.05

 

 

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

2.499

2.499

2.499

Reserves & Surplus

61.525

69.322

77.278

Net worth

64.024

71.821

79.777

 

 

 

 

long-term borrowings

3.655

2.899

24.937

Short term borrowings

32.603

28.748

40.810

Current Maturities of Long Term Debt

0.822

0.908

10.190

Total borrowings

37.080

32.555

75.937

Debt/Equity ratio

0.579

0.453

0.952

 

 

 

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

647.084

728.437

591.986

 

 

12.572

(18.732)

 

 

 

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

647.084

728.437

591.986

Profit

7.364

7.798

7.955

 

1.14%

1.07%

1.34%

 

 

 

 

 

 

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

Yes

17

Details of sister concerns

Yes

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

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Bank guarantees issued on behalf of the company to customers

3.089

1.107

Bank guarantees issued on behalf of the company to sales tax authorities

0.050

0.163

Total

3.139

1.270

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10525570

26/09/2014

78,600,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA

C29454329

 

* Date of charge modification

 

 

COMPANY OVERVIEW

 

Founded in 1990, The Company is an established IT System Integration organization. Its primary businesses Sales and Services of IT Products and Solutions. It has a vast customer base in both SME as well as Enterprise Sector. Partnership with global leaders from IT Industry as well as all India Service Network is the key strategically strength.

 

The Head Office is located at Mahim, Mumbai, with Branch offices in Bangalore, Hyderabad, Chennai, Delhi, Kolkata, Ahmedabad and Pune.

 

 

REVIEW OF OPERATIONS

 

The Company is engaged in I.T. Services; their major force is on providing I.T Solutions to their clients. They are pleased to inform that as on 31st March 2014, they had total staff strength of 275 people, with operations in Mumbai, Bangalore, Hyderabad, Chennai, New Delhi, Kolkata, Ahmedabad, and Pune. The economic conditions were quite challenging. The Directors and the staff worked hard to create opportunities and maintain the profitability. The Company is now focusing on providing services to its clients rather than sale of goods. The income from Sale of Services has increased from Rs. 7.428 Million in FY 2012-13 to Rs. 9.189 Million in the current year.

 

 

FIXED ASSETS

 

  • Furniture and Fixture
  • Electrical Installation
  • Office Equipment
  • Mobile
  • Computers
  • Motor Car

 

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.64.88

UK Pound

1

Rs.99.88

Euro

1

Rs.72.06

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

KIN

 

 

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

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

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.