MIRA INFORM REPORT

 

 

Report No. :

339077

Report Date :

02.09.2015

 

IDENTIFICATION DETAILS

 

Name :

MICROSUN SOLAR TECH PRIVATE LIMITED

 

 

Registered Office :

74/2-B, Krishnappa Industrial Estate, 14th Cross, Srigandhanagar, Hegganahalli, Near Peenya II Stage, Bangalore – 560091, Karnataka

Tel. No.:

91-80-28367845

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

14.08.2007

 

 

Com. Reg. No.:

08-043606

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 Million

 

 

CIN No.:

[Company Identification No.]

U40106KA2007PTC043606

 

 

IEC No.:

0707016045

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCM1837P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Importer and Supplier of Solar Photovoltaic Modules.

 

 

No. of Employees :

105  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track.

 

Rating takes into consideration moderate financial risk profile of the company marked by increasing external borrowings leading to highly leveraged capital structure in FY14.

 

However, company has managed significant growth in sales along with fair profile margin.

 

Overall financial condition of the company is improving.

                     

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

 

The company can be considered for business dealings 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

Solar Energy Grading: SP2B

Rating Explanation

Moderate financial strength and high performance capability.

 

 

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. Sumit Tudarwal

Designation :

Finance Manager

Contact No.:

91-80-28367845

Date :

01.09.2015

 

 

LOCATIONS

 

Registered Office / Factory:

74/2-B, Krishnappa Industrial Estate, 14th Cross, Srigandhanagar, Hegganahalli, Near Peenya II Stage, Bangalore – 560091, Karnataka, India

Tel. No.:

91-80-28367845/35

Fax No.:

91-80-28367845/35

E-Mail :

info@microsunsolar.com

Website :

www.microsunsolar.com

Location:

Rented

Locality:

Commercial

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Sohan Raj K Jain

Designation :

Director

Address :

I Floor, 124/2, Surveyor Street,, Basavanagudi, Bangalore - 560004, Karnataka, India

Date of Birth/Age :

21.10.1959

Date of Appointment :

14.08.2007

DIN No.:

01634792

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

U27209KA2001PTC029627

MAHARAJA TECHNO CHROMES PRIVATE LIMITED

Director

8/10/2001

8/10/2001

20/03/2015

Active

NO

2

U40106KA2007PTC043606

MICROSUN SOLAR TECH PRIVATE LIMITED

Director

14/08/2007

14/08/2007

-

Active

NO

3

U40104KA2015PTC081594

MICROSUN POWER PRIVATE LIMITED

Nominee director

15/07/2015

15/07/2015

-

Active

NO

 

 

Name :

Mr. Dinesh Pukhraj Jain

Designation :

Director

Address :

31 E.A.T. Street, I Floor, Opposite Bugal Rock, Garden, Basavanagudi, Bangalore -  560004, Karnataka, India

Date of Birth/Age :

11.08.1969

Date of Appointment :

14.08.2007

DIN No.:

01634795

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

U27209KA2001PTC029627

MAHARAJA TECHNO CHROMES PRIVATE LIMITED

Director

8/10/2001

8/10/2001

20/03/2015

Active

NO

2

U40106KA2007PTC043606

MICROSUN SOLAR TECH PRIVATE LIMITED

Director

14/08/2007

14/08/2007

-

Active

NO

3

U40104KA2015PTC081594

MICROSUN POWER PRIVATE LIMITED

Nominee director

15/07/2015

15/07/2015

-

Active

NO

 

 

Name :

Mrs. Apeksha Sohan Jain

Designation :

Director

Address :

124/2, Surveyor Street, Gandhi Bazaar, Bangalore -560004, Karnataka, India

Date of Birth/Age :

09.10.1987

Date of Appointment :

25.08.2009

DIN No.:

01777604

 

 

Name :

Mrs. Poonam Dinesh Jain

Designation :

Director

Address :

NO. 31, E A T Street, 1st Floor, Opposite Bugal Rock Garden, Basavanagudi, Bangalore - 560004, Karnataka, India

Date of Birth/Age :

12.08.2012

Date of Appointment :

25.08.2009

DIN No.:

02513886

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

U27209KA2001PTC029627

MAHARAJA TECHNO CHROMES PRIVATE LIMITED

Director

18/06/2005

18/06/2005

20/03/2015

Active

NO

2

U40106KA2007PTC043606

MICROSUN SOLAR TECH PRIVATE LIMITED

Director

25/08/2009

25/08/2009

-

Active

NO

 

 

Name :

Mrs. Lalita Sohanraj Jain

Designation :

Director

Address :

124/2, Surveyor Street, Basavanagudi, Bangalore - 560004, Karnataka, India

Date of Birth/Age :

16.02.1965

Date of Appointment :

25.08.2009

DIN No.:

01397292

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

U27209KA2001PTC029627

MAHARAJA TECHNO CHROMES PRIVATE LIMITED

Director

18/06/2005

18/06/2005

20/03/2015

Active

NO

2

U40106KA2007PTC043606

MICROSUN SOLAR TECH PRIVATE LIMITED

Director

25/08/2009

25/08/2009

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Sumit Tudarwal

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

SHAREHOLDING DETAIL FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Importer and Supplier of Solar Photovoltaic Modules.

 

 

Products :

Solar Photovoltaic Modules

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Taiwan

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

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 :

End users

 

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 :

105 (Approximately)

 

 

Bankers :

Banker Name

Canara Bank

Branch Address

SME Branch, 473d, 13th Cross, IV Phase, Peenya Industrial Estate, Bangalore - 560058, Karnataka, 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

SHORT TERM BORROWING

 

 

From banks

 

 

Canara Bank OD A/c – 5484

20.378

22.490

Axis Bank – Car Loa (Metro Ford)

0.180

0.398

HDFC Car Loan (Murut Dezire)

0.199

0.340

Total

20.757

23.228

 

Auditors :

 

Name :

R N Bishnoi and Associates

Chartered Accountant

Address :

No. 20, 3rd Cross, Gandhi Nagar, Bangalore – 560091, Karnataka, India

Tel. No.:

91-80-41242114/41242198

Mobile No.:

91-9379865593

E-Mail :

ram@rnbishnoi.com

Website:

www.rnbishnoi.com

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

AEKPB7208R

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- 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

21.448

12.353

5.127

(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)

31.448

22.353

15.127

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

142.032

60.162

28.764

(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

0.000

0.000

0.000

Total Non-current Liabilities (3)

142.032

60.162

28.764

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

20.757

23.228

10.222

(b) Trade payables

31.607

48.808

33.488

(c) Other current liabilities

9.934

19.111

4.926

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

62.298

91.147

48.636

 

 

 

 

TOTAL

235.778

173.662

92.527

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13.310

9.246

8.637

(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)

0.529

0.472

0.365

(d)  Long-term Loan and Advances

5.186

9.074

2.333

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

19.025

18.792

11.335

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

38.255

39.989

13.815

(c) Trade receivables

152.206

107.073

64.866

(d) Cash and cash equivalents

18.335

4.254

0.273

(e) Short-term loans and advances

5.395

3.514

1.990

(f) Other current assets

2.562

0.040

0.248

Total Current Assets

216.753

154.870

81.192

 

 

 

 

TOTAL

235.778

173.662

92.527

 

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

445.079

350.301

251.453

 

Other Income

 

 

 

 

TOTAL

445.079

350.301

251.453

 

 

 

 

 

Less

EXPENSES

431.706

340.154

245.322

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

13.373

10.147

6.131

 

 

 

 

 

Less

TAX

4.278

2.921

1.282

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

9.095

7.226

4.849

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

90.95

NA

NA

 

 

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

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

5.68

5.86

6.65

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.43

0.45

0.41

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

5.18

3.73

2.58

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.48

1.70

1.67

 

 

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

5.127

12.353

21.448

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

15.127

22.353

31.448

 

 

 

 

long-term borrowings

28.764

60.162

142.032

Short term borrowings

10.222

23.228

20.757

Total borrowings

38.986

83.390

162.789

Debt/Equity ratio

2.577

3.731

5.176

 

 

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

251.453

350.301

445.079

 

 

39.311

27.056

 

 

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

251.453

350.301

445.079

Profit

4.849

7.226

9.095

 

1.93%

2.06%

2.04%

 

 

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

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

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

 

FUTURE PROSPECTUS:

 

The company anticipates more turn over in the coming years.

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From Shareholder

 

 

Directors and Relatives

12.345

6.245

Corporates

36.820

0.000

Other Shareholders

93.867

53.917

Total

143.032

60.162

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10080039

29/10/2007

2,500,000.00

CANARA BANK

SSI PEENYA BRANCH, BANGALORE, KARNATAKA - 560058,
INDIA

A29031614

2

10080041

30/03/2015 *

140,985,000.00

CANARA BANK

SME BRANCH, 473D, 13TH CROSS, II STAGE, IV PHASE,
PEENYA INDUSTRIAL ESTATE, BANGALORE, KARNATAKA -
560058, INDIA

C49559644

 

* Date of charge modification

 

FIXED 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 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.66.26

UK Pound

1

Rs.101.99

Euro

1

Rs.74.79

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

36

 

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.