MIRA INFORM REPORT

 

 

Report No. :

339186

Report Date :

05.09.2015

 

IDENTIFICATION DETAILS

 

Name :

GRUNDFOS PUMPS INDIA PRIVATE LIMITED

 

 

Registered Office :

No.118, Rajiv Gandhi Salai, Old Mahabalipuram Road, Thoripakkam, Chennai – 600097, Tamilnadu

Tel. No.:

91-44-45966800

 

 

Country :

India

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.03.1998

 

 

Com. Reg. No.:

18-040102

 

 

Capital Investment / Paid-up Capital :

Rs.162.345 Million

 

 

CIN No.:

[Company Identification No.]

U29309TN1998PTC040102

 

 

IEC No.:

0498047075

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEG02229D

 

 

PAN No.:

[Permanent Account No.]

AAACG8981B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and trader of Pumps and Pumping equipment, spare parts and services kits. 

 

 

No. of Employees :

250  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company, incorporated during the year 1998. . It has a fine track record.

 

For the financial year 2014, the company possesses good operational activity marked by decent sales turnover along with profitability margin of 1.9%.

 

Further, it has strong financial risk profile backed by efficient net worth base along with zero debt balance sheet profile.

 

Trade relations are reported as fair. Business is active. Payments terms are regular.

 

In view of strong financial risk profile, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Prakash

Designation :

Senior Manager Finance

Contact No.:

91-44-45966800

Date :

03.09.2015

 

 

LOCATIONS

 

Registered/ Head/ Chennai Sales Office / Factory:

No.118, Rajiv Gandhi Salai, Old Mahabalipuram Road, Thoripakkam, Chennai – 600097, Tamilnadu, India

Tel. No.:

91-44-24966800/ 45966800

Fax No.:

91-44-24966868/ 45966868/ 24966969

E-Mail :

deepakkumar@grundfos.com

Website :

http://www.grundfos.com

http://www.grundfos.in

Location :

Owned

 

 

Regional Office :

Located at:

 

·         Mumbai

·         Delhi

·         Bangalore

·         Kolkata

·         Hyderabad

·         Pune

·         Ahmedabad

·         Nagpur

·         Bhubaneshwar

·         Maldives

 

 

DIRECTORS

 

AS ON 12.02.2015

 

Name :

Mr. Nugahalli Krishna Ranganath

Designation :

Managing Director

Address :

APT 5, Sreshtha Apartments, Old No.57, Subramaniya Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

13.03.1956

Date of Appointment :

06.03.2008

DIN No.:

00004044

 

 

Name :

Safak Okay Barutcu

Designation :

Director

Address :

108 Grange Road, #05-06 Cliveden At Grange, Singapore, 249595, Singapore

Date of Birth/Age :

02.01.1966

Date of Appointment :

12.02.2015

DIN No.:

07180181

 

 

Name :

Marco Benini

Designation :

Director

Address :

25 Jalan Tukang, Singapore, 619264, Singapore

Date of Birth/Age :

12.09.1956

Date of Appointment :

12.02.2015

DIN No.:

07180214

 

 

KEY EXECUTIVES

 

Name :

Mr. Venkataraman A.

Designation :

Company Secretary

Address :

14/121, Abhiramapuram, 4th Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

17.06.1963

Date of Appointment :

11.05.2012

PAN No.:

AAGPA8023K

Email :

venkataraman@grundfos.com

 

 

Name :

Mr. Prakash

Designation :

Senior Manager Finance

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 12.02.2015

 

Names of Shareholders

 

No. of Shares

Ranganath N K

 

1

Grundfos Holding AG, Switzerland

 

1623436

Grundfos A/S

 

10

Total

 

1623447

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 12.02.2015

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and trader of Pumps and Pumping equipment, spare parts and services kits. 

 

 

Products :

Pumps and Pumping equipment, spare parts and services kits. 

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Bangladesh
  • Taiwan
  • European Countries

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Mexico
  • Singapore
  • European Countries
  • France

 

 

Terms :

 

Selling :

Cash and Credit (30,60,90 Days)

 

 

Purchasing :

Cash and Credit (30,60,90 Days)

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users and OEMS

 

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 :

Banker Name

Citi Bank

Branch Address

Club Road, Chennai, Tamilnadu, 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

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

AsvN Ramana Tower 5, 2 Venkatnarayana Road

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

AACFD3771D

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:
  • Grundfos Holding AG

 

 

Fellow Subsidiary company:
  • Grundfos (Singapore) PTE Limited
  • Grundfos Handels AG Taiwan
  • Grundfos Pumps Suzhou Limited
  • Keum Jung Industrial Company Limited
  • Grundfos Pumps (Wuxi) Limited
  • Grundfos A/S
  • Grundfos Hunga ry Manufacturing Limited
  • DAB Pumps (Qingdao) Company Limited
  • DAB Pumps SPA
  • Grundfos Environment Finland
  • Grundfos Arnold AG
  • Bombas Grundfos de Mexico
  • POMPES Grundfos SAS
  • Peerless Pump Company
  • ISIA SPA
  • Grundfos Pumpefabrik GMBH
  • Grundfos Serbia d o o
  • Grundfos Alldos International AG
  • CSK Chung Suk Company Limited
  • Grundfos Pumps Manufacturing Corporation
  • Grundfos CBS INC Brookshire
  • Grundfos Manufacturing Limited
  • Grundfos Pumps Korea Limited
  • Grundfos Holding A/S
  • Hilge GMBH and Company KG
  • Grundfos Gulf Distribution
  • Grundfos Pompe Italis SRL
  • Grundfos Pty Limited
  • Grundfos Egypt
  • Grundfos (Thailand) Limited
  • Grundfos Pumps (Shangai) Company Limited
  • Grundfos Kenya Limited
  • Grundfos Water Treatment GMBH

Grundfos Pompa Sanayi ve Ticaret Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.12.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.100/- each

Rs. 300.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1623447

Equity Shares

Rs.100/- each

Rs. 162.345 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.12.2014

31.12.2013

31.12.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

162.345

162.345

162.345

(b) Reserves & Surplus

1169.588

1090.779

1083.186

(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)

1331.933

1253.124

1245.531

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

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

388.886

328.952

274.538

Total Non-current Liabilities (3)

388.886

328.952

274.538

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

546.569

548.180

614.647

(c) Other current liabilities

31.110

52.039

36.474

(d) Short-term provisions

11.710

10.798

12.134

Total Current Liabilities (4)

589.389

611.017

663.255

 

 

 

 

TOTAL

2310.208

2193.093

2183.324

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

525.600

549.292

455.144

(ii) Intangible Assets

8.999

26.088

50.169

(iii) Capital work-in-progress

30.003

5.774

0.505

(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)

163.769

149.714

145.006

(d)  Long-term Loan and Advances

490.464

437.453

335.298

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1218.835

1168.321

986.122

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

557.961

516.383

479.888

(c) Trade receivables

484.061

443.314

553.531

(d) Cash and cash equivalents

22.076

37.445

144.175

(e) Short-term loans and advances

25.136

24.755

18.597

(f) Other current assets

2.139

2.875

1.011

Total Current Assets

1091.373

1024.772

1197.202

 

 

 

 

TOTAL

2310.208

2193.093

2183.324

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2014

31.12.2013

31.12.2012

 

SALES

 

 

 

 

Income

4021.000

3570.000

3271.000

 

Other Income

 

 

 

 

TOTAL

4021.000

3570.000

3271.000

 

 

 

 

 

Less

EXPENSES

3797.231

3481.415

3113.643

 

 

 

 

 

Less

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

223.769

88.585

157.357

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.100

0.083

2.556

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

223.669

88.502

154.801

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

92.916

76.018

71.140

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

130.753

12.484

83.661

 

 

 

 

 

Less

TAX

51.945

4.892

27.118

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

78.808

7.592

56.543

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

660.585

652.993

596.450

 

 

 

 

 

 

Balance Carried to the B/S

739.394

660.585

652.993

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

226.475

173.016

118.581

 

TOTAL EARNINGS

226.475

173.016

118.581

 

 

 

 

 

 

IMPORTS

 

 

 

 

Pumps / Components

2042.592

1827.647

1601.257

 

Capital Goods

28.709

12.277

2.693

 

TOTAL IMPORTS

2071.301

1839.924

1603.950

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

48.54

4.68

34.83

 

 

Particulars

 

 

 

31.12.2015

Sales Turnover (Approximately)

 

 

4500.000

 

The above information has been parted by Mr. Prakash

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2014

31.12.2013

31.12.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

105.258

62.589

(14.442)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2014

31.12.2013

31.12.2012

Return on Total Assets

(PBT/Total Assets}

(%)

6.18

0.61

4.11

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.01

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.85

1.68

1.81

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

162.345

162.345

162.345

Reserves & Surplus

1083.186

1090.779

1169.588

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1245.531

1253.124

1331.933

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

3271.000

3570.000

4021.000

 

 

9.141

12.633

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

3271.000

3570.000

4021.000

Profit

56.543

7.592

78.808

 

1.73%

0.21%

1.96%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

PERFORMANCE FOR YEAR 2014

 

During the year 2014, the total income of the Company grew to Rs. 4,021.000 million from Rs. 3,570.000 million in the previous year.

Profit before Interest and Depreciation was Rs. 223.000 Million compared to Rs 88.000 Million in the previous year. Similarly Profit after Tax was at Rs. 78.000 Million, as against Rs. 7.000 Million during the previous year.

 

CORPORATE INFORMATION

 

Subject was incorporated on 13th March 1998 under the provisions of Companies Act, 1956. The Company is primarily engaged in the business of assembly and trading of Centrifugal Pumps. The Company is a wholly owned subsidiary of Grundfos Holding AG, Switzerland.

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Leasehold improvements

 

Intangible assets

 

  • Computer software

 

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.66.40

UK Pound

1

Rs.101.19

Euro

1

Rs.73.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

49

 

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.