Company Number: 14518550

Analysis Date: 2025-07-20 17:09 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   IMAI Solar Ltd is a newly incorporated company (December 2022) operating in the electricity production sector. The latest accounts show net liabilities of £830 and negative working capital of £193,549, largely due to amounts owed to group undertakings. The parent company Aura Power Solar Ltd holds 75-100% ownership and likely provides financial support. Given the company’s early stage and reliance on group funding, credit approval should be conditional on continued parent support and monitoring of operational cash flow development. No trading profits or independent cash generation are yet evident.

2. Financial Strength: Weak
   The balance sheet shows fixed assets of £192,719 but current liabilities of £193,549, resulting in net current liabilities of the same amount and negative net assets of £830. Shareholders’ funds are negative at £830, reflecting initial losses or costs exceeding equity contributions. There is minimal share capital (£10), indicating limited equity buffer. The company’s financial position is fragile, typical for a start-up capital-intensive business, and dependent on group funding.

3. Cash Flow Assessment: Poor/Dependent
   No employees and no trading results are reported in the first accounting period, and the company holds no cash or current assets to offset current liabilities. The £193,549 current liabilities are primarily amounts due to group undertakings, indicating reliance on intra-group financing. Liquidity is weak without external cash inflows. The company lacks working capital to meet short-term obligations independently, making cash flow heavily reliant on the parent group’s continued support.

4. Monitoring Points:

• Track future trading results and cash flow generation as operations commence.
• Monitor intra-group balances and repayment terms to ensure ongoing liquidity.
• Review subsequent filings for improvements in net assets and working capital.
• Assess parent company Aura Power Solar Ltd’s financial health and commitment to support.
• Watch for any director or management changes that might affect governance or strategy.