MIRA INFORM REPORT

Report Date :

02.12.2011

IDENTIFICATION DETAILS

Name :	MIRAE ASSET GLOBAL INVESTMENTS (INDIA) PRIVATE LIMITED (w.e.f. 27.10. 2008)
Formerly Known As :	MIRAE ASSET GLOBAL INVESTMENT MANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 26.07.2007) MIRAE ASSET INDIA INVESTMENT COMPANY PRIVATE LIMITED
Registered Office :	606, 6^thFloor, Windsor Building, Off CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.11.2006
Com. Reg. No.:	11-165663
Capital Investment / Paid-up Capital :	Rs.2031.885 Millions
CIN No.: [Company Identification No.]	U65993MH2006FTC165663
TAN No.: [Tax Deduction & Collection Account No.]	MUMM30666G
PAN No.: [Permanent Account No.]	AAECM8387K
Legal Form :	Private Limited Liability Company
Line of Business :	Assets Management Company
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 5212000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Mirae Asset Global Investments Company Limited. It is an established company having moderate track. There appears some accumulated losses records by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of strong company the subject can be considered normal for business dealings at usual trade terms and condition, with slight caution or account of accumulated losses.

NOTES :

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

INFORMATION PARTED BY

Name :	Ms. Deepika
Designation :	Accounts Department
Contact No.:	91-22-67800300
Date :	01.12.2011

LOCATIONS

Registered/ Corporate Office :	606, 6^thFloor, Windsor Building, Off CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India
Tel. No.:	91-22-67800300/ 67800301
Fax No.:	91-22-67253942/ 67253945
E-Mail :	customercare@miraeassetsmf.co.in compliance@miraassetsmf.com
Website :	www.miraeassetmf.co.in
Area :	4500 Sq. ft.
Location :	Owned
Branch Office :	Located at: v New Delhi v Pune v Gujarat

DIRECTORS

As on 20.07.2011

Name :

Mr. Biswanath Bholanath Chakraborty

Designation :

Independent Director

Address :

32/2, South End Park, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

17.09.1948

Date of Appointment :

09.07.2007

DIN No.:

00088005

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231MH1967PTC187949	Organon (India) Private Limited	Managing director	01-01-04	01-01-04	17-04-08	Active	NO
2	U91120MH1965GAP013389	Organisation of Pharmaceutical Producers of India	Director	23-09-06	23-09-06	-	Active	NO
3	U65993MH2006FTC165663	Mirae Asset Global Investments (India) Private Limited	Director	30-04-08	09-07-07	-	Active	NO

Name :

Mr. Arindam Hara Prasad Ghosh

Designation :

Director

Address :

Samartha Angan Building No.1, B Wing, Flat No.1810/1811, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

25.01.1964

Date of Appointment :

07.12.2007

DIN No.:

01423589

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65191MH2007FTC170231	Mirae Asset Trustee Company Private Limited	Director	23-04-07	23-04-07	04-09-07	Active	NO
2	U65993MH2006FTC165663	Mirae Asset Global Investments (India) Private Limited	Director	30-04-08	07-12-07	-	Active	NO

Name :

Mr. Nihar Niranjan Jambusaria

Designation :

Director

Address :

A/132, Eksar Borivali Santwani CHS, Devidas Lane Extension, Borivali (West), Eksar Village, Mumbai – 400 103, Maharashtra, India

Date of Birth/Age :

25.01.1959

Date of Appointment :

21.07.2010

DIN No.:

01808733

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65191MH2007FTC170231	Mirae Asset Trustee Company Private Limited	Director	12-05-08	04-09-07	29-06-10	Active	NO
2	U24110MH1993PTC073592	Sunshine Housing and Infrastructure Private Limited	Director	30-09-08	25-03-08	01-07-11	Active	NO
3	U65993MH2006FTC165663	Mirae Asset Global Investments (India) Private Limited	Director	21-07-10	29-06-10	-	Active	NO

Name :

Mr. Cheon Woong Park

Designation :

Director

Address :

631-12, Jayang Dong, Gwangin-gu, Seoul

Date of Birth/Age :

06.04.1962

Date of Appointment :

21.07.2010

DIN No.:

03121575

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993MH2006FTC165663	Mirae Asset Global Investments (India) Private Limited	Director	21-07-10	29-06-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ritesh Deepak Patel
Designation :	Head- Compliance and Company Secretary
Address :	A/702, Kent Enclave, Haridas Nagar, Boriwali (West), Mumbai-400 092, Maharashtra, India
Date of Birth/Age :	29.01.1981
Date of Appointment :	01.06.2007
PAN No.:	AKIPP0579M
Name :	Mr. Arindam Ghosh
Designation :	Chief Executive Officer
Date of Birth/Age :	46 Years
Qualification :	B.Com, CA
Experience :	20 Years
Date of Appointment :	01.08.2007
Name :	Mr. Gopal Agrawal
Designation :	Head - Equity
Date of Birth/Age :	36 Years
Qualification :	B.E. (Chem), MBA
Experience :	13 Years
Date of Appointment :	01.10.2007
Name :	Mr. Gurpreet Singh
Designation :	Head - Sales
Date of Birth/Age :	34 Years
Qualification :	PGDBA, CFA, CFPCM, B.Com (Hons)
Experience :	13 Years
Date of Appointment :	22.10.2010
Name :	Duk Jin Lim
Designation :	Chief Financial Officer
Date of Birth/Age :	38 Years
Qualification :	Bachelor of Economics
Experience :	11 Years
Date of Appointment :	06.05.2008
Name :	Ji Sang Yoo
Designation :	Head - Business Development
Date of Birth/Age :	35 Years
Qualification :	MBA, Bachelor of Economics
Experience :	8 Years
Date of Appointment :	01.12.2009
Name :	Mr. Neelesh Surana
Designation :	Senior Fund Manager
Date of Birth/Age :	40 Years
Qualification :	BE - Chemical, MBA-Finance
Experience :	13 Years
Date of Appointment :	14.01.2008
Name :	Ms. Shefali Suri
Designation :	Head - Human Resources
Date of Birth/Age :	34 Years
Qualification :	B A, PGDM
Experience :	10 Years
Date of Appointment :	10.08.2007
Name :	K. Srinivasa Rao
Designation :	Head - Product
Date of Birth/Age :	36 Years
Qualification :	Fellow Programme in Management (Equivalent to PhD), IIM, Bangalore
Experience :	8 Years
Date of Appointment :	23.11.2007
Name :	Ms. Deepika
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.07.2011

Names of Shareholders	No. of Shares
Mirae Asset Global Investments Company Limited, Korea	189148540
Mirae Asset Maps Global Investments Company Limited, Korea	14040000
Total	203188540

As on 20.07.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :	Assets Management Company
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :	v End Users v OEM’s
No. of Employees :	100 (Approximately)
Bankers :	The Hongkong and Shanghai Banking Corporation Limited, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji park , Dadar (West), Mumbai - 400 028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Holding Company:	Mirae Asset Global Investments Company Limited Address: East 18F, Mirae Asset Center 1, 67 Suha-dong, Jung-Gu, Seoul, Korea 100-210
Fellow Subsidiary Company :	v Mirae Assets Trustee Company Private Limited v Mirae Assets Global Investment Management (HK) Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs.10/- each	Rs.2200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
203188540	Equity Shares	Rs.10/- each	Rs.2031.885 Millions

Note:

Of the above 189148540 shares are held by the holding company Mirae Asset Global Investments Company Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	20.11.2006 to 31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2031.885	2031.885	2031.885
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(728.832)	(678.675)	(477.990)
NETWORTH		1303.053	1353.210	1553.895
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1303.053	1353.210	1553.895
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.211	92.797	121.230
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	350.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	45.834	24.180	0.039
	Cash & Bank Balances	1047.137	1143.360	1135.475
	Other Current Assets	56.012	16.672	24.948
	Loans & Advances	121.306	112.156	92.399
Total Current Assets		1270.289	1296.368	1252.861
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.937	29.527	136.390
	Other Current Liabilities	12.927	4.451	31.752
	Provisions	1.583	1.977	2.054
Total Current Liabilities		22.447	35.955	170.196
Net Current Assets		1247.842	1260.413	1082.665
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1303.053	1353.210	1553.895

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	20.11.2006 to 31.03.2008
	SALES
		Investment management fees – Gross	26.599	32.712	0.665
		Investment Advisory Fee	151.735	152.078	0.000
		Interest on Fixed deposits – Gross	76.751	100.898	54.875
		Other Income	0.545	13.463	0.000
		TOTAL	255.630	299.151	55.540
Less	EXPENSES
		Employee Costs	135.530	174.629	177.059
		Administrative and Other Expenses	130.071	273.905	323.123
		Prior Period Expenses	0.191	7.852	0.000
		Preliminary Expenses written off	0.000	0.000	3.299
		TOTAL	265.792	456.386	503.481
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(10.162)	(157.235)	(447.941)
Less/ Add	DEPRECIATION/ AMORTISATION		39.969	39.848	25.724
	PROFIT/ (LOSS) BEFORE TAX		(50.131)	(197.083)	(473.665)
Less	TAX		0.026	3.602	4.325
	PROFIT/ (LOSS) AFTER TAX		(50.157)	(200.685)	(477.990)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(678.675)	(477.990)	0.000
	BALANCE CARRIED TO THE B/S		(728.832)	(678.675)	(477.990)
	EARNINGS IN FOREIGN CURRENCY
		Investment Advisory Fees	151.735	152.078	0.000
		Reimbursement of expenses pursuant to fee and cost sharing arrangement	1.092	0.000	0.000
	TOTAL EARNINGS		152.827	152.078	0.000
	IMPORTS
		Fixed Assets	NA	0.000	18.674
	TOTAL IMPORTS		NA	0.000	18.674
	Earnings/ (Loss) Per Share (Rs.)		(0.25)	(0.99)	(7.02)

Particulars	31.03.2011
Sales Turnover (Approximately)	318.000

The above information has been parted by Ms. Deepika (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	20.11.2006 to 31.03.2008
PAT / Total Income	(%)	(19.62)	(67.08)	(860.62)
Net Profit Margin (PBT/Sales)	(%)	(19.65)	(65.99)	(852.84)
Return on Total Assets (PBT/Total Assets}	(%)	(3.78)	(14.19)	(34.45)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.15)	(0.30)
Debt Equity Ratio (Total Liability/Networth)		0.02	0.03	0.11
Current Ratio (Current Asset/Current Liability)		56.59	36.06	7.36

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. in millions)	20.11.2006 to 31.03.2008 (Rs. in millions)
Sundry Creditors* * There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.	7.937	29.527	136.390

Note:

Registered office of the company has been shifted from 1302, Blue Mountain Tower, Shastri Nagar, Lokhandwala, Mumbai- 400 053, Maharashtra, India to the present address w.e.f. 16.01.2007.

BACKGROUND

Subject was incorporated on November 20, 2006 as a private limited company under the Companies Act, 1956 of India. On October 27, 2008, the Company changed its name from Mirae Asset Global Investment Management (India) Private Limited to Mirae Asset Global Investments (India) Private Limited.

The Company’s principal activity is to act as an investment manager to Mirae Asset Mutual Fund (‘the Fund). The Company is registered as an investment manager with Securities and Exchange Board of India (SEBI) under SEBI (Mutual Funds) Regulations, 1996. The principal business of the Company is to provide management advisory and administrative services to the Fund in accordance with the Investment Management Agreement dated October 11, 2007 between Mirae Asset Trustee Company Private Limited and the Company.

FINANCIAL HIGHLIGHTS

For the period, the revenue for the period was INR 255.600 millions (Previous Year INR 299.100 millions) as against an expenditure of INR 305.760 millions (Previous Year INR 496.230 millions) resulting in a net loss of INR 50.160 millions (Previous Year INR 200.690 millions).

The company managed substantial reduction in net loss to the tune of INR 150.530 millions due to various cost reduction measures undertaken through the course of the year, leading to higher conservation of capital.

OVERVIEW OF ECONOMIC ENVIRONMENT

Global Markets

Global financial markets exhibited significant stabilisation during 2009, despite the drag from the global financial crisis. However, volatility increased in the beginning of 2010 due to concerns about unsustainable fiscal positions, as reflected in sovereign risks. Episodes such as the Dubai World debt standstill and the sovereign debt problems in Greece and East European countries pose a major risk to the stability of financial markets going forward. Recovery in the global economy picked up momentum in the fourth quarter of 2009. The speed of recovery, however, remains significantly divergent in different parts of the world. The projections for global output for 2010 generally point to consolidating recovery, led by the Emerging Market Economies (EMEs). The risks to the overall global macroeconomic environment have, however, increased because of large public debt in advanced economies, on the back of concerns relating to reduction in potential output, high unemployment rates, impaired financial systems and premature exit from the policy stimulus. Closer home, the improvement in global macroeconomic conditions is reflected in the turnaround in India’s exports and the return of capital flows. With stronger recovery in EMEs driven largely by domestic demand, improving exports and return of capital flows, EMEs face the risks of inflation and asset price build up going forward. With market activity returning to the pre-global crisis level, volatility in the domestic financial markets was much lower during 2009-10 than in the year before, when the crisis erupted. Despite considerable stability, markets faced concerns emerging from large government borrowings and the increase in inflation. This affected yields in the government bond market. The transmission of lower policy rates to the credit markets improved, albeit, slowly. Following the optimism on account of measures announced in the Union Budget 2010-11 such as the roadmap for fiscal consolidation and PSU divestment, stock prices recorded further gains. FIIs made net purchases of US$ 23.7 billion in the Indian equity market during 2009-10 (net sales of US$ 10.4 billion in 2008-09), while the mutual funds’ net sales during 2009-10 amounted to Rs.105120.000 millions (net purchases of Rs.69850.000 millions in of 2008-09). In the emerging macroeconomic scenario, monetary policy management in 2010-11 will be dominated by the challenge of moderating inflation and anchoring inflation expectations, while remaining supportive of growth impulses.

OVERVIEW OF MUTUAL FUND INDUSTRY

The year was a year of transformation for the mutual fund industry with a series of Regulatory changes announced by the Industry Regulator. All these changes are long term positive and would over time significantly increase the Industry level attractiveness. The most significant structural change has been the abolishment of Entry Load leading to overall reduction of cost of intermediation. As the Industry transforms from a commission led to an advisory model there are manifestations of short term challenges particularly at the intermediary client level with regard to imbibing of the later, resulting in adverse Industry wide net sales in equity schemes. The belief is that, such headwinds are of temporary nature and would dissipate with higher quality distributor/investor education initiatives as well as awareness and recognition by the Investors of the need to pay their advisor for quality advice and service. With the retail segment in India poised for robust growth, the opportunity to expand markets and deepen investor penetration is enormous.

AMC BUSINESS OUTLOOK

The company is well positioned to harness such retail growth opportunities through a combination of existing and new fund offerings targeted at investors in all the key markets, directly and indirectly.

The company follows an asset focused model with equity as the primary asset class and fixed income as an asset allocation play which also aligns with its global positioning as a pre-dominantly Equity fund house with leadership position in the Emerging markets.

Presently, the company has a total of 9 schemes in its product basket. As a new player, the product development strategy would be two fold 1) complete the basic product basket by providing the investors with the opportunity of diversifying across the entire risk-return spectrum 2) launch well differentiated equity, multi asset class products and global Fund of Funds schemes with a view to diversity and further augment the investor’s product basket.

The company continues to provide high quality investment advisory services and research for overseas funds investing into India.

FIXED ASSETS:

v Leasehold Improvement

v Furniture and Fitting

v Motor Cars

v Computers

v Office Equipments

v 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 records 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.51.65
UK Pound	1	Rs.81.05
Euro	1	Rs.69.50

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
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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
-	NB	New Business	-

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.