MIRA INFORM REPORT

Report Date :

17.01.2011

IDENTIFICATION DETAILS

Name :	RAVASCO TRANSMISSION AND PACKING PRIVATE LIMITED
Registered Office :	1, Janki Centre, Opposite Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.06.1991
Com. Reg. No.:	11-62085
CIN No.: [Company Identification No.]	U25192MH1991PTC062085
TAN No.: [Tax Deduction & Collection Account No.]	MUMR15446E
PAN No.: [Permanent Account No.]	AAACR1768D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber Conveyor, Conveyor belying and Rubber sheet.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 188800
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses being incurred by the company. However trade relations are reported as fair. Business is active. Payment terms are unknown. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Ashok Shah
Designation :	Accounts Manager
Contact No.:	91-9321224491
Date :	14.01.2011

LOCATIONS

Registered Office :	1, Janki Centre, Opposite Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-26730890-94/ 32168400
Mobile No.:	91-9321224491 (Mr. Ashok Shah)
Fax No.:	91-22-26730889/56916245
E-Mail :	ravasco03@hotmail.com ravasco03@yahoo.co.in ravasco@vsnl.net mkt@ravasco.com sales@ravasco.com
Website :	www.indusbelt.com www.ravasco.com
Area :	2300 Sq. ft.
Location :	Owned
Factory :	Plot No. 164-166, GIDC Industrial Estate, Phase-II, Vapi, District Bulsar, Gujarat, India
Tel. No.:	91-260-2431268
Fax No.:	91-260-2431269

DIRECTORS

As on 30.09.2010

Name :	Mr. Vipan Ramnath Kalra
Designation :	Whole Time Director
Address :	21, Royal Accord – III, Plot No. 17, Apna Ghar Layout, Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	10.10.1953
Qualification :	Graduate
Date of Appointment :	29.08.1992
Name :	Mr. Anil Radheshyam Kalra
Designation :	Whole Time Director
Address :	21, Royal Accord – III, Plot No. 17, Apna Ghar Layout, Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	30.09.1959
Qualification :	Graduate
Date of Appointment :	29.08.1992
Name :	Mr. Sanil Radheshyam Kalra
Designation :	Whole Time Director
Address :	11, Royal Accord – III, Plot No. 17, Apna Ghar Layout, Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	18.06.1962
Qualification :	Graduate
Date of Appointment :	29.08.1992
Name :	Ms. Promilla Raman Kalra
Designation :	Whole Time Director
Address :	22, Royal Accord – III, Plot No. 17, Apna Ghar Layout, Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	03.06.1956
Qualification :	Graduate
Date of Appointment :	01.06.2002

KEY EXECUTIVES

Name :	Mr. Ashok Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mrs. Promila R. Kalra	109800
Mr. Anil R. Kalra	104600
Mr. Gautam V. Kalra	58700
Mr. Jitesh S. Kalra	58200
Mrs. Mallika R. Kalra	468000
Mrs. Pooja K. Manchanda	16000
Mr. Raghav R. Kalra	51300
Mrs. Richa V. Kalra	47400
Mrs. Rishi R. Kalra	60600
Mrs. Shakshi A. Kalra	48700
Mr. Sanil R. Kalra	106600
Mr. Sudeshchand Agarwal	200
Mr. Tarun A. Kalra	51300
Mr. Urmil R. Kalra	221600
Mr. Varun A. Kalra	58300
Mrs. Vini V. Kalra	55900
Mr. Vipan R. Kalra	134200
Mrs. Asha A. Kalra	40000
Mrs. Rachna V. Kalra	40000
Mrs. Sucheta S. Kalra	28600
Total	1760000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Rubber Conveyor, Conveyor belying and Rubber sheet.
Products :	· Indus General Purpose Belts · Indus Special Purpose Belts · Indus Pipe Conveyor Belts · Indus Steep Angle Conveyor Belts · Rubber Sheet · Car Matt
Brand Names :	"INDUS"
Exports :
Products :	Rubber, Conveyor Rubber Belts
Countries :	South Africa Australia Latin America Brazil Bahrain UK Saudi Arabia Colombia Nigeria Mauritius
Imports :
Products :	Raw Material, Synthetic Rubber
Countries :	UK China Malaysia Germany Taiwan Russia US
Terms :
Selling :	L/C, Cash, Credit (30 -60-90 days)
Purchasing :	L/C, Cash, Credit (30 -60-90 days)

GENERAL INFORMATION

Customers :

• End Users
• OEM’s
• Corporate Customers

No. of Employees :

250 (Approximately)

Bankers :

• The Saraswat Co-Operative Bank Limited, SME Vile Parle Branch, Bholanath Co-Operative Housing Society, Subhash Road, Vile Parle East, Mumbai – 400057, Mumbai – 400 069, Maharashtra, India
• ICICI Bank

Facilities :

Cash, Credit Rs. 18.000 Millions (The Saraswat Co-Operative Bank)

Particulars	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Secured Loans
Cash Credit
From Saraswat Co-op bank Limited (Against hypothecation of Raw materials, Work in process and Finished goods and book debts not exceeding 90 days)	67.591	30.369
Term Loan (Against hypothecation of machinery)	0.323	1.854
Total	67.914	32.224
Unsecured Loans
From Directors, Relatives and Associate Concern	124.061	104.761
Total	124.061	104.761

Banking Relations :	--
Auditors :
Name :	Bhavesh and associates Chartered Accountants
Address :	B/ 304, Shiv Dham, Satya Nagar, Saibaba Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Tel. No.:	91-22-28074789
Associates/Subsidiaries :	Hindustan Rubber, Silvasa Activity : Manufacturer of Conveyor Belts Madura Industrial Textile Address: Dadra and Nagar Haveli Activity : Manufacturer of Industrial Fabric

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- Each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1760000	Equity Shares	Rs.10/- Each	Rs. 17.600 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		17.600	17.600	17.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.036	29.607	32.070
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.636	47.207	49.670
LOAN FUNDS
1] Secured Loans		67.914	32.225	26.006
2] Unsecured Loans		124.062	104.761	65.163
TOTAL BORROWING		191.976	136.986	91.169
DEFERRED TAX LIABILITIES		0.040	0.000	0.000
TOTAL		229.652	184.193	140.839
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.260	114.322	27.542
Capital work-in-progress		0.000	0.000	74.877
INVESTMENT		0.026	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.115	0.222
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.926	43.551	21.205
	Sundry Debtors	76.386	44.879	65.535
	Cash & Bank Balances	7.085	5.812	3.671
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	47.177	27.783	15.854
Total Current Assets		198.574	122.025	106.265
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.259	49.345	65.297
	Current Liabilities	0.000	0.000	0.000
	Provisions	2.949	2.949	2.795
Total Current Liabilities		84.208	52.294	68.092
Net Current Assets		114.366	69.731	38.173
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		229.652	184.193	140.839

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	318.745	313.553	270.437
		Other Income	17.165	9.779	1.778
		TOTAL (A)	335.910	323.332	272.215
Less	EXPENSES
		Increase and Decreases in Inventories	(4.150)	(6.667)	3.487
		Raw Material Consumed	239.182	259.906	206.354
		Manufacturing Expenses	39.810	19.254	20.525
		Selling and Administrative Expenses	13.072	15.746	15.927
		Personal Cost	12.707	10.927	9.950
		TOTAL (B)	300.621	299.166	256.243
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.289	24.166	15.972
Less	FINANCIAL EXPENSES (D)		16.872	14.095	7.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.417	10.071	8.966
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.833	12.005	5.025
	PROFIT BEFORE TAX (E-F) (G)		(9.416)	(1.934)	3.941
Less	TAX (I)		(0.154)	(0.263)	1.650
	PROFIT AFTER TAX (G-I) (J)		(9.570)	(2.197)	2.291
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.607	32.069	NA
	BALANCE CARRIED TO THE B/S		20.036	29.607	29.918
	EARNINGS IN FOREIGN CURRENCY
	Traveling Expenses		0.869	1.296	0.443
	TOTAL EARNINGS		0.869	1.296	0.443
	IMPORTS
	Raw Materials		8.076	57.778	19.893
	TOTAL IMPORTS		8.076	57.778	19.893
	Earnings Per Share (Rs.)		0.20	1.23	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(2.84)	(0.70)	0.84
Net Profit Margin (PBT/Sales)	(%)	(2.80)	(0.61)	1.46
Return on Total Assets (PBT/Total Assets}	(%)	(4.74)	(0.82)	2.95
Return on Investment (ROI) (PBT/Networth)		(0.25)	(0.04)	0.08
Debt Equity Ratio (Total Liability/Networth)		2.25	4.00	3.21
Current Ratio (Current Asset/Current Liability)		2.35	2.33	1.56

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
For Goods	49.731	35.425	51.565
For Expenses	7.784	5.440	4.505
For Others	23.744	8.480	9.227
Total	81.259	49.345	65.297

OPERATION:

The Company during the year has achieved sales turnover of Rs. 318.745 Millions

Bankers Charges Report as per Registry

Name of the company	RAVASCO TRANSMISSION AND PACKING PRIVATE LIMITED
Presented By	The Saraswat Co-Operative Bank Limited, Andheri (East), Mumbai – 400 069
1. Date and description of the instrument creating or evidencing the charge	Agreement of hypothecation of movable property dated 05.07.2005
2. Amount secured by the charge /amount owing on security of the charge	Rs. 15.000 millions
3. Short Particular of the property charged. If the property acquired is subject to change date of acquisition of property should be given	Hypothecation by way of first charge on all the stocks tangible movable property (both present and future) belonging to the company and lying and being at the company’s place of business at 1, Janki Centre, Off Veera Desai Road, Andheri (West) or at company’s place or residence and whether now lying at any time hereafter during the continuance of this security be kept at the company’s place of business or place of works or wherever else the same may be or be held by any party anywhere to the order and disposition of the company/s in the course of transit as security for the due payment to the bank with interest and all costs, charges and expenses incurred by the bank for the protection, preservation and perfection of this security. Hypothecation by way of first charge on all the book debts, outstanding, monies, receivables, claims and bill which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the company in the course of this business by any person, firm, company or by Government or any Local or Public Body or Authority as security for due repayment to the bank at any time on demand at Mumbai all the monies which now are or which may at any time or times hereinafter become due and owing for the companies to the bank including monies owing upon any Cheques, promissory notes or bills of exchange made, drawn, accepted or endorsed or discounted or purchased or paid at the request or on behalf of or credit of the company.
4. Gist of the terms and conditions and extent and operation of the charge.	The charge operates as a continuing security for the balance from time to time due to the bank. Rate of Interest: 10.00% p.a. or at such other rate as may from time to time be fixed by the bank. Repayment: on Demand or by 05.06.2010 if the same is not demanded earlier.
5. Names, address and description of the persons entitled to charge	Saraswat Co-Operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri (East), Mumbai 400 069, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

This form is for	Modification of Charge
Charge identification number of the modified	80051708
Corporate identity number of the company	u25192MH1991PTC062085
Name of the company	RAVASCO TRANSMISSION AND PACKING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Janki Centre, off Vera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Type of charge	· Book Debts · Movable property (not being pledge) · Floating Charge
Particular of charge holder	The Saraswat Co-op Bank Limited, Andheri East Branch, raja Shopping Centre , New Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra E-mail:njbhatia@rediffmail.com
Nature of instrument creating charge	Deed of hypothecation for enhancement of D/A L/C Limit
Date of instrument Creating the charge	12.03.2009
Amount secured by the charge	Rs. 45.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment: On Demand Extent and Operation of the charge This is L/C facility
Short particulars of the property charged (Including location of the property)	Hypothecation of all the stocks and debtors tangible movable property (both present and future ) belonging to the borrowers and lying and being at the borrowers place of business at 1 Janki Centre, Off Veera Desai Road, Andheri (West) or wherever else the same may be. Hypothecation of book debts, monies, receivables, outstanding, claims, and bills.
Date of latest modification prior to the present modification	14.01.2009
Particulars of the present modification	The L/C limit in enhanced from Rs.25.000 millions to Rs.45.000 millions (additional Rs.20.000 millions)

Corporate identity number of the company	U25192MH1991PTC062085
Name of the company	RAVASCO TRANSMISSION AND PACKING PVT LTD
Address of the registered office or of the principal place of business in India of the company	1 JANKI CENTREOPP VEERA DESAI RD ANDHERI, MUMBAI – 400053, Maharashtra, INDIA ravasco03@hotmail.com
This form is for	Modification of charge
Type of charge	Immovable Property
Particular of charge holder	The Saraswat Cooperative Bank Ltd, SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India njbhatia@rediffmail.com
Nature of instrument creating charge	Recording Letter Evidencing Deposit of Title Deed
Date of instrument Creating the charge	27.09.2010
Amount secured by the charge	18.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 12% p.a. or at such rate as maybe determined by the bank from time to time Terms of Repayment : On demand or by 26 September 2015 if the same is not demanded earlier Margin : 33.33% in bank's favour Extent and Operation of the charge : This is term loan I facility
Short particulars of the property charged	1) Mortgage by deposit of title deed property lying and being at plot no 90 and 95 to 99 at Gat no 65/1 village Acchad Tal Talasari Dist Thane solely belonging to the company and more particularly 2) described in schedule II attached herewith
Particulars of the property charged	Immovable property at plot no 90 and 95 to 99 at Gat no 65/1 village Acchad Tal Talasari Dist Thane is additional security for term loan facility of Rs 18.000 Millions The overall limit remains unchanged at Rs 18.000 Millions

Trade Reference

· Vrushab Transcon Engineers, Vadodara

· Ashish Enterprises, Mumbai

· Meen Been Elastomers, Vile Parle

· AB Brothers, Wadala

Fixed Assets

· Land

· Building

· Plant and machinery

· Mould and Dyes

· Furniture and Fixtures

· Computers

· Flat

· Motor Car

· Fax Machine

· Office Equipment

As per Web Details:

Profile:

Incepted in the year 1984, subject are the manufacturers and exporters of v belts, conveyor rubber belts, fan belts, conveyor belts and other quality rubber based industrial products. They manufacture the product range under the brand name of "INDUS". The company has recorded a steep growth in its business with its in-depth knowledge of the products and the requirements of the customers. It has a team of experienced professionals with years of experience in the manufacture of conveyor and beltings.

Customer satisfaction is the first priority. Their aim at expanding the trade by developing cordial and long lasting business relations with worldwide customers.

The company boasts of an in-house production unit with state of the art machines. The team, which consists of professionals from across the country, is all well versed in their respective domain of work. The machines function with high level of time and cost efficiency resulting in reasonable price for the customers. They have an extremely talented group of R and D team and their motive is to serve and give the valued customers, highly advanced new products from time to time. The annual production capacity is Textile Belting: 350, 000 Mtrs, Transmission Belting: 125, 000 Sq. Mtrs, Vee and Fan Belts: 1, 500, 000 Pcs.

For them quality is an elementary factor in order to retain the high reputation in market. The products are made of the best quality materials. The products are checked at every level of production to ensure flawless systems and complete customer satisfaction. They are the established market players in the field of the manufacture and export of v belts, conveyor rubber belts, fan belts, conveyor belts and other quality rubber based industrial products at competitive pricing.

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. 45.30
UK Pound	1	Rs. 71.73
Euro	1	Rs. 60.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	yes
--AFFILIATION	YES/NO	no
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		26

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

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.