MIRA INFORM REPORT

Report Date :

27.06.2011

IDENTIFICATION DETAILS

Name :	SANSERA ENGINEERING PRIVATE LIMITED
Registered Office :	261/C, Bommasandra Industrial –IAL Area, Hebbagodi Post, Anekal Taluk, Bangalore – 560099, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.12.1981
Com. Reg. No.:	08-004542
Capital Investment / Paid-up Capital :	Rs.6.990 Millions
CIN No.: [Company Identification No.]	U34103KA1981PTC004542
TAN No.: [Tax Deduction & Collection Account No.]	BLRS14664G
PAN No.: [Permanent Account No.]	AAECS2440M
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Precision Forged and Machined Components for the Automobile Industries and also Manufacture Rocker Arms.
No. of Employees :	2900 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal 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 – 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

LOCATIONS

Registered Office :	261/C, Bommasandra Industrial Area, Hebbagodi Post, Anekal Taluk, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-27833056 / 27833442
Fax No.:	91-80-27833642
E-Mail :	support@sanseraindia.com sansera@vsnl.com
Website :	http://www.sanseraindia.com

DIRECTORS

(AS ON 27.09.2010)

Name :	Mr. Fatheraj Singhvi
Designation :	Managing Director
Address :	Shanthi, No.232, Vishranti Enclave, Doddakalasandra Village, Kanakapura Road, Bangalore – 560062, Karnataka, India
Date of Birth/Age :	15.03.1954
Date of Appointment :	26.02.2008
DIN :	00233146
Name :	Mr. Subramonia Sekhar Vasan
Designation :	Managing Director
Address :	Oriental Homes, 51, Rangarao Road, Basavabagudi, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	02.03.1953
Date of Appointment :	01.03.1991
DIN :	00361245
Name :	Girish Nilkanth Kulkarni
Designation :	Director
Address :	No.6, Moti Sagar, 377, Kelusker Road, South Shivaji Park, Dadar –west, Mumbai – 400028, Maharashtra, India
Date of Birth/Age :	07.07.1966
Date of Appointment :	13.06.2006
DIN :	00062382
Name :	Mr. Devappa Devraj
Designation :	Director
Address :	Flat No.202, Parijat Apartment, Fair Field Layout, Race Course Road, Bangalore – 560001, Karnataka, India
Date of Birth/Age :	06.06.1953
Date of Appointment :	20.04.1993
DIN :	00213235
Name :	Mr. Unni Rajagopal Kothenath
Designation :	Director
Address :	Taravad Palanahalli, Yelahanka Post, Bangalore – 560064, Karnataka, India
Date of Birth/Age :	17.07.1954
Date of Appointment :	01.03.1991
DIN :	00229915

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.09.2010)

Names of Shareholders	No. of Shares
Devappa Devraj	6383
Unni Rajagopal Kothenath	8076
Subramonia Sekhar Vasan	20433
Fatheraj Singhvi	1800
Manjula Sekhar	5700
Tara Rajagopal	924
Lalitha Singhvi	1200
Devraj [HUF]	924
Radha Vasan	6100
Tara Singhvi	1200
Praveen Sighvi	1200
Indira Singhvi	1200
Lata Singhvi	1200
Jayraj Singhvi	1200
Monsoon India Inflection Fund 2 Limited, Mauritius	4150
Monsoon India Inflection Fund Limited, Mauritius	2350
Streparava Holding, Italy	2100

(AS ON 30.09.2010)

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	12.00
Bodies corporate	2.00
Directors or relatives of Directors	86.000
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Precision Forged and Machined Components for the Automobile Industries and also Manufacture Rocker Arms.

Products :

Products Description	ITC Code No.
ARM. Valve Rocker	840991.11
Gear Shifter	871419.00
Connecting Rod	871419.00
Crank Shaft	848310.91
Aerospace Components	880330.00
Sprocket	840991.91

Terms :

Selling :

L/C / Cash / Credit [30 / 60 / 90 Days]

Purchasing :

L/C / Cash / Credit [30 / 60 / 90 Days]

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Automobile Components	Nos.	NA	NA	26,014

GENERAL INFORMATION

Customers :

Domestic – India

· Maruti Suzuki India Limited

· Bajaj auto Limited

· Honda Motorcycle and Scooters India Limited

· TVS Motor Company Limited

· India Yamaha Motors Company

· Hero Motors Limited

· Honda Siel Cars India Private Limited

· Suzuki Motorcycle India Private Limited

· Piaggio Vehicles Private Limited

Overseas

· Piaggio C and Spa – Italy

· Ducati Motor Holding spa – Italy

· Motori Minarelli S.p.a.- Italy

· Streparava Spa – Italy

· Fiat Power Train – Italy

· Moto Guzzi – Italy

· Yamaha Motors – Indonesia

· Yamaha Motors – Brazil

· General Motors – South Korea

· Harley Davidson Motor Company – US

No. of Employees :

2900 [Approximately]

Bankers :

· State Bank of India,

Specialised Commercial Branch, Krishi Bhavan, 1^st Floor, Hudson Circle, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan	31.03.2010	31.03.2009
	[Rs. in million]
i) Loans and Advances from Banks
a. Rupee Term loans from Banks	511.246	512.294
b. Cash credit from banks	225.021	241.693
c. Packing Credit Loan	85.936	99.368
d. Bill Discounting facility	267.893	158.334
ii) Other Loans and advances - Hire purchase loans	2.580	4.883
Total	1092.676	1016.572
Notes : a) Rupee Term Loan from Banks are secured by ; - Exclusive charge on the Machinery and Assets procured out of such loan. - paripassu charge on assets created out of Banks Finance and equitable Mortgage of Company's land and Building and lease-cum-sale rights of land and building - Hypothecation of Plant and Machinery and other fixed assets of the Company. (Installments payable with in one year Rs.125.204 (Previous year 138.119)). b). Cash Credit from Banks/packing Credit Loan is secured by; - hypothecation of stocks and book debts - 2nd Pari passu charge by way of equitable mortagage of Company's land and building and Lease cum sale rights -of land and building - 2nd paripassu charge on Plant and Machinery and other fixed assets of the Company - Personal guarantee of functional Directors c) Bill discounting facility is secured by hypothecation of receivables discounted with the Bank. d) Hire-Purchase Loans are secured by way of Hypothecation of assets procured under HP agreements.
Unsecured Loan	31.03.2010	31.03.2009
	[Rs. in million]
From Share holders	11.875	7.175
Short term Loan and Advances - Sales tax deferment Loan	18.941	25.993
Other Loans and Advances - Directors' current account For capital goods	5.424	15.205
Total	36.240	48.373

Banking Relations :	--
Auditors :
Name :	Abraham Mathews and Master Chartered Accountant
Address :	New No.67, Nandidurg Road, Bangalore – 560046, Karnataka, India
Tel. No.:	91-80-23333461
Associates/Subsidiaries :	· Gearock Forge Private Limited U28991KA1999PTC026145 · Fitwell Tools and Forgings Private Limited U29220KA1983PTC005690 · Sansera + Streparava Engineering Private Limited U29299KA2007PTC043270

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
96000	Equity Shares	Rs.100/-each	Rs.9.600 millions
4000	Preference Shares	Rs.100/-each	Rs.0.400 million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69900	Equity Shares	Rs.100/-each	Rs.6.990 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		6.990	6.990	6.990
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1464.418	1352.136	1315.593
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1471.408	1359.126	1322.583
LOAN FUNDS
1] Secured Loans		1092.676	1016.572	979.296
2] Unsecured Loans		36.240	48.373	42.169
TOTAL BORROWING		1128.916	1064.945	1021.465
DEFERRED TAX LIABILITIES		134.707	125.200	110.951
TOTAL		2735.031	2549.271	2454.999
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1486.566	1345.415	1139.936
Capital work-in-progress		246.302	413.161	413.491
INVESTMENT		240.317	175.389	293.428
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	399.841	285.131	276.655
	Sundry Debtors	473.728	315.665	255.172
	Cash & Bank Balances	32.694	107.104	41.347
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	333.095	281.730	344.522
Total Current Assets		1239.358	989.630	917.696
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	331.353	300.002	244.808
	Other Current Liabilities	88.382	44.196	64.744
	Provisions	57.777	30.126	0.000
Total Current Liabilities		477.512	374.324	309.552
Net Current Assets		761.846	615.306	608.144
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2735.031	2549.271	2454.999

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		2114.299	2042.093
		Other Income		42.209	37.709
		TOTAL (A)	2697.378	2156.508	2079.802
Less	EXPENSES
		Consumption of Raw Materials		565.325	889.229
		Consumption of Assembled Components		479.701	459.998
		Manufacturing Expenses		303.266	66.324
		Personnel Expenses		298.943	270.912
		Selling, Administrative and Other Expenses		158.704	136.634
		Exceptional Items VRS Compensation		20.743	0.000
		TOTAL (B)	2520.687	1826.682	1823.097
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses & Depreciation)	329.826	256.705
Less	FINANCIAL EXPENSES (D)			113.632	92.151
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			216.194	164.554
Less/ Add	DEPRECIATION/ AMORTISATION (F)			134.518	107.658
	PROFIT BEFORE TAX (E-F) (G)		176.691	81.676	56.896
Less	TAX (H)		76.914	31.236	55.994
	PROFIT AFTER TAX (G-H) (I)		99.777	50.440	0.902
Less	Prior Year Expenses		--	5.719	0.628
Less	APPROPRIATIONS
		Transfer to General Reserve	--	5.743	2.043
		Interim Dividend	--	0.000	6.990
		Proposed Dividend	--	6.990	0.000
		Tax on Dividend	--	1.188	1.188
	BALANCE CARRIED TO THE B/S		--	30.800	(9.947)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	264.597	210.282	151.609
	TOTAL EARNINGS		264.597	210.282	151.609
	IMPORTS
		Raw Materials	19.124	22.358	28.020
		Consumables	9.181	11.927	11.321
		Capital Goods	27.049	116.338	181.641
	TOTAL IMPORTS		55.354	150.623	220.982
	Earnings Per Share (Rs.)		1,957	798	258

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.70	2.34	0.04
Net Profit Margin (PBT/Sales)	(%)	NA	3.86	2.79
Return on Total Assets (PBT/Total Assets}	(%)	6.48	3.50	2.77
Return on Investment (ROI) (PBT/Networth)		0.12	0.06	0.04
Debt Equity Ratio (Total Liability/Networth)		1.09	1.06	1.01
Current Ratio (Current Asset/Current Liability)		2.60	2.64	2.96

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES: (RS. IN MILLIONS)

Particulars	31.03.2010	31.03.2009
Claims made against the company not acknowledged as debts	2.046	0.000
Counter-Guarantees provided to bank	0.562	2.661
Corporate Guarantee to KSFC on Behalf of Subsidiary	0.000	7.800
Corporate Guarantee to bank on behalf of Subsidiary	76.391	196.000

FORM 8:

Bankers Charges Report as per Registry

Corporate identity number of the company	U34103KA1981PTC004542
Name of the company	SANSERA ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	261/C, Bommasandra Industr-Ial Area, Hebbagodi Post, Anekal Taluk, Bangalore – 560099, Karnataka, India sansera@vsnl.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80003319
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, Specialised Commercial Branch, Krishi Bhavan, 1^st Floor, Hudson Circle, Bangalore – 560001, Karnataka, India
Nature of instrument creating charge	Supplemental agreement of hypothecation of goods and assets for increase in the overall limit form c-2a; letter regarding the grant of individual limits within the overall limit form c-5 and memorandum for recording extension of mortgage by deposit of title deeds (all pertain to the same charge)
Date of instrument Creating the charge	21.02.2011
Amount secured by the charge	Rs.1964.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of The Charge – Exclusive first charge on the current assets and other movables of the company to the extent of Rs.1964.800 millions and charge on immovable property by way of pari passu first charge basis with citi bank to the extent of Rs.1364.800 millions. (Citi Bank Limit Rs.620.000 millions). Others – CC Rs.305.000 millions; EPC Rs.35.000 millions; FBD Rs.35.000 millions; Bill Discounting 600.000 millions; Standby Line of Credit Rs.50.000 millions; TL 2 Rs.107.900 millions; TL 3 Rs.93.500 millions; TL 4 Rs.120.000 millions; TL 5 Rs.300.000 millions; Open Term Loan Rs.10.000 millions; LC Rs.150.000 millions; LC (Capex) Rs.30.000 millions; BG Rs.30.000 millions; BG (Capex) Rs.90.000 millions; CE (FCL) Rs.07.100 millions; MTM Loss Rs.01.300 millions; Total Rs.1964.800 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, unencumbered machinery, plant and machinery, vehicles and assets to be purchased out of bank finance. 1). Extension of EM of lease cum sale rights of land and building at Plot No. 143-A, Bommasandra Jigani Link Road Industrial Area, Sy No. 79 and 80 within the village limits of Koyalasanahalli, Hobli, Anekal Taluk, Bangalore Dist, Measuring 17,293 sq. mtrs. 2). Extension of EM of property No. 261/C and EM of lease hold rights of 262/A in Sy No. 243, 244, 245 in Bommasandra Industrial Area. 3). Extension of EM over land measuring 28143 sq. mtrs and building at Panthnagar plant at No. 19, Sector 9, IIE Panthnagar Industrial Area, U S Nagar District, Uttaranchal. 4). Extension of EM of Plant No. III, Plot No. 1, Bommasandra, Jigani, measuring 1152729 sq. mtrs. 5). Extension of EM of land and building owned by the company bearing No. 2223 measuring 8100 sq. mtrs at Sector-6, IMT, Manesar, Gurgaon, Haryana.
Date of instrument modifying the charge	14.07.2010
Particulars of the present modification	The amount secured by the charge stands increased to Rs.1964.800 millions. Exclusive first charge on current assets and other movables to the extent of Rs.1964.800 millions. Pari passu first charge on immovable property cover to the extent of Rs.1364.800 millions with Citi Bank (Citi Bank limit Rs.620.000 millions). All other terms and conditions remain unchanged.

FIXED ASSETS:

· Land

· Building

· Tenements

· Borewell

· Computer

· Diesel Generator

· Diesel Storage Tank

· Effluent Treatment Plant

· Electrification

· Factory Stores and Equipment

· Jigs and Fixtures

· Kitchen Equipment

· Measuring Instruments

· Office Equipments

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

WEBSITE DETAILS:

SANSERA -AT A GLANCE

Established in 1987.

Second Largest Company in Asia to Manufacture Rocker Arms.

An ISO / TS 16949: 2002, ISO 14,000 (EMS) and OSHAS 18,000 (Occupational Health Safety) company certified by RW TUV NORD.

Manufactures Precision Forged and Machined Components for the Automobile Industries.

In house manufacturing of CNC - SPMs to be cost effective and enhance Machining capabilities.

Manufacturing facilities at Bangalore, Manesar (New Delhi), Pune and Panthnagar.

Employs over 2900 People.

Group Annual Turn over of $ 55.5 Million (2008 - 2009)

Group Projected Turn over $ 68 Million (2009 -2010)

Group Projected Turn over $ 100 Million (2010 -2011)

MILESTONES

They are the pioneers in India to

Indigenised Arm, Valve Rocker for 800 CC Model.	Maruti Bajaj	1987
Indigenised Arm, Valve Rocker for  4S – Champion Model	Yamaha	1992
Indigenised Fork Gear Shifter for RX100.	TVS	1996
Indigenised Fork Gear Shifter for Fiero ALL 2S Models	Yamaha	1998
Export Components to Overseas Plants – Indonesia	Maruti	2001
Indegenised Sintered Tip Rocker Arm.	Honda	2002
Develop Roller Rocker Arm	Honda	2003
Develop Rocker Shaft Outside Japan	Bajaj	2003
Supply of Fully Assembled Crank Shaft	FPT	2007
Fractured Connecting Rod Developed.	Gmil	2008
Developed Timing Chain Sprocket.	Msil	2009

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.44.94
UK Pound	1	Rs.71.89
Euro	1	Rs.64.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		57

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.