MIRA INFORM REPORT

Report Date :

11.03.2011

IDENTIFICATION DETAILS

Name :	INDSUR GLOBAL LIMITED (w.e.f. 30.07.2009)

Formerly Known As :	IPSL INDUSTRIES LIMITED (w.e.f. 24.03.2005) INDIA POWER SERVICES LIMITED

Registered Office :	204, Turf Estate, 2^nd Floor, Shakti Mills Lane, Off Dr. E. Moses Road, Mumbai – 400 011, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	01.09.1994

Com. Reg. No.:	11-080707

CIN No.: [Company Identification No.]	U40100MH1994PLC080707

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Supplier of Emerging Pipe.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

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

Satisfactory

Maximum Credit Limit :	USD 337000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

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

INFORMATION DECLINED BY

Name :	Mr. Anil Mehta
Designation :	Accounts Department
Date :	10.03.2011

LOCATIONS

Registered/ Corporate Office :	204, Turf Estate, 2^nd Floor, Shakti Mills Lane, Off Dr. E. Moses Road, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-43473995/ 43473996
Fax No.:	91-22-24935325
E-Mail :	info@indsur.in indiapowerservices@rediffmail.com
Website :	www.indsur.com

Factory :	Plot No. 751/2, GIDC, Jhagadia, Ankleshwar, Gujarat, India

Overseas Office:	Located At: USA Germany Zigong Safam – China Hong Kong

Branch Office :	605, Sterling Centre, Alkapuri, Vadodara, Gujarat, India
Tel. No.:	91-265-6522871/75

Representative Offices:	Located At: Kolkata Bangalore Jagdhishpur Delhi

DIRECTORS

As on 30.09.2010

Name :	Mr. Ankur Lodha
Designation :	Director
Address :	5, Panhar, Worli Sea Face, Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	30.05.1976
Date of Appointment :	01.09.1994
DIN No.:	0165341

Name :	Mr. Akshay Rajendraprasad Jain
Designation :	Director
Address :	101, Venus Apartment, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	16.09.1959
Date of Appointment :	30.10.2007
DIN No.:	01145191

Name :	Mr. Pramod Kumar Sarda
Designation :	Director
Address :	404, Shilp Residency, Near Citizen Society, NR Atmajyoti Mandir, Subhanpura, Vadodara – 390 023, Gujarat, India
Date of Birth/Age :	11.08.1952
Date of Appointment :	30.09.2010
DIN No.:	02888797

Name :	Mr. Amit Lodha
Designation :	Director
Address :	5, Panhar, Worli Sea Face, Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	18.08.1978
Date of Appointment :	30.09.2010
DIN No.:	00439529

Name :	Mr. Prem Prakash Pareek
Designation :	Director
Address :	E-157, Ramesh Marg, C-Scheme, Jaipur – 302 001, Rajasthan, India
Date of Birth/Age :	01.10.1959
Date of Appointment :	05.01.2008
Date of Ceasing :	03.12.2009
DIN No.:	00615296

KEY EXECUTIVES

Name :	Mr. Ramesh Kumar Mehta
Designation :	Manager
Address :	92, Aradhana Duplex, Laxmi Pura Road, Subhanpura, Baroda – 391 510, Gujarat, India
Date of Birth/Age :	17.11.1954
Date of Appointment :	27.05.2008
Date of Ceasing :	18.12.2009

Name :	Mr. Anil Mehta
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Amit Lodha		506500
Ankur Lodha		486500
Indu Lodha		317200
Sureshmal Lodha		930045
Elixir Financial Services Private Limited, Mumbai, India		619753
Ran Singh		1
Keval Singhvi		1
Total		2860000

As on 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		21.67
Directors or relatives of directors		78.33
Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Emerging Pipe.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Axis Bank Limited, Credit Management Center at Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai - 400 071, Maharashtra, India
Central Bank of India, Corporate Finance Branch, M.G. Road, Fort, Mumbai – 400 023, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan	100.032	0.000
Vehicle Loan	0.878	0.481
Working Capital Loans	134.634	141.261
Total	235.544	141.742

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

From Corporates and Others

32.193

7.979

Total

32.193

7.979


Banking Relations :	--

Auditors :
Name :	Kamlesh Saboo and Company Chartered Accountants
Address :	1, Shree Ramlaxmi Niwas, Near Anthony Bakery, Kolbad, Thane (West), Thane – 400 601, Maharashtra, India

Subsidiary Companies :	IGL (HK) Limited, Hong Kong

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2860000	Equity Shares	Rs.10/- each	Rs.28.600 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		28.600	17.502	17.502
2] Share Application Money		16.343	26.833	0.000
3] Share Premium A/c		14.062	6.070	6.070
4] Reserves & Surplus		25.131	16.096	19.029
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.136	66.501	42.601
LOAN FUNDS
1] Secured Loans		235.544	141.742	110.014
2] Unsecured Loans		32.193	7.979	10.716
TOTAL BORROWING		267.737	149.721	120.730
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		351.873	216.222	163.331

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		84.246	60.384	62.611
Capital work-in-progress		2.634	0.106	0.106

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.741	3.491	3.603

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.405	109.020	104.146
	Sundry Debtors	99.385	106.460	158.939
	Cash & Bank Balances	106.944	2.314	0.765
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.033	28.010	18.678
Total Current Assets		350.767	245.804	282.528
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.021	71.621	165.065
	Other Current Liabilities	0.000	0.000	0.293
	Provisions	17.494	21.942	20.159
Total Current Liabilities		88.515	93.563	185.517
Net Current Assets		262.252	152.241	97.011

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		351.873	216.222	163.331

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	568.385	378.041	382.295
		Other Income	0.000	0.000	0.000
		TOTAL (A)	568.385	378.041	382.295

Less	EXPENSES
		Increase / Decrease in Inventories	(1.749)	(5.656)	(6.005)
		Raw Materials Consumed	392.667	220.909	119.608
		Manufacturing Expenses	86.807	86.767	203.883
		Payment to and provision for employees	30.142	28.026	25.000
		Administrative and Selling Expenses	25.666	18.120	13.729
		Loss from sale of assets	0.000	0.000	2.257
		TOTAL (B)	533.533	348.166	358.472

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.852	29.875	23.823

Less	FINANCIAL EXPENSES (D)		16.493	24.988	13.268

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.359	4.887	10.555

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.858	0.868	1.045

	PROFIT BEFORE TAX (E-F) (G)		15.501	4.019	9.510

Less	TAX (H)		0.750	0.111	1.632

	PROFIT AFTER TAX (G-H) (I)		14.751	3.908	7.878

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(15.118)	(19.026)	(26.904)

	BALANCE CARRIED TO THE B/S		(0.367)	(15.118)	(19.026)

	EARNINGS IN FOREIGN CURRENCY
		In Euro (Figures in Lacs)	4.33	5.80	NA
		In USD (Figures in Lacs)	12.58	12.23	NA

	Earnings Per Share (Rs.)		5.16	2.23	4.50

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.60	1.03	2.06

Net Profit Margin (PBT/Sales)	(%)	2.73	1.06	2.49

Return on Total Assets (PBT/Total Assets}	(%)	3.57	1.31	2.75

Return on Investment (ROI) (PBT/Networth)		0.18	0.06	0.22

Debt Equity Ratio (Total Liability/Networth)		4.23	3.66	7.19

Current Ratio (Current Asset/Current Liability)		3.96	2.63	1.52

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions	31.03.2009 (Rs. in millions	31.03.2008 (Rs. in millions)
Sundry Creditors	71.021	71.621	161.478
Sundry Creditors for Expenses	0.000	0.000	3.587
Total	71.021	71.621	165.065

Note: The registered office of the company has been shifted from 9, Janta Compound, Palmon House, Opposite High Street, Phoenix, 162, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India to the present address w.e.f. 20.10.2009

FOUNDRY BUSINESS:

The operation of the Foundry division has been relatively satisfactory considering the down turn and recessionary conditions that prevailed during major part of the year. Whilst the United States and the entire European market were reeling under severe down turn, the India economy was showing a stable growth rate of over 8%. The company caters almost 30% of its production in European market, is successfully withstood the pressure. The Foundry business has been able to post Revenue of Rs.568.400 millions as against last year Rs.378.000 millions. It would be thus seen that the division has been able to maintain a growth rate of 50.35% in Turnover and 18.73% in EBDITA from previous year, However the increase in input cost particularly of scrap and other metallic were matter of concern. The company is one of the leading exporters of Insulator casting in India and enjoys a leadership position. They are already looking for increasing and consolidating the export volume in the coming years by adding new customers. The company has been able to acquire 51% shareholding in Safam Cast Iron Company Limited, China. With this acquisition the global footprint would further widen.

POWER AND NEW PROJECTS:

The company has been able to finally tie up gas contract with GSPC Gas Company Limited Gujarat gas for supply of natural gas to the proposed power plant. The Company plans to set up a captive power plant at Halol, and it is quite economical considering the normal per MW cost plant. They expect this plant to be operational from 2011.

CHANGES OF MEMORANDUM OF ASSOCIATION:

In order to have an independent identity in Global market it was decided to rename the company to “INDSUR GLOBAL LIMITED”.

CHANGE IN AUTHORISED CAPITAL:

During the year company had increased its Authorized capital from Rs.20.000 millions to 40.000 millions divided into 4000000 Equity Share of Rs.10/- each.

SUBSIDIARIES:

During the year Company promoted IGI (HK) Limited, Hong Kong as its wholly owned subsidiary. It is proposed that the new company would promote global market of the company’s product as also product from the acquisition Zigong Safam Cast Ion Company Limited, China.

Bankers Charges Report as per Registry

Name of the company

India Power Services Limited

Presented By

Central Bank of India and India Power Services Limited

1) Date and description of instrument creating the change

Dated 24^th October, 2002

Agreement of hypothecation of goods, book debts and other movable assets.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.6.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

a) Hypothecation of stock of raw materials, such as consumable stores and spares, both present and future, now being or hereafter during the continuance of this agreement brought into or upon or now or hereinafter in course of transit to any godowns, jathas or other place of storage at various factories of the borrower or other places whatsoever and wheresoever in the possession or occupation of the borrower.

b) All the present and future book debts, outstandings, moneys, receivables, claims, bills, rights, to immovable properties and movable assets and which are now due, owing or payable to or belonging to the borrower or which may at any time hereafter during the continuance of this security become, due , owing payable or belonging to the borrower or which may at any time hereafter during the continuance of this security become, due, owing payable or belonging to the in the course of its business by any person, firm, company or body corporate or by the government central or state or Indian railways, any government department or office or any municipal or local or public or semi government body or authority or any body corporate or undertaking or project whatever in the public sector.

c) All the tangible movable properties and assets of the borrower of whatsoever nature as security for payment and discharge by the borrower to the bank.

4) Gist of the terms and conditions and extent and operation of the charge.

I) The above goods, debts and assets shall be the security by way of first charge for payment and discharge by the borrower to the bank on demand a sum of Rs.6.000 millions as shown hereunder and all other moneys due and payable by the borrower to the bank.

Nature of credit facilities	Sanctioned Limit	Margins	Interest/ Commission
Fund based cash credit	Rs.6.000 Millions	Raw Material, WIP, Finished Goods	30% PLR + 40%
		Stock and Spares	30%
		Book Debts	50% (90 days)

II) The borrower will at all times maintain a sufficient quantity and market value of the said hypothecated premises, the said goods and book debts to provide the margins of security required by the bank from time to time.

III) This agreement shall operate as a continuing security for all moneys, indebtedness and liabilities aforesaid notwithstanding the existence of a credit balance in the account or accounts at any time or any partial payments or fluctuation of accounts.

5) Name and Address and description of the person entitled to the charge.

Central Bank of India, Corporate Finance Branch, M.G. Road, Fort, Mumbai-400023, Maharashtra, India.

6) Date and brief description of instrument modifying the charge

Dated 9^th June, 2005

No instrument but a mortgage created by deposit of title deeds (by way of constructive delivery) in respect of company immovable properties as security.

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.

A) Past Modification:

The original charge created on 24.10.2002 for Rs.6.000 millions was modified and increased to Rs.35.000 millions on 02.07.2003, against hypothecation of goods, debts and assets of the borrower.

Further modified on 02.07.2003 for Rs.35.000 millions thereby creating mortgage in respect of company immovable properties as security.

Further modified on 09.03.2004 for securing FCNR (B) Loan of USD equivalent to Rs.14.500 millions within the overall limit of Rs.35.000 millions.

Further modified on 29.07.2004 for Rs.35.000 millions.

Further modified on 02.11.2004 for securing FCNR (B) loan of USD equivalent to Rs.14.500 millions within the overall limit of Rs.35.000 millions.

Further modified on 19.04.2005 for securing FCNR (B) loan in USD equivalent to Rs.16.000 millions and fresh sanctioned FCNR (B) loan in USD equivalent to Indian Rs.1.500 million aggregating FCNR (B) loan in USD equivalent to Indian Rs.17.500 million within the overall limit of Rs.35.000 million.

Further modified on 13.05.2005 for Rs.42.500 million.

B) Present Modification:

The company gave and accorded its consent to the bank to hold and retain the title deeds (by way of constructive deliver) in respect of its immovable properties namely all that piece or parcel of non agricultural industrial land admeasuring 2 acces 37 gunthas equivalent to 11837.00 sq. mtrs or there about with factory shed, labour quarters, office building and other miscellaneous structure admeasuring 1892.455 sq. mtras or there about standing thereon being eastern portion of revenues survey no. 277/2 situated lying and being at Village Navgam (Kardej), Taluka and District Bhavnagar, Gujarat, together with fixed plant and machinery attached to the earth as and by way of first charge to secured the working capital facilities of Rs.42.500 million as shown hereunder.

Nature of facility	Limit (Rs. In Million)
Cash credit	42.500
Sub limit within CC
Import L/C (DA/DP)	(7.500)
FCNR (B)	(16.000)
Total	42.500

Together with interest, costs, damages, liquidated damages and all the amounts payable by the company in all the company accounts with the bank.

Save and except creation of above mortgage, there is, therefore, no change in the amount of charge which stands secured at Rs.42.500 millions.

This form is for	Creation of charge
Corporate identity number of the company	U40100MH1994PLC080707
Name of the company	INDSUR GLOBAL LIMITED
Address of the registered office or of the principal place of business in India of the company	204 Turf Estate, 2^nd Floor, Shakti Mills Lane Off Dr. E Moses Road, Mumbai-400011, Maharashtra, India.
Type of charge	Book Debts
Particular of charge holder	Axis Bank Limited, Credit Management Center at Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai-400071, Maharashtra, India.
Email	suman.chattopadhyay@axisbank.com
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation of book debts.
Date of instrument Creating the charge	29.03.2010
Amount secured by the charge	Rs.100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR-3.00% i.e. presently at 11.75 % p.a payable at monthly rests. Terms of Repayment In 48 monthly installments, of which first 47 installments of Rs.21.00 lacs each followed by last and final installment of Rs.0.13 lacs, commencing after a moratorium period of 6 months from the date of disbursement. Margin 25% Extent and Operation of the charge As per deed of hypothecation of book debts.
Short particulars of the property charged	I) All outstanding, monies, receivable, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due. II) Including receivables from Zigong Safam Cast Iron Co. Ltd, China and IGL (Hong Kong) Ltd ( all of which herein after collectively referred to as the said "Debts")

FIXED ASSETS:

· Land

· Buildings

· Road and Culverts

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

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.45.11
UK Pound	1	Rs.72.90
Euro	1	Rs.62.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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		43

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.

MIRA INFORM REPORT

116.405

109.020

99.385

106.460

106.944

2.314

0.000

0.000

28.033

28.010

350.767

245.804

71.021

71.621

0.000

0.000

17.494

21.942

88.515

93.563

262.252

152.241

1.03

1.06

1.31

0.06

3.66

2.63

Unit