MIRA INFORM REPORT

Report Date :

28.03.2011

IDENTIFICATION DETAILS

Name :	STERLING LAM LIMITED
Registered Office :	Bhagvati Hardware 28, Market Yard Talod Tal. Talod, Sabarkantha – 383215, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.07.2004
Com. Reg. No.:	04-44396
CIN No.: [Company Identification No.]	U25209GJ2004PLC044396
TAN No.: [Tax Deduction & Collection Account No.]	SRTS05209B AHMS11761B
PAN No.: [Permanent Account No.]	AAICS5496D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Decorative Laminates.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 545632
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitments. The company can be considered normal or 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

INFORMATION PARTED BY

Name :	Mr. Alkesh Joshi
Designation :	Accountant
Date :	26.03.2011

LOCATIONS

Registered office/ Factory :	Block No.123, At Mahiyal, Taluka Talod, Sabarkantha – 383215, Gujarat, India
Tel. No.:	91-2770-220300
Fax No.:	91-2770-220500
E-Mail :	manish@siliconlam.com sterlinglam1@rediffmail.com
Website :	http://www.siliconlam.com
Location :	Owned

DIRECTORS

AS ON 30.09.2009

Name :	Mr. Amrutbhai Karsanbhai Patel
Designation :	Director
Address :	Opposite V D Mehta Petrol Pump, at Taloq, District Sabarkantha – 383215, Gujarat India
Date of Birth/Age :	23.07.1958
Date of Appointment :	30.09.2005
Name :	Mr. Dharmeshbhai Mansukhbhai Patel
Designation :	Director
Address :	9 Parag Society, Near Mangalam Cinema, Odhav, Ahmedabad – 382415, India
Date of Birth/Age :	01.03.1981
Date of Appointment :	01.07.2004
Name :	Mr. Arvindbhai Vashrambhai Patel
Designation :	Director
Address :	Paras Society, Near G E B at Talod, District Sabarkantha – 383215, Gujarat India
Date of Birth/Age :	23.09.1965
Date of Appointment :	30.09.2005
Name :	Mr. Harshadbhai Valjibhai Patel
Designation :	Director
Address :	Opposite V D Mehta Petrol Pump, at Taloq, District Sabarkantha – 383215, Gujarat India
Date of Birth/Age :	10.10.1966
Date of Appointment :	01.07.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Name of The Share Holder	Share
Amrutbhaikarshanbhaipatel	36000
Dharmeshbhai Mansukhbhaipatel	44500
Arvindbhai Vishrambhai Patel	10000
Arvindbhai Vashrambhai Patel -Huf	22500
Harshadbhai Valjibhai Patel	54000
Chandrakant Lakhamshibhaipatel	4000
Umeshbhai Manibhai Patel	16700
Bakulkumar Vishrambhai Patel	16500
Arvindbhai Vashrambhai Patel-Odhav	10000
Ashvinbhai Vithalbhaipatel	40500
Bhupendrabhai Vithalbhaipatel	17000
Bhupendrabhai Natverbhai Patel	8500
Darshnaben Prakashbhaipatel	30000
Darshitben Dharmeshbhai Patel	59000
Daxaben Arvindbhaipatel	15000
Ghanshyambhai Atmarambhaipatel	45500
Jayaben Bhupendrabhai Patel	30000
Jayaben Mansukhbhaipatel	16000
Maniben Vashrambhai Patel	16000
Mansukhbhai Vashrambhai Patel	34000
Mansukhbhai Vashrambhai Patelhuf	20000
Prakashbhai Vithalbhai Patel	5000
Rajendra Rajnikant Joshi	8500
Rekhaben Ghanshyambhai Patel	27000
Ritaben Shankarbhai Bhagat	19000
Shantaben Bhanjibhai Patel	32500
Shilpaben Prakashbhai Patel	39000
Bhagwatiben Virjibhai Patel	2500
Bhavikaben Chandrakant Patel	13000
Bhavnaben Pravinbhaipatel	43500
Bipinkumar Shivdas Patel	29600
Chetnaben Kiritbhaipatel	22000
Damayantiben Lakhamsibhai Patel	20000
Dhaval Arjanbhai Patel	4500
Harshidaben Satishbhaipatel	14500
Ilaben Harshadbhai Patel	14000
Kiritkumar Lakhamsibhai Patel	7500
Manjulaben Tulsibhai Patel	46500
Murtiben Bipinbhai Patel	37500
Pravinbhai Valjibhai Patel	26500
Pravinbhai Valjibhai Patel (H U F)	11000
Satishbhaiarjanbhaipatel	7500
Tulsidas Shivdas Patel	10000
Valjibhai Laddhabhai Patel	10000
Virjibhai Laddhabhai Patel	10000
Damyantiben Amrutbhai Patel	13500
Devjibhai Karshanbhai Patel	29000
Dinesh Dahyabhai Patel	5000
Gitaben Mukeshbhai Patel	25500
Govindbhai Dahyabhaipatel	23500
Hansaben Vinodbhaipatel	13500
Jasodaben Pravinbhaipatel	10500
Laxmiben Devjibhai Patel	10500
Leelaben Dineshbhai Patel	7500
Madhuben Govindbhai Patel	25500
Mukeshbhai Dahyabhai Patel	7000
Panuben Karshanbhaipatel	3500
Parvatiben Dahyabhai Patel	3500
Pravinbhai Karsanbhaipatel	45000
Rasilaben Vasantbhai Patel	7000
Vasantbhaidahyabhaipatel	5000
Vinodbhaikarshanbhaipatel	28500
Nayan Amrutbhai Patel	5000
Bipin Laljibhai Patel	10000
Chandrikaben Himmatbhai Patel	13500
Devkiben Jivrajbhai Patel	10000
Dhanlaxmiben Manibhai Patel	10000
Dilip Hiralal Patel	15400
Gangaben Vishrambhai Patel	10000
Haresh Jivrajbhaipatel	7800
Harshaben Dilipbhai Patel	17400
Himmatbhai Manibhai Patel	6000
Jayshreeben Umeshbhai Patel	11800
Kalaben Kantibhai Patel	19100
Kamlaben Hiralal Patel	19000
Kavitaben Mahendrabhai Patel	25400
Kesharben Laljibhaipatel	10000
Kishorbhaidahyabhaipatel	10000
Madhuben Kishorbhai Patel	12400
Mahendrabhai Hiralal Patel	7900
Manishaben Vinodbhai Patel	12500
Manish Kantibhai Patel	7400
Manjulaben Amrutbhai Patel	10000
Mayuriben Bakulbhai Patel	17800
Nimesh Hiralal Patel	16700
Ramilaben Dahyabhai Patel	10000
Rukshmaniben Babubhaipatel	2800
Rukshmaniben Haribhai Patel	9000
Sunilbhai Jivrajbhai Patel	10600
Vanitaben Bipinbhai Patel	4200
Vasantaben Sunilbhai Patel	7400
Vijayaben Arvindbhai Patel	10500
Vinod Manibhai Patel	20500
Binitaben Pareshbhaipatel	6500
Laxmiben Shyamjibhai Patel	14400
Paresh Shyamjibhai Patel	14400
Reenaben Shyamjibhaipatel	3000
Shyamjibhai Karshanbhai Patel	4900
Darsnaben Prakashbhaipatel	30000
Ritaben Shankarbhai Bhagat	2500
Shantaben Bhanjibhai Patel	20000
Manjulaben Tulsibhai Patel	15000
Sumit Purshottambhai Patel	27000
Prakrutiben Arvindbhai Patel	4000
Amit Tulsibhai Patel	16500
Anita Nayan Patel	5000
Jigna Yogesh Patel	5000
Jai Adhyashakti Marketing Private Limited	32500
Bhumidev Credit Corporation Limited	36000
Jai Durga Tradeling Private Limited	32500
Bagrecha Marketing Private Limited	37500
Ideal Fertilizer Private Limited	37000
Total	1974100

AS ON 30.09.2009

Category	Percentage
Bodies Corporate	8.89
Directors or relatives of directors	89.59
Other top fifty shareholders other than listed above)	1.52
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Decorative Laminates.
Imports :
Products :	Raw Material
Countries :	China Germany
Terms :
Selling :	Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS AS ON 31.03.2009

Particulars	Unit	Installed Capacity	Actual Production
Decorative Sheets	Nos.	600000	601706

GENERAL INFORMATION

Customers :

Distributors

No. of Employees :

80 (Office and 15 + Factory 65)

Bankers :

The Cosmos Co-operative Bank Limited, Odhav Branch, Vallabh Nagar Society, Near Punjab National Bank, Ahmedabad – 382415, Gujarat, India

Facilities :

CC – Rs.30.000 Millions

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Cosmos Bank
Term Loan - Secured Against Equitable Mortgage of Land and Building, Hypo. of Imported and Indegeneous Plant and Machineries and Personal Guarantee of All Directors.	29.313	32.980
Working Loan - Cash Credit Secured Against Hypo. Of Stocks of Raw Materials, Wip Consu., Furnished Goods And All Stock In Trade
From Cosmos Bank	23.777	24.328
From Punjab National Bank	0.000	1.734
Loan From ICICI Bank	0.553	0.000
Total	53.643	59.043
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors and Shareholders	31.695	28.398
From Others	4.326	5.221
Total	36.020	33.619

Banking Relations :	--
Auditors :
Name :	Deepak R. Soni and Company Chartered Accountant
Address :	Opposite Old Swaminarayan Temple, Dr. Gandhi Road, Himatnagar, - 383001, Gujarat, India

CAPITAL STRUCTURE

AS ON 31.03.2009

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
1974100	Equity Shares	Rs.10/- each	Rs.19.741 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2010-2011) : Rs.410.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		20.768	19.741	17.986
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		115.640	73.139	2.360
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		136.408	92.880	20.346
LOAN FUNDS
1] Secured Loans		59.580	53.643	59.043
2] Unsecured Loans		20.472	36.021	33.619
TOTAL BORROWING		80.052	89.664	92.662
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		216.460	182.544	113.008
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.505	56.454	52.967
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.678	1.012	1.014
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.273	63.177	47.024
	Sundry Debtors	131.495	103.646	67.091
	Cash & Bank Balances	3.102	2.761	0.425
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.040	2.779	2.422
Total Current Assets		212.910	172.363	116.962
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		44.240	53.256
	Other Current Liabilities	66.633	2.300	4.008
	Provisions		0.794	0.798
Total Current Liabilities		66.633	47.334	58.062
Net Current Assets		149.277	125.029	58.900
MISCELLANEOUS EXPENSES		0.000	0.048	0.127
TOTAL		216.460	182.544	113.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	257.068	186.153	126.817
		Other Income	0.375	0.714	0.202
		Excess Provision of IT W/back	0.300	0.000	0.000
		TOTAL (A)	257.743	186.867	127.019
Less	EXPENSES
		Manufacturing Expenses	238.719	169.888	110.396
		Preliminary Expenses	0.048	0.048	0.048
		Differed Revenue Expenses Written off	0.000	0.000	0.015
		Increased/ (Decreased) In Stock	(3.338)	(4.839)	(0.772)
		TOTAL (B)	235.429	165.097	109.687
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.314	21.770	17.332
Less	FINANCIAL EXPENSES (D)		9.674	10.998	8.290
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.640	10.772	9.042
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.978	7.677	6.591
	PROFIT BEFORE TAX (E-F) (G)		3.662	3.095	2.451
Less	TAX (I)		1.235	0.762	0.031
	PROFIT AFTER TAX (G-I) (J)		2.427	2.333	2.420
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.594	0.260	(0.060)
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	0.000	2.100
	BALANCE CARRIED TO THE B/S		0.022	2.594	0.260

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.78	1.25	1.90
Net Profit Margin (PBT/Sales)	(%)	1.42	1.66	1.93
Return on Total Assets (PBT/Total Assets}	(%)	1.32	1.35	1.44
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.12
Debt Equity Ratio (Total Liability/Networth)		1.08	1.47	7.41
Current Ratio (Current Asset/Current Liability)		3.19	3.64	2.01

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Sundry Creditors
Creditors for Capital Expenditure	NA	3.736	2.613
Creditors for Raw Material	NA	40.504	50.643

Trade Reference:

Décor John Private Limited

Fixed Assets:

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fixtures
• Computers
• Office and Other Equipments
• Vehicles

Form 8:

Corporate identity number of the company	U25209GJ2004PLC044396
Name of the company	STERLING LAM LIMITED
Address of the registered office or of the principal place of business in India of the company	Bhagvati Hardware 28, Market Yard Talod Tal. Talod, Sabarkantha, Gujarat, India
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property Stock, Plant and Machinery etc.
Particular of charge holder	The Cosmos Co-operative Bank Limited Odhav Branch, Vallabh Nagar Society, Near Punjab National Bank, Ahmedabad – 382415, Gujarat, India info@cosmosbank.in
Nature of instrument creating charge	Composite Deed of Mortgage and Hypothecation
Date of instrument Creating the charge	07.11.2007
Amount secured by the charge	Rs.87.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Cash Credit, Term Loan Takeover, Term Loan Takeover (P and M) amd Term Loan (Machinery): Presently applicable 12.50% p.a. Import Letter of Credit: As per FEDAI Rules. Terms of Repayment: Cash Credit : On Demand Term Loan Takeover (P and M): 48 months Terms Loan Takeover and Term Loan (Machinery) : 60 Month (Including 6 month moratorium) Margin: Cash Credit : 25% Term Loan Takeover (P and M) and Term Loan ( Machinery) 25% Import of Letter of Credit : 25% Extent and Operation of the charge: All the securities described herein below in column No.14 have been charged to the Bank to Secure: Cash Credit Facility of Rs.25.000 Millions Term Loan Takeover (P and M) of rs.24.000 Millions Term Loan Takeover of Rs.15.500 Millions Letter of Credit Facility of Rs.10.000 Millions Term Loan (Machinery) of Rs.8.300 Millions Import Letter of Credit of Rs.5.000 Millions Aggregating to Rs.87.800 Millions

Corporate identity number of the company	U25209GJ2004PLC044396
Name of the company	STERLING LAM LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No.123, At Mahiyal, Taluka Talod, Sabarkantha – 383215, Gujarat, India
This form is for	Modification of charge
Type of charge	Book Debts Immovable Property Movable Property
Particular of charge holder	The Cosmos Co-operative Bank Limited
Nature of instrument creating charge	1) Letter Of Repaid Of Adhoc Limit 2) Second Supplemental Deed of Hypothecation of Stocks, Book Debts And Machinery
Date of instrument Creating the charge	16.09.2010
Amount secured by the charge	Rs.254.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent And Operation Of The Charge Company Has Repaid Adhoc Limit Of Rs. 6.000 Millions Out Of Total Facility Of Rs. 123.800 Millions Hence Total Loan Facility Available Is Rs. 11,78,00,000/- . In Addition To This, Additional Facility Of Rs. 141.400 Millions, Which Include Additional Cc Of Rs. 850 Millions, Tl-I Of Rs. 44.700 Millions And Tl- Ii Of Rs. 11.700 Millions, Is Granted Hence Total Amount Secured Is Rs.254.200 Millions Excluding Of Rs. 5.000 Millions Sanctioned As Import Lc - One Time Originally) Against Securities Describe Under Hypothecation Deed.
Short particulars of the property charged	Factory Land and Building At S.No.127/1 and 137/1, Block No. 123 and 124 At Mahiyal, Talod, Sabarkantha Owened By Company Block No 134 and 135 At Mahiyal, Talod, Sabarkantha Owned By Company All Stocks, Book Debts And Machinery Of The Company Lying At Block No 123 and 124, Mahiyal, Talod, Sabarkantha
Date of instrument modifying the charge	02.08.2010
Particulars of the present modification	AD HOC Limit of Rs.6.000 Millions Is Repaid. Enhance Cash Credit Facility of Rs.85.000 Millions Means Total Cc Is Rs.120.000 Millions New Term Loan - I Facility of Rs44.700 Millions For Purchase of Machinery New Term Loan - II Facility of Rs.11.700 Millions For Land And Building. Total Credit Facility Is Rs.254.200 Millions Excluding One Time LC of Rs.5.000 Millions Sanctioned Originally.

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.44.65
UK Pound	1	Rs.71.91
Euro	1	Rs.63.28

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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.