MIRA INFORM REPORT

Report Date :

07.05.2011

IDENTIFICATION DETAILS

Name :	BRAKES INDIA LIMITED

Registered Office :	No. 21, Patulas Road, Madras, Chennai – 600002, Tamilnadu

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	09.11.1962

Com. Reg. No.:	18-004928

Paid-up Capital :	Rs.239.200 Millions

CIN No.: [Company Identification No.]	U35999TN1962PLC004928

TAN No.: [Tax Deduction & Collection Account No.]	CHEB00159F

PAN No.: [Permanent Account No.]	AAACB2533Q

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	manufacturer of Automotive and Non-Automotive Braking Systems and Ferrous Castings

No. of Employees :	1675

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 21255000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a Joint Venture between TVS Group and Lucas Industries Plc, UK. It is a well established and a reputed 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 regular 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

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. P. S. Narayanan
Designation :	Finance Manager

LOCATIONS

Registered Office :	No. 21, Patulas Road, Madras, Chennai – 600 002, Tamilnadu, India
Tel. No.:	91-44-26251861 / 6161 / 8161 / 8116 / 8426
Fax No.:	91-44-2628 7010 / 2625 7844 / 2625 7010
E-Mail :	bitvs@md2.vsnl.net.in bi-marketing@bipadi.brakesindia.co.in
Website :	www.brakesindia.com

Head Office :	“Electric Mansion”, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra
Tel. No.:	91-22-24220296/24220212/24225829/24308657/24306928
Fax No.:	91-22-24220198

Corporate Office :	Padi, Chennai - 600 050, Tamilnadu, India
Tel. No.:	91-44-2625 8161 / 8016
Fax No.:	91-44-26257844
E-Mail :	bi-marketing@brakesindia.co.in bitvs@md2.vsnl.net.in

Foundry Division	New No. 5, 4th Main Road, Gandhi Nagar, Adya, Chennai – 600020, Tamilnadu, India
Tel No. :	91-44-24908719
Email :	bfoundry@besindia.com

Factory :	Sholinghur - 631 102, Tamilnadu, India Gurgaon - 122 016, Haryana, Punjab, India Palambakkam - 603 309, Tamilnadu, India Nanjagud - 571 301, Mysore, Karnataka, India Halol, Gujarat, India Waki, Maharashtra, India Veeraraghavapuram, Tamilnadu, India Mahindra World City (SEZ), Tamilnadu, India

Branches :	87 Udhyog Vihar, Phase V, Gurgaon - 122 016, Haryana, Punjab, India D-1 Hide Road, Kolkata - 700 043, West Bengal, India 3C, Casa Major Road, Egmore, Chennai – 600 008, Tamilnadu, India 166, Anna Salai, Chennai – 600 002, Tamilnadu, India Plot 8, Lakshmi Nagar, Seventh Street, Chennai – 600 061, Tamilnadu, India 9, Pinjala Subramnium Street, T Nagar, Chennai – 600 017, Tamilnadu, India 9, Pose Garden, Binny Road, Chennai – 600 086, Tamilnadu, India 77, 53rd Street, Chennai – 600 053, Tamilnadu, India No. 9, Avadi Main Road, Veeraraghavapuram, Poonamallee, Chennai – 600 077, Tamilnadu, India Pune Mumbai

DIRECTORS

AS ON 02.09.2010

Name :	Mr. R. Ramanujam
Designation :	Chairman and Managing Director
Address :	4(old No.17), Parthasarathy Gardens, Chennai – 600018, Tamilnadu, India
Date of Birth / Age :	29.07.1936
Date of Appointment :	08.01.1975

Name :	Mr. S. Viji
Designation :	Managing Director
Address :	71, (Old No.33), Poes Garden, Chennai – 600066, Tamilnadu, India
Date of Birth / Age :	07.06.1946
Date of Appointment :	02.10.1975

Name :	Mr. R. Srikanth
Designation :	Joint Managing Director
Address :	15, Valliammai Aachi Street, Chennai – 600065, Tamilnadu, India
Date of Birth / Age :	19.09.1961
Date of Appointment :	29.11.2000

Name :	Mr. Keith Ronald Aston
Designation :	Director
Address :	10, Coedeva Mill Cwmbran Torfaen, South Wales, NP 44 7EU, UK
Date of Birth / Age :	08.03.1949
Date of Appointment :	05.10.2002

Name :	Mr. Timothy John Klaus
Designation :	Director
Address :	Shanghai Links, 4, Quail Ridge Drive, Lot 16, # 1600 Ling Bal Road, Pudong Shanghai, China – 201201
Date of Birth / Age :	14.03.1964
Date of Appointment :	05.10.2002

Name :	Mr. T.T. Srinivasaraghavan
Designation :	Director
Address :	No.9 (Old No. 5), III Street, Kasturi Estate, Chennai- 600086, India
Date of Birth / Age :	19.01.1955
Date of Appointment :	15.11.2007

Name :	Mr. David Kean
Designation :	Director
Address :	6F/62 Bldg 421, HongCao Road, Shanghai, P.R. China 200233
Date of Birth / Age :	24.08.1957
Date of Appointment :	17.11.2005
Name :	Mr. Nancy Stubbins Gougarty
Designation :	Director
Address :	2000 Jianhe Road, Changning District, Shanghai- 200336
Date of Birth / Age :	06.12.1955
Date of Appointment :	25.03.2009

Name :	Mr. William J Vander Roest
Designation :	Alternate Director
Address :	3118, Bluett Road, Ann Arbor, MI, USA 48105-1426
Date of Birth / Age :	05.02.1957
Date of Appointment :	25.03.2009

KEY EXECUTIVES

Name :	Mr. T Narayanan
Designation :	Company Secretary
Address :	I – 1, Benco Colony, Beasant Nagar, Chennai – 600090, Tamilnadu, India
Date of Birth / Age :	06.05.1959
Date of Appointment :	01.01.1999

Name :	Mr. P. S. Narayanan
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.09.2010

Names of Shareholders	No. of Shares
Lucas Industries Limited, West Midlands	1172080
T.V. Sundaram Iyengar and Sons Limited, India	507632
Sundaram Industries Limited, India	239200
Southern Roadways Limited, India	313624
Sundaram Finance Limited, India	159460
R. Ramanujam and Sundaram Finance Limited, India	2
S. Viji and Sundaram Finance Limited, India	2

Total	2392000

(AS ON 02.09.2010)

Category		Percentage

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		49.00
Bodies corporate		51.00

Total		100.00

BUSINESS DETAILS

Line of Business :

manufacturer of Automotive and Non-Automotive Braking Systems and Ferrous Castings

Products :

Product Description	ITC Code
Brakes and Servo Brakes and Parts there of	87082900
Cast Articles of Iron	73251000
Rubber Seals, Oil Seals	40169303

Imports :

Countries :

Europe
Far East

Terms :

Purchasing :

L/C, D/A, D/P or Open Account terms

PRODUCTION STATUS

AS ON 31.03.2009

Particulars	Unit	Installed Capacity	Actual Production
Complete Brake Systems	Nos.	9500000	4845806
Castings	MT	80000	54966
Engineering Plastics	MT	6000	1297
Special Purpose Machines and Test Rigs	Nos.	60	49

GENERAL INFORMATION

Customers :

· Honda

· TVS

· TRW

· Arvin Meritor

· Mahindra

· Eicher

· Bosch

· LVLB

· TAFE

· Ashok Layland

No. of Employees :

1675

Bankers :

· Standard Chartered Grindlays Bank Limited, Chennai, Tamilnadu, India

· ABN Amro Bank, Haddowas Road, Chennai - 600006, Tamilnadu, India

· State Bank of India, Corporate Accounts Group Branch, 64, Creams Road, Chennai – 600006, Tamilnadu, India

· HDFC Bank Limited

· DBS Bank Limited, 806, Anna Salai, Chennai-600002, Tamilnadu, India

Facilities :

Particulars	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Secured Loan
From Banks
Secured by hypothecation of raw material, components, work-in- progress, finished goods and book debts and parri passu second charge on immovable properties, (including leasehold properties) subject to first charge in favour of first charge holder.	631.857	1501.991
Secured by exclusive first charge on specific plant and machinery.	1956.382	2435.530

Total	2588.239	3937.521

Particulars	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Unsecured Loan
From Banks	200.00	203.960
From Others
Fixed Deposits	307.797	250.275
State Government order sales tax deferred scheme	0.000	11.398
Others	6.162	7.284

Total	513.959	472.917


Banking Relations :	--

Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants
Address :	23, C. P. Ramaswamy Road, Alwarpet, Chennai - 600018, Tamilnadu, India

Associates/Subsidiaries :	Showatech Incorporation The Dunes Oman LLC (FZC)

CAPITAL STRUCTURE

AS ON 02.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Share	Rs.100/- Each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2392000	Equity Share	Rs.100/- Each	Rs.239.200 millions

NOTE

Of the above

i) 66086 Equity Shares of Rs. 100 /- each allotted for consideration other than cash.

ii) 2162000 Equity Shares of Rs. 100 /- each allotted as fully paid up Bonus Shares by capitalization of General Reserve.

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		239.200	239.200	239.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5074.704	4369.707	4285.704
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5313.904	4608.907	4524.904
LOAN FUNDS
1] Secured Loans		2588.239	3937.521	3537.823
2] Unsecured Loans		513.959	472.917	927.624
TOTAL BORROWING		3102.198	4410.438	4465.447
DEFERRED TAX LIABILITIES		666.569	608.904	578.622

TOTAL		9082.671	9628.249	9568.973

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5192.824	5277.987	4652.270
Capital work-in-progress		37.207	229.415	341.394

INVESTMENT		384.302	313.385	313.385
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2533.718	2485.514	2725.962
	Sundry Debtors	3018.608	2314.147	3145.632
	Cash & Bank Balances	2.721	13.329	8.959
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	894.448	1012.700	1168.754
Total Current Assets		6449.495	5825.690	7049.307
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2756.009	1921.094	2564.957
	Current Liabilities	29.898	24.372	16.735
	Provisions	195.250	72.762	205.691
Total Current Liabilities		2981.157	2018.228	2787.383
Net Current Assets		3468.338	3807.462	4261.924

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		9082.671	9628.249	9568.973

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	18855.610	15474.314	16403.064
		Other Income	230.991	174.441	219.679
		TOTAL (A)	19086.601	15648.755	16622.743

Less	EXPENSES
		Cost of Materials	11342.600	9740.018	9347.819
		Expenses	5505.308	4600.515	4972.662
		TOTAL (B)	16847.908	14340.533	14320.481

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2238.693	1308.222	2302.262

Less	FINANCIAL EXPENSES (D)		267.377	539.331	320.460

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1971.316	768.891	1981.802

Less/ Add	DEPRECIATION/ AMORTISATION (F)		553.479	552.337	487.591

	PROFIT BEFORE TAX (E-F) (G)		1417.837	216.554	1494.211

Less	TAX (I)		377.665	48.563	471.522

	PROFIT AFTER TAX (G-I) (J)		1040.172	167.991	1022.689

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		379.300	334.071	329.016

Less	APPROPRIATIONS
		Interim Dividend	239.200	0.000	95.680
		Proposed Final Dividend	47.840	62.192	175.812
		Tax on Dividend	48.136	10.570	46.140
		Transfer to General Reserve	730.000	50.000	700.000
	BALANCE CARRIED TO THE B/S		354.296	379.300	334.071

	EARNINGS IN FOREIGN CURRENCY		2397.404	3115.115	NA

	IMPORTS
	Raw Materials		665.311	981.527	NA
	Stores & Spares		1576.939	1774.060	NA
	Capital Goods		35.591	166.487	NA
	TOTAL IMPORTS		2277.841	2922.074	NA

	Earnings Per Share (Rs.)		435.00	70.00	429.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.45	1.07	6.15

Net Profit Margin (PBT/Sales)	(%)	7.52	1.40	9.11

Return on Total Assets (PBT/Total Assets}	(%)	12.18	1.95	12.77

Return on Investment (ROI) (PBT/Networth)		0.27	0.05	0.33

Debt Equity Ratio (Total Liability/Networth)		1.14	1.39	1.60

Current Ratio (Current Asset/Current Liability)		2.16	2.89	2.53

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	BRAKES INDIA LIMITED
Presented By	Mr. T. Narayana, Company Secretary
1) Date and description of instrument creating the change	30.11.2004, Memorandum Relating to Hypothecation of Machinery.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.70.000 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	Specific movable Plant and Machinery both present and future as detailed in the Schedule attached and also the Plant and Machinery to be acquired.
4) Gist of the terms and conditions and extent and operation of the charge.	1) Interest at the agreed rate, has to be paid by the Company on daily debit balances. 2) All monies, advance on the security hereof shall be employed solely for the purpose f business. 3) Company should maintain the margin of security as may be advised by the bank from time to time. 4) Company to furnish the particulars of the secured property as may be required by the Bank. 5) Other terms and conditions. As specified in the Memorandum Relating to Hypothecation of Machinery dated 30.11.2004
5) Name and Address and description of the person entitled to the charge.	Registered Office: HDFC Bank Limited, HDFC Bank House, Senapathi Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India Branch office: HDFC Bank Limited, Mariam Centre, 3rd Floor 751-B, Anna Salai, Chennai—600 002, Tamilnadu, India
6) Date and brief description of instrument modifying the charge	NIL
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.	NIL

Corporate identity number of the company	U35999TN1962PLC004928
Name of the company	BRAKES INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 21, Patulas Road, Madras, Chennai – 600 002, Tamilnadu
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	DBS Bank Limited, 806, Anna Salai, Chennai-600002, Tamilnadu, India Email ID : kaushik@dbs.com
Nature of instrument creating charge	Agreement for Hypothecation dated 23rd August 2010.
Date of instrument Creating the charge	23.08.2010
Amount secured by the charge	Rs.409.195 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest USD 6 Months Libor + 1.35% p.a. Terms of Repayment 8 half yearly instalments of USD 750000 each commencing from 28.12.2011. Margin Fixed asset cover 1.25 times of Loan outstanding. Extent and Operation of the charge Fixed asset cover 1.25 times of loan outstanding - exclusive first charge over movable fixed assets as specified in the schedule to the Agreement for Hypothecation.
Short particular of the property or asset(s) charged	Exclusive first charge on Borrower's specific moveable fixed assets for Hypothecation dated 23rd August 2010.

Fixed Assets

Land Freehold
Land Leasehold
Building
Plant and Machinery
Computer Software
Furniture and Fixture
Vehicles

AS PER WEB DETAILS

PROFILE

The strength of Brakes India lies in

· Its ability to motivate and harness the capabilities of its human resource

· Develop and nurture a strong vendor base

· Its commitment to quality, cost, delivery, safety and customer satisfaction

Strong in-house Research and Development, coupled with access to World Class Technology through collaboration and affiliations worldwide enables Brakes India to provide the Best Braking Solutions and Castings to its customers.

Sales turnover of its Brakes divisions exceeds Rs. 12 Billion. Brakes Divisions have grown steadily to become a Leading Brake System Supplier to global OEMs operating in India.

Sales turnover of its Foundry division exceeds Rs. 4 Billion, has an installed capacity of 80,000 MTPA for permanent mould Grey Iron and high pressure moulded Ductile and grey iron sand castings.

An impressive list of Customers adds testimony to the capabilities of Brakes India.

EXPORT

Ability to introduce new products, tailor-made to meet overseas customer requirements, maintaining high technological and quality standards have helped Brakes India to continuously enlarge its market presence.

Commenced export of brake components in 1968.

Products are exported to over 35 countries around the world.

Exporter of a wide variety of Brake Products, including, drum brakes for commercial vehicles, trailer brakes for the Australian Trailer Industry, tractor brakes, master cylinder and booster assemblies, wheel cylinder assemblies.

Major exporter of Grey Iron and SG (Ductile) Iron castings to TRW, Meritor and Bosch.

Products exported to both Overseas Vehicle Manufacturers and Replacement Markets.

Supply to replacement market includes hydraulic brake and clutch cylinders, kits, seals, brake and clutch hoses, brake pads, caliper pistons and lined shoe assemblies for various passenger cars and commercial vehicles of American, Japanese, European and Australian manufacturers.

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.44.78
UK Pound	1	Rs.73.42
Euro	1	Rs.65.27

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

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

2533.718

2485.514

2725.962

3018.608

2314.147

3145.632

2.721

13.329

8.959

0.000

0.000

0.000

894.448

1012.700

1168.754

6449.495

2756.009

29.898

24.372

16.735

195.250

72.762

205.691

2981.157

3468.338

3807.462

4261.924

Unit