MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	LGB FORGE LIMITED
Registered Office :	No.6/16/13, Krishnarayapuram Road, Ganpathy Post, Coimbatore-641006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.2006
Com. Reg. No.:	18-012830
Capital Investment / Paid-up Capital :	Rs.100.001 Millions
CIN No.: [Company Identification No.]	L27310TZ2006PLC012830
TAN No.: [Tax Deduction & Collection Account No.]	CMBL03539E
PAN No.: [Permanent Account No.]	AABCL2012K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of forged and machined components.
No. of Employees :	400 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1500000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 / Factory :	6/16/13, Krishnarayapuram Road, Ganapathy, Coimbatore-641006, Tamilnadu, India
Tel. No.:	91-422-2532325 / 225
Fax No.:	91-422-2532333
E-Mail :	info@lgb.co.in
Website :	http://www.lgbforge.co.in

DIRECTORS

As on 31.03.2011

Name :	Mr. B. Vijayakumar
Designation :	Chairman
Name :	Mr. V. Rajvirdhan
Designation :	Executive Director
Name :	Mr. K.N.V. Ramani
Designation :	Director
Date of Birth/Age :	05.10.1931
Qualification :	M.A., B.L.
Expertise in Functional Areas :	More than 52 years experience as an Advocate
Date of Appointment :	29.01.2008
Other Directorship Held :	v Bannari Amman Spinning Mills Limited v Sri Kannapiran Mills Limited v Sri Chamundeswari Sugars Limited v K.G. Denim Limited v KPR Mills Limited v Shiva Texyarn Limited v Sri Sankara College Association (Company under Section 25 of the Companies Act, 1956)
Name :	Mr. P. Shanmugasundaram
Designation :	Director
Name :	Mr. P.V. Ramakrishnan
Designation :	Director
Name :	Mr. Rajiv Parthasarathy
Designation :	Director
Name :	Mr. Harsha Lakshmikanth
Designation :	Director
Date of Birth/Age :	24.08.1977
Qualification :	B.E., M.S.
Expertise in functional areas :	More than 8 years experience in Software Engineering
Date of Appointment :	09.05.2008
Other Directorship Held :	v Mayajaal Entertainment Limited v Placement Com (Private) Limited v Head Hunters India (Private) Limited

KEY EXECUTIVES

Name :	Mr. A. James Chandra Mohan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	34,907,620	34.91
Bodies Corporate	20,472,794	20.47
Sub Total	55,380,414	55.38
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	55,380,414	55.38
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	16,020	0.02
Insurance Companies	135,960	0.14
Foreign Institutional Investors	5,542,214	5.54
Sub Total	5,694,194	5.69
(2) Non-Institutions
Bodies Corporate	2,055,103	2.06
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	24,057,304	24.06
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	8,889,049	8.89
Any Others (Specify)	3,924,970	3.92
Clearing Members	13,379	0.01
Directors & their Relatives & Friends	2,543,887	2.54
Hindu Undivided Families	1,057,481	1.06
NRIs/OCBs	310,223	0.31
Sub Total	38,926,426	38.93
Total Public shareholding (B)	44,620,620	44.62
Total (A)+(B)	100,001,034	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	100,001,034	-

BUSINESS DETAILS

Line of Business :

Manufacturer of forged and machined components.

Products :

Item Code No.	Product Description
732690.17	Steel Forgings

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity @
Cold Forging Division	Strokes	20000000
Forging Division	Strokes	3000000
Hot Forging Division	Strokes	6000000

Note: @ Installed Capacity is as certified by the management

Particulars	Unit	Actual Production
Cold Forged Products	Nos.	84.65
Hot and Warm Forging Products	Nos.	53.46

GENERAL INFORMATION

No. of Employees :

400 [Approximately]

Bankers :

• Yes Bank Limited
• IDBI Bank Limited
• ICICI Bank Limited
• Corporation Bank
• Andhra Bank
• Axis Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
a) Term Loans :
Rupee Term Loans	368.968	407.667
b) Working Capital Borrowings:
Rupee Cash credit Facilities	189.175	172.475
Packing Credit facilities	0.000	16.053
Total	558.143	596.195
Unsecured Loan
From
- Directors	39.800	40.000
- Others	10.800	10.000
Sales Tax Deferral Scheme	11.871	15.018
Banks	44.333	50.000
Inter Corporate Deposit	45.667	49.000
Total	152.471	164.018

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	Shree Shanmugappriya, 2^nd Floor, 454, Ponnaiyan Street, Cross Cut Road, Gandhipuram, Coimbatore-641012, Tamilnadu, India
Tel. No.:	91-422-2237793/2238793
Associates:	· L.G. Balakrishnan and Bros Limited · Elgi Automotive Service (Private) Limited · L.G.B Auto Products (Private) Limited · LG Farm Products (Private) Limited · L.G. Balakrishnan and Bros - Karur · LG Sports Limited · Super Speeds Private Limited · Super Transports Private Limited · Silent Chain India Private Limited · LGB Fuel Systems Private Limited · BCW V Tech India Private Limited · Rolon Fine Blank Limited · LGB Rolon Chain Limited · South Western Engineering India Limited · Vijayshree Spinning Mills Private Limited · Renold Chain India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Re.1/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100001034	Equity Shares	Re.1/- each	Rs.100.001 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		100.001	100.001	100.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		289.885	289.885	293.940
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		389.886	389.886	393.941
LOAN FUNDS
1] Secured Loans		558.143	596.195	701.849
2] Unsecured Loans		152.471	164.018	52.562
TOTAL BORROWING		710.614	760.213	754.411
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1100.500	1150.099	1148.352
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		506.021	628.004	681.325
Capital work-in-progress		0.000	1.051	46.612
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	185.716	168.784	169.891
	Sundry Debtors	271.668	296.567	278.498
	Cash & Bank Balances	4.440	3.482	1.107
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	40.982	50.917	75.890
Total Current Assets		502.806	519.750	525.386
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	242.369	246.541	216.930
	Other Current Liabilities	0.024
	Provisions	0.000	0.000	0.000
Total Current Liabilities		242.393	246.541	216.930
Net Current Assets		260.413	273.209	308.456
MISCELLANEOUS EXPENSES		334.066	247.835	111.959
TOTAL		1100.500	1150.099	1148.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1275.526	1026.786	942.925
		Other Income	57.886	14.779	16.879
		TOTAL (A)	1333.412	1041.565	959.804
Less	EXPENSES
		Raw Materials and Components Consumed	661.097	542.063	507.939
		Processing Charges	99.717	89.380	75.723
		Power And Utilities	115.648	95.442	71.175
		Stores and Spares Consumed	100.260	63.920	70.176
		Employees Cost	100.491	74.332	67.984
		Repairs And Maintenance	23.027	17.337	15.808
		Selling and Distribution Expenses	56.862	38.030	32.020
		Other Expenditure	36.132	55.441	23.892
		Increase / Decrease in Stock	18.027	(2.154)	(1.323)
		TOTAL (B)	1211.261	973.791	863.394
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		122.151	67.774	96.410
Less	FINANCIAL EXPENSES (D)		103.158	96.447	100.976
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.993	(28.673)	(4.566)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		105.224	107.260	106.583
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(86.231)	(135.933)	(111.149)
Less	TAX (H)		0.000	0.003	0.750
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(86.231)	(135.936)	(111.899)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(247.835)	(111.899)	0.000
	BALANCE CARRIED TO THE B/S		(334.066)	(247.835)	(111.899)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	114.373	108.368	97.741
	TOTAL EARNINGS		114.373	108.368	97.741
	IMPORTS
		Raw Materials	0.000	0.494	0.679
		Stores & Spares	0.432	0.000	0.000
	TOTAL IMPORTS		0.432	0.494	0.679
	Earnings / (Loss) Per Share (Rs.)		(0.86)	(1.36)	(1.12)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(6.47)	(13.05)	(11.65)
Net Profit Margin (PBT/Sales)	(%)	(6.76)	(13.24)	(11.78)
Return on Total Assets (PBT/Total Assets}	(%)	(8.55)	(11.84)	(9.21)
Return on Investment (ROI) (PBT/Networth)		(0.22)	(0.35)	(0.28)
Debt Equity Ratio (Total Liability/Networth)		2.44	2.58	2.46
Current Ratio (Current Asset/Current Liability)		2.07	2.10	2.42

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE OF THE COMPANY

During the year, the Company’s gross revenue is Rs.1315.385 Millions [Previous Year: Rs.1043.719 Millions. Gross Profit / (Loss) before interest, depreciation and tax amounted to Rs.122.151 Millions [Previous Year (Rs.67.774 Millions]. The Net Loss came to Rs.86.231 Millions [Previous Year Rs.135.936 Millions]. The Gross Income of the Company has grown by 26% over the previous year. The major contributories to Net Loss in the financial year were due to major increase in raw material prices, shortage of power, adverse forex fluctuations, and inability to pass on the increases to their customers.

The Operations of the Company have been streamlined for the available power and the customer base has been rationalized. This will improve the operations for the current year with a better cash flow and retention. The bank credit facility enjoyed by the Company by way of secured loans have been guaranteed by L.G. Balakrishnan and Bros Limited.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

2010-11 has proven to be the year of survivalists. Those, who in the down turn, did not fare well financially have been forced to close, thereby opening up the forging markets. Coupled with the steady increase of the automotive market, the overall industry is in good position for the near short term.

OPPORTUNITIES

The improvement in the overall sales in the automotive industry provides a good opportunity for the growth in the forging industries. There are also visible signs of growth in the non-auto segment as more houses are built and in the growth of the overall growth in infrastructure. As the in-house technological know-how increases, the potential for diversification of markets entails that the Company is leveraged less with one particular segment.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Guarantee given by Bankers and outstanding	15.000	10.130
Amount outstanding on Letter of Credit	0.000	70.364
Total	15.000	80.494

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2011

RS. IN MILLIONS

Sr. No.	Particular	UNAUDITED
		QUARTER ENDED 30.06.2011
1.	Gross Sales / Income
	a. Net Sales / Income from Operations	315.661
	b. Other Operating Income	0.000
	Total Income (a+b)	315.661
2.	Expenditure
	a) (Increase) / Decrease in Stock in Trade and Work In Process	1.011
	b) Consumption of Raw Materials (Net)	165.520
	c) Purchase of Traded Goods	0.000
	d) Employee Cost	29.163
	e) Depreciation	25.221
	f) Other Expenditure	93.321
	g) Total Expenditure (a to f)	314.236
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	1.425
4.	Other Income	0.876
5.	Profit Before Interest and Exceptional Items (3+4)	2.301
6.	Interest	25.114
7.	Profit After Interest but before Exceptional Items (5-6)	(22.813)
8.	Exceptional Items	0.000
9.	Profit from Ordinary Activities before Tax (7+8)	(22.813)
10.	Tax Expense
	a) Current tax	0.000
	b) Deferred tax	0.000
	Total	0.000
11.	Net Profit from Ordinary Activities after Tax (9-10)	(22.813)
12.	Extraordinary Item (net of expense)	0.000
13.	Net Profit for the period (11-12)	(22.813)
14.	Paid-up Equity Share Capital (Face Value of Rs.1/- Each)	100.001
15.	Reserves Excluding Revaluation Reserve	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	(0.23)
	b) Basic and diluted EPS after extraordinary items	(0.23)
17.	Public Shareholding
	-Number of Shares	44620620
	- Percentage of Shareholding	44.62
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil
	b) Non Encumbered
	- Number of Shares	55380414
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	55.38

NOTE:

1 The above financial results of the Company have been reviewed by the Audit committee and approved by the Board of Directors at its meeting held on 28th January, 2011.

2 The above results have been subjected to Limited Review by the Statutory Auditors of the company.

3 The Company has only one reportable business segment namely Manufacture of Forged and Machined Components.

4 During the current quarter the Company has not received any Investors' Complaint and there was no complaint pending both at the beginning and at the end of the Quarter.

5 Previous year / period's figures have been regrouped /rearranged wherever necessary to conform to current period's classification.

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Furniture, Fittings and Equipments
• Vehicles
• Computer Software
• Technical Know-how
• Capital Work - in-Progress

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject is an India-based company. LG Balakrishnan and Bros Limited is the Company's parent company, which manufactures a range of engineering goods, such as automotive roller chains, industrial roller chains, reclaimed rubber belts and yarn. The Company has four business segments including cold forging division, hot and warm, forging division, and hot forging division. The Company has 16 associated companies. For the nine months ended 31 December 2010, LGB Forge Limited's revenue increased 28% to RS957.1M. Net loss decreased 50% RS48M. Revenues reflect an increase in income from operations of the company. Lower loss also reflects a decrease in interest expenses, the presence of income from stock in trade, a decline in depreciation expenses and a lower operating loss margin. The company is engaged in manufacturing of Hot Forging Metals.

PRESS RELEASES:

ORDINARY GENERAL MEETING

31 October 2011

India, October 31 -- LGB Forge Limited has informed the Exchange that in the Extra Ordinary General Meeting held on October 29, 2011 the shareholders inter alia have unanimously approved further issue of equity shares of Re.1/- each on rights basis in the ratio of 1:2 at a price of Rs.2.75 per share (inclusive premium of Rs.1.75/-).

OUTCOME OF BOARD MEETING (RIGHTS ISSUE)

30 September 2011

India, September 30 -- LGB Forge Limited has informed BSE that the Board of Directors of the Company at its meeting held on September 30, 2011, inter alia, has considered and decided to issue equity shares of Re. 1/- each at a premium of Rs. 2/- per share on Rights Basis to the existing Shareholders of the Company in the ratio of 1:2, i.e. 1 (One) equity share for every 2 (Two) fully paid up equity shares held , aggregating 5,00,00,517 shares, subject to the approval of the shareholders at the EGM to be convened for this purpose.

BOARD MEETING ON SEP 30, 2011 (TO CONSIDER FURTHER ISSUE OF EQUITY SHARES ON RIGHTS BASIS)

26 September 2011

India, September 26 -- LGB Forge Limited has informed BSE that, in continuation to the board meeting held September 09, 2011 wherein the Board considered, discussed and deferred the proposed Rights Issue and the said Rights Issue is again to be considered in the Board Meeting proposed to be held on September 30, 2011.

OUTCOME OF BOARD MEETING - DEFER PROPOSED RIGHTS ISSUE

09 September 2011

India, September 09 -- LGB Forge Limited has informed BSE that the Board of Directors of the Company at its meeting held on September 09, 2011, has discussed and decided to defer the consideration of the proposed rights issue.

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.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	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.