MIRA INFORM REPORT

Report Date :

21.10.2011

IDENTIFICATION DETAILS

Name :	ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED
Registered Office :	93-A, Industrial Suburb, Yeshwanthpur, Bangalore – 560 022, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.11.1978
Com. Reg. No.:	08-3407
Capital Investment / Paid-up Capital :	Rs.4.765 Millions
CIN No.: [Company Identification No.]	U32109KA1978PTC003407
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Electronic Solid State Relays – Coil, Power Relays, Liquid Relays, Level Indicators / Controllers, Capacitor Discharge, Moulds, Solid State, 3-Phase, etc.
No. of Employees :	125 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 288000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appear some 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)

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. Ramduth
Designation :	Commercial Executive
Contact No.:	91-80-22354189
Date :	10.10.2011

LOCATIONS

Registered Office :	93-A, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka, India
E-Mail :	office@ganjam.com
Website :	http://www.electronicrelaysindia.com http://www.ganjam.com
Factory :	P.B. No. 2254, 93-A, Industrial Suburb, II Stage, Yeshwanthpur, Bangalore – 560 022, Karnataka, India
Tel. No.:	91-80-22354189 / 23371434 / 23375929 / 22354190 / 41283173 / 23371753 / 23470067
Fax No.:	91-80-22357760 / 23470048 / 25571750
E-Mail :	eri@vsnl.com
Website :	www.electronicrelays.com
Branch Office :	P B No.124, No.64, Palace Road, Vasanth Nagar, Bangalore – 560 052, Karnataka, India
Tel. No.:	91-80-22354189 / 23371753 / 22354190
Fax No.:	91-80-22357760 / 23470048 / 23571750
E-Mail :	mktg@eri.co.in sales@eri.co.in
Website :	www.electronicrelaysindia.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Umesh Bimaji Ganjam

Designation :

Managing Director

Address :

# 16, Embassy Palace , Flat # 104, Cunningham Road, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

11.06.1954

Date of Appointment :

16.11.1978

DIN :

00117741

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U32109KA1978PTC003407	ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED	Managing director	16/11/1978	16/11/1978	Active	NO
2	U52393KA1980PTC004049	GANJAM NAGAPPA AND SON PRIVATE LIMITED	Whole-time director	19/12/1980	19/12/1980	Active	NO
3	U65990MH1991PTC063535	GAYLE HOLDINGS PRIVATE LIMITED	Director	25/08/1994	25/08/1994	Dormant	NO

Name :

Mr. Eswar Subbaramaiah Ganjam

Designation :

Director

Address :

No. 204, Block A, I Foor, Embassy Palace, Cunningham Road, Bangalore – 560 001, Karnataka, India

Date of Birth/Age :

24.10.1938

Date of Appointment :

16.11.1978

DIN :

00853642

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32109KA1978PTC003407	ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED	Director	16/11/1978	16/11/1978	-	Active	NO
2	U52393KA1980PTC004049	GANJAM NAGAPPA AND SON PRIVATE LIMITED	Managing director	19/12/1980	19/12/1980	-	Active	NO
3	U27205KA1991PLC011666	PEAKOK JEWELLERY LIMITED	Director	14/02/1991	14/02/1991	28/07/2007	Active	NO
4	U36911KA1994PTC015632	GANJAM JEWELLERS PRIVATE LIMITED	Managing director	13/05/1994	13/05/1994	-	Active	YES
5	U36911KA2003PLC031686	CARBON ACCESSORIES LIMITED	Director	10/3/2003	10/3/2003	12/5/2007	Active	NO

Name :

Mr. Kumar Eswar Ganjam

Designation :

Director

Address :

# 16, Embassy Palace , Flat # 204, Cunningham Road, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

23.04.1977

Date of Appointment :

12.07.2008

DIN :

00117514

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U36911KA1994PTC015632	GANJAM JEWELLERS PRIVATE LIMITED	Director	20/01/1997	20/01/1997	Active	YES
2	U52393KA1980PTC004049	GANJAM NAGAPPA AND SON PRIVATE LIMITED	Director	30/09/2000	30/09/2000	Active	NO
3	U32109KA1978PTC003407	ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED	Director	12/7/2008	12/7/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramduth
Designation :	Commercial Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (As on 30.09.2010)	No. of Shares
G S Bimaji	700
Eswar Subbaramaiah Ganjam	14854
Umesh Bimaji Ganjam	23217
Pushpa Murthy	920
Reshma Umesh	5595
Malini Bimaji	853
Usha Eswar	853
Radha Kumar	120
Girija S Rao	100
Kumar Eswar Ganjam	412
Others	24
Total	47648

Equity shares Breakup (percentage of total equity) (As on 30.09.2010):-

Category	Percentage
Directors or relatives of Director	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Electronic Solid State Relays – Coil, Power Relays, Liquid Relays, Level Indicators / Controllers, Capacitor Discharge, Moulds, Solid State, 3-Phase, etc.
Products :	Microprocessor based Controls such as Automatic Vending Machines, etc. Microcomputer Control, Ticket Vending Machines, NC Machine Control For Process Control Systems using PLCs such as Programmable Controls, DCS, etc. Computer Systems Temperature Control Systems such as Microwave Ovens, Heater Control, Lamp Control, Injection Moulding Machines, etc. Motor Control Medical Equipments Uninterrupted Power Supplies I/O modules for NC/CNC Machines Traffic Signals Home Appliances such as Washing Machines, etc.
Exports :
Products :	Electronic Solid State Relays
Countries :	USA Italy Poland
Imports :
Products :	Raw Material
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS As on 31.03.2010

Particulars	Quantity
Licensed Capacity	Not Available
Installed Capacity	420000 units per annum
Actual Production	240976 units

*Certified by the management and relied upon by the auditors, the same being technical matter.

GENERAL INFORMATION

Suppliers :

Bhoruka Aluminum – Mysore

Customers :

Wholesalers, OEM’S, End Users and Retailers

§ L and T – Chennai

§ Honda Seil – Noida

No. of Employees :

125 [Approximately]

Bankers :

• State Bank of Mysore, Industrial Finance Branch, No.18, Mid Ford Gardens, Off M G Road, Bangalore – 560 001, Karnataka, India
• ICICI Bank
• Corporation Bank
• State bank of India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
From State Sank of Mysore
Cash Credit (Secured against hypothecation of stock and property at No.93/A, Industrial Suburb, II Stage, Ra]ajlnagar, Bangalore)	12.288	12.089
Pre- Shipment Credit (Secured against hypothecation of stock and property at No. 93/A, Industrial Suburb, II Stage. Rajajinagar, Bangalore)	7.538	7.556
Term Loan (Secured against hypothecation of Machinery /Tools and personal Guarantee of Directors)	5.833	7.269
Export Bill Discounted (Secured against hypothecation of stock and property at No. 93/A, Industrial Suburb, II Stage, Rajajinagar, Bangalore)	3.766	3.971
SBM -IFB 64036037397 (Secured against hypothecation of stock and debt receivables) (All the above loans have been secured by the Personal Guarantee of Directors)	0.013	0.185
Total	29.438	31.070
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
Reshma Umesh	0.100	0.100
G. B. Umesh	2.248	0.000
G.S.Eswar	2.000	0.000
Total	4.348	0.100

Banking Relations :

--

Auditors :

Name :

Manian and Rao

Chartered Accountants

Address :

# 361, 1^st Floor, 7^th Cross, 1^st Block, Jayanagar, Bangalore – 560 011, Karnataka, India

Tel. No.:

91-80-26569500

Fax No.:

91-80-26569502

PAN :

AAHFM0757B

Sister Concern :

· Ganjam Exports

· Ganjam Nagappa and Son Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47,648	Equity Shares	Rs.100/- each	Rs.4.765 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.765	4.765	4.765
2] Share Application Money		13.172	13.400	4.150
3] Reserves & Surplus		62.515	8.782	14.686
4] (Accumulated Losses)		[8.298]	[2.038]	0.000
NETWORTH		72.154	24.909	23.601
LOAN FUNDS
1] Secured Loans		29.438	31.070	34.366
2] Unsecured Loans		4.348	0.100	10.060
TOTAL BORROWING		33.786	31.170	44.426
DEFERRED TAX LIABILITIES		0.000	0.000	0.244
TOTAL		105.940	56.079	68.271
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.750	30.269	31.219
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.105	3.105	3.105
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.240	23.002	24.240
	Sundry Debtors	25.990	16.890	23.200
	Cash & Bank Balances	4.539	3.275	4.732
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.234	8.625	10.971
Total Current Assets		51.003	51.792	63.143
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.314	22.200	22.836
	Other Current Liabilities	3.114	5.800	2.565
	Provisions	1.490	1.087	3.795
Total Current Liabilities		33.918	29.087	29.196
Net Current Assets		17.085	22.705	33.947
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		105.940	56.079	68.271

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
INCOME		67.584	96.498	103.278
EXPENSES		72.698	97.546	98.964
DEPRECIATION/ AMORTISATION		1.321	1.532	1.414
PROFIT / [LOSS] BEFORE TAX		[9.865]	[8.078]	1.316
TAX		2.038	[2.174]	0.410
PROFIT / [LOSS] AFTER TAX		[11.903]	[5.904]	0.906
EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export	28.513	44.268	31.030
TOTAL EARNINGS		28.513	44.268	31.030
IMPORTS
	Raw Materials	18.337	25.746	32.585
TOTAL IMPORTS		18.337	25.746	32.585
Earnings/[Loss] Per Share (Rs.)		[250.00]	124.00]	19.01

Particulars	31.03.2011
Sales Turnover [Approximately]	92.000

Expected Sales ( 2011-2012 ) : Rs.120.000 millions

The above information has been parted by Mr. Ramduth [Commercial Executive]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	[17.61]	[6.12]	0.88
Return on Total Assets (PBT/Total Assets}	(%)	[7.21]	[9.84]	1.39
Return on Investment (ROI) (PBT/Networth)		[0.14]	[0.32]	0.06
Debt Equity Ratio (Total Liability/Networth)		0.94	2.42	3.12
Current Ratio (Current Asset/Current Liability)		1.50	1.78	2.16

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Trade References :

§ L and T – Chennai

• Honda Seil – Noida
• Bhoruka Aluminum – Mysore

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U85110KA1978PTC003407
Name of the company	ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	93-A, Industrial Suburb,Yeshwanthpur, Bangalore – 560022, Karnataka, India
Type of charge	Other – Vehicles
Particular of charge holder	State Bank of Mysore, Industrial Finance Branch, No.18, Mid Ford Gardens, Off M G Road, Bangalore – 560 001, Karnataka, India
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation
Date of instrument Creating the charge	07.11.2008
Amount secured by the charge	Rs.0.200 million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest @ 1.50% below SBMPLR, i.e. 12.75% p.a., floating, payable monthly Terms of Repayment - Repayable in 3 years i.e. in 11 quarterly installments of Rs. 17,000/- each and 12th quarterly installment of Rs. 13,000/- Margin – 24% Extent and Operation of the charge - Charge extends by way of first charge on the vehicle throughout the period of sanctioned limits.
Short particulars of the property charged	Hypothecation of vehicle Maruthi Omni bearing Engine No. F8BIN-3979423 and Chassis No. MA3EVB11S01038809, belonging to the company situated at PB No. 124, No. 64, Palace Road, Vasanth Nagar, Bangalore - 560 052.

Form 8

Name of the company	ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED
Presented By	State Bank of Mysore, Yeswanthapur, Bg - 22
1) Date and description of instrument creating the change	25.02.1993 1. Agreement for Cash Credit Hypothecation of Goods. 2. Pledge letter Machineries (Both documents relate to single charge)
2) Amount secured by the charge/amount owing on the securities of charge	Rs.2.000 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	Hypothecation of the whole of the borrowers stocks of Raw Materials, Work-in-process and Finished Goods stored in godowns/Factory premises at No. 45/29, 11^th Cross, 6^th Block, Gubbanna Industrial Estate, Rajaji Nagar, Bg-10, Collataral Security of plant and machineries.
4) Gist of the terms and conditions and extent and operation of the charge.	· Interest @ 17.50% · Margin 25% · Repayable on demand
5) Name and Address and description of the person entitled to the charge.	State Bank of Mysore Yeswanthapur Branch, Bangalore – 560 022, Karnataka, India

FORM 8

Corporate identity number of the company	U85110KA1978PTC003407
Name of the company	ELECTRONICS RELAYS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	93-A, Industrial Suburb, Yeshwanthpur, Bangalore – 560 022, Karnataka, India
This form is for	Modification of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of Mysore Industrial Finance Branch, M G Road, Bangalore – 560 001, Karnataka, India
Nature of instrument creating charge	· Agreement of Hypothecation of Goods and Assets · Agreement for Cash Credit Hypothecation of Debts and Assets · Letter of Hypothecation all the above pertain to the same charge
Date of instrument Creating the charge	29.06.2007
Amount secured by the charge	Rs.60.300 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of Interest Rate: CC-AT 0.25%Over SBMPLR i.e. 13.50% p.a. payable with monthly rests. Penal int for non compliance of terms of sanction: Max 2% per annum over the normal rate. · Terms of repayment Working Capital facility repayable on demand · Margin Raw Materials – Semi finished goods/finished goods – 15% Receivables (cover days) – 25% LC-10% BG- 25% · Extent and operation of the charge Exclusive first charge on the assets of the company and to the full extent. · Others Cash Credit (Hypothecation) Rs.20.000 millions FUBD/FDBP – Rs.7.500 millions Letter of Credit – Rs.12.800 millions Bank Guarantee – Rs.5.000 millions Term Loan Existing Rs.15.000 millions Total Limit – Rs.60.300 millions
Particulars of the property charged	Hypothecation of present and future all of the borrower’s stocks of raw materials; semi finished and finished goods; stores, spares, tools, accessories, components, book debts, bills, claims, receivables, outstanding, plant and machineries, other movable assets etc wherever situate, held or stored or in transit or in the custody of any third party. (Charge on immovable property continues as earlier)
Particulars of the present modification	The amount secured by the charge stands at the same level of Rs.60.300 millions within the working capital facility of Rs.45.300 millions certain internal changes made security of current assets movable fixed assets other movables already obtained and continues to be available for the reduced limit also all other terms and conditions remain unchanged.

FIXED ASSETS :

§ Land

§ Building

§ Plant and Machinery

§ Furniture and Fixtures

§ Computer

§ Software

§ Testing Equipments

§ Office Equipments

§ Research and Development Equipments

§ Production Equipments

§ Electrical Installations

§ Vehicles

§ Tools / Hand Tools

§ Generator

7CMT 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.49.71
UK Pound	1	Rs.78.08
Euro	1	Rs.68.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	Yes
--AFFILIATION	YES/NO	yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		30

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.