MIRA INFORM REPORT

Report Date :

21.09.2011

IDENTIFICATION DETAILS

Name :	ICEM ENGINEERING COMPANY PRIVATE LIMITED [w.e.f. 13.12.2010]
Formerly Known As :	ICEM ENGINEERING COMPANY LIMITED
Registered Office :	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.08.1964
Com. Reg. No.:	11-12994
Capital Investment / Paid-up Capital :	Rs.11.167 Millions
CIN No.: [Company Identification No.]	U27200MH1964PLC012994
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04976G
PAN No.: [Permanent Account No.]	AAAC16282M
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer of Dished Ends, Toricones, Flat Bottom Heads, Flanged and Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products.
No. of Employees :	50 [Approximately]

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 700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.

INFORMATION PARTED BY

Name :	Mr. AL Waghale
Designation :	Accounts Manager
Contact No.:	91-9321356025
Date :	21.09.2011

LOCATIONS

Registered Office :	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-30880032
Mobile No.:	91-9321356025 [Mr. AL Waghale]
Fax No.:	91-22-28217128
E-Mail :	tanujajalan@yahoo.co.in icem@vsnl.com
Area:	1200 sq. ft. (Owned)
Marketing Office:	302, Lake City Mall, Near Big Bazar, Kapurbawadi Circle, Thane-400602, Maharashtra, India
Tel. No.:	91-22-32514165
Fax No.:	91-22-25415275
Area :	Rented
Factory:	M S Road, Raghunath Nagar, Wagle Industry, Thane-400604, Maharashtra, India
Area :	1 Lac Sq. Ft. (Owned)

DIRECTORS

As on 30.09.2010

Name :

Mr. Vinod D Tibrewala

Designation :

Director

Address :

6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India

Date of Birth/Age :

05.03.1946

Date of Appointment :

17.06.1968

Din No.:

00227134

Other Directorship:

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	U27200MH1964PTC012994	ICEM ENGINEERING COMPANY Private Limited	Director	17-06-68	17-06-68	Active	NO
2	U28920MH1974PTC017957	RUBY ENGINEERING COMPANY PRIVATE LIMITED	Director	24-11-05	24-11-05	Active	NO
3	U91110MH1992NPL067185	CHAMBER OF SMALL INDUSTRY ASSOCIATIONS	Director	20-03-06	20-03-06	Active	NO
4	U28112MH2011PTC218919	FORMING & FABRICATION SOLUTIONS PRIVATE LIMITED	Director	21-06-11	21-06-11	Active	NO

Name :

Mr. Vishal Vinod Tibrewala

Designation :

Director

Address :

6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India

Date of Birth/Age :

26.03.1972

Date of Appointment :

01.04.1995

Din No.:

00227052

Other Directorship:

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	U25209MH1960PTC011737	MAHARASHTRA PLASTICS AND SILK MILLS PRIVATE LIMITED	Director	16-08-93	16-08-93	-	Active	NO
2	U27200MH1964PTC012994	ICEM ENGINEERING COMPANY Private Limited	Director	01-04-95	01-04-95	-	Active	NO
3	U72900MH2007PTC170257	ICEM COMMUNICATIONS PRIVATE LIMITED	Director	24-04-07	24-04-07	-	Active	NO
4	U55101MH2008PTC180189	TULIP LIVING SOLUTIONS PRIVATE LIMITED	Director	17-03-08	17-03-08	01-01-09	Active	NO
5	U74140MH2008PTC185018	VU CONSULTANCY PRIVATE LIMITED	Director	24-07-08	24-07-08	-	Active		NO
6	U67190MH2008PTC179603	ICEM FINANCIAL SOLUTIONS PRIVATE LIMITED	Director	15-01-09	15-01-09	-	Active		NO
7	U93000MH2010PTC203094	CLANERGY STUDIOS PRIVATE LIMITED	Director	12-05-10	12-05-10	-	Active		NO
8	U28112MH2011PTC218919	FORMING AND FABRICATION SOLUTIONS PRIVATE LIMITED	Director	21-06-11	21-06-11	-	Active		NO

Name :

Mrs. Uma Vishal Tibrewala

Designation :

Director

Address :

6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India

Date of Birth/Age :

22.04.1972

Date of Appointment :

01.04.2000

Din No.:

00822122

Other Directorship:

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	U27200MH1964PTC012994	ICEM ENGINEERING COMPANY Private Limited	Director	01-04-00	01-04-00	Active	NO
2	U25209MH1960PTC011737	MAHARASHTRA PLASTICS AND SILK MILLS PRIVATE LIMITED	Director	15-04-04	15-04-04	Active	NO
3	U72900MH2007PTC170257	ICEM COMMUNICATIONS PRIVATE LIMITED	Director	24-04-07	24-04-07	Active	NO
4	U93000MH2010PTC203094	CLANERGY STUDIOS PRIVATE LIMITED	Director	12-05-10	12-05-10	Active	NO

Name :

Mr. Namdeo Kisan Pingle

Designation :

Director

Address :

2^nd Floor, Devdaya Nagar Ch-Operative Housing Limited, Pokhran Road No. 1, Thane – 400 059, Maharashtra, India

Date of Birth/Age :

23.05.1970

Date of Appointment :

13.10.2004

Din No.:

00132777

Other Directorship:

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	U28920MH1974PTC017957	RUBY ENGINEERING COMPANY PRIVATE LIMITED	Director	01-08-98	01-08-98	Active	NO
2	U27200MH1964PTC012994	ICEM ENGINEERING COMPANY PRIVATE LIMITED	Director	13-10-04	13-10-04	Active	NO
3	U74140MH2008PTC185018	VU CONSULTANCY PRIVATE LIMITED	Director	03-04-09	03-04-09	Active	NO

KEY EXECUTIVES

Name :	Mr. AL Waghale
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Vinod D Tibrewala	320000
Vishal Vinod Tibrewala	259800
Uma Vinod Tibrewala	120000
Ramakant J Tibrewala	900
Shrikant J Tibrewala	900
Uma Vishal Tibrewala	115000
Yash Tibrewala U/G Vishal Tibrewala	24533
Ashutosh Tibrewala U/G Vishal Tibrewala	24533
Sonal Sonthalia	70100
Vinod D Tibrewala HUF	153245
Vishal Vinod Tibrewala HUF	27600
N.K. Pingle	100
Total	1116711

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Dished Ends, Toricones, Flat Bottom Heads, Flanged and Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products.
Exports :
Countries :	Dubai Saudi Arabia Iran Egypt
Imports :
Products :	Plates
Countries :	Germany Sweden
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit / TT

PRODUCTION STATUS (AS ON 31.03.2010)

Actual Production

371 Nos.

GENERAL INFORMATION

Suppliers :

• Shah Brothers, Masjid Bunder
• Ankit Steel, Masjid Bunder

Customers :

Wholesalers, Retailers and Others

• L and T, Powai and Hazira
• BHEL
• Tata Steel

No. of Employees :

50 [Approximately]

Bankers :

The Thane Janata Sahakari Bank Limited, Shop No. 10/11 Tip Top Plaza, LBS Road, Thane (West), Thane-400604, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Cash credit A/C 131 From TTJS Bank Limited	6.932	9.607
Cash credit A/C 185 From TKJS Bank Limited	19.034	18.495
Hypothecation Loan A/C 407 from TKJS Bank Limited	18.029	28.297
Project Finance for Exports	15.614	17.446
Term Loan for Raw Material	78.502	128.328
ODD A/C 3825 [Secured against fixed deposit]	30.267	30.263
ADVD A/C M/488 [Secured against fixed deposit]	4.982	5.171
Reliance Consumer Equipment Finance [Secured against specified equipment]	3.913	4.702
Total	177.273	242.309
Unsecured Loan
From Directors
Vinod D Tibrewala	3.239	0.400
Vishal Vinod Tibrewala	5.609	0.000
Uma Vishal Tibrewala	0.123	0.000
From Shareholders
Uma Vishal Tibrewala	0.000	0.022
Total	8.971	0.422

Banking Relations :	--
Auditors :
Name :	Mr. Ramesh S. Joshi Chartered Accountant
Address :	2A/1, Asawari, J B Nagar, Andheri East, Mumbai-400059, Maharashtra, India
Associates/Subsidiaries :	ICEM Communication Private Limited [U72900MH2007PTC170257] Note: They have 2-3 Company’s in group but there is no business in that companies.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1116711	Equity Shares	Rs.10/- each	Rs.11.167 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		11.167	11.167	5.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		165.069	167.640	164.225
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		176.236	178.807	169.425
LOAN FUNDS
1] Secured Loans		177.273	242.309	200.245
2] Unsecured Loans		8.971	0.422	1.585
TOTAL BORROWING		186.244	242.731	201.830
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		362.480	421.538	371.255
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		183.620	184.994	187.945
Capital work-in-progress		0.000	2.072	2.072
INVESTMENT		4.313	5.094	4.788
DEFERREX TAX ASSETS		0.000	0.534	0.534
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.250	105.551	137.554
	Sundry Debtors	70.211	174.690	57.001
	Cash & Bank Balances	76.253	65.596	44.534
	Other Current Assets	5.437	9.310	5.766
	Loans & Advances	49.982	40.066	51.924
Total Current Assets		236.133	395.213	296.779
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.746	136.680
	Other Current Liabilities	6.329	8.974	115.754
	Provisions	17.044	20.715	5.109
Total Current Liabilities		62.119	166.369	120.863
Net Current Assets		174.014	228.844	175.916
MISCELLANEOUS EXPENSES		0.533	0.000	0.000
TOTAL		362.480	421.538	371.255

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	447.346	236.595
		Other Income	NA	23.954	11.393
		TOTAL (A)	NA	471.300	247.988
Less	EXPENSES
		Consumption of Material		291.322	151.721
		Manufacturing and Direct Expenses		72.534	43.719
		Administrative Expenses	NA	24.851	17.970
		Selling Expenses		28.000	9.294
		Increase and Decrease in Stocks		(10.549)	(14.427)
		TOTAL (B)	NA	406.158	208.277
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	65.142	39.711
Less	FINANCIAL EXPENSES (D)		NA	31.477	28.657
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	33.665	11.054
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	5.246	4.173
	PROFIT BEFORE TAX (E-F) (G)		5.660	28.419	6.881
Less	TAX (H)		NA	10.022	2.627
	PROFIT AFTER TAX (G-H) (I)		NA	18.397	4.254
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	5.527	1.273
Less	APPROPRIATIONS
		Interim Dividend Paid	NA	2.720	0.000
		Proposed Final Dividend	NA	5.584	0.000
		Dividend Distribution Tax Paid	NA	0.462	0.000
	BALANCE CARRIED TO THE B/S		NA	15.158	5.527
	EARNINGS IN FOREIGN CURRENCY		223.889	406.916	200.643
	IMPORTS		38.955	169.966	178.025
	Earnings Per Share (Rs.)		NA	35.38	8.18

Particulars	31.03.2011	31.03.2010
Sales Turnover [Approximately]	170.000 (Due to price reduction in steel)	250.000

Expected Sales (2011-12) : Rs.450.000 Millions. [Due to addition purchase order]

The above information has been parted by Mr. AL Waghale.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	3.90	1.72
Net Profit Margin (PBT/Sales)	(%)	NA	6.35	2.91
Return on Total Assets (PBT/Total Assets}	(%)	1.35	4.90	1.42
Return on Investment (ROI) (PBT/Networth)		0.03	0.16	0.04
Debt Equity Ratio (Total Liability/Networth)		1.41	2.29	1.90
Current Ratio (Current Asset/Current Liability)		3.80	2.38	2.45

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 75 D Government Industrial Estate, Charkor Kandivili (West), Mumbai-400067, Maharashtra, India to the present address w.e.f. 01.04.2008.

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	38.746	136.680	NA

Partial Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
ICEM Overseas FZE (Commission)	17.773	12.380
Offshore Testing and Inspection Serv. IPL	0.045	0.007
Raj Express Couriers	0.007	0.014
Ruby Engineering Company Private Limited	3.249	58.082	NA
S R Enterprises	0.049	0.077
Sadguru Rubber Industries	0.035	0.055
Salzgitter Manneesmann International GMBH	14.304	46.743

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Financial Results:

During the year the company has earn profit before tax Rs.5.660 Millions.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U27200MH1964PTC012994
Name of the company	ICEM ENGINEERING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Shop No. 10/11 Tip Top Plaza, LBS Road, Thane (West), Thane-400604, Maharashtra, India
Email	scctjsb@thanejanata.co.in
Nature of description of the instrument creating or modifying the charge	Record of mortgage by deposit of title deeds (ad-hoc bank guarantee)
Date of instrument Creating the charge	30.05.2011
Amount secured by the charge	Rs.34.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Commission as may be decided by the bank. Terms of Repayment As may be decided by the bank. Margin Margin in FDR @ 10% and rest to be covered by stock and book-debts, property and plant and machinery and equitable mortgage of property. Extent and Operation of the charge Charge is created against immovable property of the company in favour of the bank.
Short particulars of the property charged	I) Charge is secured against equitable mortgage by way of deposit of title deeds of and in respect of property, owned by the company being all that piece and parcel of the land bearing survey II) No. 93(p), 94/1 and 3, admeasuring on or about 4795 sq. yards situate at village Naupada, Thane, Tal. and dist. Thane, within the local limits of the thane municipal corporation, thane and within the III) Registration district and sub-district of thane alongwith the structure resting on the same more particularly described in the schedule attached to the agreement.

Trade References:

• Shah Brothers, Masjid Bunder
• Ankit Steel, Masjid Bunder
• L and T, Powai and Hazira
• BHEL
• Tata Steel

Fixed Assets

· Land

· Flat

· Office

· Building

· Plant and Machinery

· Dies

· Cranes

· Furniture and Fixtures

· Electric Installation

· Office Equipments

· Factory Equipments

· Motor Car

· Air Conditioner

· Water Cooler

· Refrigerator

· Pump Set

· Cycles

· Computer and Software

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.48.22
UK Pound	1	Rs.75.63
Euro	1	Rs.65.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	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	YES
--AFFILIATION	YES/NO	YES
--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.