MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	WMI KONECRANES INDIA LIMITED [w.e.f. 28.09.2011]
Formerly Known As :	WMI CRANES LIMITED
Registered Office :	Bhandup Village Road, Bhandup (West), Mumbai-400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.10.1975
Com. Reg. No.:	11-018585
Capital Investment / Paid-up Capital :	Rs.10.559 Millions
CIN No.: [Company Identification No.]	U74210MH1975PLC018585
Legal Form :	Closely held Public Limited Liability Limited Company
Line of Business :	Manufacture of EOT Cranes and Materials Handling Equipments.
No. of Employees :	800 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Fundamentals are strong and healthy. Trade relations are fair. Business is active. Payments are correct and as per commitments. The company can be considered good 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. N. Narasimha
Designation :	Vice President in Finance and Company Secretary
Contact No.:	91-22-25657500

LOCATIONS

Registered / Head Office / Factory 1 / Global Services Office :	Bhandup Village Road, Bhandup (West), Mumbai-400078, Maharashtra, India
Tel. No.:	91-22-25661661/25657500
Fax No.:	91-22-25664932
E-Mail :	vijaykumarmodi@gmail.com erection@wmicranes.com
Factory 2:	Plot C/63, MIDC, Jejuri, Taluka Purandar, Pune-412302, Maharashtra, India
Branches / Regional Office:	Located At: Kolkata Bangalore New Delhi

DIRECTORS

As on 10.08.2011

Name :	Sami Kalle Korpela
Designation :	Managing Director
Address :	C/O. Vimal Manwani, 301, Oxford Hallmark, FP No. 391, Lane No. 7, Koregaon Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	04.04.1963
Date of Appointment :	10.08.2011
Din No.:	03538527
Name :	Mikko Johannes Uhari
Designation :	Director
Address :	Vuokontie 13, FI 13500 Hameenlinna, Finland
Date of Birth/Age :	08.05.1951
Date of Appointment :	19.02.2011
Din No.:	00929809
Name :	Juha Markus Vanhanen
Designation :	Director
Address :	Metsapirtintie 12 D 19, FI 02130 ESPOO, Finland
Date of Birth/Age :	22.02.1969
Date of Appointment :	19.02.2011
Din No.:	03112303
Name :	Sirpa Talvikki Poitsalo
Designation :	Director
Address :	Kunnarlantie 80, FI 02740 ESPOO, Finland
Date of Birth/Age :	04.04.1963
Date of Appointment :	19.02.2011
Din No.:	00929783

KEY EXECUTIVES

Name :	Mr. N. Narasimha
Designation :	Vice President in Finance and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.08.2011

Names of Shareholders	No. of Shares
Konecranes Finance Corporation, Finland	538519
Dinesh G. Vazirani and Gopal A. Vazirani	166781
Gopal A. Vazirani and Padma G. Vazirani	157400
Padma G. Vazirani and Gopal A. Vazirani	99000
Granada Energy Systems Private Limited, India	48800
Padma G. Vazirani and Dinesh G. Vazirani	45400
Gopal A. Vazirani	20
TOTAL	1055920

As on 10.08.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Other top fifty shareholders	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of EOT Cranes and Materials Handling Equipments.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Cranes	Nos.	265	163
Fabrication	Nos.	200	200

GENERAL INFORMATION

Suppliers :

· Steel Authority of India

Customers :

Wholesalers and Retailers

· Bhushan Steels

· S R Steels

No. of Employees :

800 [Approximately]

Bankers :

ING Vysya Bank Limited, Mittal Towers, A – Wing, Ground Floor, 210, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Other external commercial borrowing	215.541	34.458
Total	215.541	34.458
UNSECURED LOAN
Director loans	0.000	98.877
Deferred sales tax loan	20.844	20.844
Other debt	0.493	0.278
Total	21.337	119.999

Banking Relations :	--
Auditors :
Name :	H.N. Mehta Associates Chartered Accountants
Address :	50 – 51, 4^th Floor, Alli Chambers, Tamarind Lane, Flora Fountain, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22652956/ 22653482/ 22656089
Fax No.:	91-22-22651708
E-Mail :	hnmehtaassociates@mtnl.net.in
Pan No.:	AAAFH6348C
Parent Company:	Konecranes Finance Corporation, Finland
Associates/Subsidiaries :	Dynamic Designs and Systems Private Limited Royal Systems and Mathods Private Limited WMI Real Estate Development Private Limited Granada Energy Systems Private Limited Sensational Trading Private Limited Strom Kraft Controls WMI Power Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1055920	Equity Shares	Rs.10/- each	Rs.10.559 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		10.559	9.999	9.999
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1012.646	553.720	511.050
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1023.205	563.719	521.049
LOAN FUNDS
1] Secured Loans		215.541	34.458	89.256
2] Unsecured Loans		21.337	119.999	74.380
TOTAL BORROWING		236.878	154.457	163.636
DEFERRED TAX LIABILITIES		28.264	32.239	102.096
TOTAL		1288.347	750.415	786.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		357.147	317.098	528.002
Capital work-in-progress		0.000	37.377	20.548
INVESTMENT		0.000	0.000	1.021
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	655.136	456.192	466.435
	Sundry Debtors	1047.358	545.027	658.434
	Cash & Bank Balances	162.676	51.583	11.257
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	299.021	217.654	57.246
Total Current Assets		2164.191	1270.456	1193.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	482.276	316.945	336.690
	Other Current Liabilities	450.252	331.546	455.808
	Provisions	300.463	226.025	163.664
Total Current Liabilities		1232.991	874.516	956.162
Net Current Assets		931.200	395.940	237.210
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1288.347	750.415	786.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2298.896	1695.026	1522.982
		Other Income	29.355	15.807	38.676
		TOTAL (A)	2328.251	1710.833	1561.658
Less	EXPENSES
		Consumption Materials Changes Inventories	1366.938	1005.551
		Manufacturing Service Cost	91.537	74.047
		Contract Cost	70.500	53.885	1171.828
		Employee Related Expenses	111.095	87.625
		Administrative Selling and Other Expenses	147.330	102.478
		TOTAL (B)	1787.400	1323.586	1171.828
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		540.851	387.247	389.830
Less	FINANCIAL EXPENSES (D)		15.742	13.852	17.788
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		525.109	373.395	372.042
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.948	23.674	49.060
	PROFIT BEFORE TAX (E-F) (G)		498.161	349.721	322.982
Less	TAX (H)		176.914	51.220	121.436
	PROFIT AFTER TAX (G-H) (I)		321.247	298.501	201.546
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	80.850	37.797
	APPROPRIATIONS
		Transferred to General Reserve	NA	100.000	100.000
		Proposed Dividend @ 500% i.e. Rs.50/- Per Shares	NA	0.000	49.996
		Dividend Distribution Tax	NA	0.000	8.497
	BALANCE CARRIED TO THE B/S		608.547	279.351	80.850
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	101.685	60.855
		Commission Earnings	NA	10.264	4.062
	TOTAL EARNINGS		NA	111.949	64.917
	IMPORTS
		Raw Materials	NA	19.269	46.004
		Traveling Expenses	NA	1.303	0.539
	TOTAL IMPORTS		NA	20.572	46.543
	Earnings Per Share (Rs.)		326.96	298.52	201.56

Expected Sales (2011-12) : Rs.2200.000 Millions.

The above information has been parted by Mr. N. Narasimha.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.80	17.45	12.90
Net Profit Margin (PBT/Sales)	(%)	21.67	20.63	21.21
Return on Total Assets (PBT/Total Assets}	(%)	19.75	22.03	18.76
Return on Investment (ROI) (PBT/Networth)		0.49	0.62	0.62
Debt Equity Ratio (Total Liability/Networth)		1.44	1.83	2.15
Current Ratio (Current Asset/Current Liability)		1.75	1.45	1.25

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Due to Small Micro Enterprises	34.507	26.346	4.582
Due to Others	447.769	290.599	332.108
Total	482.276	316.945	336.690

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two 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)	No
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	--

PRODUCTION CENTERS:

They have two Production Centers, one situated at Bhandup (Mumbai) and the other at Jejuri (Pune). With the help of these two Plants, this year they have recorded the Turnover of Rs. 2328.000 Million compared to last year turnover of Rs. 1711.000 Million. Goods worth more than Rs. 80.000 Million could not be dispatched on account of constraint of inspection procedures, non-availability of Trailers in time etc.

The combined manufacturing Capacity is not adequate to meet the demand of the Cranes from the Customers. As on today, the backlog is in excess of Rs. 2500.000 Millions. In order to take part in the economic growth of the Country, additional land of 12 Acres has been leased out from MIDC. The Layout of the Plant has been finalized by Indian and Finnish Engineers and the Contract for the Construction of the Sheds have been awarded to M/s. Zamil Steel Buildings India Private Limited, Pune who have agreed to complete the Fabrication and Installation of the Sheds by October / November 2011. The team of Engineers from Finland along with their Indian Engineers has also worked out the new Machines to be ordered which will help us to cope-up with increased Production. The CNC Machines installed at Bhandup has helped us to manufacture in-house Gear Boxes, Wheels, Couplings etc. and this is one of the reasons that they are able to maintain Control on Quality and also on the delivery time. On the Fabrication side, Plasma Cutting CNC Machine has shown excellent results on the productivity and quality of the Fabrication.

For the past several years, their Company has given attention in developing new Designs and Drawings suitable for Process Cranes, and on analyzing the Production of this year and the backlog of the Orders, it will be seen that they have maximum No. of Cranes from the Steel Plant and the Process Industries. Some of the important Customers are Bhushan Steel who are putting up 6 Million Ton Steel Plant in Orissa, and JSW, who are the largest producers of Steel in the Private Sector. Other Companies like Visa Steel, Welspun, Salem Steel, Bokaro Steel etc. are their valued Customers.

In the international arena, WMI secured Order for supply of 29 EOT Cranes for a project in Saudi Arabia. This Project is a Joint Venture between Arcelor Mittal – Luxembourg and a local Party in Saudi Arabia. The Value of the Order is USD 15.5 Million. Upto 31^st March 2011, Cranes worth USD 7.7 Million has already been dispatched and the Balance Cranes are under execution and will be dispatched by end September 2011.

The another prestigious Order received, which is under execution, is an Order for 23 Nos. Process Cranes from Bokaro Steel Plant. The value of the Order is Rs. 900 Million. Out of Rs. 900.000 Million, Cranes worth Rs. 250 Million have already been supplied and the balance Cranes will be dispatched by 31^st March, 2012.

EXPORTS:

During the Year the Company received Order for 19 Nos. EOT Cranes for Jindal Saw Middle East FZC, U.A.E. Out of these, 14 Cranes have already been dispatched and the balance 5 Nos. Cranes will be dispatched by end July 2011. The details of 29 Cranes for Arcelor Mittal Project have already been furnished.

A new Order has been received for 65/15T and 15T Crane for Abdullah Al Nemer Steel Company, Saudi Arabia and the value of the Order is approx. Rs. 390 Million.

Demerger – II

Subject have filed the necessary application in the Hon’ble High Court of Judicature, Bombay for Demerged Undertaking comprising of Bhandup Land, Office premises, Factory Sheds, Cranes, Generators, Electric Fittings into new Company namely WMI Real Estate Developers Private Limited and the said application has been approved by Hon’ble High Court of Judicature vide its Order dated 21^st January 2011.

KONECRANES FINANCE CORPORATION:

Change of Shareholding Pattern:

Konecranes Finance Corporation, Koneenkatu 8, FI-05830 , Hyvinkää , Finland have acquired 51% Equity Shares of Rs. 10/- each Fully Paid-up comprising of i.e. 56,000 Subscription Shares from the Company and balance 482519 Shares from the existing Shareholders. Konecranes Finance Corporation are also in the process of acquiring balance 49% Shares equivalent to 517401 from the existing Shareholders during the year 2011-2012 and the same is in process.

FINANCE AND ACCOUNTS

During the Year, the Company has achieved a turnover of Rs. 2328.000 Million as against Rs. 1711.000 Million in the previous year. For the Year the Gross Profit before depreciation and interest works out to Rs. 540.850 Million as against Rs. 387.25 Million in the previous year. A sum of Rs.26.948 Million towards depreciation and Rs. 15.142 Million towards interest have been provided resulting in a Profit of Rs. 498.160 Million and after providing Rs. 168.960 Million towards Income Tax /Deferred Income Tax, adjustment /reduction in deferred tax Windmills, Wealth Tax and previous Year Taxes, balance Rs. 329.196 Million is carried forward to Appropriation Account.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80044318
Corporate identity number of the company	U74210MH1975PLC018585
Name of the company	WMI CRANES LIMITED
Address of the registered office or of the principal place of business in India of the company	Industry Manor, Near Century Bazar, Prabhadevi, Mumbai-400025, Maharashtra, India
Type of charge	Book Debts Floating Charge
Particular of charge holder	ING Vysya Bank Limited, Mittal Towers, A – Wing, Ground Floor, 210, Nariman Point, Mumbai – 400021, Maharashtra, India
Email	giridharvvrn@ingvysyabank.com
Nature of description of the instrument creating or modifying the charge	Eleventh Supplemental General Hypothecation Agreement
Date of instrument Creating the charge	29.07.2010
Amount secured by the charge	Rs.865.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment CC : On Demand; PCL/PSL(Sub limit to CC) : 180 days maximum ILC : Not exceeding 90 days FLC : 180 days BG(For 3 years) : On Demand BG(For 4 years)(Sub limit to BG(For 3 years)) : On Demand Bill Discounting : On Demand BG(One Time) : On Demand Foreign BG(One Time) : On Demand Margin CC : Inventory-25% Receivables-25% (receivables with age upto 90 days shall only be eligible for drawing power computation) PCL/PSL(Sub limit to CC) : Nil ILC/FLC : 10% by way of Fixed Deposits under lien to the Bank BG(For 3 years) : Nil BG(For 4 years)(Sub limit to BG(For 3 years)) : Nil Bill Discounting : 10% BG(One Time) : Nil Foreign BG(One Time) : Nil Extent and Operation of the charge Exclusive first charge on inventory, receivables and other current assets of the company both present and future.
Short particulars of the property charged	All inventory, receivables and other current assets of the company both present and future at I)WMI Cranes Limited, Village Road, Bhandup (West),Mumbai-400078 II) WMI Cranes Limited, Jejuri, Pune. III) At various other places.
Particulars of the present modification	The total limit has been enhanced from Rs.680.000 Millions to Rs.865.000 Millions as follows (Amount in Millions). CC : 500 (Sublimit: PCL/PSL Rs.25.000,CC:5.000 for Pune unit) BD : 80.000 ILC/FLC : 25.000 BG :450.000 (sub limit: BG of 1000 with maximum tenor of 3 years and 4 years) BG (One Time) : 50.000 FBG (One Time): 210.000

FIXED ASSETS:

• Land
• Buildings
• Railways Sidings
• Plant and Machinery
• Computers
• Furniture and Fixtures
• Typewriters
• Telephone
• Installations
• Electrical
• Fittings
• Office Equipments
• Vehicles
• Air Conditioning

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 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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

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	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.