MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	HPL ELECTRIC AND POWER PRIVATE LIMITED (w.e.f. 10.03.2010)
Formerly Known As :	HPL-SOCOMEC PRIVATE LIMITED
Registered Office :	1/21, Asaf Ali Road, New Delhi-110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.05.1992
Com. Reg. No.:	55-048945
Capital Investment / Paid-up Capital :	Rs.179.797 Millions
CIN No.: [Company Identification No.]	U74899DL1992PTC048945
TAN No.: [Tax Deduction & Collection Account No.]	DELH01646B
PAN No.: [Permanent Account No.]	AAACH0165J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electric Meters, Switch Gears, Metering, Energy Meter Systems etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 8700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

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/ Corporate Office :	1/21, Asaf Ali Road, New Delhi-110002, India
Tel. No.:	91-11-23234811/ 23234411/ 23236811
Fax No.:	91-11-23232639
E-Mail :	hpl@hpindia.com
Website :	http://www.hplindia.com
Factory:	133 Pace City-1, Sector 37, Gurgaon-122001, Haryana, India Also Located at: · Delhi · Haryana · UttarPradesh · Himachal Pradesh
Branches :	Located at: · Ahmedabad · Guwahati · Mumbai · Bangalore · Hyderabad · Nagpur · Bhubaneswar · Indore · Pune · Chandigarh · Jaipur · Raipur · Chennai · Kanpur · Ranchi · Cochin · Kolkata · Vadodara · Coimbatore · Lucknow · Vijaywada · Vizag

DIRECTORS

As on 30.09.2011

Name :

Mr. Lalit Seth

Designation :

Director

Address :

35, Sunder Nagar, New Delhi-110003, India

Date of Birth/Age :

25.05.1946

Date of Appointment :

28.05.1992

DIN No.:

00312007

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	U74899DL1968PTC004931	AMEREX INDIA PRIVATE LIMITED	Director	30/08/1968	30/08/1968	-	Active	NO
2	U74899DL1956PTC002736	HAVELL'S PRIVATE LIMITED	Director	24/04/1971	24/04/1971	-	Active	NO
3	U74899DL1989PLC034489	HPL INDIA LIMITED	Director	2/01/1989	2/01/1989	-	Active	NO
4	U74899DL1991PTC043094	LK HPL PRIVATE LIMITED	Director	14/02/1991	14/02/1991	-	Active	NO
5	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Director	28/05/1992	28/05/1992	-	Active	NO
6	U00000HR1999PTC038504	SOCOMEC HPL PRIVATE LIMITED	Director	2/11/1999	2/11/1999	31/03/2008	Active	NO
7	U74899DL1974PTC007504	HAVELLS ELECTRONICS PRIVATE LIMITED	Director	3/07/2003	3/07/2003	-	Active	NO
8	U31909HP2003PTC027983	HIMACHAL ENERGY PRIVATE LIMITED	Director	3/07/2003	3/07/2003	-	Active	NO
9	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Director	30/09/2005	30/09/2005	-	Amalgamated	NO
10	U74899DL2005PTC142648	EATON ELECTRIC PRIVATE LIMITED	Director	17/11/2005	17/11/2005	3/10/2011	Active	NO
11	U74899DL1974PTC005351	JESONS IMPLEX PVT LTD	Additional director	26/03/2009	26/03/2009	-	Active	NO
12	U40107DL2010PLC202938	HPL POWER CORPORATION LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO

Name :

Mr. Rishi Seth

Designation :

Director

Address :

35, Sunder Nagar, New Delhi-110003, India

Date of Birth/Age :

21.12.1970

Date of Appointment :

14.04.2005

DIN No.:

00203469

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	U74899DL1989PLC034489	HPL INDIA LIMITED	Director	11/01/1995	11/01/1995	-	Active	NO
2	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Director	27/07/2000	27/07/2000	-	Amalgamated	NO
3	U74899DL1956PTC002736	HAVELL'S PRIVATE LIMITED	Director	26/03/2001	26/03/2001	-	Active	NO
4	U31909HP2003PTC027983	HIMACHAL ENERGY PRIVATE LIMITED	Director	3/07/2003	3/07/2003	-	Active	NO
5	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Director	14/04/2005	14/04/2005	-	Active	NO
6	U74899DL1974PTC005351	JESONS IMPLEX PRIVATE LIMITED	Additional director	3/04/2008	3/04/2008	-	Active	NO
7	U40107DL2010PLC202938	HPL POWER CORPORATION LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO

Name :

Mr. Gautam Seth

Designation :

Director

Address :

35, Sunder Nagar, New Delhi-110003, India

Date of Birth/Age :

02.01.1970

Date of Appointment :

15.02.2008

DIN No.:

00203405

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	U00000HR1999PTC038504	SOCOMEC HPL PRIVATE LIMITED	Director	9/12/1999	9/12/1999	31/03/2008	Active	NO
2	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Managing director	31/12/2007	27/07/2000	-	Amalgamated	NO
3	U74899DL2005PTC142648	EATON ELECTRIC PRIVATE LIMITED	Director	17/11/2005	17/11/2005	3/10/2011	Active	NO
4	U74899DL1989PLC034489	HPL INDIA LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
5	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
6	U74899DL1974PTC005351	JESONS IMPLEX PRIVATE LIMITED	Additional director	3/04/2008	3/04/2008	-	Active	NO
7	U40107DL2010PLC202938	HPL POWER CORPORATION LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO

Name :

Mr. Chandra Prakash Jain

Designation :

Additional director

Address :

GH-1, A Orchid Garden, Sun City, Sector -54, Gurgaon-122002, India

Date of Birth/Age :

03.05.1960

Date of Appointment :

18.05.2009

DIN No.:

00311643

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	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Additional director	15/05/2008	15/05/2008	-	Amalgamated	NO
2	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Additional director	18/05/2009	18/05/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Singhal
Designation :	Secretary
Address :	3675 B, Narang Colony Road, Tri Nagar, Delhi-110035, India
Date of Birth/Age :	04.11.1976
Date of Appointment :	25.05.2007
	AUAPS8825K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Lalit Seth	3081239
Praveen Seth	853239
Socomec SA, France	993316
Amerex India Private Limited, India	84000
Jeasons Impex Private Limited, India	9600
Rishi Seth	396038
Gautam Seth	396038
Hpl India Limited, India	4760295
Havell’s Private Limited, India	1137062
Havell’s Electronics Private Limited, India	4003852
Chandra Prakash Jain	15000
Himachal Energy Private Limited, India	2250000
Total	17979679

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	5.52
Bodies corporate	68.10
Directors or relatives of Directors	26.30
Others	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electric Meters, Switch Gears, Metering, Energy Meter Systems etc.

Products :

Product Description	Item Code
Energy Meters	90283000
CFL	85393100
Cables	85449000

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Electronic Energy Static Meter	Nos.	8000000	4879967
Switch Gears	Nos.	11450000	5431850
Lighting	Nos.	24000000	9647975
Cables	Coils	1800000	495811

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Patiala, New Delhi, India
• DBS Bank Limited, Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi-110001, India
• Uco Bank, H-46/47, New Asiatic, Building, Connaught Place, New Delhi, India
• Royal Bank of Scotland NV, Hansalya Building, 15 Barakhamba Road, New Delhi-110001, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt secured	2353.862	1990.301
Total	2353.862	1990.301

Banking Relations :	--
Auditors :
Name :	Sahni Mehra and Company Chartered Accountants
Address :	73, Sunder Nagar, New Delhi-110003, India
PAN.:	AAKPS4256J
Associates :	HPL India Limited CIN No.: U74899DL1989PLC034489 Himachal Energy Private Limited CIN No.: U31909HP2003PTC027983

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17979679	Equity Shares	Rs.10/- each	Rs.179.797 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		179.797	119.797	79.797
2] Share Application Money		0.000	0.000	100.660
3] Reserves & Surplus		2007.350	1661.462	1000.999
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2187.147	1781.259	1181.456
LOAN FUNDS
1] Secured Loans		2353.862	1990.301	1730.903
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2353.862	1990.301	1730.903
DEFERRED TAX LIABILITIES		73.795	59.576	39.796
TOTAL		4614.804	3831.136	2952.155
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1268.663	1063.439	946.507
Capital work-in-progress		475.639	195.522	106.549
INVESTMENT		150.667	150.657	0.657
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1380.697	849.653	398.798
	Sundry Debtors	1752.994	1797.267	1692.175
	Cash & Bank Balances	297.355	218.645	166.917
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	277.768	298.984	265.769
Total Current Assets		3708.814	3164.549	2523.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	835.649	637.908	523.239
	Other Current Liabilities	116.547	80.106	75.690
	Provisions	36.783	25.017	26.288
Total Current Liabilities		988.979	743.031	625.217
Net Current Assets		2719.835	2421.518	1898.442
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4614.804	3831.136	2952.155

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	4510.555	3713.276
		Other Income	NA	14.659	4.212
		TOTAL (A)	NA	4525.214	3717.488
Less	EXPENSES
		Office Expenses
		Administrative Expenses			3137.367
		Advertising Expenses
		TOTAL (B)		4025.203 (Including Financial Expenses)	3137.367
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				580.121
Less	FINANCIAL EXPENSES (D)		NA		166.785
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			500.011	413.336
Less/ Add	DEPRECIATION/ AMORTISATION (F)			44.645	33.370
	PROFIT BEFORE TAX (E-F) (G)			455.366	379.966
Less	TAX (H)			113.880	108.500
	PROFIT AFTER TAX (G-H) (I)		377.232	341.486	271.466
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	7.472	16.760
	IMPORTS
		Raw Materials	NA	1147.958	1029.317
		Capital Goods	NA	10.679	11.626
	TOTAL IMPORTS		NA	1158.637	1040.943
	Earnings Per Share (Rs.)		20.98	31.34	34.02

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	7.55	7.30
Net Profit Margin (PBT/Sales)	(%)	NA	10.10	10.23
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.77	10.95
Return on Investment (ROI) (PBT/Networth)		NA	0.25	0.33
Debt Equity Ratio (Total Liability/Networth)		1.53	1.53	1.99
Current Ratio (Current Asset/Current Liability)		3.75	4.26	4.04

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1992PTC048945
Name of the company	HPL ELECTRIC AND POWER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1/21, Asaf Ali Road, New Delhi-110002, India Email : HPL@HPLINDIA.COM
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10182246
Type of charge	Immovable Property
Particular of charge holder	Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad-380006, Gujarat, India Email : priyanka.luthra@axisbank.com
Nature of instrument creating charge	MOE issued by Axis Bank Limited having title deed of immovable property of the Company situated at Village Shavela, Pargana Base, Tehsil Kasauli, District Solan, HP in favour of following banks 1st charge with Axis Bank Limited and 2nd Pari-passu charge with State Bank of India, Oriental Bank of Commerce, HDFC Bank Limited, State Bank of Patiala, IndusInd Bank Limited, DBS Bank Limited, IDBI Bank Limited, ING Vysya Bank Limited, RBS N.V., Axis Bank Limited, ICICI Bank Limited and Chinatrust Commercial Bank as per MOE.
Date of instrument Creating the charge	28/03/2012
Amount secured by the charge	Rs.6097.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per terms and Conditions Terms of Repayment As per terms and Conditions Margin As per terms and Conditions Extent and Operation of the charge Rank Pari-passu
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property built on Land measuring 8-3 bighas, comprised in KH/KH 8/9, Khasra 132/70 and 134/71, situated at Village Shavela, Pargana Base, Tehsil Kasuli, Distt. Solan, Himachal Pradesh, India 1st Charge with Axis Bank Limited 2nd charge rank pari-passu with the following banks. 1) State Bank of India 2) Oriental Bank of Commerce 3) HDFC Bank Limited 4) State Bank of Patiala 5) IndusInd Bank Limited 6) DBS Bank Limited 7) IDBI Bank Limited 8) ING Vysya Bank Limited 9) The Royal Bank of Scotland N. V. 10) Axis Bank Limited 11) ICICI Bank Limited 12) Chinatrust Commercial Bank
Particulars of the present modification	Extension of EQ from Rs. 5905.000 Millions to Rs. 6097.600 Millions by issue of MOE by Axis Bank Limited having title deed of property of the Company situated at Village Shavela, Pargana Base, Tehsil Kasauli, District Solan, HP in favour of following banks 1st charge with Axis Bank Limited and 2nd Pari passu charge with SBI, OBC, HDFC Bank Limited, State Bank of Patiala, IndusInd Bank Limited, DBS Bank Limited, IDBI Bank Limited, ING Vysya Bank Limited, RBS NV, Axis Bank Limited, ICICI Bank Limited and Chinatrust Commercial Bank

Fixed Assets:

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· 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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	CTI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.