MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	RATHI SUPER STEEL LIMITED
Registered Office :	Flat No. S-210, Aditya Plaza, IInd Floor, Plot No. 04, Community Centre, Karkardooma, Delhi-110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.04.1991
Com. Reg. No.:	55-044043
Capital Investment / Paid-up Capital :	Rs.377.200 Millions
CIN No.: [Company Identification No.]	U74899DL1991PLC044043
TAN No.: [Tax Deduction & Collection Account No.]	DELR09317A
PAN No.: [Permanent Account No.]	AAACRT0182M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ingots, Billets, Blooms, TMT Bars, CTD Bars, Wire Roads and Rounds etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 5700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 normal for 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 Office :	Flat No. S-210, Aditya Plaza, IInd Floor, Plot No. 04, Community Centre, Karkardooma, Delhi-110092, India
Tel. No.:	91-11-23730841
Fax No.:	91-11-23730841
E-Mail :	rathisuperdelhi@gmail.com
Website :	http://www.hotfrog.in
Corporate Office :	A-97, Sector -63, Noida-201301, Uttar Pradesh, India
Factory :	A-1, Industrial Area, South of G.T. Road, Ghaziabad, Uttar Pradesh, India

DIRECTORS

As on 24.06.2011

Name :

Mr. Gaurav Rathi

Designation :

Chairman cum Managing Director

Address :

28, Sadhna Enclave, New Delhi-110017, India

Date of Birth/Age :

01.04.1973

Date of Appointment :

16.12.1991

DIN No.:

00005742

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	U74899DL1991PLC044043	RATHI SUPER STEEL LIMITED	Director	16/12/1991	16/12/1991	-	Active	NO
2	U74899DL1993PTC054002	VALENCIA CREDITS PRIVATE LIMITED	Director	10/6/1993	10/6/1993	19/09/2009	Active	NO
3	U27310DL1993PTC054001	GAGAR METALS PRIVATE LIMITED	Director	10/6/1993	10/6/1993	-	Active	NO
4	U65999DL1986PLC023887	RATHI CREDITS LIMITED	Director	7/8/1993	7/8/1993	-	Amalgamated	NO
5	U74899DL1986PTC024483	GAURAV CREDITS PRIVATE LIMITED	Director	30/09/1993	30/09/1993	19/09/2009	Active	NO
6	U74899DL1986PTC024481	FERROUS INVESTMENTS PRIVATE LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
7	U27101DL2004PLC134231	CONTISTEEL LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
8	U27106DL2005PTC141836	RATHI PRIVATE LIMITED	Director	18/10/2005	18/10/2005	9/1/2012	Active	NO
9	U67120WB1996PTC137527	PRIMUS CAPITAL PRIVATE LIMITED	Director	31/08/2009	1/9/2006	-	Active	NO
10	L24111RJ1972PLC001847	RATHI INDIA LIMITED	Director	28/09/2007	2/4/2007	10/8/2010	Active	NO
11	U27310DL2007PLC168985	IMPERIUM STEEL LIMITED	Director	4/10/2007	4/10/2007	-	Active	NO
12	U51109WB1995PTC074848	RUBION MARKETING PRIVATE LIMITED	Director	31/03/2010	1/9/2009	6/12/2010	Active	NO
13	U40300DL2011PLC213222	IMPERIUM INDUSTRIES LIMITED	Director	1/2/2011	1/2/2011	-	Active	NO

Name :

Mr. Manmohan Singh

Designation :

Whole Time Director

Address :

A-30, Parwana Appartment, Mayur Vihar, Phase-1, New Delhi-110091, India

Date of Birth/Age :

08.06.1950

Date of Appointment :

03.04.2006

DIN No.:

00078897

Name :

Mr. Yajabrat Singj

Designation :

Director

Address :

Village- Chipiyana, District – Gautam Budh Nagar, Noida-201001, Uttar Pradesh, India

Date of Birth/Age :

01.07.1949

Date of Appointment :

27.11.2007

DIN No.:

00007083

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	U74899DL1991PLC044043	RATHI SUPER STEEL LIMITED	Whole-time director	27/11/2011	27/11/2007	-	Active	NO
2	U74899DL1986PTC024481	FERROUS INVESTMENTS PRIVATE LIMITED	Director	6/12/2011	6/12/2011	-	Active	NO
3	U27310DL1993PTC054001	GAGAR METALS PRIVATE LIMITED	Additional director	6/12/2011	6/12/2011	-	Active	NO

Name :

Mr. U.N. Jha

Designation :

Director

Address :

608, Ahlcon Apparmeents. Vaishali, Ghaziabad – 201011, Uttar Pradesh, India

Date of Birth/Age :

05.01.1944

Date of Appointment :

09.02.2010

DIN No.:

01469584

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	U27101DL2004PLC134231	CONTISTEEL LIMITED	Director	1/3/2012	25/08/2004	-	Active	NO
2	U74899DL1991PLC044043	RATHI SUPER STEEL LIMITED	Director	30/09/2010	9/2/2010	-	Active	NO
3	U40300DL2011PLC213222	IMPERIUM INDUSTRIES LIMITED	Director	1/2/2011	1/2/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Atul Kumar
Designation :	Secretary
Address :	A-440, First Floor, Defence Colony, New Delhi-110024, India
Date of Birth/Age :	08.01.1971
Date of Appointment :	24.01.2008
PAN NO. :	AAGBPK1186C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.06.2011

Names of Shareholders (Equity Shares)	No. of Shares
Gagar Marketing .Private Limited, India	2874020
Gagar Metals Private Limited, India	3147060
Ferrous Investments Private Limited, India	3152447
Deepraj Investments Limited, India	550000
Gaurav Rathi	1787756
K. G. Maheshwari	100
Anurodh Vinimay Private Limited, India	2370000
Daffodil commotrade Private Limited, India	390000
Jasmine Vintrade Private Limited, India	2570000
Fantastic Vincom Private Limited, India	2958617
Total	19800000

Names of Shareholders (Preference Share)	No. of Shares
Primus Capital Private Limited, India	574923
Gaurav Credits Limited, India	255252
Rubion Marketing Limited, India	961825
Total	1792000

As on 24.06.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	90.97
Directors or relatives of Directors	9.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ingots, Billets, Blooms, TMT Bars, CTD Bars, Wire Roads and Rounds etc.

Products :

Product Description	ITC Code
Ingots, Billets, Blooms, TMT Bars, CTD Bars, Wire Roads and Rounds etc.	3302

PRODUCTION STATUS

Installed Capacity

Particulars	Unit	31.03.2010
Semis, Bars and Road etc.	M.T.	2067000

Actual Production

Particulars	Unit	31.03.2010
Semis, Bars and Road etc.	M.T.	152978
Waste and Scrap	M.T.	12370

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Dena Bank, Consortium M-36, Connaught Circus, News Delhi-110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	586.641	714.545
Working capital loans banks secured	962.736	915.775
Other debt secured	9.282	12.316
Total	1558.659	1642.636
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	0.361	0.021
Other debt unsecured	178.373	383.704
Total	178.734	383.725

Banking Relations :	--
Auditors :
Name :	H.G and Company Chartered Accountants
Address :	III, A-49, Nehru Naar, Ghaziabad-201001, Uttar Pradesh, India
PAN.:	ADAPG4497J
Related Party :	Aurum Steel Private Limited Deepraj Investments Limited Valencia Credits Private Limited Gagar Metals Private Limited Gaurav Credits Private Limited Ferrous Investments Private Limited Primus Capital Private Limited Rathi Private Limited Raga Properties Private Limited Inca Properties Private Limited Rubion Marketing Private Limited Eminent Management Services Private Limited Practeam Properties Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20080000	Equity Shares	Rs.10/- each	Rs.200.800 Millions
2520000	Preference Shares	Rs.100/- each	Rs.252.000 Millions
	Total		Rs.452.800 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19800000	Equity Shares	Rs.10/- each	Rs.198.000 Millions
1792000	Preference Shares	Rs.100/- each	Rs.179.200 Millions
	Total		Rs.377.200 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		377.200	198.000	198.000
2] Share Application Money		220.350	0.000	0.000
3] Reserves & Surplus		841.337	784.479	691.356
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1438.887	982.479	889.356
LOAN FUNDS
1] Secured Loans		1558.659	1642.636	1296.740
2] Unsecured Loans		178.734	383.725	284.075
TOTAL BORROWING		1737.393	2026.361	1580.815
DEFERRED TAX LIABILITIES		123.458	80.876	50.441
TOTAL		3299.738	3089.716	2520.612
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1444.276	1562.577	1405.915
Capital work-in-progress		163.107	133.731	136.211
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	591.133	582.284	541.407
	Sundry Debtors	1064.059	862.296	711.273
	Cash & Bank Balances	8.556	5.534	8.817
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	240.574	299.882	213.288
Total Current Assets		1904.322	1749.996	1474.785
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.348	59.477	111.219
	Other Current Liabilities	133.599	280.174	359.608
	Provisions	20.684	17.187	25.782
Total Current Liabilities		213.631	356.838	496.609
Net Current Assets		1690.691	1393.158	978.176
MISCELLANEOUS EXPENSES		1.664	0.250	0.310
TOTAL		3299.738	3089.716	2520.612

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	5610.620	5395.421	5251.278
		Other Income	1.217	1.248	1.065
		TOTAL (A)	5611.837	5396.669	5252.343
Less	EXPENSES
		Consumption materials changes inventories	4151.932	4038.079
		Manufacturing service costs	940.203	841.014
		Employee related expenses	8.445	7.852	4835.706
		Administrative selling other expenses	26.223	27.843
		TOTAL (B)	5126.803	4914.788	4835.706
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		485.034	481.881	416.637
Less	INTEREST FINANCIAL CHARGES (D)		194.296	191.702	140.122
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		290.738	290.179	276.515
Less/ Add	DEPRECIATION/ AMORTISATION (F)		164.172	138.458	76.414
	PROFIT BEFORE TAX (E-F) (G)		126.566	151.721	200.101
Less	TAX (H)		69.708	58.598	27.202
	PROFIT AFTER TAX (G-H) (I)		56.858	93.123	172.899
Less	Income Tax Paid for earlier years		0.000	0.000	1.992
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		784.479	691.356	520.449
	BALANCE CARRIED TO THE B/S		841.337	784.479	691.356
	IMPORTS
		Raw Materials	NA	203.254	95.959
		Stores & Spares	NA	1.674	0.231
		Others	NA	0.155	0.351
	TOTAL IMPORTS		NA	205.083	96.541
	Earnings Per Share (Rs.)		1.51	6.67	8.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.01	1.73	3.29
Net Profit Margin (PBT/Sales)	(%)	2.26	2.81	3.81
Return on Total Assets (PBT/Total Assets}	(%)	3.78	4.58	6.95
Return on Investment (ROI) (PBT/Networth)		8.80	15.44	22.50
Debt Equity Ratio (Total Liability/Networth)		1.36	2.43	2.33
Current Ratio (Current Asset/Current Liability)		8.91	4.90	2.97

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three 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

CONTINGENT LIABILITY

Rs. In Millions

Particular	31.03.2010	31.03.2009
Bank Guarantee	57.014	47.542
Show Cause Notices form Excise form Department pending for adjudication	5.206	10.558
Demand form Excise Department and stayed by CESTAT	16.052	9.466
Sales tax additional demand not acknowledged as liability	0.613	0.613
Suit filed in labour case, not acknowledged as liability	0.345	0.310
Surcharge on 17% deduction form power bills stayed by Hon;ble High court	3.559	3.559
Cases pending in Income tax	0.039	0.039

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1991PLC044043
Name of the company	RATHI SUPER STEEL LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. S-210, Aditya Plaza, IInd Floor, Plot No. 04, Community Centre, Karkardooma, Delhi-110092, India rathisuperdelhi@gmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80006778
Type of charge	Immovable Property Book Debts Movable property (not Being Pledge) Others (Raw material, Finished Good, Store and Spares)
Particular of charge holder	Dena Bank, M-36, Connauight Circus, News Delhi-110001, India rathisuperdelhi@gmail.com
Nature of instrument creating charge	Joint Deed of Hypothecation Consortium Agreement
Date of instrument Creating the charge	03.03.2012
Amount secured by the charge	Rs.3847.060 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be decided by Banks or Dena Bank consortium comprising of Banks in whose favour charge is created. Terms of Repayment The working capital limits are repayable on demand whereas the term loans granted by various Banks are repayable as per repayment schedule. Margin 1. Cash Credit : 25% on Raw Material/Finished Goods and 33.33% on Stores CC for Book-Debt : 25% on debts 1 to 90 days, 40% on 91 to 120 days and 50% on 121 days to 180 days. 2. Term Loan : 25% 3. Letter of Credit : 10% with application and 10% on acceptance 4. Bank Guarantee : 10% on performance guarantee and for electricity Department. 25% on Financial Guarantee Extent and Operation of the charge A. 1st paripassu charge on immovable assets of the company in favour of Dena Bank consortium to secure term loan facilities and 2^nd paripassu charge on immovable assets in favour of Dena Bank consortium to secure working capital limits. B.1st paripassu charge on current assets of the company in favour of Dena Bank consortium to secure working capital facilities and 2^nd paripassu charge on current assets in favour of Dena Bank consortium to secure term loan facilitie.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property situated at A-1 Industrial Area south of G.T. Road Ghaziabad (Uttar Pradesh) measuring 101601 square yards with all structures, erections present and future. Fixed Assets including plant and Machinery and other fittings and fixture situated situated at A-1 Industrial Area south of G.T. Road Ghaziabad (Uttar Pradesh) measuring 101601 square yards present and future. Stocks of Raw Materials, Work in Progress, Semi finished, Finished Stocks, Consumable, Stores and Spares lying at A-1Industrial Area South of G.T. Road Ghaziabad (Uttar Pradesh). Book-Debts, Receivables
Date of instrument modifying the charge	12.11.2011
Particulars of the present modification	Total value of charge is Rs.3847.060 Millions as given under:- (1)Dena Bank is Rs.1072.205 Millions. (2)Syndicate Bank is Rs.471.090 Millions. (3)Karnataka Bank is Rs.405.946 Millions (4)Federal Bank Limited. is Rs.139.920 Millions. (5)Corporation Bank is Rs.166.743 Millions. (6)J and K Bank is Rs.580.000 Millions. (7)United Bank of India is Rs.371.500 Millions. (8)State Bank of Travancore is Rs.250.000 Millions. (9)Tamilnadu Mercantile Bank increased to Rs.389.656Millions.

Fixed Assets:

· Leasehold Land

· Freehold Agricultural Land

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

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] 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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.