MIRA INFORM REPORT

Report Date :

04.02.2012

IDENTIFICATION DETAILS

Name :	TBK INDIA PRIVATE LIMITED
Registered Office :	455 Sindh Housing Society, Aundh, Pune-411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.1998
Com. Reg. No.:	11 – 12811
Capital Investment / Paid-up Capital :	Rs.19.902 Millions
CIN No.: [Company Identification No.]	U29120PN1998PTC012811
TAN No.: [Tax Deduction & Collection Account No.]	PNET01493C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Pump.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 120000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears 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.

INFORMATION PARTED BY

Name :	Mr. Nilesh
Designation :	Accounts Manager
Contact No.:	91-9850968153
Date :	03.02.2012

LOCATIONS

Registered Office :	455 Sindh Housing Society, Aundh, Pune-411007, Maharashtra, India
Tel No.:	Not Available
Mobile No.:	91-9850968153 [Mr. Nilesh]
Fax No.:	Not Available
E-Mail :	ujwal.kirloskar@tbkindia.com ujind@vsnl.com marketing@tbkindia.com account@tbkindia.com
Website :	www.tbkindia.com
Location:	Owned
Head Office :	Suit 101-102, ‘Orchard’, Dr. Pai Marg, Baner, Pune-411045, Maharashtra, India
Tel. No.:	91-20-27290771/27291772/27291773
Fax No.:	91-20-27290774
E-Mail :	pgbhagwat@vsnl.com
Website :	www.pgbhagwatca.com
Factory 1 :	S-114, MIDC, Pune-411026, Maharashtra, India
Tel. No.:	91-20-27111032
Fax No.:	91-20-27111033
Factory 2 :	Gat No.309/A, Village Shivare, Taluka – Bhore, Dist Pune-412206, Maharashtra, India
Tel. No.:	91-2113-203023 / 24
Area :	4 Acre
Location:	Owned

DIRECTORS

As on 06.09.2011

Name :

Mr. Ujjwal Madhav Kirloskar

Designation :

Director

Address :

455 Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

29.12.1969

Date of Appointment :

17.11.1999

Din No.:

00247398

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	U29112MH1980PTC022292	LUBRICARE PRIVATE LIMITED	Director	01-11-92	01-11-92	Active	NO
2	U29120PN1999PTC014089	LUBRICARE ENGINEERING AND SERVICES PRIVATE LIMITED	Director	18-10-99	18-10-99	Active	NO
3	U29120PN1998PTC012811	TBK INDIA PRIVATE LIMITED	Managing director	17-11-99	17-11-99	Active	NO

Name :

Mr. Madhav Kasinath Kirloskar

Designation :

Director

Address :

455 Sindh Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

06.05.1941

Date of Appointment :

17.11.1999

Din No.:

00247374

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	U29112MH1980PTC022292	LUBRICARE PRIVATE LIMITED	Managing director	04-03-80	04-03-80	Active	NO
2	U28939MH1981PTC024939	KOTOBUKI FINE-CUT PRIVATE LIMITED	Director	30-03-85	30-03-85	Active	YES
3	U32102MH1962PTC012271	MADHAV CAPACITORS PRIVATE LIMITED	Director	15-03-89	15-03-89	Active	NO
4	U29120PN1999PTC014089	LUBRICARE ENGINEERING AND SERVICES PRIVATE LIMITED	Director	18-10-99	18-10-99	Active	NO
5	U29120PN1998PTC012811	TBK INDIA PRIVATE LIMITED	Director	17-11-99	17-11-99	Active	NO

Name :

Toshiaki Teisaku Taniguchi

Designation :

Director

Address :

4-40-21, Hayamiya, Nerima-Ku, Tokyo-1790085, Japan

Date of Birth/Age :

07.08.1952

Date of Appointment :

28.06.2011

Din No.:

03561697

Name :

Mr. Hiromichi Yukio Furukawa

Designation :

Director

Address :

51-1 Nakayama, Sukagawa Shi, Fukushima – 962-0004, Japan

Date of Birth/Age :

28.01.1957

Date of Appointment :

08.08.2007

Din No.:

01847778

Name :

Mr. Yasushi Taketoki Kikuchi

Designation :

Director

Address :

1-44-14 Higiriyama, Konan-Ku, Yokohama-233-0015, Japan

Date of Birth/Age :

06.06.1954

Date of Appointment :

14.06.2010

Din No.:

03112435

Name :

Mr. Masahiro Masakatsu Sakata

Designation :

Director

Address :

2208-23, Shimokasuyaisehara City, Kanagawa Prefecuture-259-1143, Japan

Date of Birth/Age :

19.01.1947

Date of Appointment :

07.07.2009

Din No.:

02711403

Name :

Mr. Hiroaki Yoshio Katayama

Designation :

Director

Address :

1786-4 Shimotsuruma, Yamato-Shi, Kanagawa-242-0001, Japan

Date of Birth/Age :

26.10.1951

Date of Appointment :

07.07.2009

Din No.:

02728972

Name :

Masahiko Toshchi Kuramura

Designation :

Director

Address :

2-14-08, Miyazawa Cho, Akishma City Tokyo-1960024, Japan

Date of Birth/Age :

11.01.1960

Date of Appointment :

28.06.2011

Din No.:

03561689

Name :

Mr. Prashant Madhav Kirloskar

Designation :

Nominee Director

Date of Appointment :

28.06.2011

Din No.:

02486433

Name :

Kosuke Iguchi

Designation :

Nominee Director

Date of Appointment :

28.06.2011

Din No.:

00748724

KEY EXECUTIVES

Name :	Mr. Nilesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Lubricare Private Limited, India	--	120818
Lubricare Engineering and Services Private Limited, India	--	455000
TBK Company Limited, Japan	8000000	1727454
TBKK Thailand Company Limited, Thailand	--	575818
Total	8000000	2879090

As on 09.11.2011

Names of Allottees	No. of Equity Shares
TBK Company Limited, Japan	10000000

As on 06.09.2011

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]	80.00
Bodies corporate	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Pump.
Exports :
Products :	Pump
Countries :	· Japan · Thailand
Imports :
Products :	Raw Material
Countries :	· Japan · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

The Cosmos Co-operative Bank Limited, 269/270 Devi Heights, Aundh Sanewadi Branch, Pune-411030, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From The Cosmos Co-operative Bank Limited
Term Loan	9.394	14.710
Cash Credit [The above loans are secured by hypothecation of plant and machinery of the company and by personal guarantees of managing directors and a director of the company and are secured by present and future book debts and all tangible movable properties.]	14.864	10.592
Total	24.258	25.302
Unsecured Loan
Export Bill Discounting	0.000	0.567
Inland Bill Discounting	2.965	0.000
Loan from Lubricare Private Limited for Shivare Project	2.138	0.130
Short Term Loan The Tokyo Mitsubhishi Bank UFJ Limited	19.942	0.000
Total	25.045	0.697

Banking Relations :	--
Auditors :
Name :	P.G. Bhagwat Chartered Accountant
Address :	Suite No. 101-102, Orchard, Dr. Pai Marg, Baner, Pune-411019, Maharashtra, India
Tel. No.:	91-20-27290771/27291772/27291773
Fax No.:	91-20-27290774
E-Mail :	pgbhagwat@vsnl.com
Website:	www.pgbhagwat@vsnl.com
Pan No.:	AAFB0762E
Associates/Subsidiaries :	Lubricare Private Limited Address: Gat No.309/A, Village Shivare, Taluka – Bhore, District Pune, Maharashtra, India Activity: Manufacturer and Exporter of Oil Pump, Water Pump and Related Components.

CAPITAL STRUCTURE

As on 06.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions
23000000	Preferences Shares	Rs.10/- each	Rs.230.000 Millions
	Total		Rs.305.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2879090	Equity Shares	Rs.10/- each	Rs.28.791 Millions
8000000	Preferences Shares	Rs.10/- each	Rs.80.000 Millions
	Total		Rs.108.791 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1990200	Equity Shares	Rs.10/- each	Rs.19.902 Millions
	Share Application Money		Rs.24.541 Millions
	Total		Rs.44.443 Millions

After 06.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30500000	Equity Shares	Rs.10/- each	Rs.305.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20879090	Equity Shares	Rs.10/- each	Rs.208.791 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		19.902	19.902	19.902
2] Share Application Money		24.541	12.552	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(12.079)	(3.276)	(1.074)
NETWORTH		32.364	29.178	18.828
LOAN FUNDS
1] Secured Loans		24.258	25.302	30.047
2] Unsecured Loans		25.045	0.697	5.775
TOTAL BORROWING		49.303	25.999	35.822
DEFERRED TAX LIABILITIES		0.000	0.000	0.467
TOTAL		81.667	55.177	55.117
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.655	51.857	52.325
PLANT AND MACHINERY UNDER ERECTION		1.266	1.266	1.266
Capital work-in-progress		1.240	0.000	0.000
INVESTMENT		0.165	0.165	0.165
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.786	15.066	8.370
	Sundry Debtors	23.674	17.865	17.836
	Cash & Bank Balances	25.752	5.752	1.480
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.610	4.978	2.242
Total Current Assets		73.822	43.661	29.928
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.285	38.970	26.746
	Other Current Liabilities	2.196	2.802	1.821
	Provisions	0.000	0.000	0.000
Total Current Liabilities		59.481	41.772	28.567
Net Current Assets		14.341	1.889	1.361
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		81.667	55.177	55.117

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	223.299	147.636	126.966
Less	EXPENSES
		Raw Material and Stores Consumed	191.460	117.406	99.127
		Payment to and Provision for Employees	13.237	10.165	8.519
		Other Expenses	17.926	12.561	9.546
		Increase / Decrease in WIP	(2.989)	(0.921)	0.928
		TOTAL (B)	219.634	139.211	118.120
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.665	8.425	8.846
Less	FINANCIAL EXPENSES (D)		5.888	5.788	5.487
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.223)	2.637	3.359
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.580	5.305	4.903
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(8.803)	(2.668)	(1.544)
Less	TAX (H)		0.000	(0.467)	(0.334)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(8.803)	(2.201)	(1.210)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.275)	(1.074)	0.136
	BALANCE CARRIED TO THE B/S		(12.078)	(3.275)	(1.074)
	EARNINGS IN FOREIGN CURRENCY		0.763	3.981	4.148
	Earnings / (Loss) Per Share (Rs.)		(4.42)	(1.11)	(0.61)

Expected Sales (2011-12) : Rs.250.000 Millions

The above information has been parted by Mr. Nilesh.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.94)	(1.49)	(0.95)
Return on Total Assets (PBT/Total Assets}	(%)	(6.36)	(2.78)	(1.88)
Return on Investment (ROI) (PBT/Networth)		(0.27)	(0.09)	(0.08)
Debt Equity Ratio (Total Liability/Networth)		3.36	2.32	3.42
Current Ratio (Current Asset/Current Liability)		1.24	1.05	1.05

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	57.285	38.970	26.746

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 two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

REORGANIZATION OF THE COMPANY:

On 28 June, 2011 in term of shareholders agreement between TBK Company Limited, TBKK (Thailand) Company Limited, Lubricare Private Limited, Lubricare Engineering and Service Private Limited and the company TBK Company Limited, TBKK (Thailand) Company Limited acquired 80% stake in TBK India Private Limited

CHANGE IN DIRECTORSHIP DURING THE YEAR:

In view of the reorganization of the company as mentioned above, Mr. Yasushi Kikuchi, Mr. Masahiko Kuramura, Mr. Toshiaki Taniguchi, Mr. Kosuke lguchi and Mr. Prashant Kirloskar were appointed as Additional Directors ((nominees of TBK Company Limited) of the Company, and they hold office upto to this Annual General Meeting. They being eligible have offered themselves for re-appointment. The Directors if appointed shall be eligible to retire by rotation.

During the year Mr. Takashi Hayashi, Mr. Vishwas Gondhalekar and Mr. Kiran Kulkarni resigned as Directors of the Company. The Board of Directors acknowledge their valuable contribution towards the progress of the Company.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10064562
Corporate identity number of the company	U29120PN1998PTC012811
Name of the company	TBK INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	455 Sindh Housing Society, Aundh, Pune-411007, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	The Cosmos Co-operative Bank Limited, 269/270 Devi Heights, Aundh Sanewadi Branch, Pune-411030, Maharashtra, India
Email	madhuri.marathe@cosmosbank.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	12.12.2010
Amount secured by the charge	Rs.41.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12% p.a. Terms of Repayment Repayable on demand/ review within 12 months Margin 25% Extent and Operation of the charge The charge will continue till the full repayment of all bank facilities. Others Earlier two T/L's of Rs. 16.000 Millions and 7.500 Millions and CC of Rs. 11.000 Millions and B/D limit of Rs. 3.000 Millions. CC reviewed and increased by Rs. 4.000 Millions to Rs. 15.000 Millions. Total Charge of Rs. 41.500 Millions
Short particulars of the property charged	Stock in trade stored at the factory and subcontractors end. All present and future book debts Gat No.309 Village Shivare, Taluka Bhor, Dist Pune 412206, Maharashtra ad. about 2Hec 42R out of which TBK India owns ad. about 15410.52sq.mtrs and Lubricare Private Limited owns ad. about 9314.68 sq. mtrs.
Date of latest modification prior to the present modification	06.03.2009
Particulars of the present modification	Earlier two T/L's of Rs. 16.000 Millions and 7.500 Millions and CC of Rs. 11.000 Millions and B/D limit of Rs. 3.000 Millions. CC reviewed and increased by Rs. 4.000 Millions to Rs. 15.000 Millions. Total Charge of Rs. 41.005 Millions

FIXED ASSETS:

• Land – Freehold
• Building
• Electrical Installation
• Car
• Office Equipment
• Plant and Machinery
• Plant Equipment
• Patterns, Moulds and Dies
• Jigs and Fixtures
• Tools
• Computers
• Furniture and Fixtures
• Tally software
• Trend Micro Antivirus
• ERP Software
• Watch Guard Software
• Symantec

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.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		29

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.