MIRA INFORM REPORT

Report Date :

03.01.2012

IDENTIFICATION DETAILS

Name :	PROEC ENERGY LIMITED
Formerly Known As :	NIPPON VINK CHEMICAL INDUSTRIES INDIA LIMITED
Registered Office :	18, Community Centre, New Friends Colony, New Delhi – 110025
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.01.1993
Com. Reg. No.:	55-51578
Capital Investment / Paid-up Capital :	Rs.1.880 Millions
CIN No.: [Company Identification No.]	U74899DL1993PLC051578
TAN No.: [Tax Deduction & Collection Account No.]	DELN02646A
PAN No.: [Permanent Account No.]	AAACN0312K
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Catalytic Convertors.
No. of Employees :	Not Available

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 96000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 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/ Corporate Office :	18, Community Centre, New Friends Colony, New Delhi-110025 (India)
Tel. No.:	91-11-41672759/ 41672760/ 41672761
Fax No.:	91-11-41627930
E-Mail :	cl.saini@proecenergy.com nirmalsingh323@rediffmail.com info@kkaushal.in info@proecenergy.com
Website :	http://www.proecenergy.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Gopala Rajakumar
Designation :	Director
Address :	H-15, Sarita Vihar, New Delhi – 110076, India
Date of Birth/Age :	20.05.1955
Date of Appointment :	21.07.2009
DIN No.:	00353620

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	U74899DL1989PTC035015	JEWEL ELECTRO IMPEX PRIVATE LIMITED	Director	10/2/1989	10/2/1989	-	Active	NO
2	U15122DL1994PTC057005	EDEN BEVERAGES And SPIRITS PRIVATE LIMITED	Director	25/03/1994	25/03/1994	-	Active	NO
3	U15511DL1988PLC030921	VINTAGE DISTILLERS LIMITED	Director	5/1/1995	5/1/1995	16/07/2007	Active	NO
4	U74899DL1995PTC064723	SPECTRA HOLDINGS PRIVATE LIMITED	Director	24/01/1995	24/01/1995	-	Active	NO
5	U51312UP1990PTC011941	FORTHRIGHT BUILDERS PRIVATE LIMITED	Director	1/10/1995	1/10/1995	-	Active	NO
6	L15511DL1985PLC021272	SUNRISE DISTILLERIES LIMITED	Director	25/06/1997	25/06/1997	-	Active	NO
7	U65993DL1988PLC030825	SHUBH CREDITS LIMITED	Director	24/06/1998	24/06/1998	-	Active	NO
8	U27140DL1999PTC102730	HIGHRISE DISTILLERIES PRIVATE LIMITED	Director	8/12/1999	8/12/1999	28/02/2008	Active	NO
9	U74899DL1995PLC064165	MACL SECURITIES AND FINANCE LIMITED	Director	15/05/2001	15/05/2001	27/03/2007	Active	NO
10	U15320WB1974PLC029655	LORDS DISTILLERY LIMITED	Director	11/12/2002	11/12/2002	10/12/2009	Active	NO
11	U74899DL1973PTC006523	PHOTONICS PRIVATE LIMITED	Director	11/3/2003	11/3/2003	-	Active	NO
12	U67120DL1993PTC054053	MIDWAY SECURITIES PRIVATE LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
13	U45200DL1988PTC031656	D K DISTILLERS PRIVATE LIMITED	Director	24/08/2006	24/08/2006	30/05/2007	Active	YES
14	U74899DL1988PLC030362	UTILITY HOLDINGS LIMITED	Director	7/3/2007	7/3/2007	-	Active	NO
15	L52110DL1984PLC019625	DELTA INDUSTRIAL RESOURCES LIMITED	Director	7/3/2007	7/3/2007	-	Active	NO
16	L65920DL1984PLC019583	SURYA INDUSTRIAL RESOURCES LIMITED	Director	7/3/2007	7/3/2007	20/02/2010	Active	NO
17	U74899DL1986PLC025227	TRANSNATIONAL TRAVELS LIMITED	Director	10/9/2007	10/9/2007	-	Active	NO
18	U74899DL1987PTC027720	SKYRISE CONSTRUCTIONS COMPANY PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
19	U74999DL2004PTC128973	MATINA ENTERPRISES PRIVATE LIMITED	Director	1/6/2009	1/6/2009	-	Active	NO
20	U74899DL1993PLC051578	PROEC ENERGY LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO

Name :	Mr. Manav Modi
Designation :	Director
Address :	15, Friends Colony [West], New Delhi – 110065, India
Date of Birth/Age :	23.05.1980
Date of Appointment :	26.04.2005
DIN No.:	01983833

Name :	Mr. Sanjay Gupta
Designation :	Director
Address :	H. No.118 C, Sector 30, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	05.07.1967
Date of Appointment :	26.04.2005
DIN No.:	00511367

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	U74899DL1993PLC051578	PROEC ENERGY LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
2	U15511DL1988PLC030921	VINTAGE DISTILLERS LIMITED	Director	4/6/2005	4/6/2005	16/07/2007	Active	NO
3	U15320WB1974PLC029655	LORDS DISTILLERY LIMITED	Whole-time director	1/11/2007	1/9/2007	-	Active	NO
4	U74899DL1995PLC064165	MACL SECURITIES AND FINANCE LIMITED	Director	30/09/2009	10/1/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Manav Modi	92960
Nidhi Modi	2000
Bhupinder Singh	1010
Aneeta Kaur	1010
C. L. Saini	10
G. Rajkumar	10
Matina Enterprises Private Limited, India	88000
Navya Modi	3000
Total	188000

AS ON 30.09.2011

Equity Shares Break Up Category	Percentage
Bodies corporate	46.81
Directors or relatives of Directors	52.11
Other top fifty shareholders	1.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Catalytic Convertors.

Products :

Product Description	ITC Code No
Catalytic Convertor	87089200

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India

Parliament Street Branch, 4 PTI Building , Parliament Street Branch, New Delhi – 110001, India

Kotak Maindra Bank

ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Bank of India – Export Packing Credit	10.000	0.000
From Bank of India - Foreign Bills Purchase	0.000	0.000
- Against Stock – In – Trade and Book Debts
From Bank of India – Term Loans	4.671	--
- Against Plant and Machinery
From Kotak Maindra Bank – Against DG Ste	0.084	0.258
From ICICI Bank – Against Toyota Corolla	0.970	--
From ICICI Bank – Against Indica car	--	0.113
Total	15.725	0.371
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Ramesh Suri	--	5.000
Punam Kumar	--	3.000
Naveen Kumar	--	1.850
Jalco Financial Services Private Limited	0.165	0.165
MACL Securities and Finance Limited	1.293	1.167
Transnational Securities and Finlease Limited	1.058	0.955
Manav Modi	20.600	--
Matina Enterprises Private Limited	0.196	--
Total	23.312	12.137

Banking Relations :
Auditors :
Name :	K. Kaushal and Associates Chartered Accountants
Address :	40, LGF National Park, Lajpat Nagar, IV , New Delhi – 110024, India
Tel No.:	91-11-40522521/ 26468219
Email :	info@kkaushal.in

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
188000	Equity Shares	Rs.10/- each	Rs.1.880 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		1.880	1.880	1.880
2] Share Application Money		0.312	0.312	0.312
3] Reserves & Surplus		21.829	15.097	13.212
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.021	17.289	15.404
LOAN FUNDS
1] Secured Loans		15.725	0.371	0.648
2] Unsecured Loans		23.312	12.137	4.222
TOTAL BORROWING		39.037	12.508	4.870
DEFERRED TAX LIABILITIES		0.435	0.173	0.170
TOTAL		63.493	29.970	20.444
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.564	21.607	17.827
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.162	4.472	3.311
	Sundry Debtors	22.663	16.446	5.643
	Cash & Bank Balances	7.815	2.335	3.553
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.396	4.402	3.084
Total Current Assets		51.036	27.655	15.591
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.249	17.980	10.273
	Other Current Liabilities	0.409	0.408	0.407
	Provisions	3.449	0.904	2.294
Total Current Liabilities		25.107	19.292	12.974
Net Current Assets		25.929	8.363	2.617
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		63.493	29.970	20.444

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	117.527	65.009	98.017
		Export Incentive and entitlements	0.000	1.577	2.229
		Foreign Exchange Fluctuation	0.324	0.000	3.946
		Other Income	0.987	0.016	0.033
		TOTAL (A)	118.838	66.602	104.225
Less	EXPENSES
		Increase/ (Decrease) in Stock	(6.690)	(1.161)	(3.311)
		Purchases Account	44.408	25.365	51.688
		Manufacturing and Operating Expenses	54.365	26.821	36.228
		Administrative and Other Expenses	4.943	3.730	4.352
		Personal Expanses	6.843	5.237	4.773
		Selling and distribution expenses	0.489	0.262	0.772
		Foreign Exchange Fluctuation	0.068	0.550	0.000
		TOTAL (B)	104.426	60.804	94.502
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.412	5.798	9.723
Less	FINANCIAL EXPENSES (D)		0.840	0.784	1.093
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.572	5.014	8.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.042	2.068	0.905
	PROFIT BEFORE TAX (E-F) (G)		10.530	2.946	7.725
Less	TAX (H)		3.802	1.061	2.487
	PROFIT AFTER TAX (G-H) (I)		6.728	1.885	5.238
	EARNINGS IN FOREIGN CURRENCY		116.774	62.907	NA
	Earnings Per Share (Rs.)		35.79	10.03	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.66	2.83	5.03
Net Profit Margin (PBT/Sales)	(%)	8.96	4.53	7.88
Return on Total Assets (PBT/Total Assets}	(%)	11.88	5.98	23.12
Return on Investment (ROI) (PBT/Networth)		0.44	0.17	0.50
Debt Equity Ratio (Total Liability/Networth)		2.67	1.84	1.16
Current Ratio (Current Asset/Current Liability)		2.03	1.43	1.20

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from F-4-5, Triveni Commercial Sheikh Sarai, Phase -1, New Delhi, India to the present address w.e.f. 10.12.2007.

OPERATIONS AND PERFORMANCE OF THE COMPANY

The sales of the company increased to Rs.117.527 Millions as compared to previous figure of Rs.65.009 Millions. Then company’s prospects are very good in the coming years. The company hopes to perform still better in the coming years.

FORM 8

Corporate identity number of the company	U74899DL1993PLC051578
Name of the company	PROEC ENERGY LIMITED
Address of the registered office or of the principal place of business in India of the company	18 Community Centre, New Friends Colony, New Delhi – 110025, India info@proecenergy.com
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of India Parliament Street Branch, 4 PTI Building , Parliament Street Branch, New Delhi – 110001, India gupta1010@hotmail.com
Nature of instrument creating charge	1. No Instrument. Oral assent for creation of equitable mortgage by deposit of title deeds of lease hold rights of the Company's immovable property situate at Plot No. 6, in the Ambaji Industrial Estate consisting of revenue survey No.-15/1 , within the village limits of Chikla , Ambaji , Ta. Danta, Dist. Banaskantha, Gujarat comprising of land and buildings and other structures now or hereafter to be erected or to be installed thereon. 2. Credit Facility Agreement.
Date of instrument Creating the charge	14.09.2010
Amount secured by the charge	Rs.23.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Term Loan: 0.50% over BPLR minimum 12.50%p.a. with monthly rests or at such other rate as may be prescribed by the bank from time to time. EPC/FBP: 9.25% Upto 270 days. Terms of repayment As prescribed by the Bank from time to time. Margin As prescribed by the Bank from time to time. Extent and operation of the charge First charge on all the hypothecated movable assets and mortgaged immovable property of the Company Other The charge is created to secure the following credit facilities granted by the Bank to the Company : 1. EPC Limit : Rs.10.000 Millions 2. FBP Limit: Rs. 5.000 Millions Maximum of 1+2 : Rs.10.000 Millions 3. Term Loan : Rs.10.500 Millions Total Fund Based Limit (A) : Rs.20.500 4. Letter Of Credit : Rs.2.500 Millions 5. Bank Guarantee Limit : Rs.0.5 Million Maximum of 4+5 (B) : Rs.2.500 Millions Totaling (A) + (B) : Rs.23.000 Millions

FIXED ASSETS:

· Factory Land

Factory Building

Plant and Machinery

Office and Electricity

Lab equipment

Car

Generator

Motor Cycle / Scooter

Furniture and Fixture

Computers

AS PER WEBSITE

COMPANY OVERVIEW

Subject is a fast growing manufacturer and supplier of Oilfield Chemicals catering to the Oil and Gas, Mining, Refractories and General Chemicals industries worldwide. The company operates in the niche area of Drilling and Cementing Additives and Commercial Chemicals for the Oil and Gas Industry worldwide with primary market focus on the Middle East, Far East, Africa, India and West Europe. With experience gained over the last 4 years, PROEC has secured a growing reputation as a reliable partner for international service companies supporting the Oil and Gas industry.

The company has extensive manufacturing capabilities in grinding, drying, sizing, blending and bagging of numerous private label drilling fluids products that are used as bridging agents, shale stabilizers, filtration control agents and seepage and lost circulation materials. With excellent manufacturing testing and sourcing capabilities in India, company is perfectly placed to support its customers as they seek cost effective solutions to numerous opportunities in the oilfield chemicals industry.

BACKGROUND

Subject is promoted by Manav Modi. Manav belongs to one of India’s oldest industrial houses with interests ranging from chemicals, industrial gases to distilleries and higher education. It has established itself as one of India’s premier business houses since its inception during pre-independence days. The group has extensive expertise in Manufacturing, Finance, Commerce, Procurement, IT, HR and Industrial Relations.

Company is professionally managed by a team comprising of dynamic and experienced techno-commercial individuals from the Indian Chemical, Mining and Oil and Gas Industries. The company is headquartered in New Delhi with two processing plants in U.P. and Gujarat and a fully equipped quality control and R&D lab near New Delhi.

BOARD OF DIRECTORS

Mr. Rajiv Savara

Rajiv, 46, is a Director and a principal promoter of PROEC Energy. A Fellow Chartered Accountant with Management Consultancy background, with over 14 years of experience in the Oil and Gas Industry, Rajiv high-schooled at St. Xavier's High School, Delhi and after graduating with Honors in Commerce from the Sri Ram College of Commerce, Delhi University, he articled with Mohinder Puri and Company On qualifying as a Chartered Accountant, in July 1984, Rajiv joined the Management Consultancy Division of A. F. Ferguson and Company (erstwhile KPMG associate in India) where he carried out varied financial and accounting including strategic acquisition assignments. In 1989, Rajiv played a significant role in the conceptualization and formation of G&T Resources Worldwide having identified the niche for a professionally run business for the supply of equipment and providing services to the Oil and Gas Sector. G&T Resources and its associated companies in under fifteen years have established several successful partnerships, three of these with Fortune 500 companies.

Mr. Manav Modi

Manav Modi, is the Managing Director and a principle promoter of Company. A Masters Degree holder in Corporate Finance and Accounts from the London School of Economics, U.K and a Management Science graduate from the University of Warwick, U.K, Manav worked with Chase Capital Partners, Mumbai before joining the family business. He has been involved with the families Distillery division where he has been instrumental in setting up one of the plants for the group.

During his young career, Manav has gained invaluable experience in Procurement, Vendor Development, Accounting, Taxation, Corporate Finance and Manufacturing. Currently, he is heading company. where he is responsible for the day to day affairs of the company.

Mr. Sanjay Gupta

Sanjay Gupta, 40, a Director on the Board of company, is an MBA from the Centre of Management Development (CMD), New Delhi with a specialization in Materials and Finance. Over his 16 year career, he has been associated with the groups manufacturing projects where he was responsible for project conceptualization, implementation and commissioning. Currently, Sanjay is the COO of the group’s Education initiatives and lends his astute operational skills to Proec’s execution strategy.

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.53.30
UK Pound	1	Rs.82.66
Euro	1	Rs.68.91

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--AFFILIATION	YES/NO	NO
--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.