MIRA INFORM REPORT

Report Date :

18.06.2012

IDENTIFICATION DETAILS

Name :	AMBUJA METAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 1063, Nera Jain Temple, Vtva, Ahmendabad-382440, Gujarat.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.10.1979
Com. Reg. No.:	04-003535
Capital Investment / Paid-up Capital :	Rs. 3.000 millions
CIN No.: [Company Identification No.]	U27310GJ1979PTC003535
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20351C
PAN No.: [Permanent Account No.]	AABCA3220C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Metal, ferrous Metal, Non ferrous Metal, Sheets, Pipe, Construction Materials, Ship Building, Home appliances, Alloy steels tubes and stainless steel,
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 57000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears a huge dip in the profitability of the company. However, trade relations are reported as decent. Business is active. Payments are reported to be usually correct. The company can be considered 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/Factory :	Plot No. 1063, Behind MIDCO, Near Jain Temple Vatva, Ahmedabad – 382440, Gujarat, India
Tel. No.:	91-79-25831989 / 25831953 / 26427576
Fax No.:	91-79-26426694 / 26427666
E-Mail :	aippl@hotmail.com lsteel@ambujaindia.com tradelink@icenet.co.in steel@ambujaindia.com metal@ambuhaindia.com
Website :	www.ambujaindia.com
Area :	2000 Sq.fts
Location :	Owned
Corporate Office :	8/10, 2^nd Carpenter Street, 3^rd Floor, Null Bazar, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66394501/ 66394504/ 23817802
Fax No.:	91-22-23808180
E-Mail :	dpjain@bom3.vsnl.net.in ambuja@bom3.vsnl.com steel@ambujaindia.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Gambhirmal Ramanlal Shah
Designation :	Managing Director
Address :	6, 3^rd Floor, Dr. Jadav Bhuvan, 32 Wilson Street, V P road, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	01.04.1958
Date of Appointment :	12.11.1981
DIN No.:	00137528

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	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	12/11/1981	12/11/1981	Active	NO
2	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Whole-time director	19/09/2011	10/8/1998	Active	NO
3	U15141GJ2004PTC044285	Ambuja Solvex Private Limited	Director	11/9/2004	11/9/2004	Active	NO
4	U51101MH2007PTC172377	Nenava Impexx Private Limited	Director	16/07/2007	16/07/2007	Under Process of Striking off	NO
5	U40107MH2004PTC212657	Sinewave Biomass Power Private Limited	Director	2/5/2008	2/5/2008	Active	NO
6	U40101RJ2008PTC027275	Megaa Power Projects Private Limited	Director	29/08/2008	29/08/2008	Active	NO
7	U22120MH1996PTC099920	Electra Multimedia Private Limited	Director	15/06/2011	13/04/2011	Under liquidation	NO
8	U27200MH1989PTC054265	Shruti Re-Rollers Private Limited	Additional director	10/6/2011	10/6/2011	Active	NO

Name :	Mr. Dineshkumar Ramanlal Shah
Designation :	Director
Address :	102, Sudarshan apartments, Shanti Nagar Society, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	05.10.1963
Date of Appointment :	08.04.1994
DIN No.:	00137409

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	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Director	10/8/1988	10/8/1988	1/9/2011	Active	NO
2	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	8/4/1994	8/4/1994	-	Active	NO

Name :	Mr. Naresh Kumar Shah
Designation :	Director
Address :	B-36/37, Mahendale Co-operative Housing Society, 202/223, V P Road, Mumbai-400004, Maharashtra, India.
Date of Birth/Age :	01.06.1969
Date of Appointment :	12.02.1989
DIN No.:	00144592

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	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	12/2/1989	12/2/1989	-	Active	NO
2	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Director	10/7/1999	10/7/1999	1/9/2011	Active	NO
3	U51101MH2007PTC172377	Nenava Impexx Private Limited	Director	16/07/2007	16/07/2007	-	Under Process of Striking off	NO
4	U40101RJ2008PTC027275	Megaa Power Projects Private Limited	Director	29/08/2008	29/08/2008	-	Active	NO

Name :	Mr. Rajeshkumar Ramanlal Shah
Designation :	Director
Address :	3^rd Floor, Dr. Jadav Bhuvan, 32 Wilson Street, V P road, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	01.06.1969
Date of Appointment :	12.02.1989
DIN No.:	00262041

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	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	12/2/1989	12/2/1989	-	Active	NO
2	U24110GJ2005PTC046995	Dysun Dyechem Private Limited	Director	27/10/2005	27/10/2005	-	Strike off	NO
3	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Director	25/08/2008	29/09/2007	1/9/2011	Active	NO

Name :	Mr. Vipul Tilokchand Shah
Designation :	Director
Address :	14/C, 7 Khanderao Block, Khotachi Wadi, V P road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	17.10.1981
Date of Appointment :	17.08.2006
DIN No.:	00655312
Name :	Mr. Lalit Shah
Designation :	Director
Address :	14/C, 7 Khanderao Block, Khotachi Wadi, V P road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	01.12.1973
Date of Appointment :	17.08.2006
DIN No.:	00144685

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	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Managing director	15/09/2011	10/7/1999	Active	NO
2	U24230GJ2005PTC045597	Lonza Pharmaceuticals Private Limited	Director	2/3/2005	2/3/2005	Strike off	NO
3	U15141GJ2004PTC044285	Ambuja Solvex Private Limited	Director	30/09/2006	17/08/2006	Active	NO
4	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	30/09/2006	17/08/2006	Active	NO
5	U51101MH2007PTC172377	Nenava Impexx Private Limited	Director	16/07/2007	16/07/2007	Under Process of Striking off	NO
6	U40107MH2004PTC212657	Sinewave Biomass Power Private Limited	Director	2/5/2008	2/5/2008	Active	NO
7	U22120MH1996PTC099920	Electra Multimedia Private Limited	Director	15/06/2011	13/04/2011	Under liquidation	NO
8	U27200MH1989PTC054265	Shruti Re-Rollers Private Limited	Additional director	10/6/2011	10/6/2011	Active	NO

Name :	Mr. Bhavin Shah
Designation :	Director
Address :	102, Sudarshan Appartments, 13, Shanti Nagar Society, Ashram Road, Wadaj, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	01.12.1973
Date of Appointment :	20.12.2007
DIN No.:	01874666

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Jivtaj Chunilal Shah	17500
Mungiben Jivraj Shah	5000
Nareshkumar Jivraj Shah	12000
Vimalaben Tilokchand Shah	10000
Lalit Tilokchand Shah	21000
Badami Gambhirmal Shah	13100
Sangeeta Rajeshkumar Shah	12500
Keshiben Kantilal Shah	16000
T.C. Shah (M/S Nenava Metal Corporation)	20000
Ambuja Intermediates Private Limited, India.	10000
Ramanlal Ambaji Shah	11000
Gambhirmal Ramanlal Shah	1500
Dineshkumar Ramanlal Shah	2000
Rajeshkumar Ramanlal Shah	6000
Jayanti Nareshkumar Shah	10000
Harakchand Ramanlal Shah	10000
Pravinkumar Jivraj Shah	10000
Jivraj C. Shah (H.U.F.)	10000
Tilokchand C. Shah (H.U.F.)	10000
Kantilal C. Shah (H.U.F.)	10000
Ramanlal A. Shah (H.U.F.)	10000
Gambhirmal R. Shah (H.U.F.)	13500
Dineshkumar R. Shah (H.U.F.)	13500

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	3.33
Directors or relatives of Directors	96.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Metal, ferrous Metal, Non ferrous Metal, Sheets, Pipe, Construction Materials, Ship Building, Home appliances, Alloy steels tubes and stainless steel,
Products :	Union Cross Hot Rolled Round Bar Push on Fittings Air Shaft Pipe Fittings Metal Tubes Brass Billets Brass Nut and Bolt Induction Coll Square Bars

GENERAL INFORMATION

Suppliers :

· Kanungo Steel

· Mark Warren Industries

· Balaji Inter Info Systems Private Limited

· Super Traders LLc

· Xin Li Da Company

· Goa Metal

· Nirav Metal Private Limited

· Sangeeta Metal

· Sun Metal FZE

Customers :

· Ahiada Industries Private Limited

· Ambika Metal Industries

· Aries Engineers

· Bhawal Steels and Engineering Company

· C.P.K. Engineers Private Limited

· Empire Metals

· Kanungo Steel

· Krishna Alloys

· Micro Metals

· Nandini Steel

· Radiant Steel

· Siton India Private Limited

· Vaibhav Metal

· Weldon Engineers Private Limited

No. of Employees :

Not Available

Bankers :

· Dena Bank, Navrangpura Branch, Ahmedabad – 380009, Gujarat, India

· Dena Bank, Swapnalok Apartments, L. J. Marg, Neapeansee Road Branch, Mumbai – 400036, Maharashtra, India.

· Krung Thai Bank Public Company Limited, 62-Maker Chamber, 6^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

· Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Cash Credit
Kotak Mahindra Car Loan (Secured by way of hypothecation of Motor Vehicles) [Installments Repayable within next 12 months for all loans Rs. 0.409 Million (PY Rs. 0.409 Million)]	0.685	1.011
Krung Thai Bank Public Company Limited	38.913	34.099
(Secured against hypothecation of stock and book debts along with collateral securities of mortgage of land and premises No. 1063-A, Behind Midco Containers, Near Jain Temple, Vatva, Ahmedabad and Mortgage o residential property at Plot No.25,26,29,30,83,84,85,86 Bhadravati Nagar Co-operative Housing Society Limited, Adalaj, Gandhinagar, Block No.1048, 1049, 1950 Part-1051, 1052, 1053, 1054 and 1074, 1075, 1078, Adalaj, Gandhi Nagar along with personal guarantee by of directors)
Total	39.598	35.110
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Inter Corporate Deposits	0.000	27.500
From Others (Share holders, Directors and their Relative)	76.288	52.508
Total	76.288	80.008
Notes: Unsecured loan from others include Rs. 17.466 Millions (P.Y. Rs. 10.868 Millions) due to directors of the company. Rs. 23.955 Millions (P.Y. Rs. Nil) due to company under same management.

Banking Relations :	--
Auditors :
Name :	S. P. Jain and Associates Chartered Accountants
Address :	F/3, Dadar Manish Market, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra, India.
Income-tax PAN of auditor or auditor’s firm	AADPJ3728K
Entities over which key management personnel exercise significant influence :	· Ambuja Intermediate Private Limited · Nenava Metal Corporation · Shagun Realty · Nenava Steel · Fortune Enterprise · Shagun Associates

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.416	10.236	2.565
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.416	13.236	5.565
LOAN FUNDS
1] Secured Loans		39.598	35.110	37.439
2] Unsecured Loans		76.288	80.008	76.472
TOTAL BORROWING		115.886	115.118	113.911
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		130.302	128.354	119.476
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.350	3.180	2.100
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.929	0.929	0.928
DEFERREX TAX ASSETS		0.218	0.071	0.316
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.217	18.143	29.314
	Sundry Debtors	94.047	88.125	46.039
	Cash & Bank Balances	1.620	2.473	1.827
	Other Current Assets	0.000	0.000	5.163
	Loans & Advances	24.899	30.931	49.981
Total Current Assets		141.783	139.672	132.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.630	9.516	10.164
	Other Current Liabilities	4.135	5.982	1.766
	Provisions	0.213	0.000	4.262
Total Current Liabilities		16.978	15.498	16.192
Net Current Assets		124.805	124.174	116.132
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		130.302	128.354	119.476

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	335.655	344.267	384.865
		Other Income	4.753	6.608	2.154
		TOTAL (A)	340.408	350.875	387.019
Less	EXPENSES
		Cost of Goods sold	246.319	256.599	281.486
		Direct Expenses	69.587	63.977	98.844
		Administrative Expenses	2.060	2.195	2.462
		Employees Expenses	2.359	2.359	2.004
		TOTAL (B)	320.325	325.130	384.796
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.083	25.745	2.223
Less	FINANCIAL EXPENSES (D)		17.716	16.145	12.028
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.367	9.600	(9.805)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.121	0.534	0.599
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.246	9.066	(10.404)
Less	TAX (H)		0.066	1.395	(0.194)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.180	7.671	(10.210)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.581	(1.090)	9.120
	BALANCE CARRIED TO THE B/S		7.761	6.581	(1.090)
	Earnings / (Loss) Per Share (Rs.)		3.93	25.57	(34.04)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.35	2.19	(2.64)
Net Profit Margin (PBT/Sales)	(%)	0.37	2.63	(2.70)
Return on Total Assets (PBT/Total Assets}	(%)	0.85	6.34	(7.74)
Return on Investment (ROI) (PBT/Networth)		0.09	0.68	(1.87)
Debt Equity Ratio (Total Liability/Networth)		9.22	9.87	23.38
Current Ratio (Current Asset/Current Liability)		8.35	9.01	8.17

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. Constructions 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	No
9. Name of person contacted	Yes
10. Designation of contact person	Yes
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	Yes
18. Major customers	Yes
19. Payments terms	No
20. Export / Import details	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

FIXED ASSETS:

• Building
• Furniture
• Office Premises
• Intercom
• Motor Car
• Motor Cycle
• Computer
• Washing Machine

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. 55.76
UK Pound	1	Rs. 86.69
Euro	1	Rs. 70.44

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		42

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.