MIRA INFORM REPORT

Report Date :

28.06.2012

IDENTIFICATION DETAILS

Name :	ISOVOLTA (INDIA) PRIVATE LIMITED
Registered Office :	27, Kirol Vidyavihar, Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.02.1982
Com. Reg. No.:	11-026499
Capital Investment / Paid-up Capital :	Rs.22.700 Millions
CIN No.: [Company Identification No.]	U24110MH1982PTC026499
TAN No.: [Tax Deduction & Collection Account No.]	MUMI05156E
PAN No.: [Permanent Account No.]	AAACI2544N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Insulating Materials, Technical Laminates and Composites and Maintains a Global Presence.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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

INFORMATION PARTED BY

Name :	Mr. Borse
Designation :	Accounted Manager
Date :	25.06.2012

LOCATIONS

Registered Office :	27, Kirol Vidyavihar, Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-65751752 / 65751750
Fax No.:	91-22-25106092
E-Mail :	insulation@sahney.com info@isovolta.in
Website :	www.isovolta.com
Factory :	E-80, MIDC, Amdab, Nasik – 10, Maharashtra, India
Tel. No.:	91-253-2382166 / 2383055

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajiv Devinder Sahney

Designation :

Director

Address :

50, Ushakiran Carmichel Raod, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

06.09.1962

Date of Appointment :

11.09.1992

DIN No.:

00022896

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	1/2/1992	1/2/1992	3/7/2007	Active	NO
2	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	11/9/1992	11/9/1992	-	Active	NO
3	U74900MH1978PTC020600	KANWALDEEP SAHNEY ADVISORY PRIVATE LIMITED	Director	1/9/1994	1/9/1994	3/7/2007	Converted to LLP and dissolved	NO
4	U52190KA1987PTC008214	SAHNEY COMMUTATORS PRIVATE LIMITED	Director	8/8/1997	8/8/1997	-	Active	NO
5	U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	Director	2/9/2002	2/9/2002	-	Active	NO
6	U74140MH2004PTC146033	N V ADVISORY SERVICES PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
7	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Director	30/09/2006	23/12/2005	21/12/2010	Active	NO
8	U45203AP1998PLC029154	BSCPL INFRASTRUCTURE LIMITED	Director	28/09/2006	5/6/2006	-	Active	NO
9	U74140MH1997NPL111167	YOUNG PRESIDENTS ORGANIZATION (MUMBAI CHAPTER)	Director	1/7/2006	1/7/2006	1/7/2008	Active	NO
10	L63010MH2004PLC073508	ALLCARGO LOGISTICS LIMITED	Director	29/09/2006	21/08/2006	9/8/2010	Active	NO
11	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Director	25/06/2008	25/06/2008	21/12/2010	Active	NO
12	U74999MH2008NPL185159	International Wine and Food Society	Director	28/07/2008	28/07/2008	2/8/2009	Active	NO
13	U52300MH2010PTC210618	MITIGATE TRADING PRIVATE LIMITED	Additional director	10/2/2011	10/2/2011	11/2/2011	Active	NO
14	U70102MH2011PTC219551	RAE REAL ESTATE PRIVATE LIMITED	Director	7/7/2011	7/7/2011	-	Active	NO
15	U70102MH2011PTC223507	NURA REAL ESTATE PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Active	NO

Name :

Mr. Jasjiv Singh Devinder Singh Sahney

Designation :

Director

Address :

50, Ushakiran Carmichel Raod, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

02.01.1965

Date of Appointment :

01.04.2000

DIN No.:

00022886

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52190KA1987PTC008214	SAHNEY COMMUTATORS PRIVATE LIMITED	Director	18/02/1994	18/02/1994	-	Active	NO
2	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	15/02/1995	15/02/1995	-	Active	NO
3	U34103GA1997PLC002686	SAN MOTORS LIMITED	Director	27/09/1999	27/09/1999	-	Active	NO
4	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	1/4/2000	1/4/2000	-	Active	NO
5	U93090KA2001NPL028969	YPO BANGALORE CHAPTER	Director	2/5/2001	2/5/2001	20/09/2009	Active	NO
6	U74140MH2001PTC133168	MEDUSIND SOLUTIONS INDIA PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
7	U70109MH2006PTC161405	ROCKSTONE REAL ESTATE MANAGEMENT PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
8	U74900MH1978PTC020600	KANWALDEEP SAHNEY ADVISORY PRIVATE LIMITED	Director	3/7/2007	3/7/2007	-	Converted to LLP and dissolved	NO

Name :

Mr. Sandeep Ghosh

Designation :

Director

Address :

4, Little Rock, Mahatha Nagar, Nasik – 499007, Maharashtra, India

Date of Birth/Age :

29.09.1941

Date of Appointment :

01.04.2004

DIN No.:

00427987

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	1/4/2004	1/4/2004	20/01/2012	Active	NO
2	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	1/4/2004	1/4/2004	20/01/2012	Active	NO

Name :

Mr. Thomas Ing Koltay

Designation :

Director

Address :

Andreas hofer – Zeile, 18, Baden, Australia

Date of Birth/Age :

13.04.1969

Date of Appointment :

28.07.2011

DIN No.:

03618979

Name :

Mr. Heinz Martin Riedler

Designation :

Director

Address :

Autham 56, 4864, Attersee, Australia

Date of Birth/Age :

17.12.1964

Date of Appointment :

28.07.2011

DIN No.:

03618991

Name :

Mr. Harish Ishwarlal Khanna

Designation :

Director

Address :

Archit Retreat, Flat No-6, Date Nagar Tower Gangapur Road, Nasik -422005, Maharashtra, India

Date of Birth/Age :

11.12.1954

Date of Appointment :

20.01.2012

DIN No.:

05191417

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110MH1982PTC026499	ISOVOLTA (INDIA) PRIVATE LIMITED	Director	20/01/2012	20/01/2012	-	Active	NO
2	U32109MH1966PTC013516	SAHNEY KIRKWOOD PRIVATE LIMITED	Director	20/01/2012	20/01/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harish
Designation :	General Manager in Finance
Name :	Mr. Borse
Designation :	Accounted Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Devinder S. Sahney and Deep Kaur Kaneal Sahney	43799
Deep Kaur Kaneal Sahney and Devinder S. Sahney	22000
Rajiv S. Sahney and Devinder S. Sahney	215000
Devinder S. Sahney	45000
Devinder S. Sahney and Rajiv S. Sahney	165600
Deep Kaur Kaneal Sahney and Jasjiv Sahney	165600
Anupama R. Sahney	1
Jasjiv S. Sahney and Devinder S. Sahney	215000
Sahney Commutaters Private Limited, India	490000
Isovolta A/C, Austria	908000
Total	2270000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	21.60
Directors or relatives of Directors	38.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Insulating Materials, Technical Laminates and Composites and Maintains a Global Presence.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity *	Actual Production
Insulating Materials	M.T.	300.000	300.000	245.960

*As certified by a director and accepted by the auditors without verification this being a technical matter.

The quantitative denominations in which the goods are normally sold in the market are square metres or kilograms. In arriving at the sales quantity disclosed above, in metric ones (m.t), standard conversion factors have been used.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

CITI Bank N. A., Trent House, 2nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From a bank
Term loan in Foreign Currency (Repayable within one year Rs.2.312 Millions , 2010: Rs.8.929 Millions)	2.313	11.161
Term loan with Citi Bank N A	10.000	0.000
Short Term Loans	1.337	0.000
Cash credit	16.755	(3.999)
Total	30.405	7.162
(All the loans are secured by a first charge by way of hypothecation of stocks and book debts, and a charge on the entire fixed assets of the company, both present and future)
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Sales tax deferral (interest free) (amount repayable within one year Rs. Nil : 2010: Rs. 0.212 Millions)	0.000	0.212
Total	0.000	0.212

Banking Relations :
Auditors :
Name :	K.P. Rao and Company Chartered Accountants
Address :	Poornima, 25 State Bank Road, Bangalore - 560001, Karnataka, India
Tel. No.:	91-80-25587385 / 25586814
Mobile No.:	91-80-25594661
Fax No.:	kprao@airtelmail.in
PAN.:	AAAFK7720M
Related Party :	· Isovolta AG, Austria · Sahney Kirkwood Private Limited · Sahney Commutators Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2300000	Equity Shares	Rs.10/- each	Rs.23.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2270000	Equity Shares	Rs.10/- each	Rs.22.700 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		22.700	22.700	22.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		109.836	79.776	54.502
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		132.536	102.476	77.202
LOAN FUNDS
1] Secured Loans		30.405	7.162	44.043
2] Unsecured Loans		0.000	0.212	0.619
TOTAL BORROWING		30.405	7.374	44.662
DEFERRED TAX LIABILITIES		5.280	4.770	3.988
TOTAL		168.221	114.620	125.852
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.257	54.480	55.864
Capital work-in-progress		1.360	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	52.871	27.129	36.488
	Sundry Debtors	83.767	54.456	49.850
	Cash & Bank Balances	4.894	6.238	6.339
	Other Current Assets	0.130	0.719	0.086
	Loans & Advances	16.150	7.627	12.790
Total Current Assets		157.812	96.169	105.553
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.539	27.580	27.664
	Other Current Liabilities	0.788	1.213	0.827
	Provisions	1.881	7.236	7.074
Total Current Liabilities		46.208	36.029	35.565
Net Current Assets		111.604	60.140	69.988
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		168.221	114.620	125.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		45.572	NA	NA
Less	TAX		15.512	NA	NA
	PROFIT AFTER TAX		30.060	31.096	25.297
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		69.841	47.718	30.793
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	3.150	2.530
		Dividend	NA	4.994	4.994
		Tax on Dividend	NA	0.829	0.848
	BALANCE CARRIED TO THE B/S		NA	69.841	47.718
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.079	11.585	53.276
		Reimbursement of insurance and freight on exports	0.001	0.028	0.533
	TOTAL EARNINGS		8.080	11.613	53.809
	IMPORTS
		Raw Materials	27.781	40.161	51.397
		Capital Goods	0.000	1.400	0.592
	TOTAL IMPORTS		27.781	41.561	51.989
	Earnings Per Share (Rs.)		13.24	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	21.39	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.34	NA	NA
Debt Equity Ratio (Total Liability/Networth)		0.78	0.42	1.04
Current Ratio (Current Asset/Current Liability)		3.42	2.67	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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
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 LIABILITIES

Rs. In Millions

Particular	31.03.2011	31.03.2010
Excise matters	3.636	3.363
Capital Commitment – Project
Marsons Print Graf Private Limited	4.174	0.000
Shree Bhagawati construction	14.426	0.000

Bankers Charges Report as per Registry

Corporate identity number of the company	U24110MH1982PTC026499
Name of the company	ISOVOLTA (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	27 Kirol Vidyavihar, Mumbai – 400086, Maharashtra, India insulation@sahney.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80042343
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Citi Bank N. A., Trent House, 2nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India vlaxman@vsnl.com
Nature of instrument creating charge	Deed of Modification.
Date of instrument Creating the charge	23.09.2011
Amount secured by the charge	Rs. 55.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Current Assets & Movable Fixed Assets to the Bank more particularly described in item No.15 below hypothecated by way of first exclusive charge, as security for the repayment of Rs.550 Lacs, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges & other expenses payable by the Company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first exclusive charge on Current Assets & Movable Fixed Assets of the Company both present and future.
Date of instrument modifying the charge	16.12.2008
Particulars of the present modification	The charge shall now stand increased from Rs.35.000 Millions to Rs.55.000 Millions in favour of Citibank N.A

Fixed Assets

· Leasehold land

· Building

· Plant and machinery

· Electrical installations

· Furniture and office equipment

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.57.22
UK Pound	1	Rs.89.42
Euro	1	Rs.71.46

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.