MIRA INFORM REPORT

PRELIMINARY REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	SKM STEELS LIMITED SKM CONSTRA A DIVISION OF SKM STEELS LIMITED
Registered Office :	30, C.P. Tank Road, 2^nd Floor, Mumbai – 400 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.12.1994
Com. Reg. No.:	11-083403
Capital Investment / Paid-up Capital :	Rs.49.900 millions
CIN No.: [Company Identification No.]	U27100MH1994PLC083403
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37214C/ MUMS41878E/ MUMS42024D
PAN No.: [Permanent Account No.]	AADC57801F/ AADC57801F/ AADC57801F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Stainless Steel Products.
No. of Employees :	About 150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 4869000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track records. General Financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

INFORMATION DECLINED BY

Name :	Mr. P.M. Suresh
Designation :	Accounts Manager
Contact No.:	91-22-66272727
Date :	20.03.2012

LOCATIONS

Registered Office :	30, C.P. Tank Road, 2^nd Floor, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23862884/ 22336691/ 66336691/ 40716600/ 40716666
Fax No.:	91-22-23886165/ 23805392/ 94
E-Mail :	sales.ss@skmsteels.com purchase.ss@skmsteels.com skm@bom3.vsnl.net.in pankajshah@skmsteels.com sales@skmsteels.com accounts@skmsteelsltd.com export@skmsteelsltd.com
Website :	http://www.skmsteels.com
Location :	Rented
Head Office :	SKM House, 12, Khetwadi 6^th Lane, Mumbai – 400 004, Maharashtra, India
Factory :	Plot No.2803, GIDC Phase III, Umbergaon - 396 171, District Valsad, Gujarat, India
Marketing Division :	Sandhurst Building, 3^rd Floor, Opera House, 524, S.V.P. Road, Mumbai, Maharashtra, India
Branch Office :	v 13, Mooker Nalla , Muthu Street, Chennai – 600 001, Tamilnadu, India v 311, Apollo Tower, M.G. Road, Indore, Madhya Pradesh, India v 202, Ashwarath, Opposite Fortune Landmark, Usmanpura, Ashram Road, Ahmedabad – 380 013, Gujarat, India
Export Division :	66, C.P. Tank Road, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-66272727
Fax No.:	91-22-66570103
E-Mail :	export@skmsteelsltd.com sales@skmsteelsltd.com

DIRECTORS

As on 29.09.2011

Name :	Mr. Kirtilal Moolchand Shah
Designation :	Managing Director
Address :	Flat No.1001, 10^th Floor, Garden View, 8, Walkeshwar, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	01.03.1949
Date of Appointment :	01.12.1994
DIN No.:	00105703
Name :	Mr. Pankaj Dahyalal Shah
Designation :	Whole Time Director
Address :	Flat No.161, 16^th Floor, Enterprise Apartment, Forjet Hill Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	19.02.1973
Date of Appointment :	01.12.1994
DIN No.:	00078997
Name :	Mr. Chirag Shantilal Shah
Designation :	Director
Address :	704, Gokul Apartments, 14^th Khetwadi Back Road, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	19.03.1977
Date of Appointment :	01.07.2000
DIN No.:	00081637
Name :	Mr. Amit Kirtilal Shah
Designation :	Director
Address :	Flat No.1001, 10^th Floor, Garden View, Walkeshwar, Nepeansea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	03.08.1980
Date of Appointment :	11.06.2001
DIN No.:	00105932
Name :	Mr. Ram Anugrah Singh
Designation :	Director
Address :	B/ 34, Abhishek Apartment, Block No. 12, Cross Road – 2, Lokhandwala Complex, Andheri, Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	02.01.1946
Date of Appointment :	27.11.1995
DIN No.:	00369580
Name :	Mr. Kalpesh Haribhai Chowdhary
Designation :	Director
Address :	Makharia House, 1^st Floor, 327, SVP Road, Mumbai – 400 002, Maharashtra, India
Date of Birth/Age :	06.11.1971
Date of Appointment :	29.09.2011
DIN No.:	00084800

KEY EXECUTIVES

Name :	Mr. P.M. Suresh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Shah Kirtilal Moolchand and Shah Veenaben Kirtilal	475400
Shah Amit Kirtilal and Shah Veenaben Kirtilal	474000
SKM Constructions Private Limited, India	400000
Shah Veenaben Kirtilal and Shah Kirtilal Moolchand	475000
Suryadeep Salt Refinery and Chemicals Work Limited, India	12000
Kailash Ficom Limited, India	18000
Zen Shaving Limited, India	4000
Tribhuvan Housing Limited, India	10000
Shah Kirtilal Moolchand HUF	468000
Shah Ruchita Amit and Shah Amit Kirtilal	402900
Shah Amit Kartiklal HUF	476000
Chowdhary Anju Kalpesh	378000
Shah Sejal Chirag and Shah Chirag Shantilal	365450
SKM Industries Private Limited, India	65000
SKM Capital 7 Holdings Private Limited, India	15000
Shree Parul Developers Private Limited, India	110000
Megha Bhavesh Shah	125000
Juvenile Capfin Private Limited, India	490000
Total	4763750

As on 29.09.2011

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]	2.62
Bodies corporate	73.78
Directors or relatives of directors	23.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Stainless Steel Products.
Products :	Products Description	ITC Code No.
	Stainless Steel Wire Rods	7221
	Flat-rolled products of iron or non alloy steel – cold rolled in coils – CR CA Coils/ Sheets	7209
	G P Sheet/ Coils	7210
	Stainless Steel Scrap	7204

PRODUCTION STATUS (AS ON 31.03.2010)

Licensed Capacity: No Licence Required

Particulars	Unit	Installed Capacity
Stainless Steel Bright Bars	M. Tonnes	9000
Power	(Kw)	750

Particulars	Unit	Actual Production
Own and On Jobwork Basis:
Stainless Steel Bright Bars	M. Tonnes	1938.553
Stainless Steels Wires	M. Tonnes	0.000
Stainless Steel Rods/ Rounds	M. Tonnes	11252.040
Stainless Steel Scrap	M. Tonnes	312.586
Power	(‘000 Kwh)	1093.405

GENERAL INFORMATION

No. of Employees :

About 150 (Approximately)

Bankers :

v Bank of India (Lead Bank), C. P. Tank Branch, Chandaramji Girl’s High School Building, 95 Vithalbhai Patel Road, Mumbai - 400 004, Maharashtra, India

v Union Bank of India, Fort Branch,   Mumbai, Maharashtra, India

v Federal Bank Limited, 32, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

v Hongkong and Shanghai Banking Corporation Limited, 52/60, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India

v ICICI Bank Limited

v Commonwealth Bank of Australia, Level 2, Hoechst House, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Credit Facilities from Bank of India – C.P. Tank Branch
Cash Credit Facility	51.380	0.000
Letters of Credit – DA Buyer credit	102.569	73.915
Letters of Credit – DA	49.582	0.000
Working Capital Demand Loan	168.600	332.000
Export Packing Credit Facility – Rupee Loan	121.838	142.610
Foreign Bill Discounting Facility	11.395	4.195
Credit Facility from Union Bank of India – Fort Branch
Letters of Credit – DA Buyer credit	76.342	91.867
Working Capital Demand Loan	113.026	0.000
Channel Finance	162.500	0.000
Infinity based revolving Line of Credit in the form of overdraft facility against personal guarantee of directors from
Federal Bank Limited	220.195	0.000
Standard Chartered Bank	224.529	50.994
HSBC Bank	134.409	104.111
Yes Bank Limited	98.201	0.000
Car Finance against Hypothecation of Motor Cars
ICICI Bank Limited	0.000	0.112
Reliance Capital Limited	0.197	0.514
Total	1534.763	800.318

Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Directors	34.000	0.000
From Others	42.000	57.830
Other Loans and Advance – From Others	5.000	18.500
Total	81.000	76.330

Banking Relations :

--

Financial Institutions :

Edelweiss Finance and Investments Limited, 2^nd Floor, MB Towers, Plot No.5, Road No.2, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Auditors :

Name :

R.M. Doshi and Company

Chartered Accountants

Address :

307, Vaishali Apartments, 30/31, Parekh Street, Prarthana Samaj, Mumbai – 400 004, Maharashtra, India

Tel. No.:

91-22-67437416/ 17

Fax No.:

91-22-23824232

E-Mail :

mcdoshi@vsnl.com

PAN No.:

AACPD4437A

Subsidiary Company :

SKM Alloys Private Limited

CIN No.: U27100MH1997PTC111184

Line of Business: Dealers and Stockists of Mild Steel, Alloy Steel, Bright Bars.

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4763750	Equity Shares	Rs.10/- each	Rs.47.638 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4990000	Equity Shares	Rs.10/- each	Rs.49.900 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		49.900	48.900	43.000
2] Share Application Money		20.000	45.348	0.000
3] Reserves & Surplus		1147.262	928.243	621.659
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1217.162	1022.491	664.659
LOAN FUNDS
1] Secured Loans		1534.763	800.318	1751.078
2] Unsecured Loans		81.000	76.330	124.435
TOTAL BORROWING		1615.763	876.648	1875.513
DEFERRED TAX LIABILITIES		11.557	12.116	12.196
TOTAL		2844.482	1911.255	2552.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.485	51.989	66.337
Capital work-in-progress		54.894	27.024	0.812
INVESTMENT		19.609	20.738	34.495
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	880.067	470.534	741.571
	Sundry Debtors	1766.560	1195.878	1627.450
	Cash & Bank Balances	179.173	173.420	124.044
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	137.734	138.871	110.455
Total Current Assets		2963.534	1978.703	2603.520
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	167.072	140.138	92.010
	Other Current Liabilities	48.623	18.391	22.732
	Provisions	35.345	8.670	38.054
Total Current Liabilities		251.040	167.199	152.796
Net Current Assets		2712.494	1811.504	2450.724
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2844.482	1911.255	2552.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	9232.855	9454.387	9576.830
		Other Income	87.309	44.836	27.784
		TOTAL (A)	9320.164	9499.223	9604.614
Less	EXPENSES
		Raw Material Consumed	1485.198	1765.855	2227.745
		Cost of Goods Resold	7069.515	6837.585	6556.321
		Manufacturing and other Expenses	490.334	591.854	726.851
		Increase/Decrease in Stock	(21.833)	91.847	(160.731)
		TOTAL (B)	9023.214	9287.141	9350.186
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		296.950	212.082	254.428
Less	INTEREST (D)		86.079	175.794	124.309
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		210.871	36.288	130.119
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.289	5.717	7.487
	PROFIT BEFORE TAX (E-F) (G)		205.582	30.571	122.632
Less	TAX (H)		65.563	14.469	44.992
	PROFIT AFTER TAX (G-H) (I)		140.019	16.102	77.640
	Prior Period Adjustments		0.000	1.382	(3.472)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		427.413	409.659	335.491
	BALANCE CARRIED TO THE B/S		567.162	427.143	409.659
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	169.245	432.021	717.505
		VAT Refund	0.046	0.000	0.000
	TOTAL EARNINGS		169.291	432.021	717.505
	IMPORTS
		Trading Goods	617.250	302.707	326.756
	TOTAL IMPORTS		617.250	302.707	326.756
	Earnings Per Share (Rs.)		28.06	3.58	17.25

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.50	0.17	0.81
Net Profit Margin (PBT/Sales)	(%)	2.23	0.32	1.28
Return on Total Assets (PBT/Total Assets}	(%)	6.81	1.51	4.59
Return on Investment (ROI) (PBT/Networth)		0.17	0.03	0.18
Debt Equity Ratio (Total Liability/Networth)		1.53	1.02	3.05
Current Ratio (Current Asset/Current Liability)		11.81	11.83	17.04

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
- Dues to Micro and Small Enterprises	4.202	0.000	0.000
- Dues to Others	162.870	140.138	92.010
Total	167.072	140.138	92.010

BUSINESS RESULTS AND OPERATIONS

Recessionary trends continued to prevail in the US and the European markets, however the domestic demands in view of development in infrastructure and other sectors in the Indian economy. With better demand and a good cash flow in the domestic markets, company could achieve turnover of Rs.9232.900 against Rs.9454.400 millions witch was always comparable. Due to efficient management of funds and straights control over cost, profits before depreciation and taxes increased to Rs.210.800 millions against Rs.37.700 millions for the year resulting into a fourfold increase.

PROSPECTS:

With the increase of demand in domestic market and less reliance on US and European markets, demand is picking up and the company expects to perform better.

FINANCE:

Increase in working capital requirement due to higher level of inventories and book debts, were met partly from the borrowed funds and partly from internal accruals addition to capital assets were funded from the internal accruals of the company.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2010 (Rs. in millions)
a Guarantees given by Company's Bankers	5.000
b. Letters of Credit opened and pending	601.072
d Company does not expect any further liability in respect of irrevocable letters of credit issued by Bank of India, C.P. Tank branch, in respect of import of 541.201 M. Tonnes of Welded Stainless Steel Tubes/ Pipes imported from Yuk Wah (Thailand) Limited as the liability of Rs.21.285 millions shown under the head "Current Liabilities" will be fully met against the Fixed Deposit of Rs.23.500 millions lying pledged with said bank against the said liability. Wrest on the said fixed deposit is considered as income of the year in expectation of no further liability on account of the said irrevocable letter of credit.
d. Letters of credit - Additional liability in excess of Rs.21.285 millions	Unascertained
e. Claims not acknowledged by the company relating to the following areas: - Excise	2.500
f. Estimated amount of contracts remaining to be executed on capital account and not provided for	39.407

Bankers Charges Report as per Registry

Corporate identity number of the company	U27100MH1994PLC083403
Name of the company	SKM STEELS LIMITED
Address of the registered office or of the principal place of business in India of the company	30, C.P. Tank Road, 2^nd Floor, Mumbai – 400 004, Maharashtra, India E-Mail: sales@skmsteels.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Commonwealth Bank of Australia, Level 2, Hoechst House, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of Goods, Vehicle, Plant and Machinery, Stocks and Book Debts
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs.100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest 1.75% above base rate, i.e. 10.75% p.a. (Currently, Base Rate is 9% p.a.), on a monthly compounding basis Terms of Repayment: Underlying Drawing restricted to 90 days. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: Hypothecation by way of First Charge on Company's Entire Current Assets (Stocks and Book-Debts etc.) as described, to secure as a continuing security for the repayment of working capital facilities aggregating Rs.100.000 millions, together with interest, costs, charges, expenses and all other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Hypothecation of Stocks, raw materials, finished goods etc. existing and to be purchased from time to time. Hypothecation of Existing and future Book Debts etc.

FIXED ASSETS:

v Freehold Land

v Leasehold Land

v Factory Buildings

v Other Buildings

v Plant and Machinery

v Electrical Installation

v Vehicles

v Furniture and Fixtures

v Office Equipments

v Air Conditioners

v Other Assets

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.54.87
UK Pound	1	Rs.86.46
Euro	1	Rs.69.48

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.