MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	UNIQUE INDUSTRIAL HANDLERS PRIVATE LIMITED
Registered Office :	206-207, Nahar and Seth Industrial, Estate, Chakala, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.08.1983
Com. Reg. No.:	11-030709
Capital Investment / Paid-up Capital :	Rs. 60.000 million
CIN No.: [Company Identification No.]	U29299MH1983PTC030709
Legal Form :	Private Limited Liability Company
Line of Business :	The Design, Manufacture and Assembly of EOT Cranes, Goliath Cranes, Transfer Cars, Winches And Other Equipment.
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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The Latest financial for the current year is missing from government department. However, from the previous year record the company performance seems to be good. Financially appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Long Term loan )
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial objection it carry moderate credit risk.
Date	February 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Head office :	206-207, Nahar and Seth Industrial, Estate, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-28390071 / 28352019
Fax No.:	91-22-28378226 / 28210006
E-Mail :	sales@unicrane.com accounts@unicrane.com
Factory 1 :	E-77, Ambad, New Nashik Industrial Area, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-2383177 / 6620601 / 602 / 603
Fax No.:	91-253-2381380
E-Mail :	works@unicrane.com
Factory 2 :	135-140 / 142-148, A/P Village Gonde Dumala, Taluka, Lgatpuri, District Nashik – 422403, Maharashtra, India
Tel. No.:	91-2553-225102
E-Mail :	works@unicrane.com
Branch Office:	Located at: · New Delhi · Chennai · Kolkata

DIRECTORS

As on: 30.09.2012

Name :

Mr. Arjan Satramdas Vaswani

Designation :

Director

Address :

4, Seamist, Golden Acres, Ruia Park, JVPD Scheme, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

06.06.1938

Qualification:

B.E

Date of Appointment :

15.07.1993

DIN No.:

01084088

Name :

Mr. Jetho Gurmukhdas Tahiliani

Designation :

Director

Address :

702, Sea King, Band Stand, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

20.07.1942

Qualification:

B.E

Date of Appointment :

27.08.1983

DIN No.:

01084183

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	U29299MH1983PTC030709	UNIQUE INDUSTRIAL HANDLERS PVT LTD	Director	27/08/1983	27/08/1983	-	Active	NO
2	U45201DL2004PTC129845	SHREE RADHEY REALTORS PRIVATE LIMITED	Additional director	27/07/2009	27/07/2009	30/12/2011	Active	NO
3	U72900DL2007PTC157910	MBM COMPUTERS PRIVATE LIMITED	Additional director	17/08/2009	17/08/2009	-	Active	NO

Name :

Mr. Jagdish Hariram Badlani

Designation :

Director

Address :

8, Savijay, 29th Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

04.02.1946

Qualification:

B.E

Date of Appointment :

27.08.1983

DIN No.:

01084251

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Jagdish Hariram Badlani	20000000
Jetho Gurmukhdas Tahiliani	20000000
Arjan Satramdas Vaswani	20000000
Total	60000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The design, manufacture and assembly of EOT Cranes, Goliath Cranes, Transfer Cars, Winches and other equipment.

Product:

Description of product or services	ITC number of product
E.O.T and H.O.T Cranes	842611

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	31.03.2011	31.03.2010
Licensed Capacity		N.A	N.A
Installed Capacity	Nos.	165	165
Actual Production	Nos.	109	78

GENERAL INFORMATION

Customers :

Power

· Jaiprakash Associates Limited

· Bharat Heavy Electricals Limited

· Alstom Projects India Limited

· National Thermal Power Corporation (N.T.P.C.)

· Kirloskar Brothers Limited

· Gujurat Ambuja Limited

· Ultratech Cement Limited

Cranes Exported

· Bharat Heavy Electricals, LIBYA

· P.T. Perkasa Indobaja, Indonesia

· Abul Khair Steel Product Limited, Bangladesh

· Apollo Ispat Complex, Bangladesh

· Heavy Engineering / Capital Equipment

· Larsen and Toubro Limited

· Godrej and Boyce Limited

· Ashok Leyland Limited

Steel/Metal Industries

· Bharat Forge Limited

· Bharat Heavy Electricals Limited

· Essar Steel/Essar Group

· Ispat Industries Limited, Dolvi

· Jindal Group

· Tata Iron and Steel Company Ltd (T.I.S.C.O.)

· Steel Authority of India (S.A.I.L.)

Naval/Shipyards

· Naval Base, Kochi, India

· Nuclear Power

· Nuclear Power Corporation of India (NPCIL)

· IGCAR Kalkappam, India

· Bhabha Atomic Research Centre, Mumbai, India

No. of Employees :

Not Available

Bankers :

· Canara Bank, Prime Corporate Branch Ii, Varma Chambers, 2nd Floor, Homji Street, Mumbai - 400001, Maharashtra, India

· Hdfc Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

· Canara Bank, Abdul Rehman Street 348/52 , Zaveri Building Mumbai - 400003, Maharashtra, India

· Canara Bank, A R Street, Mumbai - 400003, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	158.822	171.349
Loans taken for vehicles secured	0.145	0.284
Total	158.967	171.633
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Deferred sales tax loan unsecured	4.936	4.936
Other debt unsecured	85.593	61.296
Total	90.529	66.232

Banking Relations :	--
Auditors :
Name :	B.G.Baliga and company Chartered Accountants
Address :	515,Marathon Max, Mulund Goregoan Link Road, Mulund, (West), Mumbai-400080, Maharashtra, India
PAN No.:	AAFPB1214L

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.1/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.1/- each	Rs.60.000 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		60.000	60.000	60.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		290.698	252.628	109.491
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		350.698	312.628	169.491
LOAN FUNDS
1] Secured Loans		158.967	171.633	69.259
2] Unsecured Loans		90.529	66.232	6.095
TOTAL BORROWING		249.496	237.865	75.354
DEFERRED TAX LIABILITIES		11.994	8.850	5.205
TOTAL		612.188	559.343	250.050
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		234.276	240.886	130.710
Capital work-in-progress		17.503	0.000	0.000
INVESTMENT		1.987	1.987	1.987
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	176.027	145.195	103.167
	Sundry Debtors	506.061	450.461	273.112
	Cash & Bank Balances	56.330	45.696	49.808
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	102.757	130.717	80.690
Total Current Assets		841.175	772.069	506.777
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	292.302	227.059	167.575
	Other Current Liabilities	62.087	48.653	75.855
	Provisions	128.364	179.887	145.994
Total Current Liabilities		482.753	455.599	389.424
Net Current Assets		358.422	316.470	117.353
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		612.188	559.343	250.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		1044.824	823.753
		Other Income		9.179	13.389
		TOTAL (A)	665.086	1054.003	837.142
Less	EXPENSES
		Material		525.510	489.308
		Personnel		51.261	45.426
		Operation and Establishment Expenses		128.402	107.441
		Lease Write Off		0.050	0.050
		TOTAL (B)		705.223	642.225
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		499.954 (Including Deprecation and Finance Expenses)	348.780	194.917
Less	FINANCIAL EXPENSES (D)			18.893	6.602
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			329.887	188.315
Less/ Add	DEPRECIATION/ AMORTISATION (F)			5.121	3.265
	PROFIT BEFORE TAX (E-F) (G)		165.132	324.766	185.050
Less	TAX (H)		58.447	112.183	64.720
	PROFIT AFTER TAX (G-H) (I)		106.685	212.583	120.330
Add	Prior Year Adjustment		1.583	1.165	0.031
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		150.841	32.291	7.279
Less	APPROPRIATIONS
		Transfer to General Reserve	25.000	25.000	25.000
		Dividend	9.966	10.197	10.197
		Tax on Dividend	60.000	60.000	60.000
		Excess Provision of Prior	(0.232)	0.000	0.000
	BALANCE CARRIED TO THE B/S		164.375	150.841	32.291
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	49.340	10.574	NA
	TOTAL EARNINGS		49.340	10.574	NA
	Earnings Per Share (Rs.)		1.80	3.56	2.01

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.04	20.17	14.37
Net Profit Margin (PBT/Sales)	(%)	NA	31.08	22.48
Return on Total Assets (PBT/Total Assets}	(%)	15.35	32.00	29.03
Return on Investment (ROI) (PBT/Networth)		0.47	1.04	1.09
Debt Equity Ratio (Total Liability/Networth)		2.09	2.22	2.74
Current Ratio (Current Asset/Current Liability)		1.74	1.69	1.30

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

YEAR IN RETROSPECT:

The sales and other income for the financial year under review were Rs.998.086 Millions as against Rs.1054.002 Millions for the previous financial year registering an decrease of 5.30%. The profit before tax and exceptional items (after interest and depreciation charges) of Rs.165.132 Millions and the profit after tax and exceptional items of Rs.108.267 Millions for the financial year as against Rs.324.732 Millions and Rs.213.747 Millions respectively for the previous financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29299MH1983PTC030709
Name of the company	UNIQUE INDUSTRIAL HANDLERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	206-207, Nahar And Seth Industrial, Estate, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India accounts@unicrane.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90186769
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Canara Bank, Prime Corporate Branch Ii, Varma Chambers, 2nd Floor, Homji Street, Mumbai - 400001, Maharashtra, India kadamdd@canarabank.com
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement.
Date of instrument Creating the charge	25.04.2012
Amount secured by the charge	Rs.715.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest On CC: Base rate + 3.75% p.a. i.e. 14.50% p.a. (floating) and on term loan: Base rate + 3.75% + 0.50% i.e. 15% p.a. (floating). Terms of Repayment Working capital facilities are repayable on demand. Term loan: as per existing terms of bank's sanction. Margin Margin to be maintained for cash credit at 25% on stock and 30% on book debts, for LC at 15% on DP and 25% on DA, for Bank Guarantee at 20% on advance payment guarantee (Inland), 15% on advance payment guarantee (Foreign) and 10% on others or at such other rate as may be stipulated by the bank from time to time. Extent and Operation of the charge 1/ Charge over stocks & book debts to be available as primary security and collateral security for working capital and term loan facility respectively. 2/ Charge over plant & machineries, other movable fixed assets to be available as primary security and collateral security for term loan and working capital facility respectively. Others 1/ Security created in respect of the following credit facilities: OCC / ODBD: Rs.70.000 millions ILC / FLC (DA/DP): Rs.15.000 millions Bank guarantee: Rs.500.000 millions Term Loan: Rs.130.000 millions Total.... Rs.7.150 millions 2/ The limits sanctioned by Canara Bank are now transferred and will be available at Prime Corporate Branch II, Varma Chambers, 2nd Floor, Homji Street, Fort, Mumbai 400001
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stocks such as rectifier welding sets, plasma cutting sets, cocetelyne cutting sets and compressors, diesel generators, self manufactured cranes and other accessories and goods like, stock in trade, raw materials, finished goods and all other goods other than those specified above including book debts (present & future) situated at (i)E-77 & E-66, Additional Nasik Indl. Area, Village Ambad, Nasik (ii) Village Gonde Dumale, Taluka Igatpuri. Plant and machineries, equipments & other movable fixed assets (present & future) situated at E-77 and E-66, Additional Nasik Indl. Area, Village Ambad, Nasik, Village Gonde Dumale, Taluka Igatpuri.
Date of instrument modifying the charge	24.04.2012
Particulars of the present modification	(i) The total amount secured stands enhanced from Rs.707.500 millions to Rs.715.000 millions consisting working capital of Rs.585.000 millions and term loan of Rs.13 Crores (ii) Charge over stocks & book debts to be available as primary security and collateral security for working capital and term loan facility respectively. (iii) Charge over plant & machineries, other movable fixed assets to be available as primary security and collateral security for term loan and working capital facility respectively.

CONTINGENT LIABILITIES:

(Rs. In millions)

Particular	31.03.2011	31.03.2010
a) Bank Guarantees : Bank Guarantees outstanding	265.288	252.579

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 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.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--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.