MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	HYVA (INDIA) PRIVATE LIMITED (w.e.f. 24.01.2001)
Formerly Known As :	HYVA INDIA TRANSPORTATION SYSTEMS PRIVATE LIMITED
Registered Office :	Plot # EL – 215, M.I.D.C., Mahape, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	02.09.1996
Com. Reg. No.:	11-102299
Capital Investment / Paid-up Capital :	Rs. 12.510 Millions
CIN No.: [Company Identification No.]	U50100MH1996PTC102299
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07261C
PAN No.: [Permanent Account No.]	AAACH2006C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tipper Bodies.
No. of Employees :	432 (Approximately) (In Office 130 + In Factory 302)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported to be fair. Payments are reported regular and as per commitments. The company can be considered good 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

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/ Administrative Office/ Factory 1 :	Plot # EL – 215, M.I.D.C., Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-67618888 / 27610504 / 66165590 / 66165440 / 27671512/ 27672846 / 27635185
Fax No.:	91-22-27672846 / 27610504 / 27672182
E-Mail :	sudhirp@hyvaindia.com info@hyvaindia.com rajuk@hyvaindia.com asha@hyvaindia.com
Website :	http://www.hyvaindia.com
Factory 2 :	SY No 18, Balgaranhally, Attibely Industrial Estate Hosur Main Road, Bangalore – 562107, Karnataka, India
E-Mail :	info@hyvaindia.com
Factory 3 :	C-23, 24, 25, 26, 29, 30 31, III Phase, Adityapur Industrial Estate, Adityapur Jamshedpur – 831013, Jharkhand, India
Tel. No.:	91-657-6541522
E-Mail :	info@hyvaindia.com
Factory 5:	Located at Pune
Sales Office 1 :	D. No: 7-1-613/14/A/201, Lakshmishree Complex, Amirpet – Hyderabad, Andhra Pradesh, India
Sales Office 2 :	C/o Sri Naga Motors (Hyva), No. 893, Ist Floor, Swaraj Building, MES Ring Road, Muthyalamma Nagar, Gokula Post, Bangalore – 560054, Karnataka, India
Tel. No.:	91-80-23454816
E-Mail :	sales@hyvaindia.com

DIRECTORS

AS ON 30.06.2012

Name :

Mr. Brice Henry Bricheateau de la Morandiere

Designation :

Director

Address :

B RUE DU VIEUX, Colombier, 75006, Paris, 06, Paris 75006, France

Date of Appointment :

13.10.2011

DIN No.:

05106756

Name :

Mr. Sudhir Govind Mhetre

Designation :

Alternate Director

Address :

Flat No. B-304, Raqmdev Complex, Sector – 19, Airoli, Navi Mumbai – 400708, Maharashtra, India

Date of Appointment :

23.06.2012

DIN No.:

02549626

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	Company/ LLP Status	Defaulting status
1	U50100MH1996PTC102299	HYVA (INDIA) PRIVATE LIMITED	Alternate director	23/06/2012	02/12/2008	Active	NO

Name :

Mr. Rupayan Santanu Majumdar

Designation :

Director

Address :

B- 1/103, Hyde Park, Ghodbunder Road, Manpada, Thane – 400607, Maharashtra, India

Date of Birth :

52 Years

Qualification :

Chartered Accountant

Experience:

27 Years

Date of Appointment :

02.09.2009

DIN No.:

02780347

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	Company/ LLP Status	Defaulting status
1	U50100MH1996PTC102299	HYVA (INDIA) PRIVATE LIMITED	Director	11/10/2011	02/09/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2012

Names of Shareholders	No. of Shares
Sudhir Madhav Prabhu	20
Hyva Transport Technik GMBH, Austria	1251000
Total	1251020

AS ON 30.06.2012

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tipper Bodies.

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	Installed Capacity	Actual Production
Tipper Bodies	Nos.	Not Applicable	11757
Hydraulic Cylinders (including for captive consumption)	Nos.	Not Applicable	32007
Compactors	Nos.	Not Applicable	146
Fifth Wheel Coupling	Nos.	Not Applicable	294

Note

· The installed capacity of the Company’s products cannot be determined as the Company’s products can be manufactured in different types and sizes as per customers needs and requirements.

· Actual production includes quantities manufactured by others on job work basis.

· The above does not include products were assembly / mounting operations are carried out.

GENERAL INFORMATION

No. of Employees :

432 (Approximately) (In Office 130 + In Factory 302)

Bankers :

· ABN Amro Bank N.A.

14, Veer Nariman Road, Now Shifted to, 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Deutsche Bank, Fort Branch, Mumbai, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.12.2011	As on 31.12.2010
Finance lease obligation long-term secured	(A) 0.841	(B) 3.366
Total	0.841	3.366
Note: (A) Finance Lease Liability: Rs. 0.841 Million; [Repayable within one year Rs. 0.841 Million; (Previous Year : Rs. 2.525 Millions] [Secured by underlying assets] (B) Finance Lease Liability: Rs.3.366. Millions [Repayable within one year Rs. 2.525 Millions (Previous year Rs.11744056)] [Secured by underlying assets]
Unsecured Loan	As on 31.12.2011	As on 31.12.2010
Working capital loans banks unsecured	(A) 78.176	0.000
Total	78.176	0.000
Note: (A) Bank Overdraft: Rs.78.176 Millions [Repayable within one year Rs. 78.176 Millions; (Previous Year: Rs. Nil)] [Corporate Guarantee given by Hyva Holding B.V.]

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400026, Maharashtra, India
PAN.:	AAEFP3641G
Holding Company :	Hyva Transporttechnik GmbH, Austria
Ultimate Holding Company :	Hyva Holding B.V., Netherlands (upto April 12, 2011) Hyva Global B.V., Netherlands (effective April 13, 2011)
Fellow Subsidiaries :	· Hyva do Brasil Hidráulica Limited, Brazil · Technamics B.V., Netherlands · Hyva Mechanics (Yang Zhou) Limited, China · Hyva Ibérica S.A., Spain · Georg Hydraulik GmbH, Germany · Hyva International B.V., Netherlands · Hyva Thailand Company Limited, Thailand · Technomet S.R.L, Italy · Amco Veba S.R.L., Italy · Ferrari International, SpA, Italy

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1251020	Equity Shares	Rs.10/- each	Rs.12.510 Millions

Note:

Of the above, 1,251,000 (Previous Year: 1,251,000) Equity Shares of Rs. 10 each, fully paid are held by Hyva Transporttechnik GmbH, Austria and 20 (Previous Year: 20) Equity Shares of Rs. 10 each, fully paid are held by a nominee of Hyva Transporttechnik GmbH, Austria. The ultimate holding company is Hyva Global B.V., Netherlands (effective April 13, 2011) [formerly the ultimate holding company was Hyva Holding B.V., Netherlands].

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		12.510	12.510	12.510
2] Share Application Money		0.005	0.005	0.005
3] Reserves & Surplus		2198.892	1819.406	1444.382
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2211.407	1831.921	1456.897
LOAN FUNDS
1] Secured Loans		0.841	3.366	15.111
2] Unsecured Loans		78.176	0.000	0.000
TOTAL BORROWING		79.017	3.366	15.111
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2290.424	1835.287	1472.008
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		386.513	336.136	365.599
Capital work-in-progress		18.606	37.301	4.136
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		52.894	44.300	21.356
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1638.610	945.472	808.731
	Sundry Debtors	1136.461	710.215	577.744
	Cash & Bank Balances	125.123	333.490	229.978
	Other Current Assets	1.593	1.713	2.102
	Loans & Advances	486.540	206.027	156.279
Total Current Assets		3388.327	2196.917	1774.834
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1440.310	592.594	605.840
	Other Current Liabilities	55.146	52.057	58.928
	Provisions	60.460	134.716	29.149
Total Current Liabilities		1555.916	779.367	693.917
Net Current Assets		1832.411	1417.550	1080.917
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2290.424	1835.287	1472.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
	Income		6700.580	5238.640	3408.730
	Other Income		NA	NA	NA
	TOTAL		NA	NA	NA
Less	EXPENSES
	Office Expenses		NA	NA	NA
	Administrative Expenses		NA	NA	NA
	Advertising Expenses		NA	NA	NA
	TOTAL		NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		660.880	659.570	263.260
	FINANCIAL EXPENSES		1.080	2.530	6.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		659.790	657.040	256.970
	DEPRECIATION/ AMORTISATION		93.350	75.960	82.240
	PROFIT BEFORE TAX		566.440	581.080	174.730
	TAX		186.950	206.060	63.180
	PROFIT AFTER TAX		379.490	375.020	111.550
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	NA	94.458	120.305
		Commission	NA	1.947	0.000
	TOTAL EARNINGS		NA	96.405	120.305
	IMPORTS
		Raw Materials and Components	NA	1161.639	638.046
		Stores & Spares	NA	8.016	9.374
		Capital Goods	NA	16.722	0.000
	TOTAL IMPORTS		NA	1186.377	647.420
	Earnings Per Share (Rs.)		303.34	299.77	89.17

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
Net Profit Margin (PBT/Sales)	(%)	8.45	11.09	5.13
Return on Total Assets (PBT/Total Assets}	(%)	15.01	22.94	8.16
Return on Investment (ROI) (PBT/Networth)		0.26	0.32	0.12
Debt Equity Ratio (Total Liability/Networth)		0.74	0.43	0.49
Current Ratio (Current Asset/Current Liability)		2.18	2.82	2.56

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	Yes
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	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 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	No

NOTE

The Registered Office of the company has been shifted from Plot # C-255, MIDC Pawane Village, Navi Mumbai – 400 705, Maharashtra, India, to the present address with effect from 23.12.2006.

FINANCIAL RESULTS

Year 2011 is ended with positive note for the automobile industry. The infrastructure development is slowly gathering momentum and they see an opportunity for growth in this scenario. Tipper demand in Indian market was good in year 2011. However the competition is fast catching up and they are facing competition from the new companies.

The company registered a turnover of Rs. 6700.58 Million and PAT 379.49 in year 2011. Earning per share is 303.34 per share for a 10 rupee share.

BUSINESS SCENARIO

India continues to be an emerging global automotive power offering vast opportunities for Investment. The economy is slowed down in the first half of year 2012 due to Interest rates continue to be very high along with higher excise duty affecting CV enterprise viability, Mining sector continues to be depressed due to clearances and approvals on hold and Monsoon expectations are not good in many parts of country. However, they look forward to achieve the ambitious targets set out for year 2012.

The Company has been able to improve its market share with all it’s major customers. New OEM’s are entering into the manufacturing of commercial vehicles and adding more opportunities for the company.

BUSINESS OPERATIONS

The new Factory at Pune has been completed and started manufacturing activity from August 2011. The entire Tipper production is shifted to Pune Factory from October, 2011 and the Navi Mumbai Factory is ready for expansion of Hydraulic cylinder.

FIXED ASSETS

Intangible Assets

· Computer Software

Tangible Assets (Owned)

· Buildings on Leasehold Land

· Plant and Machinery

· Tools and Equipments

· Electrical Installations

· Office Equipments

· Computers

· Furniture and Fittings

· Vehicles

Tangible Assets (Leased)

· Leasehold Land

· Plant and Machinery

WEBSITE DETAILS

PROFILE:

Subject is a 100% subsidiary of Netherland based Multinational Hyva Group. The Company is dedicated to provide World Class Transport Efficiency Solution to Indian Commercial Vehicle Industry.

HYVA Group started its journey in Alphen aan den Rijn in Netherlands in 1979. Hyva group’s global existence is proven through its strong manufacturing base spread in Netherlands, Germany , Italy , Brazil , China and India . Today Hyva is recognized as a leading supplier of quality products marketed through 24 fully owned subsidiaries and 65 dealerships across the globe. Hyva products are available in 130 countries across the globe with a customer base of more than 25,000. The group turnover for the year 2006 was euro 250 m and the group looks forward for quantum growth in coming years.

Subject started its operation in Indian Market in 1997 and now spread its wings to 3 manufacturing plants in Navi Mumbai, Bangalore and Jamshedpur. In India, the company is a strong brand name for Tipper and Tipper Hydraulics and an automatic choice for all established and emerging Automobile Companies. Hyva Front End and Special Underbody Cylinders are today symbol of Trust among the numbers of Tipper Owner across the Country.

Apart from Tippers, Hyva also is a ‘one stop shop’ for customers who want to add value to their trucks by adding hydraulic efficiency to it. Hyva’s global manufacturing capacity of Truck Mounted Crane, Hook Lift System Moving Floors are at disposal for Indian customers.

In 2006, Hyva (India) has signed an agreement with England based Dennis-Eagle for producing their Garbage Compactor for Indian and Export market.

Hyva India is going to start commercial production of Fifth Wheel Coupler in technical collaboration with George Fischer, Germany catering to fastest growing segment of Indian Commercial Vehicle Industry.

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. 53.67
UK Pound	1	Rs. 86.05
Euro	1	Rs. 70.07

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.