MIRA INFORM REPORT

Report Date :

26.10.2012

1. Summary Information

		Country	India
Company Name	NAINKO EXIM PRIVATE LIMITED	Principal Name 1	Mr. Yung Sun Bae
Status	Satisfactory	Principal Name 2	Mr. Kil Hyang Lee
		Registration #	55-116812
Street Address	73, Pocket B-3, 2^nd Floor, Safdarjung Enclave, New Delhi – 110029, India
Established Date	03.09.2002	SIC Code	--
Telephone#	Not Available	Business Style 1	Exporter
Fax #	Not Available	Business Style 2	Importer
Homepage	nainkoysbae@yahoo.co.kr	Product Name 1	Electronic Components
# of employees	http://www.nainko.in	Product Name 2	Equipments
Paid up capital	Rs. 4,230,000/-	Product Name 3	Appliances
Shareholders	Bodies corporate - 22.00% Directors or relatives of Directors - 74.00% Other top fifty shareholders - 4.00%	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	10 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Masao Electronics Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	98,490,000	Current Liabilities	140,645,000
Inventories	50,978,000	Long-term Liabilities	42,821,000
Fixed Assets	174,891,000	Other Liabilities	29,790,000
Deferred Assets	0,000	Total Liabilities	213,256,000
Invest& other Assets	26,435,000	Retained Earnings	133,299,000
		Net Worth	137,529,000
Total Assets	350,794,000	Total Liab. & Equity	350,794,000
Total Assets (Previous Year)	311,337,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	2,265,454,000	Net Profit	17,211,000
Total Income (Previous yr)	2,330,174,000	Net Profit (Previous yr)	25,777,000

IDENTIFICATION DETAILS

Name :	NAINKO EXIM PRIVATE LIMITED
Registered Office :	73, Pocket B-3, 2^nd Floor, Safdarjung Enclave, New Delhi – 110029
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.09.2002
Com. Reg. No.:	55-116812
Capital Investment / Paid-up Capital :	Rs.4.230 Millions
CIN No.: [Company Identification No.]	U51909DL2002PTC116812
TAN No.: [Tax Deduction & Collection Account No.]	MRTN00224A
PAN No.: [Permanent Account No.]	AABCN5844R
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer all types of Electronic Components, Devices, Equipments and Appliances.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 550000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in the profitability. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade terms and condition.

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 :	73, Pocket B-3, 2^nd Floor, Safdarjung Enclave, New Delhi – 110029, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	nainkoysbae@yahoo.co.kr
Website :	http://www.nainko.in
Head Office / Factory :	B – 30/1, Ranjangaon Industrial Estate, MIDC, Next Bajaj Electricals, Taluka Shirur, Pune – 412220, Maharashtra, India
Tel. No.:	91-2138-673800
E-Mail :	info@nainko.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Yung Sun Bae

Designation :

Managing Director

Address :

73, II Floor, Safdurjung Enclave, New Delhi – 110029, India

Date of Birth/Age :

29.08.1959

Date of Appointment :

03.09.2002

DIN No.:

01768930

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	U51909DL2002PTC116812	NAINKO EXIM PRIVATE LIMITED	Director	03-09-02	03-09-02	-	Active	NO
2	U63013DL2003PTC119069	PANKO EXPRESS INDIA PRIVATE LIMITED	Director	20-02-03	20-02-03	-	Active	NO
3	U67120WB1995PTC074896	MASAO ELECTRONICS PRIVATE LIMITED	Director	03-08-09	03-08-09	-	Active	NO

Name :

Mr. Kil Hyang Lee

Designation :

Whole Time Director

Address :

73, II Floor, Safdurjung Enclave, New Delhi – 110029, India

Date of Birth/Age :

20.06.1962

Date of Appointment :

03.09.2002

DIN No.:

01768979

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	U51909DL2002PTC116812	NAINKO EXIM PRIVATE LIMITED	Director	03-09-02	03-09-02	-	Active	NO
2	U63013DL2003PTC119069	PANKO EXPRESS INDIA PRIVATE LIMITED	Director	20-02-03	20-02-03	-	Active	NO
3	U67120WB1995PTC074896	MASAO ELECTRONICS PRIVATE LIMITED	Director	22-10-07	22-10-07	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Yung Sun Bae	185000
Kil Hyang Lee	130000
Bhanu Prasad	5000
Panko Express India Private Limited, India	20000
Laser Sound Systems Private Limited, India	30000
Anika Consultants Private Limited, India	10000
Kim Jung Rae	13000
Samkit Finance Limited, India	4000
Udyanchal Viniyog Private Limited, India	4000
Harshratna Finance and Investments Private Limited, India	4000
Priyamvada Finvest Private Limited, India	4000
Ladha Finance Limited, India	4000
Rudra Rubber Private Limited, India	6000
Achates E-Services Private Limited, India	4000
Total	423000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	22.00
Directors or relatives of Directors	74.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Importer all types of Electronic Components, Devices, Equipments and Appliances.

Products :

Product	Item Code No.
Colour Television	8528
Printed Circuit Board	8529

Brand Names :

· LG

· VIDEOCON

· ONIDA

· TREND

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Colour Television Set	Nos	1200000	540059
Printed Circuit Board	Nos	2050000	501204

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Sinhan Bank (Chohung Bank), 42, Jolly Maker Chambers II, 4^th Floor, 225, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	11.767	0.000
Other debt secured	8.328	7.867
Total	20.095	7.867
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Foreign currency loans others unsecured	22.726	22.969
Total	22.726	22.969

Banking Relations :	--
Auditors :
Name :	Gupta Lokhotia and Associates Chartered Accountants
Address :	AD-27, Ground Floor, Shalimar Bagh, New Delhi – 110029, India
Tel. No.:	91-11-27476873
PAN.:	AAAPL9558Q
Associates :	· Masao Electronics Private Limited CIN No.: U67120WB1995PTC074896 · Panko Express India Private Limited CIN No.: U63013DL2003PTC119069

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
423000	Equity Shares	Rs. 10/- each	Rs. 4.230 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		4.230	4.230	3.930
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		133.299	116.088	83.110
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		137.529	120.318	87.040
LOAN FUNDS
1] Secured Loans		20.095	7.867	17.818
2] Unsecured Loans		22.726	22.969	25.977
TOTAL BORROWING		42.821	30.836	43.795
DEFERRED TAX LIABILITIES		4.633	5.768	6.689
TOTAL		184.983	156.922	137.524
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		174.891	130.746	132.966
Capital work-in-progress		26.435	0.000	0.000
INVESTMENT		0.000	0.000	15.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.978	14.395	23.933
	Sundry Debtors	29.512	58.274	25.534
	Cash & Bank Balances	19.941	21.161	52.190
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.037	86.761	67.337
Total Current Assets		149.468	180.591	168.994
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	129.554	112.352	133.565
	Other Current Liabilities	11.100	7.129	25.032
	Provisions	25.157	34.934	20.838
Total Current Liabilities		165.811	154.415	179.435
Net Current Assets		(16.343)	26.176	(10.441)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184.983	156.922	137.524

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2265.454	2330.174	2472.473
		Other Income
		TOTAL (A)	2265.454	2330.174	2472.473
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2239.937	2273.174	2429.689
		Advertising Expenses
		TOTAL (B)	2239.937	2273.174	2429.689
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			57.000	42.784
Less	FINANCIAL EXPENSES (D)		Including Financial and Depreciation Expenses	1.804	1.898
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			55.196	40.886
Less/ Add	DEPRECIATION/ AMORTISATION (F)			16.340	14.109
	PROFIT BEFORE TAX (E-F) (G)		25.517	38.856	26.777
Less	TAX (H)		8.306	13.079	10.615
	PROFIT AFTER TAX (G-H) (I)		17.211	25.777	16.162
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		96.917	71.140	54.978
	BALANCE CARRIED TO THE B/S		114.128	96.917	71.140
	EARNINGS IN FOREIGN CURRENCY
		Fob Value of Exports	47.182	98.701	NA
	TOTAL EARNINGS		47.182	98.701	NA
	IMPORTS
		Stores & Spares	0.847	0.744	2.503
		Capital Goods	54.973	2.494	0.000
	TOTAL IMPORTS		55.820	3.238	2.503
	Earnings Per Share (Rs.)		40.69	60.94	41.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.76	1.11	0.65
Return on Total Assets (PBT/Total Assets}	(%)	7.87	12.48	8.87
Return on Investment (ROI) (PBT/Networth)		0.19	0.32	0.31
Debt Equity Ratio (Total Liability/Networth)		1.52	1.59	2.64
Current Ratio (Current Asset/Current Liability)		0.90	1.17	0.94

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	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:

Registered Office of the company has been shifted from C-12, 2^nd Floor, Geetanjali Enclave, New Delhi – 110029, Delhi, India to the present address w.e.f.24.09.2007

FUTURE PERFORMANCE:

The production of color television sets is on decline worldwide and the same is true for India. The Company may have to face production loss in the current year on account of declining trend in usage of color television sets. The Company is exploring newer avenues to maintain its turnover and profitability. The margins will remain under pressure due to higher input costs.

CONTINGENT LIABILITY (NOT PROVIDED FOR) IN RESPECT OF:

Rs. In Millions

Particular	31.03.2011	31.03.2010
Show cause / demand / notice by Excise, Sales Tax, and Income Tax authorities being disputed by the Company	107.786	125.562
Differential amount of custom duty in respect of machinery imported under EPCG Scheme	4.032	4.284
Estimated amount of contracts remaining to be executed on capital account (net advances)	Nil	Nil
Outstanding Bank Guarantees	38.040	16.040
Outstanding Bank Guarantees (Secured against 100% Fixed Deposit Receipts)	12.000	Nil

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909DL2002PTC116812
Name of the company	NAINKO EXIM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	73, Pocket B-3, 2^nd Floor, Safdarjung Enclave, New Delhi – 110029, Delhi, India nainkoysbae@yahoo.co.kr
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10233489
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of instrument creating charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	21.08.2012
Amount secured by the charge	Rs.91.770 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital facility shall be repayable on demand. Term Loan facility shall be repayable in suitable installments. 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 Stocks, Book Debts, Plant and Machinery and Vehicles, to secure as a continuing security for the repayment of Rs.91.770 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties, All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, The movable plant and machinery and vehicles, which may now or at any time hereafter belong to the Borrower or come to the Borrowers disposal
Date of instrument modifying the charge	29.09.2010
Particulars of the present modification	The Charge shall now stand reduced from Rs.120.000 Millions to Rs.91.770 Millions against the security of Stocks and Book Debts, Plant and Machinery and Vehicles of the Company.

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Office Equipments
• Computers
• Vehicles
• Furniture and Fixtures

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 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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.