MIRA INFORM REPORT

Report Date :

11.09.2012

IDENTIFICATION DETAILS

Name :	OSWAL PUMPS LIMITED [w.e.f. 24.10.2006]
Formerly Known As :	OSWAL PUMPS PRIVATE LIMITED
Registered Office :	C – 5/2 A, Rana Partap Bagh, Opposite CC CPLONY, Delhi – 110007
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.07.2003
Com. Reg. No.:	55-121307
Capital Investment / Paid-up Capital :	Rs. 58.379 millions
CIN No.: [Company Identification No.]	U74999DL2003PTC121307
TAN No.: [Tax Deduction & Collection Account No.]	DELO02982A
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pumps and Motors.
No. of Employees :	400 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 795864
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.. The Company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	BB+ (Cash Credit Limit)
Rating Explanation	Having Moderate risk of default regarding timely servicing of financial obligation.
Date	December 2010

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.

INFORMATION PARTED BY

Name :	Mr. Narendra
Designation :	Accounts Manager
Contact No.:	91-9416204144
Date :	10.09.2012

LOCATIONS

Registered Office :	C – 5/2 A, Rana Partap Bagh, Opposite CC CPLONY, Delhi – 110007, India
Tel. No.:	91-184-6616600 / 6616626
Mobile No.:	91-9416204144 (Mr. Narendra)
Fax No.:	91-1748-257700
E-Mail :	Bhatiar9@yahoo.co.in
Corporate Office [New] :	21 Syndicate House, 3 Old Rohak Road, New Delhi, India
Mobile No.:	91-9416172472 (Mr. Nilesh Kumar)
E-Mail :	contact@oswalpumps.com accounts_oswalpumps@yahoo.com
Website :	www.oswalpumps.com
Area :	300 sq.ft
Location :	Rented
Corporate Office [Old] :	Oswal Estate, 73/1, Mile Stone, G.T. Road, Oswal Chowk, Karnal – 132001, Haryana, India
Tel. No.:	91-184-2221502 / 03 / 04 / 05 / 06 / 07
Fax No.:	91-184-2221501
Area :	Approx. 2 Lacs Sq. Feet
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vivek Gupta
Designation :	Director
Address :	H. No. 831, Sector 13, Urban Estate, Huda, Karnal – 132001, Haryana, India
Date of Birth/Age :	26.06.1969
Qualification :	B. Com, LLB
Date of Appointment :	22.09.2006
DIN :	00172835
Other Directorship :	Padam Cotton Yarns Limited CIN : L17112HR1997PLC033641
Name :	Mr. Padam Sain Gupta
Designation :	Director
Address :	H. No. 831, Sector 13, Urban Estate, Huda, Karnal – 132001, Haryana, India
Qualification :	Under Graduate
Date of Appointment :	22.09.2006
DIN :	00172840
Name :	Mr. Rajeev Gupta
Designation :	Director
Address :	H. No. 871, Sector 13, Urban Estate, Huda, Karnal – 132001, Haryana, India
Qualification :	B. Com
Date of Appointment :	15.07.2003
DIN :	00172828

KEY EXECUTIVES

Name :	Mr. Narendra
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Rajiv Gupta	2000
Ess Aar Corporate Services Private Limited, India	990000
Mr. Padam Gupta	1406000
Mrs. Rekha Gupta	100000
Mrs. Radhika Gupta	100000
Shorya Trading Company Private Limited, India	3201650
Vivek Gupta	2000
Blue Whale Trading and Investments Private Limited, India	72500
Total	5874150

AS ON 30.09.2011

Category	Percentage
Directors / Relatives Of Directors	27.41
Bodies Corporate	72.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pumps and Motors.
Products:	· Stainless Steel Submersible Pumps · Stainless Steel Submersible Motors · Booster Pumps · Mono Block Pumps · Centrifugal Pumps · Borewell Submersible Pumps Sets o Oil Filled Submersible Pumps Sets (Single and Three Phase-80 and 100 mm) o Water Filled Submersible Pumps (Single and Three Phase-80 mm to 200 mm) · Horizontal Open well Submersible Pumps · Re-Generative Self Priming Monoblock Pumps Sets o Re-Generative Self Priming Monoblock Pumps-1440 RPM o Re-Generative Self Priming Monoblock Pumps-2880 RPM · Centrifugal Mono Block Pumps o Centrifugal Monoblock Pumps-1440 RPM o Centrifugal Monoblock Pumps-2880 RPM · Squirrel cage Induction Motor Single Phase and Three Phase o Squirrel cage Induction Motor Single Phase-Model TEFC o Squirrel cage Induction Electric Motors-Three Phase · Submersible Winding Wires and Cables · Noryl Impellers and Diffusers for V3/V4 Submersible Pumps · Other Products o Electrical Stampings: Aluminium Die Casted Rotors, etc. o Carbon Thrust Bearing o Investment Castings o Submersible Winding Wires and Cables
Exports :
Products :	Pumps and Motors
Countries :	Iraq
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Actual Production
Submersible Pumps, Monobloc Pumps, Electric Motors, etc	Nos.	156809

GENERAL INFORMATION

Suppliers :

· Prakash Brothers

Customers :

• Wholesalers
• Retailers
• Oswal Pumps, Bhiwani

No. of Employees :

400 [Approximately]

Bankers :

• Punjab National Bank, Namaste Chowk, Karnal - 132001, Haryana, India
• ICICI Bank Limited
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee Term Loans Banks Secured	25.511	29.587
Working Capital Loans Banks Secured	326.703	299.452
Loans Taken for Vehicles Secured	7.393	0.000
Total	359.607	329.039
Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Directors	178.261	158.165
Total	178.261	158.165

Banking Relations :	---
Auditors :
Name :	Viney Goel and Associates Chartered Accountant
Address :	B-2, Purshotam Market, Near Chandranchal Banquet Hall, Karnal 132001, Haryana, India
Mobile No.:	91-9416032944 (Viney Goel)
Tel. No.:	91-184-2272648
Email :	vineygoel@rediffmail.com
Associates/Subsidiaries :	Padam Cotton Yarns Limited Shorya Trading Company Private Limited Ess Arr Corporate Services Private Limited P S Arogya Trading Company

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10 /- each	Rs. 70.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,874,150	Equity Shares	Rs. 10 /- each	Rs. 58.379 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		58.129	57.766	52.920
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		140.837	123.798	97.187
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		198.966	181.564	150.107
LOAN FUNDS
1] Secured Loans		359.607	329.039	301.809
2] Unsecured Loans		178.261	158.165	117.516
TOTAL BORROWING		537.868	487.204	419.325
DEFERRED TAX LIABILITIES		7.559	7.664	6.405
TOTAL		744.393	676.432	575.837
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		257.479	203.415	177.232
Capital work-in-progress		2.487	31.356	4.496
INVESTMENT		0.000	0.000	0.801
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	519.690	423.070	306.242
	Sundry Debtors	114.866	143.040	191.555
	Cash & Bank Balances	0.735	2.075	8.230
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	43.138	42.290	27.732
Total Current Assets		678.429	610.475	533.759
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	48.799	22.685	25.768
	Sundry Creditors	145.231	144.187	113.546
	Provisions	0.000	2.075	1.377
Total Current Liabilities		194.030	168.947	140.691
Net Current Assets		484.399	441.528	393.068
MISCELLANEOUS EXPENSES		0.028	0.133	0.240
TOTAL		744.393	676.432	575.837

PROFIT & LOSS ACCOUNT

Particulars	31.03.2012
Sales Turnover [Approximately]	1500.000

Expected Sales (2012-2013) : Rs.2000.000 millions

The above information has been parted by Mr. Narendra [Accounts Manager]

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1098.331	965.599	944.091
		Other Income	0.249	0.054	0.514
		TOTAL (A)	1098.580	965.653	944.605
Less	EXPENSES
		Material Consumed	721.791	635.626	668.776
		Other Manufacturing Expenses	34.165	48.105	151.512
		Contract Cost	24.108	22.396	0.000
		Payment to Employees	15.407	12.386	26.547
		Office selling and administration Expenses	35.800	32.179	27.191
		Research and Development Expenditure	0.131	0.141	0.000
		Loss on sale of Fixed assets	0.000	0.000	0.010
		Preliminary Expenses W/off	0.000	0.000	0.106
		Accretion and Depletion in stock	0.000	0.000	3.654
		TOTAL (B)	831.402	750.833	877.796
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		267.178	214.820	66.809
Less	FINANCIAL EXPENSES (D)		43.959	39.657	38.157
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		223.219	175.163	28.652
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	17.499
	PROFIT BEFORE TAX (E-F) (G)		223.219	175.163	11.153
Less	TAX (I)		0.000	0.000	6.084
	PROFIT AFTER TAX (G-I) (J)		223.219	175.163	5.069
	Earnings Per Share (Rs.)		1.73	1.68	0.76

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	20.31	18.13	0.54
Net Profit Margin (PBT/Sales)	(%)	20.32	18.14	1.18
Return on Total Assets (PBT/Total Assets}	(%)	23.85	21.52	1.57
Return on Investment (ROI) (PBT/Networth)		1.12	0.96	0.07
Debt Equity Ratio (Total Liability/Networth)		3.71	3.65	3.73
Current Ratio (Current Asset/Current Liability)		3.49	3.61	3.79

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from 21, Syndicate House, 3 Old Rohtak Road, New Delhi, India to the present address w.e.f 18.01.2011

WORKING RESULTS :

The company has earned a total income of Rs. 109.833 millions as against Rs.96.560 millions during the previous year. The company has earned a net profit of Rs. 10.151 millions after tax as against Rs.8.918 millions during the previous year. Barring some un-foreseen circumcentances, the directors are of the opinion to achieve much better results in the years to come.

FORM 8

Corporate identity number of the company	U74999DL2003PTC121307
Name of the company	OSWAL PUMPS LIMITED
Address of the registered office or of the principal place of business in India of the company	C-5/2 A, Rana Partap Bagh, Opposite CC CPLONY, Delhi – 110007, Delhi, India
This form is for	Modification of charge
Type of charge	Book debts Floating Charge Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India Email: RBBform8@hdfcbank.com
Nature of instrument creating charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	15.05.2012
Amount secured by the charge	Rs.495.000 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 - On demand 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 etc, as a continuing security as mentioned in secure for the repayment of Rs. 495.000 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged (Including location of the property)	Hypothecation by way first charge on: i) Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties, now stored at or being stored or which may hereafter be brought into or stored at the premises, factories or warehouses or at any such place of the Borrower; any of the above which is or may be in course of transit or awaiting transit by any mode of transport to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place; and/or ii) All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due and owing or which may at any time hereafter during the continuance of this security becomes due and owing to the Borrower in the course of its business by any person, firm, company or body corporate or by a Government Department or office or any Municipal or Local or Public or Semi Government Body or authority or any body corporate or undertaking or project whatever in the public sector. iii) The movable plant and machinery and Vehicles which may now or at any time hereafter belong to the Borrower or come to the Borrower’s disposal any of the above which is or may be in course of transit or awaiting transit by any mode of transport to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place.
Date of instrument modifying the charge	25.04.2012
Particulars of the present modification	The Charge shall now stand increased from to Rs. 490.000 millions to Rs. 495.000 millions against the security of Stocks, Book Debts, Plant and Machinery and Vehicles of the Company.

Fixed Assets :

• Air Conditioner
• Air Cooling System
• Air Tel Dish
• Brand and Aq. Ch
• Building
• Building Leased
• Computers
• Computer Software
• Cycle and Rikchaw
• Draw and Sketches
• DVD
• Electric Appliances and Fittings
• Electrical Connection
• EPABX and Telephone
• Fax Machine
• Furniture and Fixtures
• Gas Connection
• Generator
• Moulding and Dies
• Office Equipments
• Patterns
• Plant and Machinery
• Rack
• TV
• Telephone
• Testing Equipments
• Tools and Dies
• Vehicles
• Water Cooler
• Water Tank
• Online UPS
• Trade Marks
• Photostat Machine
• Tractor Traully
• Welding Set

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	Yes
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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No 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

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.50
Euro	1	Rs.70.74

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.