MIRA INFORM REPORT

Report Date :

16.08.2013

IDENTIFICATION DETAILS

Name :	OM SHIV SHAKTI IRON INDUSTRIES PRIVATE LIMITED [w.e.f. 06.05.2008]
Formerly Known As :	KEDIA ALLOYS PRIVATE LIMITED [w.e.f. 26.09.2006] KEDIA ALLOYS LIMITED
Registered Office :	19-2-226, Miralam Tank Road, Bahadurpura, Hyderabad-500064, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.11.1995
Com. Reg. No.:	01-022264
Capital Investment / Paid-up Capital :	Rs.62.702 Millions
CIN No.: [Company Identification No.]	U74140AP1995PTC022264
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron [Iron and Steel]
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Suresh
Designation :	Finance Department
Contact No.:	91-40-66681357
Date :	14.08.2013

LOCATIONS

Registered Office :	19-2-226, Miralam Tank Road, Bahadurpura, Hyderabad-500064, Andhra Pradesh, India
Tel. No.:	91-40-66681357 / 27600061 91-40-24470077
Fax No.:	91-40-66661357 91-40-24470077
E-Mail :	om@gjkedia.com jk@gjkedia.com
Location :	Owned
Factory :	Located at Andhra Pradesh, India

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Jitender Kedia

Designation :

Managing Director

Address :

5-9-30/1/4/3, II Floor, Kedia House, Road No. 5, Basheerbagh, Palace Colony, Hyderabad-500063, Andhra Pradesh, India

Date of Birth/Age :

12.02.1971

Date of Appointment :

10.04.2009

Din No.:

01788804

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	U01130AP1995PTC021373	SHRUTI AGRO FARMS PRIVATE LIMITED	Managing director	10/06/2009	09/08/1995	-	Active	NO
2	U74140AP1995PTC022264	OM SHIV SHAKTI IRON INDUSTRIES PRIVATE LIMITED	Managing director	10/04/2009	16/11/1995	-	Active	NO
3	U24239AP2004PTC042722	VISHNU INDUSTRIES PRIVATE LIMITED	Director	24/02/2004	24/02/2004	17/12/2012	Active	NO
4	U51397AP2004PTC042783	SHUBHAM TRANSOCEANIC PRIVATE LIMITED	Director	03/03/2004	03/03/2004	-	Active	NO
5	U45200AP1988PLC008537	SRI BALA GOPAL CONSTRUCTIONS LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO

Name :

Ms. Anita Kedia

Designation :

Director

Address :

5-9-30/1/4/3, II Floor, Kedia House, Road No. 5, Basheerbagh, Palace Colony, Hyderabad-500063, Andhra Pradesh, India

Date of Birth/Age :

10.10.1970

Date of Appointment :

09.04.2004

Din No.:

01788784

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	U01130AP1995PTC021373	SHRUTI AGRO FARMS Private Limited	Director	03/12/2003	03/12/2003	-	Active	NO
2	U24239AP2004PTC042722	VISHNU INDUSTRIES PRIVATE LIMITED	Director	24/02/2004	24/02/2004	31/12/2012	Active	NO
3	U51397AP2004PTC042783	SHUBHAM TRANSOCEANIC PRIVATE LIMITED	Director	03/03/2004	03/03/2004	-	Active	NO
4	U74140AP1995PTC022264	OM SHIV SHAKTI IRON INDUSTRIES PRIVATE LIMITED	Director	03/09/2012	09/04/2004	-	Active	NO

Name :

Mr. Manoj Kumar Sharma

Designation :

Director

Address :

8-2-310/A/7, Road No. 14, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

07.11.1971

Date of Appointment :

22.02.2008

Din No.:

00844776

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	U27109AP1997PTC028308	BHAGYANAGAR WIRE PRODUCTS PRIVATE LIMITED	Managing director	26/09/2009	06/11/1997	Active	NO
2	U74140AP1995PTC022264	OM SHIV SHAKTI IRON INDUSTRIES PRIVATE LIMITED	Director	24/03/2008	22/02/2008	Active	NO

Name :

Mr. Vishnu Kumar Kedia

Designation :

Director

Address :

5-9-30/1/4/3, II Floor, Kedia House, Road No. 5, Basheerbagh, Palace Colony, Hyderabad-500063, Andhra Pradesh, India

Date of Birth/Age :

18.11.1991

Date of Appointment :

28.09.2012

Din No.:

02855095

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	U01130AP1995PTC021373	SHRUTI AGRO FARMS PRIVATE LIMITED	Director	06/03/2010	06/03/2010	-	Active	NO
2	U24239AP2004PTC042722	VISHNU INDUSTRIES PRIVATE LIMITED	Whole-time director	01/01/2011	01/01/2011	31/12/2012	Active	NO
3	U74140AP1995PTC022264	OM SHIV SHAKTI IRON INDUSTRIES PRIVATE LIMITED	Director	28/09/2012	28/09/2012	-	Active	NO
4	U51397AP2004PTC042783	SHUBHAM TRANSOCEANIC PRIVATE LIMITED	Director	29/09/2012	29/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	17.70
Directors or relatives of directors	54.03
Other top fifty shareholders	28.27
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sponge Iron [Iron and Steel]
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	31.03.2012 M. Tons. Qty
Sponge Iron	30000.000
Production	8867.800

GENERAL INFORMATION

Customers :

End Users and Others

No. of Employees :

100 [Approximately]

Bankers :

State Bank of India, Industrial Finance Branch, 5 Raj Bhawan Road, Somajiguda, Hyderabad-500082, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Loans taken for vehicles	0.000	0.293
TOTAL	0.000	0.293

Banking Relations :	--
Auditors :
Name :	P. Subhash Chartered Accountants
Address :	1-1-261/29, 2^nd Floor, Opposite Sunanda Hotel, Near Bridge, Chikkadpally, Hyderabad-500020, Andhra Pradesh, India
PAN No:	AEJPP6402J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6270200	Equity Shares	Rs.10/- each	Rs.62.702 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	62.702	62.702
(b) Reserves & Surplus	(119.386)	(106.864)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	37.298	28.765
Total Shareholders’ Funds (1) + (2)	(19.386)	(15.397)
(3) Non-Current Liabilities
(a) long-term borrowings	86.771	69.037
(b) Deferred tax liabilities (Net)	0.273	0.783
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	87.044	69.820
(4) Current Liabilities
(a) Short term borrowings	2.500	0.000
(b) Trade payables	35.901	23.066
(c) Other current liabilities	57.739	58.040
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	96.140	81.106
TOTAL	163.798	135.529
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.843	48.530
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.716	2.716
(e) Other Non-current assets	2.220	2.047
Total Non-Current Assets	46.779	53.293
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	45.172	47.703
(c) Trade receivables	37.182	15.079
(d) Cash and cash equivalents	3.250	2.775
(e) Short-term loans and advances	30.019	15.571
(f) Other current assets	1.396	1.108
Total Current Assets	117.019	82.236
TOTAL	163.798	135.529

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		62.702
2] Share Application Money		28.765
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(97.107)
NETWORTH		(5.640)
LOAN FUNDS
1] Secured Loans		22.955
2] Unsecured Loans		45.890
TOTAL BORROWING		68.845
DEFERRED TAX LIABILITIES		1.067
TOTAL		64.272
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.479
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.745
	Sundry Debtors	7.749
	Cash & Bank Balances	2.478
	Other Current Assets	0.254
	Loans & Advances	20.076
Total Current Assets		65.302
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.823
	Other Current Liabilities	45.114
	Provisions	0.000
Total Current Liabilities		57.937
Net Current Assets		7.365
MISCELLANEOUS EXPENSES		2.428
TOTAL		64.272

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	213.738	105.458	89.815
		Other Income	0.849	0.840	2.270
		TOTAL (A)	214.587	106.298	92.085
Less	EXPENSES
		TOTAL (B)	214.605	102.938	98.081
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.018)	3.360	(5.996)
Less	FINANCIAL EXPENSES (D)		5.856	4.999	4.458
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(5.874)	(1.639)	(10.454)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.157	8.402	9.551
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(13.031)	(10.041)	(20.005)
Less	DEFERRED TAX AND PRIOR PERIOD ADJUSTMENTS (H)		(0.509)	(0.284)	(0.442)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(12.522)	(9.757)	(19.563)
	Earnings / (Loss) Per Share (Rs.)		(2.00)	(1.55)	(3.12)

Particulars	31.03.2013
Sales Turnover [Approximately]	400.000

The above information has been parted by Mr. Suresh.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(5.84)	(9.17)	(21.24)
Net Profit Margin (PBT/Sales)	(%)	(6.10)	(9.52)	(22.27)
Return on Total Assets (PBT/Total Assets}	(%)	(7.95)	(7.41)	(16.70)
Return on Investment (ROI) (PBT/Networth)		0.67	0.65	3.55
Debt Equity Ratio (Total Debt/Networth)		(4.60)	(4.48)	(12.21)
Current Ratio (Current Asset/Current Liability)		1.22	1.01	1.13

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	No
19]	Payments terms	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90117865	27/09/2003	1,400,000.00	CENTURION BANK LTD	94; MINERVA COMPLEX, F-416; IVTH FLOOR, HYDERABAD - 500003, ANDHRA PRADESH, INDIA	-

FINANCIAL HIGHLIGHTS, OPERATIONS AND PROSPECTS:

During the year, revenue from operations increased from Rs.105.458 Millions to Rs.213.738 Millions. Though the Management was under great stress and faced many adverse business circumstances despite which, the company could increase the sales but due to increase in raw material cost, the company incurred losses. The operations during the current financial year are encouraging and company recorded a turnover of Rs.84.000 Millions during first quarter of the current year.

It is to inform that the main source of raw material is from state of Karnataka and the company was facing inconsistent supply of raw material due to closer of mining activity in the state of Karnataka by Honourable Supreme Court of India which effected the company adversely. However the supply of iron ore is improving and expected to stabilize by end of current year and management expects to give better performance.

As the Members are aware, the management of the company was successful in convincing State bank of India for one time settlement of the Company’s dues. The Company has repaid substantial amounts to State Bank of India in One Time Settlement. The outstanding amount payable as on 31-03-12 is Rs. 7.610 Millions.

The company could not succeed in arranging financial assistance from banks and financial institutions due to various reasons and in the circumstances the promoters induced funds in the form of Share application money and Loans, etc., in the company to meet the commitments made to State Bank of India and also to meet working capital needs. Due to their contribution, the company could improve its turnover and company was saved from possible further downfall.

The company is still in need of funds for its working capital requirements and to discharge other commitments and the management is exploring all possible avenues to arrange funds.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Intercorporate Borrowings	56.627	36.475
Loans and advances from directors	30.144	32.269
Other loans and advances	2.500	0.000
TOTAL	89.271	68.744

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.61.52
UK Pound	1	Rs.94.99
Euro	1	Rs.81.63

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.