MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	S.P.M (INDIA) LIMITED
Registered Office :	No. 132/52, G.D. House, Bendrenagar, Subramnyapura Road, Banashankari 2nd Stage, Bangalore - 560 070 Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.04.1997
Com. Reg. No.:	08-022059
Capital Investment / Paid-up Capital :	Rs.6.620 Millions
CIN No.: [Company Identification No.]	U85110KA1997PLC022059
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer, Designer and Supplier of SPMS (Special Purpose Machines), Test Rigs, Dynamometers and CNC Machines (Computer Numerical Control Machines) and also Hydraulic Cylinders.
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 290000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company is improving its performance and has seen a better increase in its sales turnover as well as net profitability during 2012. The ratings also take into considered its medium scale and working capital intensive operations. However, trade relations are fair. Business is active. Payment terms are slow but correct. 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB- (Long Term Rating)
Rating Explanation	Moderate risk of default.
Date	31, May 2012

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	31, May 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office/ Head Office :	No.132/52, G.D. House, Bendrenagar, Subramnyapura Road, Banashankari 2nd Stage, Bangalore - 560 070 Karnataka
Tel. No.:	91-80-26668822 / 26668823 / 6668824/ 26661939
Fax No.:	91-80-26660783
E-Mail :	finance@spmil.com jayck@rediffmail.com marketing@spmil.com
Website :	www.spmil2.com
Pune Office :	G.P. Electro Pneumatics, 61 A/4, Erandwana "Arya", Pune – 411044, Maharashtra, India
Tel. No.:	91-0212-333177 / 338699
Fax No.:	91-0212-341407
New Delhi Office :	271-B, GD 2 DDA Flats, Vikaspur New Delhi -110018, India
Tel. No.:	91-11-5610289
Factory :	No.98,98/1,Kalena Agrahara, Begur Hobli, Bannergatta Road, Bangalore – 560076, Karnataka, India
Tel. No.:	91-80-26431126
Fax No.:	91-80-26431126

DIRECTORS

As on: 28.09.2012

Name :

Mr. GDR Krishna

Designation :

Director

Address :

No. 1334, 27^th Cross 26^th Main, BSK II Stage, Bangalore- 560070, Karnataka, India

Date of Birth/Age :

04.03.1964

Date of Appointment :

01.04.1997

DIN No.:

00010754

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	U85110KA1994PTC016215	SPECIAL PURPOSE MACHINES (INDIA) PRIVATE LIMITED	Director	12/09/1994	12/09/1994	-	Active	NO
2	U85110KA1995PTC017772	G.D.TECHCENTRE PRIVATE LIMITED	Director	08/05/1995	08/05/1995	-	Active	NO
3	U51505KA1997PTC022060	G.D. INDIA PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
4	U85110KA1997PLC022059	S.P.M. (INDIA) LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
5	U29299KA1997PTC022061	QUICLOC PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
6	U72900KA2000PTC026333	GD SOFTECH PRIVATE LIMITED	Director	04/02/2000	04/02/2000	-	Strike off	NO
7	U29219KA2006PTC039631	GDR MEKTEK PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO

Name :

Mr. Venkatesh Damodara Gogineni

Designation :

Director

Address :

No. 179, I Cross Road, III Phase. I Block, Bangalore- 560085, Karnataka, India

Date of Birth/Age :

10.10.1961

Date of Appointment :

01.04.1997

DIN No.:

02594379

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	U85110KA1994PTC016215	SPECIAL PURPOSE MACHINES (INDIA) PRIVATE LIMITED	Director	12/09/1994	12/09/1994	-	Active	NO
2	U85110KA1995PTC017772	G.D.TECHCENTRE PRIVATE LIMITED	Director	08/05/1995	08/05/1995	-	Active	NO
3	U51505KA1997PTC022060	G.D. INDIA PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
4	U85110KA1997PLC022059	S.P.M. (INDIA) LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
5	U29299KA1997PTC022061	QUICLOC PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
6	U72900KA2000PTC026333	GD SOFTECH PRIVATE LIMITED	Director	04/02/2000	04/02/2000	-	Strike off	NO

Name :

Mr. Hanumanth Ramachandra Desai

Designation :

Additional director

Address :

No.632, 4th Cross, 5th Main, Banashankari 1^st Stage, Bangalore, 560050, Karnataka, India

Date of Birth/Age :

18.04.1957

Date of Appointment :

30.09.2010

DIN No.:

02978061

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
G D Sreedha	203450
G D Venkatesh	186250
G D R Krishna	186250
GK Parijatha	17200
GV Hemanlatha	17200
Gvdamodhar Naidu	51600
Vijayalakshmi	50
Total	662000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer, Designer and Supplier of SPMS (Special Purpose Machines), Test Rigs, Dynamometers and CNC Machines (Computer Numerical Control Machines) and also Hydraulic Cylinders.

GENERAL INFORMATION

Customers :

• Escorts Limited
• Ashok Leyland Limited
• Bajaj Auto Limited
• Honda
• PIAGGIO
• Ford
• Force
• Mahindra
• Kinetic
• Denso

No. of Employees :

Not Available

Bankers :

• State Bank of India, Bangalore Commercial Branch, Krishi Bhavan Hudson Circle, Bangalore - 560001, Karnataka, India
• State Bank of India, SME J P Nagar Branch, J P Nagar 5th Phase,, Bangalore - 560078, Karnataka, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loans from Banks
Vehicle Loans (Secured by hypothecation of Vehicle and the Personal Guarantee of the Directors of the company)	0.432	0.307
SHORT TERM BORROWINGS
From Banks
Cash Credit (The above loans are Secured by hypothecation of the Stocks and Book debts of the Company and also a Charge on Plant and Machinery and Building of the Company and Personal Guarantee of the Directors of the Company)	90.074	95.322
Total	90.506	95.629

Banking Relations :	--
Financial Institutions :	Tata Capital Financial Services Limited, One Forbes, Dr V B Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	A Bala Murali Krishna Chartered Accountants
Address :	MU-201, Towns End, Avalahalli Village, Doddaballapur Road, Yalahanka, Bangalore – 560064, Karnataka, India
Tel. No.:	91-80-22386179 / 65995440
PAN.:	ADUPK3408P
Associates Company :	GD India Private Limited Quicloc Private Limited G D Techcentre Private Limited G D Softech Private Limited G D R Mektek Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
662000	Equity Shares	Rs.10/- each	Rs.6.620 Millions

Notes:

Equity shares of Rs.10/- each of the above shares 1,80,000 Equity shares of Rs.10 / each allotted fully paid –up in pursuant to court compromise order dated 21-11-98 Without payment in cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.620	6.620
(b) Reserves & Surplus	59.777	49.194
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	8.400	8.400
Total Shareholders’ Funds (1) + (2)	74.797	64.214
(3) Non-Current Liabilities
(a) long-term borrowings	0.432	0.307
(b) Deferred tax liabilities (Net)	3.572	3.757
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.004	4.064
(4) Current Liabilities
(a) Short term borrowings	97.291	98.672
(b) Trade payables	122.852	111.765
(c) Other current liabilities	68.430	24.727
(d) Short-term provisions	4.323	4.023
Total Current Liabilities (4)	292.896	239.187
TOTAL	371.697	307.465
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.287	36.235
(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	38.847	37.856
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	73.134	74.091
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	67.490	51.946
(c) Trade receivables	191.883	157.772
(d) Cash and cash equivalents	20.596	13.173
(e) Short-term loans and advances	18.594	10.483
(f) Other current assets	0.000	0.000
Total Current Assets	298.563	233.374
TOTAL	371.697	307.465

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.620
2] Share Application Money		8.400
3] Reserves & Surplus		44.034
4] (Accumulated Losses)		0.000
NETWORTH		59.054
LOAN FUNDS
1] Secured Loans		82.707
2] Unsecured Loans		1.083
TOTAL BORROWING		83.790
DEFERRED TAX LIABILITIES		3.743
TOTAL		146.587
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.053
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.610
	Sundry Debtors	150.138
	Cash & Bank Balances	10.838
	Other Current Assets	0.000
	Loans & Advances	71.579
Total Current Assets		295.165
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	112.164
	Other Current Liabilities	69.467
	Provisions	0.000
Total Current Liabilities		181.631
Net Current Assets		113.534
MISCELLANEOUS EXPENSES		0.000
TOTAL		146.587

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	407.042	356.246	351.312
		Other operating Income	9.165	14.689	3.437
		Non operating Income	3.485	0.195
		TOTAL (A)	419.692	371.130	354.749
Less	EXPENSES
		Cost of Raw materials and packing materials consumed	262.132	209.046
		(-) Increase / (+) Decrease in inventories of work in progress	(22.856)	6.564
		Employee benefit expenses	68.405	61.804
		Other expenses	71.514	64.897
		TOTAL (B)	379.195	342.311	326.144
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.497	28.819	28.605
Less	FINANCIAL EXPENSES (D)		18.600	14.274	8.656
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.897	14.545	19.949
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.336	5.588	3.910
	PROFIT BEFORE TAX (E-F) (G)		15.561	8.957	16.039
Less	TAX (H)		4.978	3.796	6.149
	PROFIT AFTER TAX (G-H) (I)		10.583	5.161	9.890
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.450	39.289	29.399
	BALANCE CARRIED TO THE B/S		55.033	44.450	39.289
	Earnings Per Share (Rs.)		15.99	7.80	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.52	1.39	2.79
Net Profit Margin (PBT/Sales)	(%)	3.82	2.51	4.57
Return on Total Assets (PBT/Total Assets}	(%)	4.19	2.91	4.89
Return on Investment (ROI) (PBT/Networth)		0.21	0.14	0.27
Debt Equity Ratio (Total Debt/Networth)		1.31	1.54	1.42
Current Ratio (Current Asset/Current Liability)		1.02	0.98	1.63

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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
From Directors	7.217	3.350
Total	7.217	3.350

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10356523	15/04/2013 *	50,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B76088228
2	10284194	24/03/2011	50,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B12088720
3	80014359	23/02/2011 *	170,000,000.00	STATE BANK OF INDIA	SME J P NAGAR BRANCH, 5TH PHASE, J P NAGAR, BANGA  LORE, KARNATAKA - 560078, INDIA	B07748262

CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Letter of Credit Established	1.898	3.439
Bank Guarantees	56.445	36.445

FIXED ASSETS

· Land

· Building

· Furniture

· Plant and Machinery

· Office Equipments

· Vehicles

· Computer

· Electrical Installation

· Software

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.67.71
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

INFORMATION DETAILS

Report Prepared by :

VRN

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.