MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	PRINCE PIPES AND FITTINGS PRIVATE LIMITED
Registered Office :	Plot No.1, Honda Industrial Estate, Phase II, Honda Sattari, Honda, Goa – 403 530
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.11.1987
Com. Reg. No.:	24-006287
Capital Investment / Paid-up Capital :	Rs.120.012 millions
CIN No.: [Company Identification No.]	U26932GA1987PTC006287
TAN No.: [Tax Deduction & Collection Account No.]	MUMP06179F
PAN No.: [Permanent Account No.]	AAACP2319J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of UPVC Pipes, Fittings, Valves and PP-R Plumbing Systems.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 3199000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some continuous dip in the turnover and profitability of the company. However, networth of the company is satisfactory. 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.

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	ICRA
Rating	A3+ (Short Term Non Fund Based Limit)
Rating Explanation	Moderate credit quality it carry higher credit risk.
Date	27.03.2012

Rating Agency Name	ICRA
Rating	BBB (Term Loan)
Rating Explanation	Moderate credit quality it carry higher than average credit risk.
Date	27.03.2012

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Yogesh Patil
Designation :	Export-Import Department
Contact No.:	91-22-66022222
Date :	02.02.2013

LOCATIONS

Registered Office :	Plot No.1, Honda Industrial Estate, Phase II, Honda Sattari, Honda, Goa – 403 530, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ppf@vsnl.com accounts@princepipes.com mktg@princepipes.com export@princepipes.com sales@princepipes.com mcs@princepipes.com
Website :	http://www.princepipes.com
Area :	4000 sq. ft
Location :	Owned
Administration Office/ Corporate Office :	Ruby House, 4^th Floor, B Wing J.K. Sawant Marg, Dadar (West), Mumbai – 400 028, Maharashtra, India
Tel. No.:	91-22-66022222
Fax No.:	91-22-66022220
Factory 1 :	Athal Road, Village Athal, Survey No.132/1/1/3, Naroli, Silvassa – 396 235, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2640007
Fax No.:	91-260-2640082
Factory 2 :	Jayant Desai Marg, Survey No.53 and 92, Vaghdhra Road, Dadra – 396 191, India
Tel. No.:	91-260-2668091
Fax No.:	91-260-2668090

DIRECTORS

As on 29.09.2012

Name :	Mr. Jayant Shamji Chheda
Designation :	Managing Director
Address :	Room No.1001, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga-CR, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	31.07.1946
Qualification :	Inter Arts
Experience :	44 Years
Date of Appointment :	13.11.1987
DIN No.:	00013206
PAN No.:	AABPC1336Q
Voter ID No.:	MT-06-033-081800
Name :	Mr. Parag Jayant Chheda
Designation :	Whole Time Director
Address :	Room No.1002, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga-CR, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	07.05.1971
Qualification :	Associate in Business Administration USA
Experience :	17 Years
Date of Appointment :	27.04.1996
DIN No.:	00013222
PAN No.:	AABPC3944L
Voter ID No.:	MT-06-033-081710
Name :	Mr. Vipul Jayant Chheda
Designation :	Director
Address :	Room No.1001, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga-CR, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	08.06.1975
Qualification :	B. Com
Experience :	14 Years
Date of Appointment :	11.03.1997
DIN No.:	00013234
PAN No.:	AABPC3945M
Voter ID No.:	MT-06-033-081688

KEY EXECUTIVES

Name :	Mr. Yogesh Patil
Designation :	Export-Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Jayant Shamji Chheda	960000
Tarla Jayant Chheda	3828000
Parag Jayant Chheda	3599600
Vipul Jayant Chheda	3600000
Jayant Shamji Chheda - Karta - HUF	12000
Pinnacle Realty Projects Private Limited, India	400
Prince Multiplast Private Limited, India	400
Heena Parag Chheda	400
Ashwini Vipul Chheda	400
Total	12001200

As on 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of UPVC Pipes, Fittings, Valves and PP-R Plumbing Systems.

Products :

Product Description	ITC Code
Pipes and Fittings (Joints, Elbows of Plastic)	3917.00
Taps, Cocks, Valves and Similar Appliances for Pipes	8481.00

Exports :

Products :

v Finished Goods

Countries :

v Africa

v Middle East

Terms :

Selling :

Cash and Credit (30 days)

Purchasing :

L/C, Cash and Credit (30 days)

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

v Dena Bank, Scope Complex Core No.6, 7-Lodhi Road, New Delhi – 110 003, India

v Bank of India, Mumbai Mid Corporate, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai – 400 001, Maharashtra, India

v Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

v State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Pari passu charge over company's as sets, personal guarantee of the directors etc.) (Repayable in equal installments as per terms attached to each borrowing)	332.835	270.373
Foreign currency term loans from banks (Pari passu charge over company's as sets, personal guarantee of the directors etc.) (Repayable in equal installments as per terms attached to each borrowing)	116.653	213.841
Term loans from others Vehicle Loan (Repayable in equal installments as per terms attached to each borrowing)	1.793	2.352
SHORT TERM BORROWINGS
Working capital loans from banks [First pari passu charge on Company's entire Current Assets (Present and Future), Second pari passu charge over the Company's Tangible Fixed Assets and by personal guarantee of the directors.]	841.204	735.113
Total	1292.485	1221.679

Banking Relations :	--
Auditors :
Name :	L.D. Joshi and Associates Chartered Accountants
Address :	2-G, Court Chambers, 2^nd Floor, (Behind Income Tax Office), 35, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22023058
Fax No.:	91-22-22005568
Income-tax PAN of auditor or auditor's firm :	AAAPJ4824F
Associated Companies/ Firms :	v Kenson Manufacture Private Limited, India (U25200GJ2005PTC046624) v Prince Marketing v Pinnacle Realty Projects Private Limited v Ace Polyplast Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12001200	Equity Shares	Rs.10/- each	Rs.120.012 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		120.012	120.012	120.012
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		679.862	589.868	454.943
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		799.874	709.880	574.955
LOAN FUNDS
1] Secured Loans		1292.485	1221.679	1377.422
2] Unsecured Loans		613.132	327.882	210.520
TOTAL BORROWING		1905.617	1549.561	1587.942
DEFERRED TAX LIABILITIES		105.484	99.873	85.409
TOTAL		2810.975	2359.314	2248.306
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1382.230	1211.989	1230.326
Capital work-in-progress		48.688	15.821	0.000
INVESTMENT		8.566	9.200	15.979
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	708.380	514.764	521.371
	Sundry Debtors	1119.774	722.187	519.661
	Cash & Bank Balances	69.205	43.060	50.166
	Other Current Assets	67.233	47.449	0.000
	Loans & Advances	504.038	505.817	359.230
Total Current Assets		2468.630	1833.277	1450.428
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	604.712	246.643	330.748
	Other Current Liabilities	417.509	383.434	49.853
	Provisions	74.918	80.896	78.977
Total Current Liabilities		1097.139	710.973	459.578
Net Current Assets		1371.491	1122.304	990.850
MISCELLANEOUS EXPENSES		0.000	0.000	11.151
TOTAL		2810.975	2359.314	2248.306

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5189.694	4457.149	3648.021
		Other Income	NA	NA	28.147
		TOTAL	NA	NA	3676.168
Less	EXPENSES
		Office Expenses	NA	NA	3315.716
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	3315.716
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		254.167	316.563	360.452
Less/ Add	DEPRECIATION/ AMORTISATION		141.734	125.840	113.139
	PROFIT BEFORE TAX		112.433	190.723	247.313
Less	TAX		25.676	52.039	66.142
	PROFIT AFTER TAX		86.757	138.684	181.171
Add/ Less:	EXCESS/(SHORT) PROVISION FOR TAXATION FOR EARLIER YEARS		3.238	(3.759)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		579.868	444.943	338.083
Less	TRANSFER TO DEFERRED TAX LIABILITY (01-04-09)		NA	0.000	64.311
Less	APPROPRIATIONS
		General Reserves	NA	0.000	10.000
	BALANCE CARRIED TO THE B/S		NA	579.868	444.943
	EARNINGS IN FOREIGN CURRENCY
		Earnings	NA	34.822	54.562
	TOTAL EARNINGS		NA	34.822	54.562
	IMPORTS
		PVC Resins and PPR	NA	NA	941.488
		Chemicals	NA	NA	20.527
		Consumable Stores	NA	NA	3.306
		Trading Purchase	NA	NA	24.429
		Capital Items	NA	NA	58.706
	TOTAL IMPORTS		NA	NA	1048.456
	Earnings Per Share (Rs.)			11.56	15.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	4.93
Net Profit Margin (PBT/Sales)	(%)	2.17	4.28	6.78
Return on Total Assets (PBT/Total Assets}	(%)	2.92	6.26	9.23
Return on Investment (ROI) (PBT/Networth)		0.14	0.27	0.43
Debt Equity Ratio (Total Debt/Networth)		2.38	2.18	2.76
Current Ratio (Current Asset/Current Liability)		2.25	2.58	3.16

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	604.712	246.643	330.748

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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
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	--
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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	Yes
34) External Agency Rating, if available	Yes

Note:

The Registered Office of the company has been shifted from Ruby House, 4^th Floor, B Wing J.K. Sawant Marg, Dadar (West), Mumbai – 400 028, Maharashtra, India to the present address w.e.f 13.01.2010.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	154.324	203.246
Loans and advances from directors	458.808	124.636
Total	613.132	327.882

PERFORMANCE OF THE COMPANY

The financial year 2011-12 is yet another year of significant growth. During the year, the Company has achieved a turnover of Rs.5189.694 millions as against Rs.4457.149 millions in the previous year, which is 16.43% higher as compared to the previous year. The net profit after tax was Rs.89.994 millions as against Rs.134.925 millions in the previous year.

FUTURE OUTLOOK

The Company has continuous growth in the turnover and is planning to increase the capacity by additional investment in plant and machineries to meet the market requirements.

Bankers Charges Report as per Registry

Corporate identity number of the company	U26932GA1987PTC006287
Name of the company	PRINCE PIPES AND FITTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.1, Honda Industrial Estate, Phase II, Honda Sattari, Honda, Goa – 403 530, India E-Mail: mcs@prinepipes.com
This form is for	Modification of charge
Charge identification number of the modified	10156888
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Bank of India, Mumbai Mid Corporate, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation.
Date of instrument Creating the charge	12.10.2012
Amount secured by the charge	Rs.1944.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan I, III: Interest 3.50% over base rate presently 14% p.a. Cash Credit: Interest 2.75% over base rate presently 13.25% p.a. Terms of Repayment: Working Capital facility shall be repayable On Demand. Term Loan shall be repayable in suitable installments Margin: Margin as may be stipulated by the Bank from time to time. Extent and Operation of the charge: Hypothecation by way of first pari-passu charge on tangible movable assets, stocks, book debts, plant and machinery, etc. (For Working Capital Limit Rs.980.000 millions 1^st Charge on Current Asset and 2^nd charge on Fixed Assets ad for Term Loan of Rs.964.000 millions vice versa) for the due payment of Rs.1944.000 millions and including the interest/commission, costs charges and expenses and all other moneys, whatsoever due owing and payable by the Company to the Bank. Others: The Charge created herein shall rank pari passu inter se the lenders for all purposes and to all intents without priority of one over the others.
Short particulars of the property charged	All tangible movable machineries and plants (both Present and future), whether installed or not and whether lying loose or at All tangible movable properties, assets and stocks, whatsoever nature of the Borrower All the present and future book-debts, outstanding, money receivables, claims, bills which are now due and owing
Date of latest modification prior to the present modification	01.11.2011
Particulars of the present modification	The charge shall now stand increased from Rs.1028.000 millions to Rs.1944.000 millions in favour of the Bank, against security of tangible movable properties, stocks and Book debts of the Company.

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Electrical Installation

v Computer

v Moulds and Dies

v Office Equipments

v Furniture and Fixtures

v Vehicles

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.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.