MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	SPACE TEXTILES PRIVATE LIMITED
Registered Office :	Sree Vignesh Kiruba, 738-D, White Field, New Damunagar, Pulliyakulam Road, Pappanayakkampalayam, Coimbatore-641037, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.07.2006
Com. Reg. No.:	18-012949
Capital Investment / Paid-up Capital :	Rs.62.100 Millions
CIN No.: [Company Identification No.]	U17111TZ2006PTC012949
TAN No.: [Tax Deduction & Collection Account No.]	CMBS13444E
PAN No.: [Permanent Account No.]	AAKCS0757M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Textiles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Sree Vignesh Kiruba, 738-D, White Field, New Damunagar, Pulliyakulam Road, Pappanayakkampalayam, Coimbatore-641037, Tamilnadu, India
Tel. No.:	91-422-2490888
Fax No.:	Not Available
E-Mail :	avr@scmts.com
Divisions :	SCM Textile Spinners SF No.39, N.G. Palayam Pudur Pirivu, Thekkalur, Avinashi-641654, Tamilnadu, India
Tel No.:	91-4296-255002
Retail Show Rooms :	The Chennai Silks: 966-972,Cross Cut Road, Gandhipuram, Coimbatore-641012, Tamilnadu, India Sree Kumaran Thangamaligai: 180-180A, 9th Street, Gandhipuram, Coimbatore -641012, Tamilnadu, India
Sites :	SCM Energy Division · Dhanakarakulam Village , Tirunelveli, District, Tamilnadu, India · Radhapuram Taluk, Tirunelveli District, Tamilnadu, India · Varapatti Village , Palladam Taluk District, Tamilnadu, India · Kattampatti Village , Coimbatore District, Tamilnadu, India

DIRECTORS

AS ON 27.09.2012

Name :

Kulanthaivel Vinayagam

Designation :

Managing Director

Address :

No. 52, Krishna Talkies Road, Karungalpalay, Erode-638003, Tamilnadu, India

Date of Birth/Age :

05.03.1962

Date of Appointment :

21.07.2006

Din No.:

00028737

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	U17111TZ1995PTC005857	T C S TEXTILES PRIVATE LIMITED	Director	24/02/1995	24/02/1995	-	Active	NO
2	U36911TZ2006PTC012701	GAJAANANDA JEWELLERY MAART PRIVATE LIMITED	Director	03/04/2006	03/04/2006	-	Active	NO
3	U18101TZ2006PTC012697	S.C.M. INTERNATIONAL IMPEX PRIVATE LIMITED	Director	03/04/2006	03/04/2006	30/01/2012	Active	NO
4	U18101TZ2006PTC012698	SCM GARMENTS PRIVATE LIMITED	Director	28/09/2012	03/04/2006	-	Active	NO
5	U17111TZ2006PTC012949	SPACE TEXTILES PRIVATE LIMITED	Managing director	21/07/2006	21/07/2006	-	Active	NO
6	U17111TZ2006PTC012699	SCM SILKS PRIVATE LIMITED	Director	28/09/2007	09/07/2007	30/01/2012	Active	NO

Name :

Vinayagam Meenakshi

Designation :

Director

Address :

No. 52, Krishna Talkies Road, Karungalpalay, Erode-638003, Tamilnadu, India

Date of Birth/Age :

15.06.1963

Date of Appointment :

21.07.2006

Din No.:

00029040

Name :

Mr. Vikram Narayanan

Designation :

Director

Address :

738-D, White Field, New Damunagar, Pulliyakulam Road, Pappanayakkampalayam, Coimbatore-641037, Tamilnadu, India

Date of Birth/Age :

22.10.1990

Date of Appointment :

30.01.2012

Din No.:

05169548

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	U17111TZ2006PTC012949	SPACE TEXTILES PRIVATE LIMITED	Director	27/09/2012	30/01/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Kulanthaivel Vinayagam	4968000
Vinayagam Meenakshi	621000
Vikram Narayanan	621000
TOTAL	6210000

AS ON 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trader of Textiles.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Specialised Commercial Branch, New No. 44, Stanes Road, 4^th Street, Tirupur-641602, Tamilnadu, India

· Oriental Bank of Commerce, 1057, Jaya Enclave, Avinashi Road, Coimbatore-641018, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term	438.103	0.000
Term Loans From Banks	0.000	580.821
Foreign Currency Term Loans From Banks	0.000	39.434
Loans Repayable on Demand From Banks	423.223	586.555
TOTAL	861.326	1206.810
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans and Advances From Related Parties	0.000	61.987
TOTAL	0.000	61.987

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	New No. 4, (Old No. 55-A), South Bogh Road, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-422-2433627
PAN No:	AACPS3455P
Related Parties :	· TCS Textiles Private Limited [U17111TZ1995PTC005857] · SCM Garments Private Limited [U18101TZ2006PTC012698] · SCM Silks Private Limited [U17111TZ2006PTC012699] · Sathy Silks Private Limited [U18101TZ2006PTC012950] · Gajaananda Jewellery Maart Private Limited [U36911TZ2006PTC012701] · The Madras Silks India Private Limited [U17112TZ2006PTC012951] · SCM Creations · The Chennai Silks Firm

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6210000	Equity Shares	Rs.10/- each	Rs.62.100 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		62.100	0.100	0.100
2] Share Application Money		0.000	0.100	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(145.452)	(151.516)	0.000
NETWORTH		(83.352)	(151.316)	0.100
LOAN FUNDS
1] Secured Loans		861.326	1206.810	0.000
2] Unsecured Loans		0.000	61.987	0.042
TOTAL BORROWING		861.326	1268.797	0.042
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		777.974	1117.481	0.142
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		449.081	523.581	0.000
Capital work-in-progress		0.585	0.175	0.000
INVESTMENT		2.304	2.285	0.000
DEFERREX TAX ASSETS		46.323	44.319	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	460.265	542.164	0.000
	Sundry Debtors	216.779	248.840	0.000
	Cash & Bank Balances	26.093	25.683	0.003
	Other Current Assets	13.530	12.691	0.000
	Loans & Advances	135.290	174.347	0.000
Total Current Assets		851.957	1003.725	0.003
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	229.617	437.630	0.000
	Other Current Liabilities	329.284	9.666	0.003
	Provisions	13.375	9.308	0.000
Total Current Liabilities		572.276	456.604	0.003
Net Current Assets		279.681	547.121	0.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.142
TOTAL		777.974	1117.481	0.142

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	2567.122
		Other Income	8.702
		TOTAL	2575.824	2684.352
Less	EXPENSES
		TOTAL	2480.176 [Including Financial Expenses]	2583.658 [Including Financial Expenses]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		95.648	100.694
Less/ Add	DEPRECIATION/ AMORTISATION		85.813	106.215
	PROFIT / (LOSS) BEFORE TAX		9.835	(5.521)
Less	TAX		3.771	4.593
	PROFIT / (LOSS) AFTER TAX		6.064	(10.114)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12.295	1.414
	Earnings / (Loss) Per Share (Rs.)		0.97	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.23	(0.37)	NA
Net Profit Margin (PBT/Sales)	(%)	0.38	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.75	(0.36)	NA
Return on Investment (ROI) (PBT/Networth)		(0.12)	0.04	NA
Debt Equity Ratio (Total Liability/Networth)		(17.20)	(11.40)	0.45
Current Ratio (Current Asset/Current Liability)		1.49	2.20	1.00

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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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

NEW DIVISION:

The company has taken over on 12^th March’ 2012 a going concern basis, the retail outlet “Sree Kumaran Thangamaligai” (unit of Gajananda Jewellery Mart private Limited) carrying on business in retail, situated at 180-180A, 9^th Street, Gandhipuram, Coimbatore-641012.

The Company could register a sales turnover of Rs.1008.476 Millions in Textile Trading and Turnover of Rs. 1451.247 Millions in the spinning mill and a Turnover of Rs 70.275 Millions in the Jewellery retail Trading and Generation receipts of Rs.37.124 Millions in the Wind Mills division. The Directors are confident of increasing the turnover in the current Financial Year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U17111TZ2006PTC012949
Name of the company	SPACE TEXTILES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sree Vignesh Kiruba, 738-D, White Field, New Damunagar, Pulliyakulam Road, Pappanayakkampalayam, Coimbatore-641037, Tamilnadu, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property Others
Particular of charge holder	State Bank of India, Specialised Commercial Branch, New No. 44, Stanes Road, 4^th Street, Tirupur-641602, Tamilnadu, India Email: ramasubramanian.s@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Form C2 - Agreement of hypothecation of Goods and Assets and Form C5 - LT REG the grant of individual limits within the overall limit both dated 21.09.2012 2. Form C1 - Agreement of Loan for Overall Limit 3. Sanction LT
Date of instrument Creating the charge	21.09.2012
Amount secured by the charge	Rs.697.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC- 14.15%, EPC/PCFC- 12%, TL 1- 14.15%, TL 2- 14.40%, TL 3- 14.40%, WCTL- 14.90% Margin CC/EPC RM- 25%, SIP- 25%, FG- 25%, Export Order- 10%, Receivables- 25%, LC- 10%, BG -25% Extent and Operation of the charge The charge operates as security for the facilities availed by the Space Textiles Private Limited - FBWC - Rs.350.000 Millions, TL- Rs.269.400 Millions, NFB - Rs.78.300 Millions Prime Security - For CC (Hypothecation)/LC/BG-I ST pari passu charge on stocks of RM, SIP, FG, stores and spares, receivables and entire current assets along with OBC (other than jewellery divn stocks). Collateral Security - Land and building and other fixed assets as per Sanction letter dated 27.04.2012 Others -Wind Mill Lands and Wind mills in the name of the co Others The charge operates as security for the facilities availed by the Space Textiles Private Limited (one of the resulting company upon demerger) which was hitherto sanctioned to TCS Textiles Private Limited (Demerged Company). The assets secured are in the name of TCS Textiles Private Limited and SCM Textile Spinners, which are now vested with M/s Space Textiles Private Limited upon sanctioning of Demerger by the Honble High Court of Madras.
Short particulars of the property charged	CC (Hypothecation) EPC/WCTL/Forward Cont - First Charge on Entire Current Assets on pari passu basis with Oriental Bank of Commerce. LC along with the above - Charge over merchandise covered under LC and docs of Title to goods, BG - Counter guarantee from the company apart from the charge on Current Assets Details of Collateral securities as below 18.80 acres and 7.64 Acres of Land belonging to TTPL at Thekkalur Village, Avinashi Tk, Cbe Dist under Doc No.1982/2003 and 2678/2003 respectively. Lands at Thekkalur belonging to SCM Textile as below 4.12 Acres in SF 39/1 - Doc No. 3725/2002, 2.73 Acres in SF No.38/2 - Doc No.4180/2002, 7.85 1/2 acres - Doc 4181/2002, 2.61 Acres in SF 38/1 Doc No.-4511/2002, 1.44 acres in SF 33/2C Doc No.4512/2002 2.67 acres in SF 32/1 Doc no.4590/2002, 2.40 acres Doc No.272/2003, 5.25 acres Doc No.470/2003. 2.93 acres Doc No.472/2003, 5.52 acres in SF 28/2A Doc No.756/2003. 1 Acre in SF 31/1A Doc No.993/2003 Windmill Lands belonging to the company - Primary Security - SF.734/1D (part) and SF 82/1B (part) at Dhanakkarukulam Village. Foll properties situated in Tirupur Regd. Dist, Palladam Sub Regd Dist, Palladam Tk, Sultanpet Panchayat Union where windmills of the company have been installed At Varapatti Village- SF 489-2.09 Acres, SF 489-2.11 acres, SF 209/2,216/1,216/2,217/1-7.7375 acres, SF 215/4,216/2, 217/1 -0.8325 acres and 1.7350 acres, SF 217/1-10.54acres, SF 419/4-5.21 acres, SF433/A,434/A-9.21 acres, SF 215/4,216/2,215/3-6.04acres, SF 209/2-0.8950 acres, SF 216/1-1.285 acres, SF 217/1-0.8125 ac and SF 489-3.1775 acres. At Vadambacherri Village - SF 432/A-3.77 acres, SF 432A-3.31 acres, SF 430,431,432/B-2.40 acres and 2.1625 acres, SF 432/A-7.7150 Acres

FIXED ASSETS:

· Land

· Building

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipments

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.54.85
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		18

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.