MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	FERROMATIK MILACRON INDIA PRIVATE LIMITED (w.e.f. 16.12.2010)
Formerly Known As :	FERROMATIK MILACRON INDIA LIMITED CINCINNATI MILACRON PRIVATE LIMITED
Registered Office :	53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.1995
Com. Reg. No.:	04-025783
Capital Investment / Paid-up Capital :	Rs.268.983 Millions
CIN No.: [Company Identification No.]	U74999GJ1995FTC025783
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00035A
PAN No.: [Permanent Account No.]	AABCC0881D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Injection Moulding Machines and Plastic Process Machines.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 4900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established and reputed company having a good track record. There appears Slight dip in profitability during the current year. However, general financial position of the company seems to be strong performance capability is high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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	Long Term Loan: A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	August, 2011

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. Samir Parekh
Designation :	General Manager – Finance
Contact No.:	91-79-25890081
Date :	28.02.2013

LOCATIONS

Registered Office :	53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26440331/ 25890081
Mobile No.:	91-9879014640 (Mr. Samir Parekh)
Fax No.:	91-79-26421324
E-Mail :	mamatagroup@mamata.com samir_r_parekh@milacronindia.com corahm@bankofbaroda.com shirish_v_divgi@milacron.com
Website :	http://www.mamata.com http://www.milacronindia.com
Location :	Owned
Head Office/ Factory :	93/2 and 94/1, Phase – I, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India.
Tel. No.:	91-79-25830063/ 25890133/ 25890081
Fax No.:	91-79-25830125/ 25898998
E-Mail :	salesfmi@milacron.com
Website :	www.milacronindia.com

DIRECTORS

(AS ON 13.09.2012)

Name :	Mr. Mahendra Narsinhbhai Patel
Designation :	Director
Address :	15, Kairavi Bungalow, Near Sarthi Hotel, Vastrapur Road, Bodakdev, Ahmedabad – 380 054, Gujarat, India
Date of Birth/Age :	17.01.1949
Date of Appointment :	31.05.1995
DIN No.:	00104997
Name :	Mr. Narasinh Krishna Balgi
Designation :	Director
Address :	B – 401, Sumadhur – II, Near Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.06.1943
Qualification :	B.E.(Mech.)
Date of Appointment :	05.06.2004
DIN No.:	00163468
Name :	Mr. John C Francy
Designation :	Nominee director
Address :	814, Tweed Avenue Cincinnati Ohio USA 45226
Date of Birth/Age :	24.10.1964
Date of Appointment :	10.02.2012
DIN No.:	05221251
Name :	Mr. David Edward Lawrence
Designation :	Nominee Director
Address :	22243, Marine Avenue, Eastpointe, USA
Date of Birth/Age :	15.01.1950
Date of Appointment :	29.12.2009
DIN No.:	02426697
Name :	Mr. Shirish Vasantbhai Divgi
Designation :	Additional Director
Address :	A-504, Indraprasth-7, Near. Judges Bunglow, Opposite Bodakdev Fire Station, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	25.10.1963
Date of Appointment :	09.10.2012
DIN No.:	06406186

KEY EXECUTIVES

Name :	Mr. Pradip Gajendrabhai Mistry
Designation :	Company Secretary
Address :	Bungalow 16, Sector 1, Kalhaar Bungalows Shilaj, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	15.12.1957
Date of Appointment :	01.06.1998
PAN No.:	AGAPM1318H
Name :	Mr. Samir Parekh
Designation :	General Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 13.09.2012)

Names of Shareholders	No. of Shares
Milacron Marketing Company LLC, USA	2689730
Milacron Marketing Company LLC, USA Jointly with Milacron Plastics Technologies Group LLC	100
Total	2689830

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Injection Moulding Machines and Plastic Process Machines.

Products :

Products Description	Item Code No.
Blow Moulding Machines	84773000
Injection Moulding Machines	84771000

Exports :

Products :

Injection Moulding Machines

Countries :

· Africa

· Middle East

Imports :

Products :

Raw Material

Countries :

· Europe

· USA

· China

· Japan

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Processing Machinery	Nos.	700	674

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

450 (Approximately)

Bankers :

· IDBI Bank Limited,

IDBI Complex, Opposite Municipal Quarters, Off C.G. Road, Ahmedabad-380006, Gujarat, India

· HDFC Bank,

Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Bank of Baroda,

2^nd Floor, Bank of Baroda Tower, Opposite Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

· ICICI Bank

JMC House, Ahmedabad – 380006, Gujarat, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Indian rupee Term Loan from Bank	55.000	75.000
Less: Amount disclosed under the head	(20.000)	(20.000)
"Other Current Liabilities"	35.000	55.000
Cash Credit from Banks	23.956	30.192
Total	58.956	85.192
NOTE: Term Loan is secured by a first charge by hypothecation on immovable properties and entire moveable, (save and except book debt) and a second charge by hypothecation of inventories, book debts and other moveable. The term loan of Rs.50.000 Millions was taken during financial year 2008-09 and is repayable in twenty equal quarterly instalments, commencing from December, 2008. The second draw down of term loan of Rs.50.000 Millions was made during financial year 2010-11 and is repayable in twenty equal quarterly instalments, commencing from April, 2011. The Term loan carries interest @ 12.25% to 13.25% p.a. Cash Credit from Bank is secured by a first charge by hypothecation of inventories, book debts and moveable properties and second charge on Plant and Machinery. The cash credit is repayable on demand and carries interest @ 13% to 13.25% p.a.

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	2nd Floor, Shivalik Ishaan, Near CN Vidyalaya, Ambawadi, Ahmedabad – 380015, Gujarat, India
PAN No.:	AACFS6921Q
Parent of Holding Company:	· Milacron LLC, United States
Holdings Company :	· Milacron Marketing Company LLC, USA
Fellow Subsidiaries :	· Ferromatik Milacron CA · Ferromatik Milacron GmbH, Germany · Ferromatik Milacron S.A., South Africa · Milacron Equipamentos Plasticos Ltda- Brazil · Milacron Marketing (Shanghai) Company Limited, Hong Kong · Milacron Plastic Machinery (Jiangyin) Company Limited, China · Milacron Plastic Technologies Group Inc., United Stated · Uniloy Milacron S.R.L., Italy

CAPITAL STRUCTURE

(AS ON 13.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2689830	Equity Shares	Rs.100/- each	Rs.268.983 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		268.983	268.983	300.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		955.021	642.928	465.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1224.004	911.911	765.200
LOAN FUNDS
1] Secured Loans		58.956	85.192	69.303
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		58.956	85.192	69.303
DEFERRED TAX LIABILITIES		38.530	33.491	23.511
TOTAL		1321.490	1030.594	858.014
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		830.929	617.556	387.406
Capital work-in-progress		0.400	16.531	14.761
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	731.499	828.931	548.383
	Sundry Debtors	312.793	191.616	242.243
	Cash & Bank Balances	373.089	282.302	412.296
	Other Current Assets	11.781	10.873	21.619
	Loans & Advances	93.751	139.212	53.726
Total Current Assets		1522.913	1452.934	1278.267
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	480.491	527.261	428.945
	Other Current Liabilities	449.501	439.352	330.523
	Provisions	102.760	89.814	62.952
Total Current Liabilities		1032.752	1056.427	822.420
Net Current Assets		490.161	396.507	455.847
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1321.490	1030.594	858.014

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales and Service Income	4047.740	3581.290	2360.685
		Other Income	NA	NA	29.279
		TOTAL (A)	NA	NA	2389.964
Less	EXPENSES
		Raw Materials and Components consumed			1623.667
		Employee Remuneration and Benefits	NA	NA	189.180
		Operating and Other Expenses			268.690
		(Increased) / Decrease in Inventory			(14.429)
		TOTAL (B)	NA	NA	2067.108
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		609.780	664.770	322.856
Less	FINANCIAL EXPENSES (D)		55.250	26.610	10.275
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		554.530	638.160	312.581
Less/ Add	DEPRECIATION/ AMORTISATION (F)		90.960	66.180	39.837
	PROFIT BEFORE TAX (E-F) (G)		463.570	571.980	272.744
Less	TAX (H)		151.480	191.870	92.884
	PROFIT AFTER TAX (G-H) (I)		312.090	380.110	179.860
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		623.930	446.200	266.340
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	202.380	0.000
	BALANCE CARRIED TO THE B/S		936.020	623.930	446.200
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export			572.712
		Commission Earnings			3.163
		Service Charge			0.866
		Freight Recoveries			31.952
		Others			1.502
	TOTAL EARNINGS		1046.465	826.319	610.195
	IMPORTS
		Raw Materials	NA	NA	508.977
		Capital Goods	NA	NA	0.893
	TOTAL IMPORTS		NA	NA	509.870
	Earnings Per Share (Rs.)		116.03	141.31	59.95

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	7.53
Net Profit Margin (PBT/Sales)	(%)	11.45	15.97	11.55
Return on Total Assets (PBT/Total Assets}	(%)	19.69	27.63	16.37
Return on Investment (ROI) (PBT/Networth)		0.38	0.63	0.36
Debt Equity Ratio (Total Debt/Networth)		0.05	0.09	0.09
Current Ratio (Current Asset/Current Liability)		1.47	1.38	1.55

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Sundry Creditors	480.491	527.261
Total	480.491	527.261

Particulars	31.03.2010 (Rs. In Millions)
Sundry Creditors
Dues of Micro, Small and Medium Enterprises	13.854
Due of other Creditors	415.091
Total	428.945

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 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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE OF THE COMPANY

During the year, company registered 13.04% (Rs.4,048.000 millions over Rs.3,581.000 millions) growth compared to the sales growth of 51.42% (Rs.3,581.000 millions over Rs.2,365.000 millions) in the previous year. Growth in sales volumes was driven by demand growth in Automotive, packaging and construction segments. The Board is pleased to inform that the company has registered growth in spite of contraction in demand of capital goods.

Continued high inflation reduced the consumption and thus slowed down the growth rate of economy during the year. Growth in demand for machinery which was experienced in the previous year was not sustained. Thus the new business intake remained at 2010-11 level.

Company expanded the customer base to 1204 nos. domestic and 210 nos. exports, having added new customers 162 nos. domestic and 24 nos. export customers.

Shorter delivery lead time managed though effectively utilizing increased production capacity helped the company in improving sales number in smaller machines upto 150 ton clamp force. FMI remained preferred supplier in the growing segments of Packaging, Automotive and Construction based on performance and service support.

Company maintained its position as large IMM builder having delivered 2500 Ton Maxima, the largest machine built in the country so far, to multinational auto component molder in November 2011.

The company achieved a landmark of delivering 6001st machine during the year.

The industry expectations, company expanded the energy efficient Servo machine range to cover Construction segment and widened the Servo series of Large tonnage Machines. The portfolio of the All Electric- Elektron machines was further expanded by adding models 200,275,350 and 450. The Company delivered vertical two components electric injection unit first time during the year.

The company received the Plasticon Gold award from PlastIndia Foundation under award category for Innovative Plastics Machinery at Plastindia-2012 exhibition held in February, 2012.

Increase in input material cost due to increase in prices of steel, castings and copper kept pressure on margins. The directors are report that during the year company has made profit before tax of Rs.463.570 millions as compared to Rs.571.980 millions of previous year.

OPERATIONS

During the year company produced 956 machines as compared to 914 machines in previous year.

The company completed creation of new painting bay inclusive of two additional painting booths to the existing equipment, expansion of nitriding facility and additional bays for Assembly.

Operations team had taken up focused inventory reduction programme as well as productivity improvement through 5S implementation. Both these initiatives progressing well and are expected to help improving the operational efficiency.

FIXED ASSETS

· Land Leasehold

· Building

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computers

· 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.55.05
UK Pound	1	Rs.82.75
Euro	1	Rs.71.61

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.