MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	NAMO ALLOYS PRIVATE LIMITED
Registered Office :	3721, Gali Barna, Sadar Bazar, Delhi – 110 006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.07.1996
Com. Reg. No.:	55-075448
Capital Investment / Paid-up Capital :	Rs. 19.939 Millions
CIN No.:	U27203DL1996PTC075448
TAN No.: (Tax Deduction & Collection Account No.)	DELN05635A
PAN No.: (Permanent Account No.)	AABCN7015J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Aluminum, Zinc Alloy Ingots and PDC Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 620000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profit margin of the company is low. The company also recorded huge external borrowings. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some coution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB Long Term Fund Based Facilities (Suspended)
Rating Explanation	The inadequate credit quality. It carry high credit risk
Date	June 2011

Rating Agency Name	ICRA
Rating	A4 Short Term Fund Based Limit (Suspended)
Rating Explanation	The risk prone credit quality. It carry high credit risk
Date	June 2011

REASON FOR SUSPENDED :

Insufficient information to assess rating

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 :	3721, Gali Barna, Sadar Bazar, Delhi – 110 006, India
Tel. No.:	91-11-23674878 / 23557208 /23670669 / 23549920
Fax No.:	91-129-5276408 / 3549920
E-Mail :	namo11@hotmail.com ac@sushiljain.com accountsnamo@gmail.com
Website :	http://www.namoalloys.com
Area :	500 Sq. ft
Location :	Owned
Head Office/Factory :	14/1, Mile Stone, Mathura Road, Faridabad – 121 004, Haryana, India
Tel. No.:	91-129-2279612 / 613 / 614
Fax No.:	91-129-2276408
Email :	rd@namoalloy.com sales@namaoalloy.com
Area :	5500 Sq. ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Naresh Kumar Jain

Designation :

Director

Address :

3721, Gali Barna, Sadar Bazar, Delhi –100006, India

Date of Birth/Age :

14.01.1964

Qualification :

Graduate

Date of Appointment :

13.09.1999

DIN No.:

00014986

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	U27203DL1996PTC075448	NAMO ALLOYS PRIVATE LIMITED	Director	13/09/1999	13/09/1999	-	Active	NO
2	U45201DL2005PTC132091	NIKITA BUILDCON PRIVATE LIMITED	Director	13/01/2005	13/01/2005	-	Active	NO
3	U45201DL2005PTC132090	NAMO BUILDWELL PRIVATE LIMITED	Director	13/01/2005	13/01/2005	-	Active	NO
4	U51909DL2005PTC132088	AKSHAY EXIM PRIVATE LIMITED	Director	13/01/2005	13/01/2005	-	Active	NO
5	U18101DL1999PLC098130	SANMATI METACAST LIMITED	Director	19/09/2011	01/10/2010	-	Active	NO
6	U28112DL2011PTC216030	AKSHAY ALUMINIUM ALLOYS PRIVATE LIMITED	Director	17/03/2011	17/03/2011	-	Active	NO
7	U27310DL2011PTC221060	ALLIED KRISHNA PROCESSING INDUSTRIES PRIVATE LIMITED	Director	17/06/2011	17/06/2011	30/12/2011	Active	NO

Name :

Mr. Neeraj Kumar Jain

Designation :

Director

Address :

3721, Gali Barna, Sadar Bazar, Delhi – 100006, India

Date of Birth/Age :

11.08.1968

Qualification :

Graduate

Date of Appointment :

18.02.2000

DIN No.:

00014992

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	U27203DL1996PTC075448	NAMO ALLOYS PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
2	U18101DL1999PLC098130	SANMATI METACAST LIMITED	Director	01/05/2004	01/05/2004	-	Active	NO
3	U28112DL2011PTC216030	AKSHAY ALUMINIUM ALLOYS PRIVATE LIMITED	Director	17/03/2011	17/03/2011	-	Active	NO
4	U27100DL2011PTC217316	Namo Developers Private Limited	Director	08/04/2011	08/04/2011	-	Active	NO

Name :

Mr. Rishabh Jain

Designation :

Director

Address :

1/11159, Subhash Park, Naveen Shahdara, Delhi, India

Date of Birth/Age :

26.10.1970

Date of Appointment :

29.09.2001

DIN No.:

00016719

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Naresh Kumar Jain	195000
Neeraj Kumar Jain	195000
Vipin Jain	195000
Anand Prakash Jain	153360
Kamlesh Jain	195000
Naveen Kumar Jain	195000
Rachna Jain	190000
Shobha Jain	175000
Anand Prakash Jain, HUF	40000
Archana Jain	160000
Akshay Kumar Jain	185000
Shobha Jain, Aay Kay Enterprises	100
Sushil Kumar Jain (HUF), Ess Pee Associates	100
Sneh Lata Jain, Kewal Ram Sheetal Pd. Jain	10
Meenu Jain	100000
Naresh Kumar Jain (HUF)	100
Naveen Kumar Jain (HUF)	7500
Neeraj Kumar Jain (HUF)	7500
Rakesh Kumar Jain	10
Kunthunath Metal Industries Private Limited	10
Sunita Jain	10
Pawan Kumar Jain	10
Mahesh Chand Jain	10
Shital Prasad Jain and Sons (HUF)	10
Vipin Kumar Jain (HUF)	80
Usha Jain	100
Yaduvir Singh	10
Gujarmal Mamchand Satish Chand Jain	10
Total	1993930

As on 03.12.2012

Names of Allottees	No. of Shares Allotted
Priya Jain Daughter of Shree Vipin Kumar Jain	140000
Namisha Jain Daughter of Shree Neeraj Kumar Jain	140000
Nistha Jain Daughter of Shree Vipin Kumar Jain	125000
Gautam Jain Son of Shree Vipin Kumar Jain	100000
Total	505000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Aluminum, Zinc Alloy Ingots and PDC Components.

Products :

Product Description	ITC Code
Aluminium and Zinc Alloys	99611927

PRODUCTION STATUS

As on 31.03.2012

Particulars	Unit	31.03.2012
Licensed Capacity	MT	18000 per annum
Installed Capacity	MT	18000 per annum
Actual Production (In Kgs.)	KGS	16049.414
Actual Production (In Pcs)	PCS	4788911

GENERAL INFORMATION

Customer :

• Maruti Suzki
• Honda
• Rockman Industries Limited
• Endurance
• Marathon
• F.C.C. Rko
• Sunbeam Auto Limited
• Yamaha
• Ucal Fuel System
• Birla Powder Solution Limited
• Rico

No. of Employees :

Not Available

Bankers :

• Canara Bank,74, Janpat Branch, Delhi – 110 001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Secured Against hypothecation of Vehicle Financed
Canara Bank (Buyer’s Credit)	11.859
HDFC Bank (Altis)	0.382
Canara Bank (Pajero)	1.061	2.258
Term Loans From Banks
Kotak Mahindra Bank (Tractor)	0.493
Canara Bank (C. C. A/c.)	170.753
Canara Bank (FLC A/c.)	11.597
Canara Bank (Bill of Exchange Limit A/c)	70.096	341.187
Total	266.241	343.445

Banking Relations :	--
Auditors :
Name :	Jain Sushil Kumar and Associates Chartered Accountants
Address :	5574 – A/ 36, Firest Floor, Kashiram Building, Kohlapur Road, Kamla Nagar, Delhi – 110 007
Tel. No.:	91-11-23851883 / 23858769
Fax No.:	91-11-23852403
E-Mail :	jainsushil@indiatimes.com sushiljainca@hotmail.com
PAN.:	AADFJ5340D
Related Parties :	Naveen Jain Metal Udyog Vardhman Sales Agency Akshay Aluminium Private Limited Shri Kunthunath Metal Industries Private Limited Sanmati Metacast Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1993930	Equity Shares	Rs.10/- each	Rs. 19.939 Millions

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2498930	Equity Shares	Rs.10/- each	Rs. 24.989 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.20010
SHAREHOLDERS FUNDS
1] Share Capital		19.939	19.939	19.939
2] Share Application Money		45.921	0.000	0.000
3] Reserves & Surplus		90.076	73.971	61.394
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		155.936	93.910	81.333
LOAN FUNDS
1] Secured Loans		266.241	343.445	291.876
2] Unsecured Loans		65.924	74.842	42.583
TOTAL BORROWING		332.165	418.287	334.459
DEFERRED TAX LIABILITIES		0.683	0.770	0.559
TOTAL		488.784	512.967	416.351
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.717	43.836	39.519
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.825	0.825	6.610
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	182.250	259.312	131.327
	Sundry Debtors	275.458	273.955	270.110
	Cash & Bank Balances	7.357	7.416	0.881
	Other Current Assets	7.562	7.704	9.856
	Loans & Advances	26.201	39.999	15.758
Total Current Assets		498.828	588.386	427.932
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.756	102.594	46.043
	Other Current Liabilities	3.496	8.851	4.251
	Provisions	10.334	8.635	7.416
Total Current Liabilities		53.586	120.080	57.71
Net Current Assets		445.242	468.306	370.222
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		488.784	512.967	416.351

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	2206.960	1752.430	1356.862
		Other Income	N.A	N.A	N.A
		TOTAL	N.A	N.A	N.A
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A	N.A	N.A
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		N.A	N.A	N.A
Less	FINANCIAL EXPENSES		N.A	N.A	N.A
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		N.A	N.A	N.A
Less/ Add	DEPRECIATION/ AMORTISATION		N.A	N.A	N.A
	PROFIT BEFORE TAX		24.132	19.768	N.A
Less	TAX		7.100	7.193	N.A
	PROFIT AFTER TAX		17.032	12.575	65.071
	VALUE OF IMPORTS		432.958	218.437	232.164
	Earnings Per Share (Rs.)		8.54	6.31	0.29

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	4.46	3.13	N.A
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	N.A
Debt Equity Ratio (Total Debt/Networth)		2.13	4.45	4.11
Current Ratio (Current Asset/Current Liability)		9.31	4.90	7.42

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	Yes
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	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

UNSECURED LOAN :

Particulars	As on 31.03.2012	As on 31.03.2011
Loans and Advances from Related Parties	65.924	74.557
Term loans from Others	0.000	0.285
Total	65.924	74.842

NOTES :

The registered address of the company has been shifted from C – 141, Man Sarovar Garden, Delhi to the present address w.e.f. 13.09.1999

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U27203DL1996PTC075448
Name of the company	NAMO ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3721, Gali Barna, Sadar Bazar, Delhi – 110 006, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90054135
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Canara Bank 74, Janpath Branch, Delhi – 110 001
Nature of instrument creating charge	1. Hypothecation Agreement of goods and book debts. 2. Agreement Re : Advances against book debts as Prime Security. 3. Supplement Agreement. 4. Supplement Collateral Security Agreement.
Date of instrument Creating the charge	20.11.2012
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement Terms of Repayment On demand Margin As per agreement Extent and Operation of the charge 100% Others The above is to secure various working capital facilities ( OCC / ODBD, BE (SE) ) of Rs.300.000 Millions sanctioned by Canara Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation agreement of goods and book debts : - a) All the goods and commodities purchased, acquired, received under the said credit facilities. b) All the book debts, outstandings, money receivable, claims and bills under the said credit facilities. Credit facilities by way of cash credit / KCC / OD against security of moveable assets. Collateral security:- a) Fixed assets of the company - Plant and Machinery and other F.A. b) EMT of factory land and building at 14/1, Milestone, Mathura Road, Faridabad.
Date of instrument modifying the charge	25.03.2011
Particulars of the present modification	Extent of operation of charge of various working capital limits reduced from Rs.365.600 millions to Rs.300.000 millions i.e. OCC / ODBD - Rs.250.000 millions (including sub limits SL/ ILC/ FLC Rs. 65.000 millions) and BE / SE - Rs.50.000 millions. Other terms and conditions remain the same.

FIXED ASSETS :

• Land
• Office Premises
• Furniture & Fixture
• Vehicles
• Plant & Machinery
• Computer
• Office Equipment
• Computer
• Air Conditioners
• Fax Machine
• Xerox Machine
• Electrical Fitting
• Mobile Phone

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.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		29

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.