MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	DRISH SHOES LIMITED
Registered Office :	Village Rajpura, Teh: Nalagarh, Distt. Solan – 174 101, Himanchal Pradesh, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.03.1987
Com. Reg. No.:	06-007337
Capital Investment / Paid-up Capital :	Rs. 90.628 Millions
CIN No.: [Company Identification No.]	U45202HP1987PTC007337
TAN No.: [Tax Deduction & Collection Account No.]	PTLD11011A
PAN No.: [Permanent Account No.]	AABCD1758L
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturing and exporting of top quality finished leather, shoe upper and shoes etc
No. of Employees :	1900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 1130000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financials are not available with the government department. As per previous year’s, the performance seems to be satisfactory. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB+
Rating Explanation	CRISIL has suspended its rating due to lack of information.
Date	February - 2013

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 :	Village Rajpura, Teh: Nalagarh, Distt. Solan – 174 101, Himanchal Pradesh, India
Tel. No.:	91-1795-222232,222231, 222107
Fax No.:	91-1795-223226
E-Mail :	vgargcs@rediffmail.com drishnlg@drish.com drish@drish.com
Website :	http://www.drish.com
Area :	5 acres
Location :	Owned
Delhi Office :	B2,DSIDC Funtional Industrial Estate, Patparganj, East Delhi, Delhi
Tel. No.:	011-43012146/47
Fax No.:	011-43012149
E-Mail :	drishdel@drish.com
Factory :	390 – Industrial Area, Phase – 1, Panchkula – 134 113, Haryana, India
Tel. No.:	91-172-2560830, 2567275, 2567434, 2574753
Fax No.:	91-172-2565932
E-Mail :	drish.pkl@smn.sprintrpg.ems.vsnl.net.in drshoes@ch1.vsnl.net.in drish@drish.com
Area :	5 acres
Location :	Owned

DIRECTORS

As on 31.07.2012

Name :

Mr. Indereshwar Singh Paul

Designation :

Chairman cum Managing director

Address :

H. No. 351 - SP, Sector – 21, Panchkula, Haryana – 134 109, India

Date of Birth/Age :

11.04.1950

Date of Appointment :

30.09.1996

DIN No.:

00692921

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	U19115PB1987PTC007336	DRISH LEATHERS PVT LTD	Managing director	09/03/1987	09/03/1987	-	Active	NO
2	U72200HP1994PLC014821	DRISH INFOTECH LIMITED	Director	14/07/1994	14/07/1994	-	Active	NO
3	U45202HP1987PLC007337	DRISH SHOES LIMITED	Managing director	30/09/1996	30/09/1996	-	Active	NO
4	U80302CH2001PLC024321	DRISH INFOWAVE LIMITED	Director	10/04/2004	10/04/2004	-	Active	NO
5	U24100PB2010PLC034373	DRISH LIFESCIENCES LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO
6	U19200PB2011PTC035423	REHMAT LEATHER PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
7	U19119JK2012PTC003500	KASH TANNERS PRIVATE LIMITED	Director	20/03/2012	20/03/2012	-	Active	NO
8	U19129PB2012PLC036812	PUNJAB MEGA LEATHER CLUSTER LIMITED	Director	02/11/2012	02/11/2012	-	Active	NO

Mrs. Poonam Paul

Designation :

Director

Address :

H. No. 351 - SP, Sector – 21, Panchkula, Haryana – 134 109, India

Date of Birth/Age :

21.03.1962

Date of Appointment :

30.09.1998

DIN No.:

00692928

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	U19115PB1987PTC007336	DRISH LEATHERS PVT LTD	Director	09/03/1987	09/03/1987	-	Active	NO
2	U45202HP1987PLC007337	DRISH SHOES LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
3	U24100PB2010PLC034373	DRISH LIFESCIENCES LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO

Name :

Mr. Atma Ram Singh

Designation :

Whole-time director

Address :

H. No. 1592/2,Modern Housing Comlex, Manimajra Town, Chandigarh - 160036, India

Date of Birth/Age :

27.07.1949

Date of Appointment :

30.09.1998

DIN No.:

00319785

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	U72200HP1994PLC014821	DRISH INFOTECH LIMITED	Director	24/09/1998	24/09/1998	-	Active	NO
2	U45202HP1987PLC007337	DRISH SHOES LIMITED	Whole-time director	30/09/1998	30/09/1998	-	Active	NO
3	U33130HP2005PLC028806	SHIVALIK SOLID WASTE MANAGEMENT LIMITED	Director	11/08/2005	11/08/2005	-	Active	NO
4	U33130HP2005PLC028807	DOON INFRASTRUCTURE LIMITED	Director	11/08/2005	11/08/2005	01/04/2010	Active	NO
5	U45209HP2010NPL031349	BADDI INFRASTRUCTURE	Director	06/05/2010	06/05/2010	-	Active	NO
6	U24100PB2010PLC034373	DRISH LIFESCIENCES LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO
7	U19200PB2011PTC035423	REHMAT LEATHER PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO

Name :

Mr. Kharak Singh Paul

Designation :

Director

Address :

H. No. 135 – SP, Sector – 31, Panchkula, Haryana – 134 108, India

Date of Birth/Age :

13.06.1922

Date of Appointment :

20.08.1997

DIN No.:

02487426

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	U45202HP1987PLC007337	DRISH SHOES LIMITED	Director	20/08/1997	20/08/1997	-	Active	NO

Name :

Mr. Randeep Kaur

Designation :

Director

Address :

H. No. 27, Phase IIIB 2Mohali, Punjab, India

Date of Birth/Age :

25.07.1962

Date of Appointment :

30.09.1998

DIN No.:

02502436

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	U45202HP1987PLC007337	DRISH SHOES LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO

MAJOR SHAREHOLDERS

As on 31.07.2012

Names of Shareholders	No. of Shares
Mr. Indereshwar Singh Paul	2843018
Mrs.Poonam Paul	183948
Mr. Prithpal Singh	486552
Mr. Harsinder Singh	835950
Mr. Tejinder Singh Walia	679974
Ms. Savita Budhiraj	452104
Mr. Atma Ram Singh	640652
Mr. Kharak Singh Paul	144394
Drish Leathers Private Limited, India	135000
Mr. Gangbir Thakur Singh	3000
Mr. Pushpa Walia	3000
Mrs. Prabhabati	3000
Mr. Anil Chawla	2208
Mr. Vibhuti Singh	2650000
Total	9062800

Equity Share Break up (Percentage of Total Equity)

As on 31.07.2012

Category	Percentage
Bodies corporate	1.48
Directors or relatives of Directors	49.57
Other top fifty shareholders	48.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and exporting of top quality finished leather, shoe upper and shoes etc

Products :

Product Description	Item Code – ITC code
Leather Uppers	640610
All Leather Shoes	640351
Finished Leather	410711

Exports :

Products :

Finished Leather

Shoes and upper leather

Countries :

• Europe
• South Pacific Asia
• South Africa
• North America
• South America

PRODUCTION STATUS

As on 31.03.2011

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Shoe-upper-pairs	NA	1000000	NA
Full-uppers-pairs	NA	1200000	783556

GENERAL INFORMATION

No. of Employees :

1900 (Approximately)

Bankers :

Bank of India, Mid Corporate Branch, SCO 81-82, Sector – 17-B, Chandigarh – 160017, Chandigarh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loan	96.317	105.074
Working capital	657.683	617.574
Loans taken for fixed assets	16.450	13.789
Other	2.037	2.438
Total	772.487	738.875

Banking Relations :	--
Auditors :
Name :	HCB and Associates Chartered Accountants
Address :	House No. 1720, Sector 21, Panchkula, Haryana - 134109, India
Tel. No.:	91-172-2565070
Income-tax PAN of auditor or auditor's firm :	ABQPB8238E

CAPITAL STRUCTURE

As on 31.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9062800	Equity Shares	Rs. 10/- each	Rs. 90.628 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6412800	Equity Shares	Rs. 10/- each	Rs. 64.128 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		64.128	64.128	64.128
2] Share Application Money		42.095	12.595	12.595
3] Reserves & Surplus		175.149	165.621	165.136
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		281.372	242.344	241.859
LOAN FUNDS
1] Secured Loans		772.487	738.875	485.200
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		772.487	738.875	485.200
DEFERRED TAX LIABILITIES		37.204	39.766	41.210
TOTAL		1091.063	1020.985	768.269
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		302.202	297.982	242.743
Capital work-in-progress		0.000	0.000	11.725
INVESTMENT		40.608	42.607	27.341
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	607.005	592.730	552.615
	Sundry Debtors	210.313	123.915	4.414
	Cash & Bank Balances	18.073	21.694	0.652
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	67.812	49.248	33.019
Total Current Assets		903.203	787.587	590.700
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	96.407	96.150	87.526
	Other Current Liabilities	58.543	14.196	10.958
	Provisions	0.000	0.000	5.756
Total Current Liabilities		154.950	110.346	104.240
Net Current Assets		748.253	677.241	486.460
MISCELLANEOUS EXPENSES		0.000	3.115	0.000
TOTAL		1091.063	1020.985	768.269

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1894.182	1528.265	1179.341
		Other Income	22.471	15.879	16.568
		TOTAL (A)	1916.653	1544.144	1195.909
Less	EXPENSES
		Consumption material changes inventories	1305.021	1033.193
		Manufacturing Service cost	193.637	154.760
		Employee related expenses	136.302	123.471
		Administrative selling other expenses	121.535	121.172
		TOTAL (B)	1756.495	1432.596	1207.045
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		160.158	111.548	107.552
Less	FINANCIAL EXPENSES (D)		79.222	80.529	55.120
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.936	31.019	52.432
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.339	21.617	18.717
	NET PROFIT BEFORE EXTRAORDINARY ITEMS		57.597	9.402	33.715
Less	EXTRAORDINARY ITEMS		44.704	8.341	14.725
	PROFIT BEFORE TAX (E-F) (G)		12.893	1.061	18.990
Less	TAX (I)		2.426	(0.361)	5.741
	PROFIT AFTER TAX (G-I) (J)		10.467	1.422	13.249
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		129.818	129.334	122.354
Less	APPROPRIATIONS
	Dividend		0.802	0.802	0.769
	Tax on Dividend		0.136	0.136	0.131
	BALANCE CARRIED TO THE B/S		139.347	129.818	129.334
	EARNINGS IN FOREIGN CURRENCY		1432.389	1156.589	NA
	IMPORTS
		Raw Materials	126.059	136.510
		Stores & Spares	7.016	5.235
		Capital Goods	1.042	5.345
	TOTAL IMPORTS		134.117	147.090	153.600
	Earnings Per Share (Rs.)		1.63	0.22	(0.61)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.55	0.09	(0.33)
Net Profit Margin (PBT/Sales)	(%)	0.67	0.07	(0.10)
Return on Total Assets (PBT/Total Assets}	(%)	10.70	0.10	(0.15)
Return on Investment (ROI) (PBT/Networth)		0.46	0.00	(0.01)
Debt Equity Ratio (Total Debt /Networth)		2.75	3.50	2.44
Current Ratio (Current Asset/Current Liability)		5.83	7.14	5.67

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	Yes
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	No
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	No
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	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45202HP1987PLC007337
Name of the company	DRISH SHOES LIMITED
Address of the registered office or of the principal place of business in India of the company	Vill Rajpurateh Nalagarh, Distt solan, Himachal Pradesh, India Email ID : drish@drish.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80015741
Type of charge	Immovable property
Particular of charge holder	Bank of India Mid Corporate Branch, SCO 81-82 sector 17-B, Chandigarh – 160 017.India
Email	MCB.Chandigarh@bankofinda.co.in
Nature of description of the instrument creating or modifying the charge	Recital of the Bank
Date of instrument Creating the charge	27.12.2012
Amount secured by the charge	Rs.1085.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 3.25% over br presently 13.75% p.a. with monthly rests on cash credit facility and 4.25% voer br presently 14.75% p.a. with monthly rests on term loans Terms of repayment Repayable on demand Margin Not mentioned Extent and operation of the charge 100
Short particulars of the property charged	Equitable mortgage over land and building in the name of the company situated at 390, industrial area phase i panchkula measuring 5815.20 sq. yds., village Rajpura Bharatgarh road Nalagarh Teh Nalagarh 18 k 9 m, village Ranguwal 59k 13 m, village Musewal 10k 13m, plot no. 6-a measuring 1015.49 sq. yds situated at industrial area phase ii Panchkula and plot no. 1894 measuring 420 sq.mtrs situated at sector 21, Panchkula for granting credit facilities to the co from time to time.
Date of latest modification prior to the present modification	27.12.2010
Particulars of the present modification	Limit enhanced to Rs. 1085.800 Millions. Other terms and conditions remains the same.

FUTURE OUTLOOK:

So far as the future outlook of operation is concerned. They submit that the company in the financial year ended 31.03.2012 would be achieving total revenue of Rs. 2500.000 Millions (Approx).

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Office Equipment
• Furniture and Fixtures
• Vehicle

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 records 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. 53.951
UK Pound	1	Rs. 83.807
Euro	1	Rs. 70.499

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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		33

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.