MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	IMPERIAL MALTS LIMITED
Registered Office :	511, Somdutt Chambers - II, Bhikaji Cama Place, New Delhi – 110 066
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.09.1981
Com. Reg. No.:	55-012371
Capital Investment / Paid-up Capital :	Rs.10.450 millions
CIN No.: [Company Identification No.]	U74899DL1981PLC012371
IEC No.:	0589009095
PAN No.: [Permanent Account No.]	AAACI2440R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Barley Malt and Malt Extract.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 667000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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: BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation.
Date	April 18, 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.

INFORMATION PARTED BY

Name :	Mr. Sanjay Yadav
Designation :	Whole Time Director
Contact No.:	91-9810049723
Date :	07.05.2013

LOCATIONS

Registered Office :	511, Somdutt Chambers - II, Bhikaji Cama Place, New Delhi – 110 066, India
Tel. No.:	91-11-26196860/ 26108832
Mobile No.:	91-9810049723 (Mr. Sanjay Yadav)
Fax No.:	91-11-26108832
E-Mail :	sanjay.yadav@imperialmalt.com imperialmalt@gmail.com suranasm@hotmail.com info@imperialmalt.com imperialmalt@satyam.net.in
Website :	http://www.imperialmalt.com
Area :	1500 sq. ft.
Location :	Owned
Corporate Office/ Factory :	Village Ghasola, Behind Omaxe Plaza, Sohna Road, Post Badshahpur, District Gurgaon – 122 101, India
Tel. No.:	91-124-2219156 to 160/ 4718600
Fax No.:	91-124-2219154/ 4718607
Area :	10 Acres
Location :	Owned
Correspondence Address :	B-4/13, Safdurjung Enclave, New Delhi – 110 029, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Bir Singh Yadav

Designation :

Managing Director

Address :

B-4/13, Safdarjung Enclave, New Delhi – 110 066, India

Date of Birth/ Age :

11.08.1943

Qualification :

Graduate

Date of Appointment :

01.04.2012

DIN No.:

00102154

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	U74899DL1981PLC012371	IMPERIAL MALTS LIMITED	Managing director	01/04/2012	16/11/1981	-	Active	NO
2	U15200DL2004PTC130460	BSY DAIRY PRODUCTS PRIVATE LIMITED	Director	09/11/2004	09/11/2004	-	Active	NO
3	U45201DL2006PTC147320	BSA REALTORS PRIVATE LIMITED	Director	10/03/2006	10/03/2006	-	Active	NO

Name :

Mr. Anuj Yadav

Designation :

Whole Time Director

Address :

B-4/13, Safdarjung Enclave, New Delhi – 110 066, India

Qualification :

Post Graduate

Date of Appointment :

01.04.2012

DIN No.:

00102366

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	U74899DL1981PLC012371	IMPERIAL MALTS LIMITED	Whole-time director	01/04/2012	01/03/1995	-	Active	NO
2	U15200DL2004PTC130460	BSY DAIRY PRODUCTS PRIVATE LIMITED	Director	09/11/2004	09/11/2004	-	Active	NO
3	U45201DL2006PTC147320	BSA REALTORS PRIVATE LIMITED	Director	10/03/2006	10/03/2006	-	Active	NO

Name :

Mrs. Punya Priya Yadav

Designation :

Whole Time Director

Address :

B-4/13, Safdarjung Enclave, New Delhi – 110 066, India

Date of Appointment :

01.04.2012

DIN No.:

00113604

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	U74899DL1981PLC012371	IMPERIAL MALTS LIMITED	Whole-time director	01/04/2012	01/03/1995	-	Active	NO

Name :

Mr. Sanjay Yadav

Designation :

Whole Time Director

Address :

B-4/13, Safdarjung Enclave, New Delhi – 110 066, India

Qualification :

Graduate

Date of Appointment :

01.04.2012

DIN No.:

00095183

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	U74899DL1981PLC012371	IMPERIAL MALTS LIMITED	Whole-time director	01/04/2012	27/08/1993	-	Active	NO
2	U74899DL1995PLC070181	FINCAP PORTFOLIO LIMITED	Director	26/06/1995	26/06/1995	-	Active	NO
3	U74992DL1996PLC076796	IVORY COMMODITIES LIMITED	Director	30/05/1998	30/05/1998	-	Active	NO
4	U15200DL2004PTC130460	BSY DAIRY PRODUCTS PRIVATE LIMITED	Director	09/11/2004	09/11/2004	-	Active	NO
5	U45201DL2006PTC147320	BSA REALTORS PRIVATE LIMITED	Director	10/03/2006	10/03/2006	-	Active	NO

Name :

Mr. Ujire Bhavani Shankar Rao

Designation :

Whole Time Director

Address :

H. No.964, Sector 4, Urban Estate, Gurgaon – 122 101, Haryana, India

Date of Birth/ Age :

20.03.1930

Qualification :

Graduate

Date of Appointment :

01.04.2012

DIN No.:

00113681

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	U74899DL1981PLC012371	IMPERIAL MALTS LIMITED	Whole-time director	01/04/2012	16/11/1981	-	Active	NO

Name :

Mr. Ulpe Sumeet Rao

Designation :

Whole Time Director

Address :

H. No.964, Sector 4, Urban Estate, Gurgaon – 122 101, Haryana, India

Qualification :

Post Graduate

Date of Appointment :

01.04.2012

DIN No.:

00113704

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	U74899DL1981PLC012371	IMPERIAL MALTS LIMITED	Whole-time director	01/04/2012	01/03/1995	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
B.S. Yadav	507900
Shakuntala Yadav	15000
Sanjay Yadav	85800
Anuj Yadav	85800
P.P. Yadav	20000
Sayana Yadav	20000
U.B.S. Rao	100
Sunit Rao	257400
Darsh Rao	50000
U.A.V. Rao	1500
U.A. Surendra Rao	1500
Total	1045000

As on 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Barley Malt and Malt Extract.
Products :	· Barley Malt and Malt Extracts · Malt · Malt Extract Powder · Barley Flour · Malt Flour · Malted Milk Food · Malted Milk Food With Cocoa, etc.
Exports :
Products :	· Barley Malt and Malt Extracts · Malt · Malt Extract Powder · Barley Flour · Malt Flour · Malted Milk Food · Malted Milk Food With Cocoa, etc.
Countries :	· New Zealand · China · Bangladesh · Iran · Saudi Arabia
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Barley Malt	MT	NA	30000	14603.835
Malt Extract	MT	NA	18000	15144.815
Malt Extract Powder	MT	NA	1200	50.730

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

125 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Vardhman Trade Centre, Nehru Place, New Delhi – 110 019, India
• Axis Bank Limited, SCO-29, Sector-14, Old Delhi-Gurgaon Road, Gurgaon – 122 101, Haryana, India
• IDBI Bank Limited, A Wing, 1^st Floor, Videocon Tower, Block – E1, Jhadewalan Extension, New Delhi – 110 055, India
• Standard Chartered Bank
• ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
- From Banks (The Rate of Interest for secured loans is linked with Base Rate of the Bank)	140.310	105.806
Total	140.310	105.806

Banking Relations :	--
Auditors :
Name :	Kharabanda Associates Chartered Accountants
Address :	112, RPS, Sheikh Sarai, Phase-I, Delhi – 110 017, India
Tel. No.:	91-11-26017190
Income-tax PAN of auditor or auditor's firm :	AAGPK3615B

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1045000	Equity Shares	Rs.10/- each	Rs.10.450 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		10.450	10.450	10.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		156.326	107.438	71.809
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		166.776	117.888	82.259
LOAN FUNDS
1] Secured Loans		140.310	105.806	81.885
2] Unsecured Loans		0.000	0.000	0.766
TOTAL BORROWING		140.310	105.806	82.651
DEFERRED TAX LIABILITIES		13.457	12.424	11.769
TOTAL		320.543	236.118	176.679
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		163.102	100.573	74.701
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.297	32.820	22.157
	Sundry Debtors	85.020	62.911	51.629
	Cash & Bank Balances	39.504	69.052	54.331
	Other Current Assets	1.396	1.550	0.000
	Loans & Advances	46.095	24.936	19.349
Total Current Assets		217.312	191.269	147.466
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.440	22.298	21.677
	Other Current Liabilities	18.431	14.926	8.811
	Provisions	25.000	18.500	15.000
Total Current Liabilities		59.871	55.724	45.488
Net Current Assets		157.441	135.545	101.978
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		320.543	236.118	176.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	666.825	588.503	401.382
		Other Income	2.609	2.152	0.144
		TOTAL (A)	669.434	590.655	401.526
Less	EXPENSES
		Changes in Inventories of Finished Goods and WIP	(15.260)	(0.336)	344.887
		Cost of Materials	544.209	480.224
		Employee Benefit Expense	20.103	14.928
		Administrative Expenses	27.342	20.242
		TOTAL (B)	576.394	515.058	344.887
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		93.040	75.597	56.639
Less	FINANCIAL EXPENSES (D)		9.267	11.640	4.896
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		83.773	63.957	51.743
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.237	7.547	6.252
	PROFIT BEFORE TAX (E-F) (G)		75.536	56.410	45.491
Less	TAX (H)		26.033	19.155	15.455
	PROFIT AFTER TAX (G-H) (I)		49.503	37.255	30.036
	EARNINGS IN FOREIGN CURRENCY		189.014	177.076	126.712
	IMPORTS
		Machinery	16.905	0.000	0.000
		Machinery Parts	0.885	0.370	7.644
	TOTAL IMPORTS		17.790	0.370	7.644
	Earnings Per Share (Rs.)		47.37	36.00	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	680.000

Expected Sales (2013-2014): Rs.750.000 millions

The above information has been parted by Mr. Sanjay Yadav (Whole Time Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.39	6.31	7.48
Net Profit Margin (PBT/Sales)	(%)	11.33	9.59	11.33
Return on Total Assets (PBT/Total Assets}	(%)	19.86	19.33	20.48
Return on Investment (ROI) (PBT/Networth)		0.45	0.48	0.55
Debt Equity Ratio (Total Debt/Networth)		0.84	0.90	1.00
Current Ratio (Current Asset/Current Liability)		3.63	3.43	3.24

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last four years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1981PLC012371
Name of the company	IMPERIAL MALTS LIMITED
Address of the registered office or of the principal place of business in India of the company	511, Somdutt Chambers - II, Bhikaji Cama Place, New Delhi – 110 066, India E-Mail: casmsbrs@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10269439
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge Others (Entire current, movable and immovable fixed assets)
Particular of charge holder	Axis Bank Limited, SCO-29, Sector-14, Old Delhi-Gurgaon Road, Gurgaon – 122 101, Haryana, India E-Mail: Chanda.Golani@axisbank.com
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation Memorandum of Entry
Date of instrument Creating the charge	31.12.2012
Amount secured by the charge	Rs.264.085 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per Sanction Letter No. AXISB/DEL1/SME/2011-12/9937 dated 26.11.2012 to be amended from time to time. Terms of Repayment: As per Sanction Letter No. AXISB/DEL1/SME/2011-12/9937 dated 26.11.2012 to be amended from time to time. Margin: As per Sanction Letter No. AXISB/DEL1/SME/2011-12/9937 dated 26.11.2012 to be amended from time to time. Extent and Operation of the charge: Total facilities of Rs.264.085 millions together with all interest, liquidated damages, costs, charges, expenses, guarantee commission and other monies, payable under their facility agreement/letter of sanction/memorandum of terms and conditions, as amended from time to time. Others: Personal Guarantee of: Bir Singh Yadav Sanjay Yadav Anuj Yadav Priya Punya Yadav Ujire Bhavani Shankar Rao Sumit Rao
Short particulars of the property charged	Hypothecation by way of first and exclusive charge over all present and future current assets of the company and plant and machinery and other movable fixed assets (except vehicles financed by other banks) stored or to be stored at the company's godowns or premises or wherever else the same may be.
Date of latest modification prior to the present modification	15.05.2012
Particulars of the present modification	Bank's first and exclusive charge over all present and future current assets of the company and plant and machinery and other movable fixed assets (except vehicles financed by other banks) stored or to be stored at the company's godowns or premises or wherever else the same may be, already registered for Rs.239.085 millions shall stand enhanced to Rs.264.085 millions.

FIXED ASSETS:

· Land

· Factory Building

· Furniture

· Vehicles

· Plant and Machinery

· Data Processing Machines

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.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.