MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	ARCOTECH LIMITED
Registered Office :	181, Sector 3, Industrial Growth Centre, Bawal, District Rewari, Bawal-123 501, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.08.1981
Com. Reg. No.:	05-012151
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	L34300HR1981PLC012151
PAN No.: [Permanent Account No.]	AAACS2437G
Legal Form :	Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Copper and Brass Strips and Foils.
No. of Employees :	110 (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 3100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company’s performance seems good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. 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.

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	ICRA
Rating	Non Fund Based Limits : A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	15.03.2013

Rating Agency Name	ICRA
Rating	Term loan=BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	15.03.2013

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 (GENERAL INFORMATION)

Name :	Mr. Saha
Designation :	Accounts Executive
Contact No.:	91-9312880026
Date :	09.05.2013

LOCATIONS

Registered Office/ Factory :	181, Sector 3, Industrial Growth Centre, Bawal, District Rewari, Bawal-123 501, Haryana, India
Tel. No.:	91-1284-264160 / 264161
Mobile No.:	91-9312880026 (Mr. Saha)
Fax No.:	91-1284-264022
E-Mail :	rp@arcotech.in contact@arcotech.in
Website :	http://www.arcotech.in http://www.indiamart.com/arcotechltd
Area :	25000 sq ft
Location :	Owned
Corporate Office :	F-701 A, Lado Sarai, New Delhi-110030, India
Tel. No.:	91 -11 - 29523251, 32503334
Fax No.:	91 -11 - 29523020
Area :	1000 sq ft
Location :	Rented

DIRECTORS

As on : 31.03.2012

Name :	Mr. Arvind K. Saraf
Designation :	Chairman
Name :	Mr. R. N. Pattanayak
Designation :	Whole Time Director
Name :	Mr. Gautam Khaitan
Designation :	Director
Name :	Mr. R. D. Tayal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Amit Sharma
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.12.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2408519	12.04
Bodies Corporate	10677725	53.39
Sub Total	13086244	65.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13086244	65.43
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	44000	0.22
Financial Institutions / Banks	6900	0.03
Sub Total	50900	0.25
(2) Non-Institutions
Bodies Corporate	5299694	26.50
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	728315	3.64
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	772250	3.86
Any Others (Specify)	62597	0.31
Non Resident Indians	4877	0.02
Clearing Members	57720	0.29
Sub Total	6862856	34.31
Total Public shareholding (B)	6913756	34.57
Total (A)+(B)	20000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	20000000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Copper and Brass Strips and Foils.

Products :

Product Description	Item Code
Copper Semis	74091100 / 7410110
Brass Semis	74092100

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Non-ferrous metal Semis	MT	12000	12000	5440.80

GENERAL INFORMATION

No. of Employees :

110 (Approximately)

Bankers :

Punjab National Bank, International Banking Branch.

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loan
- From Banks	55.789	92.670
Working Capital Limits	713.813	571.017
Vehicle Loans
- Against Hypothecation of Vehicles	0.966	1.910
Total	770.568	665.597

Notes:

1. Term loan from the bank was taken during the financial year 2009-10 and carries interest @ Base Rate +4.25%.

2. The loan is secured by way of equitable mortgage/ hypothecation of land, plant and machinery and building and other fixed assets of the Company and personal guarantee of the promoter director.

3. The cash credit is repayable on demand and carries interest @ Base Rate + 3.75%.

4. Cash credit from banks is secured by way of hypothecation of charge on entire current assets i.e raw material, finished goods, semi finished goods, stores and book debts and personal guarantee of the promoter director.

Auditors :
Name :	Shwetank Joshi and Company Chartered Accountants
Address :	66, Ezra Street, Kolkata-700 001, West Bengal, India
Related Parties :	Medsave Healthcare (TPA) Limited, India Sidhant Distributors Private Limited, India Vasudha Commercial Private Limited, India Jeevan Vihar Properties Private Limited, India Arcotech Info Private Limited, India Sarathi Infrastructure Private Limited, India Arcotech Biochem Limited, India Arcotech Uniexpat Limited, India

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Notes:

The Company has issued Equity Shares worth Rs. 6,29,09,800 (62,90,980 Shares of Rs. 10/- each) on 20th July, 2007 at par.

Since, the shares outstanding at the beginning and at the end of the reporting period are same, reconciliation of the figures is not required.

Details of shareholders holding more than 5% shares in the company

	As At 31.03.2012
	No. of Shares	% holding
Arvind k Saraf	1219750	6.10
Sidhant Distributors Private Limited	4813940	24.07
Vasudha Commercial Private Limited	3773920	18.87
Her Clothing Private Limited	1250000	6.25

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		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		569.027	391.631	249.915
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		769.027	591.631	449.915
LOAN FUNDS
1] Secured Loans		770.568	665.597	449.770
2] Unsecured Loans		2.394	2.394	2.393
TOTAL BORROWING		772.962	667.991	452.163
DEFERRED TAX LIABILITIES		9.674	0.000	0.000
TOTAL		1551.663	1259.622	902.078
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		491.725	412.627	323.141
Capital work-in-progress		20.691	15.230	41.680
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	17.360	91.196
OTHER NON-CURRENT ASSETS		2.665	2.665	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	679.806	474.807	243.715
	Sundry Debtors	768.288	645.801	243.900
	Cash & Bank Balances	46.145	21.728	10.225
	Other Current Assets	2.474	1.033	0.000
	Loans & Advances	77.903	24.155	39.056
Total Current Assets		1574.616	1167.524	536.896
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	442.460	278.883	89.384
	Other Current Liabilities	66.368	74.929	0.000
	Provisions	29.206	1.972	1.451
Total Current Liabilities		538.034	355.784	90.835
Net Current Assets		1036.582	811.740	446.061
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1551.663	1259.622	902.078

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2528.397	2022.396	930.950
		Other Income	5.209	3.381	0.674
		TOTAL (A)	2533.606	2025.777	931.624
Less	EXPENSES
		Increase/Decrease in finished goods, Stock in Trade and Work-in Progress	(185.450)	(171.590)	767.014
		Cost of Materials Consumed	2166.446	1727.582
		Power and Fuel	59.309	49.614
		Employees Cost	53.295	40.356
		Other Expenditure	52.351	45.545
		TOTAL (B)	2145.951	1691.507	767.014
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		387.655	334.270	164.610
Less	FINANCIAL EXPENSES (D)		134.548	101.546	38.852
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		253.107	232.724	125.758
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.277	17.172	9.951
	PROFIT BEFORE TAX (E-F) (G)		230.830	215.552	115.807
Less	TAX (H)		53.434	73.836	39.058
	PROFIT AFTER TAX (G-H) (I)		177.396	141.716	76.749
	BALANCE CARRIED TO THE B/S		177.396	141.716	76.749
	EARNINGS IN FOREIGN CURRENCY		25.278	0.000	0.000
	IMPORTS
		Raw Materials	18.543	35.610	9.185
		Components and Spare Parts	0.000	0.996	0.000
		Capital Goods	0.000	0.000	7.295
	TOTAL IMPORTS		18.543	36.606	16.480
	Earnings Per Share (Rs.)		8.87	7.09	3.84

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	30.12.2012
	1^st Quater	2^nd Quater	3^rd Quater
Net Sales	802.600	814.100	995.200
Total Expenditure	712.500	731.900	824.700
PBIDT (Excl OI)	90.100	82.200	170.500
Other Income	1.600	2.300	0.700
Operating Profit	91.600	84.600	171.300
Interest	29.000	31.600	45.800
Exceptional Items	0.000	0.000	0.000
PBDT	62.600	53.000	125.500
Depreciation	6.200	6.400	7.300
Profit Before Tax	56.500	46.600	118.100
Tax	29.700	(4.100)	47.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	26.800	50.700	70.600
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	26.800	50.700	70.600

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.00	7.00	8.23
Net Profit Margin (PBT/Sales)	(%)	9.13	10.66	12.44
Return on Total Assets (PBT/Total Assets}	(%)	11.17	13.64	13.47
Return on Investment (ROI) (PBT/Networth)		0.30	0.36	0.26
Debt Equity Ratio (Total Debt/Networth)		1.01	1.13	1.00
Current Ratio (Current Asset/Current Liability)		2.93	3.28	5.91

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	No
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	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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Fixed Deposits	2.394	2.394
Total	2.394	2.394

BUSINESS AND OPERATIONS REVIEW

The Company continued its efforts to strengthen its presence across various industrial segments both in domestic and international market during the year under review. Stakeholders are aware that during the FY 2010-11, the focus of the Company was primarily in diversifying its reach in different industrial segments and simultaneously they diversified geographically in domestic market as well.

During the year, the company has expanded itself in the international market as well. The competitive edge of providing international quality material at cost effective price has helped the Company to tap international market. The Company has made direct exports to Middle East, Far East Asia and Latin America etc.

In order to further expand and to meet the stringent quality conditions of international market, the Company has taken up a expansion cum modernization plan which will increase its installed capacity to 24000 MTPA. This would also enable Company to better its economies of scale and to reduce per unit cost of production and at the same time would bring uniformity in entire production process.

MANAGEMENT DISCUSSION AND ANALYSIS :

Industry Scenario and Future Challenges

Company is expecting healthy demand and growth of the product. Their plan is to serve the various segment of the industries. As the company has widened its product mix, the demand for company’s product has increased and the company expanded its frontier to international market. Company expects to have continuous growth in demand from its domestic as well as international customers.

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND

NINE MONTHS ENDED ON 31ST DECEMBER, 2012

(Rs. in millions)

Sr. No	Particulars	Standalone
		Unaudited	Unaudited	Unaudited
		Quarter Ended		Year to date
	Income from operations	31.12.2012	30.09.2012	31.12.2012
1	Gross Sale	1110.332	908.936	2913.242
	Less: Excise Duty	116.213	95.087	303.235
	Net Sales	994.119	813.849	2610.007
	Other Operating Income	1.091	0.263	1.866
	Total Income from operating (net)	995.210	814.112	2611.873
2	Expenses
	(a) Cost of materials consumed	862.964	814.112	2100.457
	(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	119.984	485.002	(973.500)
	(c) Power and Fuel	25.059	197.141	62.563
	(d) Employee Cost	20.221	17.039	46.724
	(e) Depreciation	7.331	13.636	19.947
	(f) Other expenses	36.407	6.440	69.016
	Total expenses	831.998	19.061	2288.972
3	Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)	163.212	738.319	322.901
4	Other income	0.718	75.793	4.626
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)	163.930	2.339	327.527
6	Finance Cost	45.789	78.132	106.345
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 + 6)	118.141	31.545	221.182
8	Exceptional items
9	Profit / (Loss) from ordinary activities before tax (7+8)	118.141	46.587	221.182
10	Tax expense	47.503	(4.093)	73.074
11	Net Profit / (Loss) from ordinary activities after tax (9 + 10)	70.638	50.680	148.108
12	Extraordinary items (net of tax expense)
13	Net Profit / (Loss) for the period (11 + 12)	70.638	50.680	148.108
14	Paid-up equity share capital (Face Value Rs 10/-)	200.000	200.000	200.000
15	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16	Basic & Diluted Earning Per Share before extraordinary items( not annualised)	3.53	2.53	7.41
17	Basic & Diluted Earning Per Share after extraordinary items (not annualised)	3.53	2.53	7.41

Sr. No	Particulars	Quarter Ended		Year to date ended
		31.12.2012	30.09.2012	31.12.2012
A 1	PARTICULARS OF SHAREHOLDING
	Public shareholding - Number of shares	6913756	6913756	6913756
	- Percentage of shareholding	34.57	34.57	34.57
2	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered - Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	NIL	NIL	NIL
	- Percentage of shares (as a % of the total share capital of the company)	NIL	NIL	NIL
	b) Non-encumbered
	- Number of shares	13086244	13086244	13086244
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100	100	100
	- Percentage of shares (as a % of the total share capital of the company)	65.43	65.43	65.43

Particulars	Quarter ended 31.12.2012
B INVESTOR COMPLAINTS (Nos)
Pending at the beginning of the quarter	NIL
Received during the quarter	NIL
Disposed of during the quarter	NIL
Remaining unresolved at the end of the quarter	NIL

NOTES :

1) The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at their Meeting held on 14.02.2013

2) There were no Complaints pending from i8nvestors at the beginning and at the end of the quarter ended 31^st December 2013

3) Previous period figures have been regrouped to confirm to the Current period classification and revised Schedule VI of the Companies Act, 1956.

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. 54.63
UK Pound	1	Rs. 83.67
Euro	1	Rs. 71.02

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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.