MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	INDIC EMS ELECTRONICS PRIVATE LIMITED
Registered Office :	Flat No. 37, KIADB Industrial Area, Doddaballapur, Bangalore – 561203, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.06.2007
Com. Reg. No.:	08-043071
Capital Investment / Paid-up Capital :	Rs. 115.200 Millions
CIN No.: [Company Identification No.]	U32109KA2007PTC043071
TAN No.: [Tax Deduction & Collection Account No.]	BLRI03148F
PAN No.: [Permanent Account No.]	AABCI1756H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of Assemblies of Printed Circuit Boards.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 379000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Sales and Profit of the company has sharply dip in 2012. There appears accumulated loss recorded by the company. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Flat No. 37, KIADB Industrial Area, Doddaballapur, Bangalore – 561203, Karnataka, India
Tel. No. :	91- 80-27630603 / 604 / 605
Fax No. :	91- 80-27630606
Email :	anilg@convergentindia.com vivek@indicelectronics.com murali@cipsaric.com rthegde@cipsaric.com
Website :	www.indicelectronics.com

DIRECTORS

As on 20.09.2012

Name :

Mr. Vivek Khanna

Designation :

Managing Director

Address :

62/1, Phase I, Palm Meadows Adarsh, Whitefield Airport Road, Bangalore -560066, Karnataka, India

Date of Birth/Age :

26.09.1959

Date of Appointment :

04.10.2010

DIN No. :

02723194

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	U72200KA2009PTC050750	KAARIKA SYSTEMS PRIVATE LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
2	U74900KA2010PTC052863	PEOPLE MAX SOLUTIONS (INDIA) PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Active	NO
3	U32109KA2007PTC043071	INDIC EMS ELECTRONICS PRIVATE LIMITED	Managing director	04/10/2010	04/10/2010	-	Active	NO

Name :

Mr. Anil Gupta

Designation :

Managing director

Address :

No 62/2, Palm Medadows, White Field, Airport Road, Bangalore - 560066, Karnataka, India

Date of Birth/Age :

28.09.1962

Date of Appointment :

08.06.2007

DIN No. :

00101079

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	U72200KA1998PTC024513	CONVERGENT COMMUNICATIONS (INDIA) PRIVATE LIMITED	Nominee director	14/03/2011	11/12/1998	27/04/2012	Active	NO
2	U28998KA1989PTC009813	TUNGABADRA DAIRY PROUDUCTS PRIVATE LIMITED	Director	01/03/2002	01/03/2002	-	Strike off	NO
3	U72900KA2001PTC029813	CONVERGENT WIRELESS COMMUNICATIONS PRIVATE LIMITED	Director	01/03/2002	01/03/2002	30/03/2012	Active	NO
4	U30007KA2005PTC037765	CIPSA TEC INDIA PRIVATE LIMITED	Director	25/11/2005	25/11/2005	-	Active	NO
5	U32109KA2007PTC043071	INDIC EMS ELECTRONICS PRIVATE LIMITED	Managing director	08/06/2007	08/06/2007	-	Active	NO
6	U29299KA2007PTC043346	ELSU REPOINTING ASIA PRIVATE LIMITED	Director	10/07/2007	10/07/2007	25/11/2008	Active	NO
7	U74140KA2009PTC051090	HT TRACK TEST INDIA PRIVATE LIMITED	Director	05/10/2009	05/10/2009	06/03/2010	Active	NO
8	U32204KA2011PTC060178	CIRCUIT MAKERS PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO

Name :

Mr. Alok Garg

Designation :

Director

Address :

104, Adarash Palm, Meadows – 1, Whitefield Road, Ramagondanahalli, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

12.08.1959

Date of Appointment :

08.06.2007

DIN No. :

00224641

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	U30007KA2005PTC037765	CIPSA TEC INDIA PRIVATE LIMITED	Managing director	25/11/2005	25/11/2005	-	Active	NO
2	U32109KA2007PTC043071	INDIC EMS ELECTRONICS PRIVATE LIMITED	Director	08/06/2007	08/06/2007	-	Active	NO
3	U29299KA2007PTC043346	ELSU REPOINTING ASIA PRIVATE LIMITED	Director	10/07/2007	10/07/2007	25/11/2008	Active	NO
4	U74140KA2009PTC051090	HT TRACK TEST INDIA PRIVATE LIMITED	Director	05/10/2009	05/10/2009	16/03/2010	Active	NO
5	U32204KA2011PTC060178	CIRCUIT MAKERS PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO

Name :

Batet Sancliment Jordi

Designation :

Director

Address :

Plza Lluis Casassas 5 1 C, Sabadell, Barcelona, 08601L6D1 Spain

Date of Birth/Age :

19.11.1972

Date of Appointment :

07.11.2007

DIN No. :

01951781

Name :

Batet Torras Jordi

Designation :

Director

Address :

Avda Can Font 40, Castellar Del Valles, Barcelona, 08601L6D1 Spain

Date of Birth/Age :

17.09.1948

Date of Appointment :

07.11.2007

DIN No. :

01951808

Name :

Serrano Mora Manuel

Designation :

Director

Address :

C. Enrique Jimenez 15A, Barcelona, 08055A6D6 Spain

Date of Birth/Age :

25.08.1943

Date of Appointment :

07.11.2007

DIN No. :

01990907

Name :

Serrano Salinas Beatriz Margarita

Designation :

Director

Address :

Avda J V Foix 6062 3 3, Barcelona, 08055A6D6 Spain

Date of Birth/Age :

10.06.1969

Date of Appointment :

07.11.2007

DIN No. :

01990921

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2012

Names of Shareholders	No. of Shares
Anil Gupta	165425
Digiprocess SA, Spain	384000
Electronica Itel SA, Spain	384000
Vivek Khanna	218757

As on 20.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	66.67
Bodies corporate	33.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of Assemblies of Printed Circuit Boards.

Products :

Item Code No. (ITC Code)	Product Description
85176990	PCB Assembly

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Specialised Mid Corporate Branch, No. 97, Railway Parallel Road, Kumarapark West, Bangalore - 560020, Karnataka, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.039	5.836
SHORT TERM BORROWINGS
Working capital loans from banks	54.775	28.630
Total	54.814	34.466

Banking Relations :	--
Auditors :
Name :	S Krishnawamy and Company Chartered Accountants
Address :	14, Lakshmi Building, J C Road, Bangalore, Karnataka, India
PAN No. :	AAYFS5079B
Associate :	· Electronica Itel S A · Digiproces S A · Cipsa RIC India Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1152000	Equity Shares	Rs.100/- each	Rs. 115.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	115.200	115.200
(b) Reserves & Surplus	(20.390)	(22.083)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	94.810	93.117
(3) Non-Current Liabilities
(a) long-term borrowings	0.039	5.836
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.039	5.836
(4) Current Liabilities
(a) Short term borrowings	54.775	28.630
(b) Trade payables	46.485	72.684
(c) Other current liabilities	6.481	9.935
(d) Short-term provisions	0.267	0.000
Total Current Liabilities (4)	108.008	111.249
TOTAL	202.857	210.202
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	97.698	93.886
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	5.760	6.543
(d) Long-term Loan and Advances	17.141	16.688
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	120.599	117.117
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	29.813	37.411
(c) Trade receivables	46.927	46.789
(d) Cash and cash equivalents	5.309	5.732
(e) Short-term loans and advances	0.191	3.153
(f) Other current assets	0.018	0.000
Total Current Assets	82.258	93.085
TOTAL	202.857	210.202

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.200
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(29.420)
5] Minority Interests, net		29.389
NETWORTH		50.169
LOAN FUNDS
1] Secured Loans		34.468
2] Unsecured Loans		0.000
TOTAL BORROWING		34.468
DEFERRED TAX LIABILITIES		0.000
TOTAL		84.637
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.343
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.204
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.805
	Sundry Debtors	10.761
	Cash & Bank Balances	0.165
	Other Current Assets	0.000
	Loans & Advances	13.693
Total Current Assets		30.424
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.898
	Other Current Liabilities	10.436
	Provisions	0.000
Total Current Liabilities		21.334
Net Current Assets		9.090
MISCELLANEOUS EXPENSES		0.000
TOTAL		84.637

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales			31.682
		Jobwork Charges			20.462
		Other Income			1.065
		TOTAL (A)	185.646	204.676	53.209
Less	EXPENSES
		Materials			26.184
		Manufacturing and Other Expenses			22.493
		TOTAL (B)	176.592 (Including Financial Expenses)	198.307 (Including Financial Expenses)	48.677
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				4.532
Less	FINANCIAL EXPENSES (D)				5.940
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.054	6.369	(1.408)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.594	5.372	4.479
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.460	0.997	(5.887)
Less	TAX (H)		0.799	(6.339)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.661	7.336	(5.887)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(22.084)	(29.420)	(23.533)
	BALANCE CARRIED TO THE B/S		(20.423)	(22.084)	(29.420)
	EARNINGS IN FOREIGN CURRENCY
		Sales – Printed Circuit Board Assemblies		159.520	30.880
		Jobwork Charges		11.246	13.222
	TOTAL EARNINGS		110.000	170.766	44.102
	Earnings / (Loss) Per Share (Rs.)				(12.00)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.89	3.58	(11.06)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(18.58)
Return on Total Assets (PBT/Total Assets}	(%)	1.25	0.49	(5.57)
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	(0.12)
Debt Equity Ratio (Total Debt/Networth)		0.58	0.37	0.69
Current Ratio (Current Asset/Current Liability)		0.76	0.84	1.43

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	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10074960	18/05/2011 *	118,000,000.00	STATE BANK OF INDIA	SPECIALISED MID CORPORATE BRANCH, NO. 97, RAILWAY PARALLEL ROAD, KUMARAPARK (WEST), BANGALORE - 560020, KARNATAKA, INDIA	B13029996

*Date of charge of modification

BACKGROUND

Subject was incorporated on 8th June 2007. The company is primarily engaged in the business of Assemblies of Printed Circuit Boards. The company has its office at Plot No 37, KIADB Industrial Area, Doddaballapur, Bangalore.

REVIEW OF OPERATIONS:

The company has achieved total revenue of Rs.185.646 millions as against Rs.204.676 millions in the previous year. Profit for the year has increased from Rs.0.997 millions in the previous year to Rs.2.459 millions in the current year.

OUTLOOK FOR THE CURRENT YEAR:

The Board is confident to achieve better financial results during the current financial year.

FIXED ASSETS

· Land

· Buildings

· Office Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--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		26

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.