MIRA INFORM REPORT

Report Date :

02.04.2014

IDENTIFICATION DETAILS

Name :	WEST COAST ENGINEERING WORKS PRIVATE LIMITED
Registered Office :	101, Udyog Mandir No.2, Mogul Lane, Mahim, Mumbai – 400 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.1977
Com. Reg. No.:	11-019568
Capital Investment / Paid-up Capital :	Rs. 21.250 Millions
CIN No.: [Company Identification No.]	U99999MH1977PTC019568
Legal Form :	Private Limited Liability Company
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02328E
PAN No.: [Permanent Account No.]	AAACW1296M
Line of Business :	Manufacturer and Exporter of Industrial Gratings, Cable Trays
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Management of the company has failed to file its financials with the government department after 2010. As per available financial (2010), there seems some accumulated losses and profitability of the company also seems to be low. Mr. Bharat Chudasama (Vice President) of the company has provided us with the information. However, trade relation are fair. Business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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 – December 1, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Bharat Chudasama
Designation :	Vice President
Contact No.:	91-9820818737
Date :	09.03.2014

LOCATIONS

Registered Office/ Factory :	101, Udyog Mandir No.2, Mogul Lane, Mahim, Mumbai – 400 016, Maharashtra, India
Tel. No.:	91-22-66663045/ 46/ 47/ 48/ 24458951/ 28412551
Mobile No.:	91-9820818737/9820435753 (Mr. Bharat Chudasama)
Fax No.:	91-22-24466073
E-Mail :	westcoast@satyam.net.in west_coast29@sify.com
Website :	http://westcoast.tradeindia.com
Factory:	Plot No A-480,25^th Road, Wagle Industrial Estate, MIDC, Near Wagle Circle, Thane -West, Thane-400064, Maharashtra, India

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Jitendra M. Shah
Designation :	Managing Director
Address :	707, Jal Darshan, Gandhi Dham Road, Ruia Park, Juhu, Greater Mumbai, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	29.06.1937
Date of Appointment :	21.03.1977
DIN No.:	02071885

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	Company/ LLP Status	Defaulting status
1	U99999MH1977PTC019568	WEST COAST ENGINEERING WORKS PRIVATE LIMITED	Director	21/03/1977	21/03/1977	Active	NO
2	U28920MH1981PTC023906	JACINTH GRATINGS PRIVATE LIMITED	Director	16/02/1981	16/02/1981	Active	NO
3	U99999MH1946PLC004945	HINDUSTAN CHEMICAL WORKS LIMITED	Director	24/04/1989	24/04/1989	Active	NO

Name :	Ms. Manisha A. Chiniwala
Designation :	Director
Address :	706, Jal Darshan, Gandhi Dham Road, Ruia Park, Juhu, Greater Mumbai, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	17.03.1966
Date of Appointment :	15.05.2008
DIN No.:	01801050

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	Company/ LLP Status	Defaulting status
1	U28112MH2005PTC152704	JACINTH ENGINEERING PRIVATE LIMITED	Director	19/04/2005	19/04/2005	Active	NO
2	U99999MH1946PLC004945	HINDUSTAN CHEMICAL WORKS LIMITED	Director	25/08/2006	25/08/2006	Active	NO
3	U99999MH1977PTC019568	WEST COAST ENGINEERING WORKS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	Active	NO
4	U28920MH1981PTC023906	JACINTH GRATINGS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Chudasama
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Name of Shareholders	No. of Shares	%age
Jitendra M Shah	6,154	2.90
Manisha A Chiniwala	111,980	52.70
Neeta Jagdish Darbar	25	0.01
Pandurang II Gawarkar	120	0.06
Chotelal Bharatiya	170	0.08
Iwin Sequeira	51	0.02
Anand N Chiniwala	300	0.14
Hindustan Chemical Works Limited, India	93,700	44.09
Total	212,500	100.00

AS ON 30.09.2010

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Industrial Gratings, Cable Trays.

GENERAL INFORMATION

Suppliers :

• Aaditya Computer
• Adroitech
• Agarwal Transport
• Archer Print Solutions
• Bhalchandra K. Patil - Transporter
• Bombay Abrasives
• Deep Metallurgical Services
• Dipak Engg.
• Economic Research lndia Limited
• Gopale Crane Services
• Hari Engg
• lndo Lube
• J. K. Technociates
• J P Agencies

No. of Employees :

Not Available

Bankers :

• State Bank of India, Wagle Industrial Estate, Thane – 400 604, Maharashtra, India
• Andhra Bank, Mori Road, Mahim West, Mumbai – 400 016, Maharashtra, India

• Bank of Baroda, Geeta Building, Pandita Ramabai Road, Gamdevi, Mumbai-400 007, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Andhra Bank -Mahim Branch On Car Loan Account (Against Hypothecation Of Maruthi S X 4 Car (MH-02-AY-9450) and Personal Guarantee of Managing Director)	0.091	0.238
From Kotak Mahindra Prime Limited On Car Loan Account (Against Hypothecation Of Volkswagen Jetta (MH-02-AY-9450) and Personal Guarantee of Managing Director)	0.924	0.000
TOTAL	1.015	0.238

Banking Relations :	--
Auditors :
Name :	A.L. Gandhi and Company Chartered Accountants
Address :	Jolly Maker Apartment No.2, Flat No.94, 9^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
PAN No.:	AADPG3682M

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
212500	Equity Shares	Rs.100/- each	Rs. 21.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		21.250	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.250	0.000	0.000
4] (Accumulated Losses)		(24.200)	(24.584)	(25.640)
NETWORTH		16.300	(22.584)	(23.640)
LOAN FUNDS
1] Secured Loans		1.015	0.238	0.422
2] Unsecured Loans		6.002	34.021	30.777
TOTAL BORROWING		7.017	34.259	31.199
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		23.317	11.675	7.559
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.860	3.703	3.141
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.350	1.557	0.077
DEFERREX TAX ASSETS			0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.288	6.027	6.551
	Sundry Debtors	9.566	4.563	0.991
	Cash & Bank Balances	0.232	0.523	0.156
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.639	3.082	2.398
Total Current Assets		26.725	14.195	10.096
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.616	3.387	1.145
	Other Current Liabilities	5.002	4.393	4.610
	Provisions	0.000	0.000	0.000
Total Current Liabilities		10.618	7.780	5.755
Net Current Assets		16.107	6.415	4.341
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23.317	11.675	7.559

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	44.456	26.638	8.128
		Other Income	1.169	2.047	0.785
		TOTAL (A)	45.625	28.685	8.913
Less	EXPENSES
		Cost of Material Consumed	33.153	19.097	6.314
		Manufacturing Expenses	5.940	2.715	0.899
		Personnel	2.704	2.442	2.075
		Administrative and Selling Expenses	3.184	1.795	1.738
		Directors Remuneration	0.420	0.420	0.180
		Loss on Sale of Motor Car	0.366	0.000	0.137
		Increase/(Decrease) in Finished Goods	(2.353)	0.440	(1.178)
		TOTAL (B)	43.414	26.909	10.165
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.211	1.776	(1.252)
Less	FINANCIAL EXPENSES (D)		1.175	0.113	4.362
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.036	1.663	(5.614)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.423	0.323	0.312
	PROFIT/LOSS BEFORE TAX (E-F) (G)		0.613	1.340	(5.926)
Less	TAX (H)		0.229	0.284	(0.072)
	PROFIT/LOSS AFTER TAX (G-H) (I)		0.384	1.056	(5.854)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(24.584)	(25.640)	(19.642)
	BALANCE CARRIED TO THE B/S		(24.200)	(24.584)	(25.640)
	Earnings Per Share (Rs.)		1.80	NA	NA

Particulars	31.03.2013	31.03.2012	31.03.2011
Sales Turnover (Approximately)	90.000	70.000	60.000

Expected Sales (2013-2014) : Rs. 150.000 Millions

The above information has been parted by Mr. Bharat Chudasama.

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.84	3.68	(65.68)
Net Profit Margin (PBT/Sales)	(%)	1.38	5.03	(72.91)
Return on Total Assets (PBT/Total Assets}	(%)	2.29	(9.44)	(58.69)
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.25
Debt Equity Ratio (Total Liability/Networth)		0.99	(0.34)	(0.24)
Current Ratio (Current Asset/Current Liability)		2.52	1.82	1.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2.000	2.000	21.250
Reserves & Surplus	0.000	0.000	19.250
Net worth	2.000	2.000	40.500
long-term borrowings	0.422	0.238	1.015
Short term borrowings	30.777	34.021	6.002
Total borrowings	31.199	34.259	7.017
Debt/Equity ratio	15.600	17.130	0.173

YEAR ON YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	8.128	26.638	44.456
		227.731	66.889

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	(INR)	(INR)	(INR)
Sales	8.128	26.638	44.456
Profit	-5.854	1.056	0.384
	-72.02%	3.96%	0.86%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2010	As on 31.03.2009
A. From Managing Director Mr. J. M. Shah	1.981	2.197
B. Inter Corporate Loan From Hindusthan Chemical Works Limited	0.000	17.106
C. From Shareholders West Coast Engg industries (Prop. Concern of Director Mrs. Manisha Chiniwala)	0.000	14.718
D. From Andhra Bank - Mahim Branch	0.000	0.000
a. Bill Discounting Facility	3.752	0.000
b. On Overdraft Account No 0856310431 00952 (Represent cheques issued but not cleared)	0.269	0.000
TOTAL	6.002	34.021

INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	10265175	03/04/2012 *	34,200,000.00	BANK OF BARODA	GAMDEVI BRANCH, GEETA BUILDING,, PANDITA RAMABAI ROAD, GAMDEVI,, MUMBAI, MAHARASHTRA - 400007, INDIA	B39861067
* Date of charge modification

THE SALIENT FEATURES OF THE WORKING FOR THE YEAR WERE AS FOLLOWS:- (As on 31.03.2011)

a) The turnover achieved by the company increased from Rs. 26.638 Millions of the last year to Rs. 44.456 Millions for the current year.

b) Other Income derived by the Company fell from Rs. 2.048 Millions of last year to Rs. 1.170 Millions for the current year.

c) However, on account of the inflationary conditions prevalent in the economy the fixed overheads of the company registered an increase.

d) As a result of operation of the above factors the Company made a profit of Rs. 0.613 Million as compared to the profit of Rs. 1.339 Millions for the previous year.

e) In order to strengthen the financial position of the Company the Directors allotted 1, 92,500 equity Shares of Rs. 100/- each at a premium of Rs. 100/- per share during the year.

This resulted in augmenting:

a) The issued share capital of the company from Rs. 0.020 Million to Rs. 2120.000 Millions

b) Share Premium account by Rs. 19.200 Millions

FIXED ASSETS

• Air Compressors
• Air Conditioners
• Aqua Guard
• Computer and Accessories
• Drilling Machine
• Electrical Installation
• Electric Motor
• Factory Building
• Furniture and Fixture
• Land (Leasehold)
• Motor Car – Maruti S x 4
• Motor Car – Volkswagen (Jetta)
• Plant and Machinery
• Temple Building
• Temple Idole
• Water Pump
• Zerox Machine

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. 60.09
UK Pound	1	Rs. 99.84
Euro	1	Rs. 82.57

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		19

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.