MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	LAMBDA EASTERN TELECOMMUNICATION LIMITED
Registered Office :	108, First Floor, Transport Centre, Rohtak Road, Delhi-110035, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.2008
Com. Reg. No.:	55-181600
Capital Investment / Paid-up Capital :	Rs.75.000 Millions
TIN No.:	06663012897
CIN No.: [Company Identification No.]	U64200DL2008PLC181600
TAN No.: [Tax Deduction & Collection Account No.]	DELL03985C
PAN No.: [Permanent Account No.]	AABCL5020F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Telecom accessories that is cable trays, racks, feeder clamps, telecom shelter, telecom components, quarter wave surge arrestor, band pass filter etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 moderate track record. Management of the company has files to file its financials after 2011 with the government department. We were not able to contact the company due to unavailability of correct contact numbers. As per previous financial of 2011, financial position of the company is below average. Business is active. Payment terms are unknown. The company can be considered for business dealing 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 (30.09.2013)	Current Rating (01.12.2013)
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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = D (Suspended)
Rating Explanation	Lowest credit quality and very low prospects of recovery
Date	16.11.2013

Reason for Suspension: Non Co-Operation to provide information.

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 DENIED

Unable to contact the company.

LOCATIONS

Registered Office :	108, First Floor, Transport Centre, Rohtak Road, Delhi-110035, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Mahendra.bhatia@lambdaeastern.co.in sgoel@lambdaeastern.in surendra.goel@lambdagroup.co.in sanjeev@lambdaeastern.in officemvco@yahoo.co.in vs@mvco.in mahesh.kala@lambdagroup.co.in
Website :	www.lambdagroup.co.in http://www.senorlambda.com
Location :	Leased
Corporate Office / Factory 1	Plot No -115 Phase I, Udyog Vihar, Gurgaon, Haryana, India
Factory 2 :	478-EPIP, Kundli, Sonipat.-131028, Haryana
Tel No.:	91-130-2372203 / 2219456 / 480
Fax No.:	91-130-2219458
Factory 3 :	Located At Dehradun, Uttarakhand, India
Overseas Offices :	Located At: · New Jersey, USA · Bangladesh · Africa

DIRECTORS

As on 31.09.2011

Name :

Mr. Kunjan Arora

Designation :

Executive Director

Address:

A-129, Ashoka Enclave, Part – 1, Sector – 37, Faridabad – 121 003, Haryana, India.

Date of Birth/Age :

23.07.1979

Qualification :

Graduate

Date of Appointment :

31.07.2008

DIN No.:

01179004

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	U74899DL2002PTC114789	EV STAR TECHNOLOGIES PRIVATE LIMITED	Director	02/04/2002	02/04/2002	22/03/2012	Active	NO
2	U32204DL2003PTC123613	SENOR TELECOM PRIVATE LIMITED	Director	19/12/2003	19/12/2003	-	Active	NO
3	U32109DL2004PTC124754	LAMI TEK SYSTEMS PRIVATE LIMITED	Director	20/02/2004	20/02/2004	12/03/2008	Strike off	NO
4	U64200DL2008PLC181600	Lambda Eastern Telecommunication Limited.	Director	31/07/2008	31/07/2008	-	Active	NO
5	U34300DL2008PTC183528	STILAM AUTOMOBILES PRIVATE LIMITED	Director	22/09/2008	22/09/2008	-	Active	NO
6	U51909DL2008PTC184333	LAMBDA TELEVENTURE PRIVATE LIMITED	Director	20/10/2008	20/10/2008	-	Active	NO
7	U93000DL2009PTC197290	UNIQUE CORPORATE CONSULTANTS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
8	U93000DL2010PTC197551	AMBIT ADVISORY SERVICES PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
9	U40105DL2009PTC191346	Saidham Overseas Private Limited	Director	18/08/2010	18/08/2010	-	Active	NO
10	U40109DL2011PTC216553	S&K Powertech Private Limited	Director	25/03/2011	25/03/2011	-	Active	NO
11	U74999DL2010PTC198764	KASHREY MEDIA INNOVENTURE PRIVATE LIMITED	Additional director	08/04/2011	08/04/2011	-	Active	NO

Name :

Mr. Ramesh Kumar

Designation ;

Managing Director

Address:

A-31, Grand Mansion Rosewood City, Sector – 49, Gurgaon, Haryna, India

Date of Birth/Age:

01.12.1950

Date of Appointment :

31.07.2008

DIN No.:

01107827

Date of Ceasing :

02.12.2011

Name :

Mr. Surinder Goel

Designation :

Director

Address:

H. No. – 11, road No.26, East Punjabi Bagh, New Delhi – 110 026, India.

Date of Birth/Age :

25.11.1964

Qualification :

Graduate

Date of Appointment :

31.07.2008

DIN No.:

00344158

Date of Ceasing :

29.06.2012

Name:

Mr. Sunil Goel

Designation:

Director

Address:

11, Gali No.26, East Punjabi Bagh, New Delhi – 110 026, India.

Date of Birth/Age:

13.06.1972

Date of Appointment :

31.07.2008

DIN No.:

00166319

Date of Ceasing :

15.05.2012

Note: Other directors name not available.

MAJOR SHAREHOLDERS

As on 31.09.2011

Names of Shareholders	No. of Shares
Ramesh Kumar	2650000
Surinder Kumar Goel	1810500
Sunil Goel	1010000
Kunjan Arora	1100000
Deepti Arora	1500
Reena Goel	200000
Rajshree Goel	200000
Mahendra Goel	337500
Mahendra Goel (HUF)	190000
Sunil Gupta	500
Total	7500000

Equity Share Break up (Percentage of Total Equity)

As on 31.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Telecom accessories that is cable trays, racks, feeder clamps, telecom shelter, telecom components, quarter wave surge arrestor, band pass filter etc.

Products:

Product Description	Item Code No.
Shelter	94060099
Amfes	85371000

· Eco shelter solution

· Equipment shelter with PPGI sheet inside and outside

· Static passive coolers with technology from ETS, UK

· Free Running Air Conditioners. (FRAC)

GENERAL INFORMATION

Customers :

· Aircel

· Airtel

· Alcatel

· Bharti Cellular Limited

· Bharti Mobile Limited

· Bharti Telenet Limited

· Cellular Operators - Bharti / Essar/ Spice telecom / Escotel / Ides / Orange / Fascel

· Ericsson India Limited

· Escotel Mobile Limited

· Fascel Limited, Gujarat

· Global Telecom Limited

· Hutchithoson Max Telecom

· Hutcithson Max Telecom, Mumbai

· Idea Celllular Limited

· Indus

· CPI India Private Limited

· Digital Microwave

· Essel Shyam

· Essel Shyam

· HFCL

· HFCL satellite Comm. Systems Limited, (HFCL)

· Hughes

· ICOM

No. of Employees :

Not Available

Bankers :

State Bank of India, MID Corporate Loan Administration Unit, Chandni Chowk, Delhi, Delhi - 110006, India

Facilities :

SECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans from bank	29.660	36.088
Working capital loans from bank	220.218	216.259
Working capital loans from financial institution	6.572	5.980
Working capital loans from others	10.714	0.000
Loans taken for vehicles	5.883	13.411
Loans taken for other fixed assets	4.696	0.000
Total	277.743	271.738

Banking Relations :	--
Auditors :
Name :	Narender Harmesh and Associates Chartered Accountants
Address :	Bahadur Garh, Haryana, India
PAN No.:	AABFS3421N
Subsidiaries :	· Unique Corporate Consultants Private Limited CIN No.: U93000DL2009PTC197290 · Lambda Eastern Infrastructure BD Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· A R B Bearings Limited CIN No.: U74899DL1990PLC039861 · Eastern Bearings Private Limited CIN No.: U40300DL2000PTC104074 · Lambda Microwaves Private Limited CIN No.: U74899DL2002PTC114789 · Medi Plus (India) Limited CIN No.: U74899DL1994PLC063407 · SNS Corporation · Senor Craft · Lambda Microwave Technologies

CAPITAL STRUCTURE

As on 31.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		75.000	75.000	75.000
2] Share Application Money		21.439	25.726	13.526
3] Reserves & Surplus		2.799	112.328	36.343
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.238	213.054	124.869
LOAN FUNDS
1] Secured Loans		277.743	271.738	46.036
2] Unsecured Loans		0.000	0.000	6.200
TOTAL BORROWING		277.743	271.738	52.236
DEFERRED TAX LIABILITIES		0.000	0.481	0.364
TOTAL		376.981	485.273	177.469
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		185.471	128.666	38.104
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.169	0.000	0.000
DEFERRED TAX ASSETS		3.247	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.317	70.280	56.291
	Sundry Debtors	290.542	577.784	382.640
	Cash & Bank Balances	11.847	50.224	7.030
	Other Current Assets	46.795	28.026	0.000
	Loans & Advances	43.742	57.837	26.677
Total Current Assets		461.243	784.151	472.638
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	251.279	361.207	316.983
	Other Current Liabilities	42.234	69.780	14.495
	Provisions	6.030	7.850	10.006
Total Current Liabilities		299.543	438.837	341.484
Net Current Assets		161.700	345.314	131.154
MISCELLANEOUS EXPENSES		26.394	11.293	8.211
TOTAL		376.981	485.273	177.469

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		696.818	1668.135	779.607
		Other Income		21.845	10.895	4.488
		TOTAL (A)		718.663	1679.030	784.095
Less	EXPENSES
		Consumption materials changes inventories		491.606	1096.154
		Manufacturing service costs		10.129	30.637
		Contract cost		79.385	174.275
		Employee related expenses		99.568	108.274
		Administrative selling other expenses		104.638	145.657
		TOTAL (B)		785.326	1,554.997	711.244
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(66.663)	124.033	72.851
Less	FINANCIAL EXPENSES (D)			34.663	20.886	20.424
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(101.326)	103.147	52.427
Less	DEPRECIATION/ AMORTISATION (F)			11.932	10.131	4.764
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(113.258)	93.016	47.663
Less	TAX (H)			(3.729)	17.031	9.126
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(109.529)	75.985	38.537
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			0.027	0.043	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	NA	76.000	36.300
			Dividend	NA	0.000	1.875
			Tax on Dividend	NA	0.000	0.319
	BALANCE CARRIED TO THE B/S			NA	0.027	0.043
	Earnings/ (Loss) Per Share (Rs.)			(14.60)	10.30	5.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(15.24)	4.53	4.91
Net Profit Margin (PBT/Sales)	(%)	(16.25)	5.58	6.11
Return on Total Assets (PBT/Total Assets}	(%)	(17.51)	10.19	9.33
Return on Investment (ROI) (PBT/Networth)		(1.14)	0.44	0.38
Debt Equity Ratio (Total Debt /Networth)		2.80	1.28	0.42
Current Ratio (Current Asset/Current Liability)		1.54	1.79	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	75.000	75.000	75.000
Reserves & Surplus	36.343	112.328	2.799
Net worth	111.343	187.328	77.799
long-term borrowings	46.036	271.738	277.743
Short term borrowings	6.200	0.000	0.000
Total borrowings	52.236	271.738	277.743
Debt/Equity ratio	0.469	1.451	3.570

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	779.607	1,668.135	696.818
		113.971	-58.228

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	779.607	1,668.135	696.818
Profit	38.537	75.985	(109.529)
	4.94%	4.56%	(15.72%)

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	Yes
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	Yes

NOTE: PURCHASE DETAILS ARE NOT AVAILABLE.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10121576	09/03/2010 *	535,000,000.00	State Bank of India	MID Corporate Loan Administration Unit, Chandni Chowk, Delhi, Delhi - 110006, India	A83543314

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.